Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 20

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 20
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granting us permission) redeem a series of Senior Notes at any time in whole (but not in part) upon the occurrence of a Loss Absorption
Disqualification Event as described in this prospectus supplement. As the applicable laws, regulations and standards relating to minimum
requirements for own funds and eligible liabilities and/or loss absorbing capacity instruments continue to be implemented in the United
Kingdom and may be subject to potential future amendments, we are currently unable to predict whether the Senior Notes are likely to be,
fully or partially, excluded from our minimum requirements (either considering LBG alone or taken together with its subsidiaries) for
(1) own funds and eligible liabilities and/or (2) loss absorbing capacity instruments, in each case as such minimum requirements are applicable
to LBG and its subsidiaries. If a series of Senior Notes is to be so redeemed or there is a perception that one or more series of Senior
Notes may be so redeemed, this may impact the market price of such series of Senior Notes. Such legislative and regulatory uncertainty
could also affect the value the Senior Notes and therefore affect the trading price of the Senior Notes given the extent and impact on
the Senior Notes that one or more regulatory or legislative changes could have on the Senior Notes.

Holders cannot require us to redeem a series
of Senior Notes early.

Holders have no right to require us to redeem
a series of Senior Notes prior to the maturity date therefor.

Because the Fixed Rate Notes accrue interest
at a fixed rate during the initial fixed rate period, the amount of interest payable on the Fixed Rate Notes on each fixed rate interest
payment date may be below market interest rates.

Because interest payable on the Fixed Rate Notes
during the initial fixed rate period accrues at a fixed rate, there can be no guarantee that the interest you will receive on one or more
of the Fixed Rate Notes interest payment dates will be equal to or greater than the market interest rates on such dates. LBG does not
have any control over a number of factors that may affect market interest rates, including economic, financial, and political events,
such as the tightening of monetary policy, that are important in determining the existence, magnitude, and longevity of these risks and
their results. You should have a view as to the fixed interest rate on the Fixed Rate Notes and its level relative to market interest
rates before investing.

The interest rate on the Fixed Rate Notes
will reset on the reset date applicable to the series of Fixed Rate Notes.

The interest rate on the