Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 139

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 139
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 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 subordination provisions of the subordinated debt securities and
capital securities issued by LBG.

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EXPERTS</div>

The consolidated financial statements of Lloyds
Banking Group plc as at December 31, 2024 and 2023 and for each of the three years in the period ended December 31, 2024, incorporated
by reference in this prospectus by reference to Lloyds Banking Group plc’s Annual Report on Form 20-F for the year ended December
31, 2024, and the effectiveness of Lloyds Banking Group plc’s internal control over financial reporting have been audited by Deloitte
LLP, an independent registered public accounting firm, as stated in their reports. Such consolidated financial statements are incorporated
by reference in reliance upon the reports of such firm, given their authority as experts in accounting and auditing.

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ENFORCEMENT OF CIVIL LIABILITIES</div>

LBG is a public limited company incorporated under the laws of Scotland.
Most of LBG’s directors and executive officers and certain of the experts named herein are residents of the United Kingdom. A substantial
portion of the assets of LBG, its subsidiaries and such persons, are located outside the United States. As a result, it may not be possible
for investors to effect service of process within the United States upon all such persons or to enforce against them in U.S. courts judgments
obtained in such courts, including those predicated upon the civil liability provisions of the federal securities laws of the United States