Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

Funds in the following proportions:
• 40% to the Company
• 60% to LBHI

3 -
Following the execution of the 2024 Settlement Agreements the parties agreed consent orders and the
ECAPS 2 Appeal hearing listed to be heard on 3 and 4 October 2024 was vacated.
The Amended and Restated Framework Agreement set out the following agreed payment structure:
Tier X – available funds of £187,187,072:
The first £187,187,072 of funds available for the subordinated creditors was paid as follows:
• first, 92% (being £172,212,106) to the Company
• second, 8% (being £14,974,966) to LBHI
The Amended and Restated Framework Agreement acknowledges that as at the Amended Effective Date
(2 October 2024), the tier X Distributions have been paid in full in accordance with the Original Framework
Agreement.
Tier Y – next available funds of up to £225,000,000:
Any Tier Y distribution to subordinated creditors can only be made once certain conditions (as set out in the
Amended and Restated Framework Agreement) have been met, which will cause LBH to distribute the next
£225,000,000 of the available funds to the Company and LBHI pro rata in the following proportions between
the Company and LBHI:
• 73.8% to the Company
• 26.2% to LBHI
Tier Z - remaining funds available:
Subject first to the distributions of Tiers X and Y being paid in full and subject to further distribution
conditions (as set out in the Amended and Restated Framework Agreement), further distributions to LBH’s
subordinated creditors will be paid from any available funds in the following proportions:
• 40% to the Company
• 60% to LBHI
LBH has now paid the Partnerships an initial payment in relation to the Tier Y distribution from
which certain costs reserves, which were referred to in Amended and Restated Framework
Agreement and related agreements, will be withheld, with the balance of funds to be paid to the
respective ECAPS Account Holders. A further formal Notice will be issued at least seven days in
advance of the payments, which will confirm the value date of payment and the total amounts to be
paid to the ECAPS Account Holders of each of LP I, LP II and LP III. For the avoidance of doubt,
there will not be any further distributions to be paid to the🎯 ECAPS Account Holders of LP IV or LP V
on this occasion.
Qualification Statement: this notice has been prepared using information obtained by Matthew Robert
Haw and David Frederick Shambrook (i) acting as the Joint Liquidators of the Company; and (ii) acting as
licensed insolvency practitioners specifically in relation to winding-up the Partnerships pursuant to an order
of the High Court made in accordance with section 6(3) of the Limited Partnerships Act 1907. Reference in
this notice to the Joint Liquidators also includes (where the context requires) Matthew Robert Haw and
David Frederick Shambrook acting as insolvency practitioners for the purpose of winding-up the
Partnerships. Given the wider international failure and insolvency of associated Lehman entities and the
passage of time since the Partnerships were active, it has been difficult to obtain all information relevant to
the Partnerships and readers of this notice should understand that the Joint Liquidators' investigations have
been hampered (in some cases) by the paucity of financial information and documentation.
Neither the Joint Liquidators nor RSM UK Restructuring Advisory LLP accept any liability whatsoever
arising as a result of any decision or action taken or refrained from as a result of information contained in
this notice.

https://www.rns-pdf.londonstockexchange.com/rns/5729Z_1-2025-9-16.pdf