Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 65

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 65
---
 Group’s preparations for resolution on August 6, 2024. The BoE identified
one area for further enhancement and no shortcomings, deficiencies or substantive impediments to resolvability. The area for further enhancement
is with respect to the Group’s approach to achieving the adequate financial resources outcome, relating to the Group’s valuations
capabilities.The Group is in the process of enhancing current processes and documentation to address the BoE’s feedback and will
continue to engage the BoE in that respect. In the event the outcome of the biennial assessments as part of the Resolvability Assessment
Framework resulted in the BoE identifying deficiencies or substantive impediments to resolvability, there may be further direction from
the BoE to remove impediments to the effective exercise of stabilization powers which could affect the way in which the Group manages
its business and ultimately impact the profitability of the Group. In addition, the public disclosure of the outcome of such assessments
may affect the way the Group is perceived by the market which, in turn, may affect the secondary market value of the Additional Tier 1
Securities.

There is no limit on the amount or type of further
securities or indebtedness that LBG may issue, incur or guarantee.

There is no restriction on the amount of securities
or other liabilities that LBG may issue, incur or guarantee and which rank senior to, or pari passuwith, the Additional Tier 1
Securities. The issue or guaranteeing of any such securities or the incurrence of any such other liabilities may reduce the amount (if
any) recoverable by holders of the Additional Tier 1 Securities in a Winding-up or Administration Event and may limit LBG’s ability
to meet its obligations under the Additional Tier 1 Securities. In addition, the Additional Tier 1 Securities do not contain any restriction
on LBG’s ability to issue securities that may have preferential rights similar to those of the Additional Tier 1 Securities with
similar, different or no Trigger Event provisions.

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