# EDGAR Filing Document

**Accession Number:** 0001167831
**File Stem:** 0000950103-25-007096
**Filing Date:** 2025-6
**Character Count:** 813571
**Document Hash:** fa9ed380ff95b4b339006f5536006d32
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-007096.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0000950103-25-007096

**CONFORMED SUBMISSION TYPE**: F-3ASR

**PUBLIC DOCUMENT COUNT**: 33

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lloyds Banking Group plc
- **CENTRAL INDEX KEY:** 0001160106
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0

**FILING VALUES:**
- **FORM TYPE:** F-3ASR
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287829
- **FILM NUMBER:** 251029399

**BUSINESS ADDRESS:**
- **STREET 1:** 25 GRESHAM STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC2V 7HN
- **BUSINESS PHONE:** 44 0 20 7626 1500

**MAIL ADDRESS:**
- **STREET 1:** 25 GRESHAM STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC2V 7HN

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LLOYDS TSB GROUP PLC
- **DATE OF NAME CHANGE:** 20010926
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lloyds Bank plc
- **CENTRAL INDEX KEY:** 0001167831
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0

**FILING VALUES:**
- **FORM TYPE:** F-3ASR
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287829-01
- **FILM NUMBER:** 251029398

**BUSINESS ADDRESS:**
- **STREET 1:** 25 GRESHAM STREET
- **STREET 2:** LONDON EC2V 7HN
- **CITY:** UNITED KINGDOM
- **STATE:** X0
- **ZIP:** 00000
- **BUSINESS PHONE:** 442076261500

**MAIL ADDRESS:**
- **STREET 1:** 25 GRESHAM STREET
- **STREET 2:** LONDON EC2V 7HN
- **CITY:** UNITED KINGDOM
- **STATE:** X0
- **ZIP:** 00000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LLOYDS TSB BANK PLC
- **DATE OF NAME CHANGE:** 20020220

As filed with the Securities and Exchange Commission on June 6, 2025

Registration No. 333- and 333-

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**<br> Washington, D.C. 20549

____________________

**FORM F-3**<br> **REGISTRATION STATEMENT<br> UNDER<br> THE SECURITIES ACT OF 1933**

**____________________**

**Lloyds Banking Group plc**<br> *(Exact Name of Registrant as Specified in Its Charter)*

**Scotland**<br> *(State or Other Jurisdiction of Incorporation or Organization)*

**Not Applicable**<br> *(I.R.S. Employer Identification No.)*

**25 Gresham Street<br> London EC2V 7HN<br> United Kingdom**

**011-44-207-626-1500**<br> *(Address and Telephone Number of Registrant's Principal Executive Offices)*

**Lloyds Bank plc**<br> *(Exact Name of Registrant as Specified in Its Charter)*

**United Kingdom**<br> *(State or Other Jurisdiction of Incorporation or Organization)*

**Not Applicable**<br> *(I.R.S. Employer Identification No.)*

**25 Gresham Street<br> London EC2V 7HN<br> United Kingdom**

**011-44-207-626-1500**<br> *(Address and Telephone Number of Registrant's Principal Executive Offices)*

<br> **Kelvina Smith<br> Chief Legal Officer**

**Lloyds Securities Inc.**

**and**

**Deputy Chief Legal Officer, North America**

**Lloyds Bank Corporate Markets plc**

**1095 Avenue of the Americas**

**New York, NY 10036**

**212-930-5047**

*(Name, Address and Telephone Number of Agent for Service)*

 **____________________**

**Please send copies of all communications to:<br> Connie I. Milonakis<br> DAVIS POLK & WARDWELL LONDON LLP<br> 5 Aldermanbury Square<br> London, EC2V 7HR**

**United Kingdom<br> Tel. No.: +44-20-7418-1327**

____________________

**Approximate date of commencement of proposed sale to the public:** From time to time after the effective date of this Registration Statement.

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended (the "Securities Act") please check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☒

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

† The term "new or revised financial accounting standards" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**PROSPECTUS**

**LLOYDS BANKING GROUP plc<br> DEBT SECURITIES<br> CAPITAL SECURITIES<br> ORDINARY SHARES<br> AMERICAN DEPOSITARY SHARES**

We will provide the specific terms of these securities, and the manner in which they will be offered, in one or more prospectus supplements to this prospectus. Any prospectus supplement may also add, update or change information contained, or incorporated by reference, in this prospectus. You should read this prospectus and the applicable prospectus supplement carefully before you invest.

You should read both this prospectus and any prospectus supplement, together with the additional information described under the headings "Where You Can Find More Information" and "Incorporation of Documents by Reference", before investing in our securities. The amount and price of the offered securities will be determined at the time of the offering.

**The debt securities and capital securities may be subject to the exercise of the U.K. bail-in power by the relevant U.K. resolution authority as described herein and in the applicable prospectus supplement for such debt securities or capital securities.**

**Investing in our securities involves risks that are described in the "Risk Factors" section of our annual and interim reports filed with the U.S. Securities and Exchange Commission or in the applicable prospectus supplement.**

**Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined that this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**This prospectus may not be used to sell securities unless it is accompanied by a prospectus supplement.**

The date of this prospectus is June 6, 2025.

**table of contents**

<u>Page</u>

---

| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS](#a_013) | [5](#a_013) |
| [USE OF PROCEEDS](#a_014) | [6](#a_014) |
| [LLOYDS BANKING GROUP PLC](#a_015) | [7](#a_015) |
| [DESCRIPTION OF DEBT SECURITIES](#a_016) | [8](#a_016) |
| [DESCRIPTION OF CAPITAL SECURITIES](#a_017) | [18](#a_017) |
| [DESCRIPTION OF CERTAIN PROVISIONS RELATING TO DEBT SECURITIES AND CAPITAL SECURITIES](#a_018) | [24](#a_018) |
| [DESCRIPTION OF ORDINARY SHARES](#a_019) | [29](#a_019) |
| [DESCRIPTION OF AMERICAN DEPOSITARY SHARES](#a_020) | [34](#a_020) |
| [PLAN OF DISTRIBUTION](#a_021) | [40](#a_021) |
| [LEGAL OPINIONS](#a_022) | [42](#a_022) |
| [EXPERTS](#a_023) | [43](#a_023) |
| [ENFORCEMENT OF CIVIL LIABILITIES](#a_024) | [44](#a_024) |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_025) | [45](#a_025) |
| [INCORPORATION OF DOCUMENTS BY REFERENCE](#a_026) | [46](#a_026) |
| [CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS](#a_027) | [47](#a_027) |
| [INFORMATION NOT REQUIRED IN THE PROSPECTUS](#a_028) | [II-1](#a_028) |
| [EXHIBIT INDEX](#a_029) | [II-10](#a_029) |
| [SIGNATURES](#a_030) | [II-13](#a_030) |

---

**ABOUT THIS PROSPECTUS**

This prospectus is part of a registration statement on Form F-3 that we filed with the U.S. Securities and Exchange Commission (the "SEC") using a "shelf" registration or continuous offering process. Under this shelf process, we may, from time to time, sell the securities described in this prospectus in one or more offerings of an unspecified amount in one or more foreign currencies or currency units.

This prospectus provides you with a general description of the debt securities, capital securities, ordinary shares and American Depositary Shares we may offer, which we also refer to collectively as the "securities". Each time we sell securities, a prospectus supplement that contains specific information about the terms of that offering will be provided. The prospectus supplement will provide information regarding certain tax consequences of the purchase, ownership and disposition of the offered securities. The prospectus supplement may also add to, update or change information contained in this prospectus. If there is any inconsistency between the information in this prospectus and any prospectus supplement, you should rely on the information in that prospectus supplement. Each prospectus supplement will be filed with the SEC. You should read both this prospectus and the applicable prospectus supplement, together with the additional information described under the headings "Where You Can Find More Information" and "Incorporation of Documents by Reference", before purchasing any securities.

The registration statement containing this prospectus, including exhibits to the registration statement, provides additional information about Lloyds Banking Group plc and the securities offered under this prospectus. The registration statement can be read at the SEC's offices or obtained from the SEC's website mentioned under the heading "Where You Can Find More Information".

**Certain Terms**

In this prospectus, the terms "the Company" and "LBG" refer to Lloyds Banking Group plc; the term "Group" means Lloyds Banking Group plc, together with its subsidiaries and associated undertakings from time to time; the terms "we", "our" and "us" refer to Lloyds Banking Group plc as issuer of the relevant securities.

LBG publishes its consolidated financial statements in pounds sterling ("£" or "sterling"), the lawful currency of the United Kingdom. In this prospectus and any prospectus supplement, references to "dollars" and "$" are to United States dollars.

**USE OF PROCEEDS**

Unless a specific plan in the accompanying prospectus supplement is disclosed, the net proceeds from the sale of the securities offered by this prospectus will be used for the general corporate purposes of the Group. The Group has raised capital, Minimum Required Eligible Liabilities ("MREL") and funding in various markets from time to time and we expect to continue to raise capital, MREL and funding in appropriate markets as and when required.

**LLOYDS BANKING GROUP PLC**

Lloyds Banking Group plc was incorporated as a public limited company and registered in Scotland under the U.K. Companies Act 1985 on October 21, 1985 with the registered number SC095000. Lloyds Banking Group plc's registered office is The Mound, Edinburgh EH1 1YZ, Scotland, and its principal executive offices are located at 25 Gresham Street, London EC2V 7HN, United Kingdom, telephone number + 44 (0) 20 7626 1500.

For further information on the Group, please refer to Item 4.A in LBG's Annual Report on Form 20-F for the fiscal year ended December 31, 2024 filed with the SEC on February 20, 2025 and incorporated by reference into this document.

The Group maintains a website at www.lloydsbankinggroup.com.

**DESCRIPTION OF DEBT SECURITIES**

*The following is a summary of the general terms of the debt securities issued by LBG. Each time that debt securities are issued, a prospectus supplement will be filed with the SEC, which you should read carefully. The prospectus supplement will summarize specific financial terms of your security and may contain additional terms of those debt securities. The terms presented here, together with the terms contained in the prospectus supplement, will be a description of the material terms of the debt securities, but if there is any inconsistency between the terms presented here and those in the prospectus supplement, those in the prospectus supplement will apply and will replace those presented here. Therefore, the statements we make below in this section may not apply to your debt security. You should also read the indentures and any related supplemental indentures establishing such debt securities under which we will respectively issue the debt securities, which have been filed with the SEC as exhibits to the registration statement of which this prospectus is a part.*

*References to "debt securities" in this prospectus, mean the senior debt securities and subordinated debt securities that may be issued by LBG. The term "debt securities" does not include the "capital securities" described under "Description of Capital Securities".*

*Senior debt securities will be issued under a senior debt indenture. Subordinated debt securities will be issued under a subordinated debt indenture. The subordinated debt securities of any series will be subordinated obligations. Each indenture for debt securities issued by LBG is a contract between LBG and The Bank of New York Mellon, acting through its London Branch, which will initially act as trustee. None of the indentures limit our ability to incur additional indebtedness, including additional senior indebtedness.*

**General**

The debt securities are not deposits and are not insured or guaranteed by the U.S. Federal Deposit Insurance Corporation or any other government agency of the United States or the United Kingdom.

The indentures do not limit the amount of debt securities that we may issue. We may issue debt securities in one or more series. The relevant prospectus supplement for any particular series of debt securities will contain, where applicable, the following terms of, and other information relating to, any of the offered debt securities:

&nbsp;&nbsp;&nbsp;&nbsp;· whether they are senior debt securities or subordinated debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· their title (which will distinguish the debt securities of the series from all other debt securities), authorized denomination and
aggregate principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;· the price or prices at which they will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;· their maturity date;

&nbsp;&nbsp;&nbsp;&nbsp;· the annual interest rate or rates, or how to calculate the interest rate or rates;

&nbsp;&nbsp;&nbsp;&nbsp;· the date or dates from which interest, if any, will accrue or the method, if any, by which such date or dates will be determined;

&nbsp;&nbsp;&nbsp;&nbsp;· whether the payment of interest can be deferred;

&nbsp;&nbsp;&nbsp;&nbsp;· whether payments are conditional on our ability to make such payments and remain able to pay our debts as they fall due and that our
assets continue to exceed our liabilities (other than subordinated liabilities);

&nbsp;&nbsp;&nbsp;&nbsp;· the times and places for payment of the principal of and premium, if any, and any interest, if any, on the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· the terms of any mandatory or optional redemption, including the amount of any premium;

&nbsp;&nbsp;&nbsp;&nbsp;· any repurchase or sinking fund provisions;

&nbsp;&nbsp;&nbsp;&nbsp;· if other than the principal amount thereof, the portion of the principal amount of the debt securities payable upon acceleration or
redemption;

&nbsp;&nbsp;&nbsp;&nbsp;· the currency or currencies in which they are denominated and in which we will make any payments;

&nbsp;&nbsp;&nbsp;&nbsp;· whether the debt securities will be issued in whole or in part in the form of one or more global securities;

&nbsp;&nbsp;&nbsp;&nbsp;· provisions, if any, for the exchange, modification or conversion of such debt securities, including, but not limited to, with respect
to senior debt securities, the terms, if any, on which such senior debt securities may or will be converted into or exchanged at our option
or otherwise for our stock or other securities or for stock or other securities of another entity or other entities, into a basket or
baskets of such securities, into an index or indices of such securities, into the cash value therefor or into any combination of the foregoing,
any specific terms relating to the adjustment thereof and the period during which such senior debt securities may or shall be so converted
or exchanged;

&nbsp;&nbsp;&nbsp;&nbsp;· whether the amounts of payment of principal of and premium, if any, or interest, if any, on the debt securities may be determined
with reference to an index or are otherwise not fixed on the original issue date thereof, the manner in which such amounts shall be determined
and the calculation agent, if any, who will be appointed and authorized to calculate such amounts;

&nbsp;&nbsp;&nbsp;&nbsp;· any modifications or additions to the events of default with respect to the debt securities offered;

&nbsp;&nbsp;&nbsp;&nbsp;· any additional subordination terms with respect to the subordinated debt securities offered;

&nbsp;&nbsp;&nbsp;&nbsp;· whether and under what circumstances, if other than those described in this prospectus, we will pay additional amounts on the debt
securities and whether, and on what terms, if other than those described in this prospectus, we may redeem the debt securities following
certain developments with respect to tax laws;

&nbsp;&nbsp;&nbsp;&nbsp;· provisions relating to the exercise of the U.K. bail-in power by the relevant U.K. resolution authority;

&nbsp;&nbsp;&nbsp;&nbsp;· any listing on a securities exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;· any other terms of the debt securities.

In addition, the prospectus supplement will describe the material U.S. federal and U.K. tax considerations that apply to any particular series of debt securities.

Debt securities may bear interest at a fixed rate or a floating rate. We may sell any debt securities that bear no interest, or that bear interest at a rate that at the time of issuance is below the prevailing market rate, at a discount to their stated principal amount.

Holders of debt securities shall have no voting rights except those described under the heading "—Modification and Waiver" below.

*If we issue subordinated debt securities that, in each case, qualify as Tier 2 capital or other capital for regulatory purposes, the payment, subordination, redemption, events of default and other terms may vary from those described in this prospectus and will be set forth in the relevant prospectus supplement.*

**Payments**

We will make any payments of interest and principal on any particular series of debt securities on the dates and, in the case of payments of interest, at the rate or rates, that are set out in, or that are determined by the method of calculation described in, the relevant prospectus supplement.

**Subordinated Debt Securities**

Unless the relevant prospectus supplement provides otherwise, if we do not make a payment on a series of subordinated debt securities on any payment date, the obligation to make that payment shall be deferred, if it is an interest payment, until the date upon which we pay a dividend on any class of our share capital and, if it is a principal payment, until the first business day after the date that falls six months after the original payment date (a "Deferred Payment Date"). If we fail to make a payment before the Deferred Payment Date, that failure shall not create a default or otherwise allow any holder to sue us for the payment or take any other action. The relevant prospectus supplement will set forth the terms on which the payment of interest and principal on the subordinated debt securities can be deferred and any other terms relating to payments on subordinated debt securities.

**Subordination**

**Senior Debt Securities**

Unless the relevant prospectus supplement provides otherwise, senior debt securities and coupons (if any) appertaining thereto constitute direct, unconditional, unsecured and unsubordinated obligations ranking *pari passu*, without any preference among themselves, with all of our other outstanding unsecured and unsubordinated obligations, present and future, except such obligations as are preferred by operation of law.

**Subordinated Debt Securities**

Unless the relevant prospectus supplement provides otherwise, in a winding-up, all payments on any series of subordinated debt securities will be subordinate to, and subject in right of payment to the prior payment in full of, all claims of all creditors other than claims in respect of any liability that is, or is expressed to be, subordinated, whether only in the event of a winding up or otherwise, to the claims of all or any creditors, in the manner provided in the relevant subordinated debt indenture.

**General**

As a consequence of these subordination provisions, if winding-up proceedings should occur, each holder of subordinated debt securities may recover less ratably than the holders of unsubordinated liabilities. If, in any winding-up, the amount payable on any series of debt securities and any claims ranking equally with that series are not paid in full, those debt securities and other claims ranking equally will share ratably in any distribution of assets in a winding-up in proportion to the respective amounts to which they are entitled. If any holder is entitled to any recovery with respect to the debt securities in any winding-up or liquidation, the holder might not be entitled in those proceedings to a recovery in U.S. dollars and might be entitled only to a recovery in pounds respective amounts to which they are entitled. If any holder is entitled to any recovery with respect to the debt securities in any winding-up or liquidation, the holder might not be entitled in those proceedings to a recovery in U.S. dollars and might be entitled only to a recovery in pounds sterling or any other lawful currency of the United Kingdom.

**Agreement with Respect to the Exercise of U.K. Bail-in Power**

The debt securities may be subject to the exercise of the U.K. bail-in power by the relevant U.K. resolution authority. As more fully set out in the relevant prospectus supplement, if the U.K. bail-in power applies to the debt securities of a series, by its acquisition of the debt securities, each holder of such debt securities will be bound by (a) the effect of the exercise of any U.K. bail-in power by the relevant U.K. resolution authority and (b) the variation of the terms of debt securities or the relevant indenture, if necessary, to give effect to the exercise of any U.K. bail-in power by the relevant U.K. resolution authority.

**Additional Amounts**

Unless the relevant prospectus supplement provides otherwise, amounts to be paid on any series of debt securities will be made without deduction or withholding for, or on account of, any and all present and future income, stamp and other taxes, levies, imposts, duties, charges or fees imposed, levied, collected, withheld or assessed by or on behalf of the United Kingdom or any political subdivision thereof or authority thereof that has the power to tax (a "U.K. taxing jurisdiction"), unless such deduction or withholding is required by law. If at any time a U.K. taxing jurisdiction requires us to make such deduction or withholding, we will pay additional amounts with respect to the interest only on the debt securities ("Additional Amounts") that are necessary in order that the net amounts of interest paid to the holders of those debt securities, after the deduction or withholding, shall equal the amounts of interest only which would have been payable on that series of debt securities if the deduction or withholding had not been required. However, this will not apply to any such tax, levy, impost, duty, charge or fee which would not have been deducted or withheld but for the fact that:

&nbsp;&nbsp;&nbsp;&nbsp;· the holder or the beneficial owner of the debt securities is a domiciliary, national or resident of, or engaging in business or maintaining
a permanent establishment or physically present in, a U.K. taxing jurisdiction or otherwise having some connection with the U.K. taxing
jurisdiction other than the holding or ownership of a debt security, or the collection of any payment of, or in respect of, principal
of, or any interest or other payment on, any debt security of the relevant series;

&nbsp;&nbsp;&nbsp;&nbsp;· except in the case of a winding-up in the United Kingdom, the relevant debt security is presented (where presentation is required)
for payment in the United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;· the relevant debt security is presented (where presentation is required) for payment more than 30 days after the date payment became
due or was provided for, whichever is later, except to the extent that the holder would have been entitled to the Additional Amounts on
presenting the debt security for payment at the close of that 30 day period;

&nbsp;&nbsp;&nbsp;&nbsp;· the holder or the beneficial owner of the relevant debt security or the beneficial owner of any payment of or in respect of principal
of, or any interest or other payment on, the debt security failed to comply with a request by us or our liquidator or other authorized
person addressed to the holder to provide information concerning the nationality, residence or identity of the holder or the beneficial
owner or to make any declaration or other similar claim to satisfy any requirement, which is required or imposed by a statute, treaty,
regulation or administrative practice of a U.K. taxing jurisdiction as a precondition to exemption from all or part of the tax, levy,
impost, duty, charge or fee;

&nbsp;&nbsp;&nbsp;&nbsp;· the deduction or withholding is imposed by reason of any agreement with the U.S. Internal Revenue Service in connection with Sections
1471-1474 of the U.S. Internal Revenue Code and the U.S. Treasury regulations thereunder ("FATCA"), any intergovernmental
agreement between the United States and the United Kingdom or any other jurisdiction with respect to FATCA, or any law, regulation or
other official guidance enacted in any jurisdiction implementing, or relating to, FATCA or any intergovernmental agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;· any combination of the above items,

nor shall Additional Amounts be paid with respect to any interest only on the debt securities to any holder who is a fiduciary or partnership or settlor with respect to such fiduciary or a member of such partnership other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of any taxing jurisdiction to be included in the income for tax purposes of a beneficiary or partner or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such Additional Amounts, had it been the holder.

Whenever we refer in this prospectus and any prospectus supplement, in any context, to the payment of interest on, or in respect of, any debt security of any series, we mean to include the payment of Additional Amounts to the extent that, in the context, Additional Amounts are, were or would be payable.

**Redemption of Senior Debt Securities**

**Tax Redemption of Senior Debt Securities**

Unless the relevant prospectus supplement provides otherwise, we will have the option to redeem the senior debt securities of any series, as a whole but not in part, upon not less than 30 nor more than 60 days' notice to each holder of senior debt securities, on any interest payment date, at a redemption price equal to 100% of their principal amount together with any accrued but unpaid interest, to the redemption date, or, in the case of discount securities, their accreted face amount, together with any accrued interest, if, at any time, we determine that as a result of a change in or amendment to the laws or regulations of a U.K. taxing jurisdiction, including any treaty to which it is a party, or any change in the application or interpretation of those laws or regulations, including a decision of any court or tribunal which change or amendment becomes effective or applicable on or after a date included in the terms of such senior debt securities:

&nbsp;&nbsp;&nbsp;&nbsp;· in making any payments on the particular series of senior debt securities, we have paid or will or would on the next interest payment
date be required to pay Additional Amounts;

&nbsp;&nbsp;&nbsp;&nbsp;· the payment of interest on the next interest payment date in respect of any of the series of senior debt securities would be treated
as "a distribution" within the meaning of Chapter 2, Part 23 of the Corporation Tax Act 2010 of the United Kingdom, or any
statutory modification or reenactment of such Act; or

&nbsp;&nbsp;&nbsp;&nbsp;· on the next interest payment date we would not be entitled to claim a deduction in respect of the payment of interest in computing
our U.K. taxation liabilities, or the value of such deduction to us would be materially reduced.

Prior to the giving of any notice of redemption, we must deliver to the trustee (i) a written legal opinion of independent United Kingdom counsel of recognized standing selected by us in a form satisfactory to the trustee confirming that the relevant change or amendment has occurred and that we are entitled to exercise its right of redemption; and (ii) an officer's certificate, evidencing compliance with such provisions and stating that we are entitled to redeem the senior debt securities pursuant to the terms of such senior debt securities.

**Optional Redemption of Senior Debt Securities**

The relevant prospectus supplement will specify whether or not the relevant issuer may redeem the senior debt securities of any series, in whole or in part, at its option, including any conditions to its right to exercise such option, in any other circumstances and, if so, the prices and any premium at which and the dates on which it may do so. Any notice of redemption of senior debt securities of any series will state, among other items:

&nbsp;&nbsp;&nbsp;&nbsp;· the redemption date;

&nbsp;&nbsp;&nbsp;&nbsp;· the relevant regular record date or special record date;

&nbsp;&nbsp;&nbsp;&nbsp;· the amount of senior debt securities to be redeemed if less than all of the outstanding senior debt securities of any series is to
be redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;· the redemption price;

&nbsp;&nbsp;&nbsp;&nbsp;· that, the redemption price will become due and payable on the redemption date and, if applicable, that interest will cease to accrue
on such date;

&nbsp;&nbsp;&nbsp;&nbsp;· the place or places at which such senior debt securities are to be surrendered for payment of the redemption price; and

&nbsp;&nbsp;&nbsp;&nbsp;· the CUSIP, Common Code and/or ISIN number or numbers, if any, with respect to the senior debt securities being redeemed.

In the case of a partial redemption, the trustee shall select the senior debt securities to be redeemed in any manner which it deems fair and appropriate, and consistent with the rules and regulations of the applicable clearing system.

We or any of our respective subsidiaries may at any time and from time to time purchase senior debt securities of any series in the open market or by tender (available to each holder of senior debt securities of the relevant series) or by private agreement, if applicable law permits. Any senior debt securities of any series that we purchase beneficially for our account, other than in connection with dealing in securities, will be treated as cancelled and will no longer be issued and outstanding.

**Redemption of Subordinated Debt Securities**

Any terms of the redemption of any series of subordinated debt securities, whether at our option or upon the occurrence of certain events (including, but not be limited to, the occurrence of certain tax or regulatory events), will be set forth in the relevant prospectus supplement.

Under existing PRA requirements, we may not make any redemption or repurchase of certain debt securities beneficially for our own account, other than a repurchase in connection with dealing in securities, unless, among other things, prior notice to the PRA is given and, in certain circumstances, the PRA has consented or given its permission in advance. The PRA (or any successor thereto) may impose conditions on any redemption or repurchase, all of which will be set out in the accompanying prospectus supplement with respect to any series of debt securities.

**Modification and Waiver**

We and the trustee may make certain modifications and amendments to the applicable indenture with respect to any series of debt securities without the consent of the holders of the debt securities. Other modifications and amendments may be made to the indenture with the consent of the holder or holders of not less than a majority, or in the case of subordinated debt securities, two-thirds, in aggregate outstanding principal amount of the debt securities of the series outstanding under the indenture that are affected by the modification or amendment, voting as one class. However, no modifications or amendments may be made without the consent of the holder of each debt security affected that would:

&nbsp;&nbsp;&nbsp;&nbsp;· change the stated maturity of the principal amount of any debt security;

&nbsp;&nbsp;&nbsp;&nbsp;· reduce the principal amount of, the interest rates on, or any premium payable upon the redemption of, with respect to, any debt security;

&nbsp;&nbsp;&nbsp;&nbsp;· reduce the amount of principal of discount securities that would be due and payable upon an acceleration of their maturity date;

&nbsp;&nbsp;&nbsp;&nbsp;· change any obligation to pay Additional Amounts;

&nbsp;&nbsp;&nbsp;&nbsp;· change the currency of payment;

&nbsp;&nbsp;&nbsp;&nbsp;· impair the right to institute suit for the enforcement of any payment due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;· reduce the percentage in aggregate principal amount of outstanding debt securities of any series necessary to modify or amend the
relevant indenture or to waive compliance with certain provisions of the relevant indenture and any Senior Debt Security Event of Default,
Subordinated Debt Security Event of Default or Subordinated Debt Security Default (as such terms are defined below);

&nbsp;&nbsp;&nbsp;&nbsp;· modify the subordination provisions or change the terms of our obligations in respect of the due and punctual payment of the amounts
due and payable on the debt securities in a manner adverse to the holders; or

&nbsp;&nbsp;&nbsp;&nbsp;· modify any of the above requirements.

In addition, variations in the terms and conditions of our subordinated debt securities of any series, including modifications relating to subordination, redemption, a Subordinated Debt Security Event of Default, or Subordinated Debt Security Default (as such terms are defined below) as described in the relevant prospectus supplement, may require the permission of, or consent from, the PRA.

**Events of Default; Default; Limitation of Remedies**

**Senior Debt Security Event of Default**

Unless the relevant prospectus supplement provides otherwise, a "Senior Debt Security Event of Default" with respect to any series of senior debt securities shall result if:

&nbsp;&nbsp;&nbsp;&nbsp;· LBG does not pay any principal or interest on any senior debt securities of that series within 14 days from the due date for payment
and the principal or interest has not been duly paid within 14 days following written notice from the trustee or from holders of 25% in
aggregate principal amount of the outstanding senior debt securities of that series to LBG requiring the payment to be made. It shall
not, however, be a Senior Debt Security Event of Default if during the 14 days after the notice, LBG delivers a written opinion of legal
advisors, who may be an employee of, or legal advisors for, LBG or other legal advisors, to the trustee, such opinion to be acceptable
to the trustee ("Opinion of Counsel"), concluding that such sums were not paid in order to comply with a law, regulation or
order of any court of competent jurisdiction; provided however, that the trustee may by notice to LBG require LBG to take such action
(including but not limited to proceedings for a declaration by a court of
competent jurisdiction) as the trustee may be advised in an Opinion of Counsel, upon which opinion the trustee may conclusively rely,
is appropriate and reasonable in the circumstances to resolve such doubt, in which case LBG will forthwith take and expeditiously proceed
with such action and will be bound by any final resolution of the doubt resulting therefrom. If any such action results in a determination
that the relevant payment can be made without violating any applicable law, regulation or order, then such payment will become due and
payable on the expiration of 14 days after the trustee gives written notice to LBG informing it of such resolution. The foregoing shall
not otherwise be deemed to impair the right of any holder to receive payment of the principal of and interest on any such security or
to institute suit for the enforcement of any such payment;

&nbsp;&nbsp;&nbsp;&nbsp;· LBG defaults in the performance or breaches, any covenant or warranty of the senior debt indenture (other than as stated above with
respect to payments when due) and that breach has not been remedied within 60 days of receipt of a written notice from (i) the trustee
certifying that in its opinion the breach is materially prejudicial to the interests of the holders of the senior debt securities of that
series and requiring the breach to be remedied or (ii) holders of at least 25% in outstanding principal amount of the senior debt securities
of that series requiring the breach to be remedied; or

&nbsp;&nbsp;&nbsp;&nbsp;· either a court of competent jurisdiction issues an order which is not successfully appealed within 30 days, or an effective shareholders'
resolution is validly adopted, for the winding-up of LBG (other than under or in connection with a scheme of reconstruction, merger or
amalgamation not involving bankruptcy or insolvency).

If a Senior Debt Security Event of Default occurs and is continuing, the trustee or the holders of at least 25% in aggregate principal amount of the senior outstanding debt securities of that series may at their discretion declare the outstanding senior debt securities of that series to be due and repayable immediately (and the senior debt securities of that series shall thereby become due and repayable) at their principal amount (or at such other repayment amount as may be specified in or determined in accordance with the relevant prospectus supplement and in the case of original issue discount securities, the accreted face amount) together with accrued interest, if any, as provided in the prospectus supplement. However, after such declaration but before the trustee obtains a judgment or decree for payment of money due, the holder or holders of a majority in aggregate principal amount of the outstanding senior debt securities of the series may rescind or annul the declaration of acceleration and its consequences, but only if all Senior Debt Security Events of Default have been cured or waived and all payments due, other than those due as a result of acceleration, have been made. The trustee may at its discretion and without further notice institute such proceedings as it may think suitable, against LBG to enforce payment. Notwithstanding any contrary provisions, nothing shall impair the right of a holder, absent the holder's consent, to sue for any payments due but unpaid with respect to the senior debt securities.

Unless the relevant prospectus supplement provides otherwise, by accepting a senior debt security, each holder will be deemed to have waived any right of set-off, counterclaim or combination of accounts with respect to the senior debt securities or the applicable indenture that they might otherwise have against LBG whether before or during the winding-up of LBG.

**Subordinated Debt Security Events of Default**

Unless the relevant prospectus supplement provides otherwise, a "Subordinated Debt Security Event of Default" with respect to any series of subordinated debt securities of LBG shall result if either:

&nbsp;&nbsp;&nbsp;&nbsp;· a court of competent jurisdiction makes an order which is not successfully appealed within 30 days; or

&nbsp;&nbsp;&nbsp;&nbsp;· an effective shareholders' resolution is validly adopted for the winding-up of LBG other than under or in connection with a
scheme of amalgamation or reconstruction not involving a bankruptcy or insolvency.

The exercise of any U.K. bail-in power by the relevant U.K. resolution authority shall not constitute a Subordinated Debt Security Event of Default.

If a Subordinated Debt Security Event of Default occurs and is continuing, the trustee or the holder or holders of at least 25% in aggregate principal amount of the outstanding subordinated debt securities of each series may declare to be due and payable immediately in accordance with the terms of the indenture the principal amount of, any accrued but unpaid payments (or, in the case of original issue discount securities, the accreted face amount, together with any accrued interest), including any deferred interest on the subordinated debt securities of the series. However, after such declaration but before the trustee obtains a judgment or decree for payment of money due, the holder or holders of a majority in aggregate principal amount of the outstanding subordinated debt securities of the series may rescind or annul the declaration of acceleration and its consequences, but only if all Subordinated Debt Security Events of Default have been cured or waived and all payments due, other than those due as a result of acceleration, have been made.

**Subordinated Debt Security Defaults**

In addition to Subordinated Debt Security Events of Default, the subordinated debt indentures also separately provide for Subordinated Debt Security Defaults. Unless the relevant prospectus supplement provides otherwise, it shall be a "Subordinated Debt Security Default" with respect to any series of subordinated debt securities if:

&nbsp;&nbsp;&nbsp;&nbsp;· any installment of interest upon any subordinated debt security of that series is not paid on or before its deferred payment date
or such other date specified for its payment in the subordinated debt indentures and such failure continues for 14 days; or

&nbsp;&nbsp;&nbsp;&nbsp;· all or any part of the principal of any subordinated debt security of that series is not paid on its deferred payment date, or when
it otherwise becomes due and payable, whether upon redemption or otherwise, and such failure continues for seven days.

If a Subordinated Debt Security Default occurs and is continuing, the trustee may commence a proceeding in Scotland (but not elsewhere) for the winding-up of LBG.

However, a failure to make any payment on a series of subordinated debt securities shall not be a Subordinated Debt Security Default if it is withheld or refused in order to comply with any applicable fiscal or other law or regulation or order of any court of competent jurisdiction and LBG delivers an Opinion of Counsel to the trustee with that conclusion, at any time before the expiry of the applicable 14 day or seven day period by independent legal advisers.

Notwithstanding any contrary provisions, nothing shall impair the right of a holder, absent the holder's consent, to sue for any payments due but unpaid with respect to the subordinated debt securities.

Unless the relevant prospectus supplement provides otherwise, by accepting a subordinated debt security, each holder and the trustee will be deemed to have waived any right of set-off, counterclaim or combination of accounts with respect to the subordinated debt security or the applicable indenture (or between obligations which LBG may have under or in respect of any subordinated debt security and any liability owed by a holder or the trustee to LBG) that they might otherwise have against LBG, whether before or during the winding-up or liquidation of LBG.

**Events of Default and Defaults–General**

Subject to certain exceptions, such as in the case of a default in the payment of the principal (or premium, if any) or interest on a senior debt security, the trustee may, without the consent of the holders, waive or authorize a Senior Debt Security Event of Default, provided that in the opinion of the trustee, the interests of the holders shall not be materially prejudiced thereby and provided further that the trustee shall not exercise any powers conferred on it in contravention of any notice in writing to LBG and the trustee of a declaration described in "—Senior Debt Security Event of Default" above but so that no such notice shall affect any waiver or authorization previously given or made.

The holder or holders of not less than a majority in aggregate principal amount of the outstanding debt securities of any series may waive any past Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated Debt Security Default with respect to the series, except a Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated Debt Security Default, in respect of the payment of interest, if any, or principal of (or premium, if any) or payments on any debt security or a covenant or provision of the indenture which cannot be modified or amended without the consent of each holder of debt securities of such affected series.

Subject to the provisions of the applicable indenture relating to the duties of the trustee, if a Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated Debt Security Default occurs and is continuing with respect to the debt securities of any series, the trustee will be under no obligation to any holder or holders of the debt securities of the series, unless they have offered indemnity or security satisfactory to the trustee in its sole discretion. Subject to the indenture provisions for the indemnification of the trustee, the holder or holders of a majority in aggregate principal amount of the outstanding debt securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee, or exercising any trust or power conferred on the trustee with respect to the series, if the direction is not in conflict with any rule of law or with the applicable indenture and does not expose the trustee to undue risk and the action would not be unjustly prejudicial to the holder or holders of any debt securities of any series not taking part in that direction. The trustee may take any other action that it deems proper which is not inconsistent with that direction.

The indentures provide that the trustee will, within 90 days after the occurrence of a Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated Debt Security Default with respect to the debt securities of any series, give to each holder of the debt securities of the affected series notice of the Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated Debt Security Default known to it, unless the Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated Debt Security Default, has been cured or waived; provided that the trustee shall be protected in withholding notice (except for a payment default) if it determines in good faith that withholding notice is in the interest of the holders of the debt securities of the affected series.

We are required to furnish to the trustee a statement as to our compliance with all conditions and covenants under the indenture (i) annually, and (ii) within five Business Days of a written request from the trustee.

**Consolidation, Merger and Sale of Assets; Assumption**

We may, without the consent of the holders of any of the debt securities, consolidate or amalgamate with, merge into or transfer or lease our assets substantially as an entirety to any person, provided that any successor corporation formed by any consolidation or amalgamation or into which we are merged, or any transferee or lessee of our assets, is a company organized under the laws of any part of the United Kingdom that assumes, by a supplemental indenture, our obligations on the debt securities, and under the applicable indenture, immediately after giving effect to such transaction, no event of default or default shall have occurred and be continuing, and we procure the delivery of a customary officer's certificate and legal opinion providing that the conditions precedent to the transaction have been complied with.

**Governing Law**

The debt securities and the indentures will be governed by and construed in accordance with the laws of the State of New York, except that, as the indentures specify, the subordination provisions relating to each series of debt securities issued by LBG in the relevant indenture will be governed and construed in accordance with the laws of Scotland.

**Notices**

All notices to holders of registered debt securities shall be validly given if in writing and mailed, first-class postage prepaid, to them at their respective addresses in the registers maintained by the trustee.

**The Trustee**

The Bank of New York Mellon, acting through its London Branch, 160 Queen Victoria Street, London EC4V 4LA, is the trustee under the indentures. The trustee shall have and be subject to all the duties and responsibilities specified with respect to an indenture trustee under the Trust Indenture Act of 1939, as amended (the "TIA"). Subject to the provisions of the TIA, the trustee is under no obligation to exercise any of the powers vested in it by the indentures at the request of any holder of notes, unless offered indemnity or security satisfactory to the trustee in its sole discretion, by the holder against the costs, expense and liabilities which might be incurred thereby. LBG and certain members of the Group maintain deposit accounts and conduct other banking transactions with The Bank of New York Mellon in the ordinary course of our business. The Bank of New York Mellon under a nominee name is also the book-entry depositary with respect to certain of our debt securities and the depositary with respect to the ADSs representing certain of our ordinary shares.

**Consent to Service of Process**

Under the indentures, LBG irrevocably designates Kelvina Smith, Chief Legal Officer, Lloyds Securities Inc. and Deputy Chief Legal Officer, North America, Lloyds Bank Corporate Markets plc (or any successor thereto), currently of 1095 Avenue of the Americas, New York, NY 10036, as the authorized agent for service of process in any legal action or proceeding arising out of or relating to the indentures or any debt securities brought in any federal or state court in the Borough of Manhattan, in The City of New York, New York and LBG irrevocably submits to the jurisdiction of those courts.

**DESCRIPTION OF CAPITAL SECURITIES**

*The following is a summary of the general terms of the capital securities we may issue under this registration statement. Each time that capital securities are issued, a prospectus supplement will be filed with the SEC, which you should read carefully. The prospectus supplement will summarize specific financial terms of your security and may contain additional terms of those capital securities. The terms presented here, together with the terms contained in the prospectus supplement, will be a description of the material terms of the capital securities, but if there is any inconsistency between the terms presented here and those in the prospectus supplement, those in the prospectus supplement will apply and will replace those presented here. Therefore, the statements we make below in this section may not apply to your capital security. Capital securities will be issued under an indenture. The indenture is a contract between us and The Bank of New York Mellon, acting through its London Branch, as trustee. The indenture does not limit our ability to incur additional indebtedness, including the issuance of further capital securities. You should also read the indenture and any related supplemental indenture establishing such capital securities, which we have filed with the SEC as exhibits to the registration statement of which this prospectus is a part.*

**General**

Capital securities mean our subordinated convertible debt securities mandatorily convertible into our ordinary shares on the occurrence of certain events. The capital securities are not deposits and are not insured or guaranteed by the U.S. Federal Deposit Insurance Corporation or any other government agency of the U.S. or the U.K.

We may issue capital securities in one or more series. The relevant prospectus supplement for any particular series of capital securities will describe the terms of the offered capital securities, including some or all of the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;· the specific designation, authorized denomination and aggregate principal amount of the capital securities;

&nbsp;&nbsp;&nbsp;&nbsp;· whether the capital securities are intended to qualify for regulatory capital treatment as additional tier 1 capital or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;· whether such capital securities will be dated capital securities with a specified maturity date or undated capital securities with
no specified maturity date;

&nbsp;&nbsp;&nbsp;&nbsp;· the annual interest rate or rates, or how to calculate the interest rate or rates;

&nbsp;&nbsp;&nbsp;&nbsp;· the date or dates from which interest, if any, will accrue or the method, if any, by which such date or dates will be determined;

&nbsp;&nbsp;&nbsp;&nbsp;· whether the payment of interest can or must be deferred or cancelled in certain circumstances or at our option, whether the payment
of principal can be deferred and the subordination terms;

&nbsp;&nbsp;&nbsp;&nbsp;· the price or prices at which they will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;· whether and how the capital securities may or must be converted into our ordinary shares or any other type of securities, or their
cash value, or a combination of these, including upon the occurrence of certain events that may give rise to such conversion;

&nbsp;&nbsp;&nbsp;&nbsp;· whether payments are subject to certain conditions that relate to our financial condition, including our capital ratios;

&nbsp;&nbsp;&nbsp;&nbsp;· the times and places for payment of the principal of and any premium, if any, and/or interest, if any, on the capital securities;

&nbsp;&nbsp;&nbsp;&nbsp;· the terms and conditions of any mandatory or optional redemption, including the amount of any premium;

&nbsp;&nbsp;&nbsp;&nbsp;· any modifications or additions to the events of default with respect to the capital securities offered;

&nbsp;&nbsp;&nbsp;&nbsp;· the terms and conditions, if any, under which we may elect to substitute or vary the terms of the capital securities;

&nbsp;&nbsp;&nbsp;&nbsp;· the currency or currencies in which they are denominated and in which we will make any payments;

&nbsp;&nbsp;&nbsp;&nbsp;· any index used to determine the amount of any payments on the capital securities;

&nbsp;&nbsp;&nbsp;&nbsp;· any restrictions that apply to the offer, sale and delivery of the capital securities;

&nbsp;&nbsp;&nbsp;&nbsp;· whether and under what circumstances, if other than those described in this prospectus, we will pay additional amounts on the capital
securities following certain developments with respect to withholding tax or information reporting laws and whether, and on what terms,
if other than those described in this prospectus, we may redeem the capital securities following those developments;

&nbsp;&nbsp;&nbsp;&nbsp;· any listing on a securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;· provisions relating to the exercise of the U.K. bail-in power by the relevant U.K. resolution authority; and

&nbsp;&nbsp;&nbsp;&nbsp;· any other or different terms of the capital securities.

In addition, the prospectus supplement will describe the material U.S. federal and U.K. tax considerations that apply to any particular series of capital securities.

Capital securities may bear interest at a fixed rate or a floating rate. We may also sell capital securities that bear no interest, or that bear interest at a rate that at the time of issuance is below the prevailing market rate, at a discount to their stated principal amount.

Holders of capital securities shall have no voting rights except those described under the heading "—Modification and Waiver" below, unless and until such capital securities are converted into our ordinary shares, in which case holders will have the voting rights described under "Description of Ordinary Shares—Voting Rights".

*If we issue subordinated capital securities that qualify as Additional Tier 1 or Tier 2 capital or other capital for regulatory purposes, the payment, subordination, redemption, events of default and other terms may vary from those described in this prospectus and will be set forth in the relevant prospectus supplement.*

**Agreement with Respect to the Exercise of U.K. Bail-in Power**

The capital securities may be subject to the exercise of the U.K. bail-in power by the relevant U.K. resolution authority. As more fully set out in the relevant prospectus supplement, if the U.K. bail-in power applies to the capital securities of a series, by its acquisition of the capital securities, each holder of such capital securities will be bound by (a) the effect of the exercise of any U.K. bail-in power by the relevant U.K. resolution authority and (b) the variation of the terms of capital securities or the relevant indenture, if necessary, to give effect to the exercise of any U.K. bail-in power by the relevant U.K. resolution authority.

**Payments**

We will make any payments of interest and principal, on any particular series of capital securities on the dates and, in the case of payments of interest, at the rate or rates, that we set out in, or that are determined by the method of calculation described in, the relevant prospectus supplement. The relevant prospectus supplement may provide that we are not obligated to make payments of principal or interest on any scheduled payment date, that interest payments may or must be cancelled or deemed cancelled, in whole or in part, and that any such cancellation or deemed cancellation will not create a default or an event of default under the capital securities indenture.

**Subordination**

Each capital security will constitute our direct, unsecured and subordinated obligations, ranking equally without any preference among capital securities of the same series. The rights and claims of the holders of any series of capital securities will be subordinated as described in the relevant prospectus supplement with respect to such series. The relevant prospectus supplement will set forth the nature of the subordinated ranking of each series of capital securities relative to the debt and equity issued by us, including to what extent the capital securities may rank junior in right of payment to our other obligations or in any other manner.

**Additional Amounts**

Unless the relevant prospectus supplement provides otherwise, amounts on any series of capital securities will be paid by us without withholding or deduction for or on account of any present or future tax, duty, assessment or governmental charge of whatsoever nature imposed, levied, collected, withheld or assessed by or on behalf of the U.K. taxing jurisdiction, unless such withholding or deduction is required by law. If at any time a U.K. taxing jurisdiction requires us to make such deduction or withholding of any such tax, duty, assessment or governmental charge, unless the relevant prospectus supplement provides otherwise, we will pay such additional amounts in respect of payments of interest, if any, on any series of capital securities ("Additional Amounts") as may be necessary in order that the net amounts paid to the holders of the capital securities, after such deduction or withholding, shall equal the respective amounts of interest, if any, which would have been payable in respect of such capital securities had no such deduction or withholding been required. However, no such Additional Amounts will be payable with respect to any capital security:

&nbsp;&nbsp;&nbsp;&nbsp;· held by or on behalf of any holder who is liable to such tax, duty, assessment or governmental charge in respect of such capital security
by reason of such holder having some connection with the United Kingdom other than the mere holding of such capital security;

&nbsp;&nbsp;&nbsp;&nbsp;· to, or to a third party on behalf of, a holder if such withholding or deduction may be avoided by complying with any statutory requirement
or by making a declaration of non-residence or other similar claim for exemption to any authority of or in the United Kingdom, unless
such holder proves that he is not entitled so to comply or to make such declaration or claim;

&nbsp;&nbsp;&nbsp;&nbsp;· to, or to a third party on behalf of, a holder that is a partnership, or a holder that is not the sole beneficial owner of the capital
security, or which holds the capital security in a fiduciary capacity, to the extent that any of the members of the partnership, the beneficial
owner or the settlor or beneficiary with respect to the fiduciary would not have been entitled to the payment of an additional amount
had each of the members of the partnership, the beneficial owner, settlor or beneficiary (as the case may be) received directly its beneficial
or distributive share of the payment;

&nbsp;&nbsp;&nbsp;&nbsp;· presented or surrendered for payment more than 30 days after the date payment became due or was provided for, except to the extent
that the Holder thereof would have been entitled to such Additional Amounts on presenting or surrendering the same for payment at the
expiry of such period of 30 days; or

&nbsp;&nbsp;&nbsp;&nbsp;· any combination of the above.

Whenever this prospectus or the relevant prospectus supplement mentions, in any context, the payment of interest on, or in respect of, any capital security of any series such mention shall be deemed to include mention of the payment of Additional Amounts provided for in this "Additional Amounts" section to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to the provisions of this section and as if express mention of the payment of Additional Amounts (if applicable) were made in any provisions hereof where such express mention is not made.

**Redemption**

Any terms of the redemption of any series of capital securities, whether at our option or upon the occurrence of certain events (including, but not be limited to, the occurrence of certain tax or regulatory events), will be set forth in the relevant prospectus supplement.

**Modification and Waiver**

We and the trustee may make certain modifications and amendments to the applicable indenture with respect to any series of capital securities without the consent of the holders of such capital securities. Other modifications and amendments may be made to the applicable indenture with the consent of not less than 2/3 (two thirds) in aggregate outstanding principal amount of the capital securities of the series outstanding under the indenture that are affected by the modification or amendment, voting as one class. However, no modifications or amendments may be made without the consent of the holder of each capital security affected that would:

&nbsp;&nbsp;&nbsp;&nbsp;· change the stated maturity, if any, of any principal amount or any interest amounts of any capital security;

&nbsp;&nbsp;&nbsp;&nbsp;· change the terms of any capital security to include a stated maturity date;

&nbsp;&nbsp;&nbsp;&nbsp;· reduce the principal amount of, the interest rates of, any premium payable upon the redemption of or the amount of principal of an
original issue discount security that would be due and payable upon an acceleration of the maturity of any capital security, other than
as permitted under the applicable indenture;

&nbsp;&nbsp;&nbsp;&nbsp;· change our (or any successor's) obligation to pay Additional Amounts;

&nbsp;&nbsp;&nbsp;&nbsp;· change the currency of payment;

&nbsp;&nbsp;&nbsp;&nbsp;· impair the right to institute suit for the enforcement of any payment due and payable (or, in the case of a redemption or exchange,
on or after the redemption date or the exchange date, as the case may be);

&nbsp;&nbsp;&nbsp;&nbsp;· reduce the percentage in aggregate principal amount of outstanding capital securities of the series necessary to modify or amend the
applicable indenture or to waive compliance with certain provisions of the applicable indenture;

&nbsp;&nbsp;&nbsp;&nbsp;· modify the subordination provisions or the terms and conditions of our obligations in respect of the due and punctual payment of amounts
due and payable on the capital securities in a manner adverse to the holders; or

&nbsp;&nbsp;&nbsp;&nbsp;· modify any of the above requirements.

In addition, unless the relevant prospectus supplement provides otherwise, any variations in the terms and conditions of the capital securities of any series, including modifications relating to the subordination or redemption provisions of such capital securities, may require the permission of, or consent from, the PRA.

**Events of Default; Limitation of Remedies**

**Events of Default**

Unless the relevant prospectus supplement provides otherwise, an "Event of Default" with respect to any series of capital securities shall result if either:

&nbsp;&nbsp;&nbsp;&nbsp;· a court of competent jurisdiction makes an order which is not successfully appealed within 30 days, or

&nbsp;&nbsp;&nbsp;&nbsp;· an effective shareholders' resolution is validly adopted, for our winding-up, other than under or in connection with a scheme
of amalgamation or reconstruction not involving a bankruptcy or insolvency.

If an Event of Default provided for in a supplemental indenture for any series of capital securities, occurs and is continuing, the trustee or the holders of at least 25% in aggregate principal amount of the outstanding capital securities of each series may declare the principal amount, together with accrued interest (if any) and Additional Amounts (if any), payable on such capital securities, of all the capital securities of that series to be due and payable immediately, by a notice in writing to us, and upon such declaration such amount shall become immediately due and payable. However, after such declaration but before the trustee obtains a judgment or decree for payment of money due, the holder or holders of a majority in aggregate principal amount of the outstanding capital securities of the series may rescind or annul such declaration of acceleration and its consequences, but only if all Events of Default have been cured or waived and all payments due, other than those due as a result of acceleration, have been made.

By accepting a capital security, each holder and the trustee will be deemed to have waived any right of set-off, counterclaim or combination of accounts with respect to the capital security or the indenture (or between obligations which LBG may have under or in respect of any capital security and any liability owed by a holder or the trustee to us) that they might otherwise have against us, whether before or during our winding-up.

**Events of Default—General**

Except as otherwise specified in the relevant supplemental indenture with respect to a series of capital securities, the holder or holders of not less than a majority in aggregate principal amount of the outstanding capital securities of any series may waive any past Event of Default with respect to the series, except an Event of Default in respect of the payment of principal of any capital security or in respect of a Winding-Up or Administration Event (as defined below). A "Winding-Up or Administration Event" means (i) an order is made, or an effective resolution is passed, for the winding-up of LBG (except in any such case, a solvent winding-up solely for the purposes of a reorganization, reconstruction or amalgamation of LBG or the substitution in place of LBG of a successor in the business of LBG, the terms of which (i) have previously been approved in writing by holders of not less than 2/3 (two thirds) in aggregate principal amount of the capital securities and (ii) do not provide that the capital securities shall thereby become redeemable or repayable in accordance with their terms); or (ii) the appointment of an administrator of LBG and such administrator gives notice that it intends to declare and distribute a dividend.

Upon any such waiver, such Event of Default will cease to exist, and any such Event of Default with respect to any series arising therefrom will be deemed to have been cured and not to have occurred; provided that no such waiver will extend to any subsequent or other Event of Default or impair any right consequent thereon.

Subject to the indenture provisions for the indemnification of the trustee and the provisions of any supplemental indenture establishing any series of capital securities, the holder or holders of a majority in aggregate principal amount of the outstanding capital securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee with respect to the series, if the direction is not in conflict with any rule of law or with the indenture and the trustee does not determine that the action would be unjustly prejudicial to the holder or holders of any capital securities of any series not taking part in that direction. The trustee may take any other action that it deems proper which is not inconsistent with that direction.

The indenture provides that the trustee will, within 90 days after the occurrence of an Event of Default with respect to the capital securities of any series, give to each holder of the capital securities of the affected series notice of the Event of Default known to it, unless the Event of Default has been cured or waived. However, the trustee shall be protected in withholding notice if it determines in good faith that withholding notice is in the interest of the holders.

We are required to furnish to the trustee annually and within five business days of a written request from the trustee, a statement as to our compliance with all conditions and covenants under the indenture.

**Limitation on Suits**

No holder of capital securities will be entitled to proceed directly against us, except as described below.

Subject to any further limitations provided in the relevant prospectus supplement and supplemental indenture establishing any series of capital securities, before a holder of the capital securities may bypass the trustee and bring its own lawsuit or other formal legal action or take other steps to enforce its rights or protect its interests relating to the capital securities, the following must occur:

&nbsp;&nbsp;&nbsp;&nbsp;· The holder must give the trustee written notice that a continuing Event of Default has occurred and remains uncured.

&nbsp;&nbsp;&nbsp;&nbsp;· The holders of not less than 25% in aggregate principal amount of outstanding capital securities of the relevant series must make
a written request that the trustee institute proceedings because of the Event of Default, and the holder must offer indemnity satisfactory
to the trustee against the costs, expenses and liabilities to be incurred in compliance with such request.

&nbsp;&nbsp;&nbsp;&nbsp;· The trustee must not have taken action for 60 days after receipt of the above notice and offer of security or indemnity, and the trustee
must not have received an inconsistent direction from the majority in principal amount of all outstanding capital securities of the relevant
series during that period.

Notwithstanding any other provision of the capital securities indenture or the capital securities, the right of any holder of capital securities to receive payment of the principal of (and premium, if any, on), and interest on, the capital securities, on or after the due dates thereof or to institute suit for the enforcement of any such payment on or after such respective dates, will not be impaired or affected without the consent of such holder.

**Consolidation, Merger and Sale of Assets; Assumption**

We may, without the consent of the holders of any of the capital securities, consolidate or amalgamate with, merge into or transfer or lease our assets substantially as an entirety to any person, provided that any successor corporation formed by any consolidation or amalgamation or into which we are merged, or any transferee or lessee of our assets, is a company organized under the laws of any part of the United Kingdom that assumes, by a supplemental indenture, our obligations on the capital securities and under the applicable indenture, immediately after giving effect to such transaction no event of default and no event which, after notice or lapse of time or both, would become an event of default, shall have occurred and be continuing, and we procure the delivery of a customary officer's certificate and legal opinion providing that the conditions precedent to the transaction have been complied with.

