Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 48

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 48
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 of LBG or its subsidiaries to
incur senior or subordinated indebtedness. Although the Additional Tier 1 Securities may (subject to cancellation as provided above) pay
a higher rate of interest than comparable securities which are not so subordinated, there is a real risk that an investor in the Additional
Tier 1 Securities will lose all or some of its investment should LBG become insolvent since its assets would be available to pay such
amounts only after all of its senior and more senior subordinated creditors have been paid in full. Therefore, if a Winding-up or Administration
Event were to occur, the LBG liquidator or administrator would first apply assets of LBG to satisfy all rights and claims of Senior Creditors.
If LBG does not have sufficient assets to settle claims of such Senior Creditors in full, the claims of the holders of the Additional
Tier 1 Securities will not be settled and, as a result, holders of the Additional Tier 1 Securities will lose the entire amount of their
investment in the Additional Tier 1 Securities. Save to the extent provided above, the Additional Tier 1 Securities will share equally
in payment with claims under Parity Securities (or, with claims in respect of Ordinary Shares, in the event of a Winding-up or Administration
Event occurring in the intervening period between a Trigger Event and the Conversion Date) if LBG does not have sufficient funds to make
full payments on all of them, as applicable. In such a situation, holders of the Additional Tier 1 Securities could lose all or part of
their investment.

<div align='center'>S-37</div>

In addition, investors should be aware that, upon
the occurrence of the Automatic Conversion of the Additional Tier 1 Securities following a Trigger Event, holders will be, effectively,
further subordinated as they will (i) if a Winding-up or Administration Event subsequently occurs but the Settlement Shares have not been
delivered to the Settlement Share Depository, be treated as holders of Ordinary Shares or (ii) if the Settlement Shares are so delivered
and such Settlement Shares and/or ADSs are subsequently delivered to such holder, become holders of Ordinary Shares (or ADSs representing
interests in Ordinary Shares), in each case, even if existing subordinated indebtedness and preference shares remain outstanding. There
is a risk that holders will lose the entire amount of their investment, regardless of whether LBG has sufficient assets available to settle
what would have been the claims of holders of the