Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

February 26, 2014  
  LEHMAN BROTHERS HOLDINGS INC., AS PLAN ADMINISTRATOR  
  RESPONSE TO QUESTIONS RECEIVED FROM CREDITORS  
  The reader should refer to the respective documents referenced herein. Capitalized terms used but not   
  defined herein shall have the meanings ascribed to them in the Modified Third Amended Joint Chapter 11   
  Plan of Lehman Brothers Holdings Inc. and Its Affiliated Debtors (the “Plan”). The response below is not   
  provided for and should not be relied upon for investment guidance. The response is subject to change   
  from time to time, without prior notice.   
  (1) Are the holders of the following securities (the “Trust Preferred Securities”) likely to receive   
  any recoveries?   
  Ticker Cusip Number Issuer/Trust  
  LEHKQ 52519Y209 Lehman Brothers Holdings Capital Trust III  
  LEHLQ 52520B206 Lehman Brothers Holdings Capital Trust IV  
  LHHMQ 52520E200 Lehman Brothers Holdings Capital Trust V  
  LEHNQ 52520X208 Lehman Brothers Holdings Capital Trust VI  
  Response: The Trust Preferred Securities were issued by the non-Debtor entities identified above   
  (the “Trusts”). Based on relevant prospectuses, the sole assets of the Trusts were certain   
  subordinated debt securities (the “Subordinated Securities”) issued by Lehman Brothers Holdings   
  Inc. (“LBHI”). Under the Plan, claims against LBHI on account of the Subordinated Securities   
  have been classified in LBHI Class 10B. Based on the 2013+ Cash Flow Estimates filed on July   
  23, 2013 [ECF No. 38954], it is unlikely that the Trusts will receive any Distributions from LBHI   
  on account of their class 10B claims. LBHI is not aware of any other assets currently owned or   
  expected to be realized by the Trusts.

LBHI is currently aware of LBH's assets and in any assets held by any of LBHI's controlled or non-controlled affiliates. Technically, the CTs' Trusts are terminated by the agreement.