Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 18

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 18
---
 Senior Notes does not restrict our ability to incur secured indebtedness in the future. In the event of our insolvency, bankruptcy,
liquidation, reorganization, dissolution or winding up, to the extent we have granted security over our assets, the assets securing such
indebtedness will be used to satisfy the obligations under such indebtedness before we can make payments on the Senior Notes. There may
only be limited assets available to make payments on the Senior Notes in the event of an acceleration of the Senior Notes and we may not
have sufficient assets to pay amounts due on any or all of our Senior Notes then outstanding.

<div align='center'>S-15</div>

An active trading market may not develop for
the Senior Notes.

Prior to the offering, there was no existing trading
market for the Senior Notes. We intend to apply for listing of each series of Senior 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 Senior Notes may be adversely affected.
In that case, holders of the Senior Notes may not be able to sell Senior Notes at a particular time or may not be able to sell Senior
Notes at a favorable price. The liquidity of any market for the Senior Notes will depend on a number of factors including:

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

| · | prevailing interest rates; and |

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

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

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

LBG’s credit ratings may not reflect all
risks of an investment in the Senior 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 Senior Notes.

LBG’s credit ratings may not reflect the
potential