<SEC-DOCUMENT>0000950103-25-013672.txt : 20251027
<SEC-HEADER>0000950103-25-013672.hdr.sgml : 20251027
<ACCEPTANCE-DATETIME>20251027170254
ACCESSION NUMBER:		0000950103-25-013672
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251027
DATE AS OF CHANGE:		20251027

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Lloyds Banking Group plc
		CENTRAL INDEX KEY:			0001160106
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		ORGANIZATION NAME:           	02 Finance
		EIN:				000000000
		STATE OF INCORPORATION:			X0

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-287829
		FILM NUMBER:		251420544

	BUSINESS ADDRESS:	
		STREET 1:		25 GRESHAM STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC2V 7HN
		BUSINESS PHONE:		44 0 20 7626 1500

	MAIL ADDRESS:	
		STREET 1:		25 GRESHAM STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC2V 7HN

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LLOYDS TSB GROUP PLC
		DATE OF NAME CHANGE:	20010926

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Lloyds Banking Group plc
		CENTRAL INDEX KEY:			0001160106
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		ORGANIZATION NAME:           	02 Finance
		EIN:				000000000
		STATE OF INCORPORATION:			X0

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		25 GRESHAM STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC2V 7HN
		BUSINESS PHONE:		44 0 20 7626 1500

	MAIL ADDRESS:	
		STREET 1:		25 GRESHAM STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC2V 7HN

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LLOYDS TSB GROUP PLC
		DATE OF NAME CHANGE:	20010926
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>dp236358_fwp.htm
<DESCRIPTION>FORM FWP
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule 433</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Dated October 27, 2025</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-287829</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 79.55pt; width: 66.05pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 73.95pt 0pt 72.9pt; text-align: center">USD 1,000,000,000</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 74.05pt 0pt 72.9pt; text-align: center"><B>Fixed Rate Reset Additional
Tier 1 Perpetual Subordinated Contingent Convertible Securities (Callable September 27, 2035 and every five years thereafter)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 74.05pt 0pt 72.9pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 73.95pt 0pt 72.9pt; text-align: center"><B>Pricing Term Sheet</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 73.95pt 0pt 72.9pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; width: 25%; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 6.85pt; width: 75%"><FONT STYLE="font-size: 10pt">Lloyds Banking Group plc (&ldquo;LBG&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Securities:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 6.85pt; text-align: justify"><FONT STYLE="font-size: 10pt">USD Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible Securities (Callable September 27, 2035 and Every Five Years Thereafter)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Issuer Ratings (M/S/F):</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 6.85pt"><FONT STYLE="font-size: 10pt">A3 (stable) / A- (stable) / A+ (stable)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: top; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Expected Issue Ratings*:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 7.7pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Baa3 (Moody&rsquo;s) / BBB (Fitch)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Maturity:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 6.85pt"><FONT STYLE="font-size: 10pt">The Additional Tier 1 Securities are perpetual securities and have no fixed maturity or fixed redemption date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Principal Amount:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 6.85pt"><FONT STYLE="font-size: 10pt">USD 1,000,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Pricing Date:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 6.85pt"><FONT STYLE="font-size: 10pt">October 27, 2025&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Issue Date:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 6.85pt"><FONT STYLE="font-size: 10pt">November 3, 2025 (T+5)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Reset Dates:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 6.85pt"><FONT STYLE="font-size: 10pt">September 27, 2035 (the &ldquo;First Reset Date&rdquo;) and each fifth anniversary thereafter</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Issue Price:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 6.85pt"><FONT STYLE="font-size: 10pt">100.000%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Benchmark Treasury:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 6.85pt"><FONT STYLE="font-size: 10pt">4.250% due August 15, 2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Treasury Yield:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 6.85pt"><FONT STYLE="font-size: 10pt">3.997% </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: top; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Spread to Benchmark Treasury:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 6.85pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">268.1bps</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: top; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Reoffer Yield (Semi-Annual):</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 6.85pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">6.678%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 6.85pt"><FONT STYLE="font-size: 10pt">March 27, June 27, September 27 and December 27 of each year, commencing on March 27, 2026 (with a long first interest period)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Initial Interest Rate:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 6.85pt"><FONT STYLE="font-size: 10pt">6.625% per annum from (and including) the Issue Date to (but excluding) the First Reset Date, payable quarterly in arrear.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Interest Rate Following Any Reset Date:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 6.85pt; text-align: justify"><FONT STYLE="font-size: 10pt">The rate of interest will be reset on each Reset Date to the rate per annum equal to the sum of the applicable Reset Reference Rate (as defined below) on the relevant Reset Determination Date (as defined in the Preliminary Prospectus Supplement dated October 27, 2025 (the &ldquo;Preliminary Prospectus Supplement&rdquo;)) and the Margin (as defined below), such sum being converted to a quarterly rate in accordance with market convention (rounded to three decimal places, with 0.0005 rounded down).