Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 48

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 48
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 holders and/or beneficial owners under the Additional Tier 1 Securities are subject to, and will be
varied, if necessary, solely to give effect to, the exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority. See
“—The Additional Tier 1 Securities may be subject to write-down, cancellation or conversion upon the occurrence of the exercise by the relevant U.K. resolution authority of the bail-in or capital instruments write-down and conversion powers, which powers are in addition to the terms of the Additional Tier 1 Securities which provide for Automatic Conversion on the occurrence of a Trigger Event.”.

For these purposes, a “U.K. Bail-in Power”
is any write-down, conversion, transfer, modification or suspension power existing from time to time under any laws, regulations, rules
or requirements relating to the resolution of banks, banking group companies, credit institutions and/or investment firms incorporated
in the United Kingdom in effect and applicable in the United Kingdom to us and the Group, including but not limited to any such laws,
regulations, rules or requirements which are implemented, adopted or enacted in the United Kingdom within the context of the U.K. resolution
regime under the Banking Act 2009, as the same has been or may be amended from time to time (whether pursuant to the U.K. Financial Services
(Banking Reform) Act 2013, secondary legislation or otherwise) (the “Banking Act”), pursuant to which obligations of
a bank, banking group company, credit institution or investment firm or any of its affiliates can be reduced, canceled, modified, transferred
and/or converted into shares or other securities or obligations of the obligor or any other person (or suspended for a temporary period)
or pursuant to which any right in a contract governing such obligations may be deemed to have been exercised. A reference to the “relevant U.K. resolution authority” is to any authority with the ability to exercise a U.K. Bail-in Power. For more information, see
“Description of the Additional Tier 1 Securities—Agreement with Respect to the Exercise of U.K. Bail-in Power”.

The Additional Tier 1 Securities may be subject
to write-down, cancellation or conversion upon the occurrence of the exercise by the relevant U.K. resolution authority of the bail-in
or capital instruments write-down and conversion powers, which powers are in addition to the terms of the Additional Tier 1 Securities
which provide for Automatic Conversion on the occurrence of a Trigger Event.

The powers to