Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 60

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 60
---
stitution 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 that they remain or, as appropriate, become, Compliant Securities, and the
Trustee shall (subject to the below) agree to such substitution or variation, as provided in “Description of the Additional Tier 1 Securities—Enforcement Events and Remedies—Redemption, Purchase, Variation and Substitution— Substitution or Variation”.
In the case of a substitution or variation of the terms of the Additional Tier 1 Securities, while the new substituted or modified securities
must have terms that are not materially less favorable to an investor than the Additional Tier 1 Securities, there can be no assurance
that, whether due to the particular circumstances of each holder of Additional Tier 1 Securities or otherwise, such substituted or modified
securities will be as favorable to each holder of Additional Tier 1 Securities in all respects. The tax and stamp duty consequences of
holding the Compliant Securities could be different for holders from the tax and stamp duty consequences for them of holding the Securities
prior to such substitution or variation.

There can be no assurance as to how the terms
of any Compliant Securities resulting from any such substitution or variation will be viewed by the market or whether any such Compliant
Securities will trade at prices that are at least equivalent to the prices at which the substituted or varied Additional Tier 1 Securities
would have traded on the basis of their original. Therefore, there can be no assurance that the Compliant Securities will not have a significant
adverse impact on the price of, and/or market for, the Additional Tier 1 Securities or the circumstances of individual holders. In addition,
any such substitution or variation could have unexpected commercial consequences depending on the circumstances of an individual holder.

The Additional Tier 1 Securities do not contain
events of default and the remedies available to holders of the Additional Tier 1 Securities are limited.

The terms of the Additional Tier 1 Securities do not provide for any events of default. Holders of the Additional Tier 1 Securities may not at any
time demand repayment or redemption of their Additional Tier 1 Securities, although in a Winding-up or Administration Event occurring
prior to a Trigger Event, the holders of the Additional Tier 1