Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 87

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 87
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 each case as a percentage of its principal amount, at 11:00 a.m. (New York City time), on the
Reset Determination Date for such Reset Date.

Interest Cancellation

Subject to the solvency condition described under
“—Solvency Condition” below, the availability of Distributable Items (as defined under “—Availability of Distributable Items” below), Automatic Conversion as described under “—Conversion—Automatic Conversion”
and a Winding-up or Administration Event as described under “—Ranking and Liquidation Distribution”, 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. If LBG elects not to make an interest payment on the relevant Interest Payment Date, or if LBG elects to make a payment of a portion,
but not all, of such interest payment, such non-payment shall evidence LBG’s exercise of its discretion to cancel such interest
payment, or the portion of such interest payment not paid, and accordingly such interest payment, or the portion thereof not paid, shall
not be or become due and payable.

Such canceled interest shall not accumulate or
be due and payable at any time thereafter and holders and beneficial owners of the Additional Tier 1 Securities shall not have any right
to or claim against LBG with respect to such interest amount.

<div align='center'>S-59</div>

Any such cancellation shall not constitute a default
and holders and beneficial owners of the Additional Tier 1 Securities shall have no rights thereto or to receive any additional interest
or compensation as a result of such cancellation.

Because the Additional Tier 1 Securities are intended
to qualify as Additional Tier 1 Capital under the U.K. CRR, LBG may cancel, in whole or in part, any interest payment at its discretion
and may pay dividends on its ordinary or preference shares notwithstanding such cancellation. In addition, LBG may use such canceled payments
without restriction to meet its other obligations as they become due.

In addition, the Additional Tier 1 Securities
will cease to bear interest from, and including, the date of any redemption of the Additional Tier 1 Securities as described under “—Redemption, Purchase, Variation and Substitution” unless payment and performance of all amounts and obligations due by LBG in respect of
the Additional Tier