Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 13

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 13
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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 1 Securities or otherwise making them available to retail investors in the EEA has been prepared
and therefore offering or selling the Additional Tier 1 Securities or otherwise making them available to any retail investor in the EEA
may be unlawful under the EU PRIIPs Regulation.

<div align='center'>PROHIBITION OF
SALES TO U.K. 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 United Kingdom. For these purposes, 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 European Union (Withdrawal) Act 2018 (as amended, the “EUWA”); or (ii) a customer within the meaning
of the provisions of the Financial Services and Markets Act 2000 (as amended, the “FSMA”) and any rules or regulations
made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in
point (8) of Article 2(1) of Regulation (EU) No 600/