Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 141

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 141
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 such exchange, to be admitted to trading on a national   
 securities exchange in the United States;                                                                                               |

| (v) | notwithstanding any Settlement Shares Offer, at all times keep available for issue, free from pre-emptive or other preferential rights, 
 sufficient Ordinary Shares to enable Automatic Conversion of the Additional Tier 1 Securities to be satisfied in full;                  |

| (vi) | in circumstances where the Additional Tier 1 Securities contemplate the appointment of a Settlement Share Depository, LBG shall use 
 all reasonable endeavors to promptly appoint such Settlement Share Depository; and                                                  |

<div align='center'>S-88</div>

| (vii) | where the provisions of the Indenture require or provide for a determination by an Independent Adviser, LBG shall use all reasonable 
 endeavors promptly to appoint an Independent Adviser for such purpose.                                                               |

Further Issues

LBG may, without the consent of the holders of
the Additional Tier 1 Securities, issue further Additional Tier 1 Securities having the same ranking and same interest rate, redemption
terms and other terms as the Additional Tier 1 Securities described in this prospectus other than the price to the public and issue date
as the Additional Tier 1 Securities offered hereby. There is no limitation on the amount of Additional Tier 1 Securities or other debt
securities that we may issue under the Indenture and there is no restriction on us issuing securities that may have preferential rights
to the Additional Tier 1 Securities or securities with similar, different or no Trigger Event provisions.

Notice

All notices regarding the Additional Tier 1 Securities
will be deemed to be validly given if sent by first class mail to the holders of the Additional Tier 1 Securities at their addresses recorded
in the register, and will be deemed to have been so given on the third calendar day after being so mailed.

Until such time as any definitive securities are
issued, there may, so long as any Global Notes representing the Additional Tier 1 Securities are held in their entirety on behalf of DTC,
be substituted for such mailing the delivery of the relevant notice to DTC for communication by them to the holders of the Additional
Tier 1 Securities, in accordance with DTC’s applicable procedures. Neither the failure to give any notice to a particular holder,
nor any defect in a notice given to a particular holder, will affect the sufficiency of any notice given to another holder. Such notice
will be deemed to have been given on the date on which such