Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 10

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 10
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, as defined in the FCA Handbook Conduct of Business Sourcebook
(“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 Senior Notes to eligible counterparties and professional
clients are appropriate. Any person subsequently offering, selling or recommending the Senior Notes (a “distributor”) should
take into consideration the 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 Senior Notes (by either adopting or refining the manufacturer’s target market
assessment) and determining appropriate distribution channels.

EU PRIIPs Regulation / Prohibition of sales to EEA retail investors – The Senior Notes are not intended to be offered, sold or otherwise made available to and should not
be offered, sold or otherwise made available to any retail investor in the European Economic Area (“EEA”). For these purposes,
a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU
(as amended “MiFID II”); or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended or superseded, the “Insurance
Distribution Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1)
of MiFID II. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “EU PRIIPs Regulation”)
for offering or selling the Senior Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore
offering or selling the Senior Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the EU
PRIIPs Regulation.

U.K. PRIIPs Regulation / Prohibition of sales to U.K. retail investors -The Senior Notes are not intended to be offered, sold or otherwise made available to and should not be
offered, sold or otherwise made available to any retail investor in the United Kingdom (“U.K.”). For these purposes, a