Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 103

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 103
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) in the case of redemption following the occurrence of a Regulatory 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;

<div align='center'>S-70</div>

(iv) in the case of any purchase prior to the
fifth anniversary of the Issue Date, in addition to satisfying either of the conditions specified in paragraph (ii) above, either (A)
LBG having, before or at the same time as such purchase, replaced the Additional Tier 1 Securities with own funds instruments of equal
or higher quality at terms that are sustainable for the income capacity of LBG, and the Relevant Regulator having permitted such action
on the basis of the determination that it would be beneficial from a prudential point of view and justified by exceptional circumstances;
or (B) the relevant Additional Tier 1 Securities being purchased for market-making purposes in accordance with the Applicable Regulations;

(v) in
the case of any redemption or purchase, the satisfaction of the Solvency Condition both immediately prior to and immediately following
the redemption or purchase date;

(vi) a
Trigger Event not having occurred; and

(vii) in the case of any substitution or variation,
such substitution or variation being effected in compliance with applicable regulatory and legal requirements, including the TIA.

Any refusal by the Relevant Regulator to give its permission as contemplated
above shall not constitute a default for any 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