Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 100

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 100
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Purchase

Any purchase of the Additional Tier 1 Securities
by or on behalf of LBG or any of its subsidiaries is subject to “—Conditions to Redemption, Purchase, Substitution or Variation”
below. Subject to applicable law in force at the relevant time, including the Applicable Regulations and U.S. federal securities law,
LBG or any of its subsidiaries may, directly or indirectly, purchase the Additional Tier 1 Securities at any price in the open market
or by tender or by private agreement. Any Additional Tier 1 Securities so purchased beneficially for the account of LBG or any of its
subsidiaries (other than in connection with dealing in securities) will be treated as canceled and will no longer be issued and outstanding.

Substitution or Variation

If a Tax Event or a Regulatory Event has occurred,
then LBG may, subject to “ —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, on 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. Upon the expiry of such notice, LBG shall either vary the terms of or substitute the Additional Tier
1 Securities, as the case may be.

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