Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 58

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 58
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 Relevant Regulator and the Relevant Regulator granting
permission (to the extent and in the manner required by the Applicable Regulations), the non-occurrence of a Trigger Event and compliance
by LBG with any alternative or additional pre-conditions to redemption set out in the relevant Applicable Regulations from time to time,
LBG may opt to redeem all, but not some only, of the Additional Tier 1 Securities at their principal amount together with accrued but
unpaid interest, excluding any interest which has been canceled or deemed to be canceled:

| (i) | at the option of LBG on the First Reset Date or on any Reset Date thereafter (each as defined under “Description of the Additional 
 Tier 1 Securities— Payments—Interest Rate”);                                                                                       |

| (ii) | in the event LBG is obliged to pay Additional Amounts (as defined under “Description of the Additional Tier 1 Securities—Additional  
 Amounts”) in respect of United Kingdom withholding tax (and provided LBG could not avoid the foregoing by taking measures reasonably 
 available to it);                                                                                                                    |

| (iii) | upon the occurrence of certain other changes in the treatment of the Additional Tier 1 Securities for tax purposes as described in         
 “Description of the Additional Tier 1 Securities—Redemption, Purchase, Variation and Substitution—Tax Redemption”                          
 including a change in law (or in its application or official interpretation) after the issue date whereby the deductibility for U.K. tax   
 purposes of interest expense on the Additional Tier 1 Securities is removed or reduced or the Additional Tier 1 Securities would no longer 
 be treated as loan relationships for U.K. tax purposes or the Additional Tier 1 Securities (or any part thereof) would become treated      
 as a derivative or an embedded derivative for U.K. tax purposes (and provided that LBG could not avoid the foregoing by taking measures    
 reasonably available to it); and                                                                                                           |

| (iv) | if some or all of the outstanding aggregate principal amount of the Additional Tier 1 Securities ceases or would be likely to cease    
 to be included in, or count towards, the Tier 1 Capital (howsoever defined in the Applicable Regulations) of the Group as described in 
 “Description of the Additional Tier 1 Securities—Redemption, Purchase, Variation and Substitution—Regulatory Event                     
 Redemption”.                                                                                                                           |

In addition, any early redemption of any of the
Additional Tier 1 Securities may be subject to conditions imposed by the Relevant Regulator