Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 168

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 168
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 admitted by it to trading on a trading venue (exchange or multilateral trading facility) in Switzerland;

<div align='center'>S-106</div>

(iii) it will not offer, sell, advertise
or distribute the Additional Tier 1 Securities, directly or indirectly, in Switzerland, as such terms are defined or interpreted under
the FinSA, except to professional clients as such term is defined or interpreted under the FinSA (the “Professional Investors”);
and

(iv) no key information document pursuant
to article 58(1) FinSA (or any equivalent document under the FinSA) has been or will be prepared in relation to any Additional Tier 1
Securities and, therefore, any Additional Tier 1 Securities with a derivative character within the meaning of article 86(2) of the Swiss
Financial Services Ordinance may not be offered or recommended to private clients within the meaning of the FinSA in Switzerland.

The Additional Tier 1 Securities may not be publicly
offered, directly or indirectly, in Switzerland, except to Professional Investors. Offering or marketing material relating to Additional
Tier 1 Securities may not be distributed or otherwise made available in Switzerland, except to Professional Investors.

The Additional Tier 1 Securities do not constitute
participations in a collective investment scheme within the meaning of the Swiss Collective Investment Schemes Act (“CISA”).
Therefore, the Additional Tier 1 Securities are not subject to the approval of, or supervision by, the Swiss Financial Market Supervisory
Authority (“FINMA”), and investors in the Additional Tier 1 Securities will not benefit from protection under the CISA
or supervision by FINMA.

Republic of Italy

Each Underwriter, severally and not jointly, has
represented and agreed that it has not offered, sold or otherwise made available, and will not offer, sell or otherwise make available,
any Additional Tier 1 Securities to any investor in Italy.

Hong Kong

Each Underwriter, severally and not jointly, has
represented and agreed that:

| (a) | it has not offered or sold and will not offer or sell in Hong Kong, by means of any document, any Additional Tier 1 Securities other 
 than (a) to “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the “SFO”)          
 and any rules made under the SFO; or (b) in other circumstances which do not result in the document being a “prospectus” as          
 defined