Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 67

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 67
---
regulation to close in the City of New York or in the City of London.

“Capital Disqualification Event” shall
occur if at any time LBG determines that as a result of a change or pending change to the regulatory classification of the Subordinated
Notes which becomes effective on or after June 13, 2025 (the “Issue Date”) some or all of the aggregate outstanding principal
amount of the Subordinated Notes ceases or would be likely to cease to be included in, or count towards, the Tier 2 Capital of LBG and/or
the Group.

“Group” means LBG and its subsidiaries
and subsidiary undertakings from time to time.

“Relevant Regulator” means, in relation
to the Subordinated Notes, the BoE acting 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 with respect to prudential matters, as the case may be.

“Senior Creditors” means in respect
of LBG (i) creditors of LBG whose claims are admitted to proof in the winding-up or administration of LBG and who are unsubordinated creditors
of LBG and (ii) creditors of LBG whose claims are or are expressed to be subordinated to the claims of other creditors of LBG (other than
those whose claims constitute, or would, but for any applicable limitation on the amount of such capital, constitute Tier 1 Capital or
Tier 2 Capital of LBG, or whose claims rank or are expressed to rank pari passu with, or junior to, the claims of holders of the
Subordinated Notes).

“Subordinated Notes Reset Determination
Date” means the second business day immediately preceding the Subordinated Notes Reset Date.

“Tier 1 Capital” has the meaning given
to it by the Relevant Regulator from time to time.

“Tier 2 Capital” has the meaning given
to it by the Relevant Regulator from time to time.

Determination of the Subordinated Notes U.S. Treasury Rate

The Subordinated Notes U.S. Treasury Rate shall
be determined by The Bank of New York Mellon, London Branch as calculation agent (the “Calculation Agent”).

The “Subordinated Notes U.S. Treasury Rate”
means the rate per annum equal to: (1) the arithmetic average of the