In total the proposed transaction would envisage the transfer of around 6,000 customers with a total of GBP1,270 million of funds under management to Rathbones. No other assets are included in this transaction and the transfer does not include the PMS brand.

In addition to the sale, Lloyds also announced the creation of an exclusive distribution agreement with Rathbones whereby UK based clients of Lloyds with investable assets of between GBP0.25 million and GBP2 million, whose portfolio needs require significant assets in directly held investments, will be referred to Rathbones. The agreement has an initial five-year term.

Rumor (October 15, 2009):

According to Reuters, Rathbone is planning to acquire the assets of Lloyds.

Deal Value (US$ Million) 57.82
Deal Type                Acquisition
Sub-Category             Asset Purchase
Deal Status              Announced: 2009-10-20

Deal Participants

Target 1 (Company) Lloyds TSB Private Banking Limited - Client Portfolio
Target 2 (Company) Bank of Scotland Portfolio Management Service - Client Portfolio
Acquirer (Company) Rathbone Brothers Plc
Vendor (Company)   Lloyds Banking Group plc (Formerly Lloyds TSB Group plc)

iPSL provides large-scale, secure outsourcing services across the UK banking sector, including all aspects of cheque processing, image archive and retrieval, "lock-box" services, reconciliation and other related back-office functions.

Royston Hoggarth, chairman of iPSL, said, "By using a centralised, shared-services model that delivers significant economies of scale, iPSL enables our client banks to process payments with greater cost-efficiency than they could achieve individually. iPSL's combination of secure infrastructure and banking processes positions it well in coming years to help client banks in other closely related markets such as Account Servicing, including Imaging and Archiving and Regulatory Support."

Rob Chapman, vice president and managing director, UK, Middle East and Africa, Unisys, added: "iPSL plays an important role in today's UK economy. By providing a fully integrated, end-to-end service, it frees banks to focus on developing and delivering more financial products and banking services that provide better overall value to their customers."

About Unisys

Unisys is a worldwide information technology company. We provide a portfolio of IT services, software, and technology that solves critical problems for clients. We specialize in helping clients secure their operations, increase the efficiency and utilization of their data centers, enhance support to their end users and constituents, and modernize their enterprise applications. To provide these services and solutions, we bring together offerings and capabilities in outsourcing services, systems integration and consulting services, infrastructure services, maintenance services, and high-end server technology. With more than 26,000 employees, Unisys serves commercial organizations and government agencies throughout the world. For more information, visit www.unisys.com.

About iPSL

Intelligent Processing Solutions Ltd (iPSL) is a business process outsourcing (BPO) joint venture between Unisys, Barclays, HSBC and Lloyds TSB. As the Onshore End of Outsourcing(TM), the company provides a variety of secure financial services back office support services in the U.K. and is the leading cheque processer. iPSL has the ability to operate efficiently and effectively across diverse technology platforms and client operating models to provide clearing services, including fraud detection and account services such as mailrooms, scanning & imaging, mandates management, refund of charges, onshore helpdesks and reconciliations management. For more information, visit www.ipsl.co.uk.

Forward-Looking Statements

Any statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements rely on assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. In particular, statements in this release regarding the anticipated value of the contracts are based upon assumptions regarding future volumes of services to be provided and the performance of the contracts continuing for their full term. Because service fees payable by the banks under the outsourcing agreements with iPSL are largely based on the volumes of services performed by iPSL, and because the contracts are terminable before the end of their term, the estimated value of the contracts is not guaranteed. Additional discussion of factors that could affect Unisys future results is contained in periodic filings with the Securities and Exchange Commission.

RELEASE NO.: 1027/9029

Unisys is a registered trademark of Unisys Corporation. All other brands and products referenced herein are acknowledged to be trademarks or registered trademarks of their respective holders.

SOURCE: Unisys Corporation

Unisys 
UK 
Claire Daplyn, 44 1895865735 
claire.daplyn@gb.unisys.com 
or 
U.S. 
Brian Daly, 215-986-2214 
Brian.daly@unisys.com