Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 162

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 162
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 extent any underwriter that is not a U.S.-registered
broker-dealer intends to effect sales of the Additional Tier 1 Securities in the United States, it will do so through one or more U.S.-registered
broker-dealers in accordance with the applicable U.S. securities laws and regulations.

Conflicts of Interest

Lloyds Bank Corporate Markets plc, one of the
Underwriters, is an affiliate of LBG. Lloyds Securities Inc., an affiliate of Lloyds Bank Corporate Markets plc and LBG, is the selling
entity for Lloyds Bank Corporate Markets plc in the United States. Any distribution of the Additional Tier 1 Securities offered hereby
will be made in compliance with applicable provisions of Rule 5121 of the Financial Industry Regulatory Authority, Inc. (“FINRA”),
which requires that, among other things, Lloyds Securities Inc. will not participate in the distribution of an offering of Additional
Tier 1 Securities unless the Additional Tier 1 Securities are investment grade rated (within the meaning of Rule 5121) or are Additional
Tier 1 Securities in the same series that have equal rights and obligations as investment grade rated securities or unless another exemption
provided by Rule 5121 is applicable. Kelvina Smith, the agent for service of process and authorized U.S. representative of this registration
statement, is the Chief Legal Officer of Lloyds Securities Inc. and Deputy Chief Legal Officer, North America of Lloyds Bank Corporate
Markets plc.

Matters Relating to the Initial Offering and Market-Making Resales

We intend to apply for the listing of the Additional
Tier 1 Securities on Euronext Dublin. The Additional Tier 1 Securities are a new issue of securities with no established trading market.
We have been advised by the Underwriters that the Underwriters intend to make a market in the Additional Tier 1 Securities, but they are
not obligated to do so and may discontinue market-making at any time without notice. No assurance can be given as to the liquidity of
the trading market for the Additional Tier 1 Securities.

<div align='center'>S-103</div>

In this prospectus supplement, the term “the offering” means the initial offering of the Additional Tier 1 Securities made in connection with their original issuance and
not any subsequent resales of Additional Tier 1 Securities in market-making transactions.

The Additional Tier 1 Securities will settle
through the facilities of Euroclear and/or Clearstream, Luxembourg. The IS