LCH.Clearnet Ltd
33 Aldgate High St
Aldgate
London
EC3N 1EA
Attention: General Counsel, Chief Executive Officer and Company Secretary
Lehman Brothers Special Financing Inc
25 Bank St,
London
E14 5LE
Date: 15th September 2008
Dear Sirs,
DEFAULT NOTICE
We refer to the LCH rules, (which in expression shall include all of the Regulations, Default Rules, the Default Fund Rules, the Settlement Finality Regulations and the Procedures) and the Clearing Membership Agreement (including extensions thereto), the all monies guarantee provided by Lehman Brothers Holdings Inc and all ancillary documentation between us collectively (‘the LCH Rules and Documentation’), we hereby declare you to be a ‘defaulter’ as defined in the LCH Rules and Documentation. In addition to, and without limitation to our rights to treat you as a ‘defaulter’ under other provisions of the LCH Rules and Documentation, we are hereby declaring you a ‘defaulter’, pursuant to Rule 3 of our Default Rules. Capitalised terms used herein and not defined herein shall have the meaning given to them in the LCH rules and documentation.
Roger Liddell
Group Chief Executive
For and on behalf of
LCH.Clearnet Ltd.
Cc: Lehman Brothers Holdings Inc
745 Seventh Avenue
New York
10019
