Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 71

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 71
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1 Securities having to wait longer to receive their Settlement Shares, ADSs
or Alternative Consideration than would be the case under the arrangements expected to be entered into with a Settlement Share Depository.
Under these circumstances, LBG’s issuance of the Settlement Shares to the relevant recipient in accordance with these alternative
arrangements shall constitute a complete and irrevocable release of all of LBG’s obligations in respect of the Additional Tier 1
Securities.

<div align='center'>S-48</div>

The Indenture contains provisions which may
permit modification of the Additional Tier 1 Securities without the consent of all investors.

The Indenture contain provisions permitting modifications
and amendments to the Additional Tier 1 Securities without the consent of holders of the Additional Tier 1 Securities in certain instances,
and with the consent of not less than two-thirds in aggregate outstanding principal amount of the Additional Tier 1 Securities in other
circumstances. Decisions by such holders of the Additional Tier 1 Securities will bind all holders of the Additional Tier 1 Securities
including holders of the Additional Tier 1 Securities who did not attend and vote at the relevant meeting and holders of the Additional
Tier 1 Securities who voted in a manner contrary to the majority. For further information, see “Description of the Additional Tier 1 Securities—Modification and Amendments”.

The Additional Tier 1 Securities are complex
financial instruments that involve a high degree of risk and may not be a suitable investment for all investors.

The Additional Tier 1 Securities are complex financial
instruments that involve a high degree of risk. As a result, an investment in the Additional Tier 1 Securities and the Settlement Shares
issuable following a Trigger Event will involve certain increased risks. Each potential investor of the Additional Tier 1 Securities must
determine the suitability (either alone or with the help of a financial adviser) of that investment in light of its own circumstances.
In particular, each potential investor should:

| (i) | have sufficient knowledge and experience to make a meaningful evaluation of the Additional Tier 1 Securities, the merits and risks         
 of investing in the Additional Tier 1 Securities and the information contained or incorporated by reference in this prospectus supplement; |

| (ii) | have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular financial situation, 
 an investment in the Additional Tier 1 Securities and the impact such investment will have on its overall investment portfolio;   |

| (iii) | have sufficient financial