Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 17

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 17
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 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
amount of any outstanding Note to be due and payable in the event of such non-payment of principal or interest.

See “Description of the Notes— Senior Notes—Events of Default; Default; Limitation of Remedies” and “Description of the Notes— Subordinated Notes—Events of Default; Default; Limitation of Remedies” for further details.

<div align='center'>S-22</div>

An active trading market may not develop for
the Notes.

Prior to the offering, there was no existing trading
market for the Notes. We intend to apply for listing of each series of Notes on the New York Stock Exchange. If, however, an active trading
market does not develop or is not maintained, the market price and liquidity of the Notes may be adversely affected. In that case, holders
of the Notes may not be able to sell Notes at a particular time or may not be able to sell Notes at a favorable price. The liquidity of
any market for the Notes will depend on a number of factors including:

| · | the number of holders of the Notes; |

| · | LBG’s credit ratings