Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 9

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 9
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 deposit since bank deposits are generally not transferable. Conversely, unlike certain bank deposits, (i) holders of the Additional
Tier 1 Securities have no ability to require repayment of their investment and (ii) the Additional Tier 1 Securities are not deposit liabilities
of LBG and are not covered by the United Kingdom Financial Services Compensation Scheme or insured by the U.S. Federal Deposit Insurance
Corporation or any other governmental agency of the United Kingdom, the United States or any other jurisdiction.

Interest Cancellation and Automatic Conversion

The interest rate following any Reset Date may
be less than the initial interest rate and/or the interest rate that applies immediately prior to such Reset Date. Moreover,
interest will be due and payable on an Interest Payment Date only to the extent it is not canceled or deemed to have been canceled in
accordance with the terms of the Additional Tier 1 Securities. We will have sole and absolute discretion at all times and for any reason
to cancel (in whole or in part) any interest payment that would otherwise be payable on any Interest Payment Date. The terms of the Additional
Tier 1 Securities also provide for circumstances under which we will be restricted from making an interest payment (in whole or in part)
on an Interest Payment Date, and the interest payable in respect of any such Interest Payment Date will be deemed to have been canceled
(in whole or in part).

The Additional Tier 1 Securities are perpetual
and have no fixed maturity or fixed redemption date. As a result, you may not receive any payments with respect to the Additional Tier
1 Securities as we are not required to pay the principal amount of the Additional Tier 1 Securities at any time prior to a Winding-up
or Administration Event (as defined below) and we will have the sole and absolute discretion at all times and for any reason to cancel
in whole or in part any interest payment.

By its purchase or acquisition of the Additional
Tier 1 Securities, each holder and beneficial owner acknowledges and agrees that (a) interest is payable solely at our discretion,
and no amount of interest shall become due and payable in respect of the relevant interest period to the extent that it has been canceled
by us at our sole discretion and/or deemed canceled in whole or in part; and (b) a cancellation or deemed cancellation of interest (in
each case, in whole or in part) in accordance with the terms of the Indenture (as defined herein) shall not constitute a default in payment
or otherwise under the terms of the