Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 72

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 72
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 and more price volatility
than conventional debt securities. Illiquidity may have a material adverse effect on the market value of the Additional Tier 1 Securities.

A downgrade, suspension or withdrawal of the
rating assigned by any Rating Agency to the Additional Tier 1 Securities could cause the liquidity or market value of the Additional Tier
1 Securities to decline.

Upon issuance, the Additional Tier 1 Securities
will be rated by nationally recognized statistical ratings organizations and may in the future be rated by additional rating agencies.
However, LBG is under no obligation to ensure the Additional Tier 1 Securities are rated by Moody’s Investors Service, Inc., S&P
Global Ratings Inc., a division of S&P Global Inc., Fitch Ratings, Inc., or any of their affiliates, or any successor (the “Rating Agencies”) and any rating initially assigned to the Additional Tier 1 Securities may be lowered or withdrawn entirely by a
Rating Agency if, in that Rating Agency’s judgment, circumstances relating to the basis of the rating, such as adverse changes
to LBG’s business, so warrant. If LBG determines to no longer maintain one or more ratings, or if any Rating Agency lowers or withdraws
its rating, such event could reduce the liquidity or market value of the Additional Tier 1 Securities. Notwithstanding the foregoing,
rating agencies may provide unsolicited ratings on the Additional Tier 1 Securities that could cause the market value or liquidity of
the Additional Tier 1 Securities to decline.

<div align='center'>S-51</div>

Furthermore, as a result of regulations, if the
status of any rating agency rating the Additional Tier 1 Securities changes, European (including U.K.) regulated investors may no longer
be able to use the rating for regulatory purposes and the Additional Tier 1 Securities may have a different regulatory treatment. This
may result in European (including U.K.) regulated investors selling the Additional Tier 1 Securities which may impact the value of the
Additional Tier 1 Securities and any secondary market. See also “—Credit ratings may not reflect all risks.”

The Additional Tier 1 Securities are not considered
investment grade by some of the rating agencies and are subject to certain risks associated with non-investment grade securities.

The Additional Tier 1 Securities, upon issuance,
will not be considered to be investment grade securities by some of the rating agencies, and as such will be subject to a higher risk
of price volatility than higher-rated securities. Furthermore, deteriorating outlooks for LBG or the Group, or volatile