Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 73

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 73
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 of which are beyond LBG’s
control, will influence the value of the Additional Tier 1 Securities and the price, if any, at which securities dealers may be willing
to purchase or sell the Additional Tier 1 Securities in the secondary market, including:

| · | the trading price of LBG’s Ordinary Shares and/or ADSs; |

| · | the creditworthiness of LBG and, in particular, the level of LBG’s CET1 Ratio from time to time; |

| · | supply and demand for the Additional Tier 1 Securities; and |

| · | economic, financial, political or regulatory events or judicial decisions that affect LBG or the financial markets generally. |

Accordingly, if a holder sells its Additional
Tier 1 Securities in the secondary market, it may not be able to obtain a price equal to the principal amount of the Additional Tier 1
Securities or a price equal to the price that it paid for the Additional Tier 1 Securities.

Changes in law may adversely affect the rights
of holders of the Additional Tier 1 Securities or may adversely affect the Group’s business, financial performance and capital plans.

Any changes in law or regulations after the date
hereof that trigger a Regulatory Event or a Tax Event would entitle LBG, at its option, to redeem the Additional Tier 1 Securities, in
whole but not in part, as more particularly described under “Description of the Additional Tier 1 Securities—Redemption, Purchase, Variation and Substitution—Regulatory Event Redemption” and “Description of the Additional Tier 1 Securities—Redemption, Purchase, Variation and Substitution—Tax Redemption”, respectively. See also “—Subject to certain conditions, including the Solvency Condition and regulatory approvals, LBG may redeem the Additional Tier 1 Securities at LBG’s option on certain dates.”

In addition, from time to time regulators propose
or consider legislation and rulemaking which may affect the Group’s business, the rights of holders of the Additional Tier 1 Securities
and the market value of the Additional Tier 1 Securities. Such changes in law may include changes in statutory, tax and regulatory regimes
during the life of the Additional Tier 1 Securities, or changes that could have a significant impact on the future legal entity structure,
business mix (including potential exit of certain business activities) and management of the Group, and use of capital and requirements
for loss-absorbing capacity within the Group, which may have an adverse effect on an investment in the Additional