Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 23

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 23
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 become subject to recovery and resolution action.”

The Prudential Regulation Authority (the “PRA”)
requires that, subject to limited exceptions, unsecured liabilities of a relevant institution (such as LBG) governed by the laws of a
country outside of the U.K. (which include the Notes, the terms of which are governed by New York Law, except for the 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.

As a result, notwithstanding any other agreements,
arrangements, or understandings between us and any holder or beneficial owner of the Notes, by purchasing or acquiring the Notes, each
holder (including each beneficial owner) of the Notes 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 Notes; (ii) the conversion of all, or a portion, of the principal amount
of, or interest on, the Notes 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
Notes); and/or (iii) the amendment or alteration of the maturity of the Notes, or amendment of the amount of interest due on the Notes,
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 Notes 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 (including principal that has become due and payable at the relevant maturity
date), 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 Notes further acknowledges and agrees that the rights