Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 22

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 22
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 of any
U.K. bail-in power (as defined below) by the relevant U.K. resolution authority that may result in (i) the reduction or cancellation of
all, or a portion, of the principal amount of, or interest on, the Notes; (ii) the conversion of all, or a portion, of the principal amount
of, or interest on, the Notes into shares or other securities or other obligations of LBG or another person (and the issue to or conferral
on the holder of such shares, securities or obligations, including by means of amendment, modification or variation of the terms of the
Notes); and/or (iii) the amendment or alteration of the maturity of the Notes, or amendment of the amount of interest due on the Notes,
or the dates on which interest becomes payable, including by suspending payment for a temporary period; any U.K. bail-in power may be
exercised by means of variation of the terms of the Notes solely to give effect to the exercise by the relevant U.K. resolution authority
of such U.K. bail-in power. With respect to (i), (ii) and (iii) above, references to principal and interest shall include payments of
principal and interest that have become due and payable (including principal that has become due and payable at the relevant maturity
date), but which have not been paid, prior to the exercise of any U.K. bail-in power. Each holder and each beneficial owner
of the Notes further acknowledges and agrees that the rights of the holders and/or beneficial owners under the 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.
See “—Holders of the Notes may be required to absorb losses in the event we become subject to recovery and resolution action”.

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