Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 81

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 81
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 as issuer and The Bank of New York
Mellon, acting through its London Branch as trustee (the “Trustee”), as supplemented by a Ninth Supplemental Indenture
which we expect to be dated as of the Issue Date (the “Ninth Supplemental Indenture” and, together with the Base Indenture,
the “Indenture”), under which the Additional Tier 1 Securities are to be issued.

The Additional Tier 1 Securities and the Indenture
are governed by, and shall be construed in accordance with, the laws of the State of New York, except for the subordination and waiver
of set-off provisions which are governed by, and shall be construed in accordance with, Scots law. The terms of the Additional Tier 1
Securities include those stated in the Indenture and those terms made part of the Indenture by reference to the U.S. Trust Indenture Act
of 1939, as amended (the “TIA”). The Bank of New York Mellon, acting through its London Branch, will serve as Trustee
under the Indenture and will initially act as Paying Agent, and The Bank of New York Mellon, London Branch, will act as calculation agent
(the “Calculation Agent”) for the Additional Tier 1 Securities. The Bank of New York Mellon SA/NV, Dublin Branch will act as registrar for the Additional Tier 1 Securities.

The Additional Tier 1 Securities will constitute
our direct, unsecured, unguaranteed and subordinated obligations and will rank pari passu without any preference among themselves.

The Additional Tier 1 Securities will be issued
in an aggregate principal amount of up to £750,000,000. We will issue the Additional Tier 1 Securities in fully registered form
in denominations of £200,000 and in integral multiples of £1,000 thereafter (the denomination of each book-entry interest
being the “Tradable Amount” of such book-entry interest). Prior to the Automatic Conversion (as defined below), the
aggregate Tradable Amount of the book-entry interests in each Additional Tier 1 Security shall be equal to such Additional Tier 1 Security’s
principal amount. Following the Automatic Conversion, the principal amount of each Additional Tier 1 Security shall be zero (as described
below under “—Conversion—Conversion Procedures”).

Upon issuance, the Additional Tier 1 Securities
will be represented by one or more fully registered global certificates (“Global Certificates”). Each such Global Certificate
will be