Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 24

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 24
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 will not be the
economic equivalent of the SOFR Benchmark and the use of any SOFR Benchmark Replacement (including with the application of a SOFR Benchmark
Replacement Adjustment) may result in the Floating Rate Notes performing differently (which may include payment of a lower rate of interest)
than they would if the SOFR Benchmark were to continue to apply in its current form. Furthermore, the composition and characteristics
of the SOFR Benchmark Replacement may not be the same as those of the SOFR Benchmark. Each of the foregoing means that a SOFR Benchmark
Event may adversely affect the value of the Floating Rate Notes, the return on the Floating Rate Notes and the price at which investors
can sell such Floating Rate Notes. If LBG has not appointed an Independent Adviser, LBG or its designee, acting in its sole discretion,
may still determine (i) a SOFR Benchmark Replacement and (ii) in each case, a SOFR Benchmark Replacement Adjustment and/or any other amendments
to the terms of the Floating Rate Notes without consultation with an Independent Adviser. Where, for the purposes of determining any SOFR
Benchmark Replacement, SOFR Benchmark Replacement Adjustment and/or any other amendments to the terms of the Floating Rate Notes, LBG
or its designee will act in its sole discretion, any such determinations by LBG (or its designee) may lead to a conflict of interests
of LBG and the holders of the Floating Rate Notes including with respect to certain determinations and judgments that LBG (or its designee)
may make that may influence the amount receivable under the Floating Rate Notes. As a result, investors in the Floating Rate Notes may
receive less interest than expected.

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. See “—Holders
of the Senior Notes may be required to absorb losses in the event we become subject to recovery and resolution action.”

The Prudential Regulation Authority (the “PRA”)
requires that, subject to limited exceptions, unsecured liabilities of a relevant institution (such as LBG) governed by the laws of a
country outside of the U.K. (which include the Senior Notes, the terms of which are governed by New York Law, except for the waiver of
set-off provisions which are governed by the laws of Scotland) must contain a contractual acknowledgment whereby the holders recognize
that such liability may be subject to the