Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 19

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 19
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amount of any outstanding Note to be due and payable in the event of such non-payment of principal or interest.

See “Description of the Notes— Senior Notes—Events of Default; Default; Limitation of Remedies” and “Description of the Notes— Subordinated Notes—Events of Default; Default; Limitation of Remedies” for further details.

<div align='center'>S-22</div>

An active trading market may not develop for
the Notes.

Prior to the offering, there was no existing trading
market for the Notes. We intend to apply for listing of each series of Notes on the New York Stock Exchange. If, however, an active trading
market does not develop or is not maintained, the market price and liquidity of the Notes may be adversely affected. In that case, holders
of the Notes may not be able to sell Notes at a particular time or may not be able to sell Notes at a favorable price. The liquidity of
any market for the Notes will depend on a number of factors including:

| · | the number of holders of the Notes; |

| · | LBG’s credit ratings published by major credit rating agencies; |

| · | our financial performance; |

| · | the market for similar securities; |

| · | the interest of securities dealers in making a market in the Notes; |

| · | prevailing interest rates; and |

| · | the introduction of any financial transaction tax. |

We cannot assure you that an active market for
the Notes will develop or, if developed, that it will continue.

Further, unlike certain bank deposits, holders
of the Notes have no ability to require repayment of their investment unless a Senior Notes Default or Senior Notes Event of Default or
Subordinated Notes Default or Subordinated Notes Event of Default, as applicable, occurs and then only in the limited circumstances described
in “Description of the Notes—Subordinated Notes—Events of Default; Default; Limitation of Remedies”and
“Description of the Notes—Senior Notes—Events of Default; Default; Limitation of Remedies”.

LBG’s credit ratings may not reflect all
risks of an investment in the Notes and a downgrade in credit ratings, including as a result of changes in rating agencies’ views
of the level of implicit sovereign support for European banks, could adversely affect the trading prices of the Notes.

LBG’s credit ratings may not reflect the
potential impact of all risks relating to the market values of the Notes. However, real or anticipated changes in L