Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 99

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 99
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 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 Tax 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.

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

Regulatory Event Redemption

If at any time a Regulatory 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 “Regulatory Event” will occur
if at any time LBG determines that as a result of a change or a pending change to the regulatory classification of the Additional Tier
1 Securities under the Applicable Regulations, becoming effective on or after the Issue Date, some or all of the outstanding aggregate
principal amount of the Additional Tier 1 Securities ceases or would be likely to cease to be included in, or count towards, the Tier
1 Capital (howsoever defined in the Applicable Regulations) of the Group.

Notice of any redemption of the Additional Tier
1 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.