Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 139

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 139
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 Indenture, and use the same degree of care and skill in their exercise, as a prudent
person would exercise or use under the circumstances in the conduct of his or her own affairs. Holders of not less than a majority in
aggregate principal amount of the outstanding Additional Tier 1 Securities may on behalf of all holders of the Additional Tier 1 Securities
waive any past Enforcement Event that results from a breach by LBG of a Performance Obligation. Holders of a majority of the aggregate
principal amount of the outstanding Additional Tier 1 Securities may not waive any past default that results from a Winding-up or Administration
Event or non-payment of principal when due.

If an Enforcement Event has occurred and is continuing,
the Trustee will have no obligation to take any action at the direction of any holders of the Additional Tier 1 Securities, unless they
have offered the Trustee security or indemnity satisfactory to the Trustee in its sole discretion. The holders of a majority in aggregate
principal amount of the outstanding Additional Tier 1 Securities shall have the right to direct the time, method and place of conducting
any proceeding in the name of and on the behalf of the Trustee for any remedy available to the Trustee or exercising any trust or power
conferred on the Trustee with respect to the Additional Tier 1 Securities. However, this direction (a) must not be in conflict with any
rule of law or the Indenture and (b) must not be unjustly prejudicial to the holders of the Additional Tier 1 Securities(s) not taking
part in the direction, in the case of either (a) or (b) as determined by the Trustee in its sole discretion. The Trustee may also take
any other action, consistent with the direction, that it deems proper.

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

Limitation on Suits

Before a holder of the Additional Tier 1 Securities
may bypass the Trustee and bring its own suit or other formal legal action or take other steps to enforce its rights or protect its interests
relating to the Additional Tier 1 Securities, the following must occur:

| · | the holder must give the Trustee written notice that an Enforcement Event has occurred; |

| · | the holders of 25% in outstanding principal amount of the Additional Tier 1 Securities must make a written request that the Trustee       
 take action and the holder must offer indemnity satisfactory to the Trustee in its sole discretion against