Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 102

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 102
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 Securities which
have been substituted or varied had a published rating (solicited by, or assigned with the cooperation of, LBG) from a Rating Agency immediately
prior to their substitution or variation, each such Rating Agency has ascribed, or announced its intention to ascribe, an equal or higher
published rating to the relevant Compliant Securities; and

(e) qualify as hybrid capital instruments as defined
in section 475C of the U.K. Corporation Tax Act 2009, to the extent applicable (or in any equivalent provision in any applicable successor
legislation).

“Recognized Stock Exchange”
means a recognized stock exchange as defined in section 1005 of the U.K. Income Tax Act 2007 for the purposes of section 987 of the Income
Tax Act 2007 as the same may be amended from time to time and any provision, statute or statutory instrument replacing the same from time
to time.

Conditions to Redemption, Purchase, Substitution or Variation

Any redemption, purchase, substitution or variation
of the Additional Tier 1 Securities as described above is subject to:

(i) LBG
giving notice to the Relevant Regulator and the Relevant Regulator granting permission to LBG to redeem, purchase, substitute or vary
the terms of the relevant Additional Tier 1 Securities, as the case may be (in each case to the extent, and in the manner, required by
the relevant Applicable Regulations);

(ii) in the case of any redemption
or purchase, if and to the extent then required under the then-prevailing Applicable Regulations, either: (A) LBG having replaced the
Additional Tier 1 Securities with own funds instruments of equal or higher quality at terms that are sustainable for the income capacity
of LBG; or (B) LBG having demonstrated to the satisfaction of the Relevant Regulator that the own funds and eligible liabilities of LBG
would, following such redemption or purchase, exceed its minimum applicable capital requirements (including any applicable buffer requirements)
by a margin that the Relevant Regulator considers necessary at such time;

(iii) in
respect of any redemption proposed to be made prior to the fifth anniversary of the Issue Date, if and to the extent then required under
the Applicable Regulations (A) in the case of redemption following the occurrence of a Tax Event, LBG having demonstrated to the satisfaction
of the Relevant Regulator that the relevant change or event is material and was not reasonably foreseeable by LBG as at the Issue Date
or (B