Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 33

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 33
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 any requirement for consent or approval
of the holders of Senior Floating Rate Notes.

Any SOFR Benchmark Replacement will not be the
economic equivalent of the SOFR Benchmark and the use of any SOFR Benchmark Replacement (including with the application of a SOFR Benchmark
Replacement Adjustment) may result in the Senior Floating Rate Notes performing differently (which may include payment of a lower rate
of interest) than they would if the SOFR Benchmark were to continue to apply in its current form. Furthermore, the composition and characteristics
of the SOFR Benchmark Replacement may not be the same as those of the SOFR Benchmark. Each of the foregoing means that a SOFR Benchmark
Event may adversely affect the value of the Senior Floating Rate Notes, the return on the Senior Floating Rate Notes and the price at
which investors can sell such Senior Floating Rate Notes. If LBG has not appointed an Independent Adviser, LBG or its designee, acting
in its sole discretion, may still determine (i) a SOFR Benchmark Replacement and (ii) in each case, a SOFR Benchmark Replacement Adjustment
and/or any other amendments to the terms of the Senior Floating Rate Notes without consultation with an Independent Adviser. Where, for
the purposes of determining any SOFR Benchmark Replacement, SOFR Benchmark Replacement Adjustment and/or any other amendments to the terms
of the Senior Floating Rate Notes, LBG or its designee will act in its sole discretion, any such determinations by LBG (or its designee)
may lead to a conflict of interests of LBG and the holders of the Senior Floating Rate Notes including with respect to certain determinations
and judgments that LBG (or its designee) may make that may influence the amount receivable under the Senior Floating Rate Notes. As a
result, investors in the Senior Floating Rate Notes may receive less interest than expected.

Risks Relating to the Subordinated Notes

The Subordinated Notes are subordinated.

Our obligations under the Subordinated Notes
will be unsecured and subordinated and will, in the event of the winding-up of LBG, rank junior in priority of payment to the current
and future claims of our creditors, other than claims in respect of any liability that is, or is expressed to be, subordinated to, or
rank equally with, the Subordinated Notes. In a winding up, all payments on the Subordinated Notes will be subordinated to, and subject
in right of payment to the prior payment in full of, all claims of all Senior Credit