Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 76

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 76
---
; changes in rating methodologies; changes in the
relative size of the loss-absorbing buffers protecting bondholders and depositors; the competitive environment, political and economic
conditions in our key markets (including any further Scottish independence referendum); any reduction of the U.K.’s sovereign credit
rating and market uncertainty. In addition, credit ratings agencies are increasingly taking into account environmental, social and governance
factors, including climate risk, as part of the credit ratings analysis, as are investors in their investment decisions.

The credit rating agencies may also revise the
ratings methodologies applicable to issuers within a particular industry, or political or economic region. If credit rating agencies perceive
there to be adverse changes in the factors affecting our credit rating, including by virtue of changes to applicable ratings methodologies,
the credit rating agencies may downgrade, suspend or withdraw the ratings assigned to us or other Group entities. Any reductions in our
credit ratings or the credit ratings of other Group entities, including, in particular, downgrades below investment grade, or a deterioration
in the capital markets’ perception of our financial resilience could significantly affect our access to money markets, reduce the
size of our deposit base and trigger additional collateral or other requirements in derivatives contracts and other secured funding arrangements
or the need to amend such arrangements, which could adversely affect our cost of funding and our access to capital markets and could limit
the range of counterparties willing to enter into transactions with us. This could in turn adversely impact our competitive position and
threaten our prospects in the short to medium-term. An improvement in our credit ratings will not necessarily increase the value of the
Additional Tier 1 Securities and will not reduce market risk and other investment risks related to the Additional Tier 1 Securities. Credit
ratings (i) do not address the price, if any, at which the Additional Tier 1 Securities may be resold in the secondary market (which may
be substantially less than the original offering price of the Additional Tier 1 Securities), and (iii) are not recommendations to buy,
sell or hold the Additional Tier 1 Securities.

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

Credit ratings may not reflect all risks.

One or more independent credit rating agencies
may assign credit ratings to the Additional Tier 1 Securities. The ratings may not reflect the potential impact of all risks related to
structure, market, Automatic Conversion, U.K. Bail-in Power, additional factors discussed above and other factors that may affect the
value of the Additional Tier 1 Securities. A