Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 139

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 139
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 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 such exchange, to be admitted to trading on a national   
 securities exchange in the United States;                                                                                               |

| (v) | notwithstanding any Settlement Shares Offer, at all times keep available for issue, free from pre-emptive or other preferential rights, 
 sufficient Ordinary Shares to enable Automatic Conversion of the Additional Tier 1 Securities to be satisfied in full;                  |

| (vi) | in circumstances where the Additional Tier 1 Securities contemplate the appointment of a Settlement Share Depository, LBG shall use 
 all reasonable endeavors to promptly appoint such Settlement Share Depository; and                                                  |

<div align='center'>S-90</div>

| (vii) | where the provisions of the Indenture require or provide for a determination by an Independent Adviser, LBG shall use all reasonable 
 endeavors promptly to appoint an Independent Adviser for such purpose.                                                               |

Further Issues

LBG may, without the consent of the holders of
the Additional Tier 1 Securities, issue further Additional Tier 1 Securities having the same ranking and same interest rate, redemption
terms and other terms as the Additional Tier 1 Securities described in this prospectus other than the price to the public and issue date
as the Additional Tier 1 Securities offered hereby. There is no limitation on the amount of Additional Tier 1 Securities or other debt
securities that we may issue under the Indenture and there is no restriction on us issuing securities that may have preferential rights
to the Additional Tier 1 Securities or securities with similar, different or no Trigger Event provisions.