**Governing Law**

The capital securities and the indenture will be governed by and construed in accordance with the laws of the State of New York, except that, as the indentures specify, the subordination provisions of each series of capital securities and the indenture will be governed by and construed in accordance with the laws of Scotland.

**Notices**

All notices to holders of registered capital securities shall be validly given if in writing and mailed, first-class postage prepaid, to them at their respective addresses in the register maintained by the trustee.

**The Trustee**

The Bank of New York Mellon, acting through its London Branch, 160 Queen Victoria Street, London EC4V 4LA, is the trustee under the indentures with respect to the capital securities. The trustee shall have and be subject to all the duties and responsibilities specified with respect to an indenture trustee under the TIA. Subject to the provisions of the TIA, the trustee is under no obligation to exercise any of the powers vested in it by the indenture at the request of any holder of capital securities, unless offered indemnity or security satisfactory to the Trustee in its sole discretion by the holder against the costs, expense and liabilities which might be incurred thereby. We and certain of our subsidiaries maintain deposit accounts and conduct other banking transactions with The Bank of New York Mellon in the ordinary course of our business. The Bank of New York Mellon is also the book-entry depositary and paying agent with respect to our capital securities. The Bank of New York Mellon is the depositary with respect to the American Depositary Shares representing our ordinary shares.

**Consent to Service of Process**

Under the indenture, LBG irrevocably designates Kelvina Smith, Chief Legal Officer, Lloyds Securities Inc. and Deputy Chief Legal Officer, North America, Lloyds Bank Corporate Markets plc (or any successor thereto), currently of 1095 Avenue of the Americas, New York, NY 10036, as the authorized agent for service of process in any legal action or proceeding arising out of or relating to the indenture or any capital securities brought in any federal or state court in the Borough of Manhattan, in The City of New York, New York and LBG irrevocably submits to the jurisdiction of those courts.

**DESCRIPTION OF CERTAIN PROVISIONS RELATING TO DEBT SECURITIES AND CAPITAL SECURITIES**

**Form of Debt Securities and Capital Securities; Book-Entry System**

**General**

Unless the relevant prospectus supplement states otherwise, the debt securities and capital securities shall initially be represented by one or more global securities in registered form, without coupons attached, and will be deposited with or on behalf of one or more depositaries, including, without limitation, The Depository Trust Company ("DTC"), Euroclear Bank SA/NV ("Euroclear") and/or Clearstream Banking, S.A. ("Clearstream Luxembourg"), and will be registered in the name of such depositary or its nominee. Unless and until the debt securities or capital securities, as applicable, are exchanged in whole or in part for other securities under the terms of the applicable indenture or the global securities are exchanged for definitive securities, the global securities may not be transferred except as a whole by the depositary to a nominee or a successor of the depositary.

Special procedures to facilitate clearance and settlement have been established among these clearing systems to trade securities across borders in the secondary market. Where payments for securities we issue in global form will be made in U.S. dollars, these procedures can be used for cross-market transfers and the securities will be cleared and settled on a delivery against payment basis. Cross-market transfers of securities that are not in global form may be cleared and settled in accordance with other procedures that may be established among the clearing systems for these securities.

The debt securities and capital securities may be accepted for clearance by DTC, Euroclear and Clearstream Luxembourg.

Neither we nor the trustee nor any of our or their agents has any responsibility for any aspect of the actions of DTC, Euroclear or Clearstream Luxembourg or any of their direct or indirect participants. Neither we nor the trustee nor any of our or their agents has any responsibility for any aspect of the records kept by DTC, Euroclear or Clearstream Luxembourg or any of their direct or indirect participants. Neither we nor the trustee nor any of our or their agents supervise these systems in any way. This is also true for any other clearing system indicated in a prospectus supplement.

DTC, Euroclear or Clearstream Luxembourg and their participants perform these clearance and settlement functions under agreements they have made with one another or with their customers. Investors should be aware that DTC, Euroclear or Clearstream Luxembourg and their participants are not obligated to perform these procedures and may modify them or discontinue them at any time.

The description of the clearing systems in this section reflects our understanding of the rules and procedures of DTC, Euroclear or Clearstream Luxembourg as they are currently in effect. Those systems could change their rules and procedures at any time.

So long as the depositary, or its nominee, is the holder of a global security, the depositary or its nominee will be considered the sole holder of such global security for all purposes under the indentures. Except as described below under the heading "—Issuance of Definitive Securities", no participant, indirect participant or other person will be entitled to have debt securities or capital securities, as applicable, registered in its name, receive or be entitled to receive physical delivery of debt securities or capital securities, as applicable, in definitive form or be considered the owner or holder of the debt securities or capital securities, as applicable, under the indentures. Each person having an ownership or other interest in debt securities or capital securities, as applicable, must rely on the procedures of the depositary, and, if a person is not a participant in the depositary, must rely on the procedures of the participant or other securities intermediary through which that person owns its interest to exercise any rights and obligations of a holder under the indentures, the debt securities or capital securities, as applicable.

**Payments on Global Securities**

Payments of any amounts in respect of any global securities will be made by the trustee to the depositary. Payments will be made to beneficial owners of debt securities or capital securities, as applicable, in accordance with the rules and procedures of the depositary or its direct and indirect participants, as applicable. We, the trustee and any of our and their agents will not have any responsibility or liability for any aspect of the records of any securities intermediary in the chain of intermediaries between the depositary and any beneficial owner of an interest in a global security, or the failure of the depositary or any intermediary to pass through to any beneficial owner any payments that we make to the depositary.

**The Clearing Systems**

DTC, Euroclear and Clearstream Luxembourg have advised us as follows:

*DTC*. DTC, the world's largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC's participants ("Direct Participants") deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants' accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly. The DTC rules applicable to its participants are on file with the SEC.

*Euroclear*. Euroclear holds securities for its participants and clears and settles transactions between its participants through simultaneous electronic book-entry delivery against payment, thus eliminating the need for physical movement of certificates. Euroclear provides various other services, including safekeeping, administration, clearance and settlement and securities lending and borrowing, and interfaces with domestic markets in several countries. Euroclear is operated by Euroclear Bank, under contract with Euroclear plc, a U.K. corporation. Euroclear Bank conducts all operations, and all Euroclear securities clearance accounts and Euroclear cash accounts are accounts with Euroclear Bank, not Euroclear plc. Euroclear plc establishes policy for Euroclear on behalf of Euroclear participants. Euroclear participants include banks (including central banks), securities brokers and dealers and other professional financial intermediaries and may include any underwriters for the debt securities or contingent convertible securities, as applicable. Indirect access to Euroclear is also available to other firms that clear through or maintain a custodial relationship with a Euroclear participant, either directly or indirectly. Euroclear is an indirect participant in DTC. Securities clearance accounts and cash accounts with Euroclear are governed by the Terms and Conditions Governing Use of Euroclear and the related Operating Procedures of the Euroclear System (collectively, the "Euroclear Terms and Conditions"), and applicable law. The Euroclear Terms and Conditions govern transfers of securities and cash within Euroclear, withdrawals of securities and cash from Euroclear, and receipts of payments with respect to securities in Euroclear.

*Clearstream Luxembourg*. Clearstream Luxembourg is incorporated under the laws of The Grand Duchy of Luxembourg as a *société anonyme* and is subject to regulation by the Luxembourg Commission for the Supervision of the Financial Sector (*Commission de Surveillance du Secteur Financier*). Clearstream Luxembourg is owned by Deutsche Börse AG, a publicly traded company. Clearstream Luxembourg holds securities for its participants and facilitates the clearance and settlement of securities transactions among its participants through electronic book-entry changes in accounts of its participants, thereby eliminating the need for physical movement of certificates. Clearstream Luxembourg provides to its participants, among other things, services for safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing. Clearstream Luxembourg interfaces with domestic markets in several countries.

Clearstream Luxembourg's customers include worldwide securities brokers and dealers, banks, trust companies and clearing corporations and may include professional financial intermediaries. Its U.S. customers are limited to securities brokers, dealers and banks. Indirect access to the Clearstream Luxembourg system is also available to others that clear through Clearstream Luxembourg customers or that have custodial relationships with its customers, such as banks, brokers, dealers and trust companies. Clearstream Luxembourg is an indirect participant in DTC.

Clearstream Luxembourg has established an electronic bridge with Euroclear to facilitate settlement of trades between Clearstream Luxembourg and Euroclear. Distributions with respect to the securities held beneficially through Clearstream Luxembourg are credited to cash accounts of Clearstream Luxembourg customers in accordance with its rules and procedures, to the extent received by Clearstream Luxembourg.

*Other Clearing Systems*. We may choose any other clearing system for a particular series of securities. The clearance and settlement procedures for the clearing system we choose will be described in the applicable prospectus supplement.

**Primary Distribution**

The distribution of debt securities and capital securities will be cleared through one or more of the clearing systems that we have described above or any other clearing system that is specified in the applicable prospectus supplement. Payment for debt securities and capital securities will be made on a delivery versus payment or free delivery basis. These payment procedures will be more fully described in the applicable prospectus supplement.

Clearance and settlement procedures may vary from one series of debt securities and capital securities, as applicable, to another according to the currency that is chosen for the specific series of debt securities or capital securities. Customary clearance and settlement procedures are described below.

We will submit applications to the relevant system or systems for the debt securities and capital securities to be accepted for clearance. The clearance numbers that are applicable to each clearance system will be specified in the applicable prospectus supplement.

**Clearance and Settlement Procedures**

*DTC.* DTC participants that hold debt securities or capital securities, as applicable, through DTC on behalf of investors will follow the settlement practices applicable to United States corporate debt obligations in DTC's Same-Day Funds Settlement System.

Debt securities and capital securities, as applicable, will be credited to the securities custody accounts of these DTC participants against payment in same-day funds, for payments in U.S. dollars, on the settlement date. For payments in a currency other than U.S. dollars, debt securities or capital securities, as applicable, will be credited free of payment on the settlement date. If payment is made other than in U.S. dollars, separate payment arrangements outside of the DTC system must be made between the DTC Participants involved.

*Euroclear and Clearstream Luxembourg.* We understand that investors that hold debt securities or capital securities, as applicable, through Euroclear or Clearstream Luxembourg accounts will follow the settlement procedures that are applicable to conventional Eurobonds in registered form for securities.

Debt securities or capital securities, as applicable, will be credited to the securities custody accounts of Euroclear and Clearstream Luxembourg participants on the business day following the settlement date, for value on the settlement date. They will be credited either free of payment or against payment for value on the settlement date.

**Secondary Market Trading**

**Trading Between DTC Participants**

Secondary market trading between DTC participants will occur in the ordinary way in accordance with DTC's rules. Secondary market trading will be settled using procedures applicable to United States corporate debt obligations in DTC's Same-Day Funds Settlement System for securities.

If payment is made in U.S. dollars, settlement will be in same-day funds. If payment is made in a currency other than U.S. dollars, settlement will be free of payment. If payment is made other than in U.S. dollars, separate payment arrangements outside of the DTC system must be made between the DTC participants involved.

**Trading Between Euroclear and/or Clearstream Luxembourg Participants**

We understand that secondary market trading between Euroclear and/or Clearstream Luxembourg participants will occur in the ordinary way following the applicable rules and operating procedures of Euroclear and Clearstream Luxembourg. Secondary market trading will be settled using procedures applicable to conventional Eurobonds in registered form for securities.

**Trading Between a DTC Seller and a Euroclear or Clearstream Luxembourg Purchaser**

A purchaser of debt securities or capital securities, as applicable, that are held in the account of a DTC participant must send instructions to Euroclear or Clearstream Luxembourg at least one business day prior to settlement. The instructions will provide for the transfer of the debt securities or capital securities, as applicable, from the selling DTC participant's account to the account of the purchasing Euroclear or Clearstream Luxembourg participant. Euroclear or Clearstream Luxembourg, as the case may be, will then instruct the common depositary for Euroclear and Clearstream Luxembourg to receive the debt securities or capital securities, as applicable, either against payment or free of payment.

The interests in the debt securities or capital securities, as applicable, will be credited to the respective clearing system. The clearing system will then credit the account of the participant, following its usual procedures. Credit for the debt securities or capital securities, as applicable, will appear on the next day, European time. Cash debit will be back-valued to, and the interest on the debt securities or capital securities, as applicable, will accrue from, the value date, which would be the preceding day, when settlement occurs in New York. If the trade fails and settlement is not completed on the intended date, the Euroclear or Clearstream Luxembourg cash debit will be valued as of the actual settlement date instead.

Euroclear participants or Clearstream Luxembourg participants will need the funds necessary to process same-day funds settlement. The most direct means of doing this is to pre-position funds for settlement, either from cash or from existing lines of credit, as for any settlement occurring within Euroclear or Clearstream Luxembourg. Under this approach, participants may take on credit exposure to Euroclear or Clearstream Luxembourg until the debt securities or capital securities, as applicable, are credited to their accounts one business day later.

As an alternative, if Euroclear or Clearstream Luxembourg has extended a line of credit to them, participants can choose not to pre-position funds and will instead allow that credit line to be drawn upon to finance settlement. Under this procedure, Euroclear participants or Clearstream Luxembourg participants purchasing debt securities or capital securities, as applicable, would incur overdraft charges for one business day (assuming they cleared the overdraft as soon as the securities were credited to their accounts). However, any interest on the debt securities or capital securities, as applicable, would accrue from the value date. Therefore, in many cases, the investment income on debt securities or capital securities, as applicable, that is earned during that one-business day period may substantially reduce or offset the amount of the overdraft charges. This result will, however, depend on each participant's particular cost of funds.

Because the settlement will take place during New York business hours, DTC participants will use their usual procedures to deliver debt securities or capital securities, as applicable, to the depositary on behalf of Euroclear participants or Clearstream Luxembourg participants. The sale proceeds will be available to the DTC seller on the settlement date. For DTC participants, then, a cross-market transaction will settle no differently than a trade between two DTC participants.

**Special Timing Considerations**

Investors should be aware that they will only be able to make and receive deliveries, payments and other communications involving the debt securities or capital securities, as applicable, through Clearstream Luxembourg and Euroclear on days when those systems are open for business. Those systems may not be open for business on days when banks, brokers and other institutions are open for business in the United States.

In addition, because of time-zone differences, there may be problems with completing transactions involving Clearstream Luxembourg and Euroclear on the same business day as in the United States. U.S. investors who wish to transfer their interests in the debt securities or capital securities, as applicable, or to receive or make a payment or delivery of the debt securities or capital securities, as applicable, on a particular day, may find that the transactions will not be performed until the next business day in Luxembourg or Brussels, depending on whether Clearstream Luxembourg or Euroclear is used.

**Issuance of Definitive Securities**

So long as the depositary holds the global securities of a particular series of debt securities or capital securities, as applicable, such global securities will not be exchangeable for definitive securities of that series unless:

&nbsp;&nbsp;&nbsp;&nbsp;· the depositary notifies the trustee that it is unwilling or unable to continue to act as depositary for the debt securities or capital
securities, as applicable, or the depositary ceases to be a clearing agency registered under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;· we are wound up and we fail to make a payment on the debt securities or capital securities, as applicable, when due; or

&nbsp;&nbsp;&nbsp;&nbsp;· at any time we determine at our option and in our sole discretion that the global securities of a particular series of debt securities
or capital securities should be exchanged for definitive debt securities or capital securities, as applicable, of that series in registered
form.

Each person having an ownership or other interest in a debt security or capital security, as applicable, must rely exclusively on the rules or procedures of the depositary as the case may be, and any agreement with any direct or indirect participant of the depositary, including Euroclear or Clearstream Luxembourg and their participants, as applicable, or any other securities intermediary through which that person holds its interest, to receive or direct the delivery of possession of any definitive security. The indentures permit us to determine at any time and in our sole discretion that debt securities or capital securities, as applicable, shall no longer be represented by global securities. DTC has advised us that, under its current practices, it would notify its participants of our request, but will only withdraw beneficial interests from the global securities at the request of each DTC participant. We would issue definitive certificates in exchange for any such beneficial interests withdrawn.

Unless otherwise specified in the relevant prospectus supplement, definitive debt securities and definitive capital securities will be issued in registered form only. To the extent permitted by law, we, the trustee and any paying agent shall be entitled to treat the person in whose name any definitive security is registered as its absolute owner.

Payments in respect of each series of definitive securities and definitive capital securities will be made to the person in whose name such definitive securities are registered as it appears in the register for that series of debt securities or capital securities, as applicable. Payments will be made in respect of the debt securities or capital securities, as applicable, by check drawn on a bank in New York or, if the holder requests, by transfer to the holder's account in New York. Definitive securities should be presented to the paying agent for redemption.

If we issue definitive debt securities or capital securities, as applicable, of a particular series in exchange for a particular global security, the depositary, as holder of that global security, will surrender it against receipt of the definitive debt securities or capital securities, as applicable, cancel the book-entry debt securities or capital securities, as applicable, of that series, and distribute the definitive debt securities or capital securities, as applicable, of that series to the persons and in the amounts that the depositary specifies pursuant to the internal procedures of such depositary.

If definitive securities are issued in the limited circumstances described above, those securities (i) will be transferable only on the register for that series of debt securities or capital securities, and (ii) may be transferred in whole or in part in denominations of any whole number of securities upon surrender of the definitive securities certificates together with the form of transfer endorsed on it, duly completed and executed at the specified office of a paying agent. If only part of a securities certificate is transferred, a new securities certificate representing the balance not transferred will be issued to the transferor within three business days after the paying agent receives the certificate. The new certificate representing the balance will be delivered to the transferor by uninsured post at the risk of the transferor, to the address of the transferor appearing in the records of the paying agent. The new certificate representing the securities that were transferred will be sent to the transferee within three business days after the paying agent receives the certificate transferred, by uninsured post at the risk of the holder entitled to the securities represented by the certificate, to the address specified in the form of transfer.

**DESCRIPTION OF ORDINARY SHARES**

*The following is a summary of the material terms of the ordinary shares of nominal value of £0.10, as set forth in our Articles of Association and the material provisions of U.K. law. This description is a summary and does not purport to be complete. You are encouraged to read our Articles of Association, which are filed as an exhibit to the Group's Annual Report on Form 20-F for the fiscal year ended December 31, 2021, incorporated by reference into this document.*

**Share Capital**

As at December 31, 2024, the number of shares outstanding was as follows:

---

| | | |
|:---|:---|:---|
|  **Class of Share** | **number<br> (in thousands)** | **amount<br> (in £m)** |
| Ordinary shares, nominal value of 10 pence each | 60617013 | 6061.70 |
| Preference shares, nominal value of 25 pence each | 296141 | 74.04 |
| Preference shares, nominal value of 25 cents each | 87 | 0.02<sup>1</sup> |

---

**Objects of LBG**

The objects of LBG are unrestricted.

**Rights Attaching to Shares**

Any share in LBG may be issued with any preferred, deferred or other special rights (including being denominated in another currency), or subject to such restrictions (whether as regards dividend, returns of capital, voting or otherwise) as LBG may from time to time determine by ordinary resolution or as otherwise provided in the Articles of Association. Subject to statute, LBG may issue any shares which are, or at LBG's option are, liable to be redeemed. The directors may determine the terms and conditions and manner of such redemption.

**Voting Rights**

For the purposes of determining which persons are entitled to attend or vote at a meeting and how many votes such persons may cast, LBG may specify in the notice of the meeting a time, not more than 48 hours before the time fixed for the meeting, by which a person must be entered on the register in order to have the right to attend or vote at the meeting.

Every holder of ordinary shares who is entitled to be and is present (either in person or by electronic means) (including any corporation by its duly authorized representative) at a general meeting of LBG and is entitled to vote will have one vote on a show of hands and, on a poll, if present in person or by proxy, will have one vote for every such share held by them, save that a member will not be entitled to exercise the right to vote carried by such shares if they or any person appearing to be interested in the shares held by them has been duly served with a notice under the Companies Act 2006 (requiring disclosure of interests in shares) and is in default in supplying LBG with information required by such notice.

Preference shares confer such rights as may be determined by the directors on allotment, but unless the directors otherwise determine, fully paid preference shares confer identical rights as to voting, capital, dividends (save as to currency of payment thereof and save where and to the extent that any such share is issued on terms providing that it shall rank for dividend as from a particular date) and otherwise, notwithstanding that they are denominated in different currencies and shall be treated as if they are one single class of shares. There are no limitations imposed by U.K. law or the Articles of Association restricting the rights of non-residents of the U.K. or non-citizens of the U.K. to hold or vote shares of LBG.

<sup>1</sup> Converted based on the pound sterling/U.S. dollar exchange rate of £1/U.S.$1.2521 on December 31, 2024, as announced by the U.S. Federal Reserve Board.

**General Meetings**

Annual general meetings of LBG are to be held, in each period of six months beginning with the day following LBG's accounting reference date, in Edinburgh or such other place in Scotland (for those participants that are physically present) as the directors shall determine and at a date and time as may be determined by the directors. All other general meetings may be convened whenever the directors think fit and shall be requisitioned in accordance with the requirements of the Articles of Association.

LBG must prepare a notice of meeting in respect of a general meeting in accordance with the requirements of the Articles of Association and the Companies Act 2006. LBG must give at least 21 clear days' notice in writing of an annual general meeting. All other general meetings may be called by at least 14 clear days' notice in writing.

The directors may also decide to hold any general meeting as a combined physical and electronic general meeting. In such case, the directors will provide details of the means for members to attend and participate in the meeting, including the physical place or places of meeting and the electronic platforms. The directors and the chair of a combined physical and electronic general meeting may make any arrangement and impose any requirement or restriction as is: (i) necessary to ensure the identification of those taking part and the security of the electronic communication; and (ii) proportionate to achieving these objectives.

The directors may make arrangements to enable attendance or regulate the level of attendance at any place (including, for a combined physical and electronic meeting, electronic platform) specified in the notice of meeting for the holding of a general meeting and, in any such case, shall direct that the meeting be held at a specified place (including, for a combined physical and electronic meeting, electronic platform), where the chair of the meeting shall preside, and make arrangements for simultaneous attendance and participation by members and proxies at other locations (including, for a combined physical and electronic meeting, electronic platforms). The chair of a general meeting has express authority to adjourn the meeting if, in the chair's opinion, it appears impracticable to hold or continue the meeting because of crowding or unruly conduct or because an adjournment is otherwise necessary for the proper conduct of the meeting.

The processes and procedures for the conduct of a general meeting (including adjourning meetings, voting, amending resolutions and appointing proxies) is established under the Articles of Association and the Companies Act 2006. The chair of a general meeting shall be entitled to take any action the chair considers appropriate for properly and orderly conduct before and during a general meeting. The directors shall be entitled to ask persons wanting to attend to submit to searches or other security arrangements as such directors consider appropriate.

At any general meeting which is held only as a physical meeting, a resolution put to the vote of the meeting will be decided on a poll unless the chair determines that the resolution will be decided on a show of hands. At any general meeting which is held as a combined physical and electronic meeting, any resolution and any proposed amendments to it put to the vote of the meeting shall be decided on a poll.

The quorum necessary for the transaction of business at a general meeting is three members present at the general meeting or represented by proxy and entitled to vote.

**Dividends and Other Distributions and Return of Capital**

Under the Companies Act 2006, before LBG can lawfully make a distribution, it must ensure that it has sufficient distributable reserves (accumulated, realized profits, so far as not previously utilized by distribution or capitalization, less accumulated, realized losses, so far as not previously written off in a reduction or reorganization of capital duly made). Under the Articles of Association (and subject to statute) the directors are entitled to set aside out of the profits of LBG any sums as they think proper which, at their discretion, shall be applicable for any purpose to which the profits of LBG may be applied.

The shareholders in general meeting may by ordinary resolution declare dividends to be paid to members of LBG, but no dividends shall be declared in excess of the amount recommended by the directors. The directors may pay fixed dividends on any class of shares carrying a fixed dividend and may also from time to time pay dividends, interim or otherwise, on shares of any class as they think fit. Except in so far as the rights attaching to any shares otherwise provide, all dividends shall be apportioned and paid pro rata according to the amounts paid up thereon. Subject to the rights attaching to any shares, any dividend or other monies payable in respect of a share may be paid in such currency or currencies as the directors may determine using such exchange rates as the directors may select.

The opportunity to elect to receive new shares instead of any cash dividend recommended by the directors may be offered to shareholders provided that the directors shall have obtained in advance the shareholders' approval to do so as required by the Articles of Association and the procedure under the Articles of Association is followed for allotting such shares.

In addition, LBG may by ordinary resolution direct the payment of a dividend in whole or in part by the distribution of specific assets (a non-cash distribution).

On any distribution by way of capitalization, the amount to be distributed will be appropriated amongst the holders of ordinary shares in proportion to their holdings of ordinary shares (pro rata to the amount paid up thereon). If the amount to be distributed is applied in paying up in full unissued ordinary shares of LBG, a shareholder will be entitled to receive bonus shares of the same class as the shares giving rise to that shareholder's entitlement to participate in the capitalization.

Any dividend or other moneys payable to a member that has not been cashed or claimed after a period of 12 years from the date of declaration of such dividend or other moneys payable to a member will be forfeited and revert to LBG. LBG shall be entitled to use such unclaimed or unclaimed dividend or other moneys payable to a member for its benefit in any manner that the directors may think fit. LBG shall not be a trustee of dividends or other moneys payable that have not been cashed or claimed and it shall not be liable to pay interest on such dividends or other moneys.

On a return of capital, whether in a winding-up or otherwise, the assets of LBG available for distribution among the members will be distributed first to the holders of the preference shares in accordance with rights attached to them on issue. The balance of any assets, subject to the rights of any other class of shares, will then be distributed to each holder of ordinary shares rateably by reference to the proportion of ordinary share capital held by that holder, relative to the aggregate total issued ordinary share capital.

LBG's ordinary shares do not confer any rights of redemption. Rights of redemption in respect of LBG's preference shares shall be as the directors determine on allotment.

LBG may, subject to applicable law and to the Articles of Association, issue redeemable shares and redeem the same. LBG has issued certain preference shares which are redeemable. In general, subject to applicable law and the approval of the U.K. Prudential Regulation Authority, some of these shares are redeemable by LBG on a specified date and in some cases, thereafter on relevant dividend payment dates. Others are redeemable at any time during a specified period and following the occurrence of specified regulatory events.

Under the Articles of Association and the Companies Act 2006, the liability of shareholders is limited to the amount (if any) for the time being unpaid on the shares held by that shareholder.

**Variation of Rights and Alteration of Capital**

Subject to the provisions of the Companies Act 2006, the Uncertificated Securities Regulations 2001 and every other statute for the time being in force or any judgment or order of any court of competent jurisdiction concerning companies and affecting LBG (the statutes), the rights attached to any class of shares for the time being in issue may be varied or abrogated with the consent in writing of the holders of not less than three-quarters in nominal value of the issued shares of that class or with the sanction of a special resolution passed at a separate meeting of the holders of shares of that class. At any such separate meeting, the provisions of the Articles of Association relating to general meetings will apply, but the necessary quorum at any such meeting will be two persons holding or representing by proxy at least one-third in nominal value of the issued shares of that class (except at an adjourned meeting, at which the quorum shall be any holder of shares of the class, present in person or by proxy) and any such person may demand a poll and every such holder shall on a poll have one vote for every share of the class held by such holder.

Any special rights attached to any class of shares having preferential rights will not be deemed to be varied by: (i) the creation or issue of further shares ranking in some or all respects equally to such class (but not in priority thereto); or (ii) the purchase or redemption by LBG of its own shares.

As a matter of U.K. law, LBG may, by ordinary resolution, increase its share capital, consolidate and divide all or any of its shares into shares of larger amount, sub-divide all or any of its shares into shares of smaller amount and cancel any shares not taken or agreed to be taken by any person. Where a consolidation or subdivision of shares would result in fractions of a share, the directors may sell the shares representing the fractions for the best price reasonably obtainable, and distribute the net proceeds of such sale to the relevant members entitled to such proceeds. Where a member's entitlement to a portion of the proceeds of sale amounts to less than a minimum figure (as determined by the directors), such portion may be distributed to a charitable organization at the directors' discretion.

Subject to the provisions of the statutes, LBG may, by special resolution, reduce its share capital, any capital redemption reserve, share premium account or other undistributable reserve in any way.

**Transfer of Shares**

All transfers of shares which are in certificated form may be effected by transfer in writing in any usual or common form or in any other form acceptable to the directors and must be executed by or on behalf of the transferor and, except in the case of fully paid shares, by or on behalf of the transferee. The transferor will be deemed to remain the holder of the shares transferred until the name of the transferee is entered in the register of members of LBG in respect thereof. All transfers of shares which are in uncertificated form may be effected by means of a relevant system, unless the Uncertificated Securities Regulations 2001 provide otherwise.

The directors may, in the case of shares in certificated form, in their absolute discretion and without assigning any reason therefor, refuse to register any transfer of shares (not being fully paid shares) provided that, where any such shares are admitted to the Official List of the U.K. Financial Conduct Authority, such discretion may not be exercised in such a way as to prevent dealings in the shares of that class from taking place on an open and proper basis. The directors may also decline to register a transfer unless:

&nbsp;&nbsp;&nbsp;&nbsp;· the instrument of transfer and the lodging of such instrument complies with the requirements of the Articles of Association and the
transfer is in respect of only one class of shares; or

&nbsp;&nbsp;&nbsp;&nbsp;· the transfer is in favor of not more than four persons as the transferee.

The directors shall refuse to register the transfer of any share on which LBG has a lien. The Articles of Association otherwise contain no restrictions on the free transferability of fully paid shares.

Subject to the statutes and the rules (as defined in the Uncertificated Securities Regulations 2001), and apart from any class of wholly dematerialized security, the directors may determine that any class of shares may be held in uncertificated form and that title to such shares may be transferred by means of an electronic trading system or that shares of any class should cease to be so held and so transferred.

**Disclosure of Holdings Exceeding Certain Percentages**

In broad terms, the Disclosure and Transparency Rules of the U.K. Financial Conduct Authority require LBG shareholders to notify LBG if the voting rights held by such LBG shareholders (including by way of a certain financial instrument) reaches, exceeds or falls below three per cent, four per cent, five per cent, six per cent, seven per cent, eight per cent, nine per cent, ten per cent and each one per cent threshold thereafter up to 100%. Under the Disclosure and Transparency Rules, certain voting rights in LBG may be disregarded.

Pursuant to the Companies Act 2006, LBG may also send a notice to any person whom LBG knows is, or has reasonable cause to believe that such person is, interested in LBG's shares or at any time during the three years immediately preceding the date on which such notice is issued to have been so interested, requiring that person to confirm whether they have or had such an interest and if so provide details of that interest as required by the notice.

Under the Articles of Association and U.K. law, if a person fails to comply with such a notice or provides information that is false in a material particular in respect of any shares (the default shares), the LBG directors may serve a restriction notice on such a person. Such a restriction notice will state that the default shares and, if the LBG directors determine, any other shares held by that person, shall not confer any right to attend or vote at any general meeting of LBG.

In respect of a person with a 0.25% or more interest in the issued shares of the class in question, the LBG directors may direct by notice to such member that, subject to certain exceptions, no transfers of shares held by such person shall be registered and/or that any dividends or other payments on the default shares shall be retained by LBG pending receipt by LBG of the information requested by the LBG directors. Certain consequences of the issue of a restriction notice are outlined above.

**Mandatory Takeover Bids, Squeeze-Out and Sell-out Rules**

Other than as provided by the Companies Act 2006 and the City Code on Takeovers and Mergers, there are no rules or provisions relating to mandatory bids and/or squeeze-out and sell-out rules in relation to the ordinary shares.

**Untraced Members**

LBG is entitled to sell any share registered in the name of a member (or any other person entitled to such shares by virtue of transmission on death or bankruptcy or otherwise at law) provided that: (i) such shares remaining untraced for 12 years and during that period at least three dividends in respect of such shares have become payable and no dividend in respect of those shares has been claimed; (ii) LBG uses reasonable efforts to trace the relevant holder and, following the expiry of the 12 year period, sends a notice to the last known physical or email address of such holder stating LBG's intention to sell the shares; and (iii) during the three months following sending such notice, LBG does not receive any communication from such holder. LBG can also sell any additional shares held by the relevant holder that were issued during such 12 year period provided that no dividend on such additional shares has been cashed or claimed by the relevant holder during such period.

The proceeds from the sale of untraced shares shall (after payment of the costs of the sale) be forfeited by the relevant holder and shall belong to LBG. LBG shall not be liable or be required to account to the relevant holder (or other person previously entitled) for the proceeds of such sale. LBG is entitled to use or invest the proceeds from such sale in any manner that the directors think fit.

**Forfeiture and Lien**

The directors may by resolution make calls upon members in respect of any moneys unpaid on their shares (but subject to the terms of allotment of such shares) in the manner required by the Articles of Association.

If a member fails to pay in full any call or instalment of a call on or before the due date for payment, then, following notice by the directors requiring payment of the unpaid amount with any accrued interest and any expenses incurred, such share may be forfeited by a resolution of the directors to that effect (including all dividends declared in respect of the forfeited share and not actually paid before such forfeiture). A member whose shares have been forfeited will cease to be a member in respect of the shares, but will, notwithstanding the forfeiture, remain liable to pay to LBG all monies which at the date of forfeiture were presently payable together with interest. The directors may at their absolute discretion enforce payment without any allowance for the value of the shares at the time of forfeiture or for any consideration received on their disposal or waive payment in whole or part.

LBG has a first and paramount lien on every share (not being a fully paid share) for all monies (whether presently payable or not) called or payable at a fixed time in respect of such share, and the directors may waive any lien which has arisen and may resolve that any share shall for some limited period be exempt from such a lien, either wholly or partially.

A forfeited share becomes the property of LBG, and it may be sold, re-allotted, otherwise disposed of or cancelled as the directors see fit. Any share on which LBG has a lien may be sold on the terms set out in the Articles of Association. The proceeds of sale shall first be applied towards payment of the amount in respect of the lien insofar as it is still payable and then on surrender of the share certificate for cancellation (in the case of shares in certificated form), to the person entitled to the shares at the time of sale.

**Winding-up**

The directors have the power, in the name and on behalf of LBG, to present a petition to the court for LBG to be wound up.

Any winding up of LBG shall be undertaken in accordance with relevant insolvency legislation, regulation, rules or otherwise required by law.

**DESCRIPTION OF AMERICAN DEPOSITARY SHARES**

*The following is a summary of the general terms and provisions of the deposit agreement under which the Depositary will deliver the American Depositary Shares ("ADSs"). The deposit agreement is among us, The Bank of New York Mellon, as Depositary, and all registered holders and beneficial owners from time to time of ADSs issued under it. This summary does not purport to be complete. You should read the deposit agreement, which we have filed with the SEC as an exhibit to the registration statement of which this prospectus is a part. You may also read the deposit agreement at the depositary offices of The Bank of New York Mellon in The City of New York and the offices of the Custodian in London. The principal executive office of the Depositary and its depositary office is currently located at 240 Greenwich Street, New York, NY 10286.*

**American Depositary Shares**

The Bank of New York Mellon, as Depositary, will register and deliver ADSs pursuant to the deposit agreement. Each ADS will represent four ordinary shares, or evidence of the right to receive four ordinary shares, deposited with the Custodian and registered in the name of the Depositary or its nominee (such ordinary shares, together with any additional ordinary shares at any time deposited or deemed deposited under the deposit agreement and any other securities, cash or other property received by the Depositary or the Custodian in respect of such ordinary shares, the "Deposited Securities").

ADSs can be held either (A) directly (i) by having an American Depositary Receipt ("ADR"), which is a certificate evidencing a specific number of ADSs, registered in the holder's name, or (ii) by having ADSs registered in the owner's name in the Direct Registration System ("DRS"), or (B) indirectly by holding a security entitlement in ADSs through a broker or other financial institution. A direct holder of an ADS is an ADS registered holder. This description assumes that each holder is an ADS registered holder. Indirect holders of ADSs must rely on the procedures of a broker or other financial institution to assert the rights of ADS registered holders described in this section, and such holders should consult with their broker or financial institution to find out what those procedures are.

The DRS is a system administered by DTC pursuant to which the depositary may register the ownership of uncertificated ADSs, which ownership shall be evidenced by periodic statements sent by the depositary to the registered holders of uncertificated ADSs. See "—Direct Registration System" below.

Holders of ADSs will not have shareholder rights. Scottish law governs shareholder rights. The Depositary will be the holder of the ordinary shares represented by each investor's ADSs. As a registered holder of ADSs, each investor will have ADS registered holder rights as set forth in the deposit agreement. The deposit agreement also sets forth the rights and obligations of us and of the Depositary. New York law governs the deposit agreement and the ADSs.

In this section, the term "deliver", or its noun form, when used with respect to ADSs, shall mean (A) book-entry transfer of ADSs to an account at The Depository Trust Company, or its successor, designated by the person entitled to such delivery, (B) registration of ADSs not evidenced by an ADR on the books of the Depositary in the name requested by the person entitled to such delivery and mailing to that person of a statement confirming that registration or (C) if requested by the person entitled to such delivery, delivery at the office of the Depositary to the person entitled to such delivery of one or more ADRs evidencing ADSs registered in the name requested by that person. The term "surrender", when used with respect to ADSs, shall mean (A) one or more book-entry transfers of ADSs to the DTC account of the Depositary, (B) delivery to the Depositary at its office of an instruction to surrender ADSs not evidenced by an ADR or (C) surrender to the Depositary at its office of one or more ADRs evidencing ADSs.

**Deposit and Withdrawal**

The Depositary has agreed, subject to the terms and conditions of the deposit agreement, that upon delivery to the Custodian of ordinary shares (or evidence of rights to receive ordinary shares) in a form satisfactory to the Custodian, the Depositary will, upon payment of the fees, charges and taxes provided in the deposit agreement, deliver to, or upon the written order of, the person or persons named in the notice of the Custodian delivered to the Depositary or requested by the person depositing such shares with the Depositary, the number of ADSs issuable in respect of such deposit.

Upon surrender at the office of the Depositary of ADSs for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of the fees, governmental charges and taxes provided in the deposit agreement, and subject to the terms and conditions of the deposit agreement, our Articles of Association and the Deposited Securities, the holder of such ADSs will be entitled to delivery, to him or upon his order, as permitted by applicable law, of the amount of Deposited Securities at the time represented by such ADSs. The forwarding of share certificates, other securities, property, cash and other documents of title for such delivery will be at the risk and expense of the holder.

An ADR holder may surrender its ADR to the Depositary for the purpose of exchanging its ADR for uncertificated ADSs. The Depositary will cancel that ADR and will send the ADS registered holder a statement confirming that the ADS registered holder is the registered holder of uncertificated ADSs. Alternatively, upon receipt by the Depositary of a proper instruction from a registered holder of uncertificated ADSs requesting the exchange of uncertificated ADSs for certificated ADSs, the Depositary will execute and deliver to the ADS registered holder an ADR evidencing those ADSs.

Ordinary shares that the Depositary believes have been withdrawn from a restricted depositary receipt facility established or maintained by a depositary bank (including any such other facility maintained by the Depositary) may be accepted for deposit only if those ordinary shares are not "restricted securities" within the meaning of Rule 144(a)(3) under the Securities Act, and the Depositary may, as a condition of accepting those ordinary shares for deposit, require the person depositing those ordinary shares to provide the Depositary with a certificate to the foregoing effect.

**Dividends and Other Distributions**

The Depositary will distribute all cash dividends or other cash distributions that it receives in respect of deposited ordinary shares to the holders of the ADSs, after payment of any charges and fees provided for in the deposit agreement in proportion to their holdings of ADSs. The cash amount distributed will be reduced by any amounts that the Depositary must withhold on account of taxes.

If we make a non-cash distribution in respect of any deposited ordinary shares, the Depositary will distribute the property it receives to holders of the ADSs, after deduction or upon payment of any taxes, charges and fees provided for in the deposit agreement, in proportion to their holdings of ADSs. If a distribution that we make in respect of deposited ordinary shares consists of a dividend in, or free distribution of, ordinary shares, the Depositary may, after consultation with us, and will, if we request so in writing, distribute to holders of the ADSs, in proportion to their holdings of ADSs, additional ADSs representing the amount of ordinary shares received as such dividend or free distribution. If the Depositary does not distribute additional ADSs, each ADS will from then forward also represent its proportional share of the additional ordinary shares distributed in respect of the deposited ordinary shares before the dividend or free distribution.

If the Depositary determines that any distribution of property, other than cash or ordinary shares, cannot be made proportionately among ADS holders or if for any other reason, including any requirement that we or the Depositary withhold an amount on account of taxes or other governmental charges, the Depositary deems that such a distribution is not feasible, the Depositary may dispose of all or part of the property in any manner, including by public or private sale, that it deems equitable and practicable. The Depositary will then distribute the net proceeds of any such sale (net of any fees and expenses of the Depositary provided for in the deposit agreement) to ADS holders as in the case of a distribution received in cash.

**Record Date**

Whenever any cash dividend or other cash distribution becomes payable or any distribution other than cash shall be made, or whenever rights shall be issued with respect to the deposited ordinary shares, or whenever the Depositary causes a change in the number of ordinary shares represented by each ADS or receives notice of any meeting of holders of ordinary shares, the Depositary will fix a record date, which shall be as close as possible to the corresponding record date set by us, for the determination of the ADS holders who are entitled to receive the dividend distribution, distribution of rights or the net proceeds of the sale of ordinary shares as the case may be, or to give instructions for the exercise of voting rights at the meeting, subject to the provisions of the deposit agreement.

**Voting of the Underlying Deposited Securities**

When the Depositary receives notice of any meeting of holders of ordinary shares, it will, if we request, as soon as practicable thereafter, mail to the record holders of ADSs a notice including:

&nbsp;&nbsp;&nbsp;&nbsp;· the information contained in the notice of meeting provided by us;

&nbsp;&nbsp;&nbsp;&nbsp;· a statement that the record holders of ADSs at the close of business on a specified record date will be entitled, subject to any applicable
provision of Scottish law and the Articles of Association or any similar document of ours, to instruct the Depositary as to the exercise
of any voting rights pertaining to the ordinary shares represented by their ADSs; and

&nbsp;&nbsp;&nbsp;&nbsp;· a brief explanation of how they may give instructions.

The Depositary has agreed that it will endeavor, in so far as practical, to vote or cause to be voted the ordinary shares in accordance with any written non-discretionary instructions of record holders of ADSs that it receives on or before the date set by the Depositary for that purpose. However, holders of ADSs may not receive notice or otherwise learn of a meeting of holders of ordinary shares in time to instruct the Depositary prior to a cut-off date the Depositary will set. The Depositary will not vote the ordinary shares except in accordance with such instructions.

Holders of ADSs will not be entitled to vote ordinary shares directly.

**Inspection of Transfer Books**

The Depositary will, at its office in New York City, keep books for the registration and transfer of ADSs. These books will be open for inspection by ADS holders at all reasonable times. However, this inspection may not be for the purpose of communicating with ADS holders in the interest of a business or object other than our business or a matter related to the deposit agreement or the ADSs.

**Reports and Notices**

We will furnish the Depositary with our annual and interim reports as described under "Incorporation of Documents by Reference". The Depositary will make available at its office in New York City, for any ADS holder to inspect, any reports and communications received from us that are both received by the Depositary as holder of ordinary shares and made generally available by us to the holders of those ordinary shares, including our annual report and accounts and interim report and accounts. Upon our written request, the Depositary will mail copies of those reports to ADS holders as provided in the deposit agreement.

On or before the first date on which we give notice, by publication or otherwise, of:

&nbsp;&nbsp;&nbsp;&nbsp;· any meeting of holders of the ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;· any adjourned meeting of holders of the ordinary shares; or

&nbsp;&nbsp;&nbsp;&nbsp;· the taking of any action in respect of any cash or other distributions or the offering of any rights in respect of the ordinary shares,

we have agreed to transmit to the Depositary and the Custodian a copy of the notice in the form given or to be given to holders of the ordinary shares. If requested in writing by us, the Depositary will, at our expense, arrange for the prompt transmittal or mailing of such notices, and any other reports or communications made generally available to holders of the ordinary shares, to all holders of ADSs.

**Amendment and Termination of the Deposit Agreement**

The form of the ADRs and any provisions of the deposit agreement may at any time and from time to time be amended by agreement between us and the Depositary, without the consent of holders of ADSs, in any respect which we and the Depositary may deem necessary or advisable. Any amendment that imposes or increases any fees or charges, other than taxes and other governmental charges, registration fees, transmission costs, delivery costs or other such expenses, or that otherwise prejudices any substantial existing right of holders of outstanding ADSs, will not take effect as to outstanding ADSs until thirty (30) days after notice of the amendment has been given to the record holders of those ADSs. Every holder of ADSs at the time an amendment becomes effective will be deemed by continuing to hold the ADSs to consent and agree to the amendment and to be bound by the deposit agreement or the ADR as amended. No amendment may impair the right of any holder of ADSs to surrender ADSs and receive in return the ordinary shares represented by those ADSs.

Whenever we direct, the Depositary has agreed to terminate the deposit agreement by mailing a termination notice to the record holders of all ADSs then outstanding at least ninety (90) days before the date fixed in the notice of termination. The Depositary may likewise terminate the deposit agreement by mailing a termination notice to us and the record holders of all ADSs then outstanding if at any time sixty (60) days shall have expired since the Depositary delivered a written notice to us of its election to resign and a successor depositary shall not have been appointed and accepted its appointment.

If any ADSs remain outstanding after the date of any termination, the Depositary will then:

&nbsp;&nbsp;&nbsp;&nbsp;· discontinue the registration of transfers of ADSs;

&nbsp;&nbsp;&nbsp;&nbsp;· suspend the distribution of dividends to holders of ADSs; and

&nbsp;&nbsp;&nbsp;&nbsp;· not give any further notices or perform any further acts under the deposit agreement, except those listed below, with respect to those
ADSs.

The Depositary will, however, continue to collect dividends and other distributions pertaining to the ordinary shares. It will also continue to sell rights and other property as provided in the deposit agreement and deliver ordinary shares, together with any dividends or other distributions received with respect to them and the net proceeds of the sale of any rights or other property, in exchange for ADSs surrendered to it.

At any time after the date of termination of the deposit agreement, the Depositary may sell the ordinary shares then held. The Depositary will then hold uninvested the net proceeds of any such sales, together with any other cash then held by it under the deposit agreement, unsegregated and without liability for interest, for the pro rata benefit of the holders of ADSs that have not previously been surrendered.

**Charges of the Depositary**

The following charges shall be incurred by any party depositing or withdrawing ordinary shares, or by any party surrendering ADSs or to whom ADSs are issued:

---

| | |
|:---|:---|
| $5.00 (or less) per 100 ADSs (or portion of 100 ADSs) | Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property.<br>Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates.<br>|
| $.02 (or less) per ADS | Any cash distribution to ADS registered holders (including dividends). |
| A fee equivalent to the fee that would be payable if securities distributed had been shares and the shares had been deposited for issuance of ADSs<br>| Distribution of securities distributed to holders of deposited securities which are distributed by the depositary to ADS registered holders. |
| $.02 (or less) per ADSs per calendar year<br>| Depositary services. |
| Registration or transfer fees | Transfer and registration of shares on the share register to or from the name of the depositary or its agent when you deposit or withdraw shares. |

---

---

| | |
|:---|:---|
| Expenses of the depositary | Cable, telex and facsimile transmissions (when expressly provided in the deposit agreement).<br>Converting foreign currency to US Dollars.<br>|
| Taxes and other governmental charges the depositary or the custodian have to pay on any ADS or share underlying an ADS, for example, stock transfer taxes, stamp duty or withholding taxes<br>| As necessary.<br>|
| Any charges incurred by the depositary or its agents for servicing the deposited securities | As necessary.<br>|

---

The Depositary collects its fees for delivery and surrender of ADSs directly from investors depositing ordinary shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The Depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The Depositary may collect its annual fee for depositary services by deductions from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants for them. The Depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.

The Depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the exchange rate assigned to the currency conversion made under the deposit agreement and the rate that the Depositary or its affiliate receives when buying or selling foreign currency for its own account. The Depositary makes no representation that the exchange rate used or obtained in any currency conversion under the deposit agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the most favorable to ADS holders, subject to the Depositary's obligation to act without negligence or bad faith. The methodology used to determine exchange rates used in currency conversions is available upon request.

The holders of ADSs will be responsible for any taxes or other governmental charges payable on their ADSs or on the ordinary shares. The Depositary may refuse to transfer ADSs or allow withdrawal of the ordinary shares until such taxes or other charges are paid. The Depositary may apply payments owed to holders of ADSs or sell deposited ordinary shares underlying such ADSs to pay any taxes owed and holders of ADSs will remain liable for any deficiency. If the Depositary sells deposited ordinary shares, it will, if appropriate, reduce the number of ADSs to reflect the sale and pay to holders of ADSs any proceeds, or send to holders of ADSs any property, remaining after it has paid the taxes.

**Direct Registration System**

ADSs not evidenced by ADRs shall be transferable as uncertificated registered securities under the laws of the State of New York.

The Direct Registration System ("DRS") and Profile Modification System ("Profile") will apply to uncertificated ADSs upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of uncertificated ADSs, which ownership shall be evidenced by periodic statements sent by the Depositary to the owners entitled thereto. Profile is a required feature of DRS which allows a DTC participant, claiming to act on behalf of a registered holder of ADSs, to direct the Depositary to register a transfer of those ADSs to DTC or its nominee and to deliver those ADSs to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the ADS registered holder to register such transfer.

In connection with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties to the deposit agreement understand that the Depositary will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an ADS registered holder in requesting registration of transfer and delivery described in the paragraph above has the actual authority to act on behalf of the ADS registered holder (notwithstanding any requirements under the Uniform Commercial Code). In the deposit agreement, the parties agree that the Depositary's reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and in accordance with the deposit agreement, shall not constitute negligence or bad faith on the part of the Depositary.

**General**

Neither the Depositary nor we nor any of the Depositary's or our respective directors, employees, agents or affiliates will be liable to ADS holders if prevented or forbidden or delayed by any present or future law of any country or by any governmental or regulatory authority or stock exchange, any present or future provision of the Articles of Association, any provision of any securities issued or distributed by us, or any act of God or war or terrorism or other circumstances beyond our or its control in performing our or its obligations under the deposit agreement. The obligations of each of us and the Depositary under the deposit agreement are expressly limited to performing our and its specified duties without negligence or bad faith.

The ADSs are transferable on the books of the Depositary or its agent. However, the Depositary may close the transfer books as to ADSs at any time when it deems it expedient to do so in connection with the performance of its duties or at our request. As a condition precedent to the execution and delivery, registration of transfer, split-up, combination or surrender of any ADSs or withdrawal of any ordinary shares, the Depositary or the Custodian may require the person presenting the ADSs or depositing the ordinary shares to pay a sum sufficient to reimburse it for any related tax or other governmental charge and any share transfer or registration fee and any applicable fees payable as provided in the deposit agreement. The Depositary may withhold any dividends or other distributions, or may sell for the account of the holder any part or all of the ordinary shares represented by the ADSs, and may apply those dividends or other distributions or the proceeds of any sale in payment of the tax or other governmental charge. The ADS holder will remain liable for any deficiency.

Any ADS holder may be required from time to time to furnish the Depositary or the Custodian with proof satisfactory to the Depositary of citizenship or residence, exchange control approval, legal or beneficial ownership of ADSs or other securities, compliance with all applicable laws or regulations and the terms of the deposit agreement or such information relating to the registration on our books or those that the registrar maintains for us for the ordinary shares in registered form, or other information, to execute certificates and to make representations and warranties that the Depositary deems necessary or proper or as we may reasonably request by written request to the Depositary. Until those requirements have been satisfied, the Depositary may withhold the delivery or registration of transfer of any ADSs or the distribution or sale of any dividend or other distribution or proceeds of any sale or distribution or the delivery of any deposited preference shares or other property related to the ADSs. The delivery or registration of transfer of ADSs may be suspended during any period when the transfer books of the Depositary are closed or if we or the Depositary deems it necessary or advisable. The surrender of outstanding ADSs and the withdrawal of ordinary shares may only be suspended as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;· temporary delays caused by closing the transfer books or those of the Depositary or the deposit of ordinary shares in connection with
voting at shareholder meetings, or the payment of dividends;

&nbsp;&nbsp;&nbsp;&nbsp;· the non-payment of fees, taxes and similar charges; and

&nbsp;&nbsp;&nbsp;&nbsp;· non-compliance with any U.S. or foreign laws or governmental regulations relating to the ADSs or to the withdrawal of ordinary shares.

**PLAN OF DISTRIBUTION**

We may sell relevant securities to or through underwriters or dealers and also may sell all or part of such securities directly to other purchasers or through agents.

The distribution of the securities may be effected from time to time in one or more transactions at a fixed price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices.

In connection with the sale of securities, we may compensate underwriters in the form of discounts, concessions or commissions or in any other way that the applicable prospectus supplement describes. Underwriters may sell securities to or through dealers, and the dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the purchasers for whom they may act as agents. Underwriters, dealers and agents that participate in the distribution of securities may be deemed to be underwriters, and any discounts or commissions that we pay them and any profit on the resale of securities by them may be deemed to be underwriting discounts and commissions, under the Securities Act. Any such underwriter or agent will be identified, and any such compensation that we pay will be described, in the prospectus supplement.

Under agreements which we may enter into, we may be required to indemnify underwriters, dealers and agents who participate in the distribution of securities against certain liabilities, including liabilities under the Securities Act.

Unless a prospectus supplement specifies otherwise, we will not offer any securities or any investments representing securities, including ADSs, of any series to the public in the United Kingdom. Unless otherwise specified in any agreement which we may enter into, underwriters, dealers and/or agents in relation to the distribution of securities or any investments representing securities, including ADSs, of any series and subject to the terms of any such agreement, any underwriter, dealer or agent in connection with an offering of securities or any investments representing securities, including ADSs, of any series will represent and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;· it has complied and will comply with all applicable provisions of the Financial Services and Markets Act 2000 (the "FSMA")
and all rules and regulations made pursuant to the FSMA with respect to anything done by it in relation to the securities or any investments
representing securities, including ADSs, of such series in, from or otherwise involving the U.K.; and

&nbsp;&nbsp;&nbsp;&nbsp;· it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement
to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of
the securities or any investments representing the securities (including ADSs) (including without limitation the registration statement,
the prospectus, any preliminary prospectus, any ADS registration statement or any ADS prospectus) in circumstances in which Section 21(1)
of the FSMA does not apply to LBG as the issuer of the securities.

Each new series of debt securities and capital securities will be a new issue of securities with no established trading market. If securities of a particular series are not listed on a U.S. national securities exchange, certain broker-dealers may make a market in those securities, but will not be obligated to do so and may discontinue any market making at any time without notice. We cannot give any assurance that any broker-dealer will make a market in securities of any series or as to the liquidity of the trading market for those securities.

To the extent an initial offering of the securities will be distributed by an affiliate of ours, each such offering of securities must be conducted in compliance with the requirements of Rule 5121 of the Financial Industry Regulatory Authority, Inc. ("FINRA"), regarding a FINRA member firm's distribution of securities of an affiliate and related conflicts of interest. No underwriter, selling agent or dealer utilized in the initial offering of securities who is an affiliate of ours will confirm sales to accounts over which it exercises discretionary authority without the prior specific written approval of its customer. Following the initial distribution of any of these securities, affiliates of ours may offer and sell these securities in the course of their businesses as broker-dealers. Such affiliates may act as principals or agents in these transactions and may make any sales at varying prices related to prevailing market prices at the time of sale or otherwise. Such affiliates may also use this prospectus in connection with these transactions. None of our affiliates is obligated to make a market in any of these securities and may discontinue any market-making activities at any time without notice.

Any underwriter, selling agent or dealer utilized in the initial offering of securities will not confirm sales to accounts over which it exercises discretionary authority without the prior specific written approval of its customer.

**Delayed Delivery Arrangements**

If so indicated in the prospectus supplement, we may authorize underwriters or other persons acting as their agents to solicit offers by certain institutions to purchase debt securities and capital securities from them pursuant to contracts providing for payment and delivery on a future date. Institutions with which such contracts may be made include commercial and savings banks, insurance companies, educational and charitable institutions and others, but in all cases such institutions must be approved by us. The obligations of any purchaser under any such contract will be subject to the condition that the purchase of the offered securities shall not at the time of delivery be prohibited under the laws of the jurisdiction to which such purchaser is subject. The underwriters and such other agents will not have any responsibility in respect of the validity or performance of such contracts.

