Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 134

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 134
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 Tier 1 Securities
having regard to the hierarchy of creditor claims (with the exception of excluded liabilities, as such term is described in the Banking
Act) and that the holders of the Additional Tier 1 Securities would be treated equally in respect of the exercise of the U.K. Bail-in
Power with the claims of holders of all other obligations of LBG which constitute Additional Tier 1 Capital of LBG that would rank pari passuwith the Additional Tier 1 Securities upon an insolvency of LBG.

No repayment of the principal amount of the Additional
Tier 1 Securities or payment of interest on the Additional Tier 1 Securities shall become due and payable after the exercise of any U.K.
Bail-in Power by the relevant U.K. resolution authority unless, at the time that such repayment or payment, respectively, is scheduled
to become due, such repayment or payment would be permitted to be made by us under the laws and regulations of the United Kingdom applicable
to us or other members of the Group.

See also “Risk Factors—Under the terms of the Additional Tier 1 Securities, you have agreed to be bound by the exercise of any U.K. Bail-in Power imposed by the relevant U.K. resolution authority.”

LBG’s obligations to indemnify the Trustee
in accordance with the Section 6.07 of the Base Indenture shall survive the exercise of the U.K. Bail-in Power by the relevant U.K.
resolution authority with respect to the Additional Tier 1 Securities.

Neither a reduction or cancellation, in part or
in full, of the principal amount of, or interest on, the Additional Tier 1 Securities or the conversion thereof into another security
or obligation of LBG or another person, as a result of the exercise of the U.K. Bail-in Power by the relevant U.K. resolution authority
with respect to LBG, nor the exercise of the U.K. Bail-in Power by the relevant U.K. resolution authority with respect to the Additional
Tier 1 Securities will be a default or an event of default for any purpose.

By purchasing or acquiring the Additional Tier
1 Securities, each holder and each beneficial owner of the Additional Tier 1 Securities: (i) acknowledges and agrees that the exercise
of the U.K. Bail-in Power by the relevant U.K. resolution authority in respect of the Additional Tier 1 Securities shall not give rise
to a default or an event of default for purposes of Section 315(b) (Notice of Default) and Section