Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 88

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 88
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1 Securities is not properly and duly made, in which event interest shall continue to accrue on the Additional Tier
1 Securities until payment and performance of all amounts and obligations has been properly and duly made (subject to LBG’s cancellation
of interest payments).

Furthermore, in the event of the Automatic Conversion
of the Additional Tier 1 Securities upon the occurrence of a Trigger Event, as described under “—Conversion—Automatic Conversion” below, or a Winding-up or Administration Event, any accrued but unpaid interest on the Additional Tier 1 Securities
up to (and including) the Conversion Date shall be canceled upon the occurrence of such Trigger Event, or Winding-up or Administration
Event (as defined under “—Ranking and Liquidation Distribution”), as the case may be, and shall not become due
and payable at any time.

See also “—Agreement to Interest Cancellation” and “—Notice of Interest Cancellation” below.

Payments Subject to Laws

Payments under the Additional Tier 1 Securities
will be 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