**LEGAL OPINIONS**

Our United States counsel, Davis Polk & Wardwell London LLP, will pass upon certain legal matters relating to the securities under U.S. federal securities laws and New York law. Our Scottish counsel, CMS Cameron McKenna Nabarro Olswang LLP, will pass upon certain matters of Scots law relating to the validity under Scots law of the debt securities and the capital securities issued by LBG and the subordination provisions of the subordinated debt securities and capital securities issued by LBG.

**EXPERTS**

The consolidated financial statements of Lloyds Banking Group plc as at December 31, 2024 and 2023 and for each of the three years in the period ended December 31, 2024, incorporated by reference in this prospectus by reference to Lloyds Banking Group plc's Annual Report on Form 20-F for the year ended December 31, 2024, and the effectiveness of Lloyds Banking Group plc's internal control over financial reporting have been audited by Deloitte LLP, an independent registered public accounting firm, as stated in their reports. Such consolidated financial statements are incorporated by reference in reliance upon the reports of such firm, given their authority as experts in accounting and auditing.

**ENFORCEMENT OF CIVIL LIABILITIES**

LBG is a public limited company incorporated under the laws of Scotland. Most of LBG's directors and executive officers and certain of the experts named herein are residents of the United Kingdom. A substantial portion of the assets of LBG, its subsidiaries and such persons, are located outside the United States. As a result, it may not be possible for investors to effect service of process within the United States upon all such persons or to enforce against them in U.S. courts judgments obtained in such courts, including those predicated upon the civil liability provisions of the federal securities laws of the United States. Furthermore, LBG has been advised by its solicitors that there is doubt as to the enforceability in England & Wales and Scotland, in original actions or in actions for enforcement of judgments of U.S. courts, of certain civil liabilities, including those predicated solely upon the federal securities laws of the United States.

**WHERE YOU CAN FIND MORE INFORMATION**

**Ongoing Reporting**

LBG is subject to the informational requirements of the Exchange Act and, in accordance therewith, LBG files reports and other information with the SEC. The SEC maintains a website at http://www.sec.gov which contains in electronic form each of the reports and other information that we have filed electronically with the SEC. You can also read this material at the offices of The New York Stock Exchange, 20 Broad Street, New York, New York 10005, United States on which certain of LBG's securities are listed.

We will provide the trustee for any debt securities and the capital securities and the ADS depositary for any ordinary shares with our annual reports, which will include a description of operations and our annual audited consolidated financial statements. We will also provide any trustee or ADS depositary with interim reports that will include unaudited interim summary consolidated financial information. Upon receipt, if we so request, the trustee or the ADS depositary will mail the reports to all record holders of the debt securities, capital securities, ordinary shares or ADSs. In addition, we will provide the trustee or the ADS depositary with all notices of meetings at which holders of debt securities, capital securities or ordinary shares are entitled to vote, and all other reports and communications that are made generally available to holders of debt securities, capital securities or ordinary shares.

**Registration Statement**

This prospectus is part of a registration statement filed with the SEC. As exhibits to the registration statement, we have also filed or incorporated by reference the indentures, the ADS deposit agreement and our Articles of Association. Statements contained in this prospectus as to the contents of any contract or other document referred to in this prospectus are not necessarily complete, and in each instance reference is made to the copy of such contract or other document filed as an exhibit to the registration statement, each such statement being qualified in all respects by such reference. For further information, you should refer to the registration statement. You can obtain the full registration statement from the SEC or from us.

**INCORPORATION OF DOCUMENTS BY REFERENCE**

The SEC allows us to "incorporate by reference" the information that we file with the SEC. This permits us to disclose important information to you by referring to these filed documents. Any information referred to in this way is considered part of this prospectus, and any information that we file with the SEC after the date of this prospectus will automatically be deemed to update and supersede this information.

We incorporate by reference (i) LBG's Annual Report on Form 20-F for the fiscal year ended December 31, 2024 filed with the SEC on February 20, 2025; (ii) LBG's report on Form 6-K filed with the SEC on May 1, 2025 including the interim results for LBG for the three months ended March 31, 2025; (iii) LBG's report on Form 6-K filed with the SEC on May 1, 2025 disclosing LBG's capitalization as at March 31, 2025; and (iv) LBG's report on Form 6-K filed with the SEC on June 5, 2025, disclosing the appointment of a new non-executive director. We also incorporate by reference all subsequent Annual Reports filed on Form 20-F and any future filings made with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act and certain reports on Form 6-K, if they state that they are incorporated by reference into this prospectus, that we furnish to the SEC after the date of this prospectus and until we or any underwriters sell all of the securities.

Upon written or oral request, we will provide free of charge a copy of any or all of the documents that we incorporate by reference into this prospectus, other than exhibits which are not specifically incorporated by reference into this prospectus. To obtain copies you should contact us at Investor Relations, 33 Old Broad Street, London, EC2N 1HZ, United Kingdom or by telephone at +44 (0) 207 626 1500.

**CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS**

This prospectus contains certain forward-looking statements within the meaning of Section 21E of the Exchange Act, as amended, and section 27A of the Securities Act, as amended, with respect to the business, strategy, plans and/or results of the Group and its current goals and expectations. Statements that are not historical or current facts, including statements about the Group's or its directors' and/or management's beliefs and expectations, are forward-looking statements. Words such as, without limitation, 'believes', 'achieves', 'anticipates', 'estimates', 'expects', 'targets', 'should', 'intends', 'aims', 'projects', 'plans', 'potential', 'will', 'would', 'could', 'considered', 'likely', 'may', 'seek', 'estimate', 'probability', 'goal', 'objective', 'deliver', 'endeavor', 'prospects', 'optimistic' and similar expressions or variations on these expressions are intended to identify forward-looking statements. These statements concern or may affect future matters, including but not limited to: projections or expectations of the Group's future financial position, including profit attributable to shareholders, provisions, economic profit, dividends, capital structure, portfolios, net interest margin, capital ratios, liquidity, risk-weighted assets, expenditures or any other financial items or ratios; litigation, regulatory and governmental investigations; the Group's future financial performance; the level and extent of future impairments and write-downs; the Group's ESG targets and/or commitments; statements of plans, objectives or goals of the Group or its management and other statements that are not historical fact and statements of assumptions underlying such statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that will or may occur in the future.

Factors that could cause actual business, strategy, targets, plans and/or results (including but not limited to the payment of dividends) to differ materially from forward-looking statements include, but are not limited to: general economic and business conditions in the United Kingdom and internationally (including in relation to tariffs); imposed and threatened tariffs and changes to global trade policies; acts of hostility or terrorism and responses to those acts, or other such events; geopolitical unpredictability; the war between Russia and Ukraine; the conflicts in the Middle East; the tensions between China and Taiwan; political instability including as a result of any United Kingdom general election; market related risks, trends and developments; changes in client and consumer behavior and demand; exposure to counterparty risk; the ability to access sufficient sources of capital, liquidity and funding when required; changes to the Group's credit ratings; fluctuations in interest rates, inflation, exchange rates, stock markets and currencies; volatility in credit markets; volatility in the price of the Group's securities; natural pandemic and other disasters; risks concerning borrower and counterparty credit quality; risks affecting insurance business and defined benefit pension schemes; changes in laws, regulations, practices and accounting standards or taxation; changes to regulatory capital or liquidity requirements and similar contingencies; the policies and actions of governmental or regulatory authorities or courts together with any resulting impact on the future structure of the Group; risks associated with the Group's compliance with a wide range of laws and regulations; assessment related to resolution planning requirements; risks related to regulatory actions which may be taken in the event of a bank or Group failure; exposure to legal, regulatory or competition proceedings, investigations or complaints; failure to comply with anti-money laundering, counter terrorist financing, anti-bribery and sanctions regulations; failure to prevent or detect any illegal or improper activities; operational risks including risks as a result of the failure of third party suppliers; conduct risk; technological changes and risks to the security of IT and operational infrastructure, systems, data and information resulting from increased threat of cyber and other attacks; technological failure; inadequate or failed internal or external processes or systems; risks relating to ESG matters, such as climate change (and achieving climate change ambitions) and decarbonization, including the Group's ability along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, and human rights issues; the impact of competitive conditions; failure to attract, retain and develop high caliber talent; the ability to achieve strategic objectives; the ability to derive cost savings and other benefits including, but without limitation, as a result of any acquisitions, disposals and other strategic transactions; inability to capture accurately the expected value from acquisitions; assumptions and estimates that form the basis of the Group's financial statements; and potential changes in dividend policy. A number of these influences and factors are beyond the Group's control.

Other factors could also adversely affect our results or the accuracy of forward-looking statements in this prospectus, and you should not consider the factors discussed here or in LBG's Form 20-F filed on February 20, 2025 or other documents incorporated by reference herein to be a complete set of all potential risks or uncertainties. We have economic, financial market, credit, legal and other specialists who monitor economic and market conditions and government policies and actions. However, because it is difficult to predict with accuracy any changes in economic or market conditions or in governmental policies and actions, it is difficult for us to anticipate the effects that such changes could have on our financial performance and business operations.

The forward-looking statements made in this prospectus speak only as of the date of this prospectus. We do not intend to publicly update or revise these forward-looking statements to reflect events or circumstances after the date of this prospectus, and we do not assume any responsibility to do so. You should, however, consult any further disclosures of a forward-looking nature we made in other documents filed with the SEC that are incorporated by reference into this prospectus. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995.

**PROSPECTUS**

**LLOYDS BANK plc<br> DEBT SECURITIES**

We will provide the specific terms of these securities, and the manner in which they will be offered, in one or more prospectus supplements to this prospectus. Any prospectus supplement may also add, update or change information contained, or incorporated by reference, in this prospectus. You should read this prospectus and the applicable prospectus supplement carefully before you invest.

You should read both this prospectus and any prospectus supplement, together with the additional information described under the headings "Where You Can Find More Information" and "Incorporation of Documents by Reference", before investing in our securities. The amount and price of the offered securities will be determined at the time of the offering.

**The debt securities may be subject to the exercise of the U.K. bail-in power by the relevant U.K. resolution authority as described herein and in the applicable prospectus supplement for such debt securities.**

**Investing in our securities involves risks that are described in the "Risk Factors" section of our annual and interim reports filed with the U.S. Securities and Exchange Commission or in the applicable prospectus supplement.**

**Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined that this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**This prospectus may not be used to sell securities unless it is accompanied by a prospectus supplement.**

The date of this prospectus is June 6, 2025.

**table of contents**

<u>Page</u>

---

| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS](#a_001) | [1](#a_001) |
| [USE OF PROCEEDS](#a_002) | [2](#a_002) |
| [LLOYDS BANK PLC](#a_003) | [3](#a_003) |
| [DESCRIPTION OF DEBT SECURITIES](#a_004) | [4](#a_004) |
| [DESCRIPTION OF CERTAIN PROVISIONS RELATING TO DEBT SECURITIES](#a_005) | [12](#a_005) |
| [PLAN OF DISTRIBUTION](#a_006) | [17](#a_006) |
| [LEGAL OPINIONS](#a_007) | [19](#a_007) |
| [EXPERTS](#a_008) | [20](#a_008) |
| [ENFORCEMENT OF CIVIL LIABILITIES](#a_009) | [21](#a_009) |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_010) | [22](#a_010) |
| [INCORPORATION OF DOCUMENTS BY REFERENCE](#a_011) | [23](#a_011) |
| [CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS](#a_012) | [24](#a_012) |

---

**ABOUT THIS PROSPECTUS**

This prospectus is part of a registration statement on Form F-3 that we filed with the U.S. Securities and Exchange Commission (the "SEC") using a "shelf" registration or continuous offering process. Under this shelf process, we may, from time to time, sell the securities described in this prospectus in one or more offerings of an unspecified amount in one or more foreign currencies or currency units.

This prospectus provides you with a general description of the debt securities we may offer, which we also refer to as the "securities". Each time we sell securities, a prospectus supplement that contains specific information about the terms of that offering will be provided. The prospectus supplement will provide information regarding certain tax consequences of the purchase, ownership and disposition of the offered securities. The prospectus supplement may also add to, update or change information contained in this prospectus. If there is any inconsistency between the information in this prospectus and any prospectus supplement, you should rely on the information in that prospectus supplement. Each prospectus supplement will be filed with the SEC. You should read both this prospectus and the applicable prospectus supplement, together with the additional information described under the headings "Where You Can Find More Information" and "Incorporation of Documents by Reference", before purchasing any securities.

The registration statement containing this prospectus, including exhibits to the registration statement, provides additional information about Lloyds Bank plc and the securities offered under this prospectus. The registration statement can be read at the SEC's offices or obtained from the SEC's website mentioned under the heading "Where You Can Find More Information".

**Certain Terms**

In this prospectus, the terms "the Bank" and "Lloyds Bank" refer to Lloyds Bank plc; the term "Lloyds Bank Group" refers to Lloyds Bank plc, together with its subsidiaries and associated undertakings from time to time; the term "LBG" refers to Lloyds Banking Group plc; the term "Group" refers to Lloyds Banking Group plc, together with its subsidiary and associated undertakings from time to time; and the terms "we", "our" and "us" refer to Lloyds Bank plc as issuer of the securities.

Lloyds Bank publishes its consolidated financial statements in pounds sterling ("£" or "sterling"), the lawful currency of the United Kingdom. In this prospectus and any prospectus supplement, references to "dollars" and "$" are to United States dollars.

**USE OF PROCEEDS**

Unless a specific plan in the accompanying prospectus supplement is disclosed, the net proceeds from the sale of the securities offered by this prospectus will be used for the general corporate purposes of the Bank. The Bank has raised funding in various markets from time to time and we expect to continue to raise funding in appropriate markets as and when required.

**LLOYDS BANK PLC**

Lloyds Bank plc was incorporated as a public limited company and registered in England under the U.K. Companies Act on April 20, 1865 with the registered number 2065. Lloyds Bank's registered office and its principal executive offices in the United Kingdom are located at 25 Gresham Street, London EC2V 7HN, United Kingdom, telephone number + 44 (0) 20 7626 1500. Lloyds Bank is authorized by the Prudential Regulation Authority ("PRA") and regulated by the Financial Conduct Authority ("FCA") and the PRA. Lloyds Bank maintains a website at www.lloydsbank.com.

Lloyds Bank is a wholly owned subsidiary of LBG and is the principal operating subsidiary of the Group. The Bank comprises the ring-fenced bank within the Group and its main business activities are retail and commercial banking.

For further information on Lloyds Bank, please refer to Item 4.A in Lloyds Bank's Annual Report on Form 20-F for the fiscal year ended December 31, 2024 filed with the SEC on February 27, 2025 and incorporated by reference into this document.

**DESCRIPTION OF DEBT SECURITIES**

*The following is a summary of the general terms of the debt securities issued by Lloyds Bank. Each time that debt securities are issued, a prospectus supplement will be filed with the SEC, which you should read carefully. The prospectus supplement will summarize specific financial terms of your security and may contain additional terms of those debt securities. The terms presented here, together with the terms contained in the prospectus supplement, will be a description of the material terms of the debt securities, but if there is any inconsistency between the terms presented here and those in the prospectus supplement, those in the prospectus supplement will apply and will replace those presented here. Therefore, the statements we make below in this section may not apply to your debt security. You should also read the indenture under which we will issue the debt securities, which has been filed with the SEC as exhibits to the registration statement of which this prospectus is a part.*

*References to "debt securities" in this prospectus, mean the senior debt securities that may be issued by Lloyds Bank. Senior debt securities will be issued under a senior debt indenture, which is a contract between Lloyds Bank and The Bank of New York Mellon, acting through its London Branch, which will initially act as trustee. The indenture does not limit our ability to incur additional indebtedness, including additional senior indebtedness.*

**General**

The debt securities are not deposits and are not insured or guaranteed by the U.S. Federal Deposit Insurance Corporation or any other government agency of the United States or the United Kingdom.

The indenture does not limit the amount of debt securities that we may issue. We may issue debt securities in one or more series. The relevant prospectus supplement for any particular series of debt securities will contain, where applicable, the following terms of, and other information relating to, any of the offered debt securities:

&nbsp;&nbsp;&nbsp;&nbsp;· their title (which will distinguish the debt securities of the series from all other debt securities), authorized denomination and
aggregate principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;· the price or prices at which they will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;· their maturity date;

&nbsp;&nbsp;&nbsp;&nbsp;· the annual interest rate or rates, or how to calculate the interest rate or rates;

&nbsp;&nbsp;&nbsp;&nbsp;· the date or dates from which interest, if any, will accrue or the method, if any, by which such date or dates will be determined;

&nbsp;&nbsp;&nbsp;&nbsp;· whether the payment of interest can be deferred;

&nbsp;&nbsp;&nbsp;&nbsp;· whether payments are conditional on our ability to make such payments and remain able to pay our debts as they fall due and that our
assets continue to exceed our liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;· the times and places for payment of the principal of and premium, if any, and any interest, if any, on the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· the terms of any mandatory or optional redemption, including the amount of any premium;

&nbsp;&nbsp;&nbsp;&nbsp;· any repurchase or sinking fund provisions;

&nbsp;&nbsp;&nbsp;&nbsp;· if other than the principal amount thereof, the portion of the principal amount of the debt securities payable upon acceleration or
redemption;

&nbsp;&nbsp;&nbsp;&nbsp;· the currency or currencies in which they are denominated and in which we will make any payments;

&nbsp;&nbsp;&nbsp;&nbsp;· whether the debt securities will be issued in whole or in part in the form of one or more global securities;

&nbsp;&nbsp;&nbsp;&nbsp;· provisions, if any, for the exchange, modification or conversion of such debt securities, including, but not limited to, with respect
to senior debt securities, the terms, if any, on which such senior debt securities may or will be converted into or exchanged at our option or otherwise
for our stock or other securities or for stock or other securities of another entity or other entities, into a basket or baskets of such
securities, into an index or indices of such securities, into the cash value therefor or into any combination of the foregoing, any specific
terms relating to the adjustment thereof and the period during which such senior debt securities may or shall be so converted or exchanged;

&nbsp;&nbsp;&nbsp;&nbsp;· whether the amounts of payment of principal of and premium, if any, or interest, if any, on the debt securities may be determined
with reference to an index or are otherwise not fixed on the original issue date thereof, the manner in which such amounts shall be determined
and the calculation agent, if any, who will be appointed and authorized to calculate such amounts;

&nbsp;&nbsp;&nbsp;&nbsp;· any modifications or additions to the events of default with respect to the debt securities offered;

&nbsp;&nbsp;&nbsp;&nbsp;· whether and under what circumstances, if other than those described in this prospectus, we will pay additional amounts on the debt
securities and whether, and on what terms, if other than those described in this prospectus, we may redeem the debt securities following
certain developments with respect to tax laws;

&nbsp;&nbsp;&nbsp;&nbsp;· provisions relating to the exercise of the U.K. bail-in power by the relevant U.K. resolution authority;

&nbsp;&nbsp;&nbsp;&nbsp;· any listing on a securities exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;· any other terms of the debt securities.

In addition, the prospectus supplement will describe the material U.S. federal and U.K. tax considerations that apply to any particular series of debt securities. We may sell debt securities that bear no interest, or that bear interest at a rate that at the time of issuance is below the prevailing market rate, at a discount to their stated principal amount.

Debt securities may bear interest at a fixed rate or a floating rate.

Holders of debt securities shall have no voting rights except those described under the heading "—Modification and Waiver" below.

**Payments**

We will make any payments of interest and principal on any particular series of debt securities on the dates and, in the case of payments of interest, at the rate or rates, that are set out in, or that are determined by the method of calculation described in, the relevant prospectus supplement.

**Agreement with Respect to the Exercise of U.K. Bail-in Power**

The debt securities may be subject to the exercise of the U.K. bail-in power by the relevant U.K. resolution authority. As more fully set out in the relevant prospectus supplement, if the U.K. bail-in power applies to the debt securities of a series, by its acquisition of the debt securities, each holder of such debt securities will be bound by (a) the effect of the exercise of any U.K. bail-in power by the relevant U.K. resolution authority and (b) the variation of the terms of debt securities or the indenture, if necessary, to give effect to the exercise of any U.K. bail-in power by the relevant U.K. resolution authority.

**Additional Amounts**

Unless the relevant prospectus supplement provides otherwise, amounts to be paid on any series of debt securities will be made without deduction or withholding for, or on account of, any and all present and future income, stamp and other taxes, levies, imposts, duties, charges or fees imposed, levied, collected, withheld or assessed by or on behalf of the United Kingdom or any political subdivision thereof or authority thereof that has the power to tax (a "U.K. taxing jurisdiction"), unless such deduction or withholding is required by law. If at any time a U.K. taxing jurisdiction requires us to make such deduction or withholding, we will pay additional amounts with respect to the principal of, and interest on, the debt securities ("Additional Amounts") that are necessary in order that the net amounts paid to the holders of those debt securities, after the deduction or withholding, shall equal the amounts which would have been payable on that series of debt securities if the deduction or withholding had not been required. However, this will not apply to any such tax, levy, impost, duty, charge or fee which would not have been deducted or withheld but for the fact that:

&nbsp;&nbsp;&nbsp;&nbsp;· the holder or the beneficial owner of the debt securities is a domiciliary, national or resident of, or engaging in business or maintaining
a permanent establishment or physically present in, a U.K. taxing jurisdiction or otherwise having some connection with the U.K. taxing
jurisdiction other than the holding or ownership of a debt security, or the collection of any payment of, or in respect of, principal
of, or any interest or other payment on, any debt security of the relevant series;

&nbsp;&nbsp;&nbsp;&nbsp;· except in the case of a winding-up in the United Kingdom, the relevant debt security is presented (where presentation is required)
for payment in the United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;· the relevant debt security is presented (where presentation is required) for payment more than 30 days after the date payment became
due or was provided for, whichever is later, except to the extent that the holder would have been entitled to the Additional Amounts on
presenting the debt security for payment at the close of that 30 day period;

&nbsp;&nbsp;&nbsp;&nbsp;· the holder or the beneficial owner of the relevant debt security or the beneficial owner of any payment of or in respect of principal
of, or any interest or other payment on, the debt security failed to comply with a request by us or our liquidator or other authorized
person addressed to the holder to provide information concerning the nationality, residence or identity of the holder or the beneficial
owner or to make any declaration or other similar claim to satisfy any requirement, which is required or imposed by a statute, treaty,
regulation or administrative practice of a U.K. taxing jurisdiction as a precondition to exemption from all or part of the tax, levy,
impost, duty, charge or fee;

&nbsp;&nbsp;&nbsp;&nbsp;· the deduction or withholding is imposed by reason of any agreement with the U.S. Internal Revenue Service in connection with Sections
1471-1474 of the U.S. Internal Revenue Code and the U.S. Treasury regulations thereunder ("FATCA"), any intergovernmental
agreement between the United States and the United Kingdom or any other jurisdiction with respect to FATCA, or any law, regulation or
other official guidance enacted in any jurisdiction implementing, or relating to, FATCA or any intergovernmental agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;· any combination of the above items,

nor shall Additional Amounts be paid with respect to the principal of, or any interest on, the debt securities to any holder who is a fiduciary or partnership or settlor with respect to such fiduciary or a member of such partnership other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of any taxing jurisdiction to be included in the income for tax purposes of a beneficiary or partner or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such Additional Amounts, had it been the holder.

Whenever we refer in this prospectus and any prospectus supplement, in any context, to the payment of the principal of or any interest or other payments on, or in respect of, any debt security of any series, we mean to include the payment of Additional Amounts to the extent that, in the context, Additional Amounts are, were or would be payable.

**Redemption of Senior Debt Securities**

**Tax Redemption of Senior Debt Securities**

Unless the relevant prospectus supplement provides otherwise, we will have the option to redeem the senior debt securities of any series, as a whole but not in part, upon not less than 30 nor more than 60 days' notice to each holder of senior debt securities, on any interest payment date, at a redemption price equal to 100% of their principal amount together with any accrued but unpaid interest, to the redemption date, or, in the case of discount securities, their accreted face amount, together with any accrued interest, if, at any time, we determine that as a result of a change in or amendment to the laws or regulations of a U.K. taxing jurisdiction, including any treaty to which it is a party, or any change in the application or interpretation of those laws or regulations, including a decision of any court or tribunal which change or amendment becomes effective or applicable on or after a date included in the terms of such senior debt securities:

&nbsp;&nbsp;&nbsp;&nbsp;· in making any payments on the particular series of senior debt securities, we have paid or will or would on the next interest payment
date be required to pay Additional Amounts;

&nbsp;&nbsp;&nbsp;&nbsp;· the payment of interest on the next interest payment date in respect of any of the series of senior debt securities would be treated
as "a distribution" within the meaning of Chapter 2, Part 23 of the Corporation Tax Act 2010 of the United Kingdom, or any
statutory modification or reenactment of such Act; or

&nbsp;&nbsp;&nbsp;&nbsp;· on the next interest payment date we would not be entitled to claim a deduction in respect of the payment of interest in computing
our U.K. taxation liabilities, or the value of such deduction to us would be materially reduced.

Prior to the giving of any notice of redemption, we must deliver to the trustee (i) a written legal opinion of independent United Kingdom counsel of recognized standing selected by us in a form satisfactory to the trustee confirming that the relevant change or amendment has occurred and that we are entitled to exercise its right of redemption; and (ii) an officer's certificate, evidencing compliance with such provisions and stating that we are entitled to redeem the senior debt securities pursuant to the terms of such senior debt securities.

**Optional Redemption of Senior Debt Securities**

The relevant prospectus supplement will specify whether or not the relevant issuer may redeem the senior debt securities of any series, in whole or in part, at its option, including any conditions to its right to exercise such option, in any other circumstances and, if so, the prices and any premium at which and the dates on which it may do so. Any notice of redemption of senior debt securities of any series will state, among other items:

&nbsp;&nbsp;&nbsp;&nbsp;· the redemption date;

&nbsp;&nbsp;&nbsp;&nbsp;· the relevant regular record date or special record date;

&nbsp;&nbsp;&nbsp;&nbsp;· the amount of senior debt securities to be redeemed if less than all of the outstanding senior debt securities of any series is to
be redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;· the redemption price;

&nbsp;&nbsp;&nbsp;&nbsp;· that, the redemption price will become due and payable on the redemption date and, if applicable, that interest will cease to accrue
on such date;

&nbsp;&nbsp;&nbsp;&nbsp;· the place or places at which such senior debt securities are to be surrendered for payment of the redemption price; and

&nbsp;&nbsp;&nbsp;&nbsp;· the CUSIP, Common Code and/or ISIN number or numbers, if any, with respect to the senior debt securities being redeemed.

In the case of a partial redemption, the trustee shall select the senior debt securities to be redeemed in any manner which it deems fair and appropriate, and consistent with the rules and regulations of the applicable clearing system.

We or any of our respective subsidiaries may at any time and from time to time purchase senior debt securities of any series in the open market or by tender (available to each holder of senior debt securities of the relevant series) or by private agreement, if applicable law permits. Any senior debt securities of any series that we purchase beneficially for our account, other than in connection with dealing in securities, will be treated as cancelled and will no longer be issued and outstanding.

**Modification and Waiver**

We and the trustee may make certain modifications and amendments to the indenture with respect to any series of debt securities without the consent of the holders of the debt securities. Other modifications and amendments may be made to the indenture with the consent of the holder or holders of not less than a majority in aggregate outstanding principal amount of the debt securities of the series outstanding under the indenture that are affected by the modification or amendment, voting as one class. However, no modifications or amendments may be made without the consent of the holder of each debt security affected that would:

&nbsp;&nbsp;&nbsp;&nbsp;· change the stated maturity of the principal amount of any debt security;

&nbsp;&nbsp;&nbsp;&nbsp;· reduce the principal amount of, the interest rates on, or any premium payable upon the redemption of, with respect to, any debt security;

&nbsp;&nbsp;&nbsp;&nbsp;· reduce the amount of principal of discount securities that would be due and payable upon an acceleration of their maturity date;

&nbsp;&nbsp;&nbsp;&nbsp;· change any obligation to pay Additional Amounts;

&nbsp;&nbsp;&nbsp;&nbsp;· change the currency of payment;

&nbsp;&nbsp;&nbsp;&nbsp;· impair the right to institute suit for the enforcement of any payment due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;· reduce the percentage in aggregate principal amount of outstanding debt securities of any series necessary to modify or amend the
indenture or to waive compliance with certain provisions of the indenture and any Senior Debt Security Event of Default (as such term
is defined below);

&nbsp;&nbsp;&nbsp;&nbsp;· modify the terms of our obligations in respect of the due and punctual payments of the amounts due and payable on the senior debt
securities in a manner adverse to the holders; or

&nbsp;&nbsp;&nbsp;&nbsp;· modify any of the above requirements.

**Events of Default; Default; Limitation of Remedies**

**Senior Debt Security Event of Default**

Unless the relevant prospectus supplement provides otherwise, a "Senior Debt Security Event of Default" with respect to any series of senior debt securities shall result if:

&nbsp;&nbsp;&nbsp;&nbsp;· Lloyds Bank does not pay any principal or interest on any senior debt securities of that series within 14 days from the due date for
payment and the principal or interest has not been duly paid within 14 days following written notice from the trustee or from holders
of 25% in aggregate principal amount of the outstanding senior debt securities of that series to Lloyds Bank requiring the payment to
be made. It shall not, however, be a Senior Debt Security Event of Default if during the 14 days after the notice, Lloyds Bank delivers
a written opinion of legal advisors, who may be an employee of, or legal advisors for, Lloyds Bank or other legal advisors, to the trustee,
such opinion to be acceptable to the trustee ("Opinion of Counsel"), concluding that such sums were not paid in order to comply
with a law, regulation or order of any court of competent jurisdiction; provided however, that the trustee may by notice to Lloyds Bank
require Lloyds Bank to take such action (including but not limited to proceedings for a declaration by a court of competent jurisdiction)
as the trustee may be advised in an Opinion of Counsel, upon which opinion the trustee may conclusively rely, is appropriate and reasonable
in the circumstances to resolve such doubt, in which case Lloyds Bank will forthwith take and expeditiously proceed with such action and
will be bound by any final resolution of the doubt resulting therefrom. If any such action results in a determination that the relevant
payment can be made without violating any applicable law, regulation or order, then such payment will become due and payable on the expiration
of 14 days after the trustee gives written notice to Lloyds Bank informing it of such resolution. The foregoing shall not otherwise be
deemed to impair the right of any holder to receive payment of the principal of and interest on any such security or to institute suit
for the enforcement of any such payment;

&nbsp;&nbsp;&nbsp;&nbsp;· Lloyds Bank defaults in the performance or breaches, any covenant or warranty of the senior debt indenture (other than as stated above
with respect to payments when due) and that breach has not been remedied within 60 days of receipt of a written notice from (i) the trustee
certifying that in its opinion the breach is materially prejudicial to the interests of the holders of the senior debt securities of that
series and requiring the breach to be remedied or (ii) holders of at least 25% in outstanding principal amount of the senior debt securities of that series requiring the breach to be remedied; or

&nbsp;&nbsp;&nbsp;&nbsp;· either a court of competent jurisdiction issues an order which is not successfully appealed within 30 days, or an effective shareholders'
resolution is validly adopted, for the winding-up of Lloyds Bank (other than under or in connection with a scheme of reconstruction, merger
or amalgamation not involving bankruptcy or insolvency).

If a Senior Debt Security Event of Default occurs and is continuing, the trustee or the holders of at least 25% in aggregate principal amount of the senior outstanding debt securities of that series may at their discretion declare the outstanding senior debt securities of that series to be due and repayable immediately (and the senior debt securities of that series shall thereby become due and repayable) at their principal amount (or at such other repayment amount as may be specified in or determined in accordance with the relevant prospectus supplement and in the case of original issue discount securities, the accreted face amount) together with accrued interest, if any, as provided in the prospectus supplement. However, after such declaration but before the trustee obtains a judgment or decree for payment of money due, the holder or holders of a majority in aggregate principal amount of the outstanding senior debt securities of the series may rescind or annul the declaration of acceleration and its consequences, but only if all Senior Debt Security Events of Default have been cured or waived and all payments due, other than those due as a result of acceleration, have been made. The trustee may at its discretion and without further notice institute such proceedings as it may think suitable, against Lloyds Bank to enforce payment. Notwithstanding any contrary provisions, nothing shall impair the right of a holder, absent the holder's consent, to sue for any payments due but unpaid with respect to the senior debt securities.

Unless the relevant prospectus supplement provides otherwise, by accepting a senior debt security, each holder will be deemed to have waived any right of set-off, counterclaim or combination of accounts with respect to the senior debt securities or the applicable indenture that they might otherwise have against Lloyds Bank whether before or during the winding-up of Lloyds Bank.

**Events of Default and Defaults–General**

Subject to certain exceptions, such as in the case of a default in the payment of the principal (or premium, if any) or interest on a senior debt security, the trustee may, without the consent of the holders, waive or authorize a Senior Debt Security Event of Default, provided that in the opinion of the trustee, the interests of the holders shall not be materially prejudiced thereby and provided further that the trustee shall not exercise any powers conferred on it in contravention of any notice in writing to Lloyds Bank and the trustee of a declaration described in "—Senior Debt Security Event of Default" above but so that no such notice shall affect any waiver or authorization previously given or made.

The holder or holders of not less than a majority in aggregate principal amount of the outstanding debt securities of any series may waive any past Senior Debt Security Event of Default, with respect to the series, except a Senior Debt Security Event of Default in respect of the payment of interest, if any, or principal of (or premium, if any) or payments on any debt security or a covenant or provision of the indenture which cannot be modified or amended without the consent of each holder of debt securities of such affected series.

Subject to the provisions of the applicable indenture relating to the duties of the trustee, if a Senior Debt Security Event of Default occurs and is continuing with respect to the debt securities of any series, the trustee will be under no obligation to any holder or holders of the debt securities of the series, unless they have offered indemnity or security satisfactory to the trustee in its sole discretion. Subject to the indenture provisions for the indemnification of the trustee, the holder or holders of a majority in aggregate principal amount of the outstanding debt securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee, or exercising any trust or power conferred on the trustee with respect to the series, if the direction is not in conflict with any rule of law or with the applicable indenture and does not expose the trustee to undue risk and the action would not be unjustly prejudicial to the holder or holders of any debt securities of any series not taking part in that direction. The trustee may take any other action that it deems proper which is not inconsistent with that direction.

The indenture provides that the trustee will, within 90 days after the occurrence of a Senior Debt Security Event of Default with respect to the debt securities of any series, give to each holder of the debt securities of the affected series notice of the Senior Debt Security Event of Default known to it, unless the Senior Debt Security Event of Default has been cured or waived; provided that the trustee shall be protected in withholding notice (except for a payment default) if it determines in good faith that withholding notice is in the interest of the holders of the debt securities of the affected series.

We are required to furnish to the trustee a statement as to our compliance with all conditions and covenants under the indenture (i) annually, and (ii) within five Business Days of a written request from the trustee.

**Consolidation, Merger and Sale of Assets; Assumption**

We may, without the consent of the holders of any of the debt securities, consolidate or amalgamate with, merge into or transfer or lease our assets substantially as an entirety to any person, provided that any successor corporation formed by any consolidation or amalgamation or into which we are merged, or any transferee or lessee of our assets, is a company organized under the laws of any part of the United Kingdom that assumes, by a supplemental indenture, our obligations on the debt securities, and under the indenture, immediately after giving effect to such transaction, no event of default or default shall have occurred and be continuing, and we procure the delivery of a customary officer's certificate and legal opinion providing that the conditions precedent to the transaction have been complied with.

Subject to applicable law and regulation, any of our wholly-owned subsidiaries may assume the obligations under the debt securities of any series without the consent of any holder, provided that we unconditionally guarantee the obligations of the subsidiary under the debt securities of that series. In such case, all of the direct obligations under the debt securities of the series and the indenture shall immediately be discharged. Any Additional Amounts under the debt securities of the series will be payable in respect of taxes imposed by the jurisdiction in which the assuming subsidiary is incorporated, subject to exceptions equivalent to those that apply to any obligation to pay Additional Amounts, substituting the jurisdiction in which the assuming subsidiary is organized for "U.K. taxing jurisdiction". However, if Lloyds Bank in its capacity as a guarantor makes payments under such guarantee, Lloyds Bank shall also be required to pay additional amounts with respect to any taxes required to be withheld or deducted by any U.K. taxing jurisdiction from any payment under such guarantee subject to the exceptions described under the heading "—Additional Amounts" above (with any necessary modifications). The subsidiary that assumes the obligations will also be entitled to redeem the debt securities of the relevant series in the circumstances described in "—Redemption of Senior Debt Securities" above with respect to any change or amendment to, or change in the application or official interpretation of, the laws or regulations (including any treaty) of the assuming subsidiary's jurisdiction of organization which occurs after the date of the assumption. In the case of an assumption, the subsidiary that assumes the obligations will also be entitled to redeem the debt securities of the relevant series in the circumstances described in "—Redemption of Senior Debt Securities" above if Lloyds Bank needs to pay additional amounts on payments under the guarantee as a result of any change to, or change in the application or official interpretation of, the laws or regulations (including any treaty) of a U.K. taxing jurisdiction which occurs after the issue date.

*An assumption of our obligations under the debt securities of any series might be deemed for U.S. federal income tax purposes to be an exchange of those debt securities for new debt securities by each beneficial owner, resulting in a recognition of taxable gain or loss for U.S. federal income tax purposes and possibly certain other adverse tax consequences. You should consult your tax advisor regarding the U.S. federal, state and local income tax consequences of an assumption.*

**Governing Law**

The debt securities and the indenture will be governed by and construed in accordance with the laws of the State of New York.

**Notices**

All notices to holders of registered debt securities shall be validly given if in writing and mailed, first-class postage prepaid, to them at their respective addresses in the register maintained by the trustee.

**The Trustee**

The Bank of New York Mellon, acting through its London Branch, 160 Queen Victoria Street, London EC4V 4LA, is the trustee under the indenture. The trustee shall have and be subject to all the duties and responsibilities specified with respect to an indenture trustee under the Trust Indenture Act of 1939, as amended (the "TIA"). Subject to the provisions of the TIA, the trustee is under no obligation to exercise any of the powers vested in it by the indenture at the request of any holder of senior debt securities, unless offered indemnity or security satisfactory to the trustee in its sole discretion, by the holder against the costs, expense and liabilities which might be incurred thereby. Lloyds Bank, the Lloyds Bank Group and certain members of the Lloyds Bank Group maintain deposit accounts and conduct other banking transactions with The Bank of New York Mellon in the ordinary course of our business. The Bank of New York Mellon under a nominee name is also the book-entry depositary with respect to certain of our debt securities.

**Consent to Service of Process**

Under the indenture, Lloyds Bank irrevocably designates Kelvina Smith, Chief Legal Officer, Lloyds Securities Inc. and Deputy Chief Legal Officer, North America, Lloyds Bank Corporate Markets plc (or any successor thereto), currently of 1095 Avenue of the Americas, New York, NY 10036, as the authorized agent for service of process in any legal action or proceeding arising out of or relating to the indenture or any debt securities brought in any federal or state court in the Borough of Manhattan, in The City of New York, New York and Lloyds Bank irrevocably submits to the jurisdiction of those courts.

**DESCRIPTION OF CERTAIN PROVISIONS RELATING TO DEBT SECURITIES**

**Form of Debt Securities; Book-Entry System**

**General**

Unless the relevant prospectus supplement states otherwise, the debt securities shall initially be represented by one or more global securities in registered form, without coupons attached, and will be deposited with or on behalf of one or more depositaries, including, without limitation, The Depository Trust Company ("DTC"), Euroclear Bank SA/NV ("Euroclear") and/or Clearstream Banking, S.A. ("Clearstream Luxembourg"), and will be registered in the name of such depositary or its nominee. Unless and until the debt securities are exchanged in whole or in part for other securities under the terms of the indenture or the global securities are exchanged for definitive securities, the global securities may not be transferred except as a whole by the depositary to a nominee or a successor of the depositary.

Special procedures to facilitate clearance and settlement have been established among these clearing systems to trade securities across borders in the secondary market. Where payments for securities we issue in global form will be made in U.S. dollars, these procedures can be used for cross-market transfers and the securities will be cleared and settled on a delivery against payment basis. Cross-market transfers of securities that are not in global form may be cleared and settled in accordance with other procedures that may be established among the clearing systems for these securities.

The debt securities may be accepted for clearance by DTC, Euroclear and Clearstream Luxembourg.

Neither we nor the trustee nor any of our or their agents has any responsibility for any aspect of the actions of DTC, Euroclear or Clearstream Luxembourg or any of their direct or indirect participants. Neither we nor the trustee nor any of our or their agents has any responsibility for any aspect of the records kept by DTC, Euroclear or Clearstream Luxembourg or any of their direct or indirect participants. Neither we nor the trustee nor any of our or their agents supervise these systems in any way. This is also true for any other clearing system indicated in a prospectus supplement.

DTC, Euroclear or Clearstream Luxembourg and their participants perform these clearance and settlement functions under agreements they have made with one another or with their customers. Investors should be aware that DTC, Euroclear or Clearstream Luxembourg and their participants are not obligated to perform these procedures and may modify them or discontinue them at any time.

The description of the clearing systems in this section reflects our understanding of the rules and procedures of DTC, Euroclear or Clearstream Luxembourg as they are currently in effect. Those systems could change their rules and procedures at any time.

So long as the depositary, or its nominee, is the holder of a global security, the depositary or its nominee will be considered the sole holder of such global security for all purposes under the indenture. Except as described below under the heading "—Issuance of Definitive Securities", no participant, indirect participant or other person will be entitled to have debt securities registered in its name, receive or be entitled to receive physical delivery of debt securities in definitive form or be considered the owner or holder of the debt securities under the indenture. Each person having an ownership or other interest in debt securities must rely on the procedures of the depositary, and, if a person is not a participant in the depositary, must rely on the procedures of the participant or other securities intermediary through which that person owns its interest to exercise any rights and obligations of a holder under the indenture or the debt securities.

**Payments on Global Securities**

Payments of any amounts in respect of any global securities will be made by the trustee to the depositary. Payments will be made to beneficial owners of debt securities in accordance with the rules and procedures of the depositary or its direct and indirect participants, as applicable. We, the trustee and any of our and their agents will not have any responsibility or liability for any aspect of the records of any securities intermediary in the chain of intermediaries between the depositary and any beneficial owner of an interest in a global security, or the failure of the depositary or any intermediary to pass through to any beneficial owner any payments that we make to the depositary.

**The Clearing Systems**

DTC, Euroclear and Clearstream Luxembourg have advised us as follows:

*DTC.* DTC, the world's largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC's participants ("Direct Participants") deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants' accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly. The DTC rules applicable to its participants are on file with the SEC.

*Euroclear*. Euroclear holds securities for its participants and clears and settles transactions between its participants through simultaneous electronic book-entry delivery against payment. Euroclear provides various other services, including safekeeping, administration, clearance and settlement and securities lending and borrowing, and interfaces with domestic markets in several countries. Euroclear is operated by Euroclear Bank, under contract with Euroclear plc, a U.K. corporation. Euroclear Bank conducts all operations, and all Euroclear securities clearance accounts and Euroclear cash accounts are accounts with Euroclear Bank, not Euroclear plc. Euroclear plc establishes policy for Euroclear on behalf of Euroclear participants. Euroclear participants include banks (including central banks), securities brokers and dealers and other professional financial intermediaries and may include any underwriters for the debt securities. Indirect access to Euroclear is also available to other firms that clear through or maintain a custodial relationship with a Euroclear participant, either directly or indirectly. Euroclear is an indirect participant in DTC. Securities clearance accounts and cash accounts with Euroclear are governed by the Terms and Conditions Governing Use of Euroclear and the related Operating Procedures of the Euroclear System (collectively, the "Euroclear Terms and Conditions"), and applicable law. The Euroclear Terms and Conditions govern transfers of securities and cash within Euroclear, withdrawals of securities and cash from Euroclear, and receipts of payments with respect to securities in Euroclear.

*Clearstream Luxembourg*. Clearstream Luxembourg is incorporated under the laws of The Grand Duchy of Luxembourg as a *société anonyme* and is subject to regulation by the Luxembourg Commission for the Supervision of the Financial Sector (*Commission de Surveillance du Secteur Financier*). Clearstream Luxembourg is owned by Deutsche Börse AG, a publicly traded company. Clearstream Luxembourg holds securities for its participants and facilitates the clearance and settlement of securities transactions between its participants through electronic book-entry changes in accounts of its participants, thereby eliminating the need for physical movement of certificates. Clearstream Luxembourg provides to its participants, among other things, services for safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing. Clearstream Luxembourg interfaces with domestic markets in several countries.

Clearstream Luxembourg's customers include worldwide securities brokers and dealers, banks, trust companies and clearing corporations and may include professional financial intermediaries. Its U.S. customers are limited to securities brokers, dealers and banks. Indirect access to the Clearstream Luxembourg system is also available to others that clear through Clearstream Luxembourg customers or that have custodial relationships with its customers, such as banks, brokers, dealers and trust companies. Clearstream Luxembourg is an indirect participant in DTC. Clearstream Luxembourg has established an electronic bridge with Euroclear to facilitate settlement of trades between Clearstream Luxembourg and Euroclear. Distributions with respect to the securities held beneficially through Clearstream Luxembourg are credited to cash accounts of Clearstream Luxembourg customers in accordance with its rules and procedures, to the extent received by Clearstream Luxembourg.

*Other Clearing Systems*. We may choose any other clearing system for a particular series of securities. The clearance and settlement procedures for the clearing system we choose will be described in the applicable prospectus supplement.

**Primary Distribution**

The distribution of debt securities will be cleared through one or more of the clearing systems that we have described above or any other clearing system that is specified in the applicable prospectus supplement. Payment for debt securities will be made on a delivery versus payment or free delivery basis. These payment procedures will be more fully described in the applicable prospectus supplement.

Clearance and settlement procedures may vary from one series of debt securities to another according to the currency that is chosen for the specific series of debt securities. Customary clearance and settlement procedures are described below.

We will submit applications to the relevant system or systems for the debt securities to be accepted for clearance. The clearance numbers that are applicable to each clearance system will be specified in the applicable prospectus supplement.

**Clearance and Settlement Procedures**

*DTC.* DTC participants that hold debt securities through DTC on behalf of investors will follow the settlement practices applicable to United States corporate debt obligations in DTC's Same-Day Funds Settlement System.

Debt securities will be credited to the securities custody accounts of these DTC participants against payment in same-day funds, for payments in U.S. dollars, on the settlement date. For payments in a currency other than U.S. dollars, debt securities will be credited free of payment on the settlement date. If payment is made other than in U.S. dollars, separate payment arrangements outside of the DTC system must be made between the DTC Participants involved.

*Euroclear and Clearstream Luxembourg.* We understand that investors that hold debt securities through Euroclear or Clearstream Luxembourg accounts will follow the settlement procedures that are applicable to conventional Eurobonds in registered form for securities.

Debt securities will be credited to the securities custody accounts of Euroclear and Clearstream Luxembourg participants on the business day following the settlement date, for value on the settlement date. They will be credited either free of payment or against payment for value on the settlement date.

**Secondary Market Trading**

Trading Between DTC Participants

Secondary market trading between DTC participants will occur in the ordinary way in accordance with DTC's rules. Secondary market trading will be settled using procedures applicable to United States corporate debt obligations in DTC's Same-Day Funds Settlement System for securities.

If payment is made in U.S. dollars, settlement will be in same-day funds. If payment is made in a currency other than U.S. dollars, settlement will be free of payment. If payment is made other than in U.S. dollars, separate payment arrangements outside of the DTC system must be made between the DTC participants involved.

**Trading Between Euroclear and/or Clearstream Luxembourg Participants**

We understand that secondary market trading between Euroclear and/or Clearstream Luxembourg participants will occur in the ordinary way following the applicable rules and operating procedures of Euroclear and Clearstream Luxembourg. Secondary market trading will be settled using procedures applicable to conventional Eurobonds in registered form for securities.

**Trading Between a DTC Seller and a Euroclear or Clearstream Luxembourg Purchaser**

A purchaser of debt securities that are held in the account of a DTC participant must send instructions to Euroclear or Clearstream Luxembourg at least one business day prior to settlement. The instructions will provide for the transfer of the debt securities from the selling DTC participant's account to the account of the purchasing Euroclear or Clearstream Luxembourg participant. Euroclear or Clearstream Luxembourg, as the case may be, will then instruct the common depositary for Euroclear and Clearstream Luxembourg to receive the debt securities either against payment or free of payment.

The interests in the debt securities will be credited to the respective clearing system. The clearing system will then credit the account of the participant, following its usual procedures. Credit for the debt securities will appear on the next day, European time. Cash debit will be back-valued to, and the interest on the debt securities will accrue from, the value date, which would be the preceding day, when settlement occurs in New York. If the trade fails and settlement is not completed on the intended date, the Euroclear or Clearstream Luxembourg cash debit will be valued as of the actual settlement date instead.

Euroclear participants or Clearstream Luxembourg participants will need the funds necessary to process same-day funds settlement. The most direct means of doing this is to pre-position funds for settlement, either from cash or from existing lines of credit, as for any settlement occurring within Euroclear or Clearstream Luxembourg. Under this approach, participants may take on credit exposure to Euroclear or Clearstream Luxembourg until the debt securities are credited to their accounts one business day later.

As an alternative, if Euroclear or Clearstream Luxembourg has extended a line of credit to them, participants can choose not to pre-position funds and will instead allow that credit line to be drawn upon to finance settlement. Under this procedure, Euroclear participants or Clearstream Luxembourg participants purchasing debt securities would incur overdraft charges for one business day (assuming they cleared the overdraft as soon as the securities were credited to their accounts). However, any interest on the debt securities would accrue from the value date. Therefore, in many cases, the investment income on debt securities that is earned during that one-business day period may substantially reduce or offset the amount of the overdraft charges. This result will, however, depend on each participant's particular cost of funds.

Because the settlement will take place during New York business hours, DTC participants will use their usual procedures to deliver debt securities to the depositary on behalf of Euroclear participants or Clearstream Luxembourg participants. The sale proceeds will be available to the DTC seller on the settlement date. For DTC participants, then, a cross-market transaction will settle no differently than a trade between two DTC participants.

**Special Timing Considerations**

Investors should be aware that they will only be able to make and receive deliveries, payments and other communications involving the debt securities through Clearstream Luxembourg and Euroclear on days when those systems are open for business. Those systems may not be open for business on days when banks, brokers and other institutions are open for business in the United States.

In addition, because of time-zone differences, there may be problems with completing transactions involving Clearstream Luxembourg and Euroclear on the same business day as in the United States. U.S. investors who wish to transfer their interests in the debt securities or to receive or make a payment or delivery of the debt securities on a particular day, may find that the transactions will not be performed until the next business day in Luxembourg or Brussels, depending on whether Clearstream Luxembourg or Euroclear is used.

**Issuance of Definitive Securities**

So long as the depositary holds the global securities of a particular series of debt securities, such global securities will not be exchangeable for definitive securities of that series unless:

&nbsp;&nbsp;&nbsp;&nbsp;· the depositary notifies the trustee that it is unwilling or unable to continue to act as depositary for the debt securities or the
depositary ceases to be a clearing agency registered under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;· we are wound up and we fail to make a payment on the debt securities when due; or

&nbsp;&nbsp;&nbsp;&nbsp;· at any time we determine at our option and in our sole discretion that the global securities of a particular series of debt securities
should be exchanged for definitive debt securities of that series in registered form.

Each person having an ownership or other interest in a debt security must rely exclusively on the rules or procedures of the depositary as the case may be, and any agreement with any direct or indirect participant of the depositary, including Euroclear or Clearstream Luxembourg and their participants, as applicable, or any other securities intermediary through which that person holds its interest, to receive or direct the delivery of possession of any definitive security. The indenture permits us to determine at any time and in our sole discretion that debt securities shall no longer be represented by global securities. DTC has advised us that, under its current practices, it would notify its participants of our request, but will only withdraw beneficial interests from the global securities at the request of each DTC participant. We would issue definitive certificates in exchange for any such beneficial interests withdrawn.

Unless otherwise specified in the relevant prospectus supplement, definitive debt securities will be issued in registered form only. To the extent permitted by law, we, the trustee and any paying agent shall be entitled to treat the person in whose name any definitive security is registered as its absolute owner.

Payments in respect of each series of definitive securities will be made to the person in whose name such definitive securities are registered as it appears in the register for that series of debt securities. Payments will be made in respect of the debt securities by check drawn on a bank in New York or, if the holder requests, by transfer to the holder's account in New York. Definitive securities should be presented to the paying agent for redemption.

If we issue definitive debt securities of a particular series in exchange for a particular global security, the depositary, as holder of that global security, will surrender it against receipt of the definitive debt securities, cancel the book-entry debt securities of that series, and distribute the definitive debt securities or of that series to the persons and in the amounts that the depositary specifies pursuant to the internal procedures of such depositary.

If definitive securities are issued in the limited circumstances described above, those securities (i) will be transferable only on the register for that series of debt securities, and (ii) may be transferred in whole or in part in denominations of any whole number of securities upon surrender of the definitive securities certificates together with the form of transfer endorsed on it, duly completed and executed at the specified office of a paying agent. If only part of a securities certificate is transferred, a new securities certificate representing the balance not transferred will be issued to the transferor within three business days after the paying agent receives the certificate. The new certificate representing the balance will be delivered to the transferor by uninsured post at the risk of the transferor, to the address of the transferor appearing in the records of the paying agent. The new certificate representing the securities that were transferred will be sent to the transferee within three business days after the paying agent receives the certificate transferred, by uninsured post at the risk of the holder entitled to the securities represented by the certificate, to the address specified in the form of transfer.

**PLAN OF DISTRIBUTION**

We may sell securities to or through underwriters or dealers and also may sell all or part of such senior debt securities directly to other purchasers or through agents.

The distribution of the senior debt securities may be effected from time to time in one or more transactions at a fixed price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices.

In connection with the sale of senior debt securities, we may compensate underwriters in the form of discounts, concessions or commissions or in any other way that the applicable prospectus supplement describes. Underwriters may sell senior debt securities to or through dealers, and the dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the purchasers for whom they may act as agents. Underwriters, dealers and agents that participate in the distribution of senior debt securities may be deemed to be underwriters, and any discounts or commissions that we pay them and any profit on the resale of senior debt securities by them may be deemed to be underwriting discounts and commissions, under the Securities Act. Any such underwriter or agent will be identified, and any such compensation that we pay will be described, in the prospectus supplement.

Under agreements which we may enter into, we may be required to indemnify underwriters, dealers and agents who participate in the distribution of senior debt securities against certain liabilities, including liabilities under the Securities Act.

Unless a prospectus supplement specifies otherwise, we will not offer any senior debt securities or any investments representing senior debt securities of any series to the public in the United Kingdom. Unless otherwise specified in any agreement which we may enter into, underwriters, dealers and/or agents in relation to the distribution of senior debt securities or any investments representing senior debt securities of any series and subject to the terms of any such agreement, any underwriter, dealer or agent in connection with an offering of senior debt securities or any investments representing senior debt securities of any series will represent and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;· it has complied and will comply with all applicable provisions of the Financial Services and Markets Act 2000 (the "FSMA")
and all rules and regulations made pursuant to the FSMA with respect to anything done by it in relation to the senior debt securities
or any investments representing senior debt securities of such series in, from or otherwise involving the U.K.; and

&nbsp;&nbsp;&nbsp;&nbsp;· it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement
to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of
the senior debt securities or any investments representing the senior debt securities (including without limitation the registration statement,
the prospectus or any preliminary prospectus) in circumstances in which Section 21(1) of the FSMA would not, if Lloyds Bank was not an
authorized person, apply to Lloyds Bank as the issuer of the senior debt securities.

Each new series of senior debt securities will be a new issue of senior debt securities with no established trading market. If securities of a particular series are not listed on a U.S. national securities exchange, certain broker-dealers may make a market in those senior debt securities, but will not be obligated to do so and may discontinue any market making at any time without notice. We cannot give any assurance that any broker-dealer will make a market in senior debt securities of any series or as to the liquidity of the trading market for those securities.

