Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 47

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 47
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 laws of a country outside of the U.K. (which include the Additional Tier
1 Securities, the terms of which are governed by New York Law, except for the subordination and waiver of set-off provisions which are
governed by

the laws of Scotland) must contain a contractual
acknowledgment whereby the holders recognize that such liability may be subject to the U.K. Bail-in Power and agree to be bound by the
exercise of those powers by the relevant U.K. resolution authority.

<div align='center'>S-38</div>

As a result, notwithstanding any other agreements,
arrangements, or understandings between us and any holder or beneficial owner of the Additional Tier 1 Securities, by purchasing or acquiring
the Additional Tier 1 Securities, each holder (including each beneficial owner) of the Additional Tier 1 Securities acknowledges, accepts,
agrees to be bound by and consents to the exercise of any U.K. Bail-in Power (as defined below) by the relevant U.K. resolution authority
that may result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on, the Additional
Tier 1 Securities; (ii) the conversion of all, or a portion, of the principal amount of, or interest on, the Additional Tier 1 Securities
into shares or other securities or other obligations of LBG or another person (and the issue to or conferral on the holder of such shares,
securities or obligations), including by means of amendment, modification or variation of the terms of the Additional Tier 1 Securities;
and/or (iii) the amendment or alteration of the maturity of the Additional Tier 1 Securities, or amendment of the amount of interest due
on the Additional Tier 1 Securities, or the dates on which interest becomes payable, including by suspending payment for a temporary period;
any U.K. Bail-in Power may be exercised by means of variation of the terms of the Additional Tier 1 Securities solely to give effect to
the exercise by the relevant U.K. resolution authority of such U.K. Bail-in Power. With respect to (i), (ii) and (iii) above, references
to principal and interest shall include payments of principal and interest that have become due and payable, but which have not been paid,
prior to the exercise of any U.K. Bail-in Power. Each holder and each beneficial owner of the Additional Tier 1 Securities further acknowledges
and agrees that the rights of the