Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 75

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 75
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 1 Securities may be lowered or withdrawn entirely by a Rating Agency if, in that Rating Agency’s judgment,
circumstances relating to the basis of the rating, such as adverse changes to LBG’s business, so warrant. If LBG determines to no
longer maintain one or more ratings, or if any Rating Agency lowers or withdraws its rating, such event could reduce the liquidity or
market value of the Additional Tier 1 Securities. Notwithstanding the foregoing, rating agencies may provide unsolicited ratings on the
Additional Tier 1 Securities that could cause the market value or liquidity of the Additional Tier 1 Securities to decline.

Furthermore, as a result of regulations, if the
status of any rating agency rating the Additional Tier 1 Securities changes, European (including U.K.) regulated investors may no longer
be able to use the rating for regulatory purposes and the Additional Tier 1 Securities may have a different regulatory treatment. This
may result in European (including U.K.) regulated investors selling the Additional Tier 1 Securities which may impact the value of the
Additional Tier 1 Securities and any secondary market. See also “—Credit ratings may not reflect all risks.”

The credit risk of the Group, its credit ratings,
and its credit spreads may adversely affect the value of the Additional Tier 1 Securities.

Any actual or anticipated decline in our credit
ratings, changes in the market’s view of our creditworthiness or any increase in our credit spreads charged by the market for taking
credit risk are likely to adversely affect the value of the Additional Tier 1 Securities and cause the liquidity of the Additional Tier
1 Securities to decline significantly.

Our credit ratings are an assessment, by each
Rating Agency, of our ability to pay our obligations, including those under the Additional Tier 1 Securities. Any rating assigned to us
may be withdrawn entirely by a credit Rating Agency, may be suspended or may be lowered, if, in that credit Rating Agency’s judgement,
circumstances relating to the basis of the rating so warrant. Ratings may be impacted by a number of factors which can change over time,
including the credit Rating Agency’s assessment of: our strategy and management’s capability; our financial condition including
in respect of profitability, asset quality, capital, funding and liquidity; competitive and economic conditions in our key markets; the
level of political support for the industries in which we operate; the implementation of structural reform; the legal and regulatory frameworks
applicable to our legal structure; business activities and the rights of our creditors