Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 53

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 53
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 Kingdom in effect and applicable in the United Kingdom to LBG or other
members of the Group, including but not limited to any such laws, regulations, rules or requirements which are implemented, adopted or
enacted in the United Kingdom within the context of the U.K. resolution regime under the Banking Act 2009 as the same has been or may
be amended from time to time (whether pursuant to the U.K. Financial Services (Banking Reform) Act 2013, secondary legislation or otherwise)
(the “Banking Act”) and/or the Loss Absorption Regulations, pursuant to which obligations of a bank, banking group company,
credit institution or investment firm or any of its affiliates can be reduced, canceled, modified, transferred and/or converted into shares
or other securities or obligations of the obligor or any other person (or suspended for a temporary period) or pursuant to which any right
in a contract governing such obligations may be deemed to have been exercised. A reference to the “relevant U.K. resolution authority”
is to any authority with the ability to exercise a U.K. bail-in power.

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According to the principles contained in the Banking Act, we expect that the relevant U.K. resolution authority would exercise its U.K. bail-in power in respect of the Senior Notes having regard to the hierarchy of creditor claims (with the exception of excluded liabilities, as such term is described in the Banking Act) and that the holders of the Senior Notes would be treated equally in respect of the exercise of any U.K. bail-in power with all other claims that would rank pari passu with the Senior Notes upon an insolvency of LBG.

No repayment of the principal amount of the Senior
Notes or payment of interest on the Senior Notes shall become due and payable after the exercise of any U.K. bail-in power by the relevant
U.K. resolution authority unless, at the time that such repayment or payment, respectively, is scheduled to become due, such repayment
or payment would be permitted to be made by us under the laws and regulations of the United Kingdom applicable to us or other members
of the Group. See also “Risk Factors― Under the terms of the Notes, you have agreed to be bound by the exercise of any U.K. bail-in power imposed by the relevant U.K. resolution authority”.

Neither a reduction or cancellation, in part or
in full, of the principal amount of, or interest on, the Senior Notes or the conversion thereof into another