Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 9

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 9
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1 Securities also provide for circumstances under which we will be restricted from making an interest payment (in whole or in part)
on an Interest Payment Date, and the interest payable in respect of any such Interest Payment Date will be deemed to have been canceled
(in whole or in part).

The Additional Tier 1 Securities are perpetual
and have no fixed maturity or fixed redemption date. As a result, you may not receive any payments with respect to the Additional Tier
1 Securities as we are not required to pay the principal amount of the Additional Tier 1 Securities at any time prior to a Winding-up
or Administration Event (as defined below) and we will have the sole and absolute discretion at all times and for any reason to cancel
in whole or in part any interest payment.

By its purchase or acquisition of the Additional
Tier 1 Securities, each holder and beneficial owner acknowledges and agrees that (a) interest is payable solely at our discretion,
and no amount of interest shall become due and payable in respect of the relevant interest period to the extent that it has been canceled
by us at our sole discretion and/or deemed canceled in whole or in part; and (b) a cancellation or deemed cancellation of interest (in
each case, in whole or in part) in accordance with the terms of the Indenture (as defined herein) shall not constitute a default in payment
or otherwise under the terms of the Additional Tier 1 Securities. Interest will only be due and payable on an Interest Payment Date to
the extent it is not canceled or deemed canceled in accordance with the provisions described herein. Any interest canceled or deemed canceled
(in each case, in whole or in part) in the circumstances described herein shall not be due and shall not accumulate or be payable at any
time thereafter, and holders and beneficial owners of the Additional Tier 1 Securities shall have no rights thereto or to receive any
additional interest or compensation as a result of such cancellation or deemed cancellation. LBG may use such canceled interest without
restriction.

<div align='center'>S-3</div>

If a Trigger Event occurs, then an Automatic
Conversion will occur on the Conversion Date, at which point all of our obligations under the Additional Tier 1 Securities shall be
irrevocably and automatically released in consideration of our issuance and delivery of the Settlement Shares to the Settlement
Share Depository (or other relevant recipient as described herein), and under no circumstances shall such released obligations be
reinstated. The Settlement Shares shall initially be registered in