Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 28

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 28
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when compared to those of Senior Creditors and bank depositors. Neither the Issuer nor the Underwriters makes any recommendation as to
whether the Notes are a suitable investment for any person.

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

There is no restriction on the amount of securities
or other liabilities that LBG may issue or incur and which rank pari passu with, the Notes. The issue of any such securities or
the incurrence of any such other liabilities may reduce the amount (if any) recoverable by holders of the Notes on a winding up of LBG
and may limit LBG’s ability to meet its obligations under the Notes. In addition, the Subordinated Notes do not contain any restriction
on LBG’s ability to issue securities that may have preferential rights similar to those of the Subordinated Notes or securities
having similar or different provisions.

The Notes are obligations exclusively of LBG
and LBG is structurally subordinated to the creditors of its subsidiaries.

The Notes are obligations exclusively of LBG.
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. 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 passu with such claims. Accordingly, if one of LBG’s subsidiaries
were to be wound up, liquidated or dissolved, (i) the holders of the Notes 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 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.

The Notes are not bank deposits and are not
insured or guaranteed by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund, or any other government agency.

The