Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 107

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 107
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 of a Trigger Event (and shall
be no later than one month following the occurrence of the relevant Trigger Event, or such shorter period as the Relevant Regulator may
require).

A “Trigger Event” shall occur
on any date if the CET1 Ratio is less than 7.00% on such date, as determined by LBG, the Relevant Regulator or any agent appointed for
such purpose by the Relevant Regulator.

“CET1 Ratio” means, at any
date, the ratio of the Group’s CET1 Capital as of such date to Risk Weighted Assets as of the same such date, expressed as a percentage
and on the basis that all measures used in such calculation shall be calculated on a fully loaded basis.

“CET1 Capital” means, at any
date, the sum, expressed in pounds sterling, of all amounts that constitute Common Equity Tier 1 Capital of the Group as at such date,
less any deductions from Common Equity Tier 1 Capital of the Group required to be made as at such date, in each case as calculated by
LBG on a consolidated and fully loaded basis in accordance with the Applicable Regulations applicable to the Group as at such date (which
calculation shall be binding on the Trustee and holders and beneficial owners of the Additional Tier 1 Securities).

“Common Equity Tier 1 Capital”
shall have the meaning ascribed to such term in U.K. CRR (as the same may be amended or replaced from time to time) as interpreted and
applied in accordance with the Applicable Regulations then applicable to the Group.

“fully loaded” means, in relation
to a measure that is presented or described as being on a “fully loaded basis”, that such measure is calculated without applying
the transitional provisions set out in Part Ten of U.K. CRR (as may be amended from time to time) in accordance with the Applicable Regulations
as at the time such measure is determined.

<div align='center'>S-70</div>

“Risk Weighted Assets” means,
at any date, the aggregate amount, expressed in pounds sterling, of the risk weighted assets of the Group as at such date, as calculated
by LBG on a consolidated and fully loaded basis in accordance with the Applicable Regulations applicable to the Group on such date (which
calculation shall be binding on the Trustee and the holders and beneficial owners of the Additional Tier 1 Securities) and where the term
“risk weighted assets” means the risk weighted