Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 87

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 87
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 subject in all cases to any applicable fiscal or other laws and regulations in the place of payment or other laws and regulations
to which LBG or its Paying Agents agree to be subject and LBG will not, save as provided under “—Additional Amounts”,
be liable for any taxes or duties of whatever nature imposed or levied by such laws, regulations or agreements. No commission or expenses
shall be charged to the holders of the Additional Tier 1 Securities in respect of such payments.

Solvency Condition

Other than in a Winding-up or Administration Event
(as defined below) or in relation to the cash component of any Alternative Consideration in any Settlement Shares Offer, payments in respect
of or arising under the Additional Tier 1 Securities (including any damages for breach of any obligations thereunder) are, in addition
to the right of LBG to cancel payments of interest as described under “—Interest Cancellation”, conditional upon
LBG being solvent at the time when the relevant payment is due to be made and no principal, interest or other amount payable shall be
due and payable in respect of or arising from the Additional Tier 1 Securities except to the extent that LBG could make such payment and
still be solvent immediately thereafter (such condition is referred to herein as the “Solvency Condition”).

For these purposes, LBG shall be considered to
be solvent at a particular point in time if:

(i) it is able to pay its debts owed to its Senior
Creditors (as defined under “—Ranking and Liquidation Distribution” below) as they fall due; and

(ii) its Assets are at least equal to its Liabilities.

“Assets” means the unconsolidated
gross assets of LBG, as shown in the latest published audited balance sheet of LBG, adjusted for subsequent events in such manner as the
directors of LBG may determine.

“Liabilities” means the unconsolidated
gross liabilities of LBG, as shown in the latest published audited balance sheet of LBG, adjusted for contingent liabilities and prospective
liabilities and for subsequent events in such manner as the directors of LBG may determine.

<div align='center'>S-62</div>

An officer’s certificate as to LBG’s
solvency shall, unless there is manifest error, be treated and accepted by us, the Trustee and any holder or beneficial owner of the Additional
Tier 1 Securities as correct and sufficient evidence that the Solvency Condition is or is