Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 34

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 34
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ors. We expect from time to time to incur additional
indebtedness or other obligations that will constitute senior indebtedness, and the Subordinated Indenture does not contain any provisions
restricting our ability to incur senior indebtedness. Although the Subordinated Notes may pay a higher rate of interest than comparable
notes that are not so subordinated, there is a real risk that an investor in such Subordinated Notes will lose all or some of its investment
should we become insolvent since our assets would be available to pay such amounts only after all the Senior Creditors have been paid
in full. See also “—Holders of the Notes may be required to absorb losses in the event we become subject to recovery and resolution action”.

We may redeem the Subordinated Notes at any time following a Capital Disqualification Event.

We may (subject to, if and to the extent then required
by the Relevant Regulator or the Applicable Regulations, our giving notice to the Relevant Regulator and the Relevant Regulator granting
us permission) redeem the Subordinated Notes at any time in whole (but not in part) upon the occurrence of a Capital Disqualification
Event as described in this prospectus supplement and the accompanying prospectus. If the Subordinated Notes is to be so redeemed or there
is a perception that the Subordinated Notes may be so redeemed, this may impact the market price of the Subordinated Notes.

<div align='center'>S-30</div>

We may substitute the Subordinated Notes or vary their terms without holder consent.

If a Tax Event or Capital Disqualification Event
has occurred, then LBG may, subject to “Description of the Notes—Subordinated Notes—Conditions to Redemption, Purchase, Substitution or Variation”, but without any requirement for the consent or approval of the holders of the Subordinated Notes,
at any time (whether before or following the Subordinated Notes Reset Date) either substitute all (but not some only) of the Subordinated
Notes for, or vary the terms of the Subordinated Notes so that they remain or, as appropriate, become, Subordinated Notes Compliant Securities,
and the Trustee shall agree to such substitution or variation, as provided in “Description of the Notes — Subordinated Notes—Substitution or Variation”. In the case of a substitution or variation of the terms of the Subordinated Notes, while
the new substituted or modified securities must have terms that are not materially less favorable to an investor than the Subordinated
Notes, there can be no assurance that,