Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 15

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 15
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 that the rights       
 of the holders and/or beneficial owners under the Subordinated 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.                                                     
 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 2009 as the same has                    
 been or may be amended from time to time (whether pursuant to the U.K. Financial Services (Banking Reform) Act 2013, secondary legislation       
 or otherwise) (the “Banking Act”), 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.                                                                                                        
 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 the Subordinated 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 the Subordinated 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 the Subordinated Notes upon an insolvency of LBG.                                                                
 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