To the extent an initial offering of the securities will be distributed by an affiliate of ours, each such offering of senior debt securities must be conducted in compliance with the requirements of Rule 5121 of the Financial Industry Regulatory Authority, Inc. ("FINRA"), regarding a FINRA member firm's distribution of senior debt securities of an affiliate and related conflicts of interest. No underwriter, selling agent or dealer utilized in the initial offering of senior debt securities who is an affiliate of ours will confirm sales to accounts over which it exercises discretionary authority without the prior specific written approval of its customer. Following the initial distribution of any of these senior debt securities, affiliates of ours may offer and sell these senior debt securities in the course of their businesses as broker-dealers. Such affiliates may act as principals or agents in these transactions and may make any sales at varying prices related to prevailing market prices at the time of sale or otherwise. Such affiliates may also use this prospectus in connection with these transactions. None of our affiliates is obligated to make a market in any of these senior debt securities and may discontinue any market-making activities at any time without notice.

Any underwriter, selling agent or dealer utilized in the initial offering of securities will not confirm sales to accounts over which it exercises discretionary authority without the prior specific written approval of its customer.

**Delayed Delivery Arrangements**

If so indicated in the prospectus supplement, we may authorize underwriters or other persons acting as their agents to solicit offers by certain institutions to purchase senior debt securities from them pursuant to contracts providing for payment and delivery on a future date. Institutions with which such contracts may be made include commercial and savings banks, insurance companies, educational and charitable institutions and others, but in all cases such institutions must be approved by us. The obligations of any purchaser under any such contract will be subject to the condition that the purchase of the offered securities shall not at the time of delivery be prohibited under the laws of the jurisdiction to which such purchaser is subject. The underwriters and such other agents will not have any responsibility in respect of the validity or performance of such contracts.

**LEGAL OPINIONS**

Our United States counsel, Davis Polk & Wardwell London LLP, will pass upon certain legal matters relating to the securities under U.S. federal securities laws and New York law. Our English counsel, Clifford Chance LLP, will pass upon certain matters under English law of the debt securities issued by Lloyds Bank.

**EXPERTS**

The consolidated financial statements of Lloyds Bank plc as at December 31, 2024 and 2023 and for each of the three years in the period ended December 31, 2024, incorporated by reference in this prospectus by reference to Lloyds Bank plc's Annual Report on Form 20-F for the year ended December 31, 2024 have been audited by Deloitte LLP, an independent registered public accounting firm, as stated in their report. Such consolidated financial statements are incorporated by reference in reliance upon the reports of such firm, given their authority as experts in accounting and auditing.

**ENFORCEMENT OF CIVIL LIABILITIES**

Lloyds Bank is a public limited company incorporated under the laws of England. Most of Lloyds Bank's directors and executive officers, and certain of the experts named herein are residents of the United Kingdom. A substantial portion of the assets of Lloyds Bank, its subsidiaries and such persons are located outside the United States. As a result, it may not be possible for investors to effect service of process within the United States upon all such persons to enforce against them in U.S. courts judgments obtained in such courts, including those predicated upon the civil liability provisions of the federal securities laws of the United States. Furthermore, Lloyds Bank has been advised by its solicitors that there is doubt as to the enforceability in England & Wales and Scotland, in original actions or in actions for enforcement of judgments of U.S. courts, of certain civil liabilities, including those predicated solely upon the federal securities laws of the United States.

**WHERE YOU CAN FIND MORE INFORMATION**

**Ongoing Reporting**

Lloyds Bank is subject to the informational requirements of the Exchange Act and, in accordance therewith, Lloyds Bank files reports and other information with the SEC. The SEC maintains a website at http://www.sec.gov which contains in electronic form each of the reports and other information that we have filed electronically with the SEC. You can also read this material at the offices of The New York Stock Exchange, 20 Broad Street, New York, New York 10005, United States on which certain of Lloyds Bank's securities are listed.

We will provide the trustee with our annual reports, which will include a description of operations and our annual audited consolidated financial statements. We will also provide any trustee with interim reports that will include unaudited interim summary consolidated financial information. Upon receipt, if we so request, the trustee will mail the reports to all record holders of the debt securities. In addition, we will provide the trustee with all notices of meetings at which holders of debt securities are entitled to vote, and all other reports and communications that are made generally available to holders of debt securities.

**Registration Statement**

This prospectus is part of a registration statement filed with the SEC. As exhibits to the registration statement, we have also filed or incorporated by reference the indenture and our Articles of Association. Statements contained in this prospectus as to the contents of any contract or other document referred to in this prospectus are not necessarily complete, and in each instance reference is made to the copy of such contract or other document filed as an exhibit to the registration statement, each such statement being qualified in all respects by such reference. For further information, you should refer to the registration statement. You can obtain the full registration statement from the SEC or from us.

**INCORPORATION OF DOCUMENTS BY REFERENCE**

The SEC allows us to "incorporate by reference" the information that we file with the SEC. This permits us to disclose important information to you by referring to these filed documents. Any information referred to in this way is considered part of this prospectus, and any information that we file with the SEC after the date of this prospectus will automatically be deemed to update and supersede this information.

We incorporate by reference (i) Lloyds Bank's Annual Report on Form 20-F for the fiscal year ended December 31, 2024 filed with the SEC on February 27, 2025; (ii) Lloyds Bank's report on Form 6-K filed with the SEC on May 1, 2025 including the interim results for Lloyds Bank for the three months ended March 31, 2025; and (iii) Lloyds Bank's report on Form 6-K filed with SEC on May 1, 2025 disclosing Lloyds Bank's capitalization as at March 31, 2025. We also incorporate by reference all subsequent Lloyds Bank Annual Reports filed on Form 20-F and any future filings made with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act and certain reports on Form 6-K, if they state that they are incorporated by reference into this prospectus, that we furnish to the SEC after the date of this prospectus and until we or any underwriters sell all of the securities.

Upon written or oral request, we will provide free of charge a copy of any or all of the documents that we incorporate by reference into this prospectus, other than exhibits which are not specifically incorporated by reference into this prospectus. To obtain copies you should contact us at Investor Relations, 33 Old Broad Street, London, EC2N 1HZ, United Kingdom or by telephone at +44 (0) 207 626 1500.

**CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS**

This prospectus contains certain forward-looking statements within the meaning of Section 21E of the Exchange Act, as amended, and section 27A of the Securities Act, as amended, with respect to the business, strategy, plans and/or results the Lloyds Bank Group and its current goals and expectations. Statements that are not historical or current facts, including statements about the Lloyds Bank Group's or its directors' and/or management's beliefs and expectations, are forward-looking statements. Words such as, without limitation, 'believes', 'achieves', 'anticipates', 'estimates', 'expects', 'targets', 'should', 'intends', 'aims', 'projects', 'plans', 'potential', 'will', 'would', 'could', 'considered', 'likely', 'may', 'seek', 'estimate', 'probability', 'goal', 'objective', 'deliver', 'endeavor', 'prospects', 'optimistic' and similar expressions or variations on these expressions are intended to identify forward-looking statements.

These statements concern or may affect future matters, including but not limited to: projections or expectations of the Lloyds Bank Group's future financial position, including profit attributable to shareholders, provisions, economic profit, dividends, capital structure, portfolios, net interest margin, capital ratios, liquidity, risk-weighted assets, expenditures or any other financial items or ratios; litigation, regulatory and governmental investigations; the Lloyds Bank Group's future financial performance; the level and extent of future impairments and write-downs; the Lloyds Bank Group's ESG targets and/or commitments; statements of plans, objectives or goals of the Lloyds Bank Group or its management and other statements that are not historical fact and statements of assumptions underlying such statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that will or may occur in the future. Factors that could cause actual business, strategy, targets, plans and/or results (including but not limited to the payment of dividends) to differ materially from forward-looking statements include, but are not limited to: general economic and business conditions in the United Kingdom and internationally (including in relation to tariffs); imposed and threatened tariffs and changes to global trade policies; acts of hostility or terrorism and responses to those acts, or other such events; geopolitical unpredictability; the war between Russia and Ukraine; the conflicts in the Middle East; the tensions between China and Taiwan; political instability including as a result of any United Kingdom general election; market related risks, trends and developments; changes in client and consumer behavior and demand; exposure to counterparty risk; the ability to access sufficient sources of capital, liquidity and funding when required; changes to the Lloyds Bank Group's or Lloyds Banking Group plc's credit ratings; fluctuations in interest rates, inflation, exchange rates, stock markets and currencies; volatility in credit markets; volatility in the price of the Lloyds Bank Group's securities; natural pandemic and other disasters; risks concerning borrower and counterparty credit quality; risks affecting defined benefit pension schemes; changes in laws, regulations, practices and accounting standards or taxation; changes to regulatory capital or liquidity requirements and similar contingencies; the policies and actions of governmental or regulatory authorities or courts together with any resulting impact on the future structure of the Lloyds Bank Group; risks associated with the Lloyds Bank Group's compliance with a wide range of laws and regulations; assessment related to resolution planning requirements; risks related to regulatory actions which may be taken in the event of a bank or Lloyds Bank Group or Lloyds Banking Group failure; exposure to legal, regulatory or competition proceedings, investigations or complaints; failure to comply with anti-money laundering, counter terrorist financing, anti-bribery and sanctions regulations; failure to prevent or detect any illegal or improper activities; operational risks including risks as a result of the failure of third party suppliers; conduct risk; technological changes and risks to the security of IT and operational infrastructure, systems, data and information resulting from increased threat of cyber and other attacks; technological failure; inadequate or failed internal or external processes or systems; risks relating to ESG matters, such as climate change (and achieving climate change ambitions) and decarbonization, including the Lloyds Bank Group's or the Lloyds Banking Group's ability along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, and human rights issues; the impact of competitive conditions; failure to attract, retain and develop high caliber talent; the ability to achieve strategic objectives; the ability to derive cost savings and other benefits including, but without limitation, as a result of any acquisitions, disposals and other strategic transactions; inability to capture accurately the expected value from acquisitions; and assumptions and estimates that form the basis of the Lloyds Bank Group's financial statements. A number of these influences and factors are beyond the Lloyds Bank Group's control.

Other factors could also adversely affect our results or the accuracy of forward-looking statements in this prospectus, and you should not consider the factors discussed here or in Lloyds Bank's Form 20-F filed on February 27, 2025 or other documents incorporated by reference herein to be a complete set of all potential risks or uncertainties. We have economic, financial market, credit, legal and other specialists who monitor economic and market conditions and government policies and actions. However, because it is difficult to predict with accuracy any changes in economic or market conditions or in governmental policies and actions, it is difficult for us to anticipate the effects that such changes could have on our financial performance and business operations.

The forward-looking statements made in this prospectus speak only as of the date of this prospectus. We do not intend to publicly update or revise these forward-looking statements to reflect events or circumstances after the date of this prospectus, and we do not assume any responsibility to do so. You should, however, consult any further disclosures of a forward-looking nature we made in other documents filed with the SEC that are incorporated by reference into this prospectus. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995.

**PART II**

**INFORMATION NOT REQUIRED IN THE PROSPECTUS**

**Item 8. Indemnification of Directors and Officers**

**<u>Lloyds Banking Group plc</u>**

Except as hereinafter set forth, there is no provision of the Articles of Association of Lloyds Banking Group plc (the "company", for purposes of this Item 8) or any contract, arrangement or statute under which any director or officer of the company is insured or indemnified in any manner against any liability that they may incur in their capacity as such.

*Deed of Indemnity*

The directors of the company have entered into (or will enter into) individual deeds of indemnity with the company which constitute "qualifying third-party indemnity provisions" for the purposes of the Companies Act 2006. The deeds indemnify the directors to the maximum extent permitted by law and remain in force as at the date of this prospectus. Deeds for existing directors are available for inspection at the company's registered office. The company has also granted deeds of indemnity by deed poll and by way of entering into individual deeds, which constitute "qualifying third-party indemnity provisions" to the directors of the Group's subsidiary companies, including to former directors who retired during the year of 2024, and to Group colleagues subject to the provisions of the senior managers and certification regime. Such deeds remain in force as at the date of this prospectus. Qualifying pension scheme indemnities have also been granted to the trustees of the Group's pension schemes, which remain in force as at the date of this prospectus.

*Articles 128, 129 and 130 of the company's Articles of Association provide:*

*128 Indemnity*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128.1 Subject to the provisions of, and so far as may be permitted by and consistent with, the statutes, any person who is or was at any time a director, officer, employee or trustee of the company or of any associated company or organisation may be indemnified by the company out of its own funds against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128.1.1 any liability incurred by or attaching to such person in connection with any negligence, default, breach of duty or breach of trust by such person in relation to the company or any associated company or organisation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128.1.2 any other liability incurred by or attaching to such person in the actual or purported execution and/or discharge of such person's duties and/or the exercise or purported exercise of such person's powers and/or otherwise in relation to or in connection with such person's duties, powers or offices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128.2 Where any such person is indemnified against any liability in accordance with article 128.1, such indemnity shall extend to all costs, charges, losses, expenses and liabilities incurred by such person in relation thereto.

*129 Insurance*

Without prejudice to article 128 above, the directors shall have power to purchase and maintain insurance for or for the benefit of any person who is or was at any time a director, officer, employee or trustee of the company or of any associated company or organisation, including insurance against any liability incurred by or attaching to such person in respect of any act or omission in the actual or purported execution and/or discharge of such person's duties and/or in the exercise or purported exercise of such person's powers and/or otherwise in relation to or in connection with such person's duties, powers or offices in relation to the company or any associated company or organisation, (and all costs, charges, losses, expenses and liabilities incurred by such person in relation thereto).

*130 Defence expenditure*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130.1 Subject to the provisions of, and so far as may be permitted by and consistent with, the statutes, the company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130.1.1 may provide any person who is or was at any time a director, officer, employee or trustee of the company or of any associated company or organisation with funds to meet expenditure incurred or to be incurred by such person in defending any criminal or civil proceedings in connection with any negligence, default, breach of duty or breach of trust by such person in relation to the company or any associated company or organisation or in connection with any application for relief from liability under the statutes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130.1.2 may do anything to enable any such a person to avoid incurring such expenditure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130.2 Subject to the provisions of, and so far as may be permitted by and consistent with, the statutes, the company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130.2.1 may provide any person who is or was at any time a director, officer, employee or trustee of the company or of any associated company or organisation with funds to meet expenditure incurred or to be incurred by such person in defending themselves in an investigation by a regulatory authority or against action proposed to be taken by a regulatory authority in connection with any alleged negligence, default, breach of duty or breach of trust by such person in relation to the company or any associated company or organisation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130.2.2 may do anything to enable any such a person to avoid incurring such expenditure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130.3 For the purpose of articles 128 to 130 an "associated company or organisation" is any company or other body, whether or not incorporated, (i) which is the company's holding company; or (ii) in which the company or its holding company or any of the predecessors of the company or of such holding company has any interest whether direct or indirect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) which is in any way allied to or associated with the company or its holding company or any of the predecessors of the company or of such holding company (including any pension fund or employees' share scheme in which any employees of the company or of any associated company or organisation are interested and any company acting as trustee for such pension fund or share scheme); or (iv) which is a subsidiary undertaking of any person mentioned in (iii) or (v) to which directors, officers, employees or trustees of the company or of any subsidiary undertaking or any holding company of the company are permitted by the company or any subsidiary undertaking or any holding company of the company to lend their services; and "person" shall include any natural person, partnership, other unincorporated association or body corporate.

*Section 232 of the Companies Act 2006 provides:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any provision that purports to exempt a director of a company (to any extent) from any liability that would otherwise attach to him in connection with any negligence, default, breach of duty or breach of trust in relation to the company is void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any provision by which a company directly or indirectly provides an indemnity (to any extent) for a director of the company, or of an associated company, against any liability attaching to him in connection with any negligence, default, breach of duty or breach of trust in relation to the company of which he is a director is void, except as permitted by–

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) section 233 (provision of insurance),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) section 234 (qualifying third party indemnity provision), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) section 235 (qualifying pension scheme indemnity provision).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) This section applies to any provision, whether contained in a company's articles or in any contract with the company or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Nothing in this section prevents a company's articles from making such provision as has previously been lawful for dealing with conflicts of interest.

*Section 234 of the Companies Act 2006 provides:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Section 232(2) (voidness of provisions for indemnifying directors) does not apply to qualifying third party indemnity provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Third party indemnity provision means provision for indemnity against liability incurred by the director to a person other than the company or an associated company.

Such provision is qualifying third party indemnity provision if the following requirements are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The provision must not provide any indemnity against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any liability of the director to pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a fine imposed in criminal proceedings, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a sum payable to a regulatory authority by way of a penalty in respect of non-compliance with any requirement of a regulatory nature (however arising); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any liability incurred by the director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in defending criminal proceedings in which he is convicted, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in defending civil proceedings brought by the company, or an associated company, in which judgment is given against him, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in connection with an application for relief (see subsection (6)) in which the court refuses to grant him relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The references in subsection (3)(b) to a conviction, judgment or refusal of relief are to the final decision in the proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) For this purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a conviction, judgment or refusal of relief becomes final:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if not appealed against, at the end of the period for bringing an appeal, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if appealed against, at the time when the appeal (or any further appeal) is disposed of; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an appeal is disposed of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if it is determined and the period for bringing any further appeal has ended, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if it is abandoned or otherwise ceases to have effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The reference in subsection (3)(b)(iii) to an application for relief is to an application for relief under section 661(3) or (4) (power of court to grant relief in case of acquisition of shares by innocent nominee), or section 1157 (general power of court to grant relief in case of honest and reasonable conduct).

*Section 1157 of the Companies Act 2006 provides:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If in proceedings for negligence, default, breach of duty or breach of trust against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an officer of a company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a person employed by a company as auditor (whether he is or is not an officer of the company), it appears to the court hearing the case that the officer or person is or may be liable but that he acted honestly and reasonably, and that having regard to all the circumstances of the case (including those connected with his appointment) he ought fairly to be excused, the court may relieve him, either wholly or in part, from his liability on such terms as it thinks fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If any such officer or person has reason to apprehend that a claim will or might be made against him in respect of negligence, default, breach of duty or breach of trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he may apply to the court for relief, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the court has the same power to relieve him as it would have had if it had been a court before which proceedings against him for negligence, default, breach of duty or breach of trust had been brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Where a case to which subsection (1) applies is being tried by a judge with a jury, the judge, after hearing the evidence, may, if he is satisfied that the defendant (in Scotland, the defender) ought in pursuance of that subsection to be relieved either in whole or in part from the liability sought to be enforced against him, withdraw the case from the jury and forthwith direct judgment to be entered for the defendant (in Scotland, grant decree of absolvitor) on such terms as to costs (in Scotland, expenses) or otherwise as the judge may think proper.

Any underwriters of securities registered on this registration statement will each agree, severally, and not jointly, to indemnify the company's directors, the company's officers who sign the registration statement and the company's authorized representative in the United States from and against certain civil liabilities based on information relating to such underwriter furnished in writing by such underwriter expressly for use herein.

The company has director's and officers' insurance in place, which extends coverage to the roles of authorized representative in the United States and service of process agent from and against certain directors' and officer's liabilities.

In addition, the company has obtained directors' and officers' insurance coverage, which, subject to policy terms and limitations, includes coverage to reimburse the company for amounts that it may be required or permitted by law to pay directors or officers of the company and its consolidated subsidiaries.

**<u>Lloyds Bank plc</u>**

Except as hereinafter set forth, there is no provision of the Articles of Association of Lloyds Bank plc (the "Company", for purposes of this Item 8) or any contract, arrangement or statute under which any director or officer of the Company is insured or indemnified in any manner against any liability that they may incur in their capacity as such.

*Deed of Indemnity*

The directors of the Company have entered into (or will enter into) individual deeds of indemnity with LBG which constitute "qualifying third-party indemnity provisions" for the purposes of the Companies Act 2006. The deeds indemnify the directors to the maximum extent permitted by law and remain in force as at the date of this prospectus. In addition, LBG has appropriate directors' and officers' liability insurance cover in place. Deeds for existing directors are available for inspection at the Company's registered office. LBG has also granted deeds of indemnity by deed poll and by way of entering into individual deeds, which constitute "qualifying third-party indemnity provisions" to the directors of the Group's subsidiary companies, including to former directors who retired during the year of 2024, and to colleagues subject to the provisions of the senior managers and certification regime. Such deeds remain in force as at the date of this prospectus. Qualifying pension scheme indemnities have also been granted to the trustees of LBG's pension schemes, including those schemes relevant to the Company, which remain in force as at the date of this prospectus.

*Articles 71, 72 and 73 of the Company's Articles of Association provide:*

*Article 71 Indemnity*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.1. Subject to Article 71.2, a Relevant Director may be indemnified out of the Company's assets against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.1.1 any liability incurred by or attaching to that Director in connection with any negligence, default, breach of duty or breach of trust in relation to the Company or an Associated Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.1.2 any liability incurred by or attaching to that Director in connection with the activities of the Company or an Associated Company in its capacity as a trustee of an occupational pension scheme (as defined in Section 235(6) of the Companies Act 2006);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.1.3 any other liability incurred by or attaching to that Director as an officer of the Company or an Associated Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.2. This Article 71 does not authorise any indemnity which would be prohibited or rendered void by any provision of the Companies Acts or by any other provision of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.3. Where a Relevant Director is indemnified against any liability in accordance with this Article, such indemnity shall extend to all costs, charges, losses, expenses and liabilities incurred by the Relevant Director in relation thereto.

*Article 72 Insurance*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.1. The Directors shall have the power to purchase and maintain insurance, at the expense of the Company, for the benefit of any Relevant Director in respect of any relevant loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.2. In this Article 72, a "relevant loss" means any loss or liability which has been or may be incurred by a Relevant Director in connection with that Director's duties or powers in relation to the Company, any Associated Company or any pension fund or employees' share scheme of the Company or Associated Company.

*Article 73 Defence expenditure*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.1. So far as may be permitted by the Companies Acts, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.1.1 provide a Relevant Director with funds to meet expenditure incurred or to be incurred by the Relevant Director in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) defending any criminal or civil proceedings in connection with any negligence, default, breach of duty or breach of trust by the Relevant Director in relation to the Company or an Associated Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in connection with any application for relief under the provisions mentioned in Section 205(5) of the Companies Act 2006; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.1.2 do anything to enable any such Relevant Director to avoid incurring such expenditure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.2. The terms set out in Section 205(2) of the Companies Act 2006 shall apply to any provision of funds or other things done under Article 73.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.3. So far as may be permitted by the Companies Acts, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall provide a Relevant Director with funds to meet expenditure incurred or to be incurred by the Relevant Director in defending themselves in an investigation by a regulatory authority or against action proposed to be taken by a regulatory authority in connection with any alleged negligence, default, breach of duty or breach of trust by the Relevant Director in relation to the Company or any Associated Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) may do anything to enable the Relevant Director to avoid incurring such expenditure.

*Section 232 of the Companies Act 2006 provides:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any provision that purports to exempt a director of a company (to any extent) from any liability that would otherwise attach to him in connection with any negligence, default, breach of duty or breach of trust in relation to the company is void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any provision by which a company directly or indirectly provides an indemnity (to any extent) for a director of the company, or of an associated company, against any liability attaching to him in connection with any negligence, default, breach of duty or breach of trust in relation to the company of which he is a director is void, except as permitted by–

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) section 233 (provision of insurance),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) section 234 (qualifying third party indemnity provision), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) section 235 (qualifying pension scheme indemnity provision).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) This section applies to any provision, whether contained in a company's articles or in any contract with the company or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Nothing in this section prevents a company's articles from making such provision as has previously been lawful for dealing with conflicts of interest.

*Section 234 of the Companies Act 2006 provides:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Section 232(2) (voidness of provisions for indemnifying directors) does not apply to qualifying third party indemnity provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Third party indemnity provision means provision for indemnity against liability incurred by the director to a person other than the company or an associated company.

Such provision is qualifying third party indemnity provision if the following requirements are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The provision must not provide any indemnity against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any liability of the director to pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a fine imposed in criminal proceedings, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a sum payable to a regulatory authority by way of a penalty in respect of non-compliance with any requirement of a regulatory nature (however arising); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any liability incurred by the director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in defending criminal proceedings in which he is convicted, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in defending civil proceedings brought by the company, or an associated company, in which judgment is given against him, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in connection with an application for relief (see subsection (6)) in which the court refuses to grant him relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The references in subsection (3)(b) to a conviction, judgment or refusal of relief are to the final decision in the proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) For this purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a conviction, judgment or refusal of relief becomes final:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if not appealed against, at the end of the period for bringing an appeal, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if appealed against, at the time when the appeal (or any further appeal) is disposed of; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an appeal is disposed of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if it is determined and the period for bringing any further appeal has ended, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if it is abandoned or otherwise ceases to have effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The reference in subsection (3)(b)(iii) to an application for relief is to an application for relief under section 661(3) or (4) (power of court to grant relief in case of acquisition of shares by innocent nominee), or section 1157 (general power of court to grant relief in case of honest and reasonable conduct).

*Section 1157 of the Companies Act 2006 provides:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If in proceedings for negligence, default, breach of duty or breach of trust against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an officer of a company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a person employed by a company as auditor (whether he is or is not an officer of the company), it appears to the court hearing the case that the officer or person is or may be liable but that he acted honestly and reasonably, and that having regard to all the circumstances of the case (including those connected with his appointment) he ought fairly to be excused, the court may relieve him, either wholly or in part, from his liability on such terms as it thinks fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If any such officer or person has reason to apprehend that a claim will or might be made against him in respect of negligence, default, breach of duty or breach of trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he may apply to the court for relief, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the court has the same power to relieve him as it would have had if it had been a court before which proceedings against him for negligence, default, breach of duty or breach of trust had been brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Where a case to which subsection (1) applies is being tried by a judge with a jury, the judge, after hearing the evidence, may, if he is satisfied that the defendant (in England, the defender) ought in pursuance of that subsection to be relieved either in whole or in part from the liability sought to be enforced against him, withdraw the case from the jury and forthwith direct judgment to be entered for the defendant (in England, grant decree of absolvitor) on such terms as to costs (in England, expenses) or otherwise as the judge may think proper.

Any underwriters of securities registered on this registration statement will each agree, severally, and not jointly, to indemnify the Company's directors, the Company's officers who sign the registration statement and the Company's authorized representative in the United States from and against certain civil liabilities based on information relating to such underwriter furnished in writing by such underwriter expressly for use herein.

The company has director's and officers' insurance in place, which extends coverage to the roles of authorized representative in the United States and service of process agent from and against certain directors' and officer's liabilities.

In addition, the Company has obtained directors' and officers' insurance coverage, which, subject to policy terms and limitations, includes coverage for Insurers to reimburse the Company for legal costs that it may be required or permitted by law to pay directors or officers of the Company and its consolidated subsidiaries. Insurers can reimburse the Company for the legal costs of directors and officers subject to policy terms and conditions once the amount of legal costs incurred has exceeded the deductible.

**Item 9. Exhibits**

Reference is made to the Exhibit Index included herewith which is incorporated herein by reference.

**Item 10. Undertakings**

The undersigned registrants hereby undertake:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

*provided*, *however*, that paragraphs (1)(i) , (1)(ii) and (1)(iii) above shall not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the SEC pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by reference in this registration statement or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of this registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form 20-F, or to incorporate such financial statements by reference to a report filed pursuant to the Exchange Act, at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need not be furnished, provided that a registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with respect this registration statement, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Securities Act or Item 8.A of Form 20-F if such financial statements and information are contained in periodic reports filed with or furnished to the SEC by a registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each prospectus filed by a registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of this registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which the prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; provided, however, that no statement made in this registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) That, for the purpose of determining liability of a registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned undertake that in a primary offering of securities of the undersigned pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrants will be sellers to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any preliminary prospectus or prospectus of the undersigned registrants relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrants or used or referred to by the undersigned registrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other communication that is an offer in the offering made by the undersigned registrants to the purchaser.

The undersigned registrants hereby undertake that, for purposes of determining any liability under the Securities Act, each filing of their annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section l5(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of a registrant pursuant to the foregoing provisions, or otherwise, the registrants have been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of a registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrants will, unless in the opinion of their counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by them is against public policy as expressed in the Securities Act and will be governed by a final adjudication of such issue.

**EXHIBIT INDEX**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<u>Number</u> | &nbsp;&nbsp;<u>Number</u> | <u>Description</u> |
| &nbsp;&nbsp;1.1 | [Form of Underwriting Agreement for the senior debt securities of Lloyds Banking Group plc.](dp229810_ex0101.htm) | [Form of Underwriting Agreement for the senior debt securities of Lloyds Banking Group plc.](dp229810_ex0101.htm) |
| &nbsp;&nbsp;1.2 | [Form of Underwriting Agreement for the subordinated debt securities of Lloyds Banking Group plc.](dp229810_ex0102.htm) | [Form of Underwriting Agreement for the subordinated debt securities of Lloyds Banking Group plc.](dp229810_ex0102.htm) |
| &nbsp;&nbsp;1.3 | [Form of Underwriting Agreement for the capital securities of Lloyds Banking Group plc.](dp229810_ex0103.htm) | [Form of Underwriting Agreement for the capital securities of Lloyds Banking Group plc.](dp229810_ex0103.htm) |
| &nbsp;&nbsp;1.4\*\* | Form of Share Certificate. | Form of Share Certificate. |
| &nbsp;&nbsp;1.5 | [Form of Underwriting Agreement for the senior debt securities of Lloyds Bank plc.](dp229810_ex0105.htm) | [Form of Underwriting Agreement for the senior debt securities of Lloyds Bank plc.](dp229810_ex0105.htm) |
| &nbsp;&nbsp;4.1\* | [Senior Debt Securities Indenture between Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, as Trustee, dated as of July 6, 2010 (previously filed as Exhibit 4.1 to Form 8-A12B on July 16, 2010).](http://www.sec.gov/Archives/edgar/data/1160106/000095010310002102/dp18522_ex0401.htm) | [Senior Debt Securities Indenture between Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, as Trustee, dated as of July 6, 2010 (previously filed as Exhibit 4.1 to Form 8-A12B on July 16, 2010).](http://www.sec.gov/Archives/edgar/data/1160106/000095010310002102/dp18522_ex0401.htm) |
| &nbsp;&nbsp;4.2\* | [First Supplemental Indenture to the Senior Debt Securities Indenture between Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, as Trustee, dated as of July 6, 2016 (previously filed as Exhibit 4.1 to Form 6-K on July 6, 2016).](http://www.sec.gov/Archives/edgar/data/1160106/000095010316014657/dp67010_ex0401.htm) | [First Supplemental Indenture to the Senior Debt Securities Indenture between Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, as Trustee, dated as of July 6, 2016 (previously filed as Exhibit 4.1 to Form 6-K on July 6, 2016).](http://www.sec.gov/Archives/edgar/data/1160106/000095010316014657/dp67010_ex0401.htm) |
| &nbsp;&nbsp;4.3\* | [Subordinated Debt Securities Indenture among Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, as Trustee, dated as of November 4, 2014 (previously filed as Exhibit 4.1 to Form 6-K on November 4, 2014).](http://www.sec.gov/Archives/edgar/data/1160106/000095010314007777/dp50761_6k.htm) | [Subordinated Debt Securities Indenture among Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, as Trustee, dated as of November 4, 2014 (previously filed as Exhibit 4.1 to Form 6-K on November 4, 2014).](http://www.sec.gov/Archives/edgar/data/1160106/000095010314007777/dp50761_6k.htm) |
| &nbsp;&nbsp;4.4\* | [First Supplemental Indenture to the Subordinated Debt Securities Indenture among Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, as Trustee, dated as of November 4, 2014 (previously filed as Exhibit 4.2 to Form 6-K on November 4, 2014).](http://www.sec.gov/Archives/edgar/data/1160106/000095010314007777/dp50761_6k.htm) | [First Supplemental Indenture to the Subordinated Debt Securities Indenture among Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, as Trustee, dated as of November 4, 2014 (previously filed as Exhibit 4.2 to Form 6-K on November 4, 2014).](http://www.sec.gov/Archives/edgar/data/1160106/000095010314007777/dp50761_6k.htm) |
| &nbsp;&nbsp;4.5\* | [Second Supplemental Indenture to the Subordinated Debt Securities Indenture among Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, as Trustee, dated as of December 1, 2015 (previously filed as Exhibit 4.15 to Form F-3ASR on June 2, 2016).](http://www.sec.gov/Archives/edgar/data/1160106/000095010316013906/dp65916_ex0415.htm) | [Second Supplemental Indenture to the Subordinated Debt Securities Indenture among Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, as Trustee, dated as of December 1, 2015 (previously filed as Exhibit 4.15 to Form F-3ASR on June 2, 2016).](http://www.sec.gov/Archives/edgar/data/1160106/000095010316013906/dp65916_ex0415.htm) |
| &nbsp;&nbsp;4.6\* | [Third Supplemental Indenture to the Subordinated Debt Securities Indenture among Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, as Trustee, dated as of December 10, 2015 (previously filed as Exhibit 4.16 to Form F-3ASR on June 2, 2016).](http://www.sec.gov/Archives/edgar/data/1160106/000095010316013906/dp65916_ex0416.htm) | [Third Supplemental Indenture to the Subordinated Debt Securities Indenture among Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, as Trustee, dated as of December 10, 2015 (previously filed as Exhibit 4.16 to Form F-3ASR on June 2, 2016).](http://www.sec.gov/Archives/edgar/data/1160106/000095010316013906/dp65916_ex0416.htm) |
| &nbsp;&nbsp;4.7\* | [Fourth Supplemental Indenture to the Subordinated Debt Securities Indenture among Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, as Trustee, dated as of March 24, 2016 (previously filed as Exhibit 4.1 to Form 6-K on March 24, 2016).](http://www.sec.gov/Archives/edgar/data/1160106/000095010316012070/dp64440_ex0401.htm) | [Fourth Supplemental Indenture to the Subordinated Debt Securities Indenture among Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, as Trustee, dated as of March 24, 2016 (previously filed as Exhibit 4.1 to Form 6-K on March 24, 2016).](http://www.sec.gov/Archives/edgar/data/1160106/000095010316012070/dp64440_ex0401.htm) |
| &nbsp;&nbsp;4.8\* | [Fifth Supplemental Indenture to the Subordinated Debt Securities Indenture between Lloyds Banking Group plc, as issuer, and The Bank of New York Mellon acting through its London Branch, as trustee (previously filed as Exhibit 4.2 to the Form F-4 filed with the Commission on October 7, 2016).](http://www.sec.gov/Archives/edgar/data/1160106/000095010316016946/dp65579_ex0402.htm) | [Fifth Supplemental Indenture to the Subordinated Debt Securities Indenture between Lloyds Banking Group plc, as issuer, and The Bank of New York Mellon acting through its London Branch, as trustee (previously filed as Exhibit 4.2 to the Form F-4 filed with the Commission on October 7, 2016).](http://www.sec.gov/Archives/edgar/data/1160106/000095010316016946/dp65579_ex0402.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;4.9\* | [Form of Sixth Supplemental Indenture to the Subordinated Debt Securities Indenture between Lloyds Banking Group plc, as issuer, and The Bank of New York Mellon acting through its London Branch, as trustee (previously filed as Exhibit 4.3 to the Form F-4 filed with the Commission on October 7, 2016).](http://www.sec.gov/Archives/edgar/data/1160106/000095010316016946/dp65579_ex0403.htm) |
| &nbsp;&nbsp;4.10\* | [Seventh Supplemental Indenture to the Subordinated Debt Securities Indenture among Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, as Trustee, dated as of January 9, 2018 (previously filed as Exhibit 4.1 to Form 6-K on January 9, 2018).](http://www.sec.gov/Archives/edgar/data/1160106/000095010318000274/dp85016_ex0401.htm) |
| &nbsp;&nbsp;4.11\* | [Eighth Supplemental Indenture to the Subordinated Debt Securities Indenture among Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, as Trustee, dated as of June 15, 2021 (previously filed as Exhibit 4.1 to Form 6-K on June 16, 2021).](https://www.sec.gov/Archives/edgar/data/1160106/000095010321008870/dp152712_ex0401.htm) |
| &nbsp;&nbsp;4.12\* | [Ninth Supplemental Indenture to the Subordinated Debt Securities Indenture among Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, acting through its London Branch, as Trustee and The Bank of New York Mellon SA/NV, Dublin Branch, as Subordinated Debt Security Registrar, dated as of December 14, 2021 (previously filed as Exhibit 4.1 to Form 6-K on December 15, 2021).](https://www.sec.gov/Archives/edgar/data/1160106/000095010321019780/dp163613_ex0401.htm) |
| &nbsp;&nbsp;4.13\* | [Tenth Supplemental Indenture to the Subordinated Debt Securities Indenture among Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, acting through its London Branch, as Trustee and Paying Agent and The Bank of New York Mellon SA/NV, Dublin Branch, as Subordinated Debt Security Registrar, dated as of November 15, 2022 (previously filed as Exhibit 4.1 to Form 6-K on November 15, 2022).](https://www.sec.gov/Archives/edgar/data/1160106/000095010322019660/dp184336_ex0401.htm) |
| &nbsp;&nbsp;4.14\* | [Capital Securities Indenture between Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, as Trustee, dated as of March 6, 2014 (previously filed as Exhibit 4.1 to Form F-4 on March 6, 2014).](http://www.sec.gov/Archives/edgar/data/1160106/000095010314001681/dp44154_ex0401.htm) |
| &nbsp;&nbsp;4.15\* | [Senior Debt Securities Indenture between Lloyds Bank plc, as Issuer, and The Bank of New York Mellon, as Trustee, dated as of August 15, 2019 (previously filed as Exhibit 4.1 to Form 6-K on August 14, 2019).](https://www.sec.gov/Archives/edgar/data/1167831/000095010319010825/dp111274_ex0401.htm) |
| &nbsp;&nbsp;4.16\* | [Amended and Restated Deposit Agreement among Lloyds Banking Group plc, The Bank of New York Mellon and all holders from time to time of American Depositary Receipts issued thereunder, including the Form of the American Depositary Receipt (previously filed as an Exhibit to the Registration Statement on Form F-6 filed on February 11, 2020, Registration No. 333-218363)](https://www.sec.gov/Archives/edgar/data/1201935/000101915520000036/llyodsdeposit.htm)<u>.</u> |
| &nbsp;&nbsp;5.1 | [Opinion of CMS Cameron McKenna Nabarro Olswang LLP, Scottish solicitors to Lloyds Banking Group plc, as to the validity of the debt securities and the enforceability of subordination provisions of the subordinated debt securities issued by Lloyds Banking Group plc.](dp229810_ex0501.htm) |
| &nbsp;&nbsp;5.2 | [Opinion of CMS Cameron McKenna Nabarro Olswang LLP, Scottish solicitors to Lloyds Banking Group plc, as to the validity of the capital securities issued by Lloyds Banking Group plc.](dp229810_ex0502.htm) |
| &nbsp;&nbsp;5.3 | [Opinion of CMS Cameron McKenna Nabarro Olswang LLP, Scottish solicitors to Lloyds Banking Group plc, as to the validity of the ordinary shares issued by Lloyds Banking Group plc.](dp229810_ex0503.htm) |
| &nbsp;&nbsp;5.4 | [Opinion of Davis Polk & Wardwell London LLP, U.S. counsel to Lloyds Banking Group plc, as to the validity of the securities issued by Lloyds Banking Group plc.](dp229810_ex0504.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;5.5 | [Opinion of Clifford Chance LLP, English counsel to Lloyds Bank plc as to certain matters of the senior debt securities issued by Lloyds Bank plc.](dp229810_ex0505.htm) |
| &nbsp;&nbsp;5.6 | [Opinion of Davis Polk & Wardwell London LLP, U.S. counsel to Lloyds Bank plc, as to the validity of the securities issued by Lloyds Bank plc.](dp229810_ex0506.htm) |
| &nbsp;&nbsp;23.1\* | Consent of CMS Cameron McKenna Nabarro Olswang LLP (included in Exhibits 5.1, 5.2 and 5.3 above). |
| &nbsp;&nbsp;23.2\* | Consent of Davis Polk & Wardwell London LLP (included in Exhibits 5.4 and 5.6 above). |
| &nbsp;&nbsp;23.3 | [Consent of Deloitte LLP regarding Lloyds Banking Group plc.](dp229810_ex2303.htm) |
| &nbsp;&nbsp;23.4 | [Consent of Deloitte LLP regarding Lloyds Bank plc.](dp229810_ex2304.htm) |
| &nbsp;&nbsp;23.5\* | Consent of Clifford Chance LLP (included in Exhibit 5.5 above). |
| &nbsp;&nbsp;24.1 | Powers of Attorney regarding Lloyds Banking Group plc (included on signature page to the registration statement). |
| &nbsp;&nbsp;24.2 | Powers of Attorney regarding Lloyds Bank plc (included on signature page to the registration statement). |
| &nbsp;&nbsp;25.1 | [Statement of Eligibility for the Senior Debt Securities Indenture dated as of July 6, 2010, between Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, as Indenture Trustee.](dp229810_ex2501.htm) |
| &nbsp;&nbsp;25.2 | [Statement of Eligibility for the Subordinated Debt Securities Indenture dated as of November 4, 2014, between Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, as Indenture Trustee.](dp229810_ex2502.htm) |
| &nbsp;&nbsp;25.3 | [Statement of Eligibility for the Capital Securities Indenture dated as of March 6, 2014, between Lloyds Banking Group plc, as Issuer, and The Bank of New York Mellon, as Indenture Trustee](dp229810_ex2503.htm). |
| &nbsp;&nbsp;25.4 | [Statement of Eligibility for the Senior Debt Securities Indenture between Lloyds Bank plc, as Issuer, and The Bank of New York Mellon, as Indenture Trustee.](dp229810_ex2504.htm) |
| &nbsp;&nbsp;\* | Incorporated by reference. |
| &nbsp;&nbsp;\*\* | To be filed by amendment or incorporated by reference to a subsequently filed report on Form 6-K. |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-3 and has duly caused this registration statement on Form F-3 to be signed on its behalf by the undersigned, thereunto duly authorized, in London, United Kingdom, on June 6, 2025.

---

| | |
|:---|:---|
| LLOYDS BANKING GROUP plc | LLOYDS BANKING GROUP plc |
| By: | /s/ Charlie Nunn |
|  | Name: Charlie Nunn |
|  | Title: Executive Director and Group Chief Executive |

---

KNOW ALL PERSONS BY THESE PRESENT, that each person whose signature appears below constitutes and appoints Monica De Vries, Kristofer Colin Middleton, Helen O'Connor, David Murphy, Jesse Tennant-Brown, Gavin Parker, Steven Powell, Carol Rugg, Richard D. Shrimpton, Benjamin Walker, Catriona Meharry and Gus Yau and each of them (with full power to each of them to act alone) his true and lawful attorney-in-fact and agent, with full power of substitution, and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any or all amendments (including post-effective amendments) to this registration statement or any registration statement in connection herewith that is to be effective upon filing pursuant to Rule 462(b) of the Securities Act, as amended, and to file the same with all exhibits thereto and other documents in connection therewith with the Securities and Exchange Commission granting unto said attorneys-in-fact and agents and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Charlie Nunn |  | June 6, 2025 |
| Charlie Nunn | (Executive Director and Group Chief Executive) |  |
| /s/ William Chalmers |  | June 6, 2025 |
| William Chalmers | (Executive Director and Chief Financial Officer) |  |

---

---

| | | |
|:---|:---|:---|
| /s/ Nathan Bostock |  | June 6, 2025 |
| Nathan Bostock | (Independent Director) |  |
| /s/ Robin Budenberg |  | June 6, 2025 |
| Sir Robin Budenberg | (Chair) |  |
| /s/ Sarah Legg |  | June 6, 2025 |
| Sarah Legg | (Independent Director) |  |
| /s/ Amanda Mackenzie |  | June 6, 2025 |
| Amanda Mackenzie | (Independent Director) |  |
| /s/ Harmeen Mehta |  | June 6, 2025 |
| Harmeen Mehta | (Independent Director) |  |
| /s/ Cathy Turner |  | June 6, 2025 |
| Cathy Turner | (Senior Independent Director) |  |
| /s/ Scott Wheway |  | June 6, 2025 |
| Scott Wheway | (Independent Director‎) |  |
| /s/ Catherine Woods |  | June 6, 2025 |
| Catherine Woods | (Independent Director) |  |
| /s/ Kelvina Smith |  | June 6, 2025 |
| Kelvina Smith | (U.S. authorized representative) |  |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-3 and has duly caused this registration statement on Form F-3 to be signed on its behalf by the undersigned, thereunto duly authorized, in London, United Kingdom, on June 6, 2025.

---

| | |
|:---|:---|
| LLOYDS BANK plc | LLOYDS BANK plc |
| By: | /s/ Charlie Nunn |
|  | Name: Charlie Nunn |
|  | Title: Executive Director and Group Chief Executive |

---

KNOW ALL PERSONS BY THESE PRESENT, that each person whose signature appears below constitutes and appoints Monica De Vries, Kristofer Colin Middleton, Helen O'Connor, David Murphy, Jesse Tennant-Brown, Gavin Parker, Steven Powell, Carol Rugg, Richard D. Shrimpton, Benjamin Walker, Catriona Meharry and Gus Yau and each of them (with full power to each of them to act alone) his true and lawful attorney-in-fact and agent, with full power of substitution, and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any or all amendments (including post-effective amendments) to this registration statement or any registration statement in connection herewith that is to be effective upon filing pursuant to Rule 462(b) of the Securities Act, as amended, and to file the same with all exhibits thereto and other documents in connection therewith with the Securities and Exchange Commission granting unto said attorneys-in-fact and agents and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Charlie Nunn |  | June 6, 2025 |
| Charlie Nunn | (Executive Director and Group Chief Executive) |  |
| /s/ William Chalmers |  | June 6, 2025 |
| William Chalmers | (Executive Director and Chief Financial Officer) |  |

---

---

| | | |
|:---|:---|:---|
| /s/ Sarah Bentley |  | June 6, 2025 |
| Sarah Bentley | (Independent Director) |  |
| /s/ Nathan Bostock |  | June 6, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nathan Bostock | (Independent Director) |  |
| /s/ Robin Budenberg |  | June 6, 2025 |
| Sir Robin Budenberg | (Chair) |  |
| /s/ Brendan Gilligan |  | June 6, 2025 |
| Brendan Gilligan | (Independent Director) |  |
| /s/ Nigel Hinshelwood |  | June 6, 2025 |
| Nigel Hinshelwood | (Senior Independent Director) |  |
| /s/ Sarah Legg |  | June 6, 2025 |
| Sarah Legg | (Independent Director) |  |
| /s/ Amanda Mackenzie |  | June 6, 2025 |
| Amanda Mackenzie | (Independent Director) |  |
| /s/ Harmeen Mehta |  | June 6, 2025 |
| Harmeen Mehta | (Independent Director) |  |

---

---

| | | |
|:---|:---|:---|
| /s/ Cathy Turner |  | June 6, 2025 |
| Cathy Turner | (Independent Director) |  |
| /s/ Scott Wheway |  | June 6, 2025 |
| Scott Wheway | (Independent Director‎) |  |
| /s/ Catherine Woods |  | June 6, 2025 |
| Catherine Woods | (Independent Director) |  |
| /s/ Kelvina Smith |  | June 6, 2025 |
| Kelvina Smith | (U.S. authorized representative) |  |

---

## Exhibit 1.1

**Exhibit 1.1**

**LLOYDS BANKING GROUP PLC<br> (a public limited company incorporated under the laws of<br> Scotland and registered in Scotland)<br> SENIOR DEBT<br> UNDERWRITING AGREEMENT<br> DATED: [·]**

**LLOYDS BANKING GROUP plc<br> Form of Underwriting Agreement**

[Names of Representatives]<br> [Addresses of Representatives]<br> As Representatives of the several Underwriters<br> named in Schedule I to the Pricing Agreement (as defined below)

**$[·]**

**[%] Senior Debt Securities due [·]**

**[Date]**

Ladies and Gentlemen:

From time to time Lloyds Banking Group plc, a public limited company incorporated and registered in Scotland, United Kingdom (the "**Company**"), proposes to enter into one or more Pricing Agreements (each a "**Pricing Agreement**") in the form of Annex I hereto, with such additions and deletions as the parties thereto may determine, and, subject to the terms and conditions stated herein and therein, to issue and sell to the several firms named in Schedule I to the applicable Pricing Agreement (such firms constituting the "**Underwriters**" with respect to such Pricing Agreement and the securities specified therein), or to purchasers procured by them, certain of the Company's debt securities specified in Schedule II to such Pricing Agreement (with respect to such Pricing Agreement, the "**Securities**").

The terms of, and rights attached to, any particular issuance of Securities shall be as specified in the Pricing Agreement relating thereto and in or pursuant to a senior debt securities indenture (as hereto amended and supplemented and as may be further amended and supplemented from time to time, the "**Indenture**") between the Company and The Bank of New York Mellon, as trustee ("**Trustee**"). The offering of the Securities will be governed by this Agreement, as supplemented by the Pricing Agreement. From and after the date of the execution and delivery of the Pricing Agreement, this Agreement shall be deemed to incorporate the Pricing Agreement.

1. Particular sales of the Securities may be made from time to time to the Underwriters of such Securities,
or to purchasers procured by them, for whom the firms designated as representatives of the Underwriters of such Securities in the Pricing
Agreement relating thereto will act as representatives (the "**Representatives** "). The term "**Representatives** "
also refers to a single firm acting as sole
representative of the Underwriters and to an Underwriter or Underwriters who act without any firm being designated as its or their representatives.
This Agreement shall not be construed as an obligation of the Company to sell any of the Securities or as an obligation of any of the
Underwriters to purchase, or procure purchasers for, the Securities. The obligation of the Company to issue and sell any of the Securities
and the obligation of any of the Underwriters to purchase, or procure purchasers for, any of the Securities shall be evidenced by the
Pricing Agreement with respect to the Securities specified therein. Each Pricing Agreement shall specify the aggregate principal amount
of such Securities, any option to purchase additional Securities, the initial public offering price of such Securities, [•]% of the
principal amount of the Securities (the "Purchase Price") to the Underwriters of such Securities, the names of the Underwriters
of such Securities, the names of the Representatives of such Underwriters and the principal amount of such Securities to be purchased
by each Underwriter, or by purchasers procured by such Underwriter, and shall set forth the date, time and manner of delivery of such
Securities and payment therefor. The Pricing Agreement shall also specify (to the extent not set forth in the Indenture and the Registration
Statement (as defined below), the Disclosure Package (as defined below) and prospectus with respect thereto) the terms of such Securities.
A Pricing Agreement shall be executed in writing (and may be in counterparts), and may be evidenced by an exchange of facsimile communications
or any other rapid transmission device designed to produce a written record of communications transmitted. The obligations of the Underwriters
under this Agreement and each Pricing Agreement shall be several and not joint.

The Company has prepared and filed with the Securities and Exchange Commission (the "**Commission**") an "automatic shelf registration statement" as defined under Rule 405 under the U.S. Securities Act of 1933, as amended (the "**1933 Act**") on Form F-3 (No. 333-[ ]), including any post-effective amendment thereto required to be filed by the Commission, and related preliminary prospectus for the registration of, among other securities, certain debt securities of the Company, including the Securities, in accordance with the provisions of the 1933 Act, and the rules and regulations of the Commission thereunder (the "**1933 Act Regulations**").

The registration statement on Form F-3, as amended to the date on which it became effective prior to the date of this Agreement (including any prospectus supplement relating to the Securities and any other information, if any, deemed to be part of such registration statement pursuant to Rule 430B of the 1933 Act Regulations), and the prospectus constituting a part thereof (including in each case all documents, if any, incorporated by reference therein to such date) are hereinafter referred to as the "**Registration Statement**" and the "**Prospectus**", respectively, *except that* (i) if any revised prospectus or prospectus supplement shall be provided to the Underwriters by the Company for use in connection with the offering of the Securities which differs from the Prospectus on file at the Commission at the time the Registration Statement became effective (whether or not such revised prospectus is required to be filed by the Company pursuant to Rule 424(b) of the 1933 Act Regulations) the term "**Prospectus**" shall refer to such revised prospectus or include such prospectus supplement, as the case may be, from and after the time such revised prospectus or prospectus supplement is first provided to the Underwriters for such use, and (ii) if the Company files any documents pursuant to Section 13, 14 or 15 of the U.S. Securities Exchange Act of 1934, as amended (the "**1934 Act**"), after the Registration Statement became effective and prior to the termination of the offering of the Securities by the Underwriters, which documents are deemed to be or, in the case of a Report on Form 6-K, are designated as being incorporated by reference into the Prospectus pursuant to Form F-3 under the 1933 Act Regulations, the term "**Prospectus**" shall refer to said prospectus as modified to include the documents so filed from and after the time said documents are filed with or furnished to the Commission. The term "**Preliminary Prospectus**" means any preliminary form of the Prospectus (including any preliminary prospectus supplement), which is used prior to the filing of the Prospectus and first filed with the Commission pursuant to Rule 424(b) of the 1933 Act Regulations. The term "**Free Writing Prospectus**" has the meaning set forth in Rule 405 of the 1933 Act Regulations. The term "**Issuer Free Writing Prospectus**" means (i) any material that satisfies the conditions set forth in Rule 433 of the 1933 Act Regulations and (ii) any roadshow presentation, including any Bloomberg roadshow presentation. The term "**Disclosure Package**" means (i) the Preliminary Prospectus, if any, and otherwise the Prospectus, (ii) any Issuer Free Writing Prospectuses identified in Annex II hereto, (iii) the final term sheet prepared and filed pursuant to Section 5(d) of this Agreement (the "**Term Sheet**") and (iv) any other Free Writing Prospectus that the parties hereto shall hereafter expressly agree in writing to treat as part of the Disclosure Package.

"**Applicable Time**" means the time specified in the Pricing Agreement on the date hereof or such other time as agreed by the Company and the Representatives.

