Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 103

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 103
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 without prejudice to the right of LBG to cancel the same under the terms of the
Compliant Securities, if applicable); (5) preserve the obligations (including the obligations arising from the exercise of any right)
of LBG as to payments of principal in respect of the Additional Tier 1 Securities, including (without limitation) as to the timing and
amount of such payments; and (6) contain terms providing for the conversion of the Additional Tier 1 Securities, the cancellation of payments
of interest thereon or write-down of the principal of the Additional Tier 1 Securities only if such terms are not materially less favorable
to an investor than the terms of the Additional Tier 1 Securities;

(c) are (1) listed on the Global Exchange Market
of Euronext Dublin or (2) listed on such other stock exchange as is a Recognized Stock Exchange at that time as selected by LBG;

(d) where the Additional Tier 1 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