Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 102

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 102
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 payments of interest and principal,
on any particular series of capital securities on the dates and, in the case of payments of interest, at the rate or rates, that we set
out in, or that are determined by the method of calculation described in, the relevant prospectus supplement. The relevant prospectus
supplement may provide that we are not obligated to make payments of principal or interest on any scheduled payment date, that interest
payments may or must be cancelled or deemed cancelled, in whole or in part, and that any such cancellation or deemed cancellation will
not create a default or an event of default under the capital securities indenture.

Subordination

Each capital security will constitute our direct,
unsecured and subordinated obligations, ranking equally without any preference among capital securities of the same series. The rights
and claims of the holders of any series of capital securities will be subordinated as described in the relevant prospectus supplement
with respect to such series. The relevant prospectus supplement will set forth the nature of the subordinated ranking of each series of
capital securities relative to the debt and equity issued by us, including to what extent the capital securities may rank junior in right
of payment to our other obligations or in any other manner.

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Additional Amounts

Unless the relevant prospectus supplement provides
otherwise, amounts on any series of capital securities will be paid by us without withholding or deduction for or on account of any present
or future tax, duty, assessment or governmental charge of whatsoever nature imposed, levied, collected, withheld or assessed by or on
behalf of the U.K. taxing jurisdiction, unless such withholding or deduction is required by law. If at any time a U.K. taxing jurisdiction
requires us to make such deduction or withholding of any such tax, duty, assessment or governmental charge, unless the relevant prospectus
supplement provides otherwise, we will pay such additional amounts in respect of payments of interest, if any, on any series of capital
securities (“Additional Amounts”) as may be necessary in order that the net amounts paid to the holders of the capital securities,
after such deduction or withholding, shall equal the respective amounts of interest, if any, which would have been payable in respect
of such capital securities had no such deduction or withholding been required. However, no such Additional Amounts will be payable with
respect to any capital security:

| · | held by or on behalf of any holder who is liable to such tax, duty, assessment or