Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 63

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 63
---
 of the Additional Tier 1 Securities with
similar, different or no Trigger Event provisions.

<div align='center'>S-46</div>

The Additional Tier 1 Securities are LBG’s
exclusive obligations and creditors of LBG are structurally subordinated to the creditors of its subsidiaries.

In addition to the subordination of the holders
of Additional Tier 1 Securities relative to higher-ranking creditors of LBG as described above under “—LBG’s obligations under the Additional Tier 1 Securities are subordinated and may be further subordinated upon a change in the regulatory classification of the Existing Preference Shares or upon Automatic Conversion of the Additional Tier 1 Securities into Settlement Shares”,
investors in the Additional Tier 1 Securities are also structurally subordinated to the creditors of LBG’s subsidiaries.

The Additional Tier 1 Securities are LBG’s
exclusive obligations. 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 under the Additional Tier 1 Securities. 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 passuwith such claims. Accordingly, if one of LBG’s subsidiaries were to be wound up, liquidated or dissolved, (i) the holders
of the Additional Tier 1 Securities 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 more senior ranking 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.

As well as the risk of losses in the event of
a Group subsidiary’s insolvency, LBG may suffer losses if any of its loans to, or investments in, such a subsidiary are subject
to statutory write-down and conversion powers or if the subsidiary is otherwise subject to resolution proceedings. LBG has in the past