Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 167

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 167
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 applicable Canadian securities
laws and has complied with the requirements of that exemption; and

(c) it has not and will not distribute
or deliver any offering memorandum, or any other offering material in connection with any offering of the Additional Tier 1 Securities,
in or to a resident of Canada, other than delivery of this prospectus supplement, and otherwise in compliance with applicable Canadian
securities laws.

United Kingdom

General restrictions

Each Underwriter, severally and jointly, has represented
and agreed that:

(i) it has only communicated or caused to be communicated
and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning
of section 21 of FSMA) received by it in connection with the issue or sale of such Additional Tier 1 Securities in circumstances in which
section 21(1) of the FSMA does not apply to LBG; and

(ii) it has complied and will comply with all
the applicable provisions of the FSMA with respect to anything done by it in relation to any Additional Tier 1 Securities in, from or
otherwise involving the United Kingdom.

Prohibition of sales to U.K. retail investors

Each Underwriter, severally and jointly, has represented
and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Additional
Tier 1 Securities to any retail investor in the United Kingdom. For the purposes of this provision, the expression “retail
investor” means a person who is one (or more) of the following:

(i) a retail client, as defined in point
(8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the EUWA; or

(ii) a customer within the meaning of the
provisions of the FSMA and any rules or regulations made under the FSMA to implement the Insurance Distribution Directive , where that
customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of U.K. MiFIR.

Switzerland

Each Underwriter, severally and jointly, has represented
and agreed that:

(i) it
will not make a public offer of the Additional Tier 1 Securities, directly or indirectly, in Switzerland, as such terms are defined or
interpreted under the Swiss Financial Services Act (“FinSA”);

(ii) the Additional Tier 1 Securities
will not be