Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 64

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 64
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vive the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Senior Notes and the Senior
Indenture.

By purchasing or acquiring the Senior Notes, each
holder (including each beneficial owner) of the Senior Notes 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 Senior Notes under Section 5.12 (Control by Holders) of the Senior Base Indenture, and (b) neither the Senior Base Indenture
nor the Twenty-First Senior 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 Senior Notes 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 Senior Notes), then the Trustee’s duties
under the Senior Indenture shall remain applicable with respect to such Senior Notes following such completion to the extent that LBG
and the Trustee agree pursuant to a supplemental indenture or an amendment to the Senior Indenture, unless LBG and the Trustee agree in
writing that a supplemental indenture is not necessary.

In addition to the foregoing, the Trustee may
decline to act or accept direction from holders unless it receives written direction from holders representing a majority in aggregate
principal amount of the Senior Notes and security and/or indemnity satisfactory to the Trustee in its sole discretion. The Senior Indenture
shall not be deemed to require the Trustee to take any action which may conflict with applicable law, or which may be unjustly prejudicial
to the holders not taking part in the direction, or which could subject the Trustee to risk or for which it is not indemnified to its
satisfaction in its sole discretion.

<div align='center'>S-49</div>

The Trustee makes no representations regarding,
and shall not be liable with respect to, the information set forth in this prospectus supplement.

Subsequent Holders’ Agreement

Holders and beneficial owners of the Senior Notes
that acquire the Senior Notes in the secondary