Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 21

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 21
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 redeem the
Subordinated Notes prior to their maturity date to the extent that the interest payable on the Subordinated Notes is greater than the
interest that would be payable on other instruments of ours of a comparable maturity, of comparable terms and of a comparable credit rating
trading in the market. If the Subordinated Notes are redeemed prior to their maturity date, you may have to re-invest the proceeds in
a lower interest rate environment.

We may redeem a series of Notes at any time
for certain tax reasons.

We may (subject to, if and to the extent then
required by the Relevant Regulator or the Loss Absorption Regulations, our giving notice to the Relevant Regulator and the Relevant Regulator
granting us permission) redeem a series of Senior Notes at any time in whole (but not in part) upon the occurrence of certain tax changes
as described in this prospectus supplement and accompanying prospectus.

We may (subject to, if and to the extent then
required by the Relevant Regulator or the Applicable Regulations, our giving notice to the Relevant Regulator and the Relevant Regulator
granting us permission) redeem the Subordinated Notes at any time in whole (but not in part) upon the occurrence of certain tax changes
as described in this prospectus supplement and the accompanying prospectus.

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

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

Because the Senior Fixed Rate Notes and Subordinated Notes accrue interest at a fixed rate, the amount of interest payable on the Senior Fixed Rate Notes and Subordinated Notes on each Senior Fixed Rate Notes interest payment date, with respect to the Senior Fixed Rate Notes, and each Subordinated Notes interest payment date, with respect to the Subordinated Notes, may be below market interest rates.

Because interest payable on the Senior Fixed Rate
Notes and Subordinated Notes accrues at a fixed rate, there can be no guarantee that the interest you will receive on one or more of the
Senior Fixed Rate Notes interest payment dates and Subordinated Notes interest payment dates, as applicable, 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