Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 179

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 179
---
 all of our other outstanding unsecured and unsubordinated
obligations, present and future, except such obligations as are preferred by operation of law.

Subordinated Debt Securities

Unless the relevant prospectus supplement provides
otherwise, in a winding-up, all payments on any series of subordinated debt securities will be subordinate to, and subject in right of
payment to the prior payment in full of, all claims of all creditors other than claims in respect of any liability that is, or is expressed
to be, subordinated, whether only in the event of a winding up or otherwise, to the claims of all or any creditors, in the manner provided
in the relevant subordinated debt indenture.

General

As a consequence of these subordination provisions,
if winding-up proceedings should occur, each holder of subordinated debt securities may recover less ratably than the holders of unsubordinated
liabilities. If, in any winding-up, the amount payable on any series of debt securities and any claims ranking equally with that series
are not paid in full, those debt securities and other claims ranking equally will share ratably in any distribution of assets in a winding-up
in proportion to the respective amounts to which they are entitled. If any holder is entitled to any recovery with respect to the debt
securities in any winding-up or liquidation, the holder might not be entitled in those proceedings to a recovery in U.S. dollars and might
be entitled only to a recovery in pounds respective amounts to which they are entitled. If any holder is entitled to any recovery with
respect to the debt securities in any winding-up or liquidation, the holder might not be entitled in those proceedings to a recovery in
U.S. dollars and might be entitled only to a recovery in pounds sterling or any other lawful currency of the United Kingdom.

Agreement with Respect to the Exercise of U.K. Bail-in Power

The debt securities may be subject to the exercise
of the U.K. bail-in power by the relevant U.K. resolution authority. As more fully set out in the relevant prospectus supplement, if the
U.K. bail-in power applies to the debt securities of a series, by its acquisition of the debt securities, each holder of such debt securities
will be bound by (a) the effect of the exercise of any U.K. bail-in power by the relevant U.K. resolution authority and (b) the variation
of the terms of debt securities or the relevant indenture, if necessary, to give effect to the