Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 92

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 92
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 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 through DTC (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 or prior to the relevant Interest Payment Date. Failure to provide such
notice will not have any impact on the effectiveness of, or otherwise invalidate, any such cancellation or deemed cancellation of interest,
or give holders or beneficial owners of the Additional Tier 1 Securities any rights as a result of such failure.

Ranking and Liquidation Distribution

The Additional Tier 1 Securities will constitute
LBG’s direct, unsecured, unguaranteed and subordinated obligations, ranking equally without any preference among themselves. The
rights and claims of the holders and beneficial owners of the Additional Tier 1 Securities against LBG in respect of or arising from the
Additional Tier 1 Securities will be subordinated to the claims of Senior Creditors (as defined below).

Winding-up prior to a Trigger Event

If at any time prior to the date on which a Trigger
Event occurs:

(i) an order is made, or an effective resolution is passed, for the winding-up of LBG (except in each such case, a solvent winding-up solely
for the purposes of a reorganization, reconstruction or amalgamation of LBG or the substitution in place of LBG of a successor in the
business of LBG, the terms of which (i) have previously been approved in writing by holders of the Additional Tier 1 Securities of not
less than 2/3 (two thirds) in aggregate principal amount of the Additional Tier 1 Securities and (ii) do not provide that the Additional
Tier 1 Securities shall thereby become redeemable or repayable in accordance with their terms); or

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