Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 59

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 59
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 at any time at 100% of their principal amount together with accrued but
unpaid interest thereon, if any, to the date of redemption, if immediately prior to the giving of the notice referred to above, we notify
the Trustee that a Loss Absorption Disqualification Event has occurred.

A “Loss Absorption Disqualification Event”
shall be deemed to have occurred with respect to a series of Senior Notes if, as a result of any amendment to, or change in, the Loss
Absorption Regulations, or any change in the application or official interpretation of the Loss Absorption Regulations, in any such case
becoming effective on or after the issue date of the first tranche of the Senior Notes, such Senior Notes are or (in our opinion or the
opinion of the Relevant Regulator and/or the relevant U.K. resolution authority) are likely to be fully or partially excluded from LBG’s
or the Group’s minimum requirements for (A) own funds and eligible liabilities and/or (B) loss absorbing capacity instruments, in
each case as such minimum requirements are applicable to LBG and/or the Group and determined in accordance with, and pursuant to, the
relevant Loss Absorption Regulations; provided that a Loss Absorption Disqualification Event shall not occur where the exclusion of the
Senior Notes from the relevant minimum requirement(s) is due to the remaining maturity of the Senior Notes being less than any period
prescribed by any applicable eligibility criteria for such minimum requirements under the relevant Loss Absorption Regulations effective
with respect to LBG and/or the Group on the issue date of the first tranche of the Senior Notes.

<div align='center'>S-39</div>

“Loss Absorption Regulations” means,
at any time, the laws, regulations, requirements, guidelines, rules, standards and policies relating to minimum requirements for own funds
and eligible liabilities and/or loss absorbing capacity instruments of the United Kingdom, the Relevant Regulator, the relevant U.K. resolution
authority and/or the Financial Stability Board then applicable in the United Kingdom including, without limitation to the generality of
the foregoing, any regulations, requirements, guidelines, rules, standards and policies relating to minimum requirements for own funds
and eligible liabilities and/or loss absorbing capacity instruments adopted or applied by the Relevant Regulator and/or the relevant U.K.
resolution authority from time to time (whether or not such regulations, requirements, guidelines, rules, standards or policies are applied
generally or specifically to LBG or to the Group).

Conditions