Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 93

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 93
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 to rank pari passu with the Additional Tier 1 Securities and/or such preference shares following a Winding-up or Administration Event occurring
prior to a Trigger Event, excluding (in the case of (i) and (ii)) any security the holders of which are Senior Creditors by virtue of
(b) of the definition of Senior Creditors.

“Senior Creditors” means: (a)
creditors of LBG (i) who are unsubordinated creditors, (ii) whose claims are, or are expressed to be, subordinated to the claims of unsubordinated
creditors of LBG but not further or otherwise, or (iii) whose claims are, or are expressed to be, junior to the claims of other creditors
of LBG (whether subordinated or unsubordinated, other than those whose claims rank, or are expressed to rank, pari passu with,
or junior to, the claims of holders or beneficial owners of the Additional Tier 1 Securities) in a Winding-up or Administration Event
occurring prior to a Trigger Event; and (b) if LBG determines that the Additional Tier 1 Securities would not be included in the Additional
Tier 1 Capital of the Group at the time of determination (including as a result of an election by LBG, in its sole discretion (but subject
to the permission of the Relevant Regulator to the extent then required under Applicable Regulations), to change the regulatory classification
of any of the securities referred to in (i) or (ii) below) unless the holders of some or all of the following securities were Senior Creditors
at that time: (i) the holders of all of the Existing Preference Shares (if any remain outstanding); and (ii) the holders of all securities
of LBG ranking or expressed to rank pari passu with any of the Existing Preference Shares in a winding-up or administration of
LBG occurring prior to a Trigger Event.

<div align='center'>S-65</div>

Winding-up following a Trigger Event

If a Winding-up or Administration Event occurs
at any time on or following the date on which a Trigger Event occurs but the Settlement Shares to be issued and delivered to the Settlement
Share Depository on the Conversion Date have not been so delivered, there shall be payable by LBG in respect of each Additional Tier 1
Security (in lieu of any other payment by LBG) such amount, if any, as would have been payable to the holder of such Additional Tier 1
Security