Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 102

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 102
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Notice of any substitution or variation of the
Additional Tier 1 Securities due to the occurrence of a Tax Event or Regulatory Event will be given to holders not less than 15 nor more
than 30 calendar days prior to the date of substitution or variation (as applicable) in accordance with “—Notice”
below, and to the Trustee at least five (5) Business Days prior to the date of such notice to holders, unless a shorter notice period
shall be satisfactory to the Trustee. Such notice shall specify the date fixed for substitution or, as the case may be, variation of the
Additional Tier 1 Securities and shall, except as otherwise provided herein, be irrevocable.

Prior to the giving of any notice of substitution
or variation, LBG must deliver to the Trustee an officer’s certificate stating that a Regulatory Event or Tax Event, as the case
may be, has occurred, setting out the details thereof, and stating that the terms of the relevant Compliant Securities comply with the
definition thereof. The Trustee shall be entitled to accept such officer’s certificate without any further inquiry, in which event
such officer’s certificate shall be conclusive and binding on the Trustee and the holders and beneficial owners of the Additional
Tier 1 Securities.

<div align='center'>S-67</div>

“Compliant Securities” means
securities issued directly by LBG that:

(a) have terms not materially less favorable to
an investor than the terms of the Additional Tier 1 Securities (as reasonably determined by LBG in consultation with an investment bank
or financial adviser of international standing (which in either case is independent of LBG)) and provided that LBG has delivered an officer’s
certificate to such effect (including as to such consultation) to the Trustee (upon which the Trustee shall be entitled to rely without
further enquiry and without liability to any person) prior to the issue or variation of the relevant securities;

(b) subject to (a) above (1) contain terms which
comply with the then current requirements of the Relevant Regulator in relation to Additional Tier 1 Capital; (2) provide for the same
interest rate and Interest Payment Dates from time to time applying to the Additional Tier 1 Securities; (3) rank pari passu with
the ranking of the Additional Tier 1 Securities; (4) preserve any existing rights under the Indenture to any accrued interest or other
amounts which have not been either paid or canceled (but