Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 11

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 11
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 related to or arising
out of or in connection with the Trigger Event and/or any Automatic Conversion and (iv) authorized, directed and requested Clearstream,
Luxembourg and/or Euroclear (each as defined below) and any direct participant in Clearstream, Luxembourg and/or Euroclear or other intermediary
through which it holds such Additional Tier 1 Securities to take any and all necessary action, if required, to implement the Automatic
Conversion without any further action or direction on the part of such holder or beneficial owner or the Trustee.

Prohibition on marketing and sales to retail investors

1. The Additional Tier 1 Securities are complex
financial instruments and are not a suitable or appropriate investment for all investors, especially retail investors. In some jurisdictions,
regulatory authorities have adopted or published laws, regulations or guidance with respect to the offer or sale of securities such as
the Additional Tier 1 Securities. Potential investors in the Additional Tier 1 Securities should inform themselves of, and comply with,
any applicable laws, regulations or regulatory guidance with respect to any resale of the Additional Tier 1 Securities (or any beneficial
interests therein).

2. a) In the U.K., the Financial Conduct Authority
(“FCA”) Conduct of Business Sourcebook (“COBS”) requires, in summary, that the Additional Tier 1
Securities should not be offered or sold to retail clients (as defined in COBS 3.4 and each a “retail 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