Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 20

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 20
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 United Kingdom, or any political subdivision or authority therein or thereof, having the power to tax, including any treaty to which the United Kingdom is a party, or any change in any generally published application or interpretation of such laws, including a decision of any court or tribunal, or any change in the generally published application or interpretation of such laws by any relevant tax authority or any generally published pronouncement by any tax authority, which change, amendment or pronouncement (x) (subject to (y)) becomes effective on or after the Issue Date, or (y) in the case of a change in law, if such change is enacted by United Kingdom Act of Parliament or implemented by statutory instrument, on or after the Issue Date. |

| Regulatory Event 
 Redemption       | If at any time a Regulatory Event has occurred, LBG may, subject to the satisfaction of the conditions described under “—Conditions 
 to Redemption, Purchase, Substitution or Variation” below, redeem the Additional Tier 1 Securities in whole but not in part         
 at any time at 100% of their principal amount, together with any Accrued Interest to, but excluding, the date fixed for redemption. |

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|                           | A “Regulatory Event” will occur if at                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
 any time LBG determines that as a result of a change or a pending change to the regulatory classification of the Additional Tier 1 Securities                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
 under the Applicable Regulations, becoming effective on or after the Issue Date, some or all of the outstanding aggregate principal amount                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 of the Additional Tier 1 Securities ceases or would be likely to cease to be included in, or count towards, the Tier 1 Capital (howsoever                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
 defined in the Applicable Regulations) of the Group.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Substitution or Variation | If a Tax Event or a Regulatory Event has occurred, then LBG                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
 may, subject to “Description of the Additional Tier 1 Securities—Conditions to Redemption, Purchase, Substitution or Variation”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
 below, but without any requirement for the consent or approval of the holders of the Additional Tier 1 Securities, at any time (whether                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
 before or following the First Reset Date) either substitute all (but not some only) of the Additional Tier 1 Securities for, or vary the                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
 terms of the Additional Tier 1 Securities so