Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 12

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 12
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 client”) in the
U.K.

b) Certain of the underwriters are required to
comply with the COBS.

c) By purchasing, or making or accepting an offer
to purchase, any Additional Tier 1 Securities (or a beneficial interest in such Additional Tier 1 Securities) from LBG and/or the underwriters,
each prospective investor represents, warrants, agrees with and undertakes to LBG and each of the underwriters that:

| (i) | it is not a retail client in the U.K.; and |

| (ii) | it will not sell or offer the Additional Tier 1 Securities (or any beneficial interest therein) to retail clients in the U.K. or communicate    
 (including the distribution of this prospectus supplement or the accompanying prospectus) or approve an invitation or inducement to participate 
 in, acquire or underwrite the Additional Tier 1 Securities (or any beneficial interests therein) where that invitation or inducement is         
 addressed to or disseminated in such a way that it is likely to be received by a 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