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Reset Reference Rate:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6.85pt">The then prevailing U.S. Treasury Rate</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6.85pt"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Margin:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 6.85pt"><FONT STYLE="font-size: 10pt">2.681%</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule 433</B></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Dated October 27, 2025</B></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-287829</B></P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; width: 25%; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Interest Cancellation:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; width: 75%; padding-right: 6pt; padding-bottom: 6pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 9.95pt 0pt 6.85pt; text-align: justify">Interest on the Additional Tier
    1 Securities will be due and payable only at the sole discretion of LBG and LBG shall have absolute discretion at all times and for any
    reason to cancel any interest payment in whole or in part that would otherwise be payable on any Interest Payment Date. If LBG elects
    not to make an interest payment on the relevant Interest Payment Date, or if LBG elects to make a payment of a portion, but not all, of
    such interest payment, such non-payment shall evidence LBG&rsquo;s exercise of its discretion to cancel such interest payment, or the
    portion of such interest payment not paid, and accordingly such interest payment, or the portion thereof not paid, shall not be or become
    due and payable.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 9.95pt 0pt 6.85pt; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Restrictions on Interest Payments:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 8.05pt; text-align: justify">LBG shall cancel any interest on
    the Additional Tier 1 Securities (or, as appropriate, any part thereof) which is scheduled to be paid on an Interest Payment Date to the
    extent that LBG has an amount of Distributable Items (as defined in the Preliminary Prospectus Supplement) on any scheduled Interest Payment
    Date that is less than the sum of (i) all payments (other than redemption payments) made or declared by LBG since the end of LBG&rsquo;s
    last financial year and prior to such Interest Payment Date on or in respect of any Parity Securities (as defined in the Preliminary Prospectus
    Supplement), the Additional Tier 1 Securities and any Junior Securities (as defined in the Preliminary Prospectus Supplement) and (ii)
    all payments (other than redemption payments) payable by LBG on such Interest Payment Date (x) on the Additional Tier 1 Securities and
    (y) on or in respect of any Parity Securities or any Junior Securities, in the case of each of (i) and (ii), excluding any payments already
    accounted for (by way of deduction) in determining the Distributable Items.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 8.05pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 9.9pt 0pt 8.05pt; text-align: justify">In addition, LBG shall not be permitted
    to pay any interest otherwise scheduled to be paid on an Interest Payment Date if and to the extent that the payment of such interest
    would cause, when aggregated together with other distributions of the kind referred to in Rule 4.3(2) of chapter 4 of the &ldquo;CRR Firms
    &ndash; Capital Buffers&rdquo; part of the PRA Rulebook (or any succeeding provision(s) amending or replacing such rule) and which are
    required under the Applicable Regulations (as defined in the Preliminary Prospectus Supplement) to be taken into account for this purpose,
    the Maximum Distributable Amount (as defined in the Preliminary Prospectus Supplement), if any, then applicable to the Group to be exceeded.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 9.9pt 0pt 8.05pt; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Solvency Condition:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 8.05pt; text-align: justify"><FONT STYLE="font-size: 10pt">Other than in a Winding-up or Administration Event (as defined in the Preliminary Prospectus Supplement) or in relation to the cash component of any Alternative Consideration (as defined in the Preliminary Prospectus Supplement) in any Settlement Shares Offer (as defined below), payments in respect of or arising under the Additional Tier 1 Securities (including any damages for breach of any obligations thereunder) are, in addition to the right of LBG to cancel payments of interest as described under &ldquo;Interest Cancellation&rdquo; above, conditional upon LBG being solvent at the time when the relevant payment is due to be made and no principal, interest or other amount payable shall be due and payable in respect of or arising from the Additional Tier 1&nbsp;&nbsp;Securities except to the extent that LBG could make such payment and still be solvent immediately thereafter (such condition, the &ldquo;Solvency Condition&rdquo;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8.05pt; text-align: justify">LBG shall be considered to be solvent
    at a particular point in time if:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8.05pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 1.2in; text-align: justify; text-indent: -55.85pt">(i)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 1.2in; text-align: justify; text-indent: -55.85pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 10.1pt 0pt 1in; text-align: justify">it is able to pay its debts owed to
    its Senior Creditors (as defined in the Preliminary Prospectus Supplement) as they fall due; and</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.1pt 0pt 1in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 9.95pt 0pt 1.2in; text-align: justify; text-indent: -55.85pt">(ii)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 9.95pt 0pt 1.2in; text-align: justify; text-indent: -55.85pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 10.1pt 0pt 1in; text-align: justify">its Assets (as defined in the
