TIDMLLOY
RNS Number : 2362Q
Lloyds Banking Group PLC
24 February 2021
24 February 2021
LLOYDS BANKING GROUP PLC - SUMMARY REMUNERATION ANNOUNCEMENT
The purpose of this voluntary announcement is to supplement the
details published today in the Directors' Remuneration Report and
provide additional transparency on the remuneration awards for the
Persons Discharging Managerial Responsibilities (PDMRs).
Where awards have not yet been made, estimates have been
provided. A statement will be provided to the market following the
actual awards in the normal way.
Stuart Sinclair, the Chair of Remuneration Committee said:
"The unprecedented events of 2020 and the impact of the
coronavirus pandemic have led the Remuneration Committee to make
decisions on remuneration outcomes that reflect the experiences of
our customers, colleagues and shareholders. We recognise the need
for restraint in the remuneration outcomes for Executive Directors
and other senior colleagues, while ensuring additional support was
targeted toward our customer facing colleagues in recognition of
their tremendous efforts in continuing to support our
customers."
Further details on the Group's support for colleagues during
2020 are included in the Annual Report and Accounts published
today, but in summary:
- The Group committed to continue to pay colleagues their full
salary, no matter how the pandemic affected what they do for the
Group or what their personal circumstances are.
- In July 2020, the Group awarded 40,000 predominantly
customer-facing colleagues a one-off GBP250 cash recognition award
to say thank you for their support and recognise the incredible
commitment shown to our customers and communities throughout the
pandemic.
- Today we are announcing a GBP400 share award for all permanent
eligible colleagues across the Group to recognise the considerable
role that all colleagues have played in supporting customers in
2020 and the part they will play in delivering the next phase of
our strategy. These free shares that vest after three years ensure
that each and every colleague has a personal interest in the
longer-term success of the Group.
- We have increased the minimum level of employer contribution
for those colleagues in our Defined Contribution pension schemes
from 8% to 9%, with an increased maximum employer contribution of
15%.
What awards are being made in respect of 2020 performance?
- Recognition awards (cash and shares) : In July 2020, we made a
cash award of GBP250 to almost 40,000 colleagues and are now making
a further GBP400 share recognition award to all permanent eligible
colleagues across the Group. The GBP250 cash payment combined with
the average above-inflation pay awards made to these colleagues in
April 2020 ensured that on average total remuneration has stayed
flat for almost half our colleagues from 2019 to 2020, despite the
absence of any Group Performance Share awards.
- Consistent with the framework set by the Remuneration
Committee at the start of the year, the impact of the pandemic on
our financial results means that there will be no annual bonus pool
(Group Performance Share) for 2020 as the profit threshold has not
been met.
- Members of our Group Executive Committee confirmed in April
2020 that, regardless of Group and individual performance through
the remainder of 2020, they would waive their right to be
considered for a bonus award in respect of 2020 performance; an
early decision that the Remuneration Committee welcomed.
- The outcome on the Group Performance Share is in no way
reflective of the hard work, commitment and sacrifice that our
colleagues have made throughout the year to keep our business
running and help our customers. The Remuneration Committee
acknowledges that colleague reward was considerably affected by
external factors in 2020 and intends that for fairness, just as
Group Performance Share awards absorbed the impact of the fall in
profitability, if there are Group Performance Share awards for 2021
then these should participate in any recovery in profitability.
- Long Term Share Plan (restricted share) awards will be granted
to a small number of senior colleagues to ensure there is alignment
to shareholder experience and retain critical talent through the
next phase of the Group's strategic delivery. There are fewer
colleagues receiving awards under the Long Term Share Plan than are
eligible, or who may have received awards under the Executive Group
Ownership Share in previous years.
Details are provided in Table 1 below, but in summary:
o There is no Long Term Share Plan award for the Group Chief
Executive as he will leave the Group in April 2021.
o The Chief Financial Officer will receive an award of 75 per
cent of base salary against a normal range of 125 per cent to 150
per cent, which the Remuneration Committee reduced by 40 per cent
to scale the award and ensure there is a consistent approach
applied for all recipients of LTSP awards and supports a 'one team'
ethos across the Group's senior management team.
o Awards for Executive Directors, PDMRs and other senior
colleagues are deferred in line with regulatory requirements for up
to seven years.
o Vesting of awards is subject to an assessment of performance
against three financial underpins.
o Awards totalling GBP32.9m are being made to senior colleagues,
of which PDMRs are due to receive GBP4.1m.
