Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 52

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 52
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 Regulations, pursuant to which obligations of a bank, banking group company, credit institution
or investment firm or any of its affiliates can be reduced, canceled, modified, transferred and/or converted into shares or other securities
or obligations of the obligor or any other person (or suspended for a temporary period) or pursuant to which any right in a contract governing
such obligations may be deemed to have been exercised. A reference to the “relevant U.K. resolution authority” is to any authority
with the ability to exercise a U.K. bail-in power.

According to the principles contained in the Banking Act, we expect that the relevant U.K. resolution authority would exercise its U.K. bail-in power in respect of the Senior Notes having regard to the hierarchy of creditor claims (with the exception of excluded liabilities, as such term is described in the Banking Act) and that the holders of the Senior Notes would be treated equally in respect of the exercise of any U.K. bail-in power with all other claims that would rank pari passu with the Senior Notes upon an insolvency of LBG.

No repayment of the principal amount of the Senior
Notes or payment of interest on the Senior Notes shall become due and payable after the exercise of any U.K. bail-in power by the relevant
U.K. resolution authority unless, at the time that such repayment or payment, respectively, is scheduled to become due, such repayment
or payment would be permitted to be made by us under the laws and regulations of the United Kingdom applicable to us or other members
of the Group. See also “Risk Factors― Under the terms of the Senior Notes, you have agreed to be bound by the exercise of any U.K. bail-in power imposed by the relevant U.K. resolution authority”.

Neither a reduction or cancellation, in part or
in full, of the principal amount of, or interest on, the Senior Notes or the conversion thereof into another security or obligation of
LBG or another person, as a result of the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to
LBG, nor the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Senior Notes will be a Senior
Notes Default or a Senior Notes Event of Default for any purpose.

LBG’s obligations to indemnify the Trustee
in accordance with Section 6.07 of the Senior Indenture (as supplemented by the Twenty-Second Supplemental Indenture) shall