Preliminary Prospectus Supplement) are at least equal to its Liabilities (as defined in the Preliminary Prospectus Supplement).&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Agreement to Interest Cancellation:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.45pt 0pt 8.05pt; text-align: justify">By acquiring the Additional Tier
    1 Securities, holders and beneficial owners of the Additional Tier 1 Securities acknowledge and agree that:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.45pt 0pt 8.05pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.35pt 0pt 71.05pt; text-align: justify; text-indent: -40.5pt">(a)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.35pt 0pt 71.05pt; text-align: justify; text-indent: -40.5pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 10.1pt 0pt 1in; text-align: justify">interest is payable solely at the
    discretion of LBG, and no amount of interest shall become due and payable in respect of the relevant interest period to the extent that
    it has been canceled by LBG at its sole discretion and/or deemed canceled in whole or in part; and</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.1pt 0pt 1in; text-align: justify"></P></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule 433</B></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Dated October 27, 2025</B></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-287829</B></P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; width: 25%; padding-right: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; width: 75%; padding-right: 6pt; padding-bottom: 6pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.05pt 0pt 71.05pt; text-align: justify; text-indent: -40.5pt">(b)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.05pt 0pt 71.05pt; text-align: justify; text-indent: -40.5pt"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: -11pt 10.1pt 0pt 1in; text-align: justify">a cancellation or deemed cancellation
    of interest (in each case, in whole or in part) in accordance with the terms of the Indenture (as defined in the Preliminary Prospectus
    Supplement) shall not constitute a default in payment or otherwise under the terms of the Additional Tier 1 Securities.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.1pt 0pt 1in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.45pt 0pt 8.05pt; text-align: justify">Interest will only be due and
    payable on an Interest Payment Date to the extent it is not canceled or deemed canceled in accordance with the provisions described in
    the Preliminary Prospectus Supplement. Any interest canceled or deemed canceled (in each case, in whole or in part) in the circumstances
    described above shall not be due and shall not accumulate or be payable at any time thereafter, and holders and beneficial owners of the
    Additional Tier 1 Securities shall have no rights thereto or to receive any additional interest or compensation as a result of such cancellation
    or deemed cancellation. LBG may use such canceled interest without restriction.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.45pt 0pt 8.05pt; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Ranking and Liquidation Distribution:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 9.9pt 0pt 8.05pt; text-align: justify">The Additional Tier 1 Securities
    will constitute LBG&rsquo;s direct, unsecured, unguaranteed and subordinated obligations, ranking <I>equally without</I> any preference
    among themselves. The rights and claims of the holders and beneficial owners of the Additional Tier 1 Securities against LBG in respect
    of or arising from the Additional Tier 1 Securities will be subordinated to the claims of Senior Creditors (as defined in the Preliminary
    Prospectus Supplement).</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 9.9pt 0pt 8.05pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 9.9pt 0pt 8.05pt; text-align: justify">If at any time prior to the date
    on which a Trigger Event (as defined below) occurs, a Winding-up or Administration Event occurs (as defined in the Preliminary Prospectus
    Supplement), there shall be payable by LBG in respect of each Additional Tier 1 Security (in lieu of any other payment by LBG) such amount,
    if any, as would have been payable to the holder of the Additional Tier 1 Security if, throughout such Winding-up or Administration Event,
    such holder of the Additional Tier 1 Security was the holder of one of a class of preference shares in the capital of LBG (&ldquo;Notional
    Preference Shares&rdquo;) having an equal right to a return of assets in the Winding-up or Administration&nbsp;&nbsp;Event to, and so
    ranking <I>pari passu </I>with, the holders of the most senior class or classes of issued preference shares in the capital of LBG from
    time to time (if any) (excluding any such holders that are Senior Creditors (as defined in the Preliminary Prospectus Supplement) by virtue
    of (b) of the definition of Senior Creditors) and which have a preferential right to a return of assets in the Winding-up or Administration
    Event over, and ranking&nbsp;&nbsp;ahead of, the holders of all other classes of issued shares for the time being in the capital of LBG
    (excluding any such holders that are Senior Creditors by virtue of (b) of the definition of Senior Creditors)) but ranking junior to the
    claims of Senior Creditors and on the assumption that the amount that such holder was entitled to receive in respect of each Notional
    Preference Share is an amount equal to the principal amount of the relevant Additional Tier 1 Security together with, to the extent not
    otherwise included within the foregoing, any other amounts attributable to such Additional Tier 1 Security, including any Accrued Interest
    thereon&nbsp;&nbsp;and any damages awarded for breach of any obligations in respect thereof, regardless of&nbsp;&nbsp;whether the Solvency
    Condition is satisfied on the date upon which the same would otherwise be due and payable (and, in the case of an administration, on the
    assumption that such shareholders were entitled to claim and recover in respect of their shares to the same degree as in a winding up
    or liquidation).</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 9.9pt 0pt 8.05pt; text-align: justify"></P></TD></TR>
  </TABLE>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule 433</B></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Dated October 27, 2025</B></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-287829</B></P></DIV>
    <!-- Field: /Page -->

