Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 84

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 84
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 6.625% per annum. The First Reset Date and every fifth anniversary thereafter shall be a
“Reset Date”. From and including each Reset Date to but excluding the next succeeding Reset Date (each such period,
a “Reset Period”) the interest will accrue on the Additional Tier 1 Securities at a rate per annum calculated by the
Calculation Agent on the relevant Reset Determination Date as being equal to the sum of the applicable U.S. Treasury Rate (such term subject
to the provisions described under “—Determination of Subsequent Interest Rate”) and 2.681%, such sum being converted
to a quarterly rate in accordance with market convention (rounded to three decimal places, with 0.0005 rounded down) (each a “Reset Rate of Interest”). Subject to the provisions under “—Interest Cancellation”, “—Conversion—Automatic Conversion” and “—Ranking and Liquidation Distribution”, interest, if any, will be payable quarterly
in arrear on March 27, June 27, September 27 and December 27 of each year, commencing on March 27, 2026 (with a long first interest period)
(each, an “Interest Payment Date”). The regular record dates for the Additional Tier 1 Securities will be the fifteenth
calendar day preceding each Interest Payment Date, whether or not such day is a Business Day (the “Record Date”).

All calculations of the Calculation Agent, in
the absence of manifest error, will be conclusive for all purposes and binding on LBG, the Calculation Agent, the Trustee, the Paying
Agent and on the holders of the Additional Tier 1 Securities.

Except as otherwise specified, all percentages
resulting from any of the above calculations will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point,
with five one-millionths of a percentage point rounded upwards (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)).

All U.S. dollar amounts used in or resulting from
such calculations will be rounded to the nearest cent (with half a cent being rounded upwards).

Notwithstanding the foregoing, if any Reset Rate
of Interest determined for a Reset Period in accordance with the foregoing provisions would otherwise be lower than 0% per annum, the
Reset Rate of Interest for such Reset Period will be 0% per annum.

If any scheduled Interest Payment Date is not
a Business