Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 137

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 137
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 of any conditions to redemption, purchase, substitution or variation described under “—Redemption, Purchase, Variation and Substitution—Conditions to Redemption, Purchase, Substitution or Variation” above, if LBG does
not make payment of principal in respect of the Additional Tier 1 Securities for a period of seven (7) calendar days or more after the
date on which such payment is due, then the Trustee, on behalf of the holders and beneficial owners of the Additional Tier 1 Securities,
may, at its discretion, or shall at the direction of holders of 25% of the aggregate principal amount of outstanding Additional Tier 1
Securities, subject to any applicable laws, institute proceedings for the winding up of LBG. In the event of a winding-up or liquidation
of LBG, whether or not instituted by the Trustee, the Trustee may prove the claims of the holders and beneficial owners of the Additional
Tier 1 Securities and the Trustee in the winding up proceeding of LBG and/or claim in the liquidation of LBG such claims as are set out
under “—Ranking and Liquidation Distribution”. For the avoidance of doubt, the Trustee may not declare the principal
amount of any outstanding Additional Tier 1 Securities to be due and payable and may not pursue any other legal remedy, including a judicial
proceeding for the collection of the sums due and unpaid on the Additional Tier 1 Securities.

<div align='center'>S-86</div>

(iii) Breach of a Performance Obligation.
In the event of a breach of any term, obligation or condition binding on us under the Additional Tier 1 Securities or the Indenture (other
than any payment obligation of LBG under or arising from the Additional Tier 1 Securities or the Indenture, including payment of any principal
or interest, including any damages awarded for breach of any obligations) (a “Performance Obligation”), the Trustee
may without further notice institute such proceedings against us as it may think fit to enforce the Performance Obligation, provided that
we shall not by virtue of the institution of any such proceedings be obliged to pay any sum or sums, in cash or otherwise (including any
damages) earlier than the same would otherwise have been payable under the Additional Tier 1 Securities or the Indenture.

For the avoidance of doubt, the breach by us of
any Performance Obligation shall not give the Trustee and/or the holders and beneficial owners of the Additional Tier