Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 20

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 20
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BG’s credit ratings
will generally affect the market values of the Notes. Credit rating agencies continually revise their ratings for companies that they
follow, including LBG, and as such, the credit rating of LBG may be revised, suspended or withdrawn at any time by the assigning rating
organization at their sole discretion. Any ratings downgrade could adversely affect the trading prices of the Notes or the trading markets
for the Notes to the extent trading markets for the Notes develop, and any ratings improvement will not necessarily increase the value
of the Notes and will not reduce market risk and other investment risks related to the Notes. Credit ratings (i) do not reflect the risk
that interest rates may rise, which may affect the values of the Notes, which accrue interest at a fixed rate, (ii) do not address the
price, if any, at which the Notes may be resold prior to maturity (which may be substantially less than the original offering price of
the Notes), and (iii) are not recommendations to buy, sell or hold the Notes.

The Notes have early redemption risk.

We retain the option (subject to, if and to the
extent then required by the Relevant Regulator or the Loss Absorption Regulations, our giving notice to the Relevant Regulator and the
Relevant Regulator granting us permission) to redeem a series of Senior Notes, in whole, but not in part, on the applicable redemption
date on at least 5 business days’ but no more than 30 business days’ prior written notice. It is more likely that we will
redeem a series of Senior Notes prior to its maturity date to the extent that the interest payable on such notes is greater than the interest
that would be payable on other instruments of ours of a comparable maturity, of comparable terms and of a comparable credit rating trading
in the market. If a series of Senior Notes is redeemed prior to its maturity date, you may have to re-invest the proceeds in a lower interest
rate environment.

<div align='center'>S-23</div>

We retain the option (subject to, if and to the
extent then required by the Relevant Regulator or the Applicable Regulations, our giving notice to the Relevant Regulator and the Relevant
Regulator granting us permission) to redeem the Subordinated Notes, in whole, but not in part, on the applicable redemption date on at
least 15 calendar days’ but no more than 30 calendar days’ prior written notice. It is more likely that we will