Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 93

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 93
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'>S-62</div>

(ii) an
administrator of LBG is appointed and such administrator declares, or gives notice that it intends to declare and distribute a dividend

(each, a “Winding-up or Administration Event”),

there shall be payable by LBG in respect of each
Additional Tier 1 Security (in lieu of any other payment by LBG) such amount, if any, as would have been payable to the holder of the
Additional Tier 1 Security if, throughout such Winding-up or Administration Event, such holder of the Additional Tier 1 Security was the
holder of one of a class of preference shares in the capital of LBG (“Notional Preference Shares”) having an equal
right to a return of assets in the Winding-up or Administration Event to, and so ranking pari passuwith, the holders of the most
senior class or classes of issued preference shares in the capital of LBG from time to time (if any) (excluding any such holders that
are Senior Creditors by virtue of (b) of the definition of Senior Creditors) and which have a preferential right to a return of assets
in the Winding-up or Administration Event over, and ranking ahead of, the holders of all other classes of issued shares for the time being
in the capital of LBG (excluding any such holders that are Senior Creditors by virtue of (b) of the definition of Senior Creditors) but
ranking junior to the claims of Senior Creditors and on the assumption that the amount that such holder was entitled to receive in respect
of each Notional Preference Share is an amount equal to the principal amount of the relevant Additional Tier 1 Security together with,
to the extent not otherwise included within the foregoing, any other amounts attributable to such Additional Tier 1 Security, including
any Accrued Interest thereon and any damages awarded for breach of any obligations in respect thereof, regardless of whether the Solvency
Condition is satisfied on the date upon which the same would otherwise be due and payable (and, in the case of an administration, on the
assumption that such shareholders were entitled to claim and recover in respect of their shares to the same degree as in a winding up
or liquidation).

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

“Existing Preference Shares”
means the 9.25% preference shares (ISIN GB00B3KS9W93), the 6