Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 18

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 18
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 be regarded as a complete and comprehensive statement of all potential risks and uncertainties we face. We have described only those risks relating to our operations or an investment in the Notes that we consider to be material. There may be additional risks that we currently consider not to be material or of which we are not currently aware, and any of these risks could have the effects set forth below. All of these factors are contingencies which may or may not occur and we are not in a position to express a view on the likelihood of any such contingency occurring. Investors should note that they bear our solvency risk. Each of the risks highlighted below could have a material adverse effect on the amount of principal and interest which investors will receive in respect of the Notes. In addition, each of the highlighted risks could adversely affect the trading price of the Notes or the rights of investors under the Notes and, as a result, investors could lose some or all of their investment. You should consult your own financial, tax and legal advisers regarding the risks of an investment in the Notes.

We believe that the factors described below as relating to the Notes represent the principal risks inherent in investing in the Notes, but we may be unable to pay interest, principal or other amounts on or in connection with the Notes for other reasons and we do not represent that the statements below regarding the risks of holding the Notes are exhaustive. Prospective investors should also read the detailed information set out elsewhere in this prospectus supplement (including any documents deemed to be incorporated by reference herein) and reach their own views prior to making any investment decision.

Risks relating to LBG and the Group

For a description of the risks associated with
LBG and the Group, see the section entitled “Risk Factors” of our Annual Report on Form 20-F for the year ended December 31,
2024, which is incorporated by reference herein.

Risks relating to the Notes

General

There are limitations on the remedies available
to you and the Trustee should we fail to pay principal or interest on the Notes.

The sole remedy in the event of any non-payment
of principal or interest on the Notes is that the Trustee may, on your behalf, subject to applicable laws, institute proceedings for the
winding up of LBG. In the event of a winding up of LBG, whether or not instituted by the Trustee, the Trustee may evidence any of our
obligations arising under the Notes in any such winding up.

The Trustee may not, however, declare the principal