2. The Company represents and warrants to, and agrees with, each of the Underwriters as of the date hereof,
as of the Applicable Time, and as of the Time of Delivery referred to in Section 4 hereof that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An "automatic shelf registration statement" (as defined in Rule 405 under the 1933 Act) on
Form F-3 in respect of the Securities (File No. 333-[ ]), and any post-effective amendment
thereto, (i) has been prepared by the Company in conformity with the requirements of the 1933 Act Regulations, (ii) has been filed with
the Commission under the 1933 Act not earlier than the date that is three years prior to the Time of Delivery (as defined in Section 4
hereof) and (iii) upon its filing with the Commission, automatically became and is effective under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Commission has not issued any order preventing or suspending the effectiveness of the Registration
Statement or any part thereof or preventing or suspending the use of any Preliminary Prospectus, Disclosure Package, Issuer Free Writing
Prospectus or the Prospectus; and no proceeding for any such purpose or pursuant to Section 8A of the 1933 Act against the Company or
related to the offering has been, to the Company's knowledge, instituted or threatened by the Commission. The Commission has not
issued any order directed to any document incorporated by reference in the most recent Preliminary Prospectus, if any, or the Prospectus,
and, to the Company's knowledge, no proceeding has been instituted or threatened by the Commission with respect to any document
incorporated by reference in the most recent Preliminary Prospectus, if any, or the Prospectus. The Commission has not notified the Company
of any objection to the use of such Registration Statement or any post-effective amendment thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has been, and continues to be, a "well-known seasoned issuer" (as defined in Rule
405 of the 1933 Act Regulations) and has not been, and continues not to be, an "ineligible issuer" (as defined in Rule 405
of the 1933 Act Regulations), in each case at all times relevant under the 1933 Act in connection with the offering of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registration Statement conformed on the date on which it became effective and conforms, and any amendment
to the Registration Statement filed after the date hereof will conform, in all material respects to the requirements of the 1933 Act and
the 1933 Act Regulations. The most recent Preliminary Prospectus, if any, conforms, and the Prospectus, and any amendment or supplement
thereto, will conform, in all material respects to the requirements of the 1933 Act and the 1933 Act Regulations when they become effective
or are filed with the Commission. The documents incorporated by reference in the Registration Statement, the Disclosure Package, and the
most recent Preliminary Prospectus, if any, or Prospectus, when they became effective or were filed with the Commission, as the case may
be, conformed in all material respects, to the requirements of the 1933 Act, the 1934 Act or with the Trust Indenture Act (as defined
below), as applicable, and the 1933 Act Regulations, and any further documents so filed and incorporated by reference in the Prospectus
or any further amendment or supplement thereto, when such documents become effective or are filed with the Commission, as the case may
be, will conform, in all material respects to the requirements of the 1933 Act or the 1934 Act, as applicable, and the 1933 Act Regulations; *provided, however*, that the representations and warranties in this subsection shall not apply to that part of the Registration
Statement that constitutes the Statement of Eligibility (the "**Form T-1**") under the U.S. Trust Indenture Act of 1939,
as amended (the "**Trust Indenture Act** "), of the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Registration Statement did not, as of the date on which it became effective, contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; *provided, however,* that no representation or warranty is made as to information contained in or omitted from the Registration Statement
in reliance upon and in conformity with written information furnished to the Company through the Representatives by or on behalf of any
Underwriter specifically for inclusion therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each of (a) the Disclosure Package and (b) any Issuer Free Writing Prospectus (not included in Annex II)
together with the Disclosure Package did not, as of either the Applicable Time or the Time of Delivery (as defined in Section 4), contain
any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; *provided, however,* that no representation or warranty is made
as to information contained in or omitted from the Disclosure Package in reliance upon and in conformity with written information furnished
to the Company through the Representatives by or on behalf of any Underwriter specifically for inclusion therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Prospectus, and any amendment or supplement thereto, will not, as of its date and at the Time of Delivery
(as defined in Section 4), contain any untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading; *provided, however,* that no
representation or warranty is made as to information contained in or omitted from the Prospectus in reliance upon and in conformity with
written information furnished to the Company through the Representatives by or on behalf of any Underwriter specifically for inclusion
therein; *provided, further* that the representations and warranties in this subsection shall not apply to the Form T-1 of the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The audited consolidated financial statements (in conjunction with the notes thereto) of the Company included
in the Disclosure Package and Prospectus present fairly, in all material respects, the financial position of the Company and its subsidiary
undertakings for the periods specified. The audited consolidated annual financial statements of the Company for the financial years ended
December 31, [•], [•] and [•], and the results of their operations and cash flows for each of the three years ended December
31, [•], [•] and [•] were prepared in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Since the respective dates as of which information is given in the Registration Statement, the Disclosure
Package and the Prospectus, except as otherwise set forth or contemplated therein, there has been no material adverse change in the condition,
financial or otherwise, or in the results of operations of the Company and its subsidiaries considered as one enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Company (A) has been duly incorporated in Scotland and is validly registered under the laws of Scotland;
(B) has the requisite corporate power and authority to execute and deliver this Agreement and the Pricing Agreement and had the requisite
corporate power and authority to execute and deliver the Indenture and to issue the Securities and, in each case, to perform its obligations
hereunder and thereunder; (C) has the corporate power and authority to conduct its business through its subsidiaries as described in the
Disclosure Package and the Prospectus; and (D) has duly authorized, executed and delivered this Agreement and the Pricing Agreement, and
this Agreement and the Pricing Agreement constitute the valid and legally binding agreement of the Company, enforceable in accordance
with their terms, except as rights to indemnity or contribution may be limited by applicable law and subject as to enforcement to bankruptcy,
insolvency, reorganization and other laws of general applicability relating to or affecting creditors' rights generally and to general
equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Indenture has been duly qualified under the Trust Indenture Act and duly authorized, executed and
delivered by the Company and, assuming due authorization, execution and delivery by the Trustee, constitutes a valid and legally binding
obligation of the Company, enforceable in accordance with its terms, subject as to enforcement to bankruptcy, insolvency, reorganization
and other laws of general applicability relating to or affecting creditors' rights generally and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The forms of the Securities have been duly authorized and established in conformity with the provisions
of the Indenture and, when the Securities have been executed and authenticated in accordance with the provisions of the Indenture and
delivered to and duly paid for by the purchasers thereof, the Securities will be entitled to the benefits of the Indenture and will be
valid and binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, reorganization
and other laws of general applicability relating to or affecting creditors' rights generally and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Indenture and the Securities will conform in all material respects to the descriptions thereof contained
in the Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) All consents, approvals, authorizations, orders and decrees of any court or governmental agency or body
of the United States or the United Kingdom having jurisdiction over the Company required for the consummation by the Company of the transactions
contemplated by this Agreement or the Pricing Agreement or to permit the Company to effect interest payments in U.S. dollars on the Securities
in accordance with the terms of the Indenture have been obtained and are in full force and effect, except as may be required by U.S. state
securities laws (the "**Blue Sky laws** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The execution, delivery and performance of this Agreement, the Pricing Agreement and the Indenture, the
issuance, authentication, sale and delivery of the Securities and the compliance by the Company with the respective terms thereof, and
the consummation of the transactions contemplated hereby and thereby, will not conflict with or result in a breach under any agreement
or instrument to which the Company is a party or by which the Company is bound that is material to the Company and its subsidiaries, taken
as a whole, nor will such action result in any violation of (1) the provisions of the Memorandum and Articles of Association of the Company
or (2) any statute or any order, filing, rule or regulation of any United States, English or Scottish court or governmental agency or
regulatory body having jurisdiction over the Company except for any such violation in (2) above that would not, individually or in the
aggregate, have a material adverse effect on the condition, financial or otherwise, or on the results of operations or the business of
the Company and its subsidiaries considered as one enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Company is not, and after giving effect to the offer and sales of the Securities and application of
the proceeds thereof as described in the Prospectus and the Disclosure Package, will not be, required to register as an "investment
company," as defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) There is no action, suit, proceeding, inquiry or investigation before or brought by any court or governmental
agency or body, domestic or foreign, now pending, or, to the knowledge of the Company, threatened against or affecting the Company or
any subsidiary, which is required to be disclosed in the Disclosure Package and Prospectus (other than as disclosed therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The consolidated capitalization of the Company and its subsidiaries set forth in the Disclosure Package
and Prospectus is true and correct as of the dates specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Deloitte LLP, an independent registered public accounting firm (the "**Independent Accountants** "),
who have audited the consolidated financial statements of the Company and its subsidiaries as of and for each of the years ended December
31, [•], [•] and [•] included or incorporated by reference in the Registration Statement, the Disclosure Package and the
Prospectus, were at the time of auditing such financial statements, independent public accountants as required by the 1933 Act and the
1933 Act Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Company has an effective system of internal controls over financial reporting so as to satisfy the
requirements of section 404 of the U.S. Sarbanes Oxley Act of 2002 on the basis set forth in the Company's most recent annual report
filed on Form 20-F, and to otherwise provide reasonable assurances that (i) transactions are executed in accordance with management's
general or specific authorization, (ii) transactions are recorded as necessary to permit preparation
of financial statements in conformity with IFRS (as adopted by the European Union and the United Kingdom) and to maintain accountability
for assets, (iii) access to assets is permitted only in accordance with management's general or specific authorization and (iv)
the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with
respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) [Except as disclosed in the Disclosure Package and the Prospectus,] [T]/[t]he Company has not during the
past five years, had any (i) material weaknesses in their internal controls over financial reporting (whether or not remediated) or (ii)
changes in its internal controls over financial reporting that has materially adversely affected, or would be reasonably likely to materially
adversely affect, its internal controls over financial reporting. The Company has not had during the past five years, any fraud that involves
any current member of management of the Company and no material fraud that involves any employee of the Company or (so far as the Company
is aware) of any subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) None of the Company or, to the knowledge of the Company, any director, officer, agent, employee or affiliate
of the Company is currently subject to any sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the
Treasury or any similar sanctions imposed by the European Union, the United Kingdom, the United Nations or any other governmental authority,
to which the Company or any of its affiliates is subject (collectively, the "**Sanctions** "); and the Securities are not
being issued for the purpose of funding any operations in, financing any investment or activities in or making any payments to any country
or to any person in contravention of prevailing Sanctions, *provided* that this sub-clause shall not apply to the extent that it
would result in a breach and/or violation of, or a conflict with, (i) EU Regulation (EC) 2271/96 of 22 November 1996 as amended from time
to time and/or any associated and applicable national law, instrument or regulation or (ii) EU Regulation (EC) 2271/96 as it forms part
of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended from time to time ()"**EUWA** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) [Except as disclosed in the Disclosure Package and the Prospectus,] [N]/[n]either the Company nor
 any of its subsidiaries or, to the knowledge of the Company and each of its subsidiaries, any director, officer, agent, employee or
 other person associated with or acting on behalf of the Company or any of its subsidiaries, is aware of or has taken any action,
 directly or indirectly, that could result in a violation by such persons of the U.S. Foreign Corrupt Practices Act of 1977, as
 amended, or the rules and regulations thereunder (the "**FCPA**") (including, without limitation, making use of the
 mail or any means or instrument of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or
 authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of
 value to any "foreign official" (as such term is defined in the FCPA) or any foreign political office, in contravention
 of the FCPA), the UK Bribery Act 2010 or any similar law or regulation, to which the Company, any subsidiary thereof, any director,
 officer, agent, employee of the Company or any subsidiary thereof may be subject. The Company and each subsidiary thereof have
 conducted their businesses in compliance with the FCPA, the UK Bribery Act 2010 and any applicable similar law or regulation and
 have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected
to continue to ensure, continued compliance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The operations of the Company and its subsidiaries are and have been conducted at all times in material
compliance with the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules,
regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "**Money Laundering Laws** ")
and[, except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus,] no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company and its subsidiaries with respect
to the Money Laundering Laws is pending or, to the best knowledge of the Company or its subsidiaries, threatened, except in each case
where such action, suit or proceeding would not result in a material adverse change in the condition, financial or otherwise, or in the
results of operations of the Company and its subsidiaries considered as one enterprise.

3. Upon the execution of the Pricing Agreement applicable to any Securities and authorization by the Representatives
of the release of such Securities, the Underwriters, acting severally and not jointly, propose to offer such Securities for sale upon
the terms and conditions set forth in the Prospectus (as amended or supplemented).

4. The Securities to be purchased by each Underwriter and/or by purchasers procured by such Underwriter pursuant
to the Pricing Agreement relating thereto, in the form specified in such Pricing Agreement, and registered in such names as the Representatives
may request upon at least forty-eight hours' prior notice to the Company, shall be delivered by or on behalf of the Company to the
Representatives for the account of such Underwriters, against payment by the Underwriters, or by the Representatives on behalf of the
Underwriters, of the Purchase Price therefor by wire transfer of immediately available funds to an account designated by the Company in
accordance with the Pricing Agreement, all in the manner and at the place and time and date specified in such Pricing Agreement or at
such other place and time and date as the Representatives and the Company may agree upon in writing, such time and date being herein called
the "**Time of Delivery**" for such Securities.

5. The Company agrees with each of the Underwriters of any Securities that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will notify the Representatives promptly on becoming aware of (i) any request by the Commission
for any amendment to the Registration Statement or any amendment or supplement to the Disclosure Package or the Prospectus or for additional
information relating to the Registration Statement, the Disclosure Package, the Prospectus or the offering of the Securities, and (ii)
the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or suspending or preventing
the use of any Preliminary Prospectus, if any, Disclosure Package, the Prospectus or the initiation of any proceedings for such purpose
or the issuance by the Commission of any notice of objection to the use of the Registration Statement or any post-effective amendment
thereto or any request by the Commission for the amending or supplementing of the Registration Statement, the Prospectus, the Disclosure
Package or any Free Writing Prospectus. The Company will make every reasonable effort to prevent the issuance of any such stop order and,
if any stop order or notice of objection is issued, to obtain the lifting thereof at the earliest possible moment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time prior to the Time of Delivery, any event occurs as a result of which the Disclosure Package
would then include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, the Company will (i) promptly notify the Representatives
so that any use of the Disclosure Package may cease until it is amended or supplemented; (ii) amend or supplement the Disclosure Package
to correct such statement or omission; (iii) file such amendment or supplement with the Commission; and (iv) supply any such amendment
or supplement to the Underwriters in such quantities as they may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company will, for so long as the delivery of a prospectus is required in connection with the offering
or sale of the Securities (including in circumstances where such requirement may be satisfied pursuant to Rule 172 or Rule 173(a) of the
1933 Act Regulations), file promptly all reports required to be filed by the Company with the Commission pursuant to Section 13(a), 13(c)
or 15(d) of the 1934 Act and will give the Representatives notice of its intention to file any amendment to the Registration Statement
or any amendment or supplement to the Disclosure Package or the Prospectus (including any prospectus which the Company proposes for use
by the Underwriters in connection with the offering of the Securities which differs from the Prospectus, whether or not such revised prospectus
is required to be filed pursuant to Rule 424(b) of the 1933 Act Regulations) and, if and to the extent reasonably practicable, will furnish
the Representatives with copies of any such amendment or supplement a reasonable amount of time prior to such proposed filing or use,
as the case may be, and will not file any such amendment or supplement or use any such prospectus without prior consultation with the
Representatives, if such prior consultation is reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company will prepare the Term Sheet, containing solely a description of the final terms of the Securities
and the offering thereof, in a form approved by the Representatives and will file the Term Sheet not later than the time required by Rule
433(d) of the 1933 Act Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company will prepare the Prospectus in relation to the Securities and file such Prospectus pursuant
to Rule 424(b) of the 1933 Act Regulations not later than the time required by Rule 424(b) of the 1933 Act Regulations following the execution
and delivery of the Pricing Agreement relating to the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If required by Rule 430B(h) of the 1933 Act Regulations, the Company will prepare a prospectus and file
such prospectus pursuant to Rule 424(b) of the 1933 Act Regulations not later than may be required by such Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company will deliver to each Representative a conformed copy of the Registration Statement, as originally
filed, and of each amendment thereto (including exhibits and documents filed therewith or incorporated by reference, as the case may be,
into the Registration Statement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company will furnish the Underwriters with copies of the Preliminary Prospectus, if any, the Prospectus
and each Issuer Free Writing Prospectus (including, in each case, any supplement thereto) in such quantities as the Representatives may
from time to time reasonably request, and will use all reasonable efforts to make the initial delivery of the Prospectus by no later than
9:00 a.m. (New York time) on the second business day prior to the Time
of Delivery and, if the delivery of a Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the 1933 Act) is required
at any time prior to the expiration of nine months after the time of issue of the Prospectus in connection with the offering and sale
of the Securities and if at such time any event shall have occurred as a result of which the Prospectus as then amended or supplemented
would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made when such Prospectus is delivered (or in lieu thereof, the notice referred
to in Rule 173(a) under the 1933 Act), not misleading, or, if for any reason it shall be necessary during such period to amend or supplement
the Prospectus in order to comply with the 1933 Act, notify the Underwriters and upon the Representatives' request prepare and furnish
without charge to each Underwriter as many copies as the Representatives may from time to time reasonably request of an amended Prospectus
or supplement to the Prospectus which will correct such statement or omission or effect such compliance, and in case any Underwriter is
required to deliver a Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the 1933 Act) in connection with sales
of the Securities (including in circumstances where such requirement may be satisfied pursuant to Rule 172 or 173(a) of the 1933 Act Regulations)
at any time nine months or more after the time of issue of the Prospectus, upon the Representatives' request but at the expense
of such Underwriter, to prepare and deliver to such Underwriter as many copies as the Representatives may request of an amended or supplemented
Prospectus complying with Section 10(a)(3) of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company agrees that, unless it has obtained or will obtain (as the case may be) the prior written
consent of the Representatives, and each Underwriter, severally and not jointly, agrees with the Company that, unless it has obtained
or will obtain (as the case may be) the prior written consent of the Company, it has not made and will not make any offer relating to
the Securities that would constitute a free writing prospectus required to be filed by the Company with the Commission or retained by
the Company under Rule 433 of the 1933 Act Regulations, other than the information contained in the Term Sheet; *provided, however,* that the prior written consent of the parties hereto shall be deemed to have been given in respect of the Issuer Free Writing Prospectuses
included in Annex II hereto. Any such free writing prospectus consented to by the parties is hereinafter referred to as a "**Permitted Free Writing Prospectus**." The Company agrees that (i) it has treated and will treat, as the case may be, each Permitted Free
Writing Prospectus as an Issuer Free Writing Prospectus and (ii) it has complied and will comply, as the case may be, with the requirements
of Rules 164 and 433 of the 1933 Act Regulations applicable to any Permitted Free Writing Prospectus, including in respect of timely filing
with the Commission, legending and record keeping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Company will endeavor, in cooperation with the Underwriters, to qualify the Securities for offering
and sale under the applicable securities laws of such states and other jurisdictions of the United States as the Representatives may request; *provided, however*, that the Company shall not be obligated to qualify as a foreign corporation in any jurisdiction in which it
is not so qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company will make generally available to its security holders as soon as practicable, but in any event
not later than eighteen months after the effective date of the Registration Statement, an earnings
statement of the Company and its subsidiaries on a consolidated basis (which need not be audited) complying with Section 11(a) of the
1933 Act and the rules and regulations thereunder (including, at the option of the Company, Rule 158 of the 1933 Act Regulations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) During the period beginning from the date of the Pricing Agreement for such Securities and continuing
to and including the Time of Delivery, the Company will not offer, sell, contract to sell or otherwise dispose of, pursuant to a public
offering in the United States, any securities of the Company which mature more than one year after such Time of Delivery and which are
substantially similar to such Securities (other than (i) the Securities, (ii) securities previously agreed to be sold by the Company and
(iii) commercial paper issued in the ordinary course of business), except as otherwise may be provided in this Agreement, without the
prior written consent of the Representatives, which consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company will cooperate with the Underwriters and use its best efforts to permit the Securities to
be eligible for clearance and settlement through the facilities of The Depository Trust Company ()"**DTC** "), Euroclear
Bank SA/NV, or Clearstream Banking S.A., as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Unless the Pricing Agreement provides otherwise, prior to the first payment date under the terms of the
Securities, the Securities will be listed on a "recognised stock exchange" within Section 1005 of the UK Income Tax Act 2007;
as soon as practicable, application will be made to list the Securities on such recognised stock exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Company will apply the net proceeds from the sale of the Securities as set forth in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Prior to the issuance of the Securities, the Company will have obtained all consents, approvals, authorizations,
orders, registrations, qualifications and decrees of any court or governmental agency or body of the United States and the United Kingdom
necessary or required for the valid issuance of the Securities and to permit the Company to make interest payments on the Securities in
U.S. dollars.

6. The Company will pay all expenses incident to the performance of its obligations under this Agreement,
any Pricing Agreement, the Indenture and the Securities, including (i) the printing and filing of the Registration Statement as originally
filed and of each amendment thereto, any Issuer Free Writing Prospectus, the Prospectus and any related preliminary prospectus (and any
amendments or supplements thereto) and the cost of furnishing copies thereof to the Underwriters; (ii) the printing, if any, of this Agreement,
the Pricing Agreement, the Indenture and the blue sky survey; (iii) the printing or reproduction, preparation, issuance and delivery of
the certificates, if any, for the Securities to (or at the direction of) the Underwriters, including any transfer or other taxes or duties
payable upon the delivery of the Securities to a custodian for DTC, Euroclear Bank SA/NV or Clearstream Banking S.A., as the case may
be, or the sale of the Securities to the Underwriters; (iv) the fees and disbursements of the Company's counsel and accountants;
(v) the qualification of the Securities under the applicable securities laws in accordance with the provisions of Section 5(j) hereof,
including filing fees and the fees and disbursements of counsel for the Underwriters in connection therewith in an aggregate amount not
in excess of $5,000 with respect to a particular issue of the Securities and in connection with the preparation of any blue sky survey
and any legal investment survey; (vi) the delivery
to the Underwriters of copies of such blue sky survey, if any; (vii) any costs, fees and charges of any paying agent appointed under the
Indenture; (viii) all expenses and listing fees in connection with the listing of the Securities, if any, on a stock exchange and the
clearance and settlement of the Securities through the facilities of DTC, Euroclear Bank SA/NV or Clearstream Banking S.A., as the case
may be; (ix) any fees charged by securities rating services for rating the Securities; (x) the fees and expenses incurred in connection
with the filing of any materials with the Financial Industry Regulatory Authority ()"**FINRA** "), if any; (xi) any fees
associated with a Bloomberg roadshow presentation; (xii) any United Kingdom stamp duty, stamp duty reserve tax or similar tax or duty
imposed by the United Kingdom or any political subdivision thereof upon the original issuance by, or on behalf of, the Company of the
Securities, the initial delivery of the Securities, the deposit of the Securities with a custodian for DTC, Euroclear Bank SA/NV or Clearstream
Banking S.A., as the case may be, the purchase by the Underwriters of the Securities pursuant to this Agreement, the sale and delivery
of the Securities by the Underwriters to the initial purchasers thereof, and the execution and delivery of this Agreement, the Pricing
Agreement and the Indenture; (xiii) the fees and expenses of the Trustee and any authorized agent of the Trustee, and the reasonable fees
and disbursements of counsel for the Trustee in connection with the Indenture and the Securities; and (xiv) any value added taxes payable
in the United Kingdom in respect of any of the above expenses; *provided that* the Company shall have no liability under this Agreement
for any amounts in respect of tax incurred by any of the Underwriters on its actual net income, profits or gains or on any value added
tax or similar tax imposed which is recoverable by the Underwriter.

[If this Agreement is terminated by the Representatives in accordance with the provisions of Section 7 or Section 11(a)(i), (v) and (ix) hereof, the Company shall reimburse the Underwriters for their out-of-pocket expenses, including the reasonable fees and disbursements of counsel for the Underwriters, unless otherwise agreed by the parties.]

7. The obligations of the Underwriters of any Securities under the Pricing Agreement relating to such Securities
shall be subject, in the discretion of the Representatives, to the condition that all representations and warranties of the Company in
or incorporated by reference in the Pricing Agreement relating to such Securities are, at and as of the Time of Delivery for such Securities,
true and correct, the condition that the Company shall have performed all of its obligations hereunder theretofore to be performed, and
the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement is effective and at the Time of Delivery no stop order suspending the effectiveness
of the Registration Statement shall have been issued under the 1933 Act or proceedings therefor initiated or threatened by the Commission
and no notice of objection of the Commission to the use of the Registration Statement or any post-effective amendment thereto pursuant
to Rule 401(g)(2) under the 1933 Act should have been received. The Prospectus shall have been transmitted to the Commission for filing
pursuant to Rule 424(b) of the 1933 Act Regulations within the time period prescribed by Rule 424(b) of the 1933 Act Regulations; the
Term Sheet and any other material required to be filed by the Company pursuant to Rule 433(d) of the 1933 Act Regulations shall have been
transmitted to the Commission for filing pursuant to Rule 433(d) of the 1933 Act Regulations; and, in each case, prior to the Time of
Delivery the Company shall have provided evidence satisfactory to the Representatives of such timely filing; and no stop order suspending
or preventing the use of the Prospectus or any Issuer Free Writing Prospectus shall have been initiated or threatened by the Commission; and all
requests for additional information on the part of the Commission have been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Time of Delivery, the Representatives shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The opinion and disclosure letter, each dated as of the Time of Delivery, of Davis Polk & Wardwell
London LLP, U.S. counsel for the Company, with respect to the matters set forth in Annex III hereto in form and substance reasonably satisfactory
to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The opinion, dated as of the Time of Delivery, of Davis Polk & Wardwell London LLP, U.K. tax counsel
for the Company, with respect to the matters set forth in Annex IV hereto in form and substance reasonably satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The opinion, dated as of the Time of Delivery, of CMS Cameron McKenna Nabarro Olswang LLP, Scottish solicitors
to the Company, with respect to the matters set forth in Annex V hereto in form and substance reasonably satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The opinion and disclosure letter, each dated as of the Time of Delivery, of Allen Overy Shearman Sterling
LLP, counsel for the Underwriters, with respect to the matters set forth in Annex VI hereto in form and substance reasonably satisfactory
to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Independent Accountants shall have furnished to the Representatives and their respective [Non-]U.S.
selling agents (as listed in Annex VII hereto) letters, delivered at a time prior to the execution of the Pricing Agreement and dated
the date of delivery thereof, with regard to matters customarily covered by accountants' "comfort letters" and otherwise
in form and substance satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Independent Accountants shall have furnished to the Representatives and their respective [Non-]U.S.
selling agents (as listed in Annex VII hereto) letters, dated at the Time of Delivery, to the effect that it reaffirms the statements
made in the letter furnished pursuant to Section 7(c), except that the specified "cut-off" date referred to therein shall
be a date not more than three business days prior to the Time of Delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If required pursuant to the Pricing Agreement, an application shall have been made for listing the Securities
on the stock exchange specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) At the Time of Delivery (1) there shall not have been, since the date of the Pricing Agreement or since
the respective dates as of which information is given in the Registration Statement, the Disclosure Package and the Prospectus and any
amendment or supplement thereto, except as otherwise set forth or contemplated therein, any material adverse change in the condition,
financial or otherwise, or in the results of operations of the Company and its subsidiaries considered as one enterprise, and (2) the
Representatives shall have received a certificate of the Company executed on its behalf by an officer of the Company, dated as of the
Time of Delivery, to the effect that (i) the representations and warranties in Section 2 hereof are true and correct in all material respects as though
expressly made at and as of the Time of Delivery; (ii) the Company has complied in all material respects with all agreements hereunder
and satisfied in all material respects all conditions on its part to be performed or satisfied hereunder at or prior to the Time of Delivery;
and (iii) no stop order suspending the effectiveness of the Registration Statement has been issued and, to the knowledge of the Company,
no proceedings for that purpose have been initiated or threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company shall have furnished to the Underwriters a certificate, dated the Time of Delivery, of two
authorized officers of the Company, stating that to the best knowledge and belief of the two authorized officers signing such certificate
after reasonable inquiry, the issue and sale of the Securities in the manner contemplated in the Disclosure Package and Prospectus do
not and will not result in a breach, default or acceleration of any payment or amount under any contract, agreement or undertaking to
which the Company or any of its subsidiaries is a party (or by which any such entity is bound), which breach, default or acceleration
would have a material adverse effect on the Company and its subsidiaries taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) There shall not have occurred any lowering of the rating of any of the Company's securities by Moody's
Investors Service, Inc., S&P Global Ratings Inc. or Fitch Ratings, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If an affiliate (as defined in applicable FINRA rules) of the Company is participating in the offering
of the Securities, FINRA shall not have raised any objection with respect to the fairness and reasonableness of the underwriting terms
and arrangements.

If any condition specified in this Section 7 shall not have been fulfilled when and as required to be fulfilled and not otherwise waived by the Underwriters, this Agreement may be terminated by the Representatives by notice to the Company at any time at or prior to the Time of Delivery.

8. (a) The Company agrees to indemnify and hold harmless each Underwriter, each of the Underwriters'
affiliates, directors, officers and employees, and each person, if any, who controls any Underwriter within the meaning of Section 15
of the 1933 Act as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of
any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto),
including the information deemed to be part of the Registration Statement pursuant to Rule 430A(b) of the 1933 Act Regulations or, if
applicable, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements
therein not misleading or arising out of any untrue statement or alleged untrue statement of a material fact contained in the Prospectus,
the Preliminary Prospectus, if any, the Term Sheet, any Issuer Free Writing Prospectus or any related preliminary prospectus (or any amendment
or supplement thereto) or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent
of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced
or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission,
if such settlement is effected with the written consent of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) against any and all expense whatsoever, as reasonably incurred (including, subject to Section 8(c) hereof,
the fees and disbursements of counsel chosen by the Representatives), in investigating, preparing or defending against any litigation,
or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any
such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under
clause (i) or (ii) above;

*provided, however*, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by any Underwriter through the Representatives expressly for use in the Registration Statement (or any amendment thereto), the Prospectus, the Preliminary Prospectus, if any, the Term Sheet, any Issuer Free Writing Prospectus or any related preliminary prospectus (or any amendment or supplement thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter severally and not jointly agrees to indemnify and hold harmless each of the Company,
its directors, each of the officers of the Company who signed the Registration Statement, the Company's authorized representative
in the United States and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act, against any and
all loss, liability, claim, damage and expense described in the indemnity contained in subsection (a) of this Section 8 as incurred, but
only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or
any amendment thereto), the Prospectus, any related preliminary prospectus (or any amendment or supplement thereto) in reliance upon and
in conformity with written information furnished to the Company by such Underwriter through the Representatives expressly for use in the
Registration Statement (or any amendment thereto), or the Prospectus or such preliminary prospectus (or any amendment or supplement thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party
of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party
shall not relieve such indemnifying party from any liability which it may have otherwise than on account of this indemnity agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any indemnifying party may participate at its own expense in the defense of such action. In no event shall
the indemnifying parties be liable for fees and expenses of more than one counsel (in addition to any local counsel) separate from their
own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances. In the case of parties indemnified pursuant to Section 8(a) above, counsel to the indemnified
parties shall be selected by the Underwriters, and, in the case of parties indemnified pursuant to Section 8(b) above, counsel to the
indemnified parties shall be selected by the Company. An indemnifying party may participate at its own expense in the defense of any such
action; *provided, however,* that counsel to the indemnifying party shall not (except with the consent of the indemnified party)
also be counsel to the indemnified party. No indemnifying party shall, without the written consent of the indemnified party, effect the
settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect
of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party
to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party
from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability
or a failure to act, by or on behalf of any indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the indemnification provided for in this Section 8 is unavailable to or insufficient to hold
 harmless an indemnified party under subsection (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions
 in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such
 indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as
 is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters of the Securities on
 the other from the offering of the Securities to which such loss, claim, damage or liability (or action in respect thereof) relates.
 If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or if the indemnified
 party failed to give the notice required under subsection (c) above, then each indemnifying party shall, if permitted by applicable
 law, contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only
 such relative benefits but also the relative fault of the Company on the one hand and the Underwriters of the Securities on the
 other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in
 respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the Company on the one
 hand and such Underwriters on the other shall be deemed to be in the same proportion as the total net proceeds from such offering
 (before deducting expenses) received by the Company bear to the total underwriting discounts, concessions and commissions received
 by such Underwriters. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged
 untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by
 the Company on the one hand or such Underwriters on the other and the parties' relative intent, knowledge, access to
 information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would
 not be just and equitable if contribution pursuant to this subsection (e) were determined by pro rata allocation (even if the
 Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the
 equitable considerations referred to above in this subsection (e). The amount paid or payable by an indemnified party as a result of
 the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this subsection (e) shall be deemed
 to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending
 any such action or claim. Notwithstanding the provisions
of this subsection (e), no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at
which the Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which
such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.
No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. The obligations of the Underwriters of Securities in this subsection
(e) to contribute are several in proportion to their respective underwriting obligations with respect to such Securities and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The obligations of the Company under this Section 8 shall be in addition to any liability which the Company
may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls any Underwriter within the
meaning of Section 15 of the 1933 Act; and the obligations of the Underwriters under this Section 8 shall be in addition to any liability
which the respective Underwriters may otherwise have and shall extend, upon the same terms and conditions, to each officer and director
of the Company and to each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act.

9. If one or more of the Underwriters shall fail at the Time of Delivery to purchase the Securities which
it is or they are obligated to purchase under this Agreement and the Pricing Agreement (the "**Defaulted Securities** "),
the Representatives shall have the right, within 36 hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters,
or any other underwriters, to purchase, or procure purchasers for, all, but not less than all, of the Defaulted Securities in such amounts
as may be agreed upon and upon the terms herein set forth; *provided, however,* that if the Representatives shall not have completed
such arrangements within such 36-hour period, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the number of Defaulted Securities does not exceed 10% of the Securities which the Underwriters are
obligated to purchase at the Time of Delivery, the non-defaulting Underwriters shall be obligated to purchase the full amount thereof
in the proportions that their respective underwriting obligations under the Pricing Agreement relating to such Securities bear to the
underwriting obligations of all non-defaulting Underwriters, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the number of Defaulted Securities exceeds 10% of the Securities which the Underwriters are obligated
to purchase or procure purchasers for at the Time of Delivery, the Pricing Agreement relating to such Securities shall terminate without
liability on the part of any non-defaulting Underwriter.

No action taken pursuant to this Section 9 shall relieve any defaulting Underwriter from liability in respect of its default.

In the event of any such default which does not result in a termination of the relevant Pricing Agreement, either the Representatives or the Company shall have the right to postpone the Time of Delivery for a period not exceeding seven business days in order to effect any required changes in the Registration Statement or Prospectus or in any other documents or arrangements.

10. All representations, warranties and agreements contained in this Agreement and any Pricing Agreement,
or contained in certificates of officers of the Company submitted pursuant hereto, shall remain operative and in full force and effect,
regardless of any investigation made by or on behalf of any Underwriter or any controlling person, or by or on behalf of the Company,
and shall survive delivery of the Securities to the Underwriters pursuant to this Agreement.

11. (a) The Representatives may terminate this Agreement, immediately upon notice to the Company, at any
time prior to the Time of Delivery (i) if there has been, since the date of the Pricing Agreement or the respective dates as of which
information is given in the Registration Statement, the Disclosure Package and the Prospectus and any amendment or supplement thereto,
except as otherwise set forth or contemplated therein, any material adverse change in the condition, financial or otherwise, or in the
results of operations, of the Company and its subsidiaries considered as one enterprise, or (ii) if there has occurred any outbreak or
escalation of hostilities involving the United States or the United Kingdom or the declaration by the United States or the United Kingdom
of a national emergency or war, or (iii) the occurrence of another calamity or crisis or any change in financial, political or economic
conditions or currency exchange rates or controls in the United States, the United Kingdom or elsewhere, if the effect of any such event
specified in clauses (ii) and (iii) in the judgment of the Representatives (after consultation with the Company if practicable) makes
it impracticable or inadvisable to market the Securities or enforce contracts for the sale of the Securities in the manner contemplated
in the Prospectus, or (iv) if there has occurred a suspension or material limitation in trading in securities generally on the New York
Stock Exchange, London Stock Exchange or any other stock exchange on which the Company's securities are listed, or (v) if there
has occurred a suspension or material limitation in trading the Company's securities on the New York Stock Exchange or the London
Stock Exchange, or (vi) if there has occurred a material adverse change in the financial markets in the United States or in the international
financial markets in the judgment of the Representatives after consultation with the Company, or (vii) if a banking moratorium on commercial
banking activities has been declared by the relevant authorities in New York or London, or a material disruption in commercial banking
or securities settlement or clearance services in the United States or the United Kingdom has occurred, or (viii) if there has occurred
a change or development involving a prospective change in the United States or the United Kingdom taxation which has, or will have, a
material adverse effect on the Company or the Securities or the transfer thereof, or (ix) if there is any lowering of the rating of any
of the Company's debt securities, preference shares, American depositary shares representing preference shares or American depositary
receipts evidencing American depositary shares representing preference shares, or a public announcement that such rating is under surveillance
or review, with possible negative implications, in each case, by Moody's Investors Service, Inc., S&P Global Ratings Inc. or
Fitch Ratings, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If this Agreement is terminated pursuant to Sections 7, 9 or 11 hereof, such termination shall be without
liability of any party to any other party except as provided in Section 6 or Section 9 hereof. Notwithstanding any such termination, the
provisions of Sections 6, 8, 10 and 14 shall remain in effect.

12. In all dealings hereunder, the Representatives of the Underwriters of the Securities shall act on behalf
of each of such Underwriters, and the parties hereto shall be entitled to act and rely upon any statement, request, notice
or agreement on behalf of any Underwriter made or given by such Representatives jointly or by such of the Representatives, if any, as
may be designated for such purpose in the Pricing Agreement.

All statements, requests, notices and agreements hereunder shall be in writing, and if to the Underwriters shall be delivered or sent by mail, email or facsimile transmission to the address of the Representatives as set forth in the Pricing Agreement; and if to the Company shall be delivered or sent by mail, email or facsimile transmission to the address of the Company set forth in the Registration Statement, Attention: Company Secretary; *provided, however*, that any notice to an Underwriter pursuant to Section 8(c) hereof shall be delivered or sent by mail, email or facsimile transmission to such Underwriter at its address set forth in its Underwriters' Questionnaire, or email constituting such Questionnaire, which address will be supplied to the Company by the Representatives upon request. Any such statements, requests, notices or agreements shall take effect upon receipt thereof.

13. This Agreement and any Pricing Agreement shall each inure to the benefit of and be binding upon the Underwriters
and the Company and their respective successors. Nothing expressed or mentioned in this Agreement or any Pricing Agreement is intended
or shall be construed to give any person, firm or corporation, other than the Underwriters and the Company and their respective successors
and the controlling persons and officers, directors and authorized representative of the Company referred to in Section 8 and their heirs
and legal representatives, any legal or equitable right, remedy or claim under or in respect of this Agreement or any Pricing Agreement
or any provision herein or therein contained. This Agreement and any Pricing Agreement and all conditions and provisions hereof and thereof
are intended to be for the sole and exclusive benefit of the Underwriters and the Company and their respective successors, and said controlling
persons and officers, directors and authorized representative of the Company and their heirs and legal representatives, and for the benefit
of no other person, firm or corporation. No purchaser of Securities from any Underwriter shall be deemed to be a successor by reason merely
of such purchase.

14. (a) The Company irrevocably consents and agrees, for the benefit of the Underwriters, that any legal
action, suit or proceeding against it with respect to its obligations, liabilities or any other matter arising out of or in connection
with this Agreement or the Pricing Agreement may be brought in the courts of the State of New York or the courts of the United States
of America located in the Borough of Manhattan, The City of New York and hereby irrevocably consents and submits to the non-exclusive
jurisdiction of each such court <u>in personam</u>, generally and unconditionally with respect to any action, suit or proceeding for itself
and in respect of its properties, assets and revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company hereby irrevocably designates, appoints, and empowers the Chief Legal Officer, Lloyds
 Securities Inc. and Deputy Chief Legal Officer, North America of Lloyds Bank Corporate Markets plc (or any successor thereto),
 currently of 1095 Avenue of the Americas, New York, NY 10036, as its designee, appointee and agent to take process, receive and
 forward process or to be served with process for and on its behalf of any and all legal process, summons, notices and documents
 which may be served in any such action, suit or proceeding brought in any such United States or State court which may be made on
 such designee, appointee and agent in accordance with legal procedures prescribed for such courts. If for any reason such designee,
 appointee and agent hereunder shall cease to be available to act as such, the Company agrees to designate a new designee, appointee
 and agent in The City of New York on the terms and for the purposes of this
Section 14 satisfactory to the Representatives. The Company further hereby irrevocably consents and agrees to the service of any and all
legal process, summons, notices and documents out of any of the aforesaid courts in any such action, suit or proceeding by serving a copy
thereof upon the relevant agent for service of process referred to in this Section 14 (whether or not the appointment of such agent shall
for any reason prove to be ineffective or such agent shall accept or acknowledge such service) or by mailing copies thereof by registered
or certified air mail, first class, postage prepaid, to each of them at their respective addresses specified in or designated pursuant
to this Agreement. The Company agrees that the failure of any such designee, appointee and agent to give any notice of such service to
it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon.
Nothing herein shall in any way be deemed to limit the ability of any Underwriter to serve any such legal process, summons, notices and
documents in any other manner permitted by applicable law or to obtain jurisdiction over the undersigned or bring actions, suits or proceedings
against the undersigned in any jurisdictions, and in any manner, as may be permitted by applicable law. The Company hereby irrevocably
and unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of
venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Agreement or the Pricing Agreement
brought in the United States federal courts or the courts of the State of New York located in the Borough of Manhattan, The City of New
York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action,
suit or proceeding brought in any such court has been brought in an inconvenient forum.

15. Each Underwriter severally and not jointly represents and agrees that: (a) it has only communicated or
caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity
(within the meaning of section 21 of the Financial Services and Markets Act 2000 (as amended, the "**FSMA** ")) received
by it in connection with the issue or sale of any Securities in circumstances in which section 21(1) of the FSMA does not apply to the
Company; and (b) it has complied and will comply with all applicable provisions of the FSMA (and all rules and regulations made pursuant
to the FSMA) with respect to anything done by it in relation to any Securities in, from or otherwise involving the United Kingdom.

16. Each Underwriter severally and not jointly represents and agrees that it has not offered, sold or otherwise
made available and will not offer, sell or otherwise make available any Securities to which this Agreement relates, to any retail investor
in the European Economic Area. For the purposes of this provision, the expression "**retail investor**" means a person
who is one (or [both/more]) of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "**MiFID II** "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify
as a professional client as defined in point (10) of Article 4(1) of MiFID II.

17. Each Underwriter severally and not jointly represents and agrees that it has not offered, sold or otherwise
made available and will not offer, sell or otherwise make available any Securities to which this Agreement relates, to
any retail investor in the United Kingdom. For the purposes of this provision, the expression "**retail investor**" means
a person who is one (or [both/more]) of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part
of domestic law of the United Kingdom by virtue of the EUWA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the
FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article
2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law of the United Kingdom by virtue of the EUWA.

18. The Company hereby acknowledges that (a) the purchase, or procurement of purchasers of, and sale of the
Securities pursuant to this Agreement is an arm's-length commercial transaction between the Company, on the one hand, and the Underwriters
and any affiliate through which any Underwriter may be acting, on the other, (b) the Underwriters are acting as principal and not as an
agent or fiduciary of the Company and (c) the Company's engagement of the Underwriters in connection with the offering and the process
leading up to the offering is as independent contractors and not in any other capacity. Furthermore, the Company agrees that it is solely
responsible for making its own judgments in connection with the offering (irrespective of whether any of the Underwriters has advised
or is currently advising the Company on related or other matters). The Company agrees that it will not claim that the Underwriters have
rendered advisory services of any nature or respect, or owe an agency, fiduciary or similar duty to the Company, in connection with such
transaction or the process leading thereto.

19. Time shall be of the essence of each Pricing Agreement. As used herein, "**business day** "
shall mean any day when the Commission's office in Washington, D.C. is open for business.

20. This Agreement and each Pricing Agreement shall be governed by and construed in accordance with the laws
of the State of New York without reference to conflict of laws provisions thereof. Specified times of day refer to New York City time.

21. This Agreement may be executed in one or more counterparts and, when a counterpart has been executed by
each party, all such counterparts taken together shall constitute one and the same agreement.

22. Notwithstanding and to the exclusion of any other term of this Agreement, any Pricing Agreement or any
other agreements, arrangements, or understanding between the Company [and/or [•]] ([each, a] [the] "**UK Bail-in Party** ")
and each/any other party (whether or not a UK Bail-in Party) to this Agreement or any Pricing Agreement to whom the [relevant]
UK Bail-in Party owes any UK Bail-in Liability (each a "**Relevant UK Bail-in Counterparty** "), each Relevant UK Bail-in
Counterparty acknowledges and accepts that a UK Bail-in Liability arising under this Agreement or any Pricing Agreement may be subject
to the exercise of UK Bail-in Powers by the relevant UK resolution authority, and acknowledges, accepts, and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the effect of the exercise of UK Bail-in Powers by the relevant UK resolution authority in relation to
any UK Bail-in Liability of the [relevant] UK Bail-in Party to any Relevant UK Bail-in Counterparty under this Agreement or any Pricing
Agreement, that (without limitation) may include
and result in any of the following, or some combination thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the reduction of all, or a portion, of the UK Bail-in Liability or outstanding amounts due thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the conversion of all, or a portion, of the UK Bail-in Liability into shares, other securities or other
obligations of the [relevant] UK Bail-in Party or another person, and the issue to or conferral on the (or each) Relevant UK Bail-in Counterparty
of such shares, securities or obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cancellation of the UK Bail-in Liability; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which
any payments are due, including by suspending payment for a temporary period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation of the terms of this Agreement or any Pricing Agreement, as deemed necessary by the relevant
UK resolution authority, to give effect to the exercise of UK Bail-in Powers by the relevant UK resolution authority.

"**UK Bail-in Legislation**" means Part I of the UK Banking Act 2009 and any other law or regulation applicable from time to time in the UK relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

"**UK Bail-in Liability**" means a liability in respect of which the UK Bail-in Powers may be exercised.

"**UK Bail-in Powers**" means the powers under the UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or affiliate of a bank or investment firm, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability.

23. [Notwithstanding and to the exclusion of any other term of this Agreement, any Pricing Agreement or any
other agreements, arrangements, or understanding [•] [and/or [•]] ([each, an] [the] "**EU BRRD Party**") and
each/any other party (whether or not a EU BRRD Party) to this Agreement or any Pricing Agreement to whom the [relevant] EU BRRD Party
owes any EU BRRD Liability (each a "**Relevant EU BRRD Counterparty** "), each Relevant EU BRRD Counterparty acknowledges
and accepts that an EU BRRD Liability arising under this Agreement or any Pricing Agreement may be subject to the exercise of EU Bail-in
Powers by the Relevant EU Resolution Authority, and acknowledges, accepts, and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the effect of the exercise of EU Bail-in Powers by the Relevant EU Resolution Authority
 in relation to any EU BRRD Liability of the [relevant] EU BRRD Party to any Relevant EU BRRD Counterparty under this Agreement or
 any Pricing Agreement, that (without limitation) may
include and result in any of the following, or some combination thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the reduction of all, or a portion, of the EU BRRD Liability or outstanding amounts due thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the conversion of all, or a portion, of the EU BRRD Liability into shares, other securities or other obligations
of the [relevant] EU BRRD Party or another person (and the issue to or conferral on the (or each) Relevant EU BRRD Counterparty of such
shares, securities or obligations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cancellation of the EU BRRD Liability; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which
any payments are due, including by suspending payment for a temporary period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation of the terms of this Agreement or any Pricing Agreement, as deemed necessary by the Relevant
EU Resolution Authority, to give effect to the exercise of EU Bail-in Powers by the Relevant EU Resolution Authority.

For the purpose of this Section:

"**EU Bail-in Legislation**" means in relation to a member state of the European Economic Area which has implemented, or which at any time implements, the EU BRRD, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time;

"**EU Bail-In Legislation Schedule**" means the document described as such, then in effect, and published by the Loan Market Association (or any successor person) from time to time at http://www.lma.eu.com/documents-guidelines/eu-bail-legislation-schedule (or any successor webpage);

"**EU Bail-in Powers**" means any Write-down and Conversion Powers in relation to the relevant EU Bail-in Legislation;

"**EU BRRD**" means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms;

"**EU BRRD Liability**" means a liability in respect of which the relevant Write Down and Conversion Powers in the applicable EU Bail-in Legislation may be exercised;

"**Relevant EU Resolution Authority**" means the resolution authority with the ability to exercise any EU Bail-in Powers in relation to an EU BRRD Party;

"**Write-down and Conversion Powers**" has the meaning given to it in the EU Bail-in Legislation Schedule.]

24. Where a resolution measure is taken in relation to any BRRD undertaking or any member of the same
 group as that BRRD undertaking and that BRRD undertaking or any member of the same group as that BRRD undertaking is a party to this
 Agreement or any Pricing Agreement (any such party to this Agreement or any Pricing Agreement being an "**Affected Party** "), each other party to this Agreement or
any Pricing Agreement agrees that it shall only be entitled to exercise any termination right under this Agreement and/or any Pricing
Agreement against the Affected Party to the extent that it would be entitled to do so under the Special Resolution Regime if this Agreement
and/or any Pricing Agreement were governed by the laws of any part of the United Kingdom.

For the purpose of this Section 24, "resolution measure" means a "crisis prevention measure," "crisis management measure" or "recognised third-country resolution action," each with the meaning given in the "PRA Rulebook: CRR Firms and Non-Authorised Persons: Stay in Resolution Instrument 2015", as may be amended from time to time (the "**PRA Contractual Stay Rules**"), *provided, however,* that "crisis prevention measure" shall be interpreted in the manner outlined in Rule 2.3 of the PRA Contractual Stay Rules; "BRRD undertaking", "group", "Special Resolution Regime" and "termination right" have the respective meanings given in the PRA Contractual Stay Rules.

25. (a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under
a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this
Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement,
and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Underwriter that is a Covered Entity or a Covered Affiliate of such Underwriter
becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against
such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special
Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

"**Covered Affiliate**" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

"**Covered Entity**" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a "**covered entity**" as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a "**covered bank**" as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a "**covered FSI**" as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 382.2(b).

"**Default Right**" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"**U.S. Special Resolution Regime**" means each of (i) the U.S. Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

26. [Solely for the purposes of the requirements of Article 9(8) of the MiFID Product Governance rules under
EU Delegated Directive 2017/593 (the "**MiFID Product Governance Rules**") regarding the mutual responsibilities of manufacturers
under the MiFID Product Governance Rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [each of] [•] ([each an / the] "**EU Manufacturer**" [and together, the "**EU Manufacturers** "]) acknowledges [to each other EU Manufacturer] that it understands the responsibilities conferred upon it under
the MiFID Product Governance Rules relating to each of the product approval process, the target market and the proposed distribution channels
as applying to the Securities and the related information set out in the Registration Statement (or any amendment thereto), the Prospectus
and/or any related preliminary prospectus (or any amendment or supplement thereto) in connection with the Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the other parties to this Agreement note the application of the MiFID Product Governance Rules and acknowledge
the target market and distribution channels identified as applying to the Securities by the EU Manufacturer[s] and the related information
set out in the Registration Statement (or any amendment thereto), the Prospectus and/or any related preliminary prospectus (or any amendment
or supplement thereto) in connection with the Securities.]

27. [Solely for the purposes of the requirements of 3.2.7R of the FCA Handbook Product Intervention and Product
Governance Sourcebook (the "**UK MiFIR Product Governance Rules**") regarding the mutual responsibilities of manufacturers
under the UK MiFIR Product Governance Rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [each of] [•] ([each a/the] "**UK Manufacturer**" [and together the "**UK Manufacturers** "])
acknowledges [to each other UK Manufacturer] that it understands the responsibilities conferred upon it under the UK MiFIR Product Governance
Rules relating to each of the product approval process, the target market and the proposed distribution channels as applying to the Securities
and the related information set out in the in the Registration Statement (or any amendment thereto), the Prospectus and/or any related
preliminary prospectus (or any amendment or supplement thereto) in connection with the Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the other parties to this Agreement note the application of the UK MiFIR Product Governance Rules and
acknowledge the target market and distribution channels identified as applying to the Securities by the UK Manufacturer[s] and the related
information set out in the Registration Statement (or any amendment thereto), the Prospectus and/or any related preliminary prospectus
(or any amendment or supplement thereto) in connection with the Securities.]

[*The rest of this page is intentionally left blank*.]

If the foregoing is in accordance with your understanding, please sign and return to us, including counterparts hereof.

Very truly yours,

---

| | |
|:---|:---|
| Lloyds Banking Group plc | Lloyds Banking Group plc |
| By: |  |
|  | Name: |
|  | Title: |

---

[*The rest of this page is intentionally left blank.*]

Accepted as of the date hereof:

---

| | |
|:---|:---|
| [*Names of Representatives*] | [*Names of Representatives*] |
| By: |  |
|  | Name: |
|  | Title: |

---

For themselves and as Representatives of the several Underwriters

**ANNEX I**

**Pricing Agreement**

[Names of Representatives]<br> [As Representatives of the several<br> Underwriters named in Schedule I hereto,]

**[Date]**

Ladies and Gentlemen:

Lloyds Banking Group plc, a public limited company incorporated under the laws of Scotland, and registered in, Scotland (the "**Company**"), proposes, subject to the terms and conditions stated herein and in the Underwriting Agreement, dated [·] (the "**Underwriting Agreement**"), between the Company and the several Underwriters signatories thereto, to issue and sell to the Underwriters named in Schedule I hereto (the "**Underwriters**"), or to purchasers procured by them, the securities specified in Schedule II hereto (the "**Securities**"). Each of the provisions of the Underwriting Agreement is incorporated herein by reference in its entirety, and shall be deemed to be a part of this Agreement to the same extent as if such provisions had been set forth in full herein; and each of the representations and warranties set forth therein shall be deemed to have been made at and as of the date of this Pricing Agreement, except that each representation and warranty which refers to the Disclosure Package and/or the Prospectus in Section 2 of the Underwriting Agreement shall be deemed to be a representation or warranty as of the date of the Underwriting Agreement in relation to the Disclosure Package and/or the Prospectus (each as therein defined), as the case may be, and also a representation and warranty as of the date of this Pricing Agreement in relation to the Disclosure Package and/or the Prospectus (as amended or supplemented), as the case may be, relating to the Securities which are the subject of this Pricing Agreement. Each reference to the Representatives herein and in the provisions of the Underwriting Agreement so incorporated by reference shall be deemed to refer to you. Unless otherwise defined herein, terms defined in the Underwriting Agreement are used herein as therein defined. The Representatives designated to act on behalf of the Underwriters of the Securities pursuant to Section 12 of the Underwriting Agreement and the address of the Representatives referred to in such Section 12 are set forth at the end of Schedule II hereto.

An amendment to the Registration Statement, or a supplement to the Prospectus, as the case may be, relating to the Securities, in the form heretofore delivered to you is now proposed to be filed with the Commission.

Subject to the terms and conditions set forth herein (including Schedules I and II hereto) and in the Underwriting Agreement incorporated herein by reference, the Company agrees to issue and sell to each of the Underwriters, or to purchasers procured by them, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, or to procure purchasers to purchase from the Company, at the Purchase Price at the Time of Delivery (each as defined in Schedule II hereto), the principal amount of Securities set forth opposite the name of such Underwriter in Schedule I hereto.

If the foregoing is in accordance with your understanding, please sign and return to us, including counterparts hereof, and upon acceptance hereof by you, on behalf of each of the Underwriters, this letter and such acceptance hereof, including the provisions of the Underwriting Agreement incorporated herein by reference, shall constitute a binding agreement between each of the Underwriters and the Company. It is understood that your acceptance of this letter on behalf of each of the Underwriters is or will be pursuant to the authority set forth in a form of Agreement among Underwriters, the form of which shall be submitted to the Company for examination upon request, but without warranty on the part of the Representatives as to the authority of the signers thereof.

[*The rest of this page is intentionally left blank*.]

Very truly yours,

---

| | |
|:---|:---|
| Lloyds Banking Group plc | Lloyds Banking Group plc |
| By: |  |
|  | Name: |
|  | Title: |

---

[*The rest of this page is intentionally left blank*.]

Accepted as of the date hereof:

---

| | |
|:---|:---|
| [Names of Representatives] | [Names of Representatives] |
| By: |  |
|  | Name: |
|  | Title: |

---

For themselves and as Representatives of the several Underwriters

**Schedule 1**

---

| | | |
|:---|:---|:---|
|  |  | Principal Amount of<br> Securities to be Purchased |
| [*Names of Representative*s] |  | [·] |
| [*Names of other Underwriters*] |  | [·] |
|  | Total | [·] |

---

**Schedule 2**

*Capitalized terms used herein, unless otherwise stated, shall have the meaning set forth in the Underwriting Agreement.*

---

| | |
|:---|:---|
| **Title of Securities:** | [%] [Senior Debt Securities] due [·] |
| **Aggregate Principal Amount:** | $[·] principal amount of the Securities |
| **Price To Public:** | [·]% of the principal amount of the Securities |
| **Purchase Price By Underwriters:** | [·]% of the principal amount of the Securities |
| **Underwriting Commission:** | [·]% |
| **Form of Securities:** | Book-entry only form represented by one or more global securities deposited with a custodian for DTC, Euroclear Bank SA/NV and Clearstream Banking S.A., as the case may be. |
| **Specified Funds for Payment of Purchase Price:** | Wire transfer of immediately available funds |
| **Time of Delivery:** | [·] [a.m./p.m.] (New York time), [·] |
| **Applicable Time:** | [·] [a.m./p.m.] (New York time), [·] |
| **Indenture:** | Indenture dated as of [·] between the Company and The Bank of New York Mellon, as Trustee, as supplemented by [a]/[an] [·] supplemental indenture to be dated [·] (together, the "**Indenture**"). |
| **Issue Date:** | [·] |
| **Maturity:** | [·] |
| **Interest Rate:** | [·]% |
| **Interest Payment Dates:** | Interest will be paid on the Securities on [·] and [·] of each year, commencing [·]. |

---

---

| | |
|:---|:---|
| **Interest Record Dates:** | Interest will be paid on the Securities to holders of record of each Security in respect of the principal amount thereof outstanding as at [· ] and [·]] of each year immediately preceding the Interest Payment Dates on [[·] and [·]], respectively. |
| **Redemption Provisions:** | The Securities may be redeemed as described in the Prospectus. |
| **Sinking Fund Provisions:** | No sinking fund provisions. |
| **Closing Location for Delivery of Securities:** | Offices of Davis Polk & Wardwell London LLP, 5 Aldermanbury Square, London EC2V 7HR, United Kingdom |
| **Names and Addresses of Representatives:** | Designated Representatives: [·] |
|  | Addresses for Notices: [·] |
| **Identifying Information:** | CUSIP: [·]<br>ISIN: [·]<br>|
| **Stock Exchange Listing:** | [The New York Stock Exchange] |
| **Other Terms:** | The Securities will have additional terms as more fully described in the Disclosure Package and the Prospectus. |

---

**ANNEX II**

***Issuer Free Writing Prospectuses Included in Disclosure Package***

**ANNEX III**

**FORM OF OPINION OF<br> DAVIS POLK & WARDWELL LONDON LLP, U.S. COUNSEL<br> FOR THE COMPANY<br> [*TO BE PROVIDED*]**

**FORM OF DISCLOSURE LETTER OF<br> DAVIS POLK & WARDWELL LONDON LLP, U.S. COUNSEL<br> FOR THE COMPANY<br> [*TO BE PROVIDED*]**

**ANNEX IV**

**FORM OF OPINION OF<br> DAVIS POLK & WARDWELL LONDON LLP, U.K. TAX COUNSEL<br> FOR THE COMPANY<br> [*TO BE PROVIDED*]**

**ANNEX V**

**FORM OF OPINION OF CMS CAMERON MCKENNA NABARRO<br> OLSWANG LLP, SCOTTISH COUNSEL FOR THE COMPANY<br> [*TO BE PROVIDED*]**

**ANNEX VI**

**FORM OF OPINION OF<br> ALLEN OVERY SHEARMAN STERLING LLP, U.S. COUNSEL FOR THE UNDERWRITERS<br> [*TO BE PROVIDED*]**

**FORM OF DISCLOSURE LETTER OF<br> ALLEN OVERY SHEARMAN STERLING LLP, U.S. COUNSEL FOR THE UNDERWRITERS<br> [*TO BE PROVIDED*]**

**ANNEX VII**

**THE [NON-]U.S. SELLING AGENTS OF THE UNDERWRITERS<br> [*TO BE PROVIDED*]**

## Exhibit 1.2

**Exhibit 1.2**

**LLOYDS BANKING GROUP PLC<br> (a public limited company incorporated under the laws of<br> Scotland and registered in Scotland)<br> SUBORDINATED DEBT<br> UNDERWRITING AGREEMENT<br> DATED: [·]**

**LLOYDS BANKING GROUP plc<br> Form of Underwriting Agreement**

[Names of Representatives]<br> [Addresses of Representatives]<br> As Representatives of the several Underwriters

named in Schedule I to the Pricing Agreement (as defined below)

**$[·]**

**[%] Subordinated Debt Securities due [·]**

**[Date]**

Ladies and Gentlemen:

From time to time Lloyds Banking Group plc, a public limited company incorporated and registered in Scotland, United Kingdom (the "**Company**"), proposes to enter into one or more Pricing Agreements (each a "**Pricing Agreement**") in the form of Annex I hereto, with such additions and deletions as the parties thereto may determine, and, subject to the terms and conditions stated herein and therein, to issue and sell to the several firms named in Schedule I to the applicable Pricing Agreement (such firms constituting the "**Underwriters**" with respect to such Pricing Agreement and the securities specified therein), or to purchasers procured by them, certain of the Company's subordinated debt securities specified in Schedule II to such Pricing Agreement (with respect to such Pricing Agreement, the "**Securities**").