- The Group Chief Executive's total remuneration in 2020 is down
22 per cent year-on-year as shown in the single figure table
provided below. By comparison, we have protected the total
remuneration for our lowest paid colleagues.
What awards are vesting in 2021 in respect of prior years?
- The majority of awards being disclosed relate to prior year
deferrals or long-term incentives.
- A portion of Group Performance Share awards made in respect of
2018 and 2019 are vesting in March 2021. Details of the shares
vesting to PDMRs can be found in Table 2 below. These awards
granted in March 2019 and March 2020 respectively were deferred
taking account of regulatory requirements. 50 per cent of the
shares that vest will remain subject to a holding period of a
further 12 months.
- Despite the unprecedented impact created by the pandemic on
the Group's financial results, there has been no restatement of
in-flight targets under the Executive Group Ownership Share.
Notwithstanding the challenging economic environment, strong
delivery of the non-financial and strategic measures in the
Executive Group Ownership Share awards made in 2018 resulted in
vesting at 33.75 per cent of maximum. None of the financial
measures have vested. Details of the first tranche of shares
vesting in March 2021 subject to a further two-year holding period
can be found in Table 3 below. The remaining shares will be
released annually in equal tranches until 2025 and remain subject
to holding periods of 12 months.
- As previously reported, the Executive Group Ownership Share
awards granted in 2017 vested at 49.7 per cent in March 2020 will
be released annually in equal tranches until 2024, with the second
tranche due for release in March 2021 shown in Table 4.
Long Term Share Plan - 2021 awards
To ensure alignment to shareholder experience and retention of
key staff the Remuneration Committee supported making awards under
the new LTSP. The Remuneration Committee took the decision that the
level of LTSP awards should be reduced by 40 per cent to reflect
the Group's performance in 2020, the current share price and the
wider experience of shareholders.
Awards for the 2020 performance period are expected to be made
in March 2021 under the rules of the new 2021 LTSP. The LTSP is
subject to underpin thresholds applicable for the first three years
from grant, with vesting spread between the third and seventh
anniversary of the award for Executive Directors, PDMRs and other
senior colleagues in line with regulatory requirements. No awards
vest earlier than the third anniversary.
There is no LTSP award for the Group Chief Executive as he will
leave the Group in April 2021.
TABLE 1
Name Number of Expected
shares value (3)
awarded (1)(2)
------------------------------- --------------- -----------
António Horta-Osório - -
William Chalmers 1,579,553 GBP608,128
Antonio Lorenzo 1,535,677 GBP591,236
Vim Maru 1,535,677 GBP591,236
Zaka Mian 1,401,851 GBP539,713
David Oldfield 1,535,677 GBP591,236
Janet Pope 831,051 GBP319,955
Stephen Shelley 1,401,851 GBP539,713
Andrew Walton 894,155 GBP344,250
(1) Based on a share price of 38.50 pence. The actual number of shares
awarded will be determined by the average of the closing share
price of the five trading days prior to the date of award.
(2) The awards will be subject to the delivery of underpins over
three years ending 31 December 2023.
(3) The values for the LTSP awards are shown at full value and before
deduction of income tax and NIC. The actual vesting value is
subject to the delivery of the underpins and the share price
at the date of vesting. These awards are subject to clawback
for at least seven years from the date of award.
2020 Group Performance Share Awards
There are no Group Performance Share (annual bonus) awards for
2020.
In order to be able to pay Group Performance Share awards under
the plan, a threshold level of Underlying Profit has to be met. At
the start of 2020, the target Underlying Profit was set at
GBP5.7bn. The target was set when the full impact of the pandemic
was not yet known. Our actual Underlying Profit for 2020 was
GBP2.2bn. This is 62 per cent below our target and means we have
not met the financial threshold for making awards. As a result,
nobody at any level of the business is receiving a Group
Performance Share award in respect of 2020 performance with the
Group.
Deferred Group Performance Share Awards for 2018 and 2019
Performance
Deferred Group Performance Share Awards are due to be released
in 2021 which relate to performance in 2018 and 2019.
In accordance with the Group's deferral policy, subject to any
longer deferral required by regulatory requirements, for the 2018
and 2019 awards shares subject to deferral are released over a
period of two years in March of each year. 50 per cent of the gross
number of shares subject to the 2018 and 2019 Group Performance
Share Award are subject to a holding period on release ending March
2022.
