Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 29

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 29
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 Notes are our obligations but are not bank
deposits. In the event of our insolvency, the Notes will rank equally with our other unsecured obligations and will not have the benefit
of any insurance or guarantee of the Federal Deposit Insurance Corporation, The Deposit Insurance Fund, the UK Financial Services Compensation
Scheme (“FSCS”) or any other government agency.

<div align='center'>S-27</div>

An investment in the Notes may give rise to higher
yields than a bank deposit placed with a deposit-taking bank within the Group. However, an investment in the Notes carries risks which
are very different from the risk profile of such a bank deposit. The Notes may provide greater liquidity than a bank deposit since bank
deposits are generally not transferable. Conversely, unlike certain bank deposits, holders of the Notes will not have the benefit of any
insurance or deposit guarantee of the FSCS or any other government agency.

Holders of the Notes may find it difficult to
enforce civil liabilities against LBG or LBG’s directors or officers.

LBG is incorporated as a public limited company
and is registered in Scotland and LBG’s directors and officers reside outside of the United States. In addition, all or a substantial
portion of LBG’s assets are located outside of the United States. As a result, it may be difficult for holders of the Notes to effect
service of process within the United States on such persons or to enforce judgments against them, including in any action based on civil
liabilities under the U.S. federal securities laws.

Limitation on our gross-up obligation under
the Notes.

Our obligation to pay additional amounts in respect
of certain withholding taxes under the terms of the Notes applies only to payments of interest due and paid under Notes and not to payments
of principal. We will not be required to pay any additional amounts under the terms of the Notes to the extent any withholding or deduction
applied to payments of principal. Accordingly, if any such withholding or deduction were to apply to any payments of principal under the
Notes, you may receive less than the full amount due under the Notes, and the market value of the Notes may be adversely affected.

Risks Relating to the Senior Notes

The Senior Notes are unsecured and are effectively
subordinated to our secured indebtedness.

Our Senior Notes are unsecured, will be effectively
subordinated to all secured indebtedness we may incur, to the extent of the assets securing such indebtedness. The indenture relating