Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 106

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 106
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 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.

“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 assets or total risk exposure amount, as calculated by LBG in
accordance with the Applicable Regulations applicable to the Group as at such date.

<div align='center'>S-72</div>

Following the occurrence of the Trigger Event,
LBG shall deliver notice thereof to the Trustee and the holders of the Additional Tier 1 Securities (the “Conversion Trigger Notice”) in accordance with “—Notice” below and within five (5) Business Days (or such shorter period
as the Relevant Regulator may require) after the date on which such determination is made. The date on which the Conversion Trigger Notice
shall be deemed to have been given shall be the date on which it is dispatched by LBG to Clearstream, Luxembourg and Euroclear (or if
the Additional Tier 1 Securities are held in definitive form, to the holders of the Additional Tier 1 Securities directly).

The determination as to whether a Trigger Event
has occurred shall be made by LBG, the Relevant Regulator or any agent appointed