Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 18

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 18
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 published by major credit rating agencies; |

| · | our financial performance; |

| · | the market for similar securities; |

| · | the interest of securities dealers in making a market in the Notes; |

| · | prevailing interest rates; and |

| · | the introduction of any financial transaction tax. |

We cannot assure you that an active market for
the Notes will develop or, if developed, that it will continue.

Further, unlike certain bank deposits, holders
of the Notes have no ability to require repayment of their investment unless a Senior Notes Default or Senior Notes Event of Default or
Subordinated Notes Default or Subordinated Notes Event of Default, as applicable, occurs and then only in the limited circumstances described
in “Description of the Notes—Subordinated Notes—Events of Default; Default; Limitation of Remedies”and
“Description of the Notes—Senior Notes—Events of Default; Default; Limitation of Remedies”.

LBG’s credit ratings may not reflect all
risks of an investment in the Notes and a downgrade in credit ratings, including as a result of changes in rating agencies’ views
of the level of implicit sovereign support for European banks, could adversely affect the trading prices of the Notes.

LBG’s credit ratings may not reflect the
potential impact of all risks relating to the market values of the Notes. However, real or anticipated changes in LBG’s credit ratings
will generally affect the market values of the Notes. Credit rating agencies continually revise their ratings for companies that they
follow, including LBG, and as such, the credit rating of LBG may be revised, suspended or withdrawn at any time by the assigning rating
organization at their sole discretion. Any ratings downgrade could adversely affect the trading prices of the Notes or the trading markets
for the Notes to the extent trading markets for the Notes develop, and any ratings improvement will not necessarily increase the value
of the Notes and will not reduce market risk and other investment risks related to the Notes. Credit ratings (i) do not reflect the risk
that interest rates may rise, which may affect the values of the Notes, which accrue interest at a fixed rate, (ii) do not address the
price, if any, at which the Notes may be resold prior to maturity (which may be substantially less than the original offering price of
the Notes), and (iii) are not recommendations to buy, sell or hold the Notes.

The Notes have early redemption risk.

We retain the option (subject to,