Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 96

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 96
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 any direct proceeds
from market-making transactions. We do not expect that Lloyds Securities Inc. or any other affiliate that engages in these transactions
will pay any direct proceeds from its market-making resales to us.

Information about the trade and settlement dates,
as well as the purchase price, for a market-making transaction will be provided to the purchaser in a separate confirmation of sale.

Unless we or any agent inform you in your confirmation of sale that your Note is being purchased in its original offering and sale, you may assume that you are purchasing your Note in a market-making transaction.

Stabilization Transactions and Short Sales

In connection with the offering, the Underwriters
may purchase and sell the Notes in the open market. These transactions may include short sales, stabilizing transactions and purchases
to cover positions created by short sales. Short sales involve the sale by the Underwriters of a greater aggregate principal amount of
Notes than they are required to purchase from us in the offering. Stabilizing transactions consist of certain bids or purchases made for
the purpose of preventing or retarding a decline in the market price of the Notes while the offering is in progress.

The Underwriters may also impose a penalty bid.
This occurs when a particular Underwriter repays to the Underwriters a portion of the underwriting discount received by it because the
Underwriters have repurchased Notes sold by or for the account of such Underwriter in stabilizing or short- covering transactions.

These activities by the Underwriters may stabilize,
maintain or otherwise affect the market price of the Notes. As a result, the price of the Notes may be higher than the price that otherwise
might exist in the open market. If these activities are commenced, they may be discontinued by the Underwriters at any time.

<div align='center'>S-66</div>

The Underwriters and their respective affiliates
are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment
banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities.
In the ordinary course of business, the Underwriters and their affiliates may have engaged in and may in the future engage in investment,
financial, banking and advisory services with us or our affiliates, for which customary fees may apply.

In the ordinary course of their various business
activities, the Underwriters and their respective affiliates may make or hold a broad array of investments and actively trade debt and
equity securities (or related derivative securities) and financial instruments (including