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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; width: 25%; padding-right: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; width: 75%; padding-right: 6pt; padding-bottom: 6pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 9.9pt 0pt 8.05pt; text-align: justify">If a Winding-up or Administration
    Event occurs at any time on or following the date on which a Trigger Event occurs but the Settlement Shares (as defined in the Preliminary
    Prospectus Supplement) to be issued and delivered to the Settlement Share Depository (as defined in the Preliminary Prospectus Supplement)
    on the Conversion Date (as defined below) have&nbsp;&nbsp;not been so delivered, there shall be payable by LBG in respect of each Additional
    Tier 1 Security (in lieu of any other payment by LBG) such amount, if any, as would have been payable to the holder of such Additional
    Tier 1 Security in a Winding-up or Administration Event if the Conversion Date in respect of the Automatic Conversion (as defined below)
    had occurred immediately before the occurrence of a Winding-up or Administration Event and, accordingly, as if such holder were, throughout
    such Winding-up or Administration Event, the holder of such number of Ordinary Shares (as defined in the Preliminary Prospectus Supplement)
    as it would have been entitled to receive upon Automatic Conversion (ignoring for this purpose LBG&rsquo;s right to make an election for
    a Settlement Shares Offer to be effected), regardless of whether the Solvency Condition is satisfied on such date (and, in the case of
    an administration, on the assumption that shareholders were entitled to claim and recover in respect of their shares to the same degree
    as in a winding up or liquidation).</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 9.9pt 0pt 8.05pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 9.9pt 0pt 8.05pt; text-align: justify">The &ldquo;Conversion Date&rdquo;
    shall be the date specified in the Conversion Trigger Notice (as defined in the Preliminary Prospectus Supplement) and shall occur without
    delay upon the occurrence of a Trigger Event (and shall be no later than one month following the occurrence of the relevant Trigger Event,
    or such shorter period as the Relevant Regulator may require).</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 9.9pt 0pt 8.05pt; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Waiver of Set-Off:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.1pt 0pt 8.05pt; text-align: justify">Subject to applicable law, no holder
    or beneficial owner of the Additional Tier 1 Securities may exercise, claim or plead any right of set-off, compensation, counterclaim,
    netting, or retention in respect of any amount owed to it by LBG arising under, or in respect of, or in connection with, the Additional
    Tier 1 Securities and each holder and each beneficial owner of the Additional Tier 1 Securities shall, by virtue of its holding of any
    Additional Tier 1 Securities, be deemed to have waived all such rights of set-off, compensation, counterclaim, netting or retention. Notwithstanding
    the previous sentence, if any amount owing to any holder of any Additional Tier 1 Security by LBG in respect of, or arising under or in
    connection with the Additional Tier 1 Securities is discharged by set-off, such holder shall, subject to applicable law, immediately pay
    an amount equal to the amount of such discharge to LBG (or, in the event of its winding-up or administration, the liquidator or, as appropriate,
    administrator of LBG) and, until such time as payment is made, shall hold an amount equal to such amount in trust for LBG (or the liquidator,
    or as appropriate, administrator of LBG) and accordingly any such discharge shall be deemed not to have taken place.&nbsp;&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.1pt 0pt 8.05pt; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Optional Redemption:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.15pt 0pt 8.05pt; text-align: justify">The Additional Tier 1 Securities
    will, subject to the satisfaction of the conditions described in the Preliminary Prospectus Supplement, be redeemable in whole, but not
    in part, at the option of LBG on the First Reset Date or on any Reset Date thereafter at 100% of their principal amount, together with
    any accrued and unpaid interest on the Additional Tier 1 Securities, excluding any interest which has been canceled or deemed to be canceled
    (&ldquo;Accrued Interest&rdquo;) to, but excluding, the date fixed for redemption.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.15pt 0pt 8.05pt; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Tax Event Redemption:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 8.05pt; text-align: justify">If at any time a Tax Event (as defined
    in the Preliminary Prospectus Supplement) has occurred, LBG may, subject to the satisfaction of the conditions described in the Preliminary
    Prospectus Supplement, redeem the Additional Tier 1 Securities in whole, but not in part, at any time at 100% of their principal amount,
    together with any Accrued Interest to, but excluding, the date fixed for redemption.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 8.05pt; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Regulatory Event Redemption:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 8.05pt; text-align: justify">If at any time a Regulatory Event
    (as defined in the Preliminary Prospectus Supplement) has occurred, LBG may, subject to the satisfaction of the conditions described in
    the Preliminary Prospectus Supplement, redeem the Additional Tier 1 Securities in whole, but not in part, at any time at 100% of their
    principal amount, together with any Accrued Interest to, but excluding, the date fixed for redemption.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 8.05pt; text-align: justify"></P></TD></TR>
  </TABLE>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule 433</B></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Dated October 27, 2025</B></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-287829</B></P></DIV>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; width: 25%; font-size: 11pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Substitution or Variation:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; width: 75%; padding-right: 6pt; padding-bottom: 6pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 8.05pt; text-align: justify">If a Tax Event or a Regulatory Event
