Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 101

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 101
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 and delivery of the capital securities; |

| · | whether and under what circumstances, if other than those described in this prospectus, we will pay additional amounts on the capital   
 securities following certain developments with respect to withholding tax or information reporting laws and whether, and on what terms, 
 if other than those described in this prospectus, we may redeem the capital securities following those developments;                    |

| · | any listing on a securities exchange; |

| · | provisions relating to the 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