Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 91

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 91
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 or prior to the relevant Interest Payment Date. Failure to provide such notice will not have
any impact on the effectiveness of, or otherwise invalidate, any such cancellation or deemed cancellation of interest, or give holders
or beneficial owners of the Additional Tier 1 Securities any rights as a result of such failure.

Ranking and Liquidation Distribution

The Additional Tier 1 Securities will constitute
LBG’s direct, unsecured, unguaranteed and subordinated obligations, ranking equally without any preference among themselves. The
rights and claims of the holders and beneficial owners of the Additional Tier 1 Securities against LBG in respect of or arising from the
Additional Tier 1 Securities will be subordinated to the claims of Senior Creditors (as defined below).

Winding-up prior to a Trigger Event

If at any time prior to the date on which a Trigger
Event occurs:

(i) an order is made, or an effective
resolution is passed, for the winding-up of LBG (except in each such case, a solvent winding-up solely for the purposes of a reorganization,
reconstruction or amalgamation of LBG or the substitution in place of LBG of a successor in the business of LBG, the terms of which (i)
have previously been approved in writing by holders of the Additional Tier 1 Securities of not less than 2/3 (two thirds) in aggregate
principal amount of the Additional Tier 1 Securities and (ii) do not provide that the Additional Tier 1 Securities shall thereby become
redeemable or repayable in accordance with their terms); or

<div align='center'>S-64</div>

(ii) an
administrator of LBG is appointed and such administrator declares, or gives notice that it intends to declare and distribute a dividend

(each, a “Winding-up or Administration Event”),

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 the
Additional Tier 1 Security if, throughout such Winding-up or Administration Event, such holder of the Additional Tier 1 Security was the
holder of one of a class of preference shares in the capital of LBG (“Notional Preference Shares”) having an equal
right to a return of assets in the Winding-up or Administration Event to, and so ranking pari passuwith, the holders of the most
senior class or classes of issued preference shares in