Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 97

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 97
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 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 represented and agreed that
it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any 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 MiFID II; or

(ii) a
customer within the meaning of 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.

Canada

Each Underwriter has acknowledged that no prospectus
has been filed with any securities commission or similar regulatory authority in Canada in connection with the offer and sale of the Notes,
the Notes have not been, and will not be, qualified for sale under the securities laws of Canada or any province or territory thereof and
no securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this prospectus supplement,
the underlying prospectus or the merits of the Notes and any representation to the contrary is an offence.

Each Underwriter has represented and agreed that
it has not offered, sold or distributed and will not offer, sell or distribute any Notes, directly or indirectly, in Canada or to or for
the benefit of any person subject to the securities laws of any province or territory of Canada, other than in compliance with applicable
securities laws and, without limiting the generality of the foregoing:

(a) any
offer or sale of the Notes in Canada will be made only to purchasers that are “accredited investors” (as such term is defined
in section 1.1 of NI 45-106 or, in Ontario, as such term is defined in section 73.3(1) of the Securities Act (Ontario)), that are
also “permitted clients” (as such term is defined in section 1.1 of NI 31-103), that are purchasing as principal, or are deemed
to be purchasing as principal in accordance with applicable Canadian securities laws, and that are not a person created or used solely to
purchase or hold the Notes as