Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 72

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 72
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 resources and liquidity to bear all of the risks of an investment in the Additional Tier 1 Securities, including   
 where the currency for principal or interest payments, i.e., U.S. dollars, is different from the currency in which such potential investor’s 
 financial activities are principally denominated and the possibility that the entire principal amount of the Additional Tier 1 Securities    
 could be lost, including following the exercise by the relevant U.K. resolution authority of any U.K. Bail-in Power;                         |

| (iv) | understand thoroughly the terms of the Additional Tier 1 Securities, such as the provisions governing cancellation of interest, Automatic 
 Conversion (including, in particular, the calculation of the CET1 Ratio, as well as under what circumstances a Trigger Event will occur), 
 and be familiar with the behavior of any relevant indices and financial markets and the resolution regime applicable to LBG, including    
 the possibility that the Additional Tier 1 Securities may become subject to write down or conversion if the resolution powers or any U.K. 
 Bail-in Power are applied by the relevant U.K. resolution authority;                                                                      |

| (v) | be able to evaluate possible scenarios for economic, interest rate and other factors that may affect its investment and its ability 
 to bear the applicable risks; and                                                                                                   |

| (vi) | understand the accounting, legal, regulatory and tax implications of a purchase, and the holding and disposal of an interest in the 
 Additional Tier 1 Securities.                                                                                                       |

Sophisticated investors generally do not purchase
complex financial instruments that bear a high degree of risk as stand-alone investments. They purchase such financial instruments as
a way to enhance yield with an understood, measured, appropriate addition of risk to their overall portfolios. A potential investor should
not invest in the Additional Tier 1 Securities unless they have the knowledge and expertise (either alone or with a financial advisor)
to evaluate how the Additional Tier 1 Securities will perform under changing conditions, the resulting effects on the likelihood of the
Automatic Conversion into Settlement Shares and the value of the Additional Tier 1 Securities, and the impact this investment will have
on the potential investor’s overall investment portfolio. Prior to making an investment decision, potential investors should consider
carefully, in light of their own financial circumstances and investment objectives, all the information contained in this offering memorandum
or incorporated by reference herein.

<div align='center'>S-49</div>

The market value of the Additional Tier 1 Securities
may be influenced by unpredictable factors.

Many factors, most