Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 24

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 24
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 under the Banking Act, that gives wide powers in respect of U.K. banks and their
parent and other group companies to HM Treasury, the Bank of England (“BoE”) (including the PRA), and the Financial Conduct
Authority of the United Kingdom (the “FCA”) in circumstances where a U.K. bank has encountered or is likely to encounter financial
difficulties.

It is possible that the exercise of other powers
under the Banking Act to resolve failing banks in the United Kingdom and give the authorities powers to override events of default or
termination rights that might be invoked as a result of the exercise of the resolution powers, could have a material adverse effect on
the rights of holders of the Notes and/or a material adverse effect on the price of the Notes. The Banking Act also gives BoE the power
to override, vary or impose contractual obligations between a U.K. bank, its holding company and its group undertakings for reasonable
consideration, in order to enable any transferee or successor bank to operate effectively. There is also power for the U.K. Treasury to
amend the law (excluding provisions made by or under the Banking Act) for the purpose of enabling it to use the regime powers effectively,
potentially with retrospective effect. In addition, the Banking Act may be further amended and/or other legislation may be introduced
in the United Kingdom to amend the resolution regime that would apply in the event of a bank failure or to provide regulators with other
resolution powers.

Finally, the determination that all or part of
the principal amount of Notes will be subject to bail-in, or write-down or conversion in the case of Subordinated Notes, is likely to
be inherently unpredictable and may depend on a number of factors which may be outside of our control. This determination will also be
made by the relevant U.K. resolution authority and there may be many factors, including factors not directly related to us or the Group,
which could result in such a determination. Because of this inherent uncertainty, it will be difficult to predict when, if at all, the
exercise of a U.K. bail-in power may occur which would result in a principal write-off or conversion to other securities, including equity.
Moreover, as the criteria that the relevant U.K. resolution authority will be obliged to consider in exercising any U.K. bail-in power,
or write-down or conversion power in the case of Subordinated Notes, provide it with considerable discretion, holders of the Notes may
not be able to refer to