Teathers Limited Default

Below you will find some information regarding the default of Teathers Limited ("Teathers"), which was declared at 17:00 hours on Tuesday 25 November 2008. The Exchange completed its default procedures with respect to Teathers on 5 March 2010. Interested parties should refer to the Current Status section below.

Administrator Information
KPMG LLP ("KPMG") are the Administrator for Teathers Limited.
Enquiries to samantha.bewick@kpmg.co.uk

Default Procedures
The operation of the Exchange's default procedures, in accordance with the provisions of the Companies Act 1989, is designed to produce a net sum calculation of the liabilities owed to and by the defaulter acting as principal with respect to each of its counterparties to unsettled non CCP on-Exchange trades. Under the rules of the London Stock Exchange the Exchange will determine the net amount payable between Teathers Limited and each of its counterparties in respect of unsettled on-Exchange trades as at the time of default (17:00 hrs on Tuesday 25 November 2008).

In accordance with Rule D121, this net amount will be certified by the Exchange and may be proved as a debt by the defaulter or counterparty as applicable. Following this certification, it is for the defaulter and it's counterparties to organise the associated payments. The Exchange is not authorised to engage in the payment process and its role in the default will cease once it certifies the net amount payable.

Where Teathers Limited was acting in an agency capacity the Exchange will contact the defaulter's customer or counterparty and the non-defaulting member firm and will require them to settle the contract.