Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 140

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 140
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 the cost and other liabilities 
 of taking that action; and                                                                                                                |

| · | the Trustee must not have taken action for 60 days after receipt of the above notice and offer of security or indemnity, and the Trustee 
 must not have received an inconsistent direction from the majority in principal amount of the Additional Tier 1 Securities during that   
 period.                                                                                                                                  |

Notwithstanding any contrary provisions, nothing
shall impair the right of a holder of the Additional Tier 1 Securities under the TIA, absent such holder’s consent, to sue for any
payments due but unpaid with respect to the Additional Tier 1 Securities.

Undertakings

While any Additional Tier 1 Security remains outstanding,
LBG shall (if and to the extent permitted by the Applicable Regulations from time to time and only to the extent that such undertaking
would not cause a Regulatory Event to occur) save with the approval of an extraordinary shareholder resolution:

| (i) | not make any issue, grant or distribution or take or omit to take any other action if the effect thereof would be that, upon Automatic 
 Conversion of the Additional Tier 1 Securities, Ordinary Shares could not, under any applicable law then in effect, be legally issued  
 as fully paid;                                                                                                                         |

| (ii) | in the event of a Newco Scheme, take (or shall procure that there is taken) all necessary action to ensure that the Newco Scheme is            
 an Exempt Newco Scheme and that immediately after completion of the Scheme of Arrangement, any amendments to the Indenture in accordance       
 with “—Modification and Amendments” below as may be necessary to ensure that the Additional Tier 1 Securities                                  
 may be converted into, or exchanged for, ordinary shares or units or the equivalent in Newco as described in this prospectus and in accordance 
 with the Indenture;                                                                                                                            |

| (iii) | use all reasonable endeavors to ensure that the Settlement Shares issued upon Automatic Conversion of the Additional Tier 1 Securities 
 following a Trigger Event shall be admitted to listing and trading on the Relevant Stock Exchange;                                     |

| (iv) | following the Automatic Conversion of the Additional Tier 1 Securities, take all reasonable actions as may be necessary to (a) register 
 any additional ADSs, (b) deposit a sufficient number of ADSs with the ADS Depository, and (c) ensure that such ADSs shall continue to   
 be listed on the New York Stock Exchange or, if the ADSs cease to be listed on