Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 30

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 30
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 of its operations through its subsidiaries. LBG’s subsidiaries are
separate and distinct legal entities, and have no obligation to pay any amounts due or to provide LBG with funds to meet any of LBG’s
payment obligations. LBG’s rights to participate in the assets of any subsidiary if such subsidiary is liquidated will be subject
to the prior claims of such subsidiary’s creditors and any preference shareholders, except in the limited circumstance where LBG
is a creditor with claims that are recognized to be ranked ahead of or pari passu with such claims. Accordingly, if one of LBG’s
subsidiaries were to be wound up, liquidated or dissolved, (i) the holders of the Senior Notes would have no right to proceed against
the assets of such subsidiary, and (ii) the liquidator of such subsidiary would first apply the assets of such subsidiary to settle the
claims of the creditors of such subsidiary, including holders (which may include LBG) of any preference shares and other tier 1 capital
instruments of such other subsidiary, before LBG, to the extent LBG is an ordinary shareholder of such other subsidiary and would be entitled
to receive any distributions from such other subsidiary.

The Senior Notes are not bank deposits and are
not insured or guaranteed by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund, or any other government agency.

The Senior Notes are our obligations but are not
bank deposits. In the event of our insolvency, the Senior Notes will rank equally with our other unsecured obligations and will not have
the benefit of any insurance or guarantee of the Federal Deposit Insurance Corporation, The Deposit Insurance Fund, the UK Financial Services
Compensation Scheme (“FSCS”) or any other government agency.

An investment in the Senior Notes may give rise
to higher yields than a bank deposit placed with a deposit-taking bank within the Group. However, an investment in the Senior Notes carries
risks which are very different from the risk profile of such a bank deposit. The Senior Notes may provide greater liquidity than a bank
deposit since bank deposits are generally not transferable. Conversely, unlike certain bank deposits, holders of the Senior Notes will
not have the benefit of any insurance or deposit guarantee of the FSCS or any other government agency.

Holders of the Senior Notes may find it difficult
to enforce civil liabilities against LBG or LBG’s directors or officers.

LBG is incorporated as a public limited company
and is registered in Scotland and LBG’s directors and officers