Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 23

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 23
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 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.

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 Kingdom under the Banking Act (as amended) and the PRA’s Rulebook of Rules and Guidance
before the U.K.’s withdrawal from the EU. The powers granted to the U.K. resolution authorities under the Banking Act include (but
are not limited to) (i) a “write-down and conversion power” relating to Tier 1 and Tier 2 capital instruments (including the
Subordinated Notes) and (ii) a “bail-in” power relating to eligible liabilities (including the Notes). Such powers give resolution
authorities the ability to write down or write off all or a portion of the claims of certain unsecured creditors of a failing institution
or group and/or to convert certain debt claims into another security, including ordinary shares of the surviving Group entity, if any,
which ordinary shares may also be subject to write-down or write-off.

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

As the parent company of U.K. banks, we are subject
to the Special Resolution Regime (“SRR”)