The Group expects that, after the settlement of estimated income
tax and national insurance contributions, the PDMRs listed in the
table below will receive in 2021 the number of shares (for no
payment) as set out by their name in March.
TABLE 2
Shares Shares Shares Shares
(2018 deferral) (2018 deferral (2019 deferral) (2019 deferral
subject to subject to
Name hold) hold)
------------------------------- ---------------- --------------- ---------------- ---------------
António Horta-Osório 98,994 98,995 - -
William Chalmers - - 41,929 41,929
Antonio Lorenzo 50,784 50,787 36,385 36,385
Vim Maru 41,150 41,154 44,257 44,257
Zaka Mian 35,773 35,778 33,785 33,785
David Oldfield 39,189 39,192 - -
Janet Pope 23,298 23,302 24,882 24,882
Stephen Shelley 39,302 39,305 32,642 32,642
Andrew Walton - - 33,816 33,816
Release of Executive Group Ownership Awards granted in March
2018
The Executive Group Ownership Share (GOS) awards granted in 2018
are vesting at 33.75 per cent of the maximum, as detailed in the
table below.
This reflects the challenging economic conditions and the
resulting impact on our financial strategic measures as well as the
Group's strong delivery of the non-financial measures over the
three financial years ended 31 December 2020.
W e i M e a su re T h r es M a x i m A c t u a V e s t
g htin ho l d u m l i ng
g
======= ============================ ========= ================ ================ =========
Absolute Total Shareholder
30% Return 8% 12.0% -15.1% 0%
======= ============================ ========= ================ ================ =========
Statutory Economic
25% Profit GBP2,300m GBP3,451m GBP688m 0%
======= ============================ ========= ================ ================ =========
10% Cost : Income Ratio 46.4% 43.9% 55.3% 0%
======= ============================ ========= ================ ================ =========
10% Customer Satisfaction 3rd 1st 1st 10%
======= ============================ ========= ================ ================ =========
7.5% Digital NPS 64.0% 67.0% 67.6% 7.5%
======= ============================ ========= ================ ================ =========
+2% vs UK +6% vs UK
Employee Engagement +5% vs high performing high performing
7.5% Index UK norm norm norm 7.5%
======= ============================ ========= ================ ================ =========
FCA reportable complaints
5% per 1000 2.97 2.69% 2.47% 5%
======= ============================ ========= ================ ================ =========
5% FOS Uphold Rate 29% 25% 26% 3.75%
======= ============================ ========= ================ ================ =========
The Group expects that, after the settlement of income tax and
national insurance contributions, the PDMRs listed in the table
below will receive in March the number of shares as set out by
their name, following the vesting of the first tranche of the GOS
awards granted in March 2018. Executive Directors and Material Risk
Takers (as identified at the time of the award in March 2018) are
required to retain any shares vesting for a further two years.
TABLE 3
Name Shares
------------------------------- -------
António Horta-Osório 240,594
William Chalmers -
Antonio Lorenzo 134,287
Vim Maru 128,349
Zaka Mian 115,354
David Oldfield 134,287
Janet Pope 61,110
Stephen Shelley 82,599
Andrew Walton -
Release of Group Ownership Share Awards granted in March
2017
The second tranche of the Executive Group Ownership Share Plan
(GOS) awards granted in March 2017 vest at 49.7 per cent.
In this respect, the Group announces that, after the settlement
of income tax and national insurance contributions, the PDMRs
listed in the table will receive (for no payment) the number of
shares (including shares in respect of dividend equivalents) as set
out by their name, following the vesting of the second tranche of
the GOS awards granted in March 2017. The shares remain subject to
a holding period of a further 12 months.
TABLE 4
Name Shares
------------------------------- -------
António Horta-Osório 325,292
William Chalmers -
Antonio Lorenzo 194,183
Vim Maru 144,594
Zaka Mian 95,365
David Oldfield 138,682
Janet Pope 35,994
Stephen Shelley 67,990
Andrew Walton -
2021 Executive Director Base Salaries
Executive salary levels are set in the context of all colleague
salaries, for which a budget of 1.2 per cent was agreed, including
funding to ensure a minimum salary award of GBP400 for eligible
colleagues.
There are no pay increases proposed for António Horta-Osório and
William Chalmers and only limited awards made to other senior
colleagues where they are paid below market rate, creating a
retention risk.
