Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 25

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 25
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 liabilities of a relevant institution (such as LBG) governed by the laws of a
country outside of the U.K. (which include the Senior 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 Senior Notes, by purchasing or acquiring the Senior
Notes, each holder (including each beneficial owner) of the Senior 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 Senior Notes; (ii) the conversion of all, or a portion,
of the principal amount of, or interest on, the Senior 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 Senior Notes); and/or (iii) the amendment or alteration of the maturity of the Senior Notes, or amendment
of the amount of interest due on the Senior 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 Senior 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 Senior Notes further acknowledges and agrees that the rights of the holders and/or beneficial
owners under the Senior Notes are subject to, and will be varied, if necessary, solely to