Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 142

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 142
---
 unless LBG shall have given such notice
as is required by, and received such permission from, the Relevant Regulator as is required by the Relevant Regulator under the Applicable
Regulations. The Trustee is entitled to request and rely on an officer’s certificate from LBG as to the satisfaction of this condition
precedent to any modification, amendment or substitution without further enquiry.

Governing Law

The Additional Tier 1 Securities and the Indenture
will be governed by and construed in accordance with the laws of the State of New York, except for the subordination and waiver of set-off
provisions relating to the Additional Tier 1 Securities which will be governed by and construed in accordance with Scots law.

Trustee and Agents

The Trustee for Additional Tier 1 Securities will
be The Bank of New York Mellon, acting through its London Branch. The Trustee makes no representations, and shall not be liable with respect
to, the information set forth in this prospectus.

The Bank of New York Mellon, acting through its
London Branch will initially act as Paying Agent. The Bank of New York 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