Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 69

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 69
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 Settlement Shares
issuable following a Trigger Event will involve certain increased risks. Each potential investor of the Additional Tier 1 Securities must
determine the suitability (either alone or with the help of a financial adviser) of that investment in light of its own circumstances.
In particular, each potential investor should:

| (i) | have sufficient knowledge and experience to make a meaningful evaluation of the Additional Tier 1 Securities, the merits and risks         
 of investing in the Additional Tier 1 Securities and the information contained or incorporated by reference in this prospectus supplement; |

| (ii) | have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular financial situation, 
 an investment in the Additional Tier 1 Securities and the impact such investment will have on its overall investment portfolio;   |

| (iii) | have sufficient financial resources and liquidity to bear all of the risks of an investment in the Additional Tier 1 Securities, including 
 where the currency for principal or interest payments, i.e., sterling, is different from the currency in which such potential investor’s   
 financial activities are principally denominated and the possibility that the entire principal amount of the Additional Tier 1 Securities  
 could be lost, including following the exercise by the relevant U.K. resolution authority of any U.K. Bail-in Power;                       |

| (iv) | understand thoroughly the terms of the Additional Tier 1 Securities, such as the provisions governing cancellation of interest, Automatic 
 Conversion (including, in particular, the calculation of the CET1 Ratio, as well as under what circumstances a Trigger Event will occur), 
 and be familiar with the behavior of any relevant indices and financial markets and the resolution regime applicable to LBG, including    
 the possibility that the Additional Tier 1 Securities may become subject to write down or conversion if the resolution powers or any U.K. 
 Bail-in Power are applied by the relevant U.K. resolution authority;                                                                      |

| (v) | be able to evaluate possible scenarios for economic, interest rate and other factors that may affect its investment and its ability 
 to bear the applicable risks; and                                                                                                   |

| (vi) | understand the accounting, legal, regulatory and tax implications of a purchase, and the holding and disposal of an interest in the 
 Additional Tier 1 Securities.                                                                                                       |

Sophisticated investors generally do not purchase
complex financial instruments that bear a high degree of risk as stand-alone investments. They purchase such financial instruments as
a way to enhance yield with an understood, measured