Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 74

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 74
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maintain or otherwise affect the market price of the Senior Notes. As a result, the price of the Senior Notes may be higher than the price
that otherwise might exist in the open market. If these activities are commenced, they may be discontinued by the Underwriters at any
time.

<div align='center'>S-48</div>

The Underwriters and their respective affiliates
are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment
banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities.
In the ordinary course of business, the Underwriters and their affiliates may have engaged in and may in the future engage in investment,
financial, banking and advisory services with us or our affiliates, for which customary fees may apply.

In the ordinary course of their various business
activities, the Underwriters and their respective affiliates may make or hold a broad array of investments and actively trade debt and
equity securities (or related derivative securities) and financial instruments (including 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 Senior Notes offered hereby. Any such short positions could adversely affect future trading prices of the Senior 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 severally, and not jointly,
represented and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available
any Senior 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 MiF