Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 85

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 85
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 from and
after the scheduled Interest Payment Date. If any scheduled redemption date is not a Business Day, we may pay interest, if any, and principal
on the next succeeding Business Day, but interest on that payment will not accrue during the period from and after any scheduled redemption
date.

The regular record dates for the Additional Tier
1 Securities will be the close of business of the relevant Clearing System on the Clearing System Business Day immediately preceding each
Interest Payment Date (or, if the Additional Tier 1 Securities are held in definitive form, the fifteenth calendar day preceding each
Interest Payment Date, whether or not such day is a Business Day, in each case, the “Record Date”).

Interest shall be calculated by the Calculation
Agent on the basis of the actual number of days elapsed in the relevant interest period (known as “actual/actual (ICMA)”).

The term “Business Day” means
any day (other than a Saturday, a Sunday or a public holiday) on which commercial banks and foreign exchange markets are open for business
in London, England.

The term “Clearing System Business Day”
means a day on which each of Euroclear and Clearstream, Luxembourg is open for business.

The term “London Banking Day”
means any day (other than a Saturday, a Sunday or a public holiday) in which dealings in pounds sterling are transacted or, with respect
to any future date, are expected to be transacted in the London interbank market.

The term “Reset Determination Date”
means, with respect to a Reset Period, the second London Banking Day immediately preceding the Reset Date on which such Reset Period commences.

Interest Cancellation

Subject to the solvency condition described under
“—Solvency Condition” below, the availability of Distributable Items (as defined under “—Availability of Distributable Items” below), Automatic Conversion as described under “—Conversion—Automatic Conversion”
and a Winding-up or Administration Event as described under “—Ranking and Liquidation Distribution”, interest
on the Additional Tier 1 Securities will be due and payable only at the sole discretion of LBG and LBG shall have absolute discretion
at all times and for any reason to cancel any interest payment in whole or in part that would otherwise be payable on any Interest Payment
Date. If LBG elects not to make an interest payment on the relevant Interest Payment Date, or if LBG elects to make a payment of a portion,
but not all, of such interest