Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 86

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 86
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 | any listing on a securities exchange; and |

| · | any other terms of the debt securities. |

In addition, the prospectus supplement will describe
the material U.S. federal and U.K. tax considerations that apply to any particular series of debt securities.

Debt securities may bear interest at a fixed rate
or a floating rate. We may sell any debt securities that bear no interest, or that bear interest at a rate that at the time of issuance
is below the prevailing market rate, at a discount to their stated principal amount.

Holders of debt securities shall have no voting
rights except those described under the heading “—Modification and Waiver” below.

If we issue subordinated debt securities that, in each case, qualify as Tier 2 capital or other capital for regulatory purposes, the payment, subordination, redemption, events of default and other terms may vary from those described in this prospectus and will be set forth in the relevant prospectus supplement.

Payments

We will make any payments of interest and principal
on any particular series of debt securities on the dates and, in the case of payments of interest, at the rate or rates, that are set
out in, or that are determined by the method of calculation described in, the relevant prospectus supplement.

Subordinated Debt Securities

Unless the relevant prospectus supplement provides
otherwise, if we do not make a payment on a series of subordinated debt securities on any payment date, the obligation to make that payment
shall be deferred, if it is an interest payment, until the date upon which we pay a dividend on any class of our share capital and, if
it is a principal payment, until the first business day after the date that falls six months after the original payment date (a “Deferred
Payment Date”). If we fail to make a payment before the Deferred Payment Date, that failure shall not create a default or otherwise
allow any holder to sue us for the payment or take any other action. The relevant prospectus supplement will set forth the terms on which
the payment of interest and principal on the subordinated debt securities can be deferred and any other terms relating to payments on
subordinated debt securities.

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Subordination

Senior Debt Securities

Unless the relevant prospectus supplement provides
otherwise, senior debt securities and coupons (if any) appertaining thereto constitute direct, unconditional, unsecured and unsubordinated
obligations ranking pari passu, without any preference among themselves, with all