Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 133

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 133
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 by suspending payment for a temporary period; any U.K. Bail-in
Power may be exercised by means of variation of the terms of the Additional Tier 1 Securities solely to give effect to the exercise by
the relevant U.K. resolution authority of such U.K. Bail-in Power. With respect to (i), (ii) and (iii) above, references to principal
and interest shall include payments of principal and interest that have become due and payable, but which have not been paid, prior to
the exercise of any U.K. Bail-in Power. Each holder and each beneficial owner of the Additional Tier 1 Securities further acknowledges
and agrees that the rights of the holders and/or beneficial owners under the Additional Tier 1 Securities are subject to, and will be
varied, if necessary, solely to give effect to, the exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority.

<div align='center'>S-84</div>

For these purposes, a “U.K. Bail-in Power”
is any write-down, conversion, transfer, modification or suspension power existing from time to time under any laws, regulations, rules
or requirements relating to the resolution of banks, banking group companies, credit institutions and/or investment firms incorporated
in the United Kingdom in effect and applicable in the United Kingdom to us and the Group, including but not limited to any such laws,
regulations, rules or requirements which are implemented, adopted or enacted in the United Kingdom within the context of the U.K. resolution
regime under the Banking Act 2009, as the same has been or may be amended from time to time (whether pursuant to the U.K. Financial Services
(Banking Reform) Act 2013, secondary legislation or otherwise) (the “Banking Act”), pursuant to which obligations of
a bank, banking group company, credit institution or investment firm or any of its affiliates can be reduced, canceled, modified, transferred
and/or converted into shares or other securities or obligations of the obligor or any other person (or suspended for a temporary period)
or pursuant to which any right in a contract governing such obligations may be deemed to have been exercised. A reference to the “relevant U.K. resolution authority” is to any authority with the ability to exercise a U.K. Bail-in Power.

According to the principles contained in the Banking
Act, we expect that the relevant U.K. resolution authority would exercise its U.K. Bail-in Power in respect of the Additional