Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 95

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 95
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 that time: (i) the holders of all of the Existing Preference Shares (if any remain outstanding); and (ii) the holders of all securities
of LBG ranking or expressed to rank pari passu with any of the Existing Preference Shares in a winding-up or administration of
LBG occurring prior to a Trigger Event.

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

Winding-up following a Trigger Event

If a Winding-up or Administration Event occurs
at any time on or following the date on which a Trigger Event occurs but the Settlement Shares to 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 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).

General

As a consequence of these subordination provisions, if a Winding-up or Administration Event occurs, each holder of the Additional Tier 1 Securities may recover less ratably than the holders of our unsubordinated liabilities and the holders of certain of its subordinated liabilities. If upon any Winding-up or Administration Event the amount payable on the Additional Tier 1 Securities and any claims ranking equally with them are not paid in full, the Additional Tier 1 Securities and other claims ranking equally will share ratably in any distribution of LBG’s assets in proportion to the respective amounts to which they are entitled. If any holder is entitled to any recovery with respect to the Additional Tier 1 Securities, the holder might not be entitled in those proceedings to a recovery in U.S. dollars and might be entitled only to a recovery in pounds sterling or any other lawful currency of the United