Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 24

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 24
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 of the holders and/or beneficial owners under the Notes are subject to, and
will be varied, if necessary, solely to give effect to, the exercise of any U.K. bail-in power by the relevant U.K. resolution authority.
See “—Holders of the Notes may be required to absorb losses in the event we become subject to recovery and resolution action”.

For these purposes, a “U.K. bail-in power”
is any write-down, conversion, transfer, modification, moratorium and/or suspension power existing from time to time under any laws, regulations,
rules or requirements relating to the resolution of financial holding companies, mixed financial holding companies, banks, banking group
companies, credit institutions and/or investment firms incorporated in the United Kingdom in effect and applicable in the United Kingdom
to LBG or other members of the Group, including but not limited to any such laws, regulations, rules or requirements which are implemented,
adopted or enacted in the United Kingdom within the context of the U.K. resolution regime under the Banking Act and/or the Loss Absorption
Regulations, 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. For more information, see “Description of the Notes— Senior Notes—Agreement with Respect to the Exercise of U.K. Bail-in Power” and “Description of the Notes— Subordinated Notes—Agreement with Respect to the Exercise of U.K. Bail-in Power”.

Holders of the Notes may be required to absorb
losses in the event we become subject to recovery and resolution action.

<div align='center'>S-25</div>

The stated aim of the Bank Recovery and Resolution
Directive, as amended (the “BRRD”) is to provide authorities designated by Member States to apply the resolution tools and
exercise the resolution powers set forth in the BRRD (the “resolution authorities”) with common tools and powers to address
banking crises pre-emptively in order to safeguard financial stability and minimize taxpayers’ exposure to losses. The BRRD was
implemented in the United