Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 3

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 3
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 and future subject to such exceptions as may be provided
by mandatory provisions of applicable law.

The Subordinated Notes will constitute our direct,
unconditional, unsecured, unguaranteed and subordinated obligations ranking pari passu without any preference among themselves
and ranking junior in right of payment to the claims of any existing and future unsecured and unsubordinated indebtedness of Lloyds Banking
Group plc (“LBG”). In a winding up, all amounts due in respect of or arising under (including any damages awarded for breach
of any obligations under) 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 Creditors (as defined herein).

This prospectus supplement is for distribution
only to persons who (i) have professional experience in matters relating to investments and who fall within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Financial Promotion Order”), (ii)
are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”) of the Financial
Promotion Order, (iii) are outside the U.K. or (iv) are persons to whom an invitation or inducement to engage in investment activity (within
the meaning of Section 21 of the Financial Services and Markets Act 2000, as amended (the “FSMA”)) in connection with the
issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred
to as “relevant persons”). This prospectus supplement is directed only at relevant persons and must not be acted on or relied
on by persons who are not relevant persons. Any investment or investment activity to which this prospectus supplement relates is available
only to relevant persons and will be engaged in only with relevant persons.

Notwithstanding any other agreements, arrangements, or understandings between us and any holder or beneficial owner of the Notes, by purchasing or acquiring the Notes, each holder (including each beneficial owner) of the Notes acknowledges, accepts, agrees to be bound by and consents to the exercise of any U.K. bail-in power (as defined below) by the relevant U.K. resolution authority that may result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on, the Notes; (ii