Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 138

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 138
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) not taking
part in the direction, in the case of either (a) or (b) as determined by the Trustee in its sole discretion. The Trustee may also take
any other action, consistent with the direction, that it deems proper.

<div align='center'>S-89</div>

Limitation on Suits

Before a holder of the Additional Tier 1 Securities
may bypass the Trustee and bring its own suit or other formal legal action or take other steps to enforce its rights or protect its interests
relating to the Additional Tier 1 Securities, the following must occur:

| · | the holder must give the Trustee written notice that an Enforcement Event has occurred; |

| · | the holders of 25% in outstanding principal amount of the Additional Tier 1 Securities must make a written request that the Trustee       
 take action and the holder must offer indemnity satisfactory to the Trustee in its sole discretion against 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