The terms of, and rights attached to, any particular issuance of Securities shall be as specified in the Pricing Agreement relating thereto and in or pursuant to a subordinated debt securities indenture (as hereto amended and supplemented and as may be further amended and supplemented from time to time, the "**Indenture**") between the Company and The Bank of New York Mellon, as trustee ("**Trustee**"). The offering of the Securities will be governed by this Agreement, as supplemented by the Pricing Agreement. From and after the date of the execution and delivery of the Pricing Agreement, this Agreement shall be deemed to incorporate the Pricing Agreement.

1. Particular sales of the Securities may be made from time to time to the Underwriters of such Securities,
or to purchasers procured by them, for whom the firms designated as representatives of the Underwriters of such Securities in the Pricing
Agreement relating thereto will act as representatives (the "**Representatives** "). The term "**Representatives** "
also refers to a single firm acting as sole representative of the Underwriters and to an Underwriter or Underwriters who act without any
firm being designated as its or their representatives. This Agreement shall not be construed as an obligation of the Company to sell any
of the Securities or as an obligation of any of the Underwriters to purchase, or procure purchasers for, the Securities. The obligation
of the Company to issue and sell any of the Securities and the obligation of any
of the Underwriters to purchase, or procure purchasers for, any of the Securities shall be evidenced by the Pricing Agreement with respect
to the Securities specified therein. Each Pricing Agreement shall specify the aggregate principal amount of such Securities, any option
to purchase additional Securities, the initial public offering price of such Securities, [•]% of the principal amount of the Securities
(the "Purchase Price") to the Underwriters of such Securities, the names of the Underwriters of such Securities, the names
of the Representatives of such Underwriters and the principal amount of such Securities to be purchased by each Underwriter, or by purchasers
procured by such Underwriter, and shall set forth the date, time and manner of delivery of such Securities and payment therefor. The Pricing
Agreement shall also specify (to the extent not set forth in the Indenture and the Registration Statement (as defined below), the Disclosure
Package (as defined below) and prospectus with respect thereto) the terms of such Securities. A Pricing Agreement shall be executed in
writing (and may be in counterparts), and may be evidenced by an exchange of facsimile communications or any other rapid transmission
device designed to produce a written record of communications transmitted. The obligations of the Underwriters under this Agreement and
each Pricing Agreement shall be several and not joint.

The Company has prepared and filed with the Securities and Exchange Commission (the "**Commission**") an "automatic shelf registration statement" as defined under Rule 405 under the U.S. Securities Act of 1933, as amended (the "**1933 Act**") on Form F-3 (No. 333-[ ]), including any post-effective amendment thereto required to be filed by the Commission, and related preliminary prospectus for the registration of, among other securities, certain debt securities of the Company, including the Securities, in accordance with the provisions of the 1933 Act, and the rules and regulations of the Commission thereunder (the "**1933 Act Regulations**").

The registration statement on Form F-3, as amended to the date on which it became effective prior to the date of this Agreement (including any prospectus supplement relating to the Securities and any other information, if any, deemed to be part of such registration statement pursuant to Rule 430B of the 1933 Act Regulations), and the prospectus constituting a part thereof (including in each case all documents, if any, incorporated by reference therein to such date) are hereinafter referred to as the "**Registration Statement**" and the "**Prospectus**", respectively, except that (i) if any revised prospectus or prospectus supplement shall be provided to the Underwriters by the Company for use in connection with the offering of the Securities which differs from the Prospectus on file at the Commission at the time the Registration Statement became effective (whether or not such revised prospectus is required to be filed by the Company pursuant to Rule 424(b) of the 1933 Act Regulations) the term "**Prospectus**" shall refer to such revised prospectus or include such prospectus supplement, as the case may be, from and after the time such revised prospectus or prospectus supplement is first provided to the Underwriters for such use, and (ii) if the Company files any documents pursuant to Section 13, 14 or 15 of the U.S. Securities Exchange Act of 1934, as amended (the "**1934 Act**"), after the Registration Statement became effective and prior to the termination of the offering of the Securities by the Underwriters, which documents are deemed to be or, in the case of a Report on Form 6-K, are designated as being incorporated by reference into the Prospectus pursuant to Form F-3 under the 1933 Act Regulations, the term "Prospectus" shall refer to said prospectus as modified to include the documents so filed from and after the time said documents are filed with or furnished to the Commission. The term "**Preliminary Prospectus**" means any preliminary form of the Prospectus (including any preliminary prospectus supplement), which is used prior to the filing of the Prospectus and first filed with the Commission pursuant to Rule 424(b) of the 1933 Act Regulations. The term "**Free Writing Prospectus**" has the meaning set forth in Rule 405 of the 1933 Act Regulations. The term "**Issuer Free Writing Prospectus**" means (i) any material that satisfies the conditions set forth in Rule 433 of the 1933 Act Regulations and (ii) any roadshow presentation, including any Bloomberg roadshow presentation. The term "**Disclosure Package**" means (i) the Preliminary Prospectus, if any, and otherwise the Prospectus, (ii) any Issuer Free Writing Prospectuses identified in Annex II hereto, (iii) the final term sheet prepared and filed pursuant to Section 5(d) of this Agreement (the "**Term Sheet**") and (iv) any other Free Writing Prospectus that the parties hereto shall hereafter expressly agree in writing to treat as part of the Disclosure Package.

"**Applicable Time**" means the time specified in the Pricing Agreement on the date hereof or such other time as agreed by the Company and the Representatives.

2. The Company represents and warrants to, and agrees with, each of the Underwriters as of the date hereof,
as of the Applicable Time, and as of the Time of Delivery referred to in Section 4 hereof that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An "automatic shelf registration statement" (as defined in Rule 405 under the 1933 Act) on
Form F-3 in respect of the Securities (File No. 333-[ ]), and any post-effective amendment thereto,
(i) has been prepared by the Company in conformity with the requirements of the 1933 Act Regulations, (ii) has been filed with the Commission
under the 1933 Act not earlier than the date that is three years prior to the Time of Delivery (as defined in Section 4 hereof) and (iii)
upon its filing with the Commission, automatically became and is effective under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Commission has not issued any order preventing or suspending the effectiveness of the Registration
Statement or any part thereof or preventing or suspending the use of any Preliminary Prospectus, Disclosure Package, Issuer Free Writing
Prospectus or the Prospectus; and no proceeding for any such purpose or pursuant to Section 8A of the 1933 Act against the Company or
related to the offering has been, to the Company's knowledge, instituted or threatened by the Commission. The Commission has not
issued any order directed to any document incorporated by reference in the most recent Preliminary Prospectus, if any, or the Prospectus,
and, to the Company's knowledge, no proceeding has been instituted or threatened by the Commission with respect to any document
incorporated by reference in the most recent Preliminary Prospectus, if any, or the Prospectus. The Commission has not notified the Company
of any objection to the use of such Registration Statement or any post-effective amendment thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has been, and continues to be, a "well-known seasoned issuer" (as defined in Rule
405 of the 1933 Act Regulations) and has not been, and continues not to be, an "ineligible issuer" (as defined in Rule 405
of the 1933 Act Regulations), in each case at all times relevant under the 1933 Act in connection with the offering of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registration Statement conformed on the date on which it became effective and conforms, and any amendment
to the Registration Statement filed after the date hereof will conform, in all material respects to the requirements of the 1933 Act and
the 1933 Act Regulations. The most recent Preliminary Prospectus, if any, conforms, and the Prospectus, and any amendment or supplement
thereto, will conform, in all material respects to the requirements of the 1933 Act and the 1933 Act Regulations when they become effective
or are filed with the Commission. The documents incorporated by reference in the Registration Statement, the Disclosure Package, and the
most recent Preliminary Prospectus, if any, or Prospectus, when they became effective or were filed with the Commission, as the case may
be, conformed in all material respects, to the requirements of the 1933 Act, the 1934 Act or with the Trust Indenture Act (as defined
below), as applicable, and the 1933 Act Regulations, and any further documents so filed and incorporated by reference in the Prospectus
or any further amendment or supplement thereto, when such documents become effective or are filed with the Commission, as the case may
be, will conform, in all material respects to the requirements of the 1933 Act or the 1934 Act, as applicable, and the 1933 Act Regulations;
provided, however, that the representations and warranties in this subsection shall not apply to that part of the Registration Statement
that constitutes the Statement of Eligibility (the "**Form T-1**") under the U.S. Trust Indenture Act of 1939, as amended
(the "**Trust Indenture Act** "), of the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Registration Statement did not, as of the date on which it became effective, contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;
provided, however, that no representation or warranty is made as to information contained in or omitted from the Registration Statement
in reliance upon and in conformity with written information furnished to the Company through the Representatives by or on behalf of any
Underwriter specifically for inclusion therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each of (a) the Disclosure Package and (b) any Issuer Free Writing Prospectus (not included in Annex II)
together with the Disclosure Package did not, as of either the Applicable Time or the Time of Delivery (as defined in Section 4), contain
any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; provided, however, that no representation or warranty is made as to information
contained in or omitted from the Disclosure Package in reliance upon and in conformity with written information furnished to the Company
through the Representatives by or on behalf of any Underwriter specifically for inclusion therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Prospectus, and any amendment or supplement thereto, will not, as of its date and at the Time of Delivery
(as defined in Section 4), contain any untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that no representation
or warranty is made as to information contained in or omitted from the Prospectus in reliance upon and in conformity with written information
furnished to the Company through the Representatives by or on behalf of any Underwriter specifically for inclusion therein; provided,
further that the representations and warranties in this subsection shall not apply to the Form T-1 of the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The audited consolidated financial statements (in conjunction with the notes thereto) of the Company included
in the Disclosure Package and Prospectus present fairly, in all material respects, the financial position of the Company and its subsidiary
undertakings for the periods specified. The audited consolidated annual financial statements of the Company for the financial years ended
December 31, [•], [•] and [•], and the results of their operations and cash flows for each of the three years ended December
31, [•], [•] and [•] were prepared in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Since the respective dates as of which information is given in the Registration Statement, the Disclosure
Package and the Prospectus, except as otherwise set forth or contemplated therein, there has been no material adverse change in the condition,
financial or otherwise, or in the results of operations of the Company and its subsidiaries considered as one enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Company (A) has been duly incorporated in Scotland and is validly registered under the laws of Scotland;
(B) has the requisite corporate power and authority to execute and deliver this Agreement and the Pricing Agreement and had the requisite
corporate power and authority to execute and deliver the Indenture and to issue the Securities and, in each case, to perform its obligations
hereunder and thereunder; (C) has the corporate power and authority to conduct its business through its subsidiaries as described in the
Disclosure Package and the Prospectus; and (D) has duly authorized, executed and delivered this Agreement and the Pricing Agreement, and
this Agreement and the Pricing Agreement constitute the valid and legally binding agreement of the Company, enforceable in accordance
with their terms, except as rights to indemnity or contribution may be limited by applicable law and subject as to enforcement to bankruptcy,
insolvency, reorganization and other laws of general applicability relating to or affecting creditors' rights generally and to general
equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Indenture has been duly qualified under the Trust Indenture Act and duly authorized, executed and
delivered by the Company and, assuming due authorization, execution and delivery by the Trustee, constitutes a valid and legally binding
obligation of the Company, enforceable in accordance with its terms, subject as to enforcement to bankruptcy, insolvency, reorganization
and other laws of general applicability relating to or affecting creditors' rights generally and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The forms of the Securities have been duly authorized and established in conformity with the provisions
of the Indenture and, when the Securities have been executed and authenticated in accordance with the provisions of the Indenture and
delivered to and duly paid for by the purchasers thereof, the Securities will be entitled to the benefits of the Indenture and will be
valid and binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, reorganization
and other laws of general applicability relating to or affecting creditors' rights generally and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Indenture and the Securities will conform in all material respects to the descriptions thereof contained
in the Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) All consents, approvals, authorizations, orders and decrees of any court or governmental agency or body
of the United States or the United Kingdom having jurisdiction over the Company required for the consummation by the Company of the transactions
contemplated by this Agreement or the Pricing Agreement or to permit the Company to effect interest payments in U.S. dollars on the Securities
in accordance with the terms of the Indenture have been obtained and are in full force and effect, except as may be required by U.S. state
securities laws (the "**Blue Sky laws** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The execution, delivery and performance of this Agreement, the Pricing Agreement and the Indenture, the
issuance, authentication, sale and delivery of the Securities and the compliance by the Company with the respective terms thereof, and
the consummation of the transactions contemplated hereby and thereby, will not conflict with or result in a breach under any agreement
or instrument to which the Company is a party or by which the Company is bound that is material to the Company and its subsidiaries, taken
as a whole, nor will such action result in any violation of (1) the provisions of the Memorandum and Articles of Association of the Company
or (2) any statute or any order, filing, rule or regulation of any United States, English or Scottish court or governmental agency or
regulatory body having jurisdiction over the Company except for any such violation in (2) above that would not, individually or in the
aggregate, have a material adverse effect on the condition, financial or otherwise, or on the results of operations or the business of
the Company and its subsidiaries considered as one enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Company is not, and after giving effect to the offer and sales of the Securities and application of
the proceeds thereof as described in the Prospectus and the Disclosure Package, will not be, required to register as an "investment
company," as defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) There is no action, suit, proceeding, inquiry or investigation before or brought by any court or governmental
agency or body, domestic or foreign, now pending, or, to the knowledge of the Company, threatened against or affecting the Company or
any subsidiary, which is required to be disclosed in the Disclosure Package and Prospectus (other than as disclosed therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The consolidated capitalization of the Company and its subsidiaries set forth in the Disclosure Package
and Prospectus is true and correct as of the dates specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Deloitte LLP, an independent registered public accounting firm (the "**Independent Accountants** "),
who have audited the consolidated financial statements of the Company and its subsidiaries as of and for each of the years ended December
31, [•], [•] and [•] included or incorporated by reference in the Registration Statement, the Disclosure Package and the
Prospectus, were at the time of auditing such financial statements, independent public accountants as required by the 1933 Act and the
1933 Act Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Company has an effective system of internal controls over financial reporting so as to satisfy the
requirements of section 404 of the U.S. Sarbanes Oxley Act of 2002 on the basis set forth in the Company's most recent annual report
filed on Form 20-F, and to otherwise provide reasonable assurances that (i) transactions are executed in accordance with management's
general or specific authorization, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with IFRS (as adopted by the European Union and the United Kingdom) and to maintain accountability for assets, (iii) access to assets
is permitted only in accordance with management's general or specific authorization and (iv) the recorded accountability for assets
is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) [Except as disclosed in the Disclosure Package and the Prospectus,] [T]/[t]he Company has not during the
past five years, had any (i) material weaknesses in their internal controls over financial reporting (whether or not remediated) or (ii)
changes in its internal controls over financial reporting that has materially adversely affected, or would be reasonably likely to materially
adversely affect, its internal controls over financial reporting. The Company has not had during the past five years, any fraud that involves
any current member of management of the Company and no material fraud that involves any employee of the Company or (so far as the Company
is aware) of any subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) None of the Company or, to the knowledge of the Company, any director, officer, agent, employee or affiliate
of the Company is currently subject to any sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the
Treasury or any similar sanctions imposed by the European Union, the United Kingdom, the United Nations or any other governmental authority,
to which the Company or any of its affiliates is subject (collectively, the "**Sanctions** "); and the Securities are not
being issued for the purpose of funding any operations in, financing any investment or activities in or making any payments to any country
or to any person in contravention of prevailing Sanctions, *provided* that this sub-clause shall not apply to the extent that it
would result in a breach and/or violation of, or a conflict with, (i) EU Regulation (EC) 2271/96 of 22 November 1996 as amended from time
to time and/or any associated and applicable national law, instrument or regulation or (ii) EU Regulation (EC) 2271/96 as it forms part
of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended from time to time ()"**EUWA** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) [Except as disclosed in the Disclosure Package and the Prospectus,] [N]/[n]either the Company nor any
of its subsidiaries or, to the knowledge of the Company and each of its subsidiaries, any director, officer, agent, employee or other
person associated with or acting on behalf of the Company or any of its subsidiaries, is aware of or has taken any action, directly or
indirectly, that could result in a violation by such persons of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or the rules
and regulations thereunder (the "**FCPA**") (including, without limitation, making use of the mail or any means or instrument
of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or
other property, gift, promise to give, or authorization of the giving of anything of value to any "foreign official" (as such
term is defined in the FCPA) or any foreign political office, in contravention of the FCPA), the UK Bribery Act 2010 or any similar law
or regulation, to which the Company, any subsidiary thereof, any director, officer, agent, employee of the Company or any subsidiary thereof
may be subject. The Company and each subsidiary thereof have conducted their businesses in compliance with the FCPA, the UK Bribery Act
2010 and any applicable similar law or regulation and have instituted and maintain policies and procedures designed to ensure, and which
are reasonably expected to continue to ensure, continued compliance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The operations of the Company and its subsidiaries are and have been conducted at all times in material
compliance with the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules,
regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "Money Laundering Laws")
and[, except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus,] no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company and its subsidiaries with respect
to the Money Laundering Laws is pending or, to the best knowledge of the Company or its subsidiaries, threatened, except in each case
where such action, suit or proceeding would not result in a material adverse change in the condition, financial or otherwise, or in the
results of operations of the Company and its subsidiaries considered as one enterprise.

3. Upon the execution of the Pricing Agreement applicable to any Securities and authorization by the Representatives
of the release of such Securities, the Underwriters, acting severally and not jointly, propose to offer such Securities for sale upon
the terms and conditions set forth in the Prospectus (as amended or supplemented).

4. The Securities to be purchased by each Underwriter and/or by purchasers procured by such Underwriter pursuant
to the Pricing Agreement relating thereto, in the form specified in such Pricing Agreement, and registered in such names as the Representatives
may request upon at least forty-eight hours' prior notice to the Company, shall be delivered by or on behalf of the Company to the
Representatives for the account of such Underwriters, against payment by the Underwriters, or by the Representatives on behalf of the
Underwriters, of the Purchase Price therefor by wire transfer of immediately available funds to an account designated by the Company in
accordance with the Pricing Agreement, all in the manner and at the place and time and date specified in such Pricing Agreement or at
such other place and time and date as the Representatives and the Company may agree upon in writing, such time and date being herein called
the "Time of Delivery" for such Securities.

5. The Company agrees with each of the Underwriters of any Securities that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will notify the Representatives promptly on becoming aware of (i) any request by the Commission
for any amendment to the Registration Statement or any amendment or supplement to the Disclosure Package or the Prospectus or for additional
information relating to the Registration Statement, the Disclosure Package, the Prospectus or the offering of the Securities, and (ii)
the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or suspending or preventing
the use of any Preliminary Prospectus, if any, Disclosure Package, the Prospectus or the initiation of any proceedings for such purpose
or the issuance by the Commission of any notice of objection to the use of the Registration Statement or any post-effective amendment
thereto or any request by the Commission for the amending or supplementing of the Registration Statement, the Prospectus, the Disclosure
Package or any Free Writing Prospectus. The Company will make every reasonable effort to prevent the issuance of any such stop order and,
if any stop order or notice of objection is issued, to obtain the lifting thereof at the earliest possible moment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time prior to the Time of Delivery, any event occurs as a result of which the Disclosure Package
would then include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, the Company will (i) promptly notify the Representatives
so that any use of the Disclosure Package may cease until it is amended or supplemented; (ii) amend or supplement the Disclosure Package
to correct such statement or omission; (iii) file such amendment or supplement with the Commission; and (iv) supply any such amendment
or supplement to the Underwriters in such quantities as they may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company will, for so long as the delivery of a prospectus is required in connection with the offering
or sale of the Securities (including in circumstances where such requirement may be satisfied pursuant to Rule 172 or Rule 173(a) of the
1933 Act Regulations), file promptly all reports required to be filed by the Company with the Commission pursuant to Section 13(a), 13(c)
or 15(d) of the 1934 Act and will give the Representatives notice of its intention to file any amendment to the Registration Statement
or any amendment or supplement to the Disclosure Package or the Prospectus (including any prospectus which the Company proposes for use
by the Underwriters in connection with the offering of the Securities which differs from the Prospectus, whether or not such revised prospectus
is required to be filed pursuant to Rule 424(b) of the 1933 Act Regulations) and, if and to the extent reasonably practicable, will furnish
the Representatives with copies of any such amendment or supplement a reasonable amount of time prior to such proposed filing or use,
as the case may be, and will not file any such amendment or supplement or use any such prospectus without prior consultation with the
Representatives, if such prior consultation is reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company will prepare the Term Sheet, containing solely a description of the final terms of the Securities
and the offering thereof, in a form approved by the Representatives and will file the Term Sheet not later than the time required by Rule
433(d) of the 1933 Act Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company will prepare the Prospectus in relation to the Securities and file such Prospectus pursuant
to Rule 424(b) of the 1933 Act Regulations not later than the time required by Rule 424(b) of the 1933 Act Regulations following the execution
and delivery of the Pricing Agreement relating to the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If required by Rule 430B(h) of the 1933 Act Regulations, the Company will prepare a prospectus and file
such prospectus pursuant to Rule 424(b) of the 1933 Act Regulations not later than may be required by such Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company will deliver to each Representative a conformed copy of the Registration Statement, as originally
filed, and of each amendment thereto (including exhibits and documents filed therewith or incorporated by reference, as the case may be,
into the Registration Statement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company will furnish the Underwriters with copies of the Preliminary Prospectus, if any, the Prospectus
and each Issuer Free Writing Prospectus (including, in each case, any supplement thereto) in such quantities as the Representatives may
from time to time reasonably request, and will use all reasonable efforts to make the initial delivery of the Prospectus by no later than
9:00 a.m. (New York time) on the second business day prior to the Time of Delivery and, if the delivery of a Prospectus (or in lieu thereof,
the notice referred to in Rule 173(a) under the 1933 Act) is required at any time prior to the expiration of nine months after the time
of issue of the Prospectus in connection with the offering and sale of the Securities and if at such time any event shall have occurred
as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state
any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when
such Prospectus is delivered (or in lieu thereof, the notice referred to in Rule 173(a) under the 1933 Act), not misleading, or, if for
any reason it shall be necessary during such period to amend or supplement the Prospectus in order to comply with the 1933 Act, notify
the Underwriters and upon the Representatives' request prepare and furnish without charge to each Underwriter as many copies as
the Representatives may from time to time reasonably request of an amended Prospectus or supplement to the Prospectus which will correct
such statement or omission or effect such compliance, and in case any Underwriter is required to deliver a Prospectus (or in lieu thereof,
the notice referred to in Rule 173(a) under the 1933 Act) in connection with sales of the Securities (including in circumstances where
such requirement may be satisfied pursuant to Rule 172 or 173(a) of the 1933 Act Regulations) at any time nine months or more after the
time of issue of the Prospectus, upon the Representatives' request but at the expense of such Underwriter, to prepare and deliver
to such Underwriter as many copies as the Representatives may request of an amended or supplemented Prospectus complying with Section
10(a)(3) of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company agrees that, unless it has obtained or will obtain (as the case may be) the prior written
consent of the Representatives, and each Underwriter, severally and not jointly, agrees with the Company that, unless it has obtained
or will obtain (as the case may be) the prior written consent of the Company, it has not made and will not make any offer relating to
the Securities that would constitute a free writing prospectus required to be filed by the Company with the Commission or retained by
the Company under Rule 433 of the 1933 Act Regulations, other than the information contained in the Term Sheet; provided, however, that
the prior written consent of the parties hereto shall be deemed to have been given in respect of the Issuer Free Writing Prospectuses
included in Annex II hereto. Any such free writing prospectus consented to by the parties is hereinafter referred to as a "**Permitted Free Writing Prospectus**." The Company agrees that (i) it has treated and will treat, as the case may be, each Permitted Free
Writing Prospectus as an Issuer Free Writing Prospectus and (ii) it has complied and will comply, as the case may be, with the requirements
of Rules 164 and 433 of the 1933 Act Regulations applicable to any Permitted Free Writing Prospectus, including in respect of timely filing
with the Commission, legending and record keeping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Company will endeavor, in cooperation with the Underwriters, to qualify the Securities for offering
and sale under the applicable securities laws of such states and other jurisdictions of the United States as the Representatives may request;
provided, however, that the Company shall not be obligated to qualify as a foreign corporation in any jurisdiction in which it is not
so qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company will make generally available to its security holders as soon as practicable, but in any event
not later than eighteen months after the effective date of the Registration Statement, an earnings statement of the Company and its subsidiaries
on a consolidated basis (which need not be audited) complying with Section 11(a) of the 1933 Act and the rules and regulations thereunder
(including, at the option of the Company, Rule 158 of the 1933 Act Regulations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) During the period beginning from the date of the Pricing Agreement for such Securities and continuing
to and including the Time of Delivery, the Company will not offer, sell, contract to sell or otherwise dispose of, pursuant to a public
offering in the United States, any securities of the Company which mature more than one year after such Time of Delivery and which are
substantially similar to such Securities (other than (i) the Securities, (ii) securities previously agreed to be sold by the Company and
(iii) commercial paper issued in the ordinary course of business), except as otherwise may be provided in this Agreement, without the
prior written consent of the Representatives, which consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company will cooperate with the Underwriters and use its best efforts to permit the Securities to
be eligible for clearance and settlement through the facilities of The Depository Trust Company ()"**DTC** "), Euroclear
Bank SA/NV, or Clearstream Banking S.A., as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Unless the Pricing Agreement provides otherwise, prior to the first payment date under the terms of the
Securities, the Securities will be listed on a "recognised stock exchange" within Section 1005 of the UK Income Tax Act 2007;
as soon as practicable, application will be made to list the Securities on such recognised stock exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Company will apply the net proceeds from the sale of the Securities as set forth in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Prior to the issuance of the Securities, the Company will have obtained all consents, approvals, authorizations,
orders, registrations, qualifications and decrees of any court or governmental agency or body of the United States and the United Kingdom
necessary or required for the valid issuance of the Securities and to permit the Company to make interest payments on the Securities in
U.S. dollars.

6. The Company will pay all expenses incident to the performance of its obligations under this Agreement,
any Pricing Agreement, the Indenture and the Securities, including (i) the printing and filing of the Registration Statement as originally
filed and of each amendment thereto, any Issuer Free Writing Prospectus, the Prospectus and any related preliminary prospectus (and any
amendments or supplements thereto) and the cost of furnishing copies thereof to the Underwriters; (ii) the printing, if any, of this Agreement,
the Pricing Agreement, the Indenture and the blue sky survey; (iii) the printing or reproduction, preparation, issuance and delivery of
the certificates, if any, for the Securities to (or at the direction of) the Underwriters, including any transfer or other taxes or duties
payable upon the delivery of the Securities to a custodian for DTC, Euroclear Bank SA/NV or Clearstream Banking S.A., as the case may
be, or the sale of the Securities to the Underwriters; (iv) the fees and disbursements of the Company's counsel and accountants;
(v) the qualification of the Securities under the applicable securities laws in accordance with the provisions of Section 5(j) hereof,
including filing fees and the fees and disbursements of counsel for the Underwriters in connection therewith in an aggregate amount not
in excess of $5,000 with respect to a particular issue of the Securities and in connection with the preparation of any blue sky survey
and any legal investment survey; (vi) the delivery to the Underwriters of copies of such blue sky survey, if any; (vii) any costs, fees
and charges of any paying agent appointed under the Indenture; (viii) all expenses and listing fees in connection with the listing of
the Securities, if any, on a stock exchange and the clearance and settlement of the Securities through the facilities of DTC, Euroclear
Bank SA/NV or Clearstream Banking S.A., as the case may be; (ix) any fees charged by securities rating services for rating the Securities;
(x) the fees and expenses incurred in connection with the filing of any materials with the Financial Industry Regulatory Authority ()"**FINRA** "),
if any; (xi) any fees associated with a Bloomberg roadshow presentation; (xii) any United Kingdom stamp duty, stamp duty reserve tax or
similar tax or duty imposed by the United Kingdom or any political subdivision thereof upon the original issuance by, or on behalf of,
the Company of the Securities, the initial delivery of the Securities, the deposit of the Securities with a custodian for DTC, Euroclear
Bank SA/NV or Clearstream Banking S.A., as the case may be, the purchase by the Underwriters of the Securities pursuant to this Agreement,
the sale and delivery of the Securities by the Underwriters to the initial purchasers thereof, and the execution and delivery of this
Agreement, the Pricing Agreement and the Indenture; (xiii) the fees and expenses of the Trustee and any authorized agent of the Trustee,
and the reasonable fees and disbursements of counsel for the Trustee in connection with the Indenture and the Securities; and (xiv) any
value added taxes payable in the United Kingdom in respect of any of the above expenses; provided that the Company shall have no liability
under this Agreement for any amounts in respect of tax incurred by any of the Underwriters on its actual net income, profits or gains
or on any value added tax or similar tax imposed which is recoverable by the Underwriter.

[If this Agreement is terminated by the Representatives in accordance with the provisions of Section 7 or Section 11(a)(i), (v) and (ix) hereof, the Company shall reimburse the Underwriters for their out-of-pocket expenses, including the reasonable fees and disbursements of counsel for the Underwriters, unless otherwise agreed by the parties.]

7. The obligations of the Underwriters of any Securities under the Pricing Agreement relating to such Securities
shall be subject, in the discretion of the Representatives, to the condition that all representations and warranties of the Company in
or incorporated by reference in the Pricing Agreement relating to such Securities are, at and as of the Time of Delivery for such Securities,
true and correct, the condition that the Company shall have performed all of its obligations hereunder theretofore to be performed, and
the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement is effective and at the Time of Delivery no stop order suspending the effectiveness
of the Registration Statement shall have been issued under the 1933 Act or proceedings therefor initiated or threatened by the Commission
and no notice of objection of the Commission to the use of the Registration Statement or any post-effective amendment thereto pursuant
to Rule 401(g)(2) under the 1933 Act should have been received. The Prospectus shall have been transmitted to the Commission for filing
pursuant to Rule 424(b) of the 1933 Act Regulations within the time period prescribed by Rule 424(b) of the 1933 Act Regulations; the
Term Sheet and any other material required to be filed by the Company pursuant to Rule 433(d) of the 1933 Act Regulations shall have been
transmitted to the Commission for filing pursuant to Rule 433(d) of the 1933 Act Regulations; and, in each case, prior to the Time of
Delivery the Company shall have provided evidence satisfactory to the Representatives of such timely filing; and no stop order suspending
or preventing the use of the Prospectus or any Issuer Free Writing Prospectus shall have been initiated or threatened by the Commission;
and all requests for additional information on the part of the Commission have been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Time of Delivery, the Representatives shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The opinion and disclosure letter, each dated as of the Time of Delivery, of Davis Polk & Wardwell
London LLP, U.S. counsel for the Company, with respect to the matters set forth in Annex III hereto in form and substance reasonably satisfactory
to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The opinion, dated as of the Time of Delivery, of Davis Polk & Wardwell London LLP, U.K. tax counsel
for the Company, with respect to the matters set forth in Annex IV hereto in form and substance reasonably satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The opinion, dated as of the Time of Delivery, of CMS Cameron McKenna Nabarro Olswang LLP, Scottish solicitors
to the Company, with respect to the matters set forth in Annex V hereto in form and substance reasonably satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The opinion and disclosure letter, each dated as of the Time of Delivery, of Allen Overy Shearman Sterling
LLP, counsel for the Underwriters, with respect to the matters set forth in Annex VI hereto in form and substance reasonably satisfactory
to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Independent Accountants shall have furnished to the Representatives and their respective [Non-]U.S.
selling agents (as listed in Annex VII hereto) letters, delivered at a time prior to the execution of the Pricing Agreement and dated
the date of delivery thereof, with regard to matters customarily covered by accountants' "comfort letters" and otherwise
in form and substance satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Independent Accountants shall have furnished to the Representatives and their respective [Non-]U.S.
selling agents (as listed in Annex VII hereto) letters, dated at the Time of Delivery, to the effect that it reaffirms the statements
made in the letter furnished pursuant to Section 7(c), except that the specified "cut-off" date referred to therein shall
be a date not more than three business days prior to the Time of Delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If required pursuant to the Pricing Agreement, an application shall have been made for listing the Securities
on the stock exchange specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) At the Time of Delivery (1) there shall not have been, since the date of the Pricing Agreement or since
the respective dates as of which information is given in the Registration Statement, the Disclosure Package and the Prospectus and any
amendment or supplement thereto, except as otherwise set forth or contemplated therein, any material adverse change in the condition,
financial or otherwise, or in the results of operations of the Company and its subsidiaries considered as one enterprise, and (2) the
Representatives shall have received a certificate of the Company executed on its behalf by an officer of the Company, dated as of the
Time of Delivery, to the effect that (i) the representations and warranties in Section 2 hereof are true and correct in all material respects
as though expressly made at and as of the Time of Delivery; (ii) the Company has complied in all material respects with all agreements
hereunder and satisfied in all material respects all conditions on its part to be performed or satisfied hereunder at or prior to the
Time of Delivery; and (iii) no stop order suspending the effectiveness of the Registration Statement has been issued and, to the knowledge
of the Company, no proceedings for that purpose have been initiated or threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company shall have furnished to the Underwriters a certificate, dated the Time of Delivery, of two
authorized officers of the Company, stating that to the best knowledge and belief of the two authorized officers signing such certificate
after reasonable inquiry, the issue and sale of the Securities in the manner contemplated in the Disclosure Package and Prospectus do
not and will not result in a breach, default or acceleration of any payment or amount under any contract, agreement or undertaking to
which the Company or any of its subsidiaries is a party (or by which any such entity is bound), which breach, default or acceleration
would have a material adverse effect on the Company and its subsidiaries taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) There shall not have occurred any lowering of the rating of any of the Company's securities by Moody's
Investors Service, Inc., S&P Global Ratings Inc. or Fitch Ratings, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If an affiliate (as defined in applicable FINRA rules) of the Company is participating in the offering
of the Securities, FINRA shall not have raised any objection with respect to the fairness and reasonableness of the underwriting terms
and arrangements.

If any condition specified in this Section 7 shall not have been fulfilled when and as required to be fulfilled and not otherwise waived by the Underwriters, this Agreement may be terminated by the Representatives by notice to the Company at any time at or prior to the Time of Delivery.

8. (a) The Company agrees to indemnify and hold harmless each Underwriter, each of the Underwriters'
affiliates, directors, officers and employees, and each person, if any, who controls any Underwriter within the meaning of Section 15
of the 1933 Act as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of
any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto),
including the information deemed to be part of the Registration Statement pursuant to Rule 430A(b) of the 1933 Act Regulations or, if
applicable, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements
therein not misleading or arising out of any untrue statement or alleged untrue statement of a material fact contained in the Prospectus,
the Preliminary Prospectus, if any, the Term Sheet, any Issuer Free Writing Prospectus or any related preliminary prospectus (or any amendment
or supplement thereto) or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent
of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced
or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission,
if such settlement is effected with the written consent of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) against any and all expense whatsoever, as reasonably incurred (including, subject to Section 8(c) hereof,
the fees and disbursements of counsel chosen by the Representatives), in investigating, preparing or defending against any litigation,
or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any
such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under
clause (i) or (ii) above;

provided, however, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by any Underwriter through the Representatives expressly for use in the Registration Statement (or any amendment thereto), the Prospectus, the Preliminary Prospectus, if any, the Term Sheet, any Issuer Free Writing Prospectus or any related preliminary prospectus (or any amendment or supplement thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter severally and not jointly agrees to indemnify and hold harmless each of the Company,
its directors, each of the officers of the Company who signed the Registration Statement, the Company's authorized representative
in the United States and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act, against any and
all loss, liability, claim, damage and expense described in the indemnity contained in subsection (a) of this Section 8 as incurred, but
only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or
any amendment thereto), the Prospectus, any related preliminary prospectus (or any amendment or supplement thereto) in reliance upon and
in conformity with written information furnished to the Company by such Underwriter through the Representatives expressly for use in the
Registration Statement (or any amendment thereto), or the Prospectus or such preliminary prospectus (or any amendment or supplement thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party
of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party
shall not relieve such indemnifying party from any liability which it may have otherwise than on account of this indemnity agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any indemnifying party may participate at its own expense in the defense of such action. In no event shall
the indemnifying parties be liable for fees and expenses of more than one counsel (in addition to any local counsel) separate from their
own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances. In the case of parties indemnified pursuant to Section 8(a) above, counsel
to the indemnified parties shall be selected by the Underwriters, and, in the case of parties indemnified pursuant to Section 8(b) above,
counsel to the indemnified parties shall be selected by the Company. An indemnifying party may participate at its own expense in the defense
of any such action; provided, however, that counsel to the indemnifying party shall not (except with the consent of the indemnified party)
also be counsel to the indemnified party. No indemnifying party shall, without the written consent of the indemnified party, effect the
settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect
of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party
to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party
from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability
or a failure to act, by or on behalf of any indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the indemnification provided for in this Section 8 is unavailable to or insufficient to hold harmless
an indemnified party under subsection (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions in respect
thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as
a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect
the relative benefits received by the Company on the one hand and the Underwriters of the Securities on the other from the offering of
the Securities to which such loss, claim, damage or liability (or action in respect thereof) relates. If, however, the allocation provided
by the immediately preceding sentence is not permitted by applicable law or if the indemnified party failed to give the notice required
under subsection (c) above, then each indemnifying party shall, if permitted by applicable law, contribute to such amount paid or payable
by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault
of the Company on the one hand and the Underwriters of the Securities on the other in connection with the statements or omissions which
resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations.
The relative benefits received by the Company on the one hand and such Underwriters on the other shall be deemed to be in the same proportion
as the total net proceeds from such offering (before deducting expenses) received by the Company bear to the total underwriting discounts,
concessions and commissions received by such Underwriters. The relative fault shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates
to information supplied by the Company on the one hand or such Underwriters on the other and the parties' relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it
would not be just and equitable if contribution pursuant to this subsection (e) were determined by pro rata allocation (even if the Underwriters
were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations
referred to above in this subsection (e). The amount paid or payable by an indemnified party as a result of the losses, claims, damages
or liabilities (or actions in respect thereof) referred to above in this subsection (e) shall be deemed to include any legal or other
expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding
the provisions of this subsection (e), no Underwriter shall be required to contribute any amount in excess of the amount by which the
total price at which the Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of
any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation. The obligations of the Underwriters of Securities
in this subsection (e) to contribute are several in proportion to their respective underwriting obligations with respect to such Securities
and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The obligations of the Company under this Section 8 shall be in addition to any liability which the Company
may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls any Underwriter within the
meaning of Section 15 of the 1933 Act; and the obligations of the Underwriters under this Section 8 shall be in addition to any liability
which the respective Underwriters may otherwise have and shall extend, upon the same terms and conditions, to each officer and director
of the Company and to each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act.

9. If one or more of the Underwriters shall fail at the Time of Delivery to purchase the Securities which
it is or they are obligated to purchase under this Agreement and the Pricing Agreement (the "Defaulted Securities"), the Representatives
shall have the right, within 36 hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters, or any other
underwriters, to purchase, or procure purchasers for, all, but not less than all, of the Defaulted Securities in such amounts as may be
agreed upon and upon the terms herein set forth; provided, however, that if the Representatives shall not have completed such arrangements
within such 36-hour period, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the number of Defaulted Securities does not exceed 10% of the Securities which the Underwriters are
obligated to purchase at the Time of Delivery, the non-defaulting Underwriters shall be obligated to purchase the full amount thereof
in the proportions that their respective underwriting obligations under the Pricing Agreement relating to such Securities bear to the
underwriting obligations of all non-defaulting Underwriters, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the number of Defaulted Securities exceeds 10% of the Securities which the Underwriters are obligated
to purchase or procure purchasers for at the Time of Delivery, the Pricing Agreement relating to such Securities shall terminate without
liability on the part of any non-defaulting Underwriter.

No action taken pursuant to this Section 9 shall relieve any defaulting Underwriter from liability in respect of its default.

In the event of any such default which does not result in a termination of the relevant Pricing Agreement, either the Representatives or the Company shall have the right to postpone the Time of Delivery for a period not exceeding seven business days in order to effect any required changes in the Registration Statement or Prospectus or in any other documents or arrangements.

10. All representations, warranties and agreements contained in this Agreement and any Pricing Agreement,
or contained in certificates of officers of the Company submitted pursuant hereto, shall remain operative and in full force and effect,
regardless of any investigation made by or on behalf of any Underwriter or any controlling person, or by or on behalf of the Company,
and shall survive delivery of the Securities to the Underwriters pursuant to this Agreement.

11. (a) The Representatives may terminate this Agreement, immediately upon notice to the Company, at any
time prior to the Time of Delivery (i) if there has been, since the date of the Pricing Agreement or the respective dates as of which
information is given in the Registration Statement, the Disclosure Package and the Prospectus and any amendment or supplement thereto,
except as otherwise set forth or contemplated therein, any material adverse change in the condition, financial or otherwise, or in the
results of operations, of the Company and its subsidiaries considered as one enterprise, or (ii) if there has occurred any outbreak or
escalation of hostilities involving the United States or the United Kingdom or the declaration by the United States or the United Kingdom
of a national emergency or war, or (iii) the occurrence of another calamity or crisis or any change in financial, political or economic
conditions or currency exchange rates or controls in the United States, the United Kingdom or elsewhere, if the effect of any such event
specified in clauses (ii) and (iii) in the judgment of the Representatives (after consultation with the Company if practicable) makes
it impracticable or inadvisable to market the Securities or enforce contracts for the sale of the Securities in the manner contemplated
in the Prospectus, or (iv) if there has occurred a suspension or material limitation in trading in securities generally on the New York
Stock Exchange, London Stock Exchange or any other stock exchange on which the Company's securities are listed, or (v) if there
has occurred a suspension or material limitation in trading the Company's securities on the New York Stock Exchange or the London
Stock Exchange, or (vi) if there has occurred a material adverse change in the financial markets in the United States or in the international
financial markets in the judgment of the Representatives after consultation with the Company, or (vii) if a banking moratorium on commercial
banking activities has been declared by the relevant authorities in New York or London, or a material disruption in commercial banking
or securities settlement or clearance services in the United States or the United Kingdom has occurred, or (viii) if there has occurred
a change or development involving a prospective change in the United States or the United Kingdom taxation which has, or will have, a
material adverse effect on the Company or the Securities or the transfer thereof, or (ix) if there is any lowering of the rating of any
of the Company's debt securities, preference shares, American depositary shares representing preference shares or American depositary
receipts evidencing American depositary shares representing preference shares, or a public announcement that such rating is under surveillance
or review, with possible negative implications, in each case, by Moody's Investors Service, Inc., S&P Global Ratings, Inc. or
Fitch Ratings, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If this Agreement is terminated pursuant to Sections 7, 9 or 11 hereof, such termination shall be without
liability of any party to any other party except as provided in Section 6 or Section 9 hereof. Notwithstanding any such termination, the
provisions of Sections 6, 8, 10 and 14 shall remain in effect.

12. In all dealings hereunder, the Representatives of the Underwriters of the Securities shall act on behalf
of each of such Underwriters, and the parties hereto shall be entitled to act and rely upon any statement, request, notice or agreement
on behalf of any Underwriter made or given by such Representatives jointly or by such of the Representatives, if any, as may be designated
for such purpose in the Pricing Agreement.

All statements, requests, notices and agreements hereunder shall be in writing, and if to the Underwriters shall be delivered or sent by mail, email or facsimile transmission to the address of the Representatives as set forth in the Pricing Agreement; and if to the Company shall be delivered or sent by mail, email or facsimile transmission to the address of the Company set forth in the Registration Statement, Attention: Company Secretary; provided, however, that any notice to an Underwriter pursuant to Section 8(c) hereof shall be delivered or sent by mail, email or facsimile transmission to such Underwriter at its address set forth in its Underwriters' Questionnaire, or email constituting such Questionnaire, which address will be supplied to the Company by the Representatives upon request. Any such statements, requests, notices or agreements shall take effect upon receipt thereof.

13. This Agreement and any Pricing Agreement shall each inure to the benefit of and be binding upon the Underwriters
and the Company and their respective successors. Nothing expressed or mentioned in this Agreement or any Pricing Agreement is intended
or shall be construed to give any person, firm or corporation, other than the Underwriters and the Company and their respective successors
and the controlling persons and officers, directors and authorized representative of the Company referred to in Section 8 and their heirs
and legal representatives, any legal or equitable right, remedy or claim under or in respect of this Agreement or any Pricing Agreement
or any provision herein or therein contained. This Agreement and any Pricing Agreement and all conditions and provisions hereof and thereof
are intended to be for the sole and exclusive benefit of the Underwriters and the Company and their respective successors, and said controlling
persons and officers, directors and authorized representative of the Company and their heirs and legal representatives, and for the benefit
of no other person, firm or corporation. No purchaser of Securities from any Underwriter shall be deemed to be a successor by reason merely
of such purchase.

14. (a) The Company irrevocably consents and agrees, for the benefit of the Underwriters, that any legal
action, suit or proceeding against it with respect to its obligations, liabilities or any other matter arising out of or in connection
with this Agreement or the Pricing Agreement may be brought in the courts of the State of New York or the courts of the United States
of America located in the Borough of Manhattan, The City of New York and hereby irrevocably consents and submits to the non-exclusive
jurisdiction of each such court in personam, generally and unconditionally with respect to any action, suit or proceeding for itself and
in respect of its properties, assets and revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company hereby irrevocably designates, appoints, and empowers the Chief Legal Officer, Lloyds Securities
Inc. and Deputy Chief Legal Officer, North America of Lloyds Bank Corporate Markets plc (or any successor thereto), currently of 1095
Avenue of the Americas, New York, NY 10036, as its designee, appointee and agent to take process, receive and forward process or to be
served with process for and on its behalf of any and all legal process, summons, notices and documents which may be served in any such
action, suit or proceeding brought in any such United States or State court which may be made on such designee, appointee and agent in
accordance with legal procedures prescribed for such courts. If for any reason such designee, appointee and agent hereunder shall cease
to be available to act as such, the Company agrees to designate a new designee, appointee and agent in The City of New York on the terms
and for the purposes of this Section 14 satisfactory to the Representatives. The Company further hereby irrevocably consents and agrees
to the service of any and all legal process, summons, notices and documents out of any of the aforesaid courts in any such action, suit
or proceeding by serving a copy thereof upon the relevant agent for service of process referred to in this Section 14 (whether or not
the appointment of such agent shall for any reason prove to be ineffective or such agent shall accept or acknowledge such service) or
by mailing copies thereof by registered or certified air mail, first class, postage prepaid, to each of them at their respective addresses
specified in or designated pursuant to this Agreement. The Company agrees that the failure of any such designee, appointee and agent to
give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any
action or proceeding based thereon. Nothing herein shall in any way be deemed to limit the ability of any Underwriter to serve any such
legal process, summons, notices and documents in any other manner permitted by applicable law or to obtain jurisdiction over the undersigned
or bring actions, suits or proceedings against the undersigned in any jurisdictions, and in any manner, as may be permitted by applicable
law. The Company hereby irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it may now
or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this
Agreement or the Pricing Agreement brought in the United States federal courts or the courts of the State of New York located in the Borough
of Manhattan, The City of New York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such
court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.

15. Each Underwriter severally and not jointly represents and agrees that: (a) it has only communicated or
caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity
(within the meaning of section 21 of the Financial Services and Markets Act 2000 (as amended, the "**FSMA** ")) received
by it in connection with the issue or sale of any Securities in circumstances in which section 21(1) of the FSMA does not apply to the
Company; and (b) it has complied and will comply with all applicable provisions of the FSMA (and all rules and regulations made pursuant
to the FSMA) with respect to anything done by it in relation to any Securities in, from or otherwise involving the United Kingdom.

16. Each Underwriter severally and not jointly represents and agrees that it has not offered, sold or otherwise
made available and will not offer, sell or otherwise make available any Securities to which this Agreement relates, to any retail investor
in the European Economic Area. For the purposes of this provision, the expression "**retail investor**" means a person
who is one (or [both/more]) of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "**MiFID II** "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify
as a professional client as defined in point (10) of Article 4(1) of MiFID II.

17. Each Underwriter severally and not jointly represents and agrees that it has not offered, sold or otherwise
made available and will not offer, sell or otherwise make available any Securities to which this Agreement relates, to any retail investor
in the United Kingdom. For the purposes of this provision, the expression "retail investor" means a person who is one (or
[both/more]) of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part
of domestic law of the United Kingdom by virtue of the EUWA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the
FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article
2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law of the United Kingdom by virtue of the EUWA.

18. The Company hereby acknowledges that (a) the purchase, or procurement of purchasers of, and sale of the
Securities pursuant to this Agreement is an arm's-length commercial transaction between the Company, on the one hand, and the Underwriters
and any affiliate through which any Underwriter may be acting, on the other, (b) the Underwriters are acting as principal and not as an
agent or fiduciary of the Company and (c) the Company's engagement of the Underwriters in connection with the offering and the process
leading up to the offering is as independent contractors and not in any other capacity. Furthermore, the Company agrees that it is solely
responsible for making its own judgments in connection with the offering (irrespective of whether any of the Underwriters has advised
or is currently advising the Company on related or other matters). The Company agrees that it will not claim that the Underwriters have
rendered advisory services of any nature or respect, or owe an agency, fiduciary or similar duty to the Company, in connection with such
transaction or the process leading thereto.

19. Time shall be of the essence of each Pricing Agreement. As used herein, "**business day** "
shall mean any day when the Commission's office in Washington, D.C. is open for business.

20. This Agreement and each Pricing Agreement shall be governed by and construed in accordance with the laws
of the State of New York without reference to conflict of laws provisions thereof. Specified times of day refer to New York City time.

21. This Agreement may be executed in one or more counterparts and, when a counterpart has been executed by
each party, all such counterparts taken together shall constitute one and the same agreement.

22. Notwithstanding and to the exclusion of any other term of this Agreement, any Pricing Agreement or any
other agreements, arrangements, or understanding between the Company [and/or [•]] ([each, a] [the] "**UK Bail-in Party** ")
and each/any other party (whether or not a UK Bail-in Party) to this Agreement or any Pricing Agreement to whom the [relevant] UK Bail-in
Party owes any UK Bail-in Liability (each a "**Relevant UK Bail-in Counterparty** "), each Relevant UK Bail-in Counterparty
acknowledges and accepts that a UK Bail-in Liability arising under this Agreement or any Pricing Agreement may be subject to the exercise
of UK Bail-in Powers by the relevant UK resolution authority, and acknowledges, accepts, and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the effect of the exercise of UK Bail-in Powers by the relevant UK resolution authority in relation to
any UK Bail-in Liability of the [relevant] UK Bail-in Party to any Relevant UK Bail-in Counterparty under this Agreement or any Pricing
Agreement, that (without limitation) may include and result in any of the following, or some combination thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the reduction of all, or a portion, of the UK Bail-in Liability or outstanding amounts due thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the conversion of all, or a portion, of the UK Bail-in Liability into shares, other securities or other
obligations of the [relevant] UK Bail-in Party or another person, and the issue to or conferral on the (or each) Relevant UK Bail-in Counterparty
of such shares, securities or obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cancellation of the UK Bail-in Liability; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which
any payments are due, including by suspending payment for a temporary period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation of the terms of this Agreement or any Pricing Agreement, as deemed necessary by the relevant
UK resolution authority, to give effect to the exercise of UK Bail-in Powers by the relevant UK resolution authority.

"**UK Bail-in Legislation**" means Part I of the UK Banking Act 2009 and any other law or regulation applicable from time to time in the UK relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

"**UK Bail-in Liability**" means a liability in respect of which the UK Bail-in Powers may be exercised.

"**UK Bail-in Powers**" means the powers under the UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or affiliate of a bank or investment firm, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability.

23. [Notwithstanding and to the exclusion of any other term of this Agreement, any Pricing Agreement or any
other agreements, arrangements, or understanding between [•] [and/or [•]] ([each, an] [the] "**EU BRRD Party** ")
and each/any other party (whether or not a EU BRRD Party) to this Agreement or any Pricing Agreement to whom the [relevant] EU BRRD Party
owes any EU BRRD Liability (each a "**Relevant EU BRRD Counterparty** "), each Relevant EU BRRD Counterparty acknowledges
and accepts that an EU BRRD Liability arising under this Agreement or any Pricing Agreement may be subject to the exercise of EU Bail-in
Powers by the Relevant EU Resolution Authority, and acknowledges, accepts, and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the effect of the exercise of EU Bail-in Powers by the Relevant EU Resolution Authority in
relation to any EU BRRD Liability of the [relevant] EU BRRD Party to any Relevant EU BRRD Counterparty under this Agreement or any Pricing
Agreement, that (without limitation) may include and result in any of the following, or some combination thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the reduction of all, or a portion, of the EU BRRD Liability or outstanding amounts due thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the conversion of all, or a portion, of the EU BRRD Liability into shares, other securities or other obligations
of the [relevant] EU BRRD Party or another person (and the issue to or conferral on the (or each) Relevant EU BRRD Counterparty of such
shares, securities or obligations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cancellation of the EU BRRD Liability; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which
any payments are due, including by suspending payment for a temporary period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation of the terms of this Agreement or any Pricing Agreement, as deemed necessary by the Relevant
EU Resolution Authority, to give effect to the exercise of EU Bail-in Powers by the Relevant EU Resolution Authority.

