Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 83

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 83
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 discretion, surrendered to the Trustee for cancellation (in which case
all Subordinated Notes so surrendered will forthwith be cancelled in accordance with applicable law and thereafter may not be re-issued
or resold). Any such purchases will be subject to the conditions set forth under “—Conditions to Redemption, Purchase, Substitution or Variation” below.

Conditions to Redemption, Purchase, Substitution or Variation

Any redemption, purchase, substitution or variation
of the Subordinated Notes prior to the maturity date is subject to:

(a) LBG giving notice to the Relevant Regulator
and the Relevant Regulator granting permission to LBG to redeem, purchase, substitute or vary the Subordinated Notes, as the case may
be (in each case to the extent, and in the manner, required by the Applicable Regulations); and

(b) in respect of any redemption of the Subordinated
Notes proposed to be made prior to the fifth anniversary of the date of issuance of the Subordinated Notes, if and to the extent then
required under the Applicable Regulations: (A) in the case of an optional redemption due to 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 Capital Disqualification 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;

(c) if and to the extent then required under the
Applicable Regulations, either: (A) LBG having replaced the Subordinated Notes with instruments qualifying as own funds of equal or higher
quality on terms that are sustainable for the income capacity of LBG; or (B) (save in the case of sub-paragraph (d)(A) below) LBG demonstrating
to the satisfaction of the Relevant Regulator that the own funds and eligible liabilities of LBG would, following such redemption, purchase,
substitution or variation exceed its minimum applicable capital requirements (including any applicable buffer requirements) by a margin
that the Relevant Regulator considers necessary at such time; and

(d) in the case of any purchase prior to the fifth
anniversary of the date of issuance of the Subordinated Notes, in addition to satisfying either of the conditions specified in paragraph
(c) above