Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 17

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 17
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 they bear our solvency risk. Each of the risks highlighted below could have a material adverse effect on the amount of principal and interest which investors will receive in respect of the Senior Notes. In addition, each of the highlighted risks could adversely affect the trading price of the Senior Notes or the rights of investors under the Senior Notes and, as a result, investors could lose some or all of their investment. You should consult your own financial, tax and legal advisers regarding the risks of an investment in the Senior Notes.

We believe that the factors described below as relating to the Senior Notes represent the principal risks inherent in investing in the Senior Notes, but we may be unable to pay interest, principal or other amounts on or in connection with the Senior Notes for other reasons and we do not represent that the statements below regarding the risks of holding the Senior Notes are exhaustive. Prospective investors should also read the detailed information set out elsewhere in this prospectus supplement (including any documents deemed to be incorporated by reference herein) and reach their own views prior to making any investment decision.

Risks relating to LBG and the Group

For a description of the risks associated with
LBG and the Group, see the section entitled “Risk Factors” of our Annual Report on Form 20-F for the year ended December 31,
2024, which is incorporated by reference herein.

Risks relating to the Senior Notes

There are limitations on the remedies available
to you and the Trustee should we fail to pay principal or interest on the Senior Notes.

The sole remedy in the event of any non-payment
of principal or interest on the Senior Notes is that the Trustee may, on your behalf, subject to applicable laws, institute proceedings
for the winding up of LBG. In the event of a winding up of LBG, whether or not instituted by the Trustee, the Trustee may evidence any
of our obligations arising under the Senior Notes in any such winding up.

The Trustee may not, however, declare the principal
amount of any outstanding Senior Note to be due and payable in the event of such non-payment of principal or interest.

See “Description of the Senior Notes—Events of Default; Default; Limitation of Remedies” for further details.

The Senior Notes are unsecured and are effectively
subordinated to our secured indebtedness.

Our Senior Notes are unsecured, will be effectively
subordinated to all secured indebtedness we may incur, to the extent of the assets securing such indebtedness. The indenture relating
to our