Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 70

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 70
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, appropriate addition of risk to their overall portfolios. A potential investor should
not invest in the Additional Tier 1 Securities unless they have the knowledge and expertise (either alone or with a financial advisor)
to evaluate how the Additional Tier 1 Securities will perform under changing conditions, the resulting effects on the likelihood of the
Automatic Conversion into Settlement Shares and the value of the Additional Tier 1 Securities, and the impact this investment will have
on the potential investor’s overall investment portfolio. Prior to making an investment decision, potential investors should consider
carefully, in light of their own financial circumstances and investment objectives, all the information contained in this offering memorandum
or incorporated by reference herein.

The market value of the Additional Tier 1 Securities
may be influenced by unpredictable factors.

Many factors, most of which are beyond LBG’s
control, will influence the value of the Additional Tier 1 Securities and the price, if any, at which securities dealers may be willing
to purchase or sell the Additional Tier 1 Securities in the secondary market, including:

| · | the trading price of LBG’s Ordinary Shares and/or ADSs; |

| · | the creditworthiness of LBG and, in particular, the level of LBG’s CET1 Ratio from time to time; |

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| · | supply and demand for the Additional Tier 1 Securities; and |

| · | economic, financial, political or regulatory events or judicial decisions that affect LBG or the financial markets generally. |

Accordingly, if a holder sells its Additional
Tier 1 Securities in the secondary market, it may not be able to obtain a price equal to the principal amount of the Additional Tier 1
Securities or a price equal to the price that it paid for the Additional Tier 1 Securities.

Changes in law may adversely affect the rights
of holders of the Additional Tier 1 Securities or may adversely affect the Group’s business, financial performance and capital plans.

Any changes in law or regulations after the date
hereof that trigger a Regulatory Event or a Tax Event would entitle LBG, at its option, to redeem the Additional Tier 1 Securities, in
whole but not in part, as more particularly described under “Description of the Additional Tier 1 Securities—Redemption, Purchase, Variation and Substitution—Regulatory Event Redemption” and “Description of the Additional Tier 1 Securities—Redemption, Purchase, Variation and Substitution—Tax Redemption”, respectively. See also