Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 230

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 230
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 cause to be communicated any invitation or inducement  
 to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of    
 the securities or any investments representing the securities (including ADSs) (including without limitation the registration statement,  
 the prospectus, any preliminary prospectus, any ADS registration statement or any ADS prospectus) in circumstances in which Section 21(1) 
 of the FSMA does not apply to LBG as the issuer of the securities.                                                                        |

Each new series of debt securities and capital
securities will be a new issue of securities with no established trading market. If securities of a particular series are not listed on
a U.S. national securities exchange, certain broker-dealers may make a market in those securities, but will not be obligated to do so
and may discontinue any market making at any time without notice. We cannot give any assurance that any broker-dealer will make a market
in securities of any series or as to the liquidity of the trading market for those securities.

To the extent an initial offering of the securities
will be distributed by an affiliate of ours, each such offering of securities must be conducted in compliance with the requirements of
Rule 5121 of the Financial Industry Regulatory Authority, Inc. (“FINRA”), regarding a FINRA member firm’s distribution
of securities of an affiliate and related conflicts of interest. No underwriter, selling agent or dealer utilized in the initial offering
of securities who is an affiliate of ours will confirm sales to accounts over which it exercises discretionary authority without the prior
specific written approval of its customer. Following the initial distribution of any of these securities, affiliates of ours may offer
and sell these securities in the course of their businesses as broker-dealers. Such affiliates may act as principals or agents in these
transactions and may make any sales at varying prices related to prevailing market prices at the time of sale or otherwise. Such affiliates
may also use this prospectus in connection with these transactions. None of our affiliates is obligated to make a market in any of these
securities and may discontinue any market-making activities at any time without notice.

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Any underwriter, selling agent or dealer utilized
in the initial offering of securities will not confirm sales to accounts over which it exercises discretionary authority without the prior
specific written approval of its customer.

Delayed Delivery Arrangements

If so indicated in the prospectus supplement,
we may