Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 63

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 63
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, 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 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 Indenture, unless LBG and the Trustee agree in writing that a supplemental
indenture is not necessary.

<div align='center'>S-40</div>

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 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.

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 market shall be deemed to acknowledge, agree to be bound by and consent to the same provisions
specified herein to the same extent as the holders and beneficial owners of the Senior Notes that acquire the Senior Notes upon their
initial issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms
of the Senior Notes including in relation to the U.K. bail-in power.

Listing

We intend to apply for the listing of each series
of Senior Notes on the New York Stock Exchange in accordance with its rules.

Governing Law

The Senior Indenture, the Twenty-Second Supplemental
Indenture and the Senior Notes are governed by, and construed in accordance with, the laws of the State of New York, except that, as the
Indenture specifies, the provisions relating to the waiver of set-off in the Indenture are governed by and construed in accordance with