Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 58

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 58
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 (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) redeem Senior Notes of any series in whole but not in part if we determine that as a result of a change in or amendment
to the laws or regulations of the United Kingdom or any political subdivision thereof or authority thereof that has the power to tax (a
“U.K. taxing jurisdiction”) (including any treaty to which such U.K. taxing jurisdiction is a party), or any change in the
application or interpretation of such laws or regulations (including a decision of any court or tribunal) which change or amendment becomes
effective or applicable on or after November 4, 2025:

·in making any payments on the Senior Notes of the relevant series, we have paid or will or would on the next payment date be required
to pay additional amounts;

·payments on the next payment date in respect of the Senior Notes of the relevant series would be treated as “distributions”
within the meaning of Chapter 2 Part 23 of the Corporation Tax Act 2010 of the United Kingdom, or any statutory modification or re-enactment
of such Act; or

·on the next payment date we would not be entitled to claim a deduction in respect of the payments in computing our U.K. taxation
liabilities, or the value of the deduction to us would be materially reduced.

In the event of such a redemption, the redemption
price of the Senior Notes of the relevant series will be 100% of their principal amount together with accrued but unpaid interest thereon,
if any, to the date of redemption.

If we elect to redeem the Senior Notes of any
series in accordance with this subsection, they will cease to accrue interest from the redemption date, unless there is a failure to pay
the redemption price on the payment date. The circumstances in which we may redeem the Senior Notes of any series and the applicable procedures
are described further in the accompanying prospectus under “Description of Debt Securities—Redemption of Senior Debt Securities”.

Loss Absorption Disqualification Event Redemption

We may, at our option (but 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), having given not less than 15 nor more than 30 days’ notice to holders, redeem