    has occurred, then LBG may, subject to the conditions described in the Preliminary Prospectus Supplement, but without any requirement
    for the consent or approval of the holders of the Additional Tier 1 Securities, at any time (whether before or following the First Reset
    Date) either substitute all (but not some only) of the Additional Tier 1 Securities for, or vary the terms of the Additional Tier 1 Securities
    so that they remain or, as appropriate, become, Compliant Securities (as defined in the Preliminary Prospectus Supplement), and the Trustee
    shall (subject to the requirements described in the Preliminary Prospectus Supplement) agree to such substitution or variation. Upon the
    expiry of such notice, LBG shall either vary the terms of or substitute the Additional Tier 1 Securities, as the case may be.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 8.05pt; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; font-size: 11pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Automatic Conversion:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.05pt 0pt 8.05pt; text-align: justify">Upon the occurrence of the Trigger
    Event, all of LBG&rsquo;s obligations under the Additional Tier 1 Securities shall be irrevocably and automatically released on the Conversion
    Date (and under no circumstances shall LBG&rsquo;s released obligations be reinstated) in consideration of the issuance by LBG of Ordinary
    Shares credited as fully paid (the &ldquo;Settlement Shares&rdquo;) at the Conversion Price and in accordance with the terms described
    in the Preliminary Prospectus Supplement (the &ldquo;Automatic Conversion&rdquo;). The Settlement Shares shall be issued and delivered
    to the Settlement Share Depository (as defined in the Preliminary Prospectus Supplement) on the Conversion Date.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.05pt 0pt 8.05pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.15pt 0pt 7.9pt; text-align: justify">Furthermore, in the event of the
    Automatic Conversion of the Additional Tier 1 Securities upon the occurrence of a Trigger Event, any accrued but unpaid interest on the
    Additional Tier 1 Securities up to (and including) the Conversion Date shall be canceled upon the occurrence of such Trigger Event and
    shall not become due and payable at any time.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.15pt 0pt 7.9pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.15pt 0pt 7.9pt; text-align: justify">The Additional Tier 1 Securities
    are not convertible at the option of the holders at any time. Automatic Conversion shall not constitute a default under the Additional
    Tier 1 Securities.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.15pt 0pt 7.9pt; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; font-size: 11pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Trigger Event:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 8.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">A Trigger Event shall occur on any date if LBG&rsquo;s CET1 Ratio (as defined in the Preliminary Prospectus Supplement) is less than 7.00% on such date, as determined by LBG, the Relevant Regulator (as defined in the Preliminary Prospectus Supplement), or any agent appointed for such purpose by the Relevant Regulator.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; font-size: 11pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Conversion Price:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.05pt 0pt 8.05pt; text-align: justify">The conversion price per Ordinary
    Share in respect of the Additional Tier 1 Securities shall be $0.844, subject to the adjustments described in the Preliminary Prospectus
    Supplement. As of October 27, 2025, the initial Conversion Price is equivalent to a price of &pound;0.633, translated into U.S. dollars
    at an exchange rate of &pound;1.000=$1.333, and rounded down to 3 decimal places.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.05pt 0pt 8.05pt; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; font-size: 11pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Settlement Shares Offer:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 8.05pt; text-align: justify">Within ten (10) Business Days following
    the Conversion Date, LBG may, in its sole and absolute discretion, elect that the Settlement Share Depository (or an agent on its behalf)
    make an offer of, in LBG&rsquo;s sole and absolute discretion, all or some of the Settlement Shares to, at LBG&rsquo;s sole and absolute
    discretion, all or some of LBG&rsquo;s ordinary shareholders upon Automatic Conversion, such offer to be at a cash price per Settlement
    Share that will be no less than the Conversion Price (translated from U.S. dollars into pounds Sterling at the then-prevailing rate as
    determined by LBG in its sole discretion) (the &ldquo;Settlement Shares Offer&rdquo;). Such election shall be made on the terms described
    in the Preliminary Prospectus Supplement.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 8.05pt; text-align: justify"></P></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule 433</B></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Dated October 27, 2025</B></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-287829</B></P></DIV>
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    <TD STYLE="padding-top: 6pt; width: 25%; font-size: 11pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Agreement with Respect to the Exercise of U.K. Bail-in Power:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; width: 75%; padding-right: 6pt; padding-bottom: 6pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 8.05pt; text-align: justify">Notwithstanding any other agreements,
    arrangements, or understandings between LBG and any holder or beneficial owner of the Additional Tier 1 Securities, by purchasing or acquiring
    the Additional Tier 1 Securities, each holder (including each beneficial owner) of the Additional Tier 1 Securities acknowledges, accepts,
    agrees to be bound by and consents to the exercise of any U.K. Bail-in Power (as defined below) by the relevant U.K. resolution authority
    that may result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on, the Additional
    Tier 1 Securities; (ii) the conversion of all, or a portion, of the principal amount of, or interest on, the Additional Tier 1 Securities
    into shares or other securities or other obligations of LBG or another person (and the issue to or conferral on the holder of such shares,
