Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 26

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 26
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 of
the principal amount of Notes will be subject to bail-in, or write-down or conversion in the case of Subordinated Notes, is likely to
be inherently unpredictable and may depend on a number of factors which may be outside of our control. This determination will also be
made by the relevant U.K. resolution authority and there may be many factors, including factors not directly related to us or the Group,
which could result in such a determination. Because of this inherent uncertainty, it will be difficult to predict when, if at all, the
exercise of a U.K. bail-in power may occur which would result in a principal write-off or conversion to other securities, including equity.
Moreover, as the criteria that the relevant U.K. resolution authority will be obliged to consider in exercising any U.K. bail-in power,
or write-down or conversion power in the case of Subordinated Notes, provide it with considerable discretion, holders of the Notes may
not be able to refer to publicly available criteria in order to anticipate a potential exercise of any such power and consequently its
potential effect on us, the Group and the Notes. Potential investors in the Notes should consider the risk that a holder may lose all
of its investment, including the principal amount plus accrued and unpaid interest thereon, if any, if such statutory loss absorption
measures are acted upon.

Holders of Notes may have limited rights or no
rights to challenge any decision of the relevant U.K. resolution authority to exercise the U.K. bail- in power, or write-down or conversion
in the case of Subordinated Notes, or to have that decision reviewed by a judicial or administrative process or otherwise.

Accordingly, trading behavior in respect of the
Notes is not necessarily expected to follow the trading behavior associated with other types of securities that are not subject to such
recovery and resolution powers. Potential investors in the Notes should consider the risk that a holder of the Notes may lose all of its
investment, including the principal amount plus accrued and unpaid interest thereon, if any, if such statutory loss absorption measures
are acted upon or that the Notes may be converted into ordinary shares. Further, the introduction or amendment of such recovery and resolution
powers, and/or any implication or anticipation that they may be used, may have a significant adverse effect on the market price of the
Notes, even if such powers are not used.

Other powers contained in the Special Resolution
Regime under the Banking Act may affect your rights under, and the value of your investment