Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 61

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 61
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 Securities will have a deeply subordinated claim for an amount equal to
the principal amount of the Additional Tier 1 Securities plus any accrued interest that has not otherwise been canceled. There is no right
of acceleration in the case of non-payment of principal or interest on the Additional Tier 1 Securities or of LBG’s failure to perform
any of its obligations under or in respect of the Additional Tier 1 Securities.

<div align='center'>S-45</div>

The sole remedy in the event of any non-payment
of principal if any when due under the Additional Tier 1 Securities subject to certain conditions as described under “Description of the Additional Tier 1 Securities—Enforcement Events and Remedies” is that the Trustee, on behalf of the holders of
the Additional Tier 1 Securities may, at its discretion, or shall at the direction of the holders of 25% of the aggregate principal amount
of the outstanding Additional Tier 1 Securities, subject to applicable laws, institute proceedings for the winding-up of LBG. In the event
of a Winding-up or Administration Event, whether or not instituted by the Trustee, the Trustee may prove any obligations of LBG arising
under the Additional Tier 1 Securities in any such Winding-up or Administration Event.

Prior to the occurrence of any Winding-up or Administration
Event, the Additional Tier 1 Securities will remain subject to Automatic Conversion upon a Trigger Event and the exercise of any U.K.
Bail-in Power will not constitute an Enforcement Event or a Winding-up or Administration Event under the Indenture or default for any
purposes. LBG is entitled to cancel any interest payment as described under “Description of the Additional Tier 1 Securities—Payments—Interest Cancellation” and such cancellation or deemed cancellation (in each case, in whole or in part) will not constitute an Enforcement Event. If Settlement Shares are not issued and delivered to the Settlement Share Depository following a Trigger Event, the only claim holders will have will be a claim for
specific performance to have such Settlement Shares issued, or claims to participate in the liquidation proceeds of LBG.

The remedies under the Additional Tier 1 Securities
are more limited than those typically available to LBG’s unsubordinated creditors. For further detail regarding the limited remedies
of the Trustee and the holders of the Additional Tier 1 Securities, see “Description of the Additional Tier 1 Securities—Enforcement Events and Remedies”.

The Resolvability Assessment Framework could
impact market perceptions