Fixed Share Awards in 2021
After the settlement of income tax liabilities and national
insurance contributions, shares are due to be acquired on behalf of
the PDMRs as listed in the table below in respect of each quarter.
The shares will be held on behalf of the PDMRs and will be released
over three years, with one-third becoming unrestricted each year on
the anniversary of the award.
TABLE 5
Quarterly
shares awarded
Name (1)
-------------------------------------------------------- ---------------
António Horta-Osório 361,364
William Chalmers 173,454
Antonio Lorenzo 172,009
Vim Maru 172,009
Zaka Mian 156,591
David Oldfield 168,636
Janet Pope 120,454
Stephen Shelley 171,045
Andrew Walton 120,454
(1) Based on a share price of 38.50 pence. The actual number of
shares awarded after the settlement of income tax and national
insurance contributions will be determined by the share price
on the date of award.
Shareholding Requirement
Executives are expected to build and maintain a company
shareholding in direct proportion to their remuneration to align
their interests to those of shareholders. The minimum shareholding
requirements Executive Directors are expected to meet are as
follows; 350 per cent of base salary for the GCE and 250 per cent
of base salary for other Executive Directors. The shareholding
requirement for members of the Executive Committee is 100 per cent
of the aggregate of base salary and fixed share award. Newly
appointed individuals will have three years from appointment to
achieve the shareholding requirement.
Requirements for Executive Directors
As at 31 December 2020, the Group Chief Executive continued to
meet his shareholding requirements, holding 643 per cent of his
salary in shares. The Chief Financial Officer currently holds 153
per cent of his salary in shares and has until 2 June 2022 to
achieve the requirement. These figures are calculated using the
average share price for the period 1 January 2020 to 31 December
2020 (35.79 pence).
Under the Group Shareholding Policy, an average share price is
used to value the shareholding, calculated over the year 1 April to
31 March. The current economic climate has had a significant impact
on the share price which led to the Remuneration Committee
temporarily suspending the policy until January 2022 when it will
be reviewed again. It is expected shareholding levels should
continue, as the Policy will restart at a future date.
In addition to the Group's shareholding requirements, shares
vesting are subject to holding periods in line with regulatory
requirements. The following table sets out the total shareholding
for each of the PDMRs as at 31 December 2020.
Shareholding at
31 December
Name 2020(1)
------------------------------- ---------------
António Horta-Osório 23,267,902
William Chalmers 3,454,344
Antonio Lorenzo 10,280,716
Vim Maru 6,425,072
Zaka Mian 4,301,754
David Oldfield 4,990,177
Janet Pope 3,534,881
Stephen Shelley 4,334,616
Andrew Walton 942,816
(1) Includes shares owned outright reduced by forfeitable Matching
Shares under the Share Incentive Plan, plus the estimated net
number of vested unexercised options.
2020 Executive Director Remuneration Outcome Table
The following table summarises the total remuneration delivered
during 2020 in relation to service as an Executive Director.
António William Chalmers Juan Colombás Totals
Horta-Osório
GBP000 2020 2019 2020 2019 2020 2019 2020 2019
------------------------- ---------- ---------- --------- --------- ---------- ---------- ------ -------
Base salary 1,295 1,269 807 331 572 795 2,674 2,395
Fixed share award 1,050 1,050 504 252 357 497 1,911 1,799
Benefits 159 166 45 19 71 74 275 259
Pension allowance 194 419 121 83 85 199 400 701
------------------------- ---------- ---------- --------- --------- ---------- ---------- ------ -------
2 ,
Total Fixed Pay 2,698 904 1,477 685 1,085 1,565 5,260 5,154
------------------------- ---------- ---------- --------- --------- ---------- ---------- ------ -------
Group Performance
Share(1) 0 0 0 81 0 0 0 81
Long-term incentive(23) 740 1,518 0 0 384 843 1,124 2,361
------------------------- ---------- ---------- --------- --------- ---------- ---------- ------ -------
Total variable
pay 740 1,518 0 81 384 843 1,124 2,361
------------------------- ---------- ---------- --------- --------- ---------- ---------- ------ -------
Other remuneration(4) 2 2 0 0 0 1 2 3
Buy-out 0 0 0 4,378 0 0 0 4,378
------------------------- ---------- ---------- --------- --------- ---------- ---------- ------ -------
Total remuneration 3,440 4,424 1,477 5,144 1,469 2,409 6,386 11,977
------------------------- ---------- ---------- --------- --------- ---------- ---------- ------ -------
Less performance
adjustment(5) 0 0 0 0 41 0 41 0
------------------------- ---------- ---------- --------- --------- ---------- ---------- ------ -------
Total remuneration
less buy-out and
performance adjustment 3,440 4,424 1,477 766 1,428 2,409 6,345 7,599
(1) The Remuneration Committee set a policy at the start of 2020
that if Underlying Profit was 20 per cent below target, no GPS
awards would be payable. The Group's underlying profit was GBP2.2bn,
62 per cent below the GBP5.7bn target. The threshold was not
met and therefore there are no GPS awards for 2020 performance.
