Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 44

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 44
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 of the Additional Tier 1 Securities into Settlement Shares.

LBG’s obligations under the Additional Tier
1 Securities will be unsecured, unguaranteed and subordinated and will rank junior in priority of payment to the current and future claims
of all of its senior and certain of its subordinated creditors. If a Winding-up or Administration Event (as defined under “Description of the Additional Tier 1 Securities—Ranking and Liquidation Distribution”) occurs prior to the date on which a Trigger
Event occurs, LBG will pay each holder of an Additional Tier 1 Security an amount that would have been payable if, throughout the Winding-up
or Administration Event, such holder of an Additional Tier 1 Security had been the holder of a class of LBG’s 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 LBG’s 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 (as defined under “Description of the Additional Tier 1 Securities—Ranking and Liquidation Distribution”).

If a Winding-up or Administration Event occurs
at any time on or following the date on which a Trigger Event occurs but the Settlement Shares to be issued and delivered to the Settlement
Share Depository on the Conversion Date have not been so delivered, LBG shall pay such amount, if any, as would have been payable to
a holder of an Additional Tier 1 Security in a Winding-up or Administration Event if the Conversion Date had occurred immediately before
the occurrence of a Winding-up or Administration Event and, accordingly, as if such holder were, throughout such Winding-up or Administration
Event, the holder of such number of Ordinary Shares as it would have been entitled to receive upon Automatic Conversion, regardless of
whether the Solvency Condition had been satisfied on such date and ignoring for this purpose LBG