Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 96

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 96
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 sales, stabilizing transactions and purchases
to cover positions created by short sales. Short sales involve the sale by the Underwriters of a greater aggregate principal amount of
Notes than they are required to purchase from us in the offering. Stabilizing transactions consist of certain bids or purchases made for
the purpose of preventing or retarding a decline in the market price of the Notes while the offering is in progress.

<div align='center'>S-66</div>

The Underwriters may also impose a penalty bid.
This occurs when a particular Underwriter repays to the Underwriters a portion of the underwriting discount received by it because the
Underwriters have repurchased Notes sold by or for the account of such Underwriter in stabilizing or short- covering transactions.

These activities by the Underwriters may stabilize,
maintain or otherwise affect the market price of the Notes. As a result, the price of the 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.

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 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