Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 12

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 12
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 retail client in the U.K.                                      |

d) In selling or offering the Additional Tier
1 Securities or making or approving communications relating to the Additional Tier 1 Securities, prospective investors may not rely on
the limited exemptions set out in the COBS.

<div align='center'>S-4</div>

The obligations described in paragraph 2. above
are in addition to the need to comply at all times with all other applicable laws, regulations and regulatory guidance (whether inside
or outside the European Economic Area (“EEA”) or the U.K.) relating to the promotion, offering, distribution and/or
sale of the Additional Tier 1 Securities (or any beneficial interests therein), whether or not specifically mentioned in this prospectus
supplement or the accompanying prospectus, including (without limitation) any requirements under the Markets in Financial Instruments
Directive 2014/65/EU (as amended) (“MiFID II”) or the U.K. FCA Handbook as to determining the appropriateness and/or
suitability of an investment in the Additional Tier 1 Securities (or any beneficial interests therein) for investors in any relevant jurisdiction.

Where acting as agent on behalf of a disclosed
or undisclosed client when purchasing, or making or accepting an offer to purchase, any Additional Tier 1 Securities (or any beneficial
interests therein) from LBG and/or the underwriters the foregoing representations, warranties, agreements and undertakings will be given
by and be binding upon both the agent and its underlying client.

<div align='center'>Prohibition of
Sales to EEA Retail Investors</div>

The Additional Tier 1 Securities are not intended
to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor
in the EEA. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11)
of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID
II. Consequently, no key information document required by the Regulation (EU) No 1286/2014 (as amended, “EU PRIIPs Regulation”)
for offering or selling the Additional Tier