Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 97

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 97
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able in whole, but not in part, at the option of LBG on the First Reset Date or on any Reset Date thereafter at 100% of
their principal amount, together with any accrued and unpaid interest on the Additional Tier 1 Securities, excluding any interest which
has been canceled or deemed to be canceled as described under “—Interest Cancellation” and “—Availability of Distributable Items” above (“Accrued Interest”) to, but excluding, the date fixed for redemption.

Notice of any optional redemption of the Additional
Tier 1 Securities will be given to holders not less than 15 nor more than 30 calendar days prior to the relevant redemption date in accordance
with “—Conditions to Redemption, Purchase, Substitution or Variation” and “—Notice”
below, and to the Trustee at least five (5) Business Days prior to the date notice is sent to holders, unless a shorter notice period
shall be satisfactory to the Trustee. Except as otherwise provided herein, such notice shall be irrevocable.

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

Tax Redemption

If at any time a Tax Event has occurred, LBG may,
subject to the satisfaction of the conditions described under “—Conditions to Redemption, Purchase, Substitution or Variation”
below, redeem the Additional Tier 1 Securities in whole but not in part at any time at 100% of their principal amount, together with any
Accrued Interest to, but excluding, the date fixed for redemption.

A “Tax Event” will be deemed
to have occurred if LBG determines that:

(1) as a result of a Tax Law Change, in making
any payments on the Additional Tier 1 Securities, LBG has paid or will or would on the next payment date be required to pay any Additional
Amounts to any holder pursuant to “—Additional Amounts” above and/or

(2) a Tax Law Change would:

| · | result in LBG not being entitled to claim a deduction in respect of any payments (or its corresponding funding costs as recognized       
 in its financial statements) in respect of the Additional Tier 1 Securities in computing its taxation liabilities or the amount or value 
 of such deduction to LBG would be materially reduced;                                                                                    |

| · | prevent the Additional Tier 1 Securities from being treated as loan relationships for United Kingdom tax purposes; |

| · | as a result of the Additional Tier 1 Securities being in issue, result in LBG not being able to have