    securities or obligations), including by means of amendment, modification or variation of the terms of the Additional Tier 1 Securities;
    and/or (iii) the amendment or alteration of the maturity of the Additional Tier 1 Securities, or amendment of the amount of interest due
    on the Additional Tier 1 Securities, or the dates on which interest becomes payable, including by suspending payment for a temporary period;
    any U.K. Bail-in Power may be exercised by means of variation of the terms of the Additional Tier 1 Securities solely to give effect to
    the exercise by the relevant U.K. resolution authority of such U.K. Bail-in Power. With respect to (i), (ii) and (iii) above, references
    to principal and interest shall include payments of principal and interest that have become due and payable, but which have not been paid,
    prior to the exercise of any U.K. Bail-in Power. Each holder and each beneficial owner of the Additional Tier 1 Securities further acknowledges
    and agrees that the rights of the holders and/or beneficial owners under the Additional Tier 1 Securities are subject to, and will be
    varied, if necessary, solely to give effect to, the exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 8.05pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 7.9pt; text-align: justify">For these purposes, a &ldquo;U.K.
    Bail-in Power&rdquo; is any write-down, conversion, transfer, modification or suspension power existing from time to time under any laws,
    regulations, rules or requirements relating to the resolution of banks, banking group companies, credit institutions and/or investment
    firms incorporated in the United Kingdom in effect and applicable in the United Kingdom to us and the Group, including but not limited
    to any such laws, regulations, rules or requirements which are implemented, adopted or enacted in the United Kingdom within the context
    of the U.K. resolution regime under the Banking Act 2009, as the same has been or may be amended from time to time (whether pursuant to
    the U.K. Financial Services (Banking Reform) Act 2013, secondary legislation or otherwise) (the &ldquo;Banking Act&rdquo;), pursuant to
    which obligations of a bank, banking group company, credit institution or investment firm or any of its affiliates can be reduced, canceled,
    modified, transferred and/or converted into shares or other securities or obligations of the obligor or any other person (or suspended
    for a temporary period) or pursuant to which any right in a contract governing such obligations may be deemed to have been exercised.
    A reference to the &ldquo;relevant U.K. resolution authority&rdquo; is to any authority with the ability to exercise a U.K. Bail-in Power.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 7.9pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 7.9pt; text-align: justify">According to the principles contained
    in the Banking Act, LBG expects that the relevant U.K. resolution authority would exercise its U.K. Bail-in Power in respect of the Additional
    Tier 1 Securities having regard to the hierarchy of creditor claims (with the exception of excluded liabilities, as such term is described
    in the Banking Act) and that the holders of the Additional Tier 1 Securities would be treated equally in respect of the exercise of the
    U.K. Bail-in Power with the claims of holders of all other obligations of LBG which constitute Additional Tier 1 Capital (as defined in
    the Preliminary Prospectus Supplement) of LBG that would rank <I>pari passu </I>with the Additional Tier 1 Securities upon an insolvency
    of LBG.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 7.9pt; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; font-size: 11pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Repayment of Principal and Payment of Interest After Exercise of a U.K. Bail-in Power:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 8.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">No repayment of the principal amount of the Additional Tier 1 Securities or payment of interest on the Additional Tier 1 Securities shall become due and payable after the exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority unless, at the time that such repayment or payment, respectively, is scheduled to become due, such repayment or payment would be permitted to be made by LBG under the laws and regulations of the&nbsp;&nbsp;United Kingdom applicable to LBG or other members of the Group.</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule 433</B></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Dated October 27, 2025</B></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-287829</B></P></DIV>
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    <TD STYLE="padding-top: 6pt; width: 25%; font-size: 11pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Enforcement Events and Remedies:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; width: 75%; padding-right: 6pt; padding-bottom: 6pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.3pt 0pt 6.8pt; text-align: justify">If a Winding-up or Administration
    Event occurs prior to the occurrence of a Trigger Event, holders of the Additional Tier 1 Securities will have the rights and claims specified
    above under &ldquo;Ranking and Liquidation Distribution&rdquo;.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.3pt 0pt 6.8pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 8.05pt; text-align: justify">Subject to the satisfaction of any
    redemption conditions described in the Preliminary Prospectus Supplement, if LBG does not make payment of principal in respect of the
    Additional Tier 1 Securities for a period of seven (7) calendar days or more after the date on which such payment is due, then the Trustee,
    on behalf of the holders and beneficial owners of the Additional Tier 1 Securities, may, at its discretion, or shall at the direction
    of holders of 25% of the aggregate principal amount of outstanding Additional Tier 1 Securities, subject to any applicable laws, institute
    proceedings for the winding up of LBG. In the event of a winding-up or liquidation of LBG, whether or not instituted by the Trustee, the
    Trustee may prove the claims of the holders and beneficial owners of the Additional Tier 1 Securities and the Trustee in the winding up
    proceeding of LBG and/or claim in the liquidation of LBG (such claims as are set out above under &quot;Ranking and Liquidation Distribution&quot;).
