Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 231

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 231
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 commercial and savings banks, insurance companies, educational 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
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 and for the year ended December 31, 2021, incorporated by reference in this prospectus to Lloyds Banking Group
plc’s Annual Report on Form 20-F for the year ended December 31, 2021, 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.

The financial statements as of December 31, 2020
and for each of the two years in the period ended December 31, 2020, incorporated in this prospectus by reference to Lloyds Banking Group
plc’s Annual Report on Form 20-F for the year ended December 31, 2021, have been so incorporated in reliance on the report of PricewaterhouseCoopers
LLP, an independent registered public accounting firm, given on the authority of the said firm as experts in auditing and accounting.

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ENFORCEMENT OF
CIVIL LIABILITIES</div>

LBG is a public limited company incorporated and
registered in Scotland. All of LBG’s directors and