Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 61

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 61
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 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 Senior Notes 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
all but not some only of a series of Senior Notes outstanding 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