Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 101

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 101
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 stating that the terms of the relevant Compliant Securities comply with the
definition thereof. The Trustee shall be entitled to accept such officer’s certificate without any further inquiry, in which event
such officer’s certificate shall be conclusive and binding on the Trustee and the holders and beneficial owners of the Additional
Tier 1 Securities.

<div align='center'>S-69</div>

“Compliant Securities” means
securities issued directly by LBG that:

(a) have terms not materially less favorable to
an investor than the terms of the Additional Tier 1 Securities (as reasonably determined by LBG in consultation with an investment bank
or financial adviser of international standing (which in either case is independent of LBG)) and provided that LBG has delivered an officer’s
certificate to such effect (including as to such consultation) to the Trustee (upon which the Trustee shall be entitled to rely without
further enquiry and without liability to any person) prior to the issue or variation of the relevant securities;

(b) subject to (a) above (1) contain terms which
comply with the then current requirements of the Relevant Regulator in relation to Additional Tier 1 Capital; (2) provide for the same
interest rate and Interest Payment Dates from time to time applying to the Additional Tier 1 Securities; (3) rank pari passu with
the ranking of the Additional Tier 1 Securities; (4) preserve any existing rights under the Indenture to any accrued interest or other
amounts which have not been either paid or canceled (but without prejudice to the right of LBG to cancel the same under the terms of the
Compliant Securities, if applicable); (5) preserve the obligations (including the obligations arising from the exercise of any right)
of LBG as to payments of principal in respect of the Additional Tier 1 Securities, including (without limitation) as to the timing and
amount of such payments; and (6) contain terms providing for the conversion of the Additional Tier 1 Securities, the cancellation of payments
of interest thereon or write-down of the principal of the Additional Tier 1 Securities only if such terms are not materially less favorable
to an investor than the terms of the Additional Tier 1 Securities;

(c) are (1) listed on the Global Exchange Market
of Euronext Dublin or (2) listed on such other stock exchange as is a Recognized Stock Exchange at that time as selected by LBG;

(d) where the Additional Tier 1