Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 91

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 91
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 not on the basis of its consolidated accounts.

“Applicable Regulations” means,
at any time, the laws, regulations, requirements, guidelines and policies relating to capital adequacy and prudential supervision (including,
without limitation, as to leverage) then in effect in the United Kingdom including, without limitation to the generality of the foregoing
(and for so long as the same are applicable in the United Kingdom), any regulations, requirements, guidelines and policies relating to
capital adequacy adopted by the Relevant Regulator, from time to time (whether or not such requirements, guidelines or policies are applied
generally or specifically to LBG or to LBG and its subsidiaries).

<div align='center'>S-61</div>

“Relevant Regulator” means
the Bank of England acting as the Prudential Regulation Authority through its Prudential Regulation Committee or such other governmental
authority in the United Kingdom (or if LBG becomes domiciled in a jurisdiction other than the United Kingdom, in such other jurisdiction)
having primary supervisory authority with respect to LBG and/or the Group in such circumstances.

“U.K. CRR” means Regulation
(EU) No. 575/2013 on prudential requirements for credit institutions and investment firms of the European Parliament and of the Council
of 26 June 2013, as amended or supplemented, as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal)
Act 2018, as amended.

Agreement to Interest Cancellation

By acquiring the Additional Tier 1 Securities,
holders and beneficial owners of the Additional Tier 1 Securities acknowledge and agree that:

| (a) | interest is payable solely at the discretion of LBG, and no amount of interest shall become due and payable in respect of the relevant 
 interest period to the extent that it has been canceled by LBG at its sole discretion and/or deemed canceled in whole or in part; and  |

| (b) | a cancellation or deemed cancellation of interest (in each case, in whole or in part) in accordance with the terms of the Indenture 
 shall not constitute a default in payment or otherwise under the terms of the Additional Tier 1 Securities.                         |

Interest will only be due and payable on an Interest
Payment Date to the extent it is not canceled or deemed canceled in accordance with the provisions described under “—Interest Cancellation”, “—Solvency Condition”, “—Availability of Distributable Items”,
“—Conversion—Automatic