Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 23

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 23
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 or fixed redemption date. Moreover, you do not have the right to cause the Additional Tier
1 Securities to be redeemed or otherwise accelerate the repayment of the principal amount of the Additional Tier 1 Securities. Accordingly,
we are under no obligation to repay or redeem (in whole or in part) the principal amount of the Additional Tier 1 Securities at any time.
While this is without prejudice to your rights if a Winding-up or Administration Event occurs (as described under “Description of the Additional Tier 1 Securities—Enforcement Events and Remedies”) in such event, the claim in respect of the Additional
Tier 1 Securities will be deeply subordinated, as provided under “—LBG’s obligations under the Additional Tier 1 Securities are subordinated and may be further subordinated upon a change in the regulatory classification of the Existing Preference Shares or upon Automatic Conversion of the Additional Tier 1 Securities into Settlement Shares.”below. As a result, you may
not receive any payments of principal on the Additional Tier 1 Securities.

<div align='center'>S-27</div>

The Additional Tier 1 Securities will be subject
to Automatic Conversion following the occurrence of a Trigger Event, in which case the Additional Tier 1 Securities will be converted
into Settlement Shares.

A Trigger Event shall occur if on any date LBG,
the Prudential Regulation Authority (“PRA”), or the then relevant regulatory body with primary responsibility for the
prudential supervision of LBG and the Group (the “Relevant Regulator”) or any agent appointed for such purpose by the
Relevant Regulator determines that LBG’s CET1 Ratio (which will be calculated on a consolidated and fully loaded basis) is less
than 7.00%.

Upon the occurrence of the Automatic Conversion
following a Trigger Event (each as defined under “Description of the Additional Tier 1 Securities—Conversion—Automatic Conversion”), the Additional Tier 1 Securities will be converted into Settlement Shares on the Conversion Date. All of LBG’s
obligations under the Additional Tier 1 Securities shall be irrevocably and automatically released in consideration of LBG’s issuance
of the Settlement Shares to the Settlement Share Depository. Under no circumstances shall such released obligations be reinstated. As
a result, you could lose all or part of the value of your investment in the Additional Tier 1 Securities, as, following the Automatic
Conversion, you will receive only (i) the Settlement Shares or American Depositary Shares (“ADSs”) (if L