Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 74

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 74
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 Tier 1 Securities.

In particular, any developments with respect to
the U.K.’s relationship with the EU may lead to significant changes to the laws applicable in the U.K. and may, among other developments,
increase the risk of a Capital Disqualification Event occurring or otherwise adversely affect the holders’ rights under the Additional
Tier 1 Securities. Such legislative and regulatory uncertainty could also affect investors’ ability to accurately value the Additional
Tier 1 Securities and, therefore, affect the trading price of the Additional Tier 1 Securities given the extent and impact on the Additional
Tier 1 Securities that one or more regulatory or legislative changes could have on the Additional Tier 1 Securities.

There is no established trading market for the
Additional Tier 1 Securities and one may not develop.

The Additional Tier 1 Securities will have no
established trading market when issued and, although admission to the Official List and trading on the Global Exchange Market of Euronext
Dublin is expected to begin after the initial delivery of the Additional Tier 1 Securities, a market may never develop. If a market does
develop, it may not be liquid. Therefore, investors may not be able to sell their Additional Tier 1 Securities easily or at prices that
will provide them with a yield comparable to similar investments that have a developed secondary market. This is particularly the case
for securities that are especially sensitive to interest rates, currency or market risks, are designed for specific investment objectives
and strategies, have been structured to meet the investment requirements of limited categories of investors or include features such as
the Automatic Conversion and U.K. Bail-in Power. These types of securities may have a more limited secondary market 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.

<div align='center'>S-50</div>

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., Fitch
Ratings, Inc., or any of their affiliates, or any successor (the “Rating Agencies”) and any rating initially assigned
to the Additional Tier