Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 60

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 60
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generally or specifically to LBG or to the Group).

Conditions to redemption and purchase, etc.

Any redemption or purchase of a series of Senior
Notes (other than redemption on the relevant maturity date), and any modification to the terms of a series of Senior Notes or any indenture
relating thereto, is subject to, if and to the extent then required by the Relevant Regulator or the Loss Absorption Regulations, our
giving notice to the Relevant Regulator and the Relevant Regulator granting us permission therefor and otherwise to compliance with the
Loss Absorption Regulations if and to the extent then required thereunder.

“Relevant Regulator” means the relevant
U.K. resolution authority or such other governmental authority in the United Kingdom (or if LBG becomes domiciled in a jurisdiction other
than the United Kingdom, in such other jurisdiction) having primary supervisory authority with respect to LBG and/or the Group with respect
to resolution matters.

Payment of Additional Amounts

Amounts to be paid on the Senior Notes will be
made without deduction or withholding for, or on account of, any and all present and future income, stamp and other taxes, levies, imposts,
duties, charges, or fees imposed, levied, collected, withheld or assessed by or on behalf of a U.K. taxing jurisdiction, unless such deduction
or withholding is required by law. If at any time a U.K. taxing jurisdiction requires us to make such deduction or withholding, we will
pay additional amounts with respect to interest only on the Senior Notes (“Additional Amounts”) that are necessary in order
that the net amounts of interest paid to the holders of the Senior Notes, after the deduction or withholding, shall equal the amounts
of interest only which would have been payable on the Senior Notes if the deduction or withholding had not been required. However, this
will not apply to any such amount that would not have been payable or due but for the fact that:

| · | the holder or the beneficial owner of the relevant Senior Notes is a domiciliary, national or resident of, or engaging in business     
 or maintaining a permanent establishment or physically present in, a U.K. taxing jurisdiction or otherwise having some connection with 
 the U.K. taxing jurisdiction other than the holding or ownership of the relevant Senior Note, or the collection of any payment of, or  
 in respect of, principal of, or any interest or other payment on, the relevant Senior Note;                                            |

| · | except in the case