Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 101

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 101
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 Securities due to the occurrence of a Regulatory Event 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.

Prior to the giving of any notice of redemption,
LBG must deliver to the Trustee an officer’s certificate stating that a Regulatory Event has occurred and setting out the details
thereof. The Trustee shall be entitled to accept such officer’s certificate without any further inquiry, in which event such officer’s
certificate shall be conclusive and binding on the Trustee and the holders and beneficial owners of the Additional Tier 1 Securities.

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.