Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 134

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 134
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 in only a partial write-down of the principal of such
Additional Tier 1 Securities), then the Trustee’s duties under the Indenture shall remain applicable with respect to such Additional
Tier 1 Securities following such completion to the extent that LBG and the Trustee agree pursuant to a supplemental indenture or an amendment
to the Indenture, unless LBG and the Trustee agree in writing that a supplemental indenture is not necessary.

By purchasing or acquiring the Additional Tier
1 Securities, each holder and each beneficial owner shall be deemed to have (i) consented to the exercise of any U.K. Bail-in Power as
it may be imposed without any prior notice by the relevant U.K. resolution authority of its decision to exercise such power with respect
to the Additional Tier 1 Securities and (ii) authorized, directed and requested the Clearing Systems and any direct participant in such
Clearing System or other intermediary through which it holds such Additional Tier 1 Securities to take any and all necessary action,
if required, to implement the exercise of any U.K. Bail-in Power with respect to the Additional Tier 1 Securities as it may be imposed,
without any further action or direction on the part of such holder or beneficial owner or the Trustee.

<div align='center'>S-87</div>

Upon the exercise of the U.K. Bail-in Power by
the relevant U.K. resolution authority with respect to the Additional Tier 1 Securities, we shall provide a written notice to the Clearing
Systems as soon as practicable regarding such exercise of the U.K. Bail-in Power for purposes of notifying holders and beneficial owners
of such occurrence. We shall also deliver a copy of such notice to the Trustee for information purposes. Any delay or failure
by us in delivering the notices referred to in this paragraph shall not affect the validity and enforceability of the U.K. Bail-in Power.

For a discussion of certain risk factors relating
to the U.K. Bail-in Power, see “Risk Factors—Risks relating to the Additional Tier 1 Securities”.

Enforcement Events and Remedies

There are no events of default under the Additional
Tier 1 Securities. In addition, under the terms of the Indenture, neither the Automatic Conversion nor the exercise of any U.K. Bail-in
Power by the relevant U.K. resolution authority with respect to the Additional Tier 1 Securities will be an Enforcement Event.

Enforcement Events

Each of the following events described in clauses
(i),