Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 77

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 77
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 agree pursuant to a supplemental indenture or an amendment to the Subordinated Indenture,
unless LBG and the Trustee agree in writing that a supplemental indenture is not necessary.

By purchasing or acquiring the Subordinated Notes,
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 Subordinated
Notes and (ii) authorized, directed and requested DTC and any direct participant in DTC or other intermediary through which it holds such
Subordinated Notes to take any and all necessary action, if required, to implement the exercise of any U.K. bail-in power with respect
to the Subordinated Notes as it may be imposed, without any further action or direction on the part of such holder or beneficial owner
or the Trustee.

Upon the exercise of the U.K. bail-in power by
the relevant U.K. resolution authority with respect to the Subordinated Notes, we shall provide a written notice to DTC as soon as practicable
regarding such exercise of the U.K. bail-in power for purposes of notifying holders and beneficial owners of such occurrence. We shall
also deliver a copy of such notice to the Trustee for information purposes. Any delay or failure by us in delivering the notices referred
to in this paragraph shall not affect the validity and enforceability of the U.K. bail-in power.

For a discussion of certain risk factors relating
to the U.K. bail-in power, see “Risk Factors—Risks relating to the Notes”.

Events of Default; Default; Limitation of Remedies

The applicable defaults, events of default and
limitations of remedies which apply to the Subordinated Notes are described in the accompanying prospectus under “Description of Debt Securities—Events of Default; Default; Limitation of Remedies—Subordinated Debt Security Events of Default”
and “Description of Debt Securities—Events of Default; Default; Limitation of Remedies—Subordinated Debt Security Defaults”.

Additional Issuances

We may, without the consent of the holders of
the Subordinated Notes, issue additional notes having the same ranking and same interest rate, maturity date, redemption terms and other
terms as the Subordinated Notes described in this prospectus supplement except for the price to the public, issue date and first Subordinated
Notes interest payment date, provided however that such additional notes that