Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 143

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 143
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 their initial issuance, including, without limitation, with respect to
the acknowledgement and agreement to be bound by and consent to the terms of the Additional Tier 1 Securities, including in relation
to interest cancellation, the Automatic Conversion, the U.K. Bail-in Power, the Settlement Shares Offer and the limitations on remedies
specified in “—Enforcement Events and Remedies” above.

<div align='center'>S-92</div>

Form of Additional Tier 1 Securities, Clearance and Settlement

General

The Additional Tier 1 Securities shall initially
be represented by one or more Global Certificates in registered form, without coupons attached, will be deposited with a common depositary
for Clearstream, Luxembourg and Euroclear and will be registered in the name of such common depositary or its nominee. Unless and until
the Additional Tier 1 Securities are exchanged in whole or in part for other securities under the terms of the Indenture or the Global
Certificates are exchanged for definitive securities, the Global Certificates may not be transferred except as a whole by a Clearing System
or its common depositary or the common depositary’s nominee to a nominee or a successor of such Clearing System or its common depositary
or the common depositary’s nominee.

So long as a Clearing System, or its respective
common depositary or nominee, is the holder of the Global Certificates, such Clearing System, or its common depositary or nominee, will
be considered the sole holder of such Global Certificates for all purposes under the Indenture. Except as described below under “—Issuance of Definitive Securities”, no participant, indirect participant or other person will be entitled to have Additional Tier 1 Securities
registered in its name, receive or be entitled to receive physical delivery of Additional Tier 1 Securities in definitive form or be considered
the owner or holder of the Additional Tier 1 Securities under the Indenture. Each person having an ownership or other interest in the
Additional Tier 1 Securities must rely on the procedures of the relevant Clearing System, and, if a person is not a participant in such
Clearing System, must rely on the procedures of the participant or other securities intermediary through which that person owns its interest
to exercise any rights and obligations of a holder under the Indentures.

Payments on the Global Debt Security

Payments of any amounts in respect of the Additional
Tier 1 Securities will be made to beneficial owners of the Additional Tier 1 Securities in accordance with the rules