Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 15

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 15
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COBS”), and professional clients, as defined in Regulation (EU) No 600/2014
as it forms part of domestic law by virtue of the EUWA (“U.K. MiFIR”); 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 each manufacturer’s
target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook (the
“U.K. MiFIR Product Governance Rules”) is responsible for undertaking its own target market assessment in respect of
the Additional Tier 1 Securities (by either adopting or refining each manufacturer’s target market assessment) and determining appropriate
distribution channels.

In addition to the above,
pursuant to the COBS the Additional Tier 1 Securities are not intended to be offered, sold or otherwise made available and should not
be offered, sold or otherwise made available to retail clients (as defined in COBS 3.4) in the U.K.

Singapore Securities and Futures Act Product Classification

Solely for the purposes of our obligations pursuant
to Sections 309B(1)(a) and 309B(1)(c) of the Securities and Futures Act 2001 of Singapore, as modified or amended from time to time (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