Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 98

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 98
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 any U.K. taxing jurisdiction to be included
in the income for tax purposes of a beneficiary or partner or settlor with respect to such fiduciary or a member of such partnership or
a beneficial owner who would not have been entitled to such Additional Amounts with respect to interest on the Additional Tier 1 Securities,
had it been the holder.

See also “ — Availability of Distributable Items”, “—Agreement to Interest Cancellation” and “—Notice of Interest Cancellation”
above.

Redemption, Purchase, Variation and Substitution

The Additional Tier 1 Securities are perpetual
securities in respect of which there is no fixed redemption date or maturity date.

Holders may not require any redemption of the
Additional Tier 1 Securities at any time.

Optional Redemption

The Additional Tier 1 Securities will, subject
to the satisfaction of the conditions described under “—Conditions to Redemption, Purchase, Substitution or Variation”
below, be redeemable in whole, but not in part, at the option of LBG on the First Reset Date or on any Reset Date thereafter at 100% of
their principal amount, together with any accrued and unpaid interest on the Additional Tier 1 Securities, excluding any interest which
has been canceled or deemed to be canceled as described under “—Interest Cancellation” and “—Availability of Distributable Items” above (“Accrued Interest”) to, but excluding, the date fixed for redemption.

Notice of any optional redemption of the Additional
Tier 1 Securities 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.

<div align='center'>S-65</div>

Tax Redemption

If at any time a Tax 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 “Tax Event” will be deemed
to have