Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 35

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 35
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 making any distribution or equivalent payments in connection with any Parity Securities
or Junior Securities, including any dividend payments on the Ordinary Shares or preference shares. LBG may therefore cancel (in whole
or in part) any interest payment on the Additional Tier 1 Securities at its discretion and may pay dividends on its ordinary or preference
shares or on other additional tier 1 securities notwithstanding such cancellation. In addition, LBG may without restriction use funds
that could have been applied to make such canceled payments to meet its other obligations as they become due.

In addition to LBG’s right to cancel,
in whole or in part, interest payments at any time, the terms of the Additional Tier 1 Securities also restrict LBG from making interest
payments on the Additional Tier 1 Securities if LBG has insufficient Distributable Items (based on its individual accounts and not on
its consolidated accounts), in which case such interest shall be deemed to have been canceled. LBG will also be required to cancel interest
payments if any payment cannot be made in compliance with the Solvency Condition, or if payment would result in any “maximum distributable
amount” then applicable to the Group to be exceeded.

Subject to the extent permitted in the following
paragraphs in respect of partial interest payments, LBG shall not make an interest payment on the Additional Tier 1 Securities on any
Interest Payment Date (and such interest payment shall therefore be deemed to have been canceled and thus shall not be due and payable
on such Interest Payment Date) (a) to the extent that an amount of Distributable Items on any scheduled Interest Payment Date is less
than the sum of (i) all payments (other than redemption payments) made or declared by LBG since the end of LBG’s last financial
year and prior to such Interest Payment Date on or in respect of any Parity Securities, the Additional Tier 1 Securities, and any Junior
Securities (as defined below) and (ii) all payments (other than redemption payments) payable by LBG on such Interest Payment Date (x)
on the Additional Tier 1 Securities and (y) on or in respect of any Parity Securities or any Junior Securities, in the case of each of
(i) and (ii), excluding any payments already accounted for (by way of deduction) in determining the Distributable Items, or (b) if the
Solvency Condition is not satisfied in respect of such interest payment.

<div align='center'>S-31</div>

In addition,