Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 14

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 14
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 as defined under Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”); (b) persons who fall within
Article 49(2)(a) to (d) of the Order being a high net worth entity, or (c) otherwise, persons to whom it may otherwise lawfully be distributed
under the Order, including subject to the restrictions set out in the paragraphs below (all such persons together being referred to as
“relevant persons”). This prospectus supplement and the accompanying prospectus are directed only at relevant persons
and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this prospectus
supplement and/or the accompanying prospectus relates is available only to relevant persons and will be engaged in only with relevant
persons. This prospectus supplement and/or the accompanying prospectus may only be communicated to persons in the U.K. in circumstances
where section 21(1) of the FSMA does not apply to LBG.

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MiFID product governance / Professional investors and ECPs only target market

Solely for the purposes of the manufacturer’s
product approval process, the target market assessment in respect of the Additional Tier 1 Securities has led to the conclusion that:
(i) the target market for the Additional Tier 1 Securities is eligible counterparties and professional clients only, each as defined in
MiFID II and (ii) all channels for distribution of the Additional Tier 1 Securities to eligible counterparties and professional
clients are appropriate. Any person subsequently offering, selling or recommending the Additional Tier 1 Securities (a “distributor”)
should take into consideration the manufacturer’s target market assessment; however, a distributor subject to MiFID II is responsible
for undertaking its own target market assessment in respect of the Additional Tier 1 Securities (by either adopting or refining the manufacturer’s
target market assessment) and determining appropriate distribution channels.

U.K. MiFIR product governance / Professional investors and ECPs only target market

Solely for the purposes of
each manufacturer’s product approval process, the target market assessment in respect of the Additional Tier 1 Securities has led
to the conclusion that: (i) the target market for the Additional Tier 1 Securities is only eligible counterparties, as defined in the
FCA Handbook Conduct of Business Sourcebook (“