Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 54

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 54
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 is to address the situation where all or part of a business of a relevant entity has encountered,
or is likely to encounter, financial difficulties, giving rise to wider public interest concerns.

Although the Banking Act provides specific conditions
to the exercise of any resolution powers, it is uncertain how the relevant U.K. resolution authority would assess such conditions in any
particular pre-insolvency scenario affecting us and/or other members of the Group and in deciding whether to exercise a resolution power.

The relevant U.K. resolution authority is also
not required to provide any advance notice to you of its decision to exercise any resolution power. Therefore, you may not be able to
anticipate a potential exercise of any such powers nor the potential effect of any exercise of such powers on LBG, the Group and the Additional
Tier 1 Securities.

Furthermore, you may have only very limited rights
to challenge and/or seek a suspension of any decision of the relevant U.K. resolution authority to exercise its resolution powers (including
the bail-in tool) or to have that decision reviewed by a judicial or administrative process or otherwise.

Holders may receive Alternative Consideration
instead of Settlement Shares or ADSs upon a Trigger Event and would not know the composition of any Alternative Consideration until the
end of the Settlement Shares Offer Period.

Holders of the Additional Tier 1 Securities may
not ultimately receive Settlement Shares or ADSs upon a Trigger Event because LBG may elect, in its sole and absolute discretion, that
a Settlement Shares Offer be conducted by the Settlement Share Depository.

If all of the Settlement Shares are sold in the
Settlement Shares Offer, holders of the Additional Tier 1 Securities shall be entitled to receive, in respect of each Additional Tier
1 Security and as determined by LBG, the pro rata share of the cash proceeds from the sale of the Settlement Shares attributable to such
Additional Tier 1 Security (less an amount equal to the pro rata share of certain taxes that may arise as a result of the Settlement Shares
Offer). If some but not all of the Settlement Shares are sold in the Settlement Shares Offer, holders of the Additional Tier 1 Securities
shall be entitled to receive, in respect of each Additional Tier 1 Security, (a) the pro rata share of the cash proceeds from the sale
of the Settlement Shares attributable to such Additional Tier 1 Security (less an amount equal to the pro rata share of certain taxes
that may arise as a result of the Settlement Shares Offer) together with