Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 132

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 132
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 time (whether pursuant
to the U.K. Financial Services (Banking Reform) Act 2013, secondary legislation or otherwise) (the “Banking Act”),
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.

<div align='center'>S-86</div>

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 Additional Tier 1 Securities
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 Additional Tier 1 Securities would be treated equally in respect of the exercise of the U.K. Bail-in
Power with the claims of holders of all other obligations of LBG which constitute Additional Tier 1 Capital of LBG that would rank pari passuwith the Additional Tier 1 Securities upon an insolvency of LBG.

No repayment of the principal amount of the Additional
Tier 1 Securities or payment of interest on the Additional Tier 1 Securities 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 Additional Tier 1 Securities, you have agreed to be bound by the exercise of any U.K. Bail-in Power imposed by the relevant U.K. resolution authority.”

LBG’s obligations to indemnify the Trustee
in accordance with the Section 6.07 of the Base Indenture shall survive the exercise of the U.K. Bail-in Power by the relevant U.K.
resolution authority with respect to the Additional Tier 1 Securities.

Neither a reduction or cancellation, in part or
in full