Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 122

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 122
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 between us and The Bank of New York Mellon, acting through its London Branch, as trustee. The indenture does not limit our ability to incur additional indebtedness, including the issuance of further capital securities. You should also read the indenture and any related supplemental indenture establishing such capital securities, which we have filed with the SEC as exhibits to the registration statement of which this prospectus is a part.

General

Capital securities mean our subordinated convertible
debt securities mandatorily convertible into our ordinary shares on the occurrence of certain events. The capital securities are not deposits
and are not insured or guaranteed by the U.S. Federal Deposit Insurance Corporation or any other government agency of the U.S. or the
U.K.

We may issue capital securities in one or more
series. The relevant prospectus supplement for any particular series of capital securities will describe the terms of the offered capital
securities, including some or all of the following terms:

| · | the specific designation, authorized denomination and aggregate principal amount of the capital securities; |

| · | whether the capital securities are intended to qualify for regulatory capital treatment as additional tier 1 capital or otherwise; |

| · | whether such capital securities will be dated capital securities with a specified maturity date or undated capital securities with 
 no specified maturity date;                                                                                                        |

| · | the annual interest rate or rates, or how to calculate the interest rate or rates; |

| · | the date or dates from which interest, if any, will accrue or the method, if any, by which such date or dates will be determined; |

| · | whether the payment of interest can or must be deferred or cancelled in certain circumstances or at our option, whether the payment 
 of principal can be deferred and the subordination terms;                                                                           |

| · | the price or prices at which they will be issued; |

| · | whether and how the capital securities may or must be converted into our ordinary shares or any other type of securities, or their 
 cash value, or a combination of these, including upon the occurrence of certain events that may give rise to such conversion;      |

| · | whether payments are subject to certain conditions that relate to our financial condition, including our capital ratios; |

| · | the times and places for payment of the principal of and any premium, if any, and/or interest, if any, on the capital securities; |

| · | the terms and conditions of any mandatory or optional redemption, including the amount of any premium; |

|