Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 165

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 165
---
 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, hedging, 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 bank loans) for their own account and for the
accounts of their customers, and such investment and securities activities may involve securities and/or instruments of LBG. Certain of
the Underwriters or their affiliates that have a lending relationship with us routinely hedge their credit exposure to us consistent with
their customary risk management policies. Typically, such Underwriters and their affiliates would hedge such exposure by entering
into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our securities, including
potentially the Additional Tier 1 Securities offered hereby. Any such short positions could adversely affect future trading
prices of the Additional Tier 1 Securities offered hereby. The Underwriters and their respective affiliates may also make investment
recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time
hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

Selling Restrictions

Prohibition of sales to EEA retail investors

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 which are the subject of the offering contemplated by this prospectus supplement in relation thereto
to any retail investor in the EEA. For the purposes of this provision the expression “retail investor” means
a person who is one (or more) of the following:

| (i) | a retail client as defined in point (11) of Article 4(1) of MiFID II; or |

| (ii) | a customer within the meaning of the Insurance Distribution Directive (as amended), where that customer would not qualify as a professional 
 client as defined in point (10) of Article 4(1) of MiFID