27 November 2008

Update on Bonds issued by Lehman Brothers Holdings Inc. (LBHI)

We would like to update you with the following additional information which may be of interest to you.

Keeping or selling your bonds

1. Keeping your bonds
LBHI's Chapter 11 case is pending before the United States Bankruptcy Court in the Southern District of New York. Further information about Lehman Brothers Holdings Inc. and the Chapter 11 proceedings can be found at the following website: http://chapter11.epiqsystems.com/lehman.

2. Selling your bonds
If you are interested in getting an indicative secondary market quote, please contact your Relationship Manager on or before 28 November 2008 for more information.

Further information

Please note that you should not make decisions regarding your investment based on the information in this letter. The courses of action described here are not intended to be exhaustive, and we recommend that you obtain independent professional advice regarding your rights under the bonds, and the investment solutions available to you.

Should you have any general queries regarding a bond you purchased from us, please contact your Relationship Manager.