Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 90

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 90
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 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 Conversion” and “—Ranking and Liquidation Distribution”.
Any interest canceled or deemed canceled (in each case, in whole or in part) in the circumstances described above shall not be due and
shall not accumulate or be payable at any time thereafter, and holders and beneficial owners of the Additional Tier 1 Securities shall
have no rights thereto or to receive any additional interest or compensation as a result of such cancellation or deemed cancellation.
LBG may use such canceled interest without restriction.

Notice of Interest Cancellation

If practicable, LBG shall provide notice of any
cancellation or deemed cancellation of interest (in whole or in part) to the holders of the Additional Tier 1 Securities by delivery of
the relevant notice to Clearstream, Luxembourg and Euroclear for communication to their respective accountholders (or, if the Additional
Tier 1 Securities are held in definitive form, to the holders directly at their addresses shown on the register for the Additional Tier
1 Securities) and to the Trustee directly on