Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 68

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 68
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 guidelines and policies relating to
capital adequacy adopted by the Relevant Regulator, from time to time (whether or not such requirements, guidelines or policies are applied
generally or specifically to LBG or the Group (as defined below)).

A “business day” means any day, other
than Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or
regulation to close in the City of New York or in the City of London.

“Capital Disqualification Event” shall
occur if at any time LBG determines that as a result of a change or pending change to the regulatory classification of the Subordinated
Notes which becomes effective on or after June , 2025 (the “Issue Date”) some or all of
the aggregate outstanding principal amount of the Subordinated Notes ceases or would be likely to cease to be included in, or count towards,
the Tier 2 Capital of LBG and/or the Group.

“Group” means LBG and its subsidiaries
and subsidiary undertakings from time to time.

“Relevant Regulator” means, in relation
to the Subordinated Notes, the BoE acting through its Prudential Regulation Committee or such other governmental authority in the United
Kingdom (or if LBG becomes domiciled in a jurisdiction other than the United Kingdom, in such other jurisdiction) having primary supervisory
authority with respect to LBG and/or the Group with respect to prudential matters, as the case may be.

“Senior Creditors” means in respect
of LBG (i) creditors of LBG whose claims are admitted to proof in the winding-up or administration of LBG and who are unsubordinated creditors
of LBG and (ii) creditors of LBG whose claims are or are expressed to be subordinated to the claims of other creditors of LBG (other than
those whose claims constitute, or would, but for any applicable limitation on the amount of such capital, constitute Tier 1 Capital or
Tier 2 Capital of LBG, or whose claims rank or are expressed to rank pari passu with, or junior to, the claims of holders of the
Subordinated Notes).

“Subordinated Notes Reset Determination
Date” means the second business day immediately preceding the Subordinated Notes Reset Date.

“Tier 1 Capital” has the meaning given
to it by the Relevant Regulator from time to time.

“Tier 2 Capital” has the meaning given
to it by