Slaughter and May advised UK Financial Investments Limited ('UKFI') on the disposal of part of HM Treasury's shareholding in Lloyds Banking Group ('the Company') to raise proceeds of £3,211,525,582.

The disposal was effected by way of a placing of shares by way of an accelerated bookbuilding process to institutional investors.

Following settlement of the placing, which will take place on 20 September 2013, the shareholding of HM Treasury will be approximately 32.7% of the ordinary share capital of the Company reducing the overall size of HM Treasury's shareholding in the Company by approximately 15.5%.

BofA Merrill Lynch, J.P Morgan Cazenove (who have also been acting as UKFI’s privatisation strategy adviser) and UBS Investment Bank acted as Joint Bookrunners in connection with the placing. Lazard and Co. Limited acted as capital markets adviser.

Cravath Swaine & Moore LLP advised UKFI on U.S. law.

CONTACTS

Corporate and Commercial: Nilufer von Bismarck (partner), Jonathan Wiseman (associate), Liam Townson (associate); Tax: Tony Beare (partner), Michael Ringer (associate)

Cravath Swaine & Moore LLP: Corporate and Commercial: Alyssa Capels (partner), Jonathan Coleman (associate)