Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 19

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 19
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 impact of all risks relating to the market values of the Senior Notes. However, real or anticipated changes in LBG’s credit
ratings will generally affect the market values of the Senior 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that they follow, including LBG, and as such, the credit rating of LBG may be revised, suspended or withdrawn at any time by the assigning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 Senior Notes or the
trading markets for the Senior Notes to the extent trading markets for the Senior Notes develop, and any ratings improvement will not
necessarily increase the value of the Senior Notes and will not reduce market risk and other investment risks related to the Senior Notes.
Credit ratings (i) do not reflect the risk that interest rates may rise, which may affect the values of the Senior Notes, which accrue
interest at a fixed rate, (ii) do not address the price, if any, at which the Senior Notes may be resold prior to maturity (which may
be substantially less than the original offering price of the Senior Notes), and (iii) are not recommendations to buy, sell or hold the
Senior Notes.

The Senior 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-16</div>

We may redeem a series of Senior Notes at any
time for certain tax reasons.

We may (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