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

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 25
---
 publicly available criteria in order to anticipate a potential exercise of any such power and consequently its
potential effect on us, the Group and the Notes. Potential investors in the Notes should consider the risk that a holder may lose all
of its investment, including the principal amount plus accrued and unpaid interest thereon, if any, if such statutory loss absorption
measures are acted upon.

Holders of Notes may have limited rights or no
rights to challenge any decision of the relevant U.K. resolution authority to exercise the U.K. bail- in power, or write-down or conversion
in the case of Subordinated Notes, or to have that decision reviewed by a judicial or administrative process or otherwise.

Accordingly, trading behavior in respect of the
Notes is not necessarily expected to follow the trading behavior associated with other types of securities that are not subject to such
recovery and resolution powers. Potential investors in the Notes should consider the risk that a holder of the Notes may lose all of its
investment, including the principal amount plus accrued and unpaid interest thereon, if any, if such statutory loss absorption measures
are acted upon or that the Notes may be converted into ordinary shares. Further, the introduction or amendment of such recovery and resolution
powers, and/or any implication or anticipation that they may be used, may have a significant adverse effect on the market price of the
Notes, even if such powers are not used.

Other powers contained in the Special Resolution
Regime under the Banking Act may affect your rights under, and the value of your investment in, the Notes.

The “Special Resolution Regime” under
the Banking Act also includes powers to (a) transfer all or some of the securities issued by a U.K. bank or its parent, or all or some
of the property, rights and liabilities of a U.K. bank or its parent (which would include the Notes), to a commercial purchaser or, in
the case of securities, into temporary public ownership, or, in the case of property, rights or liabilities, to a bridge bank (an entity
owned by BoE); (b) together with another resolution tool only, transfer impaired or problem assets to one or more publicly owned asset
management vehicles to allow them to be managed with a view to maximizing their value through eventual 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 ins