Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 71

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 71
---
 calculations of the Calculation Agent, in
the absence of manifest error, will be conclusive for all purposes and binding on the Issuer, the Trustee, the paying agent and on the
holders of the Subordinated Notes.

All percentages resulting from any of the above
calculations will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a
percentage point rounded upwards (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)) and all dollar amounts used
in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being rounded upwards).

The interest rate on the Subordinated Notes during
the Subordinated Notes reset fixed rate period will in no event be higher than the maximum rate permitted by law or lower than 0.00% per
annum.

General

The Subordinated Notes will constitute our direct,
unconditional, unsecured, unguaranteed and subordinated obligations ranking pari passuwithout any preference among themselves
and ranking junior in right of payment to the claims of any existing and future unsecured and unsubordinated indebtedness of LBG. In a
winding up or in the event that an administrator has been appointed in respect of us and notice has been given that it intends to declare
and distribute a dividend, all amounts due in respect of or arising under (including any damages awarded for breach of any obligations
under) the Subordinated Notes will be subordinated to, and subject in right of payment to the prior payment in full of, all claims of
all Senior Creditors.

<div align='center'>S-52</div>

The rights and claims of the holders of the Subordinated
Notes shall rank at least pari passu with the claims of holders of all obligations of LBG which constitute, or would but for any
applicable limitation on the amount of such capital constitute, Tier 2 Capital of LBG and in priority to (1) the claims of holders of
all obligations of LBG which constitute Tier 1 Capital of LBG, (2) the claims of holders of all undated or perpetual subordinated obligations
of LBG and (3) the claims of holders of all ordinary share capital of LBG.

In addition, because we are a holding company,
our rights to participate in the assets of any subsidiary if it is liquidated will be subject to the prior claims of its