(2) The 2018 Group Ownership Share (GOS) vesting at 33.75 per cent
was confirmed by the Remuneration Committee at its meeting on
19 February 2021. The total number of shares vesting were 2,269,762
for António Horta-Osório and 1,177,883 shares vesting
for Juan Colombás. This award was pro-rated to reflect
Juan Colombás leaving date. The average share price between
1 October 2020 and 31 December 2020 32.62 pence has been used
to indicate the value. No part of the reported value is attributable
to share price appreciation. Shares were awarded based on a
Share price of 68.027, as regulations prohibited the payment
of dividend equivalents on awards in 2018 and subsequent years,
the number of Shares subject to award was determined by applying
a 25 percentage discount factor to the Share price on award,
as previously disclosed
(3) LTIP and dividend equivalent figures for 2019 have been adjusted
to reflect the share price on the date of vesting 49.48 pence
instead of the average price 59.34 pence reported in the 2019
report
(4) Other remuneration payments comprise income from all employee
share plans, which arises through employer matching or discounting
of employee purchases.
(5) In June 2020, the Financial Conduct Authority (FCA) fined the
Group for failures in relation to the handling of mortgage customers
in payment difficulties or arrears. As a result, the Committee
decided to apply a performance adjustment in respect of bonuses
awarded to the Chief Risk Officer (among other senior colleagues)
from 2011 to 2015 given his ultimate oversight. The number of
shares adjusted was 68,536, and the value shown is calculated
using the relevant deferred bonus award share price for each
respective year.
External Appointments held by the Executive Directors
António Horta-Osório - During the year ended 31 December 2020,
the Group Chief Executive served as a Non- Executive Director of
Exor, Fundacao Champalimaud, Stichting INPAR Management/Enable and
Sociedade Francisco Manuel dos Santos. The Group Chief Executive is
entitled to retain the fees, which were GBP317,989 in total.
No other Executive Director served as a Non-Executive Director
in 2020.
- -
For further information:
Investor Relations
Douglas Radcliffe +44 (0) 20 7356 1571
Group Investor Relations Director
douglas.radcliffe@lloydsbanking.com
Corporate Affairs
Matt Smith +44 (0) 20 7356 3522
Head of Media Relations
matt.smith@lloydsbanking.com
FORWARD LOOKING STATEMENTS
This document contains certain forward looking statements within
the meaning of Section 21E of the US Securities Exchange Act of
1934, as amended, and section 27A of the US Securities Act of 1933,
as amended, with respect to the business, strategy, plans and/or
results of Lloyds Banking Group plc together with its subsidiaries
(the Group) and its current goals and expectations relating to its
future financial condition and performance. Statements that are not
historical facts, including statements about the Group's or its
directors' and/ or management's beliefs and expectations, are
forward looking statements. Words such as 'believes', 'achieves',
'anticipates','estimates', 'expects', 'targets', 'should',
'intends', 'aims', 'projects', 'plans', 'potential', 'will',
'would', 'could', 'considered', 'likely', 'may', 'seek', 'estimate'
and variations of these words and similar future or conditional
expressions are intended to identify forward looking statements but
are not the exclusive means of identifying such statements.
