Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 27

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 27
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BG
and LBG is structurally subordinated to the creditors of its subsidiaries.

The Notes are obligations exclusively of LBG.
LBG is a holding company and conducts substantially all 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 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 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 Notes are our obligations but are not bank
deposits. In the event of our insolvency, the 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.

<div align='center'>S-27</div>

An investment in the 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 Notes carries risks which
are very different from the risk profile of such a bank deposit. The Notes may provide greater liquidity than a bank deposit since bank
deposits are generally not transferable. Conversely, unlike certain bank deposits, holders of the Notes will not have the benefit of any
insurance or deposit guarantee of the FSCS or any other government agency.

Holders of the Notes may find