Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 92

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 92
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 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 6.413% preference shares (ISIN USG5533WAA56/US539439AC38), the 6.657% preference
shares (ISIN US539439AE93/US539439AF68) and the 9.75% preference shares (ISIN GB00B3KSB238), each issued by LBG.

“Parity Securities” means (i)
the most senior ranking class or classes of preference shares in the capital of LBG from time to time and any other securities of LBG
ranking, or expressed to rank, pari passu with the Additional Tier 1 Securities and/or such preference shares following a Winding-up
or Administration Event occurring prior to a Trigger Event and/or (ii) any securities issued by any other member of the Group where the
terms of the securities benefit from a guarantee or support agreement entered into by LBG which ranks or is expressed