Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 24

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 24
---
 relevant U.K. resolution authority, that interest is due and payable only at our sole discretion, and that there is no scheduled repayment date for the principal of the Additional Tier 1 Securities.

We believe that the factors described below as relating to the Additional Tier 1 Securities represent the principal risks inherent in investing in the Additional Tier 1 Securities, but we may be unable to pay interest, principal or other amounts on or in connection with the Additional Tier 1 Securities for other reasons and we do not represent that the statements below regarding the risks of holding the Additional Tier 1 Securities 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 Item 3.D - “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 Additional Tier 1 Securities

The Additional Tier 1 Securities have no fixed
maturity and no fixed redemption date and you do not have the right to require the repayment of the principal amount of the Additional
Tier 1 Securities.

The Additional Tier 1 Securities are perpetual
securities and have no fixed maturity date or fixed redemption date. Moreover, you do not have the right to cause the Additional Tier
1 Securities to be redeemed or otherwise accelerate the repayment of the principal amount of the Additional Tier 1 Securities. Accordingly,
we are under no obligation to repay or redeem (in whole or in part) the principal amount of the Additional Tier 1 Securities at any time.
While this is without prejudice to your rights if a Winding-up or Administration Event occurs (as described under “Description of the Additional Tier 1 Securities—Enforcement Events and Remedies”) in such event, the claim in respect of the Additional
Tier 1 Securities will be deeply subordinated, as provided under “—LBG’s obligations under the Additional Tier 1 Securities are subordinated and may be further subordinated upon a change in the regulatory classification of the Existing Preference Shares or upon Automatic Conversion of the Additional Tier 1 Securities into Settlement Shares.”below. As a result, you may
not receive any payments of principal on the Additional Tier 1 Securities.

<div align='center'>S-26</div>

The Additional