Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 135

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 135
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315(c) (Duties of the Trustee in Case
of Default) of the Trust Indenture Act (the “TIA”); (ii) to the extent permitted by the TIA, waives any and all claims
against the Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable
for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the U.K. Bail-in Power
by the relevant U.K. resolution authority with respect to the Additional Tier 1 Securities; and (iii) acknowledges and agrees that, upon
the exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority, (a) the Trustee shall not be required to take any further
directions from holders or beneficial owners of the Additional Tier 1 Securities under Section 5.12 (Control by Holders) of the Base Indenture,
and (b) neither the Base Indenture nor the Tenth Supplemental Indenture shall impose any duties upon the Trustee whatsoever with respect
to the exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority. Notwithstanding the foregoing, if, following the
completion of the exercise of the U.K. Bail-in Power by the relevant U.K. resolution authority, any of the Additional Tier 1 Securities
remain outstanding (for example, if the exercise of the U.K. Bail-in Power results 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.

<div align='center'>S-85</div>

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 DTC and any direct participant in DTC