Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 136

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 136
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 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.

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 DTC 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), (ii) and (iii) is an “Enforcement Event”:

(i) the occurrence of a Winding-up or Administration
Event;

(ii) non-payment of principal when due as further
described in clause (ii) of “—Remedies” below; or

(iii) breaches of a Performance Obligation.

Remedies

(i) The occurrence of a Winding-up or Administration Event prior to the occurrence of a Trigger Event. If a Winding-up or Administration Event occurs prior to the occurrence of a Trigger
Event, then the claims in respect of the Additional Tier 1 Securities will be for such amount, and will be subordinated on the basis,
as is described under “—Ranking and Liquidation Distribution” above, without any requirement for the Trustee,
the holders or the beneficial owners of the Additional Tier 1 Securities to declare such amount to be due and payable.

(ii) Non-payment of principal when due.
Subject to the satisfaction