Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 77

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 77
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 securities that we may issue under such indenture.

<div align='center'>S-55</div>

Optional Redemption

The Subordinated Notes 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 Subordinated Notes Reset Date at 100% of their principal amount, together
with accrued and unpaid interest thereon, if any, on the Subordinated Notes, to, but excluding, June 13, 2035.

Notice of any optional redemption of the Subordinated
Notes will be given to holders not less than 15 nor more than 30 calendar days prior to the date fixed for redemption in accordance with
“—Conditions to Redemption, Purchase, Substitution or Variation” 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.

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 Subordinated Notes, in whole but not in part, at any time, at 100% of their principal amount, together with accrued
interest thereon, if any, to, but excluding, the date fixed for redemption.

A “Tax Event” will be deemed
to have occurred if LBG determines that:

(1) as a result of a Tax Law Change, in making
any payments on the Subordinated Notes, LBG has paid or will or would on the next payment date be required to pay any Subordinated Notes
Additional Amounts (as defined in the accompanying prospectus) to any holder pursuant to “—Payment of Additional Amounts”
below and/or

(2) a Tax Law Change would:

| · | result in LBG not being entitled to claim a deduction in respect of any payments (or its corresponding funding costs as recognized     
 in its financial statements) in respect of the Subordinated Notes in computing its taxation liabilities or the amount or value of such 
 deduction to LBG would be materially reduced;                                                                                          |

| · | prevent the Subordinated Notes from being treated as loan relationships for United Kingdom tax purposes; |

| · | as a result of the Subordinated Notes being in issue, result in LBG not being able to have