Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 82

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 82
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 an investment bank or financial
adviser of international standing (which in either case is independent of LBG)) and provided that LBG has delivered an officer’s
certificate to such effect (including as to such consultation) to the Trustee (upon which the Trustee shall be entitled to rely without
further inquiry and without liability to any person) prior to the issue or variation of the relevant securities);

<div align='center'>S-57</div>

(b) subject to (a) above (1) contain terms which
comply with the then current requirements of the Relevant Regulator in relation to Tier 2 capital; (2) provide for the same interest rate
and interest payment dates from time to time applying to the Subordinated Notes; (3) rank pari passu with the ranking of the Subordinated
Notes; (4) preserve any existing rights under the Subordinated Indenture to any accrued interest or other amounts which have not been
either paid or canceled; and (5) preserve the obligations of LBG as to payments of principal in respect of the Subordinated Notes, including
(without limitation) as to the timing and amount of such payments;

(c) are (1) listed on the New York Stock Exchange
or (2) listed on such other stock exchange as is a Recognized Stock Exchange at that time as selected by LBG; and

(d) where the Subordinated Notes which have been
substituted or varied had a published rating (solicited by, or assigned with the cooperation of, LBG) from a Rating Agency immediately
prior to their substitution or variation, each such Rating Agency has ascribed, or announced its intention to ascribe, an equal or higher
published rating to the relevant Subordinated Notes Compliant Securities.

“Recognized Stock Exchange” means
a recognized stock exchange as defined in section 1005 of the U.K. Income Tax Act 2007 as the same may be amended from time to time and
any provision, statute or statutory instrument replacing the same from time to time.

Purchases

Subject to applicable law in force at the relevant
time, including the Applicable Regulations, we may at any time, and from time to time, purchase Subordinated Notes in the open market
or by tender or by private agreement in any manner and at any price or at differing prices. Subordinated Notes purchased or otherwise
acquired by us may be (i) held, (ii) resold or (iii) at our sole