Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 89

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 89
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“Distributable Items” shall
have the meaning assigned 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 LBG, but amended so that any reference therein to “before distributions
to holders of own funds instruments” shall be read as a reference to “before distributions by LBG to holders of Parity Securities,
the Additional Tier 1 Securities or any Junior Securities”.

Under U.K. CRR, as at the date hereof, “distributable items” means the amount of the profits at the end of the last financial year plus any profits brought forward and reserves available for that purpose, before distributions to holders of own funds instruments, less any losses brought forward, any profits which are non-distributable pursuant to the law of the United Kingdom, or any part of it, or of a third country or the institution’s by-laws and any sums placed in non-distributable reserves in accordance with the law of the United Kingdom, or any part of it, or of a third country or the statutes of the institution, in each case with respect to the specific category of own funds instruments to which the law of the United Kingdom, or any part of it, or of a third country, institution’s by-laws, or statutes relate; such profits, losses and reserves being determined on the basis of the individual accounts of the institution (LBG) and not on the basis of its consolidated accounts.

“Applicable Regulations” means,
at any time, the laws, regulations, requirements, guidelines and policies relating to capital adequacy and prudential supervision (including,
without limitation, as to leverage) then in effect in the United Kingdom including, without limitation to the generality of the foregoing
(and for so long as the same are applicable in the United Kingdom), any regulations, requirements, guidelines and policies relating to
capital adequacy adopted by the Relevant Regulator, from time to time (whether or not such requirements, guidelines or policies are applied
generally or specifically to LBG or to LBG and its subsidiaries).

<div align='center'>S-63</div>

“Relevant Regulator” means
the Bank of England acting as the Prudential Regulation Authority through its Prudential Regulation Committee or such other governmental
authority in the United Kingdom (or if LBG becomes domiciled in a jurisdiction other than the United Kingdom, in such other jurisdiction)
having primary