Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 26

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 26
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olvency procedures in relation to a U.K. bank; and (e) override,
vary or impose contractual obligations, for reasonable consideration, between a U.K. bank or its parent and its group undertakings (including
undertakings which have ceased to be members of the group), in order to enable any
transferee or successor bank of the U.K. bank to operate effectively.

<div align='center'>S-26</div>

The Banking Act also gives power to the U.K. government
to make further amendments to the law for the purpose of enabling it to use the Special Resolution Regime powers effectively, potentially
with retrospective effect.

The powers set out in the Banking Act could affect
how credit institutions (and their parent companies) and investment firms are managed as well as, in certain circumstances, the rights
of creditors. Accordingly, the taking of any actions contemplated by the Banking Act may affect your rights under the Notes, and the value
of your Notes may be affected by the exercise of any such powers or threat thereof.

The Notes may not be a suitable investment for
investors.

An investor should reach a decision to invest
in the Notes after carefully considering, in conjunction with his or her advisors, the suitability of the Notes in light of his or her
investment objectives and the other information set out in this prospectus supplement and the prospectus. The issue price, interest rate
and yield to maturity of the Subordinated Notes are expected to reflect the additional risks borne by investors in the Subordinated Notes
when compared to those of Senior Creditors and bank depositors. Neither the Issuer nor the Underwriters makes any recommendation as to
whether the Notes are a suitable investment for any person.

There is no limit on the amount or type of further
securities or indebtedness that LBG may issue or incur.

There is no restriction on the amount of securities
or other liabilities that LBG may issue or incur and which rank pari passu with, the Notes. The issue of any such securities or
the incurrence of any such other liabilities may reduce the amount (if any) recoverable by holders of the Notes on a winding up of LBG
and may limit LBG’s ability to meet its obligations under the Notes. In addition, the Subordinated Notes do not contain any restriction
on LBG’s ability to issue securities that may have preferential rights similar to those of the Subordinated Notes or securities
having similar or different provisions.

The Notes are obligations exclusively of L