Lehman Brothers Financial SA (LEHNQ)

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Appendix 3. 
 Comparative EOS 
 Notes Base Case Recovery High Case Recovery  
 £'m £'m 
 Estimated surplus available to LBH subordinated creditors 1 132 327 
 LP I LP III LP III Totals LP I LP II LP III Totals 
 £'m £'m £'m £'m £'m £'m £'m £'m 
 Scenario 1 - GP1 wins PLI1 (Tier Y) 26.8 41.7 55.5 124.1 45.8 71.1 94.7 211.5 
 Scenario 1 - GP1 wins PLI1 (Tier Z) - - - - 9.3 14.4 19.2 42.8 
 Scenario 1 - GP1 wins PLI1 (Tier Y and Tier Z) totals 2 26.8 41.7 55.5 124.1 55.0 85.5 113.9 254.3 
 Scenario 2 - GP1 loses PLI1 (Tier Y) - - - - - - - - 
 Scenario 2 - GP1 loses PLI1 (Tier Z) - - - - 2.6 4.1 5.5 12.2 
 Scenario 2 - GP1 loses PLI1 (Tier Y and Tier Z) totals 3 - - - - 2.6 4.1 5.5 12.2 
 Scenario 3 - Proposed terms implemented (Tier Y) 21.1 32.7 43.6 97.4 35.9 55.8 74.3 166.1 
 Scenario 3 - Proposed terms implemented (Tier Z) - - - - 8.8 13.7 18.3 40.8 
 Scenario 3 - Proposed terms implemented (Tier Y and Tier Z) totals 4 21.1 32.7 43.6 97.4 44.8 69.5 92.6 206.9 
 Notes  
 2. Scenario 1 - Estimated recoveries available to ECAPS Accountholders if GP1 wins Priority Legal Issue 1 ("PLI1") on appeal. 
 3. Scenario 2 - Estimated recoveries available to ECAPS Accountholders if GP1 loses PLI1 on appeal.  
 5. The above calculations do not take costs (past or future) into consideration.  
 1. Estimated funds available to LBH's subordinated creditors as per LBH's March 2024 estimated outcome statement. All calculations in scenarios 1 to 3 work on the basis that  
 the remaining funds available to LBH's subordinated creditors will be £132m in the 'Base' case and £327m in the 'High' case, which are subject to the assumptions set out in  
 LBH's March 2024 update to creditors. GP1's realisations to date in respect of LP III are not reflected in the above calculations. 
 4. Scenario 3 - Estimated recoveries available to Accountholders if GP1 enters into the deal being proposed in the term sheet at Appendix 2.