Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 32

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 32
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i) a SOFR Benchmark Replacement and (ii) in each case, a SOFR Benchmark Replacement Adjustment
and/or any other amendments to the terms of the Senior Floating Rate Notes without consultation with an Independent Adviser. Where, for
the purposes of determining any SOFR Benchmark Replacement, SOFR Benchmark Replacement Adjustment and/or any other amendments to the terms
of the Senior Floating Rate Notes, LBG or its designee will act in its sole discretion, any such determinations by LBG (or its designee)
may lead to a conflict of interests of LBG and the holders of the Senior Floating Rate Notes including with respect to certain determinations
and judgments that LBG (or its designee) may make that may influence the amount receivable under the Senior Floating Rate Notes. As a
result, investors in the Senior Floating Rate Notes may receive less interest than expected.

Risks Relating to the Subordinated Notes

The Subordinated Notes are subordinated.

Our obligations under the Subordinated Notes will
be unsecured and subordinated and will, in the event of the winding-up of LBG, rank junior in priority of payment to the current and future
claims of our creditors, other than claims in respect of any liability that is, or is expressed to be, subordinated to, or rank equally
with, the Subordinated Notes. In a winding up, all payments on the Subordinated Notes will be subordinated to, and subject in right of
payment to the prior payment in full of, all claims of all Senior Creditors. We expect from time to time to incur additional indebtedness
or other obligations that will constitute senior indebtedness, and the Subordinated Indenture does not contain any provisions restricting
our ability to incur senior indebtedness. Although the Subordinated Notes may pay a higher rate of interest than comparable notes that
are not so subordinated, there is a real risk that an investor in such Subordinated Notes will lose all or some of its investment should
we become insolvent since our assets would be available to pay such amounts only after all the Senior Creditors have been paid in full.
See also “—Holders of the Notes may be required to absorb losses in the event we become subject to recovery and resolution action”.

We may redeem the Subordinated Notes at any time following a Capital Disqualification Event.

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