Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 28

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 28
---
 it difficult to
enforce civil liabilities against LBG or LBG’s directors or officers.

LBG is incorporated as a public limited company
and is registered in Scotland and LBG’s directors and officers reside outside of the United States. In addition, all or a substantial
portion of LBG’s assets are located outside of the United States. As a result, it may be difficult for holders of the Notes to effect
service of process within the United States on such persons or to enforce judgments against them, including in any action based on civil
liabilities under the U.S. federal securities laws.

Limitation on our gross-up obligation under
the Notes.

Our obligation to pay additional amounts in respect
of certain withholding taxes under the terms of the Notes applies only to payments of interest due and paid under Notes and not to payments
of principal. We will not be required to pay any additional amounts under the terms of the Notes to the extent any withholding or deduction
applied to payments of principal. Accordingly, if any such withholding or deduction were to apply to any payments of principal under the
Notes, you may receive less than the full amount due under the Notes, and the market value of the Notes may be adversely affected.

Risks Relating to the Senior Notes

The Senior Notes are unsecured and are effectively
subordinated to our secured indebtedness.

Our Senior Notes are unsecured, will be effectively
subordinated to all secured indebtedness we may incur, to the extent of the assets securing such indebtedness. The indenture relating
to our Senior Notes does not restrict our ability to incur secured indebtedness in the future. In the event of our insolvency, bankruptcy,
liquidation, reorganization, dissolution or winding up, to the extent we have granted security over our assets, the assets securing such
indebtedness will be used to satisfy the obligations under such indebtedness before we can make payments on the Senior Notes. There may
only be limited assets available to make payments on the Senior Notes in the event of an acceleration of the Senior Notes and we may not
have sufficient assets to pay amounts due on any or all of our Senior Notes then outstanding.

We may redeem the Senior Notes at any time following
a Loss Absorption Disqualification Event.

We may (subject to, if and to the extent then
required by the Relevant Regulator or the Loss Absorption Regulations, our giving notice to the Relevant Regulator and the Relevant Regulator
granting us permission) redeem the Senior Notes at any