Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 81

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 81
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 accept such officer’s
certificate without any further inquiry, in which event such officer’s certificate shall be conclusive and binding on the Trustee
and the holders of the Subordinated Notes.

Substitution or Variation

If a Tax Event or Capital Disqualification Event
has occurred, then LBG may, subject to “—Conditions to Redemption, Purchase, Substitution or Variation” below,
but without any requirement for the consent or approval of the holders of the Subordinated Notes, at any time (whether before, on or following
the Subordinated Notes Reset Date) either substitute all (but not some only) of the Subordinated Notes for, or vary the terms of the Subordinated
Notes so that they remain or, as appropriate, become, Subordinated Notes Compliant Securities, and the Trustee shall (subject to the below)
agree to such substitution or variation. Upon the expiry of such notice, LBG shall either vary the terms of or substitute the Subordinated
Notes, as the case may be.

Notice of any substitution or variation of the
Subordinated Notes due to the occurrence of a Tax Event or Capital Disqualification Event will be given to holders not less than 15 nor
more than 30 calendar days prior to the date of substitution or variation (as applicable), and to the Trustee at least five (5) business
days prior to the date of such notice to holders, unless a shorter notice period shall be satisfactory to the Trustee. Such notice shall
specify the date fixed for substitution or, as the case may be, variation of the Subordinated Notes and shall, except as otherwise provided
herein, be irrevocable.

Prior to the giving of any notice of substitution
or variation, LBG must deliver to the Trustee an officer’s certificate stating that a Tax Event or Capital Disqualification Event,
as the case may be, has occurred, setting out the details thereof, and stating that the terms of the relevant Subordinated Notes Compliant
Securities comply with the definition thereof. The Trustee shall be entitled to accept such officer’s certificate without any further
inquiry and without liability to any person, in which event such officer’s certificate shall be conclusive and binding on the Trustee
and the holders and beneficial owners of the Subordinated Notes.

“Subordinated Notes Compliant Securities”
means securities issued directly by LBG that:

(a) have terms not materially less favorable to
an investor than the terms of the Subordinated Notes (as reasonably determined by LBG in consultation with