Lloyds Banking Group

Lloyds Banking Group update on Project Verde

27 April 2012

Lloyds Banking Group (LBG) continues to make good progress on its mandated retail and commercial divestment (Project Verde).

The Group continues to have productive and meaningful discussions with the Co-operative Group (Co-op), its preferred buyer for the Verde business. However, LBG is no longer holding these discussions under an exclusivity agreement. Given the renewed interest in the Verde business shown by NBNK, LBG will now consider detailed discussions with other parties but only once LBG is satisfied that any proposal is likely to achieve the appropriate regulatory clearances and offers greater value and/or certainty to LBG shareholders against its alternative option of an Initial Public Offering (IPO).

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