Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 151

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 151
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“Independent Adviser” means
an independent financial institution of international repute or an independent adviser of recognized standing and expertise appointed
by LBG at its own expense.

“Junior Securities” means (i)
any Ordinary Share or other securities of LBG ranking, or expressed to rank, junior to the Additional Tier 1 Securities in a Winding-up
or Administration Event occurring prior to a Trigger Event and/or (ii) any securities issued by any other member of the Group where the
terms of such securities benefit from a guarantee or support agreement entered into by LBG which ranks, or is expressed to rank, junior
to the Additional Tier 1 Securities in a Winding-up or Administration Event occurring prior to a Trigger Event.

“Newco Scheme” means a scheme
of arrangement or analogous proceeding (“Scheme of Arrangement”) which effects the interposition of a limited liability
company (“Newco”) between the shareholders of LBG immediately prior to the Scheme of Arrangement (the “Existing Shareholders”) and LBG; provided that (i) only ordinary shares or units or equivalent of Newco or depositary or other receipts
or certificates representing ordinary shares or units or equivalent of Newco are issued to Existing Shareholders; (ii) immediately after
completion of the Scheme of Arrangement the only holders of ordinary shares, units or equivalent of Newco or, as the case may be, the
only holders of depositary or other receipts or certificates representing ordinary shares or units or equivalent of Newco, are Existing
Shareholders holding in the same proportions as immediately prior to completion of the Scheme of Arrangement (disregarding de minimis
holdings by initial subscribers, if applicable); (iii) immediately after completion of the Scheme of Arrangement, Newco is (or one or
more wholly-owned Subsidiaries of Newco are) the only shareholder of LBG; (iv) all Subsidiaries of LBG immediately prior to the Scheme
of Arrangement (other than Newco, if Newco is then a Subsidiary of LBG) are Subsidiaries of LBG (or of Newco) immediately after completion
of the Scheme of Arrangement; and (v) immediately after completion of the Scheme of Arrangement LBG (or Newco) holds, directly or indirectly,
the same percentage of the ordinary share capital and equity share capital of those Subsidiaries as was held by LBG immediately prior
to the Scheme of Arrangement.

“Re