Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 33

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 33
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 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, whether due to the particular circumstances of each holder of Subordinated Notes or otherwise,
such substituted or modified securities will be as favorable to each holder of Subordinated Notes in all respects.

Investors should be aware that the materialization
of any of the above risks (including those risks incorporated herein by reference) may adversely affect the value of the Notes.

<div align='center'>S-31

Use of Proceeds</div>

The net proceeds from the sale of the Notes, less
the underwriting compensation stated on the cover of this prospectus supplement and expenses payable by us estimated at $745,842, are estimated to be $2,991,629,158. These proceeds will be used for general corporate
purposes.

<div align='center'>S-32

Capitalization
of the Group</div>

The Group’s capitalization and indebtedness
on a consolidated basis as at March 31, 2025 is set out in the report on Form 6-K dated May 1