Lehman Brothers Financial SA (LEHNQ)

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JPMCB and LBHI and the Trusts are all affiliated:

Lehman Brothers Holdings Capital Trust III

Lehman Brothers Holdings Capital Trust IV

Lehman Brothers Holdings Capital Trust V

Lehman Brothers Holdings Capital Trust VI

The Trust Preferred Securities were issued by the non-Debtor entities identified above ("the Trusts").

The Trusts are affiliates of JPMCB and LBHI by way of ownership and/or control:

1) The subordinated debt securities were issued by LBHI. LBHI controls the subordinated debt securities (assets) held by the Trusts. LBHI controls the subordinated debt securities distributions made to the Trusts. LBHI controls the life of the Trusts.

2) LBHI pays the BNYM (Property Trustee) fees to manage the Trusts.

3) LBHI own the Common Securities issued by the Trust.

4) Investors own the Preferred Securities issued by the Trust.

5) LBHI wrote the guarantees and prospectuses that govern the Trusts.

6) See guarantees and prospectuses for more details.

Note: JPMCB caused LBHI to file Chapter 11 bankruptcy. Therefore, LBHI was no longer able to make quarterly distributions to the Trusts. JPMCB and LBHI and the Trusts are all affiliated by ownership and/or control.