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

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 29
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 sale or orderly wind-down;
(c) override any default provisions, contracts or other agreements, including provisions that would otherwise allow a party to terminate
a contract or accelerate the payment of an obligation; (d) commence certain insolvency 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.

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 Senior Notes, and
the value of your Senior Notes may be affected by the exercise of any such powers or threat thereof.

The Senior Notes may not be a suitable investment
for investors.

An investor should reach a decision to invest
in the Senior Notes after carefully considering, in conjunction with his or her advisors, the suitability of the Senior Notes in light
of his or her investment objectives and the other information set out in this prospectus supplement and the prospectus. Neither the Issuer
nor the Underwriters makes any recommendation as to whether the Senior Notes are a suitable investment for any person.

<div align='center'>S-21</div>

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 Senior 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 Senior Notes on a winding up
of LBG and may limit LBG’s ability to meet its obligations under the Senior Notes.

The Senior Notes are obligations exclusively
of LBG and LBG is structurally subordinated to the creditors of its subsidiaries.

The Senior Notes are obligations exclusively of
LBG. LBG is a holding company and conducts substantially all