Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 89

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 89
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 (as defined under “—Ranking and Liquidation Distribution” below) as they fall due; and

(ii) its Assets are at least equal to its Liabilities.

“Assets” means the unconsolidated
gross assets of LBG, as shown in the latest published audited balance sheet of LBG, adjusted for subsequent events in such manner as the
directors of LBG may determine.

“Liabilities” means the unconsolidated
gross liabilities of LBG, as shown in the latest published audited balance sheet of LBG, adjusted for contingent liabilities and prospective
liabilities and for subsequent events in such manner as the directors of LBG may determine.

<div align='center'>S-60</div>

An officer’s certificate as to LBG’s
solvency shall, unless there is manifest error, be treated and accepted by us, the Trustee and any holder or beneficial owner of the Additional
Tier 1 Securities as correct and sufficient evidence that the Solvency Condition is or is not satisfied. For the avoidance of doubt, if
LBG fails to make a payment because the Solvency Condition is not (or following such payment would not be) satisfied, that payment shall
not be or become due and payable.

See also “—Agreement to Interest Cancellation” and “—Notice of Interest Cancellation” below.

Availability of Distributable Items

LBG shall cancel any interest on the Additional
Tier 1 Securities (or, as appropriate, any part thereof) which is scheduled to be paid on an Interest Payment Date to the extent that
LBG has an amount of Distributable Items on any scheduled Interest Payment Date that is less than the sum of (i) all payments (other than
redemption payments) made or declared by LBG since the end of LBG’s last financial year and prior to such Interest Payment Date
on or in respect of any Parity Securities, the Additional Tier 1 Securities and any Junior Securities (as defined below) and (ii) all
payments (other than redemption payments) payable by LBG on such Interest Payment Date (x) on the Additional Tier 1 Securities and (y)
on or in respect of any Parity Securities or any Junior Securities, in the case of each of (i) and (ii), excluding any payments already
accounted for (by way of deduction) in determining the Distributable Items.

In addition, LBG shall not be permitted to pay any interest otherwise scheduled to be paid on