Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 32

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 32
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 made in full to all senior or more senior subordinated creditors.

Interest payments on the Additional Tier 1 Securities
are discretionary and LBG may cancel interest payments, in whole or in part, at any time. Canceled interest shall not be due and shall
not accumulate or be payable at any time thereafter and investors shall have no rights thereto.

Subject to the Solvency Condition described under
“Description of the Additional Tier 1 Securities—Payments—Solvency Condition”, the availability of Distributable
Items as described under “Description of the Additional Tier 1 Securities—Payments—Availability of Distributable Items”, any applicable maximum distributable amount restriction as described under “—Interest payments on the Additional Tier 1 Securities shall not be made, in whole or in part, to the extent maximum distributable amounts restrictions apply”
and any direction by the PRA requiring LBG to reduce or cancel interest payments on the Additional Tier 1 Securities as described under
“—LBG may be restricted in making interest payments on the Additional Tier 1 Securities by the regulators in certain circumstances”
below, interest on the Additional Tier 1 Securities will be due and payable only at the sole discretion of LBG and LBG shall have absolute
discretion at all times and for any reason to cancel any interest payment in whole or in part that would otherwise be payable on any
Interest Payment Date. Interest will only be due and payable on an Interest Payment Date to the extent it is not canceled in accordance
with the terms of the Additional Tier 1 Securities. If LBG cancels any scheduled interest payment, such interest payment shall not be
or become due and payable at any time thereafter and in no event will holders of the Additional Tier 1 Securities have any right to or
claim against LBG with respect to such interest amount or be able to accelerate the principal of the Additional Tier 1 Securities as
a result of such interest cancellation. Furthermore, no cancellation of interest in accordance with the terms of the Indenture shall
constitute a default in payment or otherwise under the terms of the Additional Tier 1 Securities. There can, therefore, be no assurances
that a holder will receive interest payments in respect of the Additional Tier 1 Securities.

<div align='center'>S-31</div>

For further information on LBG’s dividend
policy, see our Annual Report on Form 20-F for the year ended December 31, 2024, Item 8.A “Consolidated statements and other financial information—