Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 32

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 32
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 unaudited condensed consolidated results for the nine months ended September 30, 2025.

For the purposes of the Additional Tier 1 Securities,
LBG shall calculate its CET1 Capital and Risk Weighted Assets without applying the Transitional Provisions set out in Part Ten of U.K.
CRR in accordance with the Applicable Regulations as at the time such measure is determined. This is referred to as a "fully loaded"
basis, which, should any such Transitional Provisions apply in the future under the Applicable Regulations, would be a more stringent
basis than that permitted under the U.K. CRR regime as applicable to LBG and would lead to a CET1 Ratio as defined for the purposes of
the Additional Tier 1 Securities being lower than it would be were LBG to calculate the same applying such Transitional Provisions.

The calculation of the CET1 Ratio may be impacted
as a result of further changes to the U.K. CRR, replacement thereof by PRA rules, or changes to the PRA rules or the way in which the
PRA applies these requirements to U.K. banks.

If the PRA rules, guidance or expectations in
relation to capital or leverage were to be amended in the future in a manner other than as set out in its current statements of policy,
it could be materially more difficult for the Group to maintain compliance with prudential requirements. Any such changes, either individually
and/or in aggregate, may lead to further unexpected enhanced requirements in relation to the Group’s capital and may result in a
need for further management actions to meet the changed requirements, such as: increasing capital, reducing leverage and risk weighted
assets, modifying legal entity structure (including with regard to issuance and deployment of capital and funding for the Group) and changing
the Group’s business mix or exiting other businesses and/or undertaking other actions to strengthen the Group’s capital position.

Investors should be aware that the Applicable
Regulations, as well as any changes in applicable accounting rules, may individually and/or in the aggregate further negatively affect
LBG’s CET1 Ratio and thus increase the risk of a Trigger Event, which will lead to the Automatic Conversion. Following the occurrence
of the Automatic Conversion, investors will have no rights against LBG with respect to the repayment of the principal amount of the Additional
Tier 1 Securities or the payment of any accrued and unpaid interest on such Additional Tier 1 Securities; see “—The Additional Tier 1 Securities will be subject to Automatic Conversion following the occurrence of