Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 33

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 33
---
 a Trigger Event, in which case the Additional Tier 1 Securities will be converted into Settlement Shares.” above.

The Additional Tier 1 Securities have no scheduled
maturity and holders of the Additional Tier 1 Securities only have a limited ability to cash in their investment in the Additional Tier
1 Securities.

The Additional Tier 1 Securities are perpetual
securities and have no fixed maturity date or fixed redemption date. Although under certain circumstances as described under “Description of the Additional Tier 1 Securities—Redemption, Purchase, Variation and Substitution” LBG may redeem the Additional Tier
1 Securities, LBG is under no obligation to do so and holders of the Additional Tier 1 Securities have no right to call for their redemption.
Therefore, holders of the Additional Tier 1 Securities have no ability to cash in their investment, except (i) if LBG exercises its rights
to redeem the Additional Tier 1 Securities in accordance with their terms and applicable laws, (ii) by selling their Additional Tier 1
Securities or, following the occurrence of a Trigger Event and the issue and delivery of Settlement Shares or ADSs, their Settlement Shares
or ADSs (if LBG does not elect that a Settlement Shares Offer be made or where the Settlement Shares issued are not all sold pursuant
to the Settlement Shares Offer), (iii) through the cash component of any Settlement Shares Offer, (iv) where the Trustee institutes proceedings
for the winding-up of LBG where LBG has exercised its right to redeem the Additional Tier 1 Securities but fails to make payment in respect
of such redemption when due, in which limited circumstances the holders of the Additional Tier 1 Securities may receive some of any resulting
liquidation proceeds following payment being made in full to all senior and more senior subordinated creditors, or (v) upon a Winding-up or Administration Event in which limited circumstances the holders of the Additional Tier 1 Securities may
receive some of any resulting liquidation proceeds following payment being made in full to all senior or more senior subordinated creditors.

<div align='center'>S-30</div>

Interest payments on the Additional Tier 1 Securities
are discretionary and LBG may cancel interest payments, in whole or in part, at any time. Canceled interest shall not be due and shall
not accumulate or be payable at any time thereafter and investors shall have no rights thereto.

Subject to the Solvency Condition described under
“Description of the Additional Tier 1 Securities—Payments—Solvency Condition”,