Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 104

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 104
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 Regulations, either: (A) LBG having replaced the
Additional Tier 1 Securities with own funds instruments of equal or higher quality at terms that are sustainable for the income capacity
of LBG; or (B) LBG having demonstrated to the satisfaction of the Relevant Regulator that the own funds and eligible liabilities of LBG
would, following such redemption or purchase, exceed its minimum applicable capital requirements (including any applicable buffer requirements)
by a margin that the Relevant Regulator considers necessary at such time;

(iii) in
respect of any redemption proposed to be made prior to the fifth anniversary of the Issue Date, if and to the extent then required under
the Applicable Regulations (A) in the case of redemption following the occurrence of a Tax Event, LBG having demonstrated to the satisfaction
of the Relevant Regulator that the relevant change or event is material and was not reasonably foreseeable by LBG as at the Issue Date
or (B) in the case of redemption following the occurrence of a Regulatory Event, LBG having demonstrated to the satisfaction of the Relevant
Regulator that the relevant change (or pending change) was not reasonably foreseeable by LBG as at the Issue Date and the Relevant Regulator
considering such change to be sufficiently certain;

<div align='center'>S-68</div>

(iv) in the case of any purchase prior to the
fifth anniversary of the Issue Date, in addition to satisfying either of the conditions specified in paragraph (ii) above, either (A)
LBG having, before or at the same time as such purchase, replaced the Additional Tier 1 Securities with own funds instruments of equal
or higher quality at terms that are sustainable for the income capacity of LBG, and the Relevant Regulator having permitted such action
on the basis of the determination that it would be beneficial from a prudential point of view and justified by exceptional circumstances;
or (B) the relevant Additional Tier 1 Securities being purchased for market-making purposes in accordance with the Applicable Regulations;

(v) in
the case of any redemption or purchase, the satisfaction of the Solvency Condition both immediately prior to and immediately following
the redemption or purchase date;

(vi) a
Trigger Event not having occurred; and

(vii) in the case of any substitution or variation,
such substitution or variation being effected in compliance with applicable regulatory and legal requirements, including the TIA.

Any refusal by the Relevant Regulator to give its permission as contemplated
above shall not constitute a default for any