Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 105

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 105
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 purpose.

Notwithstanding the above conditions, if, at the time of any redemption,
purchase, substitution or variation, the then-prevailing Applicable Regulations permit the redemption, purchase, substitution or variation
only after compliance with one or more alternative or additional pre-conditions to those set out above, LBG shall instead comply with
such other and/or, as appropriate, additional pre-condition(s).

Notice of any redemption of the Additional Tier
1 Securities will be given in accordance with “—Notice” below. Any redemption notice will state:

| · | the redemption date; |

| · | that on the redemption date the redemption price will, subject to the satisfaction of the conditions set forth in the Indenture as    
 described in this prospectus, become due and payable upon each Additional Tier 1 Security being redeemed and that, subject to certain 
 exceptions, interest will cease to accrue on or after that date;                                                                      |

| · | the place or places where the Additional Tier 1 Securities are to be surrendered for payment of the redemption price; and |

| · | the CUSIPs, Common Codes and/or ISINs, if any, with respect to the Additional Tier 1 Securities. |

If LBG has elected to redeem, substitute or vary
the Additional Tier 1 Securities in accordance with the provisions described in this prospectus, but in each case such conditions have
not been satisfied on the applicable date for redemption, substitution or variation (as applicable), the notice of redemption, substitution
or variation (as the case may be) shall be automatically rescinded and shall have no force and effect and no such redemption, substitution
or variation shall occur.

In addition, if LBG has elected to redeem, substitute
or vary the Additional Tier 1 Securities and:

(i) (in
the case of redemption only) the Solvency Condition is not (or, if payment were made, would not be) satisfied in respect of the relevant
payment on the date scheduled for redemption; or

(ii) (in
any case) prior to the redemption, substitution or variation a Trigger Event occurs,

the relevant notice of redemption, substitution
or variation (as the case may be) shall be automatically rescinded and shall be of no force and effect, no such redemption, substitution
or variation shall occur and LBG shall give notice thereof to the holders in accordance with “—Notice” below,
and to the Trustee, as soon as reasonably practicable (but failure to give such notice shall not constitute