Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 61

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 61
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 the First Reset Date or on any Reset Date thereafter (each as defined under “Description of the Additional 
 Tier 1 Securities— Payments—Interest Rate”);                                                                                       |

| (ii) | in the event LBG is obliged to pay Additional Amounts (as defined under “Description of the Additional Tier 1 Securities—Additional  
 Amounts”) in respect of United Kingdom withholding tax (and provided LBG could not avoid the foregoing by taking measures reasonably 
 available to it);                                                                                                                    |

| (iii) | upon the occurrence of certain other changes in the treatment of the Additional Tier 1 Securities for tax purposes as described in         
 “Description of the Additional Tier 1 Securities—Redemption, Purchase, Variation and Substitution—Tax Redemption”                          
 including a change in law (or in its application or official interpretation) after the issue date whereby the deductibility for U.K. tax   
 purposes of interest expense on the Additional Tier 1 Securities is removed or reduced or the Additional Tier 1 Securities would no longer 
 be treated as loan relationships for U.K. tax purposes or the Additional Tier 1 Securities (or any part thereof) would become treated      
 as a derivative or an embedded derivative for U.K. tax purposes (and provided that LBG could not avoid the foregoing by taking measures    
 reasonably available to it); and                                                                                                           |

| (iv) | if 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 as described in 
 “Description of the Additional Tier 1 Securities—Redemption, Purchase, Variation and Substitution—Regulatory Event                     
 Redemption”.                                                                                                                           |

In addition, any early redemption of any of the
Additional Tier 1 Securities may be subject to conditions imposed by the Relevant Regulator, regardless of whether such redemption would
be favorable to you. In particular, Article 78(1) of U.K. CRR provides that a competent authority will grant permission for a redemption
or repurchase if either: (i) before or at the same time as such redemption or repurchase, we replace the Additional Tier 1 Securities
being redeemed or repurchased with our own funds instruments of equal or higher quality at terms that are sustainable for our income capacity;
or (ii) we have demonstrated to the satisfaction of the Relevant Regulator that our own funds and eligible liabilities would, following