Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 29

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 29
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 time in whole (but not in part) upon the occurrence of a Loss Absorption Disqualification
Event as described in this prospectus supplement. As the applicable laws, regulations and standards relating to minimum requirements for
own funds and eligible liabilities and/or loss absorbing capacity instruments continue to be implemented in the United Kingdom and may
be subject to potential future amendments, we are currently unable to predict whether the Senior Notes are likely to be, fully or partially,
excluded from our minimum requirements (either considering LBG alone or taken together with its subsidiaries) for (1) own funds and eligible
liabilities and/or (2) loss absorbing capacity instruments, in each case as such minimum requirements are applicable to LBG and its subsidiaries.
If the Senior Notes are to be so redeemed or there is a perception that the Senior Notes may be so redeemed, this may impact the market
price of the Senior Notes. Such legislative and regulatory uncertainty could also affect the value the Senior Notes and therefore affect
the trading price of the Senior Notes given the extent and impact on the Senior Notes that one or more regulatory or legislative changes
could have on the Senior Notes.

<div align='center'>S-28</div>

Uncertainty relating to the regulation of benchmarks may adversely affect the value of the Senior Floating Rate Notes.

SOFR and other interest rates or other types of
rates and indices which are deemed to be “benchmarks” are the subject of ongoing national and international regulatory discussions
and proposals for reform. Some of these reforms are already effective, while others are still to be implemented. For example, these reforms
have resulted in the cessation of certain benchmarks, including the sterling London Interbank Offered Rate (“LIBOR”) and the
cessation of U.S. dollar LIBOR at the end of June 2023. As of September 30, 2024, all remaining synthetic LIBOR settings were published
for the last time and LIBOR came to an end. Following the implementation of any such reforms, the manner of administration of benchmarks,
including SOFR, may change, with the result that they may perform differently than in the past, or the benchmark could be eliminated entirely,
or there could be other consequences that cannot be predicted. Any of the foregoing may have an adverse effect on the value of the Senior
Floating Rate Notes.

Historical levels of SOFR are not an indication of its future levels.

The Federal Reserve Bank of New York began
to publish SOFR (in its current form) in April 2018 and the