Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 84

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 84
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such discharge will be deemed not to have taken place.

Trustee; Direction of Trustee

LBG’s obligations to indemnify the Trustee
in accordance with Section 6.07 of the Subordinated Base Indenture (as amended by the Eleventh Subordinated Supplemental Indenture) shall
survive the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Subordinated Notes and the
Subordinated Indenture.

By purchasing or acquiring the Subordinated Notes,
each holder (including each beneficial owner) of the Subordinated 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 Subordinated Notes under Section 5.12 (Control by Holders) of the Subordinated Base Indenture, and (b) neither
the Subordinated Base Indenture nor the Eleventh Subordinated 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 Subordinated 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 Subordinated
Notes), then the Trustee’s duties under the Subordinated Indenture shall remain applicable with respect to such Subordinated Notes
following such completion to the extent that LBG and the Trustee 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.

<div align='center'>S-59</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 Subordinated Notes and security and/or indemnity satisfactory to the Trustee in its sole discretion. The Subordinated
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,