For the purpose of this Section:

"**EU Bail-in Legislation**" means in relation to a member state of the European Economic Area which has implemented, or which at any time implements, the EU BRRD, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time;

"**EU Bail-In Legislation Schedule**" means the document described as such, then in effect, and published by the Loan Market Association (or any successor person) from time to time at http://www.lma.eu.com/documents-guidelines/eu-bail-legislation-schedule (or any successor webpage);

"**EU Bail-in Powers**" means any Write-down and Conversion Powers in relation to the relevant EU Bail-in Legislation;

"**EU BRRD**" means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms;

"**EU BRRD Liability**" means a liability in respect of which the relevant Write Down and Conversion Powers in the applicable EU Bail-in Legislation may be exercised;

"**Relevant EU Resolution Authority**" means the resolution authority with the ability to exercise any EU Bail-in Powers in relation to an EU BRRD Party;

"**Write-down and Conversion Powers**" has the meaning given to it in the EU Bail-in Legislation Schedule.]

24. Where a resolution measure is taken in relation to any BRRD undertaking or any member of the same group
as that BRRD undertaking and that BRRD undertaking or any member of the same group as that BRRD undertaking is a party to this Agreement
or any Pricing Agreement (any such party to this Agreement or any Pricing Agreement being an "**Affected Party** "), each
other party to this Agreement or any Pricing Agreement agrees that it shall only be entitled to exercise any termination right under this
Agreement and/or any Pricing Agreement against the Affected Party to the extent that it would be entitled to do so under the Special Resolution
Regime if this Agreement and/or any Pricing Agreement were governed by the laws of any part of the United Kingdom.

For the purpose of this Section 24, "resolution measure" means a "crisis prevention measure," "crisis management measure" or "recognised third-country resolution action," each with the meaning given in the "PRA Rulebook: CRR Firms and Non-Authorised Persons: Stay in Resolution Instrument 2015", as may be amended from time to time (the "**PRA Contractual Stay Rules**"), provided, however, that "crisis prevention measure" shall be interpreted in the manner outlined in Rule 2.3 of the PRA Contractual Stay Rules; "BRRD undertaking", "group", "Special Resolution Regime" and "termination right" have the respective meanings given in the PRA Contractual Stay Rules.

25. (a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under
a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this
Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement,
and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Underwriter that is a Covered Entity or a Covered Affiliate of such Underwriter
becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against
such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special
Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

"**Covered Affiliate**" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

"**Covered Entity**" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R.
§ 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R.
§ 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R.
§ 382.2(b).

"**Default Right**" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"**U.S. Special Resolution Regime**" means each of (i) the U.S. Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

26. [Solely for the purposes of the requirements of Article 9(8) of the MiFID Product Governance rules under
EU Delegated Directive 2017/593 (the "**MiFID Product Governance Rules**") regarding the mutual responsibilities of manufacturers
under the MiFID Product Governance Rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [each of] [•] ([each an / the] "**EU Manufacturer**" [and together, the "**EU Manufacturers** "]) acknowledges [to each other EU Manufacturer] that it understands the responsibilities conferred upon it under
the MiFID Product Governance Rules relating to each of the product approval process, the target market and the proposed distribution channels
as applying to the Securities and the related information set out in the Registration Statement (or any amendment thereto), the Prospectus
and/or any related preliminary prospectus (or any amendment or supplement thereto) in connection with the Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the other parties to this Agreement note the application of the MiFID Product Governance Rules and acknowledge
the target market and distribution channels identified as applying to the Securities by the EU Manufacturer[s] and the related information
set out in the Registration Statement (or any amendment thereto), the Prospectus and/or any related preliminary prospectus (or any amendment
or supplement thereto) in connection with the Securities.]

27. [Solely for the purposes of the requirements of 3.2.7R of the FCA Handbook Product Intervention and Product
Governance Sourcebook (the "**UK MiFIR Product Governance Rules**") regarding the mutual responsibilities of manufacturers
under the UK MiFIR Product Governance Rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [each of] [•] ([each a/the] "**UK Manufacturer**" [and together the "**UK Manufacturers** "])
acknowledges [to each other UK Manufacturer] that it understands the responsibilities conferred upon it under the UK MiFIR Product Governance
Rules relating to each of the product approval process, the target market and the proposed distribution channels as applying to the Securities
and the related information set out in the in the Registration Statement (or any amendment thereto), the Prospectus and/or any related
preliminary prospectus (or any amendment or supplement thereto) in connection with the Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the other parties to this Agreement note the application of the UK MiFIR Product Governance Rules and
acknowledge the target market and distribution channels identified as applying to the Securities by the UK Manufacturer[s] and the related
information set out in the Registration Statement (or any amendment thereto), the Prospectus and/or any related preliminary prospectus
(or any amendment or supplement thereto) in connection with the Securities.]

[*The rest of this page is intentionally left blank*.]

If the foregoing is in accordance with your understanding, please sign and return to us, including counterparts hereof.

Very truly yours,

---

| | |
|:---|:---|
| Lloyds Banking Group plc | Lloyds Banking Group plc |
| By: |  |
|  | Name: |
|  | Title: |

---

[*The rest of this page is intentionally left blank.*]

Accepted as of the date hereof:

---

| | |
|:---|:---|
| [*Names of Representatives*] | [*Names of Representatives*] |
| By: |  |
|  | Name: |
|  | Title: |

---

For themselves and as Representatives of the several Underwriters

**ANNEX I**

**Pricing Agreement**

[Names of Representatives]<br> [As Representatives of the several<br> Underwriters named in Schedule I hereto,]

**[Date]**

Ladies and Gentlemen:

Lloyds Banking Group plc, a public limited company incorporated under the laws of Scotland, and registered in, Scotland (the "**Company**"), proposes, subject to the terms and conditions stated herein and in the Underwriting Agreement, dated [·] (the "**Underwriting Agreement**"), between the Company and the several Underwriters signatories thereto, to issue and sell to the Underwriters named in Schedule I hereto (the "**Underwriters**"), or to purchasers procured by them, the securities specified in Schedule II hereto (the "**Securities**"). Each of the provisions of the Underwriting Agreement is incorporated herein by reference in its entirety, and shall be deemed to be a part of this Agreement to the same extent as if such provisions had been set forth in full herein; and each of the representations and warranties set forth therein shall be deemed to have been made at and as of the date of this Pricing Agreement, except that each representation and warranty which refers to the Disclosure Package and/or the Prospectus in Section 2 of the Underwriting Agreement shall be deemed to be a representation or warranty as of the date of the Underwriting Agreement in relation to the Disclosure Package and/or the Prospectus (each as therein defined), as the case may be, and also a representation and warranty as of the date of this Pricing Agreement in relation to the Disclosure Package and/or the Prospectus (as amended or supplemented), as the case may be, relating to the Securities which are the subject of this Pricing Agreement. Each reference to the Representatives herein and in the provisions of the Underwriting Agreement so incorporated by reference shall be deemed to refer to you. Unless otherwise defined herein, terms defined in the Underwriting Agreement are used herein as therein defined. The Representatives designated to act on behalf of the Underwriters of the Securities pursuant to Section 12 of the Underwriting Agreement and the address of the Representatives referred to in such Section 12 are set forth at the end of Schedule II hereto.

An amendment to the Registration Statement, or a supplement to the Prospectus, as the case may be, relating to the Securities, in the form heretofore delivered to you is now proposed to be filed with the Commission.

Subject to the terms and conditions set forth herein (including Schedules I and II hereto) and in the Underwriting Agreement incorporated herein by reference, the Company agrees to issue and sell to each of the Underwriters, or to purchasers procured by them, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, or to procure purchasers to purchase from the Company, at the Purchase Price at the Time of Delivery (each as defined in Schedule II hereto), the principal amount of Securities set forth opposite the name of such Underwriter in Schedule I hereto.

If the foregoing is in accordance with your understanding, please sign and return to us, including counterparts hereof, and upon acceptance hereof by you, on behalf of each of the Underwriters, this letter and such acceptance hereof, including the provisions of the Underwriting Agreement incorporated herein by reference, shall constitute a binding agreement between each of the Underwriters and the Company. It is understood that your acceptance of this letter on behalf of each of the Underwriters is or will be pursuant to the authority set forth in a form of Agreement among Underwriters, the form of which shall be submitted to the Company for examination upon request, but without warranty on the part of the Representatives as to the authority of the signers thereof.

[*The rest of this page is intentionally left blank*.]

Very truly yours,

---

| | |
|:---|:---|
| Lloyds Banking Group plc | Lloyds Banking Group plc |
| By: |  |
|  | Name: |
|  | Title: |

---

[*The rest of this page is intentionally left blank*.]

Accepted as of the date hereof:

---

| | |
|:---|:---|
| [Names of Representatives] | [Names of Representatives] |
| By: |  |
|  | Name: |
|  | Title: |

---

For themselves and as Representatives of the several Underwriters

**Schedule 1**

---

| | | |
|:---|:---|:---|
|  |  | Principal Amount of<br> Securities to be Purchased |
| [*Names of Representative*s] |  | [·] |
| [*Names of other Underwriters*] |  | [·] |
|  | Total | [·] |

---

**Schedule 2**

*Capitalized terms used herein, unless otherwise stated, shall have the meaning set forth in the Underwriting Agreement.*

---

| | |
|:---|:---|
| **Title of Securities:** | [%] [Subordinated Debt Securities] due [·] |
| **Aggregate Principal Amount:** | $[·] principal amount of the Securities |
| **Price To Public:** | [·]% of the principal amount of the Securities |
| **Purchase Price By Underwriters:** | [·]% of the principal amount of the Securities |
| **Underwriting Commission:** | [·]% |
| **Form of Securities:** | Book-entry only form represented by one or more global securities deposited with a custodian for DTC, Euroclear Bank SA/NV and Clearstream Banking S.A., as the case may be. |
| **Specified Funds for Payment of Purchase Price:** | Wire transfer of immediately available funds |
| **Time of Delivery:** | [·] [a.m./p.m.] (New York time), [·] |
| **Applicable Time:** | [·] [a.m./p.m.] (New York time), [·] |
| **Indenture:** | Indenture dated as of [·] between the Company and The Bank of New York Mellon, as Trustee, as supplemented by [a]/[an] [·] supplemental indenture to be dated [·] (together, the "**Indenture**"). |
| **Issue Date:** | [·] |
| **Maturity:** | [·] |
| **Interest Rate:** | [·]% |
| **Interest Payment Dates:** | Interest will be paid on the Securities on [·] and [·] of each year, commencing [·]. |
| **Interest Record Dates:** | Interest will be paid on the Securities to holders of record of each Security in respect of the principal amount thereof outstanding as at [· ] and [·]] of each year immediately preceding the Interest Payment Dates on [[·] and [·]], respectively. |

---

---

| | |
|:---|:---|
| **Redemption Provisions:** | The Securities may be redeemed as described in the Prospectus. |
| **Sinking Fund Provisions:** | No sinking fund provisions. |
| **Closing Location for Delivery of Securities:** | Offices of Davis Polk & Wardwell London LLP, 5 Aldermanbury Square, London EC2V 7HR, United Kingdom |
| **Names and Addresses of Representatives:** | Designated Representatives: [·] |
|  | Addresses for Notices: [·] |
| **Identifying Information:** | CUSIP: [·]<br>ISIN: [·]<br>|
| **Stock Exchange Listing:** | [The New York Stock Exchange] |
| **Other Terms:** | The Securities will have additional terms as more fully described in the Disclosure Package and the Prospectus. |

---

**ANNEX II**

***Issuer Free Writing Prospectuses Included in Disclosure Package***

**ANNEX III**

**FORM OF OPINION OF<br> DAVIS POLK & WARDWELL LONDON LLP, U.S. COUNSEL<br> FOR THE COMPANY<br> [*TO BE PROVIDED*]**

**FORM OF DISCLOSURE LETTER OF<br> DAVIS POLK & WARDWELL LONDON LLP, U.S. COUNSEL<br> FOR THE COMPANY<br> [*TO BE PROVIDED*]**

**ANNEX IV**

**FORM OF OPINION OF<br> DAVIS POLK & WARDWELL LONDON LLP, U.K. TAX COUNSEL<br> FOR THE COMPANY<br> [*TO BE PROVIDED*]**

**ANNEX V**

**FORM OF OPINION OF CMS CAMERON MCKENNA NABARRO<br> OLSWANG LLP, SCOTTISH COUNSEL FOR THE COMPANY<br> [*TO BE PROVIDED*]**

**ANNEX VI**

**FORM OF OPINION OF<br> ALLEN OVERY SHEARMAN STERLING LLP,<br> U.S. COUNSEL FOR THE UNDERWRITERS<br> [*TO BE PROVIDED*]**

**FORM OF DISCLOSURE LETTER OF<br> ALLEN OVERY SHEARMAN STERLING LLP,<br> U.S. COUNSEL FOR THE UNDERWRITERS<br> [TO BE PROVIDED]**

**ANNEX VII**

**THE [NON-]U.S. SELLING AGENTS OF THE UNDERWRITERS<br> [*TO BE PROVIDED*]**

## Exhibit 1.3

**Exhibit 1.3**

**LLOYDS BANKING GROUP PLC<br> (a public limited company incorporated under the laws of<br> Scotland and registered in Scotland)<br> CAPITAL SECURITIES<br> UNDERWRITING AGREEMENT**

DATED: [·]

**LLOYDS BANKING GROUP plc<br> Form of Underwriting Agreement**

[Names of Representatives]<br> [Addresses of Representatives]

As Representatives of the several Underwriters<br> named in Schedule I to the Pricing Agreement (as defined below)

**[$][£][·]<br> [%] Capital Securities due [·]**

**[Date]**

Ladies and Gentlemen:

From time to time Lloyds Banking Group plc, a public limited company incorporated and registered in Scotland, United Kingdom (the "**Company**"), proposes to enter into one or more Pricing Agreements (each a "**Pricing Agreement**") in the form of Annex I hereto, with such additions and deletions as the parties thereto may determine, and, subject to the terms and conditions stated herein and therein, to issue and sell to the several firms named in Schedule I to the applicable Pricing Agreement (such firms constituting the "**Underwriters**" with respect to such Pricing Agreement and the securities specified therein), or to purchasers procured by them, certain of the Company's capital securities specified in Schedule II to such Pricing Agreement (with respect to such Pricing Agreement, the "**Securities**") and convertible in accordance with their terms into the ordinary shares of the Company (the "**Conversion Securities**").

The terms of, and rights attached to, any particular issuance of Securities shall be as specified in the Pricing Agreement relating thereto and in or pursuant to a capital securities indenture (as may be amended and supplemented from time to time, the "**Indenture**") between the Company and The Bank of New York Mellon, as trustee ("**Trustee**"). The offering of the Securities will be governed by this Agreement, as supplemented by the Pricing Agreement. From and after the date of the execution and delivery of the Pricing Agreement, this Agreement shall be deemed to incorporate the Pricing Agreement.

1. Particular sales of the Securities may be made from time to time to the Underwriters of such Securities,
or to purchasers procured by them, for whom the firms designated as representatives of the Underwriters of such Securities in the Pricing
Agreement relating thereto will act as representatives (the "**Representatives** "). The term "**Representatives** "
also refers to a single firm acting as sole representative of the Underwriters and to an Underwriter or Underwriters who act without any
firm being designated as its or their representatives. This Agreement shall not be construed as an obligation of the Company to sell any
of the Securities or as an obligation of any of the Underwriters to purchase, or procure purchasers for, the Securities. The obligation
of the Company to issue and sell any of the Securities and the obligation of any of the Underwriters to purchase, or procure purchasers
for, any of the Securities shall be evidenced by the Pricing Agreement with respect to the Securities specified therein. Each Pricing
Agreement shall specify the aggregate principal amount of such Securities, any option to purchase additional Securities, the initial public
offering price of such Securities, [•]% of the principal amount of the Securities (the "Purchase Price") to the Underwriters
of such Securities, the names of the Underwriters of such Securities, the names of the Representatives of such Underwriters and the principal
amount of such Securities to be purchased by each Underwriter, or by purchasers procured by such Underwriter, and shall set forth the
date, time and manner of delivery of such Securities and payment therefor. The Pricing Agreement shall also specify (to the extent not
set forth in the Indenture and the Registration Statement (as defined below), the Disclosure Package (as defined below) and prospectus
with respect thereto) the terms of such Securities. A Pricing Agreement shall be executed in writing (and may be in counterparts), and
may be evidenced by an exchange of facsimile communications or any other rapid transmission device designed to produce a written record
of communications transmitted. The obligations of the Underwriters under this Agreement and each Pricing Agreement shall be several and
not joint.

The Company has prepared and filed with the Securities and Exchange Commission (the "**Commission**") an "automatic shelf registration statement" as defined under Rule 405 under the U.S. Securities Act of 1933, as amended (the "**1933 Act**") on Form F-3 (No. 333-[ ]), including any post-effective amendment thereto required to be filed by the Commission, and related preliminary prospectus for the registration of, among other securities, certain debt securities of the Company, including the Securities and the Conversion Securities, in accordance with the provisions of the 1933 Act, and the rules and regulations of the Commission thereunder (the "**1933 Act Regulations**").

The registration statement on Form F-3, as amended to the date on which it became effective prior to the date of this Agreement (including any prospectus supplement relating to the Securities and any other information, if any, deemed to be part of such registration statement pursuant to Rule 430B of the 1933 Act Regulations), and the prospectus constituting a part thereof (including in each case all documents, if any, incorporated by reference therein to such date) are hereinafter referred to as the "**Registration Statement**" and the "**Prospectus**", respectively, *except that* (i) if any revised prospectus or prospectus supplement shall be provided to the Underwriters by the Company for use in connection with the offering of the Securities which differs from the Prospectus on file at the Commission at the time the Registration Statement became effective (whether or not such revised prospectus is required to be filed by the Company pursuant to Rule 424(b) of the 1933 Act Regulations) the term "**Prospectus**" shall refer to such revised prospectus or include such prospectus supplement, as the case may be, from and after the time such revised prospectus or prospectus supplement is first provided to the Underwriters for such use, and (ii) if the Company files any documents pursuant to Section 13, 14 or 15 of the U.S. Securities Exchange Act of 1934, as amended (the "**1934 Act**"), after the Registration Statement became effective and prior to the termination of the offering of the Securities by the Underwriters, which documents are deemed to be or, in the case of a Report on Form 6-K, are designated as being incorporated by reference into the Prospectus pursuant to Form F-3 under the 1933 Act Regulations, the term "**Prospectus**" shall refer to said prospectus as modified to include the documents so filed from and after the time said documents are filed with or furnished to the Commission. The term "**Preliminary Prospectus**" means any preliminary form of the Prospectus (including any preliminary prospectus supplement), which is used prior to the filing of the Prospectus and first filed with the Commission pursuant to Rule 424(b) of the 1933 Act Regulations. The term "**Free Writing Prospectus**" has the meaning set forth in Rule 405 of the 1933 Act Regulations. The term "**Issuer Free Writing Prospectus**" means (i) any material that satisfies the conditions set forth in Rule 433 of the 1933 Act Regulations and (ii) any roadshow presentation, including any Bloomberg roadshow presentation. The term "**Disclosure Package**" means (i) the Preliminary Prospectus, if any, and otherwise the Prospectus, (ii) any Issuer Free Writing Prospectuses identified in Annex II hereto, (iii) the final term sheet prepared and filed pursuant to Section 5(d) of this Agreement (the "**Term Sheet**") and (iv) any other Free Writing Prospectus that the parties hereto shall hereafter expressly agree in writing to treat as part of the Disclosure Package.

"**Applicable Time**" means the time specified in the Pricing Agreement on the date hereof or such other time as agreed by the Company and the Representatives.

2. The Company represents and warrants to, and agrees with, each of the Underwriters as of the date hereof,
as of the Applicable Time, and as of the Time of Delivery referred to in Section 4 hereof that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An "automatic shelf registration statement" (as defined in Rule 405 under the 1933 Act) on
Form F-3 in respect of the Securities and the Conversion Securities (File No. 333-[ ]),
and any post-effective amendment thereto, (i) has been prepared by the Company in conformity with the requirements of the 1933 Act Regulations,
(ii) has been filed with the Commission under the 1933 Act not earlier than the date that is three years prior to the Time of Delivery
(as defined in Section 4 hereof) and (iii) upon its filing with the Commission, automatically became and is effective under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Commission has not issued any order preventing or suspending the effectiveness of the Registration
Statement or any part thereof or preventing or suspending the use of any Preliminary Prospectus, Disclosure Package, Issuer Free Writing
Prospectus or the Prospectus; and no proceeding for any such purpose or pursuant to Section 8A of the 1933 Act against the Company or
related to the offering has been, to the Company's knowledge, instituted or threatened by the Commission. The Commission has not
issued any order directed to any document incorporated by reference in the most recent Preliminary Prospectus, if any, or the Prospectus,
and, to the Company's knowledge, no proceeding has been instituted or threatened by the Commission with respect to any document
incorporated by reference in the most recent Preliminary Prospectus, if any, or the Prospectus. The Commission has not notified the Company
of any objection to the use of such Registration Statement or any post-effective amendment thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has been, and continues to be, a "well-known seasoned issuer" (as defined in Rule
405 of the 1933 Act Regulations) and has not been, and continues not to be, an "ineligible issuer" (as defined in Rule 405
of the 1933 Act Regulations), in each case at all times relevant under the 1933 Act in connection with the offering of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registration Statement conformed on the date on which it became effective and conforms, and any amendment
to the Registration Statement filed after the date hereof will conform, in all material respects to the requirements of the 1933 Act and
the 1933 Act Regulations. The most recent Preliminary Prospectus, if any, conforms, and the Prospectus, and any amendment or supplement
thereto, will conform, in all material respects to the requirements of the 1933 Act and the 1933 Act Regulations when they become effective
or are filed with the Commission. The documents incorporated by reference in the Registration Statement, the Disclosure Package, and the
most recent Preliminary Prospectus, if any, or Prospectus, when they became effective or were filed with the Commission, as the case may
be, conformed in all material respects, to the requirements of the 1933 Act, the 1934 Act or with the Trust Indenture Act (as defined
below), as applicable, and the 1933 Act Regulations, and any further documents so filed and incorporated by reference in the Prospectus
or any further amendment or supplement thereto, when such documents become effective or are filed with the Commission, as the case may
be, will conform, in all material respects to the requirements of the 1933 Act or the 1934 Act, as applicable, and the 1933 Act Regulations; *provided, however*, that the representations and warranties in this subsection shall not apply to that part of the Registration
Statement that constitutes the Statement of Eligibility (the "**Form T-1**") under the U.S. Trust Indenture Act of 1939,
as amended (the "**Trust Indenture Act** "), of the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Registration Statement did not, as of the date on which it became effective, contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; *provided, however,* that no representation or warranty is made as to information contained in or omitted from the Registration Statement
in reliance upon and in conformity with written information furnished to the Company through the Representatives by or on behalf of any
Underwriter specifically for inclusion therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each of (a) the Disclosure Package and (b) any Issuer Free Writing Prospectus (not included in Annex II)
together with the Disclosure Package did not, as of either the Applicable Time or the Time of Delivery (as defined in Section 4), contain
any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; *provided, however,* that no representation or warranty is made
as to information contained in or omitted from the Disclosure Package in reliance upon and in conformity with written information furnished
to the Company through the Representatives by or on behalf of any Underwriter specifically for inclusion therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Prospectus, and any amendment or supplement thereto, will not, as of its date and at the Time of Delivery
(as defined in Section 4), contain any untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading; *provided, however,* that no
representation or warranty is made as to information contained in or omitted from the Prospectus in reliance upon and in conformity with
written information furnished to the Company through the Representatives by or on behalf of any Underwriter specifically for inclusion
therein; *provided, further* that the representations and warranties in this subsection shall not apply to the Form T-1 of the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The audited consolidated financial statements (in conjunction with the notes thereto) of the Company included
in the Disclosure Package and Prospectus present fairly, in all material respects, the financial position of the Company and its subsidiary
undertakings for the periods specified. The audited consolidated annual financial statements of the Company for the financial years ended
December 31, [•], [•] and [•], and the results of their operations and cash flows for each of the three years ended December
31, [•], [•] and [•] were prepared in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Since the respective dates as of which information is given in the Registration Statement, the Disclosure
Package and the Prospectus, except as otherwise set forth or contemplated therein, there has been no material adverse change in the condition,
financial or otherwise, or in the results of operations of the Company and its subsidiaries considered as one enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Company (A) has been duly incorporated in Scotland and is validly registered under the laws of Scotland;
(B) has the requisite corporate power and authority to execute and deliver this Agreement and the Pricing Agreement and had the requisite
corporate power and authority to execute and deliver the Indenture and to issue the Securities and, in each case, to perform its obligations
hereunder and thereunder; (C) has the corporate power and authority to conduct its business through its subsidiaries as described in the
Disclosure Package and the Prospectus; and (D) has duly authorized, executed and delivered this Agreement and the Pricing Agreement, and
this Agreement and the Pricing Agreement constitute the valid and legally binding agreement of the Company, enforceable in accordance
with their terms, except as rights to indemnity or contribution may be limited by applicable law and subject as to enforcement to bankruptcy,
insolvency, reorganization and other laws of general applicability relating to or affecting creditors' rights generally and to general
equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Indenture has been duly qualified under the Trust Indenture Act and duly authorized, executed and
delivered by the Company and, assuming due authorization, execution and delivery by the Trustee, constitutes a valid and legally binding
obligation of the Company, enforceable in accordance with its terms, subject as to enforcement to bankruptcy, insolvency, reorganization
and other laws of general applicability relating to or affecting creditors' rights generally and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The forms of the Securities have been duly authorized and established in conformity with the provisions
of the Indenture and, when the Securities have been executed and authenticated in accordance with the provisions of the Indenture and
delivered to and duly paid for by the purchasers thereof, the Securities will be entitled to the benefits of the Indenture and will be
valid and binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, reorganization
and other laws of general applicability relating to or affecting creditors' rights generally and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Indenture and the Securities will conform in all material respects to the descriptions thereof contained
in the Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Company had, at the date indicated, the duly allotted and issued share capital as set forth in the
condensed consolidated statement of changes in shareholders' equity included or incorporated by reference in the Disclosure Package
and the Prospectus; all of the issued share capital of the Company has been duly and validly allotted and issued and is fully paid and
non-assessable; and the Conversion Securities will conform, when issued, in all material respects to the descriptions thereof contained
in the Disclosure Package and the Prospectus, as amended or supplemented to such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Company has taken all necessary action to approve and authorize the issue of the Conversion Securities
upon conversion of the Securities, and, when issued upon the conversion of the Securities in accordance with the terms of the Indenture,
the Conversion Securities shall be duly and validly authorized, issued and fully paid and will not be subject to calls for further funds
or preemptive rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) All consents, approvals, authorizations, orders and decrees of any court or governmental agency or body
of the United States or the United Kingdom having jurisdiction over the Company required for the consummation by the Company of the transactions
contemplated by this Agreement or the Pricing Agreement [or to permit the Company to effect interest payments in U.S. dollars on the Securities
in accordance with the terms of the Indenture] have been obtained and are in full force and effect, except as may be required by U.S.
state securities laws (the "**Blue Sky laws** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The execution, delivery and performance of this Agreement, the Pricing Agreement and the Indenture, the
issuance, authentication, sale and delivery of the Securities, the issuance of the Conversion Securities upon the conversion of the Securities
and the compliance by the Company with the respective terms thereof, and the consummation of the transactions contemplated hereby and
thereby, will not conflict with or result in a breach under any agreement or instrument to which the Company is a party or by which the
Company is bound that is material to the Company and its subsidiaries, taken as a whole, nor will such action result in any violation
of (1) the provisions of the Memorandum and Articles of Association of the Company or (2) any statute or any order, filing, rule or regulation
of any United States, English or Scottish court or governmental agency or regulatory body having jurisdiction over the Company except
for any such violation in (2) above that would not, individually or in the aggregate, have a material adverse effect on the condition,
financial or otherwise, or on the results of operations or the business of the Company and its subsidiaries considered as one enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Company is not, and after giving effect to the offer and sales of the Securities and application of
the proceeds thereof as described in the Prospectus and the Disclosure Package, will not be, required to register as an "investment
company," as defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) There is no action, suit, proceeding, inquiry or investigation before or brought by any court or governmental
agency or body, domestic or foreign, now pending, or, to the knowledge of the Company, threatened against or affecting the Company or
any subsidiary, which is required to be disclosed in the Disclosure Package and Prospectus (other than as disclosed therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The consolidated capitalization of the Company and its subsidiaries set forth in the Disclosure Package
and Prospectus is true and correct as of the dates specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Deloitte LLP, an independent registered public accounting firm (the "**Independent Accountants** "),
who have audited the consolidated financial statements of the Company and its subsidiaries as of and for each of the years ended December
31, [•], [•] and [•] included or incorporated by reference in the Registration Statement, the Disclosure Package and the
Prospectus, were at the time of auditing such financial statements, independent public accountants as required by the 1933 Act and the
1933 Act Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company has an effective system of internal controls over financial reporting so as to satisfy the
requirements of section 404 of the U.S. Sarbanes Oxley Act of 2002 on the basis set forth in the Company's most recent annual report
filed on Form 20-F, and to otherwise provide reasonable assurances that (i) transactions are executed in accordance with management's
general or specific authorization, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with IFRS (as adopted by the European Union and the United Kingdom) and to maintain accountability for assets, (iii) access to assets
is permitted only in accordance with management's general or specific authorization and (iv) the recorded accountability for assets
is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) [Except as disclosed in the Disclosure Package and the Prospectus,] [T]/[t]he Company has not during the
past five years, had any (i) material weaknesses in their internal controls over financial reporting (whether or not remediated) or (ii)
changes in its internal controls over financial reporting that has materially adversely affected, or would be reasonably likely to materially
adversely affect, its internal controls over financial reporting. The Company has not had during the past five years, any fraud that involves
any current member of management of the Company and no material fraud that involves any employee of the Company or (so far as the Company
is aware) of any subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) None of the Company or, to the knowledge of the Company, any director, officer, agent, employee or affiliate
of the Company is currently subject to any sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the
Treasury ()"**OFAC**") or any similar sanctions imposed by the European Union, the United Kingdom, the United Nations or
any other governmental authority, to which the Company or any of its affiliates is subject (collectively, the "**Sanctions** ");
and the Securities are not being issued for the purpose of funding any operations in, financing any investment or activities in or making
any payments to any country or to any person in contravention of prevailing Sanctions, *provided* that this sub-clause shall not
apply to the extent that it would result in a breach and/or violation of, or a conflict with, (i) EU Regulation (EC) 2271/96 of 22 November
1996 as amended from time to time and/or any associated and applicable national law, instrument or regulation or (ii) EU Regulation (EC)
2271/96 as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended from
time to time ()"**EUWA** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) [Except as disclosed in the Disclosure Package and the Prospectus,] [N]/[n]either the Company nor any
of its subsidiaries or, to the knowledge of the Company and each of its subsidiaries, any director, officer, agent, employee or other
person associated with or acting on behalf of the Company or any of its subsidiaries, is aware of or has taken any action, directly or
indirectly, that could result in a violation by such persons of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or the rules
and regulations thereunder (the "**FCPA**") (including, without limitation, making use of the mail or any means or instrument
of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or
other property, gift, promise to give, or authorization of the giving of anything of value to any "foreign official" (as such
term is defined in the FCPA) or any foreign political office, in contravention of the FCPA), the UK Bribery Act 2010 or any similar law
or regulation, to which the Company, any subsidiary thereof, any director, officer, agent, employee of the Company or any subsidiary thereof
may be subject. The Company and each subsidiary thereof have conducted their businesses in compliance with the FCPA, the UK Bribery Act
2010 and any applicable similar law or regulation and have instituted and maintain policies and procedures designed to ensure, and which
are reasonably expected to continue to ensure, continued compliance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) The operations of the Company and its subsidiaries are and have been conducted at all times in material
compliance with the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules,
regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "**Money Laundering Laws** ")
and[, except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus,] no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company and its subsidiaries with respect
to the Money Laundering Laws is pending or, to the best knowledge of the Company or its subsidiaries, threatened, except in each case
where such action, suit or proceeding would not result in a material adverse change in the condition, financial or otherwise, or in the
results of operations of the Company and its subsidiaries considered as one enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) The Company has made a valid election in respect of the Securities in accordance with the provisions of
Section 475C of the Corporation Tax Act 2009, which will take effect on or before the Time of Delivery.

3. Upon the execution of the Pricing Agreement applicable to any Securities and authorization by the Representatives
of the release of such Securities, the Underwriters, acting severally and not jointly, propose to offer such Securities for sale upon
the terms and conditions set forth in the Prospectus (as amended or supplemented).

4. The Securities to be purchased by each Underwriter and/or by purchasers procured by such Underwriter pursuant
to the Pricing Agreement relating thereto, in the form specified in such Pricing Agreement, and registered in such names as the Representatives
may request upon at least forty-eight hours' prior notice to the Company, shall be delivered by or on behalf of the Company to the
Representatives for the account of such Underwriters, against payment by the Underwriters, or by the Representatives on behalf of the
Underwriters, of the Purchase Price therefor by wire transfer of immediately available funds to an account designated by the Company in
accordance with the Pricing Agreement, all in the manner and at the place and time and date specified in such Pricing Agreement or at
such other place and time and date as the Representatives and the Company may agree upon in writing, such time and date being herein called
the "**Time of Delivery**" for such Securities.

[Without prejudice to the above, [•] or such other Underwriter as the Company may direct to settle the Securities (the "**Settlement Bank**") acknowledges that the Securities represented by the global security will initially be credited to an account (the "**Commissionaire Account**") for the benefit of the Settlement Bank, the terms of which include a third-party beneficiary clause ('*stipulation pour autrui*') with the Company as the third-party beneficiary and provide that such Securities are to be delivered to others only against payment of the Purchase Price into the Commissionaire Account on a delivery against payment basis.

The Settlement Bank acknowledges that (i) the Securities represented by the global security shall be held to the order of the Company as set out above and (ii) the Purchase Price monies received in the Commissionaire Account will be held on behalf of the Company until such time as they are transferred to the Company's order. The Settlement Bank undertakes that the Purchase Price will be transferred to the Company's order promptly following receipt of such monies in the Commissionaire Account. The Company acknowledges and accepts the benefit of the third-party beneficiary clause ('*stipulation pour autrui*') pursuant to the Belgian or Luxembourg Civil Code, as applicable, in respect of the Commissionaire Account.]

5. The Company agrees with each of the Underwriters of any Securities that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will notify the Representatives promptly on becoming aware of (i) any request by the Commission
for any amendment to the Registration Statement or any amendment or supplement to the Disclosure Package or the Prospectus or for additional
information relating to the Registration Statement, the Disclosure Package, the Prospectus, the offering of the Securities or the issuance
of the Conversion Securities upon the conversion of the Securities, and (ii) the issuance by the Commission of any stop order suspending
the effectiveness of the Registration Statement or suspending or preventing the use of any Preliminary Prospectus, if any, Disclosure
Package, the Prospectus or the initiation of any proceedings for such purpose or the issuance by the Commission of any notice of objection
to the use of the Registration Statement or any post-effective amendment thereto or any request by the Commission for the amending or
supplementing of the Registration Statement, the Prospectus, the Disclosure Package or any Free Writing Prospectus. The Company will make
every reasonable effort to prevent the issuance of any such stop order and, if any stop order or notice of objection is issued, to obtain
the lifting thereof at the earliest possible moment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time prior to the Time of Delivery, any event occurs as a result of which the Disclosure Package
would then include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, the Company will (i) promptly notify the Representatives
so that any use of the Disclosure Package may cease until it is amended or supplemented; (ii) amend or supplement the Disclosure Package
to correct such statement or omission; (iii) file such amendment or supplement with the Commission; and (iv) supply any such amendment
or supplement to the Underwriters in such quantities as they may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company will, for so long as the delivery of a prospectus is required in connection with the offering
or sale of the Securities (including in circumstances where such requirement may be satisfied pursuant to Rule 172 or Rule 173(a) of the
1933 Act Regulations), file promptly all reports required to be filed by the Company with the Commission pursuant to Section 13(a), 13(c)
or 15(d) of the 1934 Act and will give the Representatives notice of its intention to file any amendment to the Registration Statement
or any amendment or supplement to the Disclosure Package or the Prospectus (including any prospectus which the Company proposes for use
by the Underwriters in connection with the offering of the Securities which differs from the Prospectus, whether or not such revised prospectus
is required to be filed pursuant to Rule 424(b) of the 1933 Act Regulations) and, if and to the extent reasonably practicable, will furnish
the Representatives with copies of any such amendment or supplement a reasonable amount of time prior to such proposed filing or use,
as the case may be, and will not file any such amendment or supplement or use any such prospectus without prior consultation with the
Representatives, if such prior consultation is reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company will prepare the Term Sheet, containing solely a description of the final terms of the Securities
and the offering thereof, in a form approved by the Representatives and will file the Term Sheet not later than the time required by Rule
433(d) of the 1933 Act Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company will prepare the Prospectus in relation to the Securities and file such Prospectus pursuant
to Rule 424(b) of the 1933 Act Regulations not later than the time required by Rule 424(b) of the 1933 Act Regulations following the execution
and delivery of the Pricing Agreement relating to the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If required by Rule 430B(h) of the 1933 Act Regulations, the Company will prepare a prospectus and file
such prospectus pursuant to Rule 424(b) of the 1933 Act Regulations not later than may be required by such Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company will deliver to each Representative a conformed copy of the Registration Statement, as originally
filed, and of each amendment thereto (including exhibits and documents filed therewith or incorporated by reference, as the case may be,
into the Registration Statement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company will furnish the Underwriters with copies of the Preliminary Prospectus, if any, the Prospectus
and each Issuer Free Writing Prospectus (including, in each case, any supplement thereto) in such quantities as the Representatives may
from time to time reasonably request, and will use all reasonable efforts to make the initial delivery of the Prospectus by no later than
9:00 a.m. (New York time) on the second business day prior to the Time of Delivery and, if the delivery of a Prospectus (or in lieu thereof,
the notice referred to in Rule 173(a) under the 1933 Act) is required at any time prior to the expiration of nine months after the time
of issue of the Prospectus in connection with the offering and sale of the Securities and if at such time any event shall have occurred
as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state
any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when
such Prospectus is delivered (or in lieu thereof, the notice referred to in Rule 173(a) under the 1933 Act), not misleading, or, if for
any reason it shall be necessary during such period to amend or supplement the Prospectus in order to comply with the 1933 Act, notify
the Underwriters and upon the Representatives' request prepare and furnish without charge to each Underwriter as many copies as
the Representatives may from time to time reasonably request of an amended Prospectus or supplement to the Prospectus which will correct
such statement or omission or effect such compliance, and in case any Underwriter is required to deliver a Prospectus (or in lieu thereof,
the notice referred to in Rule 173(a) under the 1933 Act) in connection with sales of the Securities (including in circumstances where
such requirement may be satisfied pursuant to Rule 172 or 173(a) of the 1933 Act Regulations) at any time nine months or more after the
time of issue of the Prospectus, upon the Representatives' request but at the expense of such Underwriter, to prepare and deliver
to such Underwriter as many copies as the Representatives may request of an amended or supplemented Prospectus complying with Section
10(a)(3) of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company agrees that, unless it has obtained or will obtain (as the case may be) the prior written
consent of the Representatives, and each Underwriter, severally and not jointly, agrees with the Company that, unless it has obtained
or will obtain (as the case may be) the prior written consent of the Company, it has not made and will not make any offer relating to
the Securities that would constitute a free writing prospectus required to be filed by the Company with the Commission or retained by
the Company under Rule 433 of the 1933 Act Regulations, other than the information contained in the Term Sheet; *provided, however,* that the prior written consent of the parties hereto shall be deemed to have been given in respect of the Issuer Free Writing Prospectuses
included in Annex II hereto. Any such free writing prospectus consented to by the parties is hereinafter referred to as a "**Permitted Free Writing Prospectus**." The Company agrees that (i) it has treated and will treat, as the case may be, each Permitted Free
Writing Prospectus as an Issuer Free Writing Prospectus and (ii) it has complied and will comply, as the case may be, with the requirements
of Rules 164 and 433 of the 1933 Act Regulations applicable to any Permitted Free Writing Prospectus, including in respect of timely filing
with the Commission, legending and record keeping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Company will endeavor, in cooperation with the Underwriters, to qualify the Securities for offering
and sale under the applicable securities laws of such states and other jurisdictions of the United States as the Representatives may request; *provided, however*, that the Company shall not be obligated to qualify as a foreign corporation in any jurisdiction in which it
is not so qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company will make generally available to its security holders as soon as practicable, but in any event
not later than eighteen months after the effective date of the Registration Statement, an earnings statement of the Company and its subsidiaries
on a consolidated basis (which need not be audited) complying with Section 11(a) of the 1933 Act and the rules and regulations thereunder
(including, at the option of the Company, Rule 158 of the 1933 Act Regulations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) During the period beginning from the date of the Pricing Agreement for such Securities and continuing
to and including the Time of Delivery, the Company will not offer, sell, contract to sell or otherwise dispose of, pursuant to a public
offering in the United States, any securities of the Company which mature more than one year after such Time of Delivery and which are
substantially similar to such Securities (other than (i) the Securities, (ii) securities previously agreed to be sold by the Company and
(iii) commercial paper issued in the ordinary course of business), except as otherwise may be provided in this Agreement, without the
prior written consent of the Representatives, which consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company will cooperate with the Underwriters and use its best efforts to permit the Securities to
be eligible for clearance and settlement through the facilities of [The Depository Trust Company ()"**DTC** "),] [Euroclear
Bank SA/NV, and/or Clearstream Banking S.A., as the case may be].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Unless the Pricing Agreement provides otherwise, prior to the first payment date under the terms of the
Securities, the Securities will be listed on a "recognised stock exchange" within Section 1005 of the UK Income Tax Act 2007
or admitted to trading on a "multilateral trading facility" operated by a regulated recognised stock exchange (within the
meaning of section 987 of the UK Income Tax Act 2007); as soon as practicable, application will be made to list the Securities on such
recognised stock exchange or admit the Securities to trading on such multilateral trading facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Company will apply the net proceeds from the sale of the Securities as set forth in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Prior to the issuance of the Securities and the Conversion Securities, the Company will have obtained
all consents, approvals, authorizations, orders, registrations, qualifications and decrees of any court or governmental agency or body
of the United States and the United Kingdom necessary or required for the valid issuance of the Securities [and][,] the Conversion Securities
[and to permit the Company to make interest payments on the Securities in U.S. dollars].

6. The Company will pay all expenses incident to the performance of its obligations under this Agreement,
any Pricing Agreement, the Indenture and the Securities, including (i) the printing and filing of the Registration Statement as originally
filed and of each amendment thereto, any Issuer Free Writing Prospectus, the Prospectus and any related preliminary prospectus (and any
amendments or supplements thereto) and the cost of furnishing copies thereof to the Underwriters; (ii) the printing, if any, of this Agreement,
the Pricing Agreement, the Indenture and the blue sky survey; (iii) the printing or reproduction, preparation, issuance and delivery of
the certificates, if any, for the Securities to (or at the direction of) the Underwriters, including any transfer or other taxes or duties
payable upon the delivery of the Securities to a [custodian for DTC,] [common depositary for Euroclear Bank SA/NV and/or Clearstream Banking
S.A., as the case may be,] or the sale of the Securities to the Underwriters; (iv) the fees and disbursements of the Company's counsel
and accountants; (v) the qualification of the Securities under the applicable securities laws in accordance with the provisions of Section
5(j) hereof, including filing fees and the fees and disbursements of counsel for the Underwriters in connection therewith in an aggregate
amount not in excess of [£][$]5,000 with respect to a particular issue of the Securities and in connection with the preparation
of any blue sky survey and any legal investment survey; (vi) the delivery to the Underwriters of copies of such blue sky survey, if any;
(vii) any costs, fees and charges of any paying agent appointed under the Indenture; (viii) all expenses and listing fees in connection
with the listing of the Securities or the Conversion Securities, if any, on a stock exchange and the clearance and settlement of the Securities
or the Conversion Securities through the facilities of [DTC,] [Euroclear Bank SA/NV and/or Clearstream Banking S.A., as the case may be];
(ix) any fees charged by securities rating services for rating the Securities; (x) the fees and expenses incurred in connection with the
filing of any materials with the Financial Industry Regulatory Authority ()"**FINRA** "), if any; (xi) any fees associated
with a Bloomberg roadshow presentation; (xii) any United Kingdom, Luxembourg or Belgian stamp duty, stamp duty reserve tax or similar
tax or duty imposed by the United Kingdom or any political subdivision thereof upon the original issuance by, or on behalf of, the Company
of the Securities, the initial delivery of the Securities, the deposit of the Securities with a [custodian for DTC,] [common depositary
for Euroclear Bank SA/NV and/or Clearstream Banking S.A., as the case may be,] the purchase by the Underwriters of the Securities pursuant
to this Agreement, the sale and delivery of the Securities by the Underwriters to the initial purchasers thereof, and the execution and
delivery of this Agreement, the Pricing Agreement and the Indenture, and the creation, issue or delivery by the Company of the Conversion
Securities; (xiii) the fees and expenses of the Trustee and any authorized agent of the Trustee, and the reasonable fees and disbursements
of counsel for the Trustee in connection with the Indenture and the Securities; and (xiv) any value added taxes payable in the United
Kingdom in respect of any of the above expenses; *provided that* the Company shall have no liability under this Agreement for any
amounts in respect of tax incurred by any of the Underwriters on its actual net income, profits or gains or on any value added tax or
similar tax imposed which is recoverable by the Underwriter.

[If this Agreement is terminated by the Representatives in accordance with the provisions of Section 7 or Section 11(a)(i), (v) and (ix) hereof, the Company shall reimburse the Underwriters for their out-of-pocket expenses, including the reasonable fees and disbursements of counsel for the Underwriters, unless otherwise agreed by the parties.]

7. The obligations of the Underwriters of any Securities under the Pricing Agreement relating to such Securities
shall be subject, in the discretion of the Representatives, to the condition that all representations and warranties of the Company in
or incorporated by reference in the Pricing Agreement relating to such Securities are, at and as of the Time of Delivery for such Securities,
true and correct, the condition that the Company shall have performed all of its obligations hereunder theretofore to be performed, and
the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement is effective and at the Time of Delivery no stop order suspending the effectiveness
of the Registration Statement shall have been issued under the 1933 Act or proceedings therefor initiated or threatened by the Commission
and no notice of objection of the Commission to the use of the Registration Statement or any post-effective amendment thereto pursuant
to Rule 401(g)(2) under the 1933 Act should have been received. The Prospectus shall have been transmitted to the Commission for filing
pursuant to Rule 424(b) of the 1933 Act Regulations within the time period prescribed by Rule 424(b) of the 1933 Act Regulations; the
Term Sheet and any other material required to be filed by the Company pursuant to Rule 433(d) of the 1933 Act Regulations shall have been
transmitted to the Commission for filing pursuant to Rule 433(d) of the 1933 Act Regulations; and, in each case, prior to the Time of
Delivery the Company shall have provided evidence satisfactory to the Representatives of such timely filing; and no stop order suspending
or preventing the use of the Prospectus or any Issuer Free Writing Prospectus shall have been initiated or threatened by the Commission;
and all requests for additional information on the part of the Commission have been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Time of Delivery, the Representatives shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The opinion and disclosure letter, each dated as of the Time of Delivery, of Davis Polk & Wardwell
London LLP, U.S. counsel for the Company, with respect to the matters set forth in Annex III hereto in form and substance reasonably satisfactory
to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The opinion, dated as of the Time of Delivery, of Clifford Chance LLP, U.K. tax counsel for the Company,
with respect to the matters set forth in Annex IV hereto in form and substance reasonably satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The opinion, dated as of the Time of Delivery, of CMS Cameron McKenna Nabarro Olswang LLP, Scottish solicitors
to the Company, with respect to the matters set forth in Annex V hereto in form and substance reasonably satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The opinion and disclosure letter, each dated as of the Time of Delivery, of Allen Overy Shearman Sterling
LLP, counsel for the Underwriters, with respect to the matters set forth in Annex VI hereto in form and substance reasonably satisfactory
to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Independent Accountants shall have furnished to the Representatives and their respective [Non-]U.S.
selling agents (as listed in Annex VII hereto) letters, delivered at a time prior to the execution of the Pricing Agreement and dated
the date of delivery thereof, with regard to matters customarily covered by accountants' "comfort letters" and otherwise
in form and substance satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Independent Accountants shall have furnished to the Representatives and their respective [Non-]U.S.
selling agents (as listed in Annex VII hereto) letters, dated at the Time of Delivery, to the effect that it reaffirms the statements
made in the letter furnished pursuant to Section 7(c), except that the specified "cut-off" date referred to therein shall
be a date not more than three business days prior to the Time of Delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If required pursuant to the Pricing Agreement, an application shall have been made for listing the Securities
on the stock exchange specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) At the Time of Delivery (1) there shall not have been, since the date of the Pricing Agreement or since
the respective dates as of which information is given in the Registration Statement, the Disclosure Package and the Prospectus and any
amendment or supplement thereto, except as otherwise set forth or contemplated therein, any material adverse change in the condition,
financial or otherwise, or in the results of operations of the Company and its subsidiaries considered as one enterprise, and (2) the
Representatives shall have received a certificate of the Company executed on its behalf by an officer of the Company, dated as of the
Time of Delivery, to the effect that (i) the representations and warranties in Section 2 hereof are true and correct in all material respects
as though expressly made at and as of the Time of Delivery; (ii) the Company has complied in all material respects with all agreements
hereunder and satisfied in all material respects all conditions on its part to be performed or satisfied hereunder at or prior to the
Time of Delivery; and (iii) no stop order suspending the effectiveness of the Registration Statement has been issued and, to the knowledge
of the Company, no proceedings for that purpose have been initiated or threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company shall have furnished to the Underwriters a certificate, dated the Time of Delivery, of two
authorized officers of the Company, stating that to the best knowledge and belief of the two authorized officers signing such certificate
after reasonable inquiry, the issue and sale of the Securities in the manner contemplated in the Disclosure Package and Prospectus do
not and will not result in a breach, default or acceleration of any payment or amount under any contract, agreement or undertaking to
which the Company or any of its subsidiaries is a party (or by which any such entity is bound), which breach, default or acceleration
would have a material adverse effect on the Company and its subsidiaries taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) There shall not have occurred any lowering of the rating of any of the Company's securities by Moody's
Investors Service, Inc., S&P Global Ratings Inc. or Fitch Ratings, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If an affiliate (as defined in applicable FINRA rules) of the Company is participating in the offering
of the Securities, FINRA shall not have raised any objection with respect to the fairness and reasonableness of the underwriting terms
and arrangements.

If any condition specified in this Section 7 shall not have been fulfilled when and as required to be fulfilled and not otherwise waived by the Underwriters, this Agreement may be terminated by the Representatives by notice to the Company at any time at or prior to the Time of Delivery.

8. (a) The Company agrees to indemnify and hold harmless each Underwriter, each of the Underwriters'
affiliates, directors, officers and employees, and each person, if any, who controls any Underwriter within the meaning of Section 15
of the 1933 Act as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of
any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto),
including the information deemed to be part of the Registration Statement pursuant to Rule 430A(b) of the 1933 Act Regulations or, if
applicable, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements
therein not misleading or arising out of any untrue statement or alleged untrue statement of a material fact contained in the Prospectus,
the Preliminary Prospectus, if any, the Term Sheet, any Issuer Free Writing Prospectus or any related preliminary prospectus (or any amendment
or supplement thereto) or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent
of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced
or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission,
if such settlement is effected with the written consent of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) against any and all expense whatsoever, as reasonably incurred (including, subject to Section 8(c) hereof,
the fees and disbursements of counsel chosen by the Representatives), in investigating, preparing or defending against any litigation,
or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any
such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under
clause (i) or (ii) above;

*provided, however,* that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by any Underwriter through the Representatives expressly for use in the Registration Statement (or any amendment thereto), the Prospectus, the Preliminary Prospectus, if any, the Term Sheet, any Issuer Free Writing Prospectus or any related preliminary prospectus (or any amendment or supplement thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter severally and not jointly agrees to indemnify and hold harmless each of the Company,
its directors, each of the officers of the Company who signed the Registration Statement, the Company's authorized representative
in the United States and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act, against any and
all loss, liability, claim, damage and expense described in the indemnity contained in subsection (a) of this Section 8 as incurred, but
only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or
any amendment thereto), the Prospectus, any related preliminary prospectus (or any amendment or supplement thereto) in reliance upon and
in conformity with written information furnished to the Company by such Underwriter through the Representatives expressly for use in the
Registration Statement (or any amendment thereto), or the Prospectus or such preliminary prospectus (or any amendment or supplement thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party
of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party
shall not relieve such indemnifying party from any liability which it may have otherwise than on account of this indemnity agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any indemnifying party may participate at its own expense in the defense of such action. In no event shall
the indemnifying parties be liable for fees and expenses of more than one counsel (in addition to any local counsel) separate from their
own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances. In the case of parties indemnified pursuant to Section 8(a) above, counsel
to the indemnified parties shall be selected by the Underwriters, and, in the case of parties indemnified pursuant to Section 8(b) above,
counsel to the indemnified parties shall be selected by the Company. An indemnifying party may participate at its own expense in the defense
of any such action; *provided, however,* that counsel to the indemnifying party shall not (except with the consent of the indemnified
party) also be counsel to the indemnified party. No indemnifying party shall, without the written consent of the indemnified party, effect
the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in
respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential
party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified
party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability
or a failure to act, by or on behalf of any indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the indemnification provided for in this Section 8 is unavailable to or insufficient to hold harmless
an indemnified party under subsection (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions in respect
thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as
a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect
the relative benefits received by the Company on the one hand and the Underwriters of the Securities on the other from the offering of
the Securities to which such loss, claim, damage or liability (or action in respect thereof) relates. If, however, the allocation provided
by the immediately preceding sentence is not permitted by applicable law or if the indemnified party failed to give the notice required
under subsection (c) above, then each indemnifying party shall, if permitted by applicable law, contribute to such amount paid or payable
by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault
of the Company on the one hand and the Underwriters of the Securities on the other in connection with the statements or omissions which
resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations.
The relative benefits received by the Company on the one hand and such Underwriters on the other shall be deemed to be in the same proportion
as the total net proceeds from such offering (before deducting expenses) received by the Company bear to the total underwriting discounts,
concessions and commissions received by such Underwriters. The relative fault shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates
to information supplied by the Company on the one hand or such Underwriters on the other and the parties' relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it
would not be just and equitable if contribution pursuant to this subsection (e) were determined by pro rata allocation (even if the Underwriters
were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations
referred to above in this subsection (e). The amount paid or payable by an indemnified party as a result of the losses, claims, damages
or liabilities (or actions in respect thereof) referred to above in this subsection (e) shall be deemed to include any legal or other
expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding
the provisions of this subsection (e), no Underwriter shall be required to contribute any amount in excess of the amount by which the
total price at which the Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of
any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation. The obligations of the Underwriters of Securities
in this subsection (e) to contribute are several in proportion to their respective underwriting obligations with respect to such Securities
and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The obligations of the Company under this Section 8 shall be in addition to any liability which the Company
may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls any Underwriter within the
meaning of Section 15 of the 1933 Act; and the obligations of the Underwriters under this Section 8 shall be in addition to any liability
which the respective Underwriters may otherwise have and shall extend, upon the same terms and conditions, to each officer and director
of the Company and to each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act.

9. If one or more of the Underwriters shall fail at the Time of Delivery to purchase the Securities which
it is or they are obligated to purchase under this Agreement and the Pricing Agreement (the "**Defaulted Securities** "),
the Representatives shall have the right, within 36 hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters,
or any other underwriters, to purchase, or procure purchasers for, all, but not less than all, of the Defaulted Securities in such amounts
as may be agreed upon and upon the terms herein set forth; *provided, however,* that if the Representatives shall not have completed
such arrangements within such 36-hour period, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the number of Defaulted Securities does not exceed 10% of the Securities which the Underwriters are
obligated to purchase at the Time of Delivery, the non-defaulting Underwriters shall be obligated to purchase the full amount thereof
in the proportions that their respective underwriting obligations under the Pricing Agreement relating to such Securities bear to the
underwriting obligations of all non-defaulting Underwriters, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the number of Defaulted Securities exceeds 10% of the Securities which the Underwriters are obligated
to purchase or procure purchasers for at the Time of Delivery, the Pricing Agreement relating to such Securities shall terminate without
liability on the part of any non-defaulting Underwriter.

No action taken pursuant to this Section 9 shall relieve any defaulting Underwriter from liability in respect of its default.

