Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 30

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 30
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to our Senior Notes does not restrict our ability to incur secured indebtedness in the future. In the event of our insolvency, bankruptcy,
liquidation, reorganization, dissolution or winding up, to the extent we have granted security over our assets, the assets securing such
indebtedness will be used to satisfy the obligations under such indebtedness before we can make payments on the Senior Notes. There may
only be limited assets available to make payments on the Senior Notes in the event of an acceleration of the Senior Notes and we may not
have sufficient assets to pay amounts due on any or all of our Senior Notes then outstanding.

We may redeem the Senior Notes at any time following
a Loss Absorption Disqualification Event.

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 the 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 the Senior Notes are to be so redeemed or there is a perception that the Senior Notes may be so redeemed, this may impact the market
price of the 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.

Uncertainty relating to the regulation of benchmarks may adversely affect the value of the Senior Floating Rate Notes.

<div align='center'>S-28</div>

SOFR and other interest rates or other types of
rates and indices which are deemed to be “benchmarks” are the subject of ongoing national and international regulatory discussions
and proposals for reform. Some of these reforms are already effective, while others are still