Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 54

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 54
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 may be, in respect of us and/or
the Group and the Additional Tier 1 Securities or any suggestion of any such exercise could materially adversely affect your rights, the
price or value of your investment in the Additional Tier 1 Securities, the trading liquidity of the Additional Tier 1 Securities and/or
the ability of us to satisfy our obligations under the Additional Tier 1 Securities and could lead to you losing some or all of the value
of your investment in such Additional Tier 1 Securities.

Your rights may be limited in respect of the
exercise of the U.K. Bail-in Power by the relevant U.K. resolution authority.

There may be limited protections, if any, that
will be available to holders of securities subject to the U.K. Bail-in Power (including the Additional Tier 1 Securities) and to the broader
resolution powers of the relevant U.K. resolution authority. Although we expect, according to the principles of the Banking Act, that
the relevant U.K. resolution authority would respect creditor hierarchies when exercising the bail-in tool in respect of the Additional
Tier 1 Securities and that the holders would be treated pari passu with the claims of holders of all obligations of LBG which constitute
Additional Tier 1 Capital of LBG which in each case by law rank, or by their terms are expressed to rank, pari passu with the Additional
Tier 1 Securities at that time being subjected to the exercise of the bail-in tool, the rules provide for some exceptions to these principles
which the relevant U.K. resolution authority may choose to rely upon. In addition, the Additional Tier 1 Securities may be fully or partially
written down or converted pursuant to the exercise of the bail-in tool even where other subordinated debt that does not qualify as Tier
1 or Tier 2 Capital is not affected. In any event, it is expected that our subordinated obligations such as the Additional Tier 1 Securities
would be subject to the application of the bail-in tool prior to our senior obligations.

<div align='center'>S-40</div>

Holders of securities will have a right to be
compensated in the event of the exercise of the bail-in tool with respect to the Additional Tier 1 Securities pursuant to the no creditor
worse off safeguard (as defined above in "The Additional Tier 1 Securities may be subject to write-down, cancellation or conversion upon the occurrence of the exercise by the relevant U.K. resolution authority of the bail-in or capital instruments write-down