Examples of such forward looking statements include, but are not
limited to, statements or guidance relating to: projections or
expectations of the Group's future financial position including
profit attributable to shareholders, provisions, economic profit,
dividends, capital structure, portfolios, net interest margin,
capital ratios, liquidity, risk-weighted assets (RWAs),
expenditures or any other financial items or ratios; litigation,
regulatory and governmental investigations; the Group's future
financial performance; the level and extent of future impairments
and write-downs; statements of plans, objectives or goals of the
Group or its management including in respect of statements about
the future business and economic environments in the UK and
elsewhere including, but not limited to, future
trends in interest rates, foreign exchange rates, credit and
equity market levels and demographic developments; statements about
competition, regulation, disposals and consolidation or
technological developments in the financial services industry; and
statements of assumptions underlying such statements. By their
nature, forward looking statements involve risk and uncertainty
because they relate to events and depend upon circumstances that
will or may occur in the future. Factors that could cause actual
business, strategy, plans and/or results (including but not limited
to the payment of dividends) to differ materially from forward
looking statements made by the Group or on its behalf include, but
are not limited to: general economic and business conditions in the
UK and internationally; market related trends and developments;
fluctuations in interest rates, inflation, exchange rates, stock
markets and currencies; any impact of the transition from IBORs to
alternative reference rates; the ability to access sufficient
sources of capital, liquidity and funding when required; changes to
the Group's credit ratings; the ability to derive cost savings and
other benefits including, but without limitation as a result of any
acquisitions, disposals and other strategic transactions; the
ability to achieve strategic objectives; the Group's ESG targets
and/or commitments; changing customer behaviour including consumer
spending, saving and borrowing habits; changes to borrower or
counterparty credit quality impacting the recoverability and value
of balance sheet assets; concentration of financial exposure;
management and monitoring of conduct risk; exposure to counterparty
risk (including but not limited to third parties conducting illegal
activities without the Group's knowledge); instability in the
global financial markets, including Eurozone instability,
instability as a result of uncertainty surrounding the exit by the
UK from the European Union (EU), the EU-UK Trade and Cooperation
Agreement, and as a result of such exit and the potential for other
countries to exit the EU or the Eurozone and the impact of any
sovereign credit rating downgrade or other sovereign financial
issues; political instability including as a result of any UK
general election and any further possible referendum on Scottish
independence; technological changes and risks to the security of IT
and operational infrastructure, systems, data and information
resulting from increased threat of cyber and other attacks;
natural, pandemic (including but not limited to the COVID-19
pandemic) and other disasters, adverse weather and similar
contingencies outside the Group's control; inadequate or failed
internal or external processes or systems; acts of war, other acts
of hostility, terrorist acts and responses to those acts, or other
such events; geopolitical unpredictability; risks relating to
climate change; changes in laws, regulations, practices and
accounting standards or taxation, including as a result of the UK's
exit from the EU; changes to regulatory capital or liquidity
requirements (including regulatory measures to restrict
distributions to address potential capital and liquidity stress)
and similar contingencies outside the Group's control; the
policies, decisions and actions of governmental or regulatory
authorities or courts in the UK, the EU, the US or elsewhere
including the implementation and interpretation of key laws,
legislation and regulation together with any resulting impact on
the future structure of the Group; the ability to attract and
retain senior management and other employees and meet its diversity
objectives; actions or omissions by the Group's directors,
management or employees including industrial action; changes to the
Group's post-retirement defined benefit scheme obligations; the
extent of any future impairment charges or write-downs caused by,
but not limited to, depressed asset valuations, market disruptions
and illiquid markets; the value and effectiveness of any credit
protection purchased by the Group; the inability to hedge certain
risks economically; the adequacy of loss reserves; the actions of
competitors, including non-bank financial services, lending
companies and digital innovators and disruptive technologies; and
exposure to regulatory or competition scrutiny, legal, regulatory
or competition proceedings, investigations or complaints. Please
refer to the latest Annual Report on Form 20-F filed by Lloyds
Banking Group plc with the US Securities and Exchange Commission
for a discussion of certain factors and risks. Lloyds Banking Group
may also make or disclose written and/or oral forward looking
statements in reports filed with or furnished to the US Securities
and Exchange Commission, Lloyds Banking Group annual reviews,
half-year announcements, proxy statements, offering circulars,
prospectuses, press releases and other written materials and in
oral statements made by the directors, officers or employees of
Lloyds Banking Group to third parties, including financial
analysts. Except as required by any applicable law or regulation,
the forward looking statements contained in this document are made
as of today's date, and the Group expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward looking statements contained in this
document to reflect any change in the Group's expectations with
regard thereto or any change in events, conditions or circumstances
on which any such statement is based. The information, statements
and opinions contained in this document do not constitute a public
offer under any applicable law or an offer to sell any securities
or financial instruments or any advice or recommendation with
respect to such securities or financial instruments.
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END
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