Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 131

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 131
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 exercise of any U.K. Bail-in Power (as defined below) by the relevant U.K. resolution authority that may
result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on, the Additional Tier 1 Securities;
(ii) the conversion of all, or a portion, of the principal amount of, or interest on, the Additional Tier 1 Securities into shares or
other securities or other obligations of LBG or another person (and the issue to or conferral on the holder of such shares, securities
or obligations), including by means of amendment, modification or variation of the terms of the Additional Tier 1 Securities; and/or (iii)
the amendment or alteration of the maturity of the Additional Tier 1 Securities, or amendment of the amount of interest due on the Additional
Tier 1 Securities, or the dates on which interest becomes payable, including by suspending payment for a temporary period; any U.K. Bail-in
Power may be exercised by means of variation of the terms of the Additional Tier 1 Securities solely to give effect to the exercise by
the relevant U.K. resolution authority of such U.K. Bail-in Power. With respect to (i), (ii) and (iii) above, references to principal
and interest shall include payments of principal and interest that have become due and payable, but which have not been paid, prior to
the exercise of any U.K. Bail-in Power. Each holder and each beneficial owner of the Additional Tier 1 Securities further acknowledges
and agrees that the rights of the holders and/or beneficial owners under the Additional Tier 1 Securities are subject to, and will be
varied, if necessary, solely to give effect to, the exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority.

For these purposes, a “U.K. Bail-in Power” is any write-down, conversion, transfer, modification or suspension power existing from time to time under any laws,
regulations, rules or requirements relating to the resolution of banks, banking group companies, credit institutions and/or investment
firms incorporated in the United Kingdom in effect and applicable in the United Kingdom to us and the Group, including but not limited
to any such laws, regulations, rules or requirements which are implemented, adopted or enacted in the United Kingdom within the context
of the U.K. resolution regime under the Banking Act 2009, as the same has been or may be amended from time to