Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 141

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 141
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 result of any exercise of any U.K. Bail-in Power.
Other modifications and amendments may be made to the Indenture with the consent of holders of the Additional Tier 1 Securities of not
less than two-thirds in aggregate outstanding principal amount of the Additional Tier 1 Securities that are affected by the modification
or amendment, voting as one class. However, no modifications or amendments may be made without the consent of the holder of each Additional
Tier 1 Security affected that would:

| · | reduce the principal amount of, the interest rates of, or the payments with respect to the Additional Tier 1 Securities other than 
 as permitted under the Indenture;                                                                                                  |

| · | change any obligation to pay any Additional Amounts; |

<div align='center'>S-91</div>

| · | change the currency of payment; |

| · | reduce the percentage in aggregate principal amount of outstanding the Additional Tier 1 Securities necessary to modify or amend the 
 Indenture or to waive compliance with certain provisions of the Indenture;                                                           |

| · | modify the subordination and waiver of set off provisions or the terms of our obligations in respect of the payment of amounts due            
 and payable on the Additional Tier 1 Securities in a manner adverse to the holders, in each case other than as permitted under the Indenture; 
 or                                                                                                                                            |

| · | modify the above requirements. |

No supplemental indenture may, without the consent
of each holder of an outstanding the Additional Tier 1 Security affected by such supplemental indenture, make any change that adversely
affects the Automatic Conversion of any of the Additional Tier 1 Securities. Notwithstanding the foregoing, in the event of a Newco Scheme,
LBG may, without the consent of holders or beneficial owners of the Additional Tier 1 Securities, at its option, procure that Newco is
substituted as issuer under the Additional Tier 1 Securities in the place of LBG.

In addition to the permitted amendments described
in the preceding paragraph, LBG and the Trustee may amend or supplement the Indenture or the Additional Tier 1 Securities without the
consent of any holder or beneficial owner of the Additional Tier 1 Securities to conform the provisions of the Indenture to this “Description of the Additional Tier 1 Securities” section in this prospectus.

Notwithstanding the above, no modifications and
amendments to the Indenture shall become effective, and a Newco may not be substituted as issuer,