Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 83

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 83
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 by exceptional circumstances; or (B) the relevant Subordinated Notes
being purchased for market-making purposes in accordance with the Applicable Regulations.

<div align='center'>S-58</div>

Any refusal by the Relevant Regulator to grant
its permission as contemplated above shall not constitute a Subordinated Notes Default or a Subordinated Notes Event of Default for any
purpose. Notwithstanding the above conditions, if, at the time of any redemption, purchase, substitution or variation, the then-prevailing
Applicable Regulations permit the repayment, purchase, substitution or variation only after compliance with one or more alternative or
additional preconditions to those set out above, LBG shall comply with such other and/or, as appropriate, additional pre-condition(s).

Modification and Waiver

The modification and waiver provisions which apply
to the Subordinated Notes are described in the accompanying prospectus under “Description of Debt Securities—Modification and Waiver”.

Payment of Additional Amounts

The payment
of additional amounts provisions which apply to the Subordinated Notes (and exceptions thereto) are described in the accompanying prospectus
under “Description of Debt Securities—Additional Amounts”. Holders and beneficial owners should note that we
will not be required to pay any additional amounts to the extent that any withholding or deduction applied to payments of principal.

Waiver of Right to Set-Off

Subject to applicable law, no holder may exercise
or claim any right of set-off, counterclaim, combination of accounts, compensation or retention in respect of any amount owed to it by
LBG arising under or in connection with the Subordinated Notes. By accepting a Subordinated Note, each holder will be deemed to have waived
any right of set-off, counterclaim, combination of accounts, compensation or retention with respect to such Subordinated Note or the Subordinated
Indenture (or between our obligations under or in respect of any Subordinated Note and any liability owed by a holder or the Trustee to
us) that they might otherwise have against us, whether before or during our winding up. Notwithstanding the provisions of the foregoing
sentence, if any of the said rights and claims of any holder of any Subordinated Note against LBG is discharged by set-off, counterclaim,
combination of accounts, compensation or retention, such holder will immediately pay an amount equal to the amount of such discharge to
LBG (or, in the event of winding-up or administration of LBG, the liquidator or, as applicable, the administrator of LBG) and accordingly