Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 97

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 97
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 bank loans) for their own account and for the
accounts of their customers, and such investment and securities activities may involve securities and/or instruments of the Issuer. Certain
of the Underwriters or their affiliates that have a lending relationship with us routinely hedge their credit exposure to us consistent
with their customary risk management policies. Typically, such Underwriters and their affiliates would hedge such exposure by entering
into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our securities, including
potentially the Notes offered hereby. Any such short positions could adversely affect future trading prices of the Notes offered hereby.
The Underwriters and their respective affiliates may also make investment recommendations and/or publish or express independent research
views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short
positions in such securities and instruments.

Selling Restrictions

Prohibition of sales to EEA retail investors

Each Underwriter has represented and agreed that
it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes to any retail investor
in the EEA. 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 (11) of Article 4(1) of MiFID II; or

(ii) a
customer within the meaning of 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.

Canada

Each Underwriter has acknowledged that no prospectus
has been filed with any securities commission or similar regulatory authority in Canada in connection with the offer and sale of the Notes,
the Notes have not been, and will not be, qualified for sale under the securities laws of Canada or any province or territory thereof and
no securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this prospectus supplement,
the underlying prospectus or the merits of the Notes and any representation to the contrary is an offence.

Each Underwriter has represented and agreed that
it has not offered, sold or distributed and will not offer, sell or distribute any Notes, directly or indirectly, in Canada or to or for
the benefit of any person subject to the securities laws of any province or territory of Canada, other than in compliance with applicable
securities laws