Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 19

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 19
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 be issued and delivered to the Settlement Share              
 Depository on the Conversion Date have not been so delivered, there shall be payable by LBG in respect of each Additional Tier 1 Security          
 (in lieu of any other payment by LBG) such amount, if any, as would have been payable to the holder of such Additional Tier 1 Security             
 in a Winding-up or Administration Event if the Conversion Date in respect of the Automatic Conversion had occurred immediately before              
 the occurrence of a Winding-up or Administration Event and, accordingly, as if such holder were, throughout such Winding-up or Administration      
 Event, the holder of such number of LBG’s ordinary shares (“Ordinary Shares”) as it would have been entitled                                       
 to receive upon Automatic Conversion (ignoring for this purpose LBG’s right to make an election for a Settlement Shares Offer to                   
 be effected), regardless of whether the Solvency Condition is satisfied on such date (and, in the case of an administration, on the assumption     
 that shareholders were entitled to claim and recover in respect of their shares to the same degree as in a winding up or liquidation).             |

<div align='center'>S-14</div>

| The “Conversion Date” shall be the date specified in the Conversion Trigger Notice (as defined below) and shall occur without delay upon the occurrence of a Trigger Event. |

| Waiver of Set-Off    | Subject to applicable law, no holder or beneficial owner of the Additional Tier 1 Securities may exercise, claim or plead any right of set-off, compensation, counterclaim, netting or retention in respect of any amount owed to it by LBG arising under, or in respect of, or in connection with, the Additional Tier 1 Securities and each holder and each beneficial owner of the Additional Tier 1 Securities shall, by virtue of its holding of any Additional Tier 1 Securities, be deemed to have waived all such rights of set-off, compensation, counterclaim, netting or retention.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Optional Redemption  | The Additional Tier 1 Securities will, subject to the satisfaction of the conditions described under “—Conditions to Redemption, Purchase, Substitution or Variation” below, be redeemable in whole, but not in part, at the option of LBG on the First Reset Date or on any Reset Date thereafter at 100% of their principal amount, together with any accrued and unpaid interest on the Additional Tier 1 Securities, excluding any interest which has been canceled or deemed to be