Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 80

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 80
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 less than the full amount
otherwise due under the Additional Tier 1 Securities and their fair market value may be adversely affected.

The Additional Tier 1 Securities are not bank
deposits.

An investment in the Additional Tier 1 Securities
is not equivalent to an investment in a bank deposit and carries risks that are very different from the risk profile of such a deposit.

<div align='center'>S-53</div>

The issue price, interest rate and yield to maturity
of the Additional Tier 1 Securities are expected to reflect the additional risks borne by investors therein when compared to those of
depositors. For example, the Additional Tier 1 Securities do not benefit from any protection provided pursuant to the U.K. Financial Services
Compensation Scheme or by the U.S. Federal Deposit Insurance Corporation or any other governmental agency of the U.K., the U.S. or any
other jurisdiction. Therefore, in the event of a Winding-up or Administration Event, or if we default on our obligations, investors could
lose their entire investment. Additionally, given that the Additional Tier 1 Securities are not bank deposits, they may be subject to
the capital instruments write-down and conversion power and would be subject to the bail-in tool before it is applied to bank deposits
(to the extent that such deposits are subject to the bail-in tool at all). See “—Risks Relating to the Additional Tier 1 Securities— If a Relevant Event occurs, the Additional Tier 1 Securities may be convertible into shares in an entity other than LBG or may be converted into unlisted shares”.

The Additional Tier 1 Securities will be represented by one global note that will be deposited with DTC and will be registered in the name of such depositary or its nominee and, therefore, holders of the Additional Tier 1 Securities will have to rely on DTC’s procedures for transfer, payment and communication with us.

The Additional Tier 1 Securities will be represented
by one global note that will be deposited with DTC and will be registered in the name of such depositary or its nominee. Except in certain
limited circumstances described in the global note, holders of the Additional Tier 1 Securities will not be entitled to receive Additional
Tier 1 Securities in definitive form in exchange for interests in the global note. While the Additional Tier 1 Securities are represented
by the global note, holders of the Additional Tier 1 Securities will be able to trade their beneficial interests only through DTC.

We will discharge our payment obligations under
the Additional