Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 78

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 78
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 limited”) in a lawsuit for payment on the Additional Tier 1 Securities, if permitted under the Indenture
and terms of the Additional Tier 1 Securities, holders of such Additional Tier 1 Securities would bear currency exchange risk until a
New York state court judgment is entered, which could be a long time. A federal court sitting in New York with diversity jurisdiction
over a dispute arising in connection with the Additional Tier 1 Securities would apply the foregoing New York law.

<div align='center'>S-54</div>

In courts outside of New York, investors may not
be able to obtain a judgment in a currency other than U.S. dollars. For example, a judgment for money in an action based on the Additional
Tier 1 Securities in many other U.S. federal or state courts ordinarily would be enforced in the United States only in U.S. dollars. The
date used to determine the rate of conversion of sterling into U.S. dollars would depend upon various factors, including which court renders
the judgment and when the judgment is rendered.

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.

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. Therefore, if we become insolvent or 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 certificate that will be deposited with a common depositary for Clearstream, Luxembourg and Euroclear and will be registered in the name of