Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 105

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 105
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 the Automatic Conversion of the Additional Tier 1 Securities
upon the occurrence of a Trigger Event, any accrued but unpaid interest on the Additional Tier 1 Securities up to (and including) the
Conversion Date shall be canceled upon the occurrence of such Trigger Event and shall not become due and payable at any time.

The Additional Tier 1 Securities are not convertible
at the option of the holders at any time. Automatic Conversion shall not constitute a default under the Additional Tier 1 Securities.

If LBG has been unable to appoint a Settlement
Share Depository, it shall make such other arrangements for the issuance and delivery of the Settlement Shares or of the Alternative Consideration,
as applicable, to the holders and beneficial owners of the Additional Tier 1 Securities as it shall consider reasonable in the circumstances,
which may include issuing and delivering the Settlement Shares to another independent nominee or to the holders and beneficial owners
of the Additional Tier 1 Securities directly, which issuance and delivery shall be in consideration for the irrevocable and automatic
release of all of LBG’s obligations under the Additional Tier 1 Securities as if the Settlement Shares had been issued and delivered
to the Settlement Share Depository, and, in which case, where the context so admits, references in the Additional Tier 1 Securities and
the Indenture to the issue and delivery of Settlement Shares to the Settlement Share Depository shall be construed accordingly and apply
mutatis mutandis.

The “Conversion Date” shall
be the date specified in the Conversion Trigger Notice and shall occur without delay upon the occurrence 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