Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 34

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 34
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 the availability of Distributable
Items as described under “Description of the Additional Tier 1 Securities—Payments—Availability of Distributable Items”, any applicable maximum distributable amount restriction as described under “—Interest payments on the Additional Tier 1 Securities shall not be made, in whole or in part, to the extent maximum distributable amounts restrictions apply”
and any direction by the PRA requiring LBG to reduce or cancel interest payments on the Additional Tier 1 Securities as described under
“—LBG may be restricted in making interest payments on the Additional Tier 1 Securities by the regulators in certain circumstances”
below, interest on the Additional Tier 1 Securities will be due and payable only at the sole discretion of LBG and LBG shall have absolute
discretion at all times and for any reason to cancel any interest payment in whole or in part that would otherwise be payable on any Interest
Payment Date. Interest will only be due and payable on an Interest Payment Date to the extent it is not canceled in accordance with the
terms of the Additional Tier 1 Securities. If LBG cancels any scheduled interest payment, such interest payment shall not be or become
due and payable at any time thereafter and in no event will holders of the Additional Tier 1 Securities have any right to or claim against
LBG with respect to such interest amount or be able to accelerate the principal of the Additional Tier 1 Securities as a result of such
interest cancellation. Furthermore, no cancellation of interest in accordance with the terms of the Indenture shall constitute a default
in payment or otherwise under the terms of the Additional Tier 1 Securities. There can, therefore, be no assurances that a holder will
receive interest payments in respect of the Additional Tier 1 Securities.

For further information on LBG’s dividend
policy, see our Annual Report on Form 20-F for the year ended December 31, 2024, Item 8.A “Consolidated statements and other financial information—Dividends”. The Additional Tier 1 Securities will rank senior to Ordinary Shares. It is the Board
of Directors’ current intention that, whenever exercising its discretion to declare Ordinary Share dividends, or its discretion
to cancel interest on the Additional Tier 1 Securities, the Board will take into account the relative ranking of these instruments in
LBG’s capital structure. However, the Board may at any time depart from this policy at its sole discretion.

Following cancellation of any interest payment,
LBG will not be in any way limited or restricted from