Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 144

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 144
---
 Mellon, London Branch, will act as Calculation Agent for the Additional
Tier 1 Securities, and LBG may appoint additional or successor agents (together, the “Agents”).

LBG will procure that there will at all times
be a Paying Agent and a Calculation Agent. LBG is entitled to appoint other banks of international standing as Agents, or, in the case
of the Calculation Agent only, LBG may appoint a financial advisor with appropriate expertise. Furthermore, LBG is entitled to terminate
the appointment of any Agent. In the event of such termination or such Agent being unable or unwilling to continue to act as Agent in
the relevant capacity, LBG will appoint another bank of international standing, or, in the case of the Calculation Agent only, another
financial advisor with appropriate expertise as Agent in the relevant capacity. Such appointment or termination will be published without
undue delay in accordance with the Indenture, or, should this not be possible, be published in another appropriate manner.

Subsequent Holders’ Agreement

Holders and beneficial owners of the Additional
Tier 1 Securities that acquire the Additional Tier 1 Securities in the secondary market shall be deemed to acknowledge, agree to be bound
by and consent to the same provisions specified herein to the same extent as the holders and beneficial owners of the Additional Tier
1 Securities that acquire the Additional Tier 1 Securities upon 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-90</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 Notes in registered form, without coupons attached, will be deposited with DTC and will be registered
in the name of such 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 Notes are exchanged for definitive securities, the Global Notes may not
be transferred except as a whole by DTC to a nominee or a successor of DTC.

So long as DTC, or its nominee, is the holder
of the Global