Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 161

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 161
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 must be conducted in compliance with the requirements of
Rule 5121 of the Financial Industry Regulatory Authority, Inc. (“FINRA”), regarding a FINRA member firm’s distribution
of securities of an affiliate and related conflicts of interest. No underwriter, selling agent or dealer utilized in the initial offering
of securities who is an affiliate of ours will confirm sales to accounts over which it exercises discretionary authority without the prior
specific written approval of its customer. Following the initial distribution of any of these securities, affiliates of ours may offer
and sell these securities in the course of their businesses as broker-dealers. Such affiliates may act as principals or agents in these
transactions and may make any sales at varying prices related to prevailing market prices at the time of sale or otherwise. Such affiliates
may also use this prospectus in connection with these transactions. None of our affiliates is obligated to make a market in any of these
securities and may discontinue any market-making activities at any time without notice.

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Any underwriter, selling agent or dealer utilized
in the initial offering of securities will not confirm sales to accounts over which it exercises discretionary authority without the prior
specific written approval of its customer.

Delayed Delivery Arrangements

If so indicated in the prospectus supplement,
we may authorize underwriters or other persons acting as their agents to solicit offers by certain institutions to purchase debt securities
and capital securities from them pursuant to contracts providing for payment and delivery on a future date. Institutions with which such
contracts may be made include commercial and savings banks, insurance companies, educational and charitable institutions and others, but
in all cases such institutions must be approved by us. The obligations of any purchaser under any such contract will be subject to the
condition that the purchase of the offered securities shall not at the time of delivery be prohibited under the laws of the jurisdiction
to which such purchaser is subject. The underwriters and such other agents will not have any responsibility in respect of the validity
or performance of such contracts.

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LEGAL OPINIONS</div>

Our United States counsel, Davis Polk & Wardwell
London LLP, will pass upon certain legal matters relating to the securities under U.S. federal securities laws and New York law. Our Scottish
counsel, CMS Cameron McKenna Nabarro Olswang LLP, will pass upon certain matters of Scots law relating to the validity under Scots law
of the debt securities and the capital securities issued by LBG and the sub