Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 196

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 196
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 one class. However, no modifications or amendments may be made without the consent of the
holder of each capital security affected that would:

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| · | change the stated maturity, if any, of any principal amount or any interest amounts of any capital security; |

| · | change the terms of any capital security to include a stated maturity date; |

| · | reduce the principal amount of, the interest rates of, any premium payable upon the redemption of or the amount of principal of an      
 original issue discount security that would be due and payable upon an acceleration of the maturity of any capital security, other than 
 as permitted under the applicable indenture;                                                                                            |

| · | change our (or any successor’s) obligation to pay Additional Amounts; |

| · | change the currency of payment; |

| · | impair the right to institute suit for the enforcement of any payment due and payable (or, in the case of a redemption or exchange, 
 on or after the redemption date or the exchange date, as the case may be);                                                          |

| · | reduce the percentage in aggregate principal amount of outstanding capital securities of the series necessary to modify or amend the 
 applicable indenture or to waive compliance with certain provisions of the applicable indenture;                                     |

| · | modify the subordination provisions or the terms and conditions of our obligations in respect of the due and punctual payment of amounts 
 due and payable on the capital securities in a manner adverse to the holders; or                                                         |

| · | modify any of the above requirements. |

In addition, unless the relevant prospectus supplement
provides otherwise, any variations in the terms and conditions of the capital securities of any series, including modifications relating
to the subordination or redemption provisions of such capital securities, may require the permission of, or consent from, the PRA.

Events of Default; Limitation of Remedies

Events of Default

Unless the relevant prospectus supplement provides
otherwise, an “Event of Default” with respect to any series of capital securities shall result if either:

| · | a court of competent jurisdiction makes an order which is not successfully appealed within 30 days, or |

| · | an effective shareholders’ resolution is validly adopted, for our winding-up, other than under or in connection with a scheme 
 of amalgamation or reconstruction not involving a bankruptcy or insolvency.                                                   |

If an Event of Default provided for in a supplemental
indenture for any series of capital securities, occurs and is continuing