Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 143

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 143
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 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, unless LBG shall have given such notice
as is required by, and received such permission from, the Relevant Regulator as is required by the Relevant Regulator under the Applicable
Regulations. The Trustee is entitled to request and rely on an officer’s certificate from LBG as to the satisfaction of this condition
precedent to any modification, amendment or substitution without further enquiry.

Governing Law

The Additional Tier 1 Securities and the Indenture
will be governed by and construed in accordance with the laws of the State of New York, except for the subordination and waiver of set-off
provisions relating to the Additional Tier 1 Securities which will be governed by and construed in accordance with Scots law.

Trustee and Agents

The Trustee for Additional Tier 1 Securities will
be The Bank of New York Mellon, acting through its London Branch. The Trustee makes no representations, and shall not be liable with respect
to, the information set forth in this prospectus.

The Bank of New York Mellon, acting through its
London Branch will initially act as Paying Agent. The Bank of New York