Announcement of additional preferred equity distribution - 3 September 2024

Following the Joint Administrators' announcement dated 7 November 2023, the LBIE directors have proposed, in consultation with the Joint Administrators who are in agreement, that the Company make a distribution by way of dividend to LB Holdings Intermediate 2 Limited ("LBHI2"), as sole holder of LBIE's preferred equity, in the amount of £26m.

In putting forth their proposal, the LBIE directors have considered, again in consultation with the Administrators, a balance sheet and management information as at 14 July 2024, showing the profits, losses, assets, liabilities, provisions, capital, potential downside future recoveries and reserves (including undistributable reserves) of the Company, to which it was necessary to have regard when determining whether a distribution could lawfully be made.

The Joint Administrators having consented to the proposal from the LBIE directors, the distribution was made on 3 September 2024 and brings the total distributed to date to LBHI2, in respect of its preferred equity, to £428m.

If any interested party requires more information, please contact LBIE’s Communications and Counterparty Management team at generalqueries@lbia-eu.com.