15 August 2012

Coller International Partners VI finances acquisition of Lloyds Banking Group portfolio

Lloyds Banking Group plc (the Group) announces today that it has agreed the sale of a portfolio of private equity-related investments with gross assets of approximately £1,050 million and the transfer of undrawn commitments which are expected to be £220 million at completion (the Portfolio) to a fund (PE1 LP) financed by Coller International Partners VI for a cash consideration of approximately £1,030 million.

After the reversal of the related available-for-sale reserve, the transaction is expected to result in a pre-tax gain for the Group. Following the sale, the Group will continue to manage the fund in return for a management fee, which is likely to be less than £10 million per annum. The sale proceeds will be used for general corporate purposes.

The Portfolio generated losses of £40 million in the year to 31 December 2011. This transaction is in line with the Group's strategy of de-risking its balance sheet and reducing its non-core assets. The transaction is subject to certain conditions, including obtaining the approval of the relevant general partners, and is expected to complete in the first quarter of 2013.

Notes: Figures may vary depending on drawdowns, distributions, valuation adjustments and exchange rate movements until closing.

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