Lehman Brothers Financial SA (LEHNQ)

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4 
 Claims by LP I, LP II and LP III against Lehman Brothers Holdings Plc (“LBH”) 
 4.2 Paragraphs 4.3 to 4.33 are only of direct relevance to the Account Holders of Securities  
 issued by LP I, LP II, and LP III.  
 4.3 LBH issued subordinated loan notes to LP I, LP II, and LP III in return for the payment  
 of the regulatory capital that had been raised by the issuance of the Securities by LP I,  
 LP II, and LP III. These three Partnerships have a claim for payment of a dividend by  
 LBH in relation to the subordinated notes that were issued. 
 4.4 The Joint Administrators of LBH have issued an updated estimated outcome statement  
 for LBH dated June 2023, which is available for view on PwC’s website as follows: 
 Lehman Brothers Holdings PLC Update - June 2023 (pwc.co.uk) 
 4.5 The above link provides a narrative update relating to matters impacting the financial  
 outcome for creditors of the LBH estate together with an updated estimated financial  
 outcome statement and is directly relevant to the estimated value of the three  
 Partnerships’ claims for payment of a dividend by LBH in relation to the subordinated  
 notes. 
 Receipts and payments summaries as at 21 September 2023 
 LP III LP IV LP V 
 € € $ 
 Asset Realisations  
 Matured money market investment 12,820,347 10,817,135 26,729,664 
 Swaps settlement - - 2,000,000 
 Bank Interest 19,692 1,094 1,133,402 
 12,840,039 10,818,229 29,863,065 
 Cost of Realisation  
 Funding contributed to LB GP No.1 Ltd (4,999,935) (1,189,875) (3,160,263) 
 Bank charges (8) (34) (196) 
 Realised Fx Loss (3,699) - - 
 (5,003,643) (1,189,909) (3,160,459) 
 Distributions  
 ECAPS Accountholders - (9,000,000) (25,000,000) 
 - (9,000,000) (25,000,000) 
 Current cash balances €7,836,396 €628,320 $1,702,606 
 Note: The only assets of LP I and LP II are the Sub-Notes claims in the LBH Administration, as such LP I and LP  
 II have not realised any assets to date. The future realisations of LP I, LP II and LP III will depend upon eventual  
 recoveries from LBH in relation to the Sub-Notes claims, which are subject to ongoing litigation. Liquidation  
 costs remain subject to re-apportionment in due course, including some costs to LP I and LP II.