Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 15

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 15
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the
“SFA”), we have determined, and hereby notify all relevant persons (as defined in Section 309A(1) of the SFA) that
the Additional Tier 1 Securities are “prescribed capital markets products” (as defined in the Securities and Futures (Capital
Markets Products) Regulations 2018 of Singapore) and “Excluded Investment Products” (as defined in MAS Notice SFA 04-N12:
Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

<div align='center'>RESTRICTIONS ON MARKETING AND SALES TO RETAIL INVESTORS IN HONG KONG</div>

In October 2018, the Hong Kong Monetary Authority
(the “HKMA”) issued guidance on enhanced investor protection measures on the sale and distribution of debt instruments
with loss-absorption features (such as the Additional Tier 1 Securities) and related products (the “HKMA Circular”).
Under the HKMA Circular, debt instruments with loss absorption features, being subject to the risk of being written-down or converted
to ordinary shares, and investment products that invest mainly in, or whose returns are closely linked to the performance of such instruments,
are to be targeted in Hong Kong at professional investors (as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong
(the “SFO”) and any subsidiary legislations or rules made under the SFO, “Professional Investors”)
only and are generally not suitable for retail investors in either the primary or secondary markets.

Potential investors should inform themselves of,
and comply with, any applicable laws, regulations or regulatory guidance with respect to any resale of the Additional Tier 1 Securities
(or any beneficial interests therein), including the HKMA Circular.

Investors in Hong Kong should not purchase the
Additional Tier 1 Securities in the primary or secondary markets unless they are Professional Investors and understand the risks involved.
The Additional Tier 1 Securities are generally not suitable for retail investors.

Certain or all of the underwriters are required
to comply with the HKMA Circular.

By purchasing, or making or accepting an offer
to purchase, any Additional Tier 1 Securities (or a beneficial interest in such Additional Tier 1 Securities) from LBG and/or the underwriters
each prospective investor represents, warrants, agrees with and undertakes to LBG and each of the underwriters that (i) it is not a retail
client in the U.K.; (ii) if it is in Hong