Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 79

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 79
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 notice of redemption,
LBG must deliver to the Trustee (i) a legal opinion, in a form satisfactory to the Trustee, to the effect that a Tax Event has occurred,
and (ii) an officer’s certificate confirming that (1) all the conditions necessary for redemption have occurred and that LBG could
not avoid the consequences of the Tax Event by taking measures reasonably available to it, and (2) that if, and to the extent required
under Applicable Regulations, LBG has demonstrated to the satisfaction of the Relevant Regulator that the relevant change or event is
material and was not reasonably foreseeable by LBG on the Issue Date. The Trustee shall be entitled to accept such opinion and officer’s
certificate without any further inquiry and without liability to any person, in which event such opinion and officer’s certificate
shall be conclusive and binding on the Trustee and the holders of the Subordinated Notes.

Capital Disqualification Event Redemption

We may redeem the Subordinated Notes, in whole
but not in part, at any time, upon not less than 15 calendar days’ nor more than 30 calendar days’ notice to the holders of
the Subordinated Notes, if at any time immediately prior to the giving of the notice referred to above a Capital Disqualification Event
has occurred. In the event of such a redemption, the redemption price of the Subordinated Notes will be 100% of their principal amount
together with accrued but unpaid interest thereon, if any, `to, but excluding, the date fixed for redemption. Any right of redemption
will be subject to the conditions set forth under “—Conditions to Redemption, Purchase, Substitution or Variation”
below.

Prior to the giving of any notice of redemption,
LBG must deliver to the Trustee an officer’s certificate stating that (1) a Capital Disqualification Event has occurred, and (2)
if, and to the extent required under Applicable Regulations, LBG has demonstrated to the satisfaction of the Relevant Regulator that the
relevant change was not reasonably foreseeable by LBG as at the Issue Date. The Trustee shall be entitled to 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