    For the avoidance of doubt, the Trustee may not declare the principal amount of any outstanding Additional Tier 1 Securities to be due
    and payable and may not pursue any other legal remedy, including a judicial proceeding for the collection of the sums due and unpaid on
    the Additional Tier 1 Securities.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 8.05pt; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 1.5pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 6pt 6pt 6.8pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">In the event of a breach of any term, obligation or condition binding on LBG under the Additional Tier 1 Securities or the Indenture (other than any payment obligation of LBG under or arising from the Additional Tier 1 Securities or the Indenture, including payment of any principal or interest, including any damages awarded for breach of any obligations) (a &ldquo;Performance Obligation&rdquo;), the Trustee may without further notice institute such proceedings against LBG as it may think fit to enforce the Performance Obligation, provided that LBG shall not by virtue of the institution of any such proceedings be obliged to pay any sum or sums, in cash or otherwise (including any damages) earlier than the same would otherwise have been payable under the Additional Tier 1 Securities or the Indenture.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 6pt 6pt 1.5pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 6pt 6pt 6.8pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">For the avoidance of doubt, the breach by LBG of any Performance Obligation (as described in the Preliminary Prospectus Supplement) shall not give the Trustee and/or the holders and beneficial owners of the Additional Tier 1 Securities a claim for damages and, in such circumstances, the sole and exclusive remedy that the Trustee and the holders and beneficial owners of the Additional Tier 1 Securities may seek under the Additional Tier 1 Securities and the Indenture is specific performance under New York law. By its purchase or acquisition of the Additional Tier 1 Securities, each Additional Tier 1 holder and each beneficial owner of the Additional Tier 1 Securities acknowledges and agrees that such holder and beneficial owner will not seek, and will not direct the Trustee to seek, a claim for damages against LBG in respect of a breach by LBG of a Performance Obligation and that the sole and exclusive remedy that such holder, beneficial owner and the Trustee may seek under the Additional Tier 1 Securities&nbsp;&nbsp;and the Indenture for a breach by LBG of a Performance Obligation is specific performance under New York law. Holders may not require any redemption of the Additional Tier 1 Securities at any time.</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: top; width: 25%; font-size: 11pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Governing Law:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; vertical-align: top; width: 74%; padding-right: 6pt; padding-bottom: 6pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 9.95pt 0pt 6.8pt; text-align: justify">The Additional Tier 1 Securities
    and the Indenture will be governed by and construed in accordance with the laws of the State of New York, except for the subordination
    and waiver of set-off provisions relating to the Additional Tier 1 Securities which will be governed by and construed in accordance with
    Scots law.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 9.95pt 0pt 6.8pt; text-align: justify"></P></TD>
    <TD STYLE="padding-top: 6pt; width: 1%; font-size: 11pt; padding-right: 6pt; padding-bottom: 6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; font-size: 11pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Day Count Fraction:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">30/360</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; font-size: 11pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Business Day:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 6pt 6pt 6pt 7.1pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-size: 10pt">Means any day (other than a Saturday, a Sunday or a public holiday) on which commercial banks and foreign exchange markets are open for business in both London, England, and in New York City</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; font-size: 11pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Business Day Convention:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 6pt 6pt 6pt 7.1pt; font-size: 11pt"><FONT STYLE="font-size: 10pt">Following, unadjusted</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule 433</B></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Dated October 27, 2025</B></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-287829</B></P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; width: 25%; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Expected Listing:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 7.1pt; width: 75%; text-align: justify"><FONT STYLE="font-size: 10pt">Application will be made to Euronext Dublin to admit the Additional Tier 1 Securities to the Official List and to trading on the Global Exchange Market (the exchange regulated market of Euronext Dublin). </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Denominations:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 7.1pt"><FONT STYLE="font-size: 10pt">USD 200,000 and integral multiples of USD 1,000 in excess thereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Underwriting Commission:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 7.1pt"><FONT STYLE="font-size: 10pt">0.750%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Net Proceeds to Issuer:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 8.75pt"><FONT STYLE="font-size: 10pt">USD 992,500,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Joint Lead Managers:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 8.75pt"><FONT STYLE="font-size: 10pt">BofA Securities, Inc., Citigroup Global Markets Inc., Lloyds Securities Inc. (B&amp;D), Morgan Stanley &amp; Co. LLC, RBC Capital Markets, LLC and Santander US Capital Markets LLC </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>CUSIP:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 8.75pt"><FONT STYLE="font-size: 10pt">539439 BF5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>ISIN:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 8.