Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 74

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 74
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 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.

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 theSubordinated
Notes 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 theSubordinated Notes would be treated equally in respect of the exercise of any U.K. bail-in power with all other claims that would rank pari passu with theSubordinated Notes upon an insolvency of LBG.

No repayment of the principal amount of the Subordinated
Notes or payment of interest on the Subordinated Notes 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 Notes, you have agreed to be bound by the exercise of any U.K. bail-in power imposed by the relevant U.K. resolution authority”.

Neither a reduction or cancellation, in part or
in full, of the principal amount of, or interest on, the Subordinated Notes or the conversion thereof into another security or obligation
of LBG or another person, as a result of the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect
to LBG, nor the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Subordinated Notes will
be a Subordinated Notes Default or a Subordinated Notes Event of Default for any purpose.

LBG’s obligations to indemnify the Trustee
in accordance with Section 6.07 of the Subordinated Base Indenture (as amended by the Eleventh Subordinated Supplemental Indenture)
shall survive the exercise of the U.K. Bail-in Power by the relevant U.K. resolution authority with respect to the Subordinated Notes.

<div align='center'>S-54</div>

By purchasing or acquiring Subordinated Notes,
each holder and each beneficial owner of the Subordinated Notes: (i)