In the event of any such default which does not result in a termination of the relevant Pricing Agreement, either the Representatives or the Company shall have the right to postpone the Time of Delivery for a period not exceeding seven business days in order to effect any required changes in the Registration Statement or Prospectus or in any other documents or arrangements.

10. All representations, warranties and agreements contained in this Agreement and any Pricing Agreement,
or contained in certificates of officers of the Company submitted pursuant hereto, shall remain operative and in full force and effect,
regardless of any investigation made by or on behalf of any Underwriter or any controlling person, or by or on behalf of the Company,
and shall survive delivery of the Securities to the Underwriters pursuant to this Agreement.

11. (a) The Representatives may terminate this Agreement, immediately upon notice to the Company, at any
time prior to the Time of Delivery (i) if there has been, since the date of the Pricing Agreement or the respective dates as of which
information is given in the Registration Statement, the Disclosure Package and the Prospectus and any amendment or supplement thereto,
except as otherwise set forth or contemplated therein, any material adverse change in the condition, financial or otherwise, or in the
results of operations, of the Company and its subsidiaries considered as one enterprise, or (ii) if there has occurred any outbreak or
escalation of hostilities involving the United States or the United Kingdom or the declaration by the United States or the United Kingdom
of a national emergency or war, or (iii) the occurrence of another calamity or crisis or any change in financial, political or economic
conditions or currency exchange rates or controls in the United States, the United Kingdom or elsewhere, if the effect of any such event
specified in clauses (ii) and (iii) in the judgment of the Representatives (after consultation with the Company if practicable) makes
it impracticable or inadvisable to market the Securities or enforce contracts for the sale of the Securities in the manner contemplated
in the Prospectus, or (iv) if there has occurred a suspension or material limitation in trading in securities generally on the New York
Stock Exchange, London Stock Exchange or any other stock exchange on which the Company's securities are listed, or (v) if there
has occurred a suspension or material limitation in trading the Company's securities on the New York Stock Exchange or the London
Stock Exchange, or (vi) if there has occurred a material adverse change in the financial markets in the United States or in the international
financial markets in the judgment of the Representatives after consultation with the Company, or (vii) if a banking moratorium on commercial
banking activities has been declared by the relevant authorities in New York or London, or a material disruption in commercial banking
or securities settlement or clearance services in the United States or the United Kingdom has occurred, or (viii) if there has occurred
a change or development involving a prospective change in the United States or the United Kingdom taxation which has, or will have, a
material adverse effect on the Company or the Securities or the transfer thereof, or (ix) if there is any lowering of the rating of any
of the Company's debt securities, preference shares, American depositary shares representing preference shares or American depositary
receipts evidencing American depositary shares representing preference shares, or a public announcement that such rating is under surveillance
or review, with possible negative implications, in each case, by Moody's Investors Service, Inc., S&P Global Ratings Inc. or
Fitch Ratings, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If this Agreement is terminated pursuant to Sections 7, 9 or 11 hereof, such termination shall be without
liability of any party to any other party except as provided in Section 6 or Section 9 hereof. Notwithstanding any such termination, the
provisions of Sections 6, 8, 10 and 14 shall remain in effect.

12. In all dealings hereunder, the Representatives of the Underwriters of the Securities shall act on behalf
of each of such Underwriters, and the parties hereto shall be entitled to act and rely upon any statement, request, notice or agreement
on behalf of any Underwriter made or given by such Representatives jointly or by such of the Representatives, if any, as may be designated
for such purpose in the Pricing Agreement.

All statements, requests, notices and agreements hereunder shall be in writing, and if to the Underwriters shall be delivered or sent by mail, email or facsimile transmission to the address of the Representatives as set forth in the Pricing Agreement; and if to the Company shall be delivered or sent by mail, email or facsimile transmission to the address of the Company set forth in the Registration Statement, Attention: Company Secretary; *provided, however,* that any notice to an Underwriter pursuant to Section 8(c) hereof shall be delivered or sent by mail, email or facsimile transmission to such Underwriter at its address set forth in its Underwriters' Questionnaire, or email constituting such Questionnaire, which address will be supplied to the Company by the Representatives upon request. Any such statements, requests, notices or agreements shall take effect upon receipt thereof.

13. This Agreement and any Pricing Agreement shall each inure to the benefit of and be binding upon the Underwriters
and the Company and their respective successors. Nothing expressed or mentioned in this Agreement or any Pricing Agreement is intended
or shall be construed to give any person, firm or corporation, other than the Underwriters and the Company and their respective successors
and the controlling persons and officers, directors and authorized representative of the Company referred to in Section 8 and their heirs
and legal representatives, any legal or equitable right, remedy or claim under or in respect of this Agreement or any Pricing Agreement
or any provision herein or therein contained. This Agreement and any Pricing Agreement and all conditions and provisions hereof and thereof
are intended to be for the sole and exclusive benefit of the Underwriters and the Company and their respective successors, and said controlling
persons and officers, directors and authorized representative of the Company and their heirs and legal representatives, and for the benefit
of no other person, firm or corporation. No purchaser of Securities from any Underwriter shall be deemed to be a successor by reason merely
of such purchase.

14. (a) The Company irrevocably consents and agrees, for the benefit of the Underwriters, that any legal
action, suit or proceeding against it with respect to its obligations, liabilities or any other matter arising out of or in connection
with this Agreement or the Pricing Agreement may be brought in the courts of the State of New York or the courts of the United States
of America located in the Borough of Manhattan, The City of New York and hereby irrevocably consents and submits to the non-exclusive
jurisdiction of each such court <u>in personam</u>, generally and unconditionally with respect to any action, suit or proceeding for itself
and in respect of its properties, assets and revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company hereby irrevocably designates, appoints, and empowers the Chief Legal Officer, Lloyds Securities
Inc. and Deputy Chief Legal Officer, North America of Lloyds Bank Corporate Markets plc (or any successor thereto), currently of 1095
Avenue of the Americas, New York, NY 10036, as its designee, appointee and agent to take process, receive and forward process or to be
served with process for and on its behalf of any and all legal process, summons, notices and documents which may be served in any such
action, suit or proceeding brought in any such United States or State court which may be made on such designee, appointee and agent in
accordance with legal procedures prescribed for such courts. If for any reason such designee, appointee and agent hereunder shall cease
to be available to act as such, the Company agrees to designate a new designee, appointee and agent in The City of New York on the terms
and for the purposes of this Section 14 satisfactory to the Representatives. The Company further hereby irrevocably consents and agrees
to the service of any and all legal process, summons, notices and documents out of any of the aforesaid courts in any such action, suit
or proceeding by serving a copy thereof upon the relevant agent for service of process referred to in this Section 14 (whether or not
the appointment of such agent shall for any reason prove to be ineffective or such agent shall accept or acknowledge such service) or
by mailing copies thereof by registered or certified air mail, first class, postage prepaid, to each of them at their respective addresses
specified in or designated pursuant to this Agreement. The Company agrees that the failure of any such designee, appointee and agent to
give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any
action or proceeding based thereon. Nothing herein shall in any way be deemed to limit the ability of any Underwriter to serve any such
legal process, summons, notices and documents in any other manner permitted by applicable law or to obtain jurisdiction over the undersigned
or bring actions, suits or proceedings against the undersigned in any jurisdictions, and in any manner, as may be permitted by applicable
law. The Company hereby irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it may now
or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this
Agreement or the Pricing Agreement brought in the United States federal courts or the courts of the State of New York located in the Borough
of Manhattan, The City of New York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such
court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.

15. Each Underwriter severally and not jointly represents and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated
any invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets
Act 2000 (as amended, the "**FSMA** ")) received by it in connection with the issue or sale of any Securities in circumstances
in which section 21(1) of the FSMA does not apply to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has complied and will comply with all applicable provisions of the FSMA (and all rules and regulations
made pursuant to the FSMA) with respect to anything done by it in relation to any Securities in, from or otherwise involving the United
Kingdom.

16. Each Underwriter severally and not jointly represents and agrees that it has not offered, sold or otherwise
made available and will not offer, sell or otherwise make available any Securities to which this Agreement relates, to any retail investor
in the European Economic Area. For the purposes of this provision the expression "retail investor" means a person who is one
(or both) of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "**MiFID II** "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify
as a professional client as defined in point (10) of Article 4(1) of MiFID II.

17. Each Underwriter severally and not jointly represents and agrees that it has not offered, sold or otherwise
made available and will not offer, sell or otherwise make available any Securities to which this Agreement relates, to any retail investor
in the United Kingdom. For the purposes of this provision, the expression "**retail investor**" means a person who is one
(or both) of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part
of domestic law of the United Kingdom by virtue of the EUWA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the
FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article
2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law of the United Kingdom by virtue of the EUWA.

18. The Company hereby acknowledges that (a) the purchase, or procurement of purchasers of, and sale of the
Securities pursuant to this Agreement is an arm's-length commercial transaction between the Company, on the one hand, and the Underwriters
and any affiliate through which any Underwriter may be acting, on the other, (b) the Underwriters are acting as principal and not as an
agent or fiduciary of the Company and (c) the Company's engagement of the Underwriters in connection with the offering and the process
leading up to the offering is as independent contractors and not in any other capacity. Furthermore, the Company agrees that it is solely
responsible for making its own judgments in connection with the offering (irrespective of whether any of the Underwriters has advised
or is currently advising the Company on related or other matters). The Company agrees that it will not claim that the Underwriters have
rendered advisory services of any nature or respect, or owe an agency, fiduciary or similar duty to the Company, in connection with such
transaction or the process leading thereto.

19. Time shall be of the essence of each Pricing Agreement. As used herein, "**business day** "
shall mean any day when the Commission's office in Washington, D.C. is open for business.

20. This Agreement and each Pricing Agreement shall be governed by and construed in accordance with the laws
of the State of New York without reference to conflict of laws provisions thereof. Specified times of day refer to New York City time.

21. This Agreement may be executed in one or more counterparts and, when a counterpart has been executed by
each party, all such counterparts taken together shall constitute one and the same agreement.

22. Notwithstanding and to the exclusion of any other term of this Agreement, any Pricing Agreement or any
other agreements, arrangements, or understanding between the Company [and/or [•]] ([each, a] [the] "**UK Bail-in Party** ")
and each/any other party (whether or not a UK Bail-in Party) to this Agreement or any Pricing Agreement to whom the [relevant] UK Bail-in
Party owes any UK Bail-in Liability (each a "**Relevant UK Bail-in Counterparty** "), each Relevant UK Bail-in Counterparty
acknowledges and accepts that a UK Bail-in Liability arising under this Agreement or any Pricing Agreement may be subject to the exercise
of UK Bail-in Powers by the relevant UK resolution authority, and acknowledges, accepts, and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the effect of the exercise of UK Bail-in Powers by the relevant UK resolution authority in relation to
any UK Bail-in Liability of the [relevant] UK Bail-in Party to any Relevant UK Bail-in Counterparty under this Agreement or any Pricing
Agreement, that (without limitation) may include and result in any of the following, or some combination thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the reduction of all, or a portion, of the UK Bail-in Liability or outstanding amounts due thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the conversion of all, or a portion, of the UK Bail-in Liability into shares, other securities or other
obligations of the [relevant] UK Bail-in Party or another person, and the issue to or conferral on the (or each) Relevant UK Bail-in Counterparty
of such shares, securities or obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cancellation of the UK Bail-in Liability; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which
any payments are due, including by suspending payment for a temporary period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation of the terms of this Agreement or any Pricing Agreement, as deemed necessary by the relevant
UK resolution authority, to give effect to the exercise of UK Bail-in Powers by the relevant UK resolution authority.

"**UK Bail-in Legislation**" means Part I of the UK Banking Act 2009 and any other law or regulation applicable from time to time in the UK relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

"**UK Bail-in Liability**" means a liability in respect of which the UK Bail-in Powers may be exercised.

"**UK Bail-in Powers**" means the powers under the UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or affiliate of a bank or investment firm, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability.

23. [Notwithstanding and to the exclusion of any other term of this Agreement, any Pricing Agreement or any
other agreements, arrangements, or understanding between [•] [and/or [•]] ([each, an] [the] "**EU BRRD Party** ")
and each/any other party (whether or not a EU BRRD Party) to this Agreement or any Pricing Agreement to whom the [relevant] EU BRRD Party
owes any EU BRRD Liability (each a "**Relevant EU BRRD Counterparty** "), each Relevant EU BRRD Counterparty acknowledges
and accepts that an EU BRRD Liability arising under this Agreement or any Pricing Agreement may be subject to the exercise of EU Bail-in
Powers by the Relevant EU Resolution Authority, and acknowledges, accepts, and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the effect of the exercise of EU Bail-in Powers by the Relevant EU Resolution Authority in
relation to any EU BRRD Liability of the [relevant] EU BRRD Party to any Relevant EU BRRD Counterparty under this Agreement or any Pricing
Agreement, that (without limitation) may include and result in any of the following, or some combination thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the reduction of all, or a portion, of the EU BRRD Liability or outstanding amounts due thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the conversion of all, or a portion, of the EU BRRD Liability into shares, other securities or other obligations
of the [relevant] EU BRRD Party or another person (and the issue to or conferral on the (or each) Relevant EU BRRD Counterparty of such
shares, securities or obligations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cancellation of the EU BRRD Liability; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which
any payments are due, including by suspending payment for a temporary period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation of the terms of this Agreement or any Pricing Agreement, as deemed necessary by the Relevant
EU Resolution Authority, to give effect to the exercise of EU Bail-in Powers by the Relevant EU Resolution Authority.

For the purpose of this Section:

"**EU Bail-in Legislation**" means in relation to a member state of the European Economic Area which has implemented, or which at any time implements, the EU BRRD, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time;

"**EU Bail-In Legislation Schedule**" means the document described as such, then in effect, and published by the Loan Market Association (or any successor person) from time to time at http://www.lma.eu.com/documents-guidelines/eu-bail-legislation-schedule (or any successor webpage);

"**EU Bail-in Powers**" means any Write-down and Conversion Powers in relation to the relevant EU Bail-in Legislation;

"**EU** BRRD" means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms;

"**EU BRRD Liability**" means a liability in respect of which the relevant Write Down and Conversion Powers in the applicable EU Bail-in Legislation may be exercised;

"**Relevant EU Resolution Authority**" means the resolution authority with the ability to exercise any EU Bail-in Powers in relation to an EU BRRD Party;

"**Write-down and Conversion Powers**" has the meaning given to it in the EU Bail-in Legislation Schedule.]

24. Where a resolution measure is taken in relation to any BRRD undertaking or any member of the same group
as that BRRD undertaking and that BRRD undertaking or any member of the same group as that BRRD undertaking is a party to this Agreement
or any Pricing Agreement (any such party to this Agreement or any Pricing Agreement being an "**Affected Party** "), each
other party to this Agreement or any Pricing Agreement agrees that it shall only be entitled to exercise any termination right under this
Agreement and/or any Pricing Agreement against the Affected Party to the extent that it would be entitled to do so under the Special Resolution
Regime if this Agreement and/or any Pricing Agreement were governed by the laws of any part of the United Kingdom.

For the purpose of this Section 24, "resolution measure" means a "crisis prevention measure," "crisis management measure" or "recognised third-country resolution action," each with the meaning given in the "PRA Rulebook: CRR Firms and Non-Authorised Persons: Stay in Resolution Instrument 2015", as may be amended from time to time (the "**PRA Contractual Stay Rules**"), *provided, however,* that "crisis prevention measure" shall be interpreted in the manner outlined in Rule 2.3 of the PRA Contractual Stay Rules; "BRRD undertaking", "group", "Special Resolution Regime" and "termination right" have the respective meanings given in the PRA Contractual Stay Rules.

25. (a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a
 U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under
 this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if
 this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United
 States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Underwriter that is a Covered Entity or a Covered Affiliate of such Underwriter
becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against
such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special
Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

"**Covered Affiliate**" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

"**Covered Entity**" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a "**covered entity**" as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a "**covered bank**" as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a "**covered FSI**" as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 382.2(b).

"**Default Right**" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"**U.S. Special Resolution Regime**" means each of (i) the U.S. Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

26. [Solely for the purposes of the requirements of Article 9(8) of the MiFID Product Governance rules under
EU Delegated Directive 2017/593 (the "**MiFID Product Governance Rules**") regarding the mutual responsibilities of manufacturers
under the MiFID Product Governance Rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [each of] [•] ([each an / the] "**EU Manufacturer**" [and together, the "**EU Manufacturers** "]) acknowledges [to each other EU Manufacturer] that it understands the responsibilities conferred upon it under
the MiFID Product Governance Rules relating to each of the product approval process, the target market and the proposed distribution channels
as applying to the Securities and the related information set out in the Registration Statement (or any amendment thereto), the Prospectus
and/or any related preliminary prospectus (or any amendment or supplement thereto) in connection with the Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the other parties to this Agreement note the application of the MiFID Product Governance Rules and acknowledge
the target market and distribution channels identified as applying to the Securities by the EU Manufacturer[s] and the related information
set out in the Registration Statement (or any amendment thereto), the Prospectus and/or any related preliminary prospectus (or any amendment
or supplement thereto) in connection with the Securities.]

27. [Solely for the purposes of the requirements of 3.2.7R of the FCA Handbook Product Intervention and Product
Governance Sourcebook (the "**UK MiFIR Product Governance Rules**") regarding the mutual responsibilities of manufacturers
under the UK MiFIR Product Governance Rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [each of] [•] ([each a/the] "**UK Manufacturer**" [and together the "**UK Manufacturers** "])
acknowledges [to each other UK Manufacturer] that it understands the responsibilities conferred upon it under the UK MiFIR Product Governance
Rules relating to each of the product approval process, the target market and the proposed distribution channels as applying to the Securities
and the related information set out in the in the Registration Statement (or any amendment thereto), the Prospectus and/or any related
preliminary prospectus (or any amendment or supplement thereto) in connection with the Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the other parties to this Agreement note the application of the UK MiFIR Product Governance Rules and
acknowledge the target market and distribution channels identified as applying to the Securities by the UK Manufacturer[s] and the related
information set out in the Registration Statement (or any amendment thereto), the Prospectus and/or any related preliminary prospectus
(or any amendment or supplement thereto) in connection with the Securities.]

[*The rest of this page is intentionally left blank.*]

If the foregoing is in accordance with your understanding, please sign and return to us, including counterparts hereof.

Very truly yours.

---

| | |
|:---|:---|
| Lloyds Banking Group plc | Lloyds Banking Group plc |
| By: |  |
|  | Name: |
|  | Title: |

---

[*The rest of this page is intentionally left blank*.]

Accepted as of the date hereof:

---

| | |
|:---|:---|
| [Names of Representatives] | [Names of Representatives] |
| By: |  |
|  | Name: |
|  | Title: |

---

For themselves and as Representatives of the several Underwriters

**ANNEX I**

**Pricing Agreement**

[Names of Representatives]

[As Representatives of the several<br> Underwriters named in Schedule I hereto,]

**[Date]**

Ladies and Gentlemen:

Lloyds Banking Group plc, a public limited company incorporated under the laws of Scotland, and registered in, Scotland (the "**Company**"), proposes, subject to the terms and conditions stated herein and in the Underwriting Agreement, dated [·] (the "**Underwriting Agreement**"), between the Company and the several Underwriters signatories thereto, to issue and sell to the Underwriters named in Schedule I hereto (the "**Underwriters**"), or to purchasers procured by them, the securities specified in Schedule II hereto (the "**Securities**"). Each of the provisions of the Underwriting Agreement is incorporated herein by reference in its entirety, and shall be deemed to be a part of this Agreement to the same extent as if such provisions had been set forth in full herein; and each of the representations and warranties set forth therein shall be deemed to have been made at and as of the date of this Pricing Agreement, except that each representation and warranty which refers to the Disclosure Package and/or the Prospectus in Section 2 of the Underwriting Agreement shall be deemed to be a representation or warranty as of the date of the Underwriting Agreement in relation to the Disclosure Package and/or the Prospectus (each as therein defined), as the case may be, and also a representation and warranty as of the date of this Pricing Agreement in relation to the Disclosure Package and/or the Prospectus (as amended or supplemented), as the case may be, relating to the Securities which are the subject of this Pricing Agreement. Each reference to the Representatives herein and in the provisions of the Underwriting Agreement so incorporated by reference shall be deemed to refer to you. Unless otherwise defined herein, terms defined in the Underwriting Agreement are used herein as therein defined. The Representatives designated to act on behalf of the Underwriters of the Securities pursuant to Section 12 of the Underwriting Agreement and the address of the Representatives referred to in such Section 12 are set forth at the end of Schedule II hereto.

An amendment to the Registration Statement, or a supplement to the Prospectus, as the case may be, relating to the Securities, in the form heretofore delivered to you is now proposed to be filed with the Commission.

Subject to the terms and conditions set forth herein (including Schedules I and II hereto) and in the Underwriting Agreement incorporated herein by reference, the Company agrees to issue and sell to each of the Underwriters, or to purchasers procured by them, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, or to procure purchasers to purchase from the Company, at the Purchase Price at the Time of Delivery (each as defined in Schedule II hereto), the principal amount of Securities set forth opposite the name of such Underwriter in Schedule I hereto.

If the foregoing is in accordance with your understanding, please sign and return to us, including counterparts hereof, and upon acceptance hereof by you, on behalf of each of the Underwriters, this letter and such acceptance hereof, including the provisions of the Underwriting Agreement incorporated herein by reference, shall constitute a binding agreement between each of the Underwriters and the Company. It is understood that your acceptance of this letter on behalf of each of the Underwriters is or will be pursuant to the authority set forth in a form of Agreement among Underwriters, the form of which shall be submitted to the Company for examination upon request, but without warranty on the part of the Representatives as to the authority of the signers thereof.

[*The rest of this page is intentionally left blank.*]

Very truly yours.

---

| | |
|:---|:---|
| Lloyds Banking Group plc | Lloyds Banking Group plc |
| By: |  |
|  | Name: |
|  | Title: |

---

[*The rest of this page is intentionally left blank*]

Accepted as of the date hereof:

---

| | |
|:---|:---|
| [Names of Representatives] | [Names of Representatives] |
| By: |  |
|  | Name: |
|  | Title: |

---

For themselves and as Representatives of the several Underwriters

**Schedule 1**

---

| | | |
|:---|:---|:---|
|  |  | Principal Amount of<br> Securities to be Purchased |
| [*Names of Representative*s] |  | [·] |
| [*Names of other Underwriters*] |  | [·] |
|  | Total | [·] |

---

**Schedule 2**

*Capitalized terms used herein, unless otherwise stated, shall have the meaning set forth in the Underwriting Agreement.*

---

| | |
|:---|:---|
| **Title of Securities:** | [%] [Capital Securities] due [·] |
| **Aggregate Principal Amount:** | [$][£][·] principal amount of the Securities |
| **Price To Public:** | [·]% of the principal amount of the Securities |
| **Purchase Price By Underwriters:** | [·]% of the principal amount of the Securities |
| **Underwriting Commission:** | [·]% |
| **Form of Securities:** | Book-entry only form represented by one or more global securities deposited with a [custodian for DTC,] [common depositary for Euroclear Bank SA/NV and/or Clearstream Banking S.A., as the case may be]. |
| **Specified Funds for Payment of Purchase Price:** | Wire transfer of immediately available funds |
| **Time of Delivery:** | [·] [a.m./p.m.] (New York time), [·] |
| **Applicable Time:** | [·] [a.m./p.m.] (New York time), [·] |
| **Indenture:** | Indenture dated as of [·] between the Company and The Bank of New York Mellon, as Trustee, as supplemented by [a]/[an] [·] supplemental indenture to be dated [·] (together, the "**Indenture**"). |
| **Issue Date:** | [·] |
| **Maturity:** | The Capital Securities are perpetual securities and have no fixed maturity date. |
| **Interest Rate:** | [·]% |
| **Interest Payment Dates:** | Interest will be paid on the Securities on [·] and [·] of each year, commencing [·]. |
| **Interest Record Dates:** | Interest will be paid on the Securities to holders of record of each Security in respect of the principal amount thereof outstanding as at [· ] and [·]] of each year immediately preceding the Interest Payment Dates on [[·] and [·]], respectively. |

---

---

| | |
|:---|:---|
| **Redemption Provisions:** | The Securities may be redeemed as described in the Prospectus. |
| **Sinking Fund Provisions:** | No sinking fund provisions. |
| **Closing Location for Delivery of Securities:** | Offices of Davis Polk & Wardwell London LLP, 5 Aldermanbury Square, London EC2V 7HR, United Kingdom |
| **Names and Addresses of Representatives:** | Designated Representatives: [·] |
|  | Addresses for Notices: [·] |
| **Identifying Information:** | CUSIP: [·]<br>ISIN: [·]<br>|
| **Stock Exchange Listing:** | [Global Exchange Market of Euronext Dublin] |
| **Other Terms:** | The Securities will have additional terms as more fully described in the Disclosure Package and the Prospectus. |

---

**ANNEX II**

***Issuer Free Writing Prospectuses Included in Disclosure Package***

**ANNEX III**

**FORM OF OPINION OF<br> DAVIS POLK & WARDWELL LONDON LLP, U.S. COUNSEL<br> FOR THE COMPANY<br> [*TO BE PROVIDED*]**

**FORM OF DISCLOSURE LETTER OF<br> DAVIS POLK & WARDWELL LONDON LLP, U.S. COUNSEL<br> FOR THE COMPANY<br> [*TO BE PROVIDED*]**

**ANNEX IV**

**FORM OF OPINION OF<br> CLIFFORD CHANCE LLP, U.K. TAX COUNSEL<br> FOR THE COMPANY<br> [*TO BE PROVIDED*]**

**ANNEX V**

**FORM OF OPINION OF<br> CMS CAMERON MCKENNA NABARRO OLSWANG LLP, SCOTTISH COUNSEL,<br> FOR THE COMPANY<br> [*TO BE PROVIDED*]**

**ANNEX VI**

**FORM OF OPINION OF ALLEN OVERY SHEARMAN STERLING LLP,<br> U.S. COUNSEL FOR THE UNDERWRITERS<br> [*TO BE PROVIDED*]**

**FORM OF DISCLOSURE LETTER OF<br> ALLEN OVERY SHEARMAN STERLING LLP,<br> U.S. COUNSEL FOR THE UNDERWRITERS<br> [*TO BE PROVIDED*]**

**ANNEX VII**

**THE [NON-]U.S. SELLING AGENTS OF THE UNDERWRITERS<br> [*TO BE PROVIDED*]**

## Exhibit 1.5

**Exhibit 1.5**

**LLOYDS BANK PLC<br> (a public limited company incorporated under the laws of<br> England and registered in England and Wales)<br> SENIOR DEBT<br> UNDERWRITING AGREEMENT<br> DATED: [·]**

**LLOYDS BANK plc<br> Form of Underwriting Agreement**

[Names of Representatives]<br> [Addresses of Representatives]<br> As Representatives of the several Underwriters<br> named in Schedule I to the Pricing Agreement (as defined below)

**$[·]**

**[%] Senior Debt Securities due [·]**

**[Date]**

Ladies and Gentlemen:

From time to time Lloyds Bank plc, a public limited company incorporated under the laws of England and registered in England and Wales (the "**Company**"), proposes to enter into one or more Pricing Agreements (each a "**Pricing Agreement**") in the form of Annex I hereto, with such additions and deletions as the parties thereto may determine, and, subject to the terms and conditions stated herein and therein, to issue and sell to the several firms named in Schedule I to the applicable Pricing Agreement (such firms constituting the "**Underwriters**" with respect to such Pricing Agreement and the securities specified therein), or to purchasers procured by them, certain of the Company's debt securities specified in Schedule II to such Pricing Agreement (with respect to such Pricing Agreement, the "**Securities**").

The terms of, and rights attached to, any particular issuance of Securities shall be as specified in the Pricing Agreement relating thereto and in or pursuant to a senior debt securities indenture (as hereto amended and supplemented and as may be further amended and supplemented from time to time, the "**Indenture**") between the Company and The Bank of New York Mellon, as trustee ("**Trustee**"). The offering of the Securities will be governed by this Agreement, as supplemented by the Pricing Agreement. From and after the date of the execution and delivery of the Pricing Agreement, this Agreement shall be deemed to incorporate the Pricing Agreement.

1. Particular sales of the Securities may be made from time to time to the Underwriters of such Securities,
or to purchasers procured by them, for whom the firms designated as representatives of the Underwriters of such Securities in the Pricing
Agreement relating thereto will act as representatives (the "**Representatives** "). The term "**Representatives** "
also refers to a single firm acting as sole representative of the Underwriters and to an Underwriter or Underwriters who act without any
firm being designated as its or their representatives. This Agreement shall not be construed as an obligation of the Company to sell any
of the Securities or as an obligation of any of the Underwriters to purchase, or procure purchasers for, the Securities. The obligation
of the Company to issue and sell any of the Securities and the obligation of any of the Underwriters to purchase, or procure purchasers
for, any of the Securities shall be evidenced by the Pricing Agreement with respect to the Securities specified therein. Each Pricing
Agreement shall specify the aggregate principal amount of such Securities, any option to purchase additional Securities, the initial public
offering price of such Securities, [•]% of the principal amount of the Securities (the "Purchase Price") to the Underwriters
of such Securities, the names of the Underwriters of such Securities, the names of the Representatives of such Underwriters and the principal
amount of such Securities to be purchased by each Underwriter, or by purchasers procured by such Underwriter, and shall set forth the
date, time and manner of delivery of such Securities and payment therefor. The Pricing Agreement shall also specify (to the extent not
set forth in the Indenture and the Registration Statement (as defined below), the Disclosure Package (as defined below) and prospectus
with respect thereto) the terms of such Securities. A Pricing Agreement shall be executed in writing (and may be in counterparts), and
may be evidenced by an exchange of facsimile communications or any other rapid transmission device designed to produce a written record
of communications transmitted. The obligations of the Underwriters under this Agreement and each Pricing Agreement shall be several and
not joint.

The Company has prepared and filed with the Securities and Exchange Commission (the "**Commission**") an "automatic shelf registration statement" as defined under Rule 405 under the U.S. Securities Act of 1933, as amended (the "**1933 Act**") on Form F-3 (No. 333-[ ]), including any post-effective amendment thereto required to be filed by the Commission, and related preliminary prospectus for the registration of, among other securities, certain debt securities of the Company, including the Securities, in accordance with the provisions of the 1933 Act, and the rules and regulations of the Commission thereunder (the "**1933 Act Regulations**").

The registration statement on Form F-3, as amended to the date on which it became effective prior to the date of this Agreement (including any prospectus supplement relating to the Securities and any other information, if any, deemed to be part of such registration statement pursuant to Rule 430B of the 1933 Act Regulations), and the prospectus constituting a part thereof (including in each case all documents, if any, incorporated by reference therein to such date) are hereinafter referred to as the "**Registration Statement**" and the "**Prospectus**", respectively, *except that* (i) if any revised prospectus or prospectus supplement shall be provided to the Underwriters by the Company for use in connection with the offering of the Securities which differs from the Prospectus on file at the Commission at the time the Registration Statement became effective (whether or not such revised prospectus is required to be filed by the Company pursuant to Rule 424(b) of the 1933 Act Regulations) the term "**Prospectus**" shall refer to such revised prospectus or include such prospectus supplement, as the case may be, from and after the time such revised prospectus or prospectus supplement is first provided to the Underwriters for such use, and (ii) if the Company files any documents pursuant to Section 13, 14 or 15 of the U.S. Securities Exchange Act of 1934, as amended (the "**1934 Act**"), after the Registration Statement became effective and prior to the termination of the offering of the Securities by the Underwriters, which documents are deemed to be or, in the case of a Report on Form 6-K, are designated as being incorporated by reference into the Prospectus pursuant to Form F-3 under the 1933 Act Regulations, the term "**Prospectus**" shall refer to said prospectus as modified to include the documents so filed from and after the time said documents are filed with or furnished to the Commission. The term "**Preliminary Prospectus**" means any preliminary form of the Prospectus (including any preliminary prospectus supplement), which is used prior to the filing of the Prospectus and first filed with the Commission pursuant to Rule 424(b) of the 1933 Act Regulations. The term "**Free Writing Prospectus**" has the meaning set forth in Rule 405 of the 1933 Act Regulations. The term "**Issuer Free Writing Prospectus**" means (i) any material that satisfies the conditions set forth in Rule 433 of the 1933 Act Regulations and (ii) any roadshow presentation, including any Bloomberg roadshow presentation. The term "**Disclosure Package**" means (i) the Preliminary Prospectus, if any, and otherwise the Prospectus, (ii) any Issuer Free Writing Prospectuses identified in Annex II hereto, (iii) the final term sheet prepared and filed pursuant to Section 5(d) of this Agreement (the "**Term Sheet**") and (iv) any other Free Writing Prospectus that the parties hereto shall hereafter expressly agree in writing to treat as part of the Disclosure Package.

"**Applicable Time**" means the time specified in the Pricing Agreement on the date hereof or such other time as agreed by the Company and the Representatives.

2. The Company represents and warrants to, and agrees with, each of the Underwriters as of the date hereof,
as of the Applicable Time, and as of the Time of Delivery referred to in Section 4 hereof that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An "automatic shelf registration statement" (as defined in Rule 405 under the 1933 Act) on
Form F-3 in respect of the Securities (File No. 333-[ ]), and any post-effective amendment
thereto, (i) has been prepared by the Company in conformity with the requirements of the 1933 Act Regulations, (ii) has been filed with
the Commission under the 1933 Act not earlier than the date that is three years prior to the Time of Delivery (as defined in Section 4
hereof) and (iii) upon its filing with the Commission, automatically became and is effective under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Commission has not issued any order preventing or suspending the effectiveness of the Registration
Statement or any part thereof or preventing or suspending the use of any Preliminary Prospectus, Disclosure Package, Issuer Free Writing
Prospectus or the Prospectus; and no proceeding for any such purpose or pursuant to Section 8A of the 1933 Act against the Company or
related to the offering has been, to the Company's knowledge, instituted or threatened by the Commission. The Commission has not
issued any order directed to any document incorporated by reference in the most recent Preliminary Prospectus, if any, or the Prospectus,
and, to the Company's knowledge, no proceeding has been instituted or threatened by the Commission with respect to any document
incorporated by reference in the most recent Preliminary Prospectus, if any, or the Prospectus. The Commission has not notified the Company
of any objection to the use of such Registration Statement or any post-effective amendment thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has not been, and continues not to be, an "ineligible issuer" (as defined in Rule
405 of the 1933 Act Regulations), in each case at all times relevant under the 1933 Act in connection with the offering of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registration Statement conformed on the date on which it became effective and conforms, and any amendment
to the Registration Statement filed after the date hereof will conform, in all material respects to the requirements of the 1933 Act and
the 1933 Act Regulations. The most recent Preliminary Prospectus, if any, conforms, and the Prospectus, and any amendment or supplement
thereto, will conform, in all material respects to the requirements of the 1933 Act and the 1933 Act Regulations when they become effective
or are filed with the Commission. The documents incorporated by reference in the Registration Statement, the Disclosure Package, and the
most recent Preliminary Prospectus, if any, or Prospectus, when they became effective or were filed with the Commission, as the case may
be, conformed in all material respects, to the requirements of the 1933 Act, the 1934 Act or with the Trust Indenture Act (as defined
below), as applicable, and the 1933 Act Regulations, and any further documents so filed and incorporated by reference in the Prospectus
or any further amendment or supplement thereto, when such documents become effective or are filed with the Commission, as the case may
be, will conform, in all material respects to the requirements of the 1933 Act or the 1934 Act, as applicable, and the 1933 Act Regulations; *provided, however*, that the representations and warranties in this subsection shall not apply to that part of the Registration
Statement that constitutes the Statement of Eligibility (the "**Form T-1**") under the U.S. Trust Indenture Act of 1939,
as amended (the "**Trust Indenture Act** "), of the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Registration Statement did not, as of the date on which it became effective, contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; *provided, however,* that no representation or warranty is made as to information contained in or omitted from the Registration Statement
in reliance upon and in conformity with written information furnished to the Company through the Representatives by or on behalf of any
Underwriter specifically for inclusion therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each of (a) the Disclosure Package and (b) any Issuer Free Writing Prospectus (not included in Annex II)
together with the Disclosure Package did not, as of either the Applicable Time or the Time of Delivery (as defined in Section 4), contain
any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; *provided, however,* that no representation or warranty is made
as to information contained in or omitted from the Disclosure Package in reliance upon and in conformity with written information furnished
to the Company through the Representatives by or on behalf of any Underwriter specifically for inclusion therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Prospectus, and any amendment or supplement thereto, will not, as of its date and at the Time of Delivery
(as defined in Section 4), contain any untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading; *provided, however,* that no
representation or warranty is made as to information contained in or omitted from the Prospectus in reliance upon and in conformity with
written information furnished to the Company through the Representatives by or on behalf of any Underwriter specifically for inclusion
therein; *provided, further* that the representations and warranties in this subsection shall not apply to the Form T-1 of the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The audited consolidated financial statements (in conjunction with the notes thereto) of the Company included
in the Disclosure Package and Prospectus present fairly, in all material respects, the financial position of the Company and its subsidiary
undertakings for the periods specified. The audited consolidated annual financial statements of the Company for the financial years ended
December 31, [•], [•] and [•], and the results of their operations and cash flows for each of the three years ended December
31, [•], [•] and [•] were prepared in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Since the respective dates as of which information is given in the Registration Statement, the Disclosure
Package and the Prospectus, except as otherwise set forth or contemplated therein, there has been no material adverse change in the condition,
financial or otherwise, or in the results of operations of the Company and its subsidiaries considered as one enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Company (A) has been duly incorporated in England and is validly registered under the laws of England
and Wales; (B) has the requisite corporate power and authority to execute and deliver this Agreement and the Pricing Agreement and had
the requisite corporate power and authority to execute and deliver the Indenture and to issue the Securities and, in each case, to perform
its obligations hereunder and thereunder; (C) has the corporate power and authority to conduct its business through its subsidiaries as
described in the Disclosure Package and the Prospectus; and (D) has duly authorized, executed and delivered this Agreement and the Pricing
Agreement, and this Agreement and the Pricing Agreement constitute the valid and legally binding agreement of the Company, enforceable
in accordance with their terms, except as rights to indemnity or contribution may be limited by applicable law and subject as to enforcement
to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting creditors' rights generally
and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Indenture has been duly qualified under the Trust Indenture Act and duly authorized, executed and
delivered by the Company and, assuming due authorization, execution and delivery by the Trustee, constitutes a valid and legally binding
obligation of the Company, enforceable in accordance with its terms, subject as to enforcement to bankruptcy, insolvency, reorganization
and other laws of general applicability relating to or affecting creditors' rights generally and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The forms of the Securities have been duly authorized and established in conformity with the provisions
of the Indenture and, when the Securities have been executed and authenticated in accordance with the provisions of the Indenture and
delivered to and duly paid for by the purchasers thereof, the Securities will be entitled to the benefits of the Indenture and will be
valid and binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, reorganization
and other laws of general applicability relating to or affecting creditors' rights generally and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Indenture and the Securities will conform in all material respects to the descriptions thereof contained
in the Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) All consents, approvals, authorizations, orders and decrees of any court or governmental agency or body
of the United States or the United Kingdom having jurisdiction over the Company required for the consummation by the Company of the transactions
contemplated by this Agreement or the Pricing Agreement or to permit the Company to effect interest payments in U.S. dollars on the Securities
in accordance with the terms of the Indenture have been obtained and are in full force and effect, except as may be required by U.S. state
securities laws (the "**Blue Sky laws** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The execution, delivery and performance of this Agreement, the Pricing Agreement and the Indenture, the
issuance, authentication, sale and delivery of the Securities and the compliance by the Company with the respective terms thereof, and
the consummation of the transactions contemplated hereby and thereby, will not conflict with or result in a breach under any agreement
or instrument to which the Company is a party or by which the Company is bound that is material to the Company and its subsidiaries, taken
as a whole, nor will such action result in any violation of (1) the provisions of the Memorandum and Articles of Association of the Company
or (2) any statute or any order, filing, rule or regulation of any United States or English court or governmental agency or regulatory
body having jurisdiction over the Company except for any such violation in (2) above that would not, individually or in the aggregate,
have a material adverse effect on the condition, financial or otherwise, or on the results of operations or the business of the Company
and its subsidiaries considered as one enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Company is not, and after giving effect to the offer and sales of the Securities and application of
the proceeds thereof as described in the Prospectus and the Disclosure Package, will not be, required to register as an "investment
company," as defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) There is no action, suit, proceeding, inquiry or investigation before or brought by any court or governmental
agency or body, domestic or foreign, now pending, or, to the knowledge of the Company, threatened against or affecting the Company or
any subsidiary, which is required to be disclosed in the Disclosure Package and Prospectus (other than as disclosed therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The consolidated capitalization of the Company and its subsidiaries set forth in the Disclosure Package
and Prospectus is true and correct as of the dates specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Deloitte LLP, an independent registered public accounting firm (the "**Independent Accountants** "),
who have audited the consolidated financial statements of the Company and its subsidiaries as of and for each of the years ended December
31, [•], [•] and [•] included or incorporated by reference in the Registration Statement, the Disclosure Package and the
Prospectus, were at the time of auditing such financial statements, independent public accountants as required by the 1933 Act and the
1933 Act Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Company has an effective system of internal controls over financial reporting so as to satisfy the
requirements of section 404 of the U.S. Sarbanes Oxley Act of 2002 on the basis set forth in the Company's most recent annual report
filed on Form 20-F, and to otherwise provide reasonable assurances that (i) transactions are executed in accordance with management's
general or specific authorization, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with IFRS (as adopted by the European Union and the United Kingdom) and to maintain accountability for assets, (iii) access to assets
is permitted only in accordance with management's general or specific authorization and (iv) the recorded accountability for assets
is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) [Except as disclosed in the Disclosure Package and the Prospectus,] [T]/[t]he Company has not during the
past five years, had any (i) material weaknesses in their internal controls over financial reporting (whether or not remediated) or (ii)
changes in its internal controls over financial reporting that has materially adversely affected, or would be reasonably likely to materially
adversely affect, its internal controls over financial reporting. The Company has not had during the past five years, any fraud that involves
any current member of management of the Company and no material fraud that involves any employee of the Company or (so far as the Company
is aware) of any subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) None of the Company or, to the knowledge of the Company, any director, officer, agent, employee or affiliate
of the Company is currently subject to any sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the
Treasury or any similar sanctions imposed by the European Union, the United Kingdom, the United Nations or any other governmental authority,
to which the Company or any of its affiliates is subject (collectively, the "**Sanctions** "); and the Securities are not
being issued for the purpose of funding any operations in, financing any investment or activities in or making any payments to any country
or to any person in contravention of prevailing Sanctions, *provided* that this sub-clause shall not apply to the extent that it
would result in a breach and/or violation of, or a conflict with, (i) EU Regulation (EC) 2271/96 of 22 November 1996 as amended from time
to time and/or any associated and applicable national law, instrument or regulation or (ii) EU Regulation (EC) 2271/96 as it forms part
of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended from time to time ()"**EUWA** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) [Except as disclosed in the Disclosure Package and the Prospectus,] [N]/[n]either the Company nor any
of its subsidiaries or, to the knowledge of the Company and each of its subsidiaries, any director, officer, agent, employee or other
person associated with or acting on behalf of the Company or any of its subsidiaries, is aware of or has taken any action, directly or
indirectly, that could result in a violation by such persons of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or the rules
and regulations thereunder (the "**FCPA**") (including, without limitation, making use of the mail or any means or instrument
of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or
other property, gift, promise to give, or authorization of the giving of anything of value to any "foreign official" (as such
term is defined in the FCPA) or any foreign political office, in contravention of the FCPA), the UK Bribery Act 2010 or any similar law
or regulation, to which the Company, any subsidiary thereof, any director, officer, agent, employee of the Company or any subsidiary thereof
may be subject. The Company and each subsidiary thereof have conducted their businesses in compliance with the FCPA, the UK Bribery Act
2010 and any applicable similar law or regulation and have instituted and maintain policies and procedures designed to ensure, and which
are reasonably expected to continue to ensure, continued compliance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The operations of the Company and its subsidiaries are and have been conducted at all times in material
compliance with the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules,
regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "**Money Laundering Laws** ")
and[, except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus,] no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company and its subsidiaries with respect
to the Money Laundering Laws is pending or, to the best knowledge of the Company or its subsidiaries, threatened, except in each case
where such action, suit or proceeding would not result in a material adverse change in the condition, financial or otherwise, or in the
results of operations of the Company and its subsidiaries considered as one enterprise.

3. Upon the execution of the Pricing Agreement applicable to any Securities and authorization by the Representatives
of the release of such Securities, the Underwriters, acting severally and not jointly, propose to offer such Securities for sale upon
the terms and conditions set forth in the Prospectus (as amended or supplemented).

4. The Securities to be purchased by each Underwriter and/or by purchasers procured by such Underwriter pursuant
to the Pricing Agreement relating thereto, in the form specified in such Pricing Agreement, and registered in such names as the Representatives
may request upon at least forty-eight hours' prior notice to the Company, shall be delivered by or on behalf of the Company to the
Representatives for the account of such Underwriters, against payment by the Underwriters, or by the Representatives on behalf of the
Underwriters, of the Purchase Price therefor by wire transfer of immediately available funds to an account designated by the Company in
accordance with the Pricing Agreement, all in the manner and at the place and time and date specified in such Pricing Agreement or at
such other place and time and date as the Representatives and the Company may agree upon in writing, such time and date being herein called
the "**Time of Delivery**" for such Securities.

5. The Company agrees with each of the Underwriters of any Securities that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will notify the Representatives promptly on becoming aware of (i) any request by the Commission
for any amendment to the Registration Statement or any amendment or supplement to the Disclosure Package or the Prospectus or for additional
information relating to the Registration Statement, the Disclosure Package, the Prospectus or the offering of the Securities, and (ii)
the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or suspending or preventing
the use of any Preliminary Prospectus, if any, Disclosure Package, the Prospectus or the initiation of any proceedings for such purpose
or the issuance by the Commission of any notice of objection to the use of the Registration Statement or any post-effective amendment
thereto or any request by the Commission for the amending or supplementing of the Registration Statement, the Prospectus, the Disclosure
Package or any Free Writing Prospectus. The Company will make every reasonable effort to prevent the issuance of any such stop order and,
if any stop order or notice of objection is issued, to obtain the lifting thereof at the earliest possible moment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time prior to the Time of Delivery, any event occurs as a result of which the Disclosure Package
would then include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, the Company will (i) promptly notify the Representatives
so that any use of the Disclosure Package may cease until it is amended or supplemented; (ii) amend or supplement the Disclosure Package
to correct such statement or omission; (iii) file such amendment or supplement with the Commission; and (iv) supply any such amendment
or supplement to the Underwriters in such quantities as they may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company will, for so long as the delivery of a prospectus is required in connection with the offering
or sale of the Securities (including in circumstances where such requirement may be satisfied pursuant to Rule 172 or Rule 173(a) of the
1933 Act Regulations), file promptly all reports required to be filed by the Company with the Commission pursuant to Section 13(a), 13(c)
or 15(d) of the 1934 Act and will give the Representatives notice of its intention to file any amendment to the Registration Statement
or any amendment or supplement to the Disclosure Package or the Prospectus (including any prospectus which the Company proposes for use
by the Underwriters in connection with the offering of the Securities which differs from the Prospectus, whether or not such revised prospectus
is required to be filed pursuant to Rule 424(b) of the 1933 Act Regulations) and, if and to the extent reasonably practicable, will furnish
the Representatives with copies of any such amendment or supplement a reasonable amount of time prior to such proposed filing or use,
as the case may be, and will not file any such amendment or supplement or use any such prospectus without prior consultation with the
Representatives, if such prior consultation is reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company will prepare the Term Sheet, containing solely a description of the final terms of the Securities
and the offering thereof, in a form approved by the Representatives and will file the Term Sheet not later than the time required by Rule
433(d) of the 1933 Act Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company will prepare the Prospectus in relation to the Securities and file such Prospectus pursuant
to Rule 424(b) of the 1933 Act Regulations not later than the time required by Rule 424(b) of the 1933 Act Regulations following the execution
and delivery of the Pricing Agreement relating to the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If required by Rule 430B(h) of the 1933 Act Regulations, the Company will prepare a prospectus and file
such prospectus pursuant to Rule 424(b) of the 1933 Act Regulations not later than may be required by such Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company will deliver to each Representative a conformed copy of the Registration Statement, as originally
filed, and of each amendment thereto (including exhibits and documents filed therewith or incorporated by reference, as the case may be,
into the Registration Statement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company will furnish the Underwriters with copies of the Preliminary Prospectus, if any, the Prospectus
and each Issuer Free Writing Prospectus (including, in each case, any supplement thereto) in such quantities as the Representatives may
from time to time reasonably request, and will use all reasonable efforts to make the initial delivery of the Prospectus by no later than
9:00 a.m. (New York time) on the second business day prior to the Time of Delivery and, if the delivery of a Prospectus (or in lieu thereof,
the notice referred to in Rule 173(a) under the 1933 Act) is required at any time prior to the expiration of nine months after the time
of issue of the Prospectus in connection with the offering and sale of the Securities and if at such time any event shall have occurred
as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state
any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when
such Prospectus is delivered (or in lieu thereof, the notice referred to in Rule 173(a) under the 1933 Act), not misleading, or, if for
any reason it shall be necessary during such period to amend or supplement the Prospectus in order to comply with the 1933 Act, notify
the Underwriters and upon the Representatives' request prepare and furnish without charge to each Underwriter as many copies as
the Representatives may from time to time reasonably request of an amended Prospectus or supplement to the Prospectus which will correct
such statement or omission or effect such compliance, and in case any Underwriter is required to deliver a Prospectus (or in lieu thereof,
the notice referred to in Rule 173(a) under the 1933 Act) in connection with sales of the Securities (including in circumstances where
such requirement may be satisfied pursuant to Rule 172 or 173(a) of the 1933 Act Regulations) at any time nine months or more after the
time of issue of the Prospectus, upon the Representatives' request but at the expense of such Underwriter, to prepare and deliver
to such Underwriter as many copies as the Representatives may request of an amended or supplemented Prospectus complying with Section
10(a)(3) of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company agrees that, unless it has obtained or will obtain (as the case may be) the prior written
consent of the Representatives, and each Underwriter, severally and not jointly, agrees with the Company that, unless it has obtained
or will obtain (as the case may be) the prior written consent of the Company, it has not made and will not make any offer relating to
the Securities that would constitute a free writing prospectus required to be filed by the Company with the Commission or retained by
the Company under Rule 433 of the 1933 Act Regulations, other than the information contained in the Term Sheet; *provided, however,* that the prior written consent of the parties hereto shall be deemed to have been given in respect of the Issuer Free Writing Prospectuses
included in Annex II hereto. Any such free writing prospectus consented to by the parties is hereinafter referred to as a "**Permitted Free Writing Prospectus**." The Company agrees that (i) it has treated and will treat, as the case may be, each Permitted Free
Writing Prospectus as an Issuer Free Writing Prospectus and (ii) it has complied and will comply, as the case may be, with the requirements
of Rules 164 and 433 of the 1933 Act Regulations applicable to any Permitted Free Writing Prospectus, including in respect of timely filing
with the Commission, legending and record keeping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Company will endeavor, in cooperation with the Underwriters, to qualify the Securities for offering
and sale under the applicable securities laws of such states and other jurisdictions of the United States as the Representatives may request; *provided, however*, that the Company shall not be obligated to qualify as a foreign corporation in any jurisdiction in which it
is not so qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company will make generally available to its security holders as soon as practicable, but in any event
not later than eighteen months after the effective date of the Registration Statement, an earnings statement of the Company and its subsidiaries
on a consolidated basis (which need not be audited) complying with Section 11(a) of the 1933 Act and the rules and regulations thereunder
(including, at the option of the Company, Rule 158 of the 1933 Act Regulations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) During the period beginning from the date of the Pricing Agreement for such Securities and continuing
to and including the Time of Delivery, the Company will not offer, sell, contract to sell or otherwise dispose of, pursuant to a public
offering in the United States, any securities of the Company which mature more than one year after such Time of Delivery and which are
substantially similar to such Securities (other than (i) the Securities, (ii) securities previously agreed to be sold by the Company and
(iii) commercial paper issued in the ordinary course of business), except as otherwise may be provided in this Agreement, without the
prior written consent of the Representatives, which consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company will cooperate with the Underwriters and use its best efforts to permit the Securities to
be eligible for clearance and settlement through the facilities of The Depository Trust Company ()"**DTC** "), Euroclear
Bank SA/NV, or Clearstream Banking S.A., as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Unless the Pricing Agreement provides otherwise, prior to the first payment date under the terms of the
Securities, the Securities will be listed on a "recognised stock exchange" within Section 1005 of the UK Income Tax Act 2007
as soon as practicable, application will be made to list the Securities on such recognised stock exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Company will apply the net proceeds from the sale of the Securities as set forth in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Prior to the issuance of the Securities, the Company will have obtained all consents, approvals, authorizations,
orders, registrations, qualifications and decrees of any court or governmental agency or body of the United States and the United Kingdom
necessary or required for the valid issuance of the Securities and to permit the Company to make interest payments on the Securities in
U.S. dollars.

6. The Company will pay all expenses incident to the performance of its obligations under this Agreement,
any Pricing Agreement, the Indenture and the Securities, including (i) the printing and filing of the Registration Statement as originally
filed and of each amendment thereto, any Issuer Free Writing Prospectus, the Prospectus and any related preliminary prospectus (and any
amendments or supplements thereto) and the cost of furnishing copies thereof to the Underwriters; (ii) the printing, if any, of this Agreement,
the Pricing Agreement, the Indenture and the blue sky survey; (iii) the printing or reproduction, preparation, issuance and delivery of
the certificates, if any, for the Securities to (or at the direction of) the Underwriters, including any transfer or other taxes
or duties payable upon the delivery of the Securities to a custodian for DTC, Euroclear Bank SA/NV or Clearstream Banking S.A., as the
case may be, or the sale of the Securities to the Underwriters; (iv) the fees and disbursements of the Company's counsel and accountants;
(v) the qualification of the Securities under the applicable securities laws in accordance with the provisions of Section 5(j) hereof,
including filing fees and the fees and disbursements of counsel for the Underwriters in connection therewith in an aggregate amount not
in excess of $5,000 with respect to a particular issue of the Securities and in connection with the preparation of any blue sky survey
and any legal investment survey; (vi) the delivery to the Underwriters of copies of such blue sky survey, if any; (vii) any costs, fees
and charges of any paying agent appointed under the Indenture; (viii) all expenses and listing fees in connection with the listing of
the Securities, if any, on a stock exchange and the clearance and settlement of the Securities through the facilities of DTC, Euroclear
Bank SA/NV or Clearstream Banking S.A., as the case may be; (ix) any fees charged by securities rating services for rating the Securities;
(x) the fees and expenses incurred in connection with the filing of any materials with the Financial Industry Regulatory Authority ()"**FINRA** "),
if any; (xi) any fees associated with a Bloomberg roadshow presentation; (xii) any United Kingdom stamp duty, stamp duty reserve tax or
similar tax or duty imposed by the United Kingdom or any political subdivision thereof upon the original issuance by, or on behalf of,
the Company of the Securities, the initial delivery of the Securities, the deposit of the Securities with a custodian for DTC, Euroclear
Bank SA/NV or Clearstream Banking S.A., as the case may be, the purchase by the Underwriters of the Securities pursuant to this Agreement,
the sale and delivery of the Securities by the Underwriters to the initial purchasers thereof, and the execution and delivery of this
Agreement, the Pricing Agreement and the Indenture; (xiii) the fees and expenses of the Trustee and any authorized agent of the Trustee,
and the reasonable fees and disbursements of counsel for the Trustee in connection with the Indenture and the Securities; and (xiv) any
value added taxes payable in the United Kingdom in respect of any of the above expenses; *provided that* the Company shall have no
liability under this Agreement for any amounts in respect of tax incurred by any of the Underwriters on its actual net income, profits
or gains or on any value added tax or similar tax imposed which is recoverable by the Underwriter.

[If this Agreement is terminated by the Representatives in accordance with the provisions of Section 7 or Section 11(a)(i), (v) and (ix) hereof, the Company shall reimburse the Underwriters for their out-of-pocket expenses, including the reasonable fees and disbursements of counsel for the Underwriters, unless otherwise agreed by the parties.]

7. The obligations of the Underwriters of any Securities under the Pricing Agreement relating to such Securities