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">US539439BF59</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Common Code:</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;&nbsp; 322252323</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Legal Entity Identifier (LEI) Code:</B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt; vertical-align: bottom">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.05pt 0pt 8.75pt">549300PPXHEU2JF0AM85</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10.05pt 0pt 8.75pt"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><B>Target Market:</B></FONT></TD>
    <TD STYLE="padding: 6pt 6pt 6pt 8.75pt"><FONT STYLE="font-size: 10pt">MiFID II professionals/ECPs-only/U.K. MIFIR professionals/ECPs-only - No PRIIPs KID/No U.K. PRIIPs KID/FCA CoCo restriction applies. **</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 8.75pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">*Note: A securities
rating is not a recommendation to buy, sell or hold securities. Ratings may be subject to revision or withdrawal at any time, and each
rating should be evaluated independently of any other rating.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">Lloyds Banking Group
plc has filed a registration statement (including a Preliminary Prospectus Supplement) with the SEC for the offering to which this communication
relates. Before you invest, you should read the Preliminary Prospectus Supplement in that registration statement and other documents
Lloyds Banking Group plc has filed with the SEC for more complete information about Lloyds Banking Group plc and this offering. You may
get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, Lloyds
Banking Group plc and any underwriter or any dealer participating in the offering will arrange to send you the Preliminary Prospectus
Supplement if you request it by calling BofA Securities, Inc. at 1-800-294-1322, Citigroup Global Markets Inc. at 1-800-831-9146, Lloyds
Securities Inc. at 1-212-930-5039, Morgan Stanley &amp; Co. LLC at 1-888-454-3965, RBC Capital Markets, LLC at 1-866-375-6829 or Santander
US Capital Markets LLC at 1-855-403-3636.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">We
currently expect delivery of the Additional Tier 1 Securities to occur on or about November 3, 2025, which will be the fifth business
day following the date of pricing of the Additional Tier 1 Securities (such settlement cycle being referred to as </FONT><FONT STYLE="font-size: 8pt">&ldquo;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">T+5</FONT>&rdquo;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">).
Under Rule 15c6-1 of the U.S. Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle
in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Additional
Tier 1 Securities on the date of pricing or the next three succeeding business days will be required, by virtue of the fact that the
Additional Tier 1 Securities initially will settle in T+5, to specify an alternate settlement cycle at the time of any such trade to
prevent a failed settlement. Purchasers of Additional Tier 1 Securities who wish to trade Additional Tier 1 Securities on the date of
pricing or the next three succeeding business days should consult their own advisors. </FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">**<B><I>MiFID II
product governance /ECPs-only - No PRIIPs KID/No U.K. PRIIPs KID/ FCA CoCo restriction applies / PROHIBITION OF SALES TO U.K. AND EEA
RETAIL INVESTORS</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><I>&ndash; Manufacturer
target market (MiFID II) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or U.K. PRIIPs
key information document (KID) has been prepared as not available to retail in EEA. No sales to retail clients in the EEA or the U.K.
</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><I>This announcement is being distributed
only to and directed only at (i) persons who are outside the U.K., or (ii) persons who are in the U.K. who are not retail clients (as
defined in COBS 3.4) and who are (a) persons who have professional experience in matters relating to investments who fall within the
definition of &ldquo;investment professionals&rdquo; as defined under Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the &ldquo;Order&rdquo;); (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 (all such persons together
being referred to as &ldquo;relevant persons&rdquo;). This announcement is 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 announcement relates is available
only to relevant persons and will be engaged in only with relevant persons. This announcement may only be communicated to persons in
the U.K. in circumstances where section 21(1) of the Financial Services and Markets Act 2000 (as amended) does not apply to us.</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><I>Singapore Securities
and Futures Act Product Classification&mdash;Solely for the purposes of its obligations pursuant to Sections 309B(1)(a) and 309B(1)(c)
of the Securities and Futures Act (Chapter 289 of Singapore) (the &ldquo;SFA&rdquo;), 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 &ldquo;prescribed capital markets products&rdquo;
(as defined in the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore) and &ldquo;Excluded Investment Products&rdquo;
(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).</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><I>Any legends, disclaimers
or other notices that may appear below are not applicable to this communication and should be disregarded. Such legends, disclaimers
or other notices have been automatically generated as a result of this communication having been sent via Bloomberg or another email
system.</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
