Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 101

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 101
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 exercise of the U.K. bail-in power by the relevant U.K. resolution authority; and |

| · | any other or different terms of the capital securities. |

In addition, the prospectus supplement will describe
the material U.S. federal and U.K. tax considerations that apply to any particular series of capital securities.

Capital securities may bear interest at a fixed
rate or a floating rate. We may also sell capital securities that bear no interest, or that bear interest at a rate that at the time of
issuance is below the prevailing market rate, at a discount to their stated principal amount.

Holders of capital securities shall have no voting
rights except those described under the heading “—Modification and Waiver” below, unless and until such capital securities
are converted into our ordinary shares, in which case holders will have the voting rights described under “Description of Ordinary
Shares—Voting Rights”.

If we issue subordinated capital securities that qualify as Additional Tier 1 or Tier 2 capital or other capital for regulatory purposes, the payment, subordination, redemption, events of default and other terms may vary from those described in this prospectus and will be set forth in the relevant prospectus supplement.

Agreement with Respect to the Exercise of U.K. Bail-in Power

The capital securities may be subject to the exercise
of the U.K. bail-in power by the relevant U.K. resolution authority. As more fully set out in the relevant prospectus supplement, if the
U.K. bail-in power applies to the capital securities of a series, by its acquisition of the capital securities, each holder of such capital
securities will be bound by (a) the effect of the exercise of any U.K. bail-in power by the relevant U.K. resolution authority and (b)
the variation of the terms of capital securities or the relevant indenture, if necessary, to give effect to the exercise of any U.K. bail-in
power by the relevant U.K. resolution authority.

Payments

We will make any payments of interest and principal,
on any particular series of capital securities on the dates and, in the case of payments of interest, at the rate or rates, that we set
out in, or that are determined by the method of calculation described in, the relevant prospectus supplement. The relevant prospectus
supplement may provide that we are not obligated to make payments of principal or interest on any scheduled payment date, that interest
payments may or must be cancelled or deemed cancelled, in