Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 54

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 54
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 the Senior Notes are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any U.K. bail-in
power by the relevant U.K. resolution authority. For these purposes, a “U.K. bail-in power” is any write-down, conversion,
transfer, modification, moratorium and/or suspension power existing from time to time under any laws, regulations, rules or requirements
relating to the resolution of financial holding companies, mixed financial holding companies, banks, banking group companies, credit institutions
and/or investment firms incorporated in the United Kingdom in effect and applicable in the United Kingdom to LBG or other members of the
Group, including but not limited to any such laws, regulations, rules or requirements which are implemented, adopted or enacted in the
United Kingdom within the context of the U.K. resolution regime under the Banking Act 2009 as the same has been or may be amended from
time to time (whether pursuant to the U.K. Financial Services (Banking Reform) Act 2013, secondary legislation or otherwise) (the “Banking
Act”) and/or the Loss Absorption Regulations, pursuant to which obligations of a bank, banking group company, credit institution
or investment firm or any of its affiliates can be reduced, canceled, modified, transferred and/or converted into shares or other securities
or obligations of the obligor or any other person (or suspended for a temporary period) or pursuant to which any right in a contract governing
such obligations may be deemed to have been exercised. A reference to the “relevant U.K. resolution authority” is to any authority
with the ability to exercise a U.K. bail-in power.

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According to the principles contained in the Banking Act, we expect that the relevant U.K. resolution authority would exercise its U.K. bail-in power in respect of the Senior Notes having regard to the hierarchy of creditor claims (with the exception of excluded liabilities, as such term is described in the Banking Act) and that the holders of the Senior Notes would be treated equally in respect of the exercise of any U.K. bail-in power with all other claims that would rank pari passu with the Senior Notes upon an insolvency of LBG.

No repayment of the principal amount of the Senior
Notes or payment of interest on the Senior Notes shall become due and payable after the exercise of any U.K. bail-in power by the relevant
U.K. resolution authority unless, at