Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 138

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 138
---
 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 when due, subject to the subordination and waiver of set off provisions set forth
in the Indenture and (2) such limitations shall not apply to our obligations to pay the fees and expenses of, and to indemnify, the Trustee
and the Trustee’s rights to apply money collected to first pay its fees and expenses shall not be subject to the subordination and
waiver of set off provisions set forth in the Indenture.

The Additional Tier 1 Securities are perpetual
securities in respect of which there is no fixed redemption date or maturity date. Holders may not require any redemption of the Additional
Tier 1 Securities at any time.

Trustee’s Duties

The Trustee has only its express duties set forth
in the Indenture and no implied duties; provided, however, if an Enforcement Event has occurred and is continuing, the Trustee shall exercise
such of the rights and powers vested in it by the