Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 28

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 28
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 by the relevant U.K. resolution authority and there
may be many factors, including factors not directly related to us or the Group, which could result in such a determination. Because of
this inherent uncertainty, it will be difficult to predict when, if at all, the exercise of a U.K. bail-in power may occur which would
result in a principal write-off or conversion to other securities, including equity. Moreover, as the criteria that the relevant U.K.
resolution authority will be obliged to consider in exercising any U.K. bail-in power provide it with considerable discretion, holders
of the Senior Notes may not be able to refer to publicly available criteria in order to anticipate a potential exercise of any such power
and consequently its potential effect on us, the Group and the Senior Notes. Potential investors in the Senior Notes should consider the
risk that a holder may lose all of its investment, including the principal amount plus accrued and unpaid interest thereon, if any, if
such statutory loss absorption measures are acted upon.

Holders of Senior Notes may have limited rights
or no rights to challenge any decision of the relevant U.K. resolution authority to exercise the U.K. bail- in power or to have that decision
reviewed by a judicial or administrative process or otherwise.

Accordingly, trading behavior in respect of the
Senior Notes is not necessarily expected to follow the trading behavior associated with other types of securities that are not subject
to such recovery and resolution powers. Potential investors in the Senior Notes should consider the risk that a holder of the Senior Notes
may lose all of its investment, including the principal amount plus accrued and unpaid interest thereon, if any, if such statutory loss
absorption measures are acted upon or that the Senior Notes may be converted into ordinary shares. Further, the introduction or amendment
of such recovery and resolution powers, and/or any implication or anticipation that they may be used, may have a significant adverse effect
on the market price of the Senior Notes, even if such powers are not used.

Other powers contained in the Special Resolution
Regime under the Banking Act may affect your rights under, and the value of your investment in, the Senior Notes.

The “Special Resolution Regime” under
the Banking Act also includes powers to (a) transfer all or some of the securities issued by a U.K. bank or its parent, or all or some
of the property, rights and liabilities of a U.K. bank or its parent (which would include the Senior Notes), to a commercial