Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 136

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 136
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, 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.

<div align='center'>S-88</div>

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 1 Securities a claim
for damages and, in such circumstances, the sole and exclusive remedy that the Trustee and the holders and beneficial owners of the Additional
Tier 1 Securities may seek under the Additional Tier 1 Securities and the Indenture is specific performance under New York law. By its
purchase or acquisition of the Additional Tier 1 Securities, each Additional Tier 1 holder and each beneficial owner of the Additional
Tier 1 Securities acknowledges and agrees that such holder and beneficial owner will not seek, and will not direct the Trustee to seek,
a claim for damages against LBG in respect of a breach by us of a Performance Obligation and that the sole and exclusive remedy that such
holder, beneficial owner and the Trustee may seek under the Additional Tier 1 Securities and the Indenture for a breach by us of a Performance
Obligation is specific performance under New York law. See “Risk Factors— The Additional Tier 1 Securities do not contain events of default and the remedies available to holders of the Additional Tier 1 Securities are limited”.

Other than the limited remedies specified above,
no remedy against us shall be available to the Trustee or the holders or beneficial owners of the Additional Tier 1 Securities, provided
that (1) Trustee and the holders and beneficial owners of the Additional Tier 1 Securities shall have such rights and powers as they are
required to have under the TIA, including the right of any holder of the Additional Tier 1 Securities to institute proceedings for the
enforcement of any payments of principal and interest