Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 62

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 62
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such redemption or repurchase, exceed the sum of (x) the capital ratios set by Article 92(1) of U.K. CRR (broadly, a CET1 capital ratio
of 4.5%, a Tier 1 capital ratio of 6% and a total capital ratio of 8%) and (y) the combined buffer, in each case, by a margin that the
Relevant Regulator may consider necessary.

It is not possible to predict whether the events
referred to above will occur and lead to circumstances in which LBG may elect to redeem the Additional Tier 1 Securities, and if so whether
or not LBG will satisfy the conditions, or elect, to redeem the Additional Tier 1 Securities. LBG may also be expected to exercise its
option to redeem the Additional Tier 1 Securities on any date it is permitted to do so if LBG’s funding costs would be lower than
the then-prevailing interest rate payable in respect of the Additional Tier 1 Securities. If the Additional Tier 1 Securities are so redeemed,
there can be no assurance that holders of the Additional Tier 1 Securities will be able to reinvest the amounts received upon redemption
at a rate that will provide the same rate of return as their investment in the Additional Tier 1 Securities. Furthermore, the redemption
feature of the Additional Tier 1 Securities (and, in particular, any market perception that a call right may be exercised) may limit their
market value, which is unlikely to rise substantially above the price at which the Additional Tier 1 Securities can be redeemed.

<div align='center'>S-44</div>

LBG may substitute the Additional Tier 1 Securities
or vary their terms without holder consent.

If a Tax Event or a Regulatory Event has occurred,
then LBG may, subject to “Description of the Additional Tier 1 Securities—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 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, as provided in “Description of the Additional Tier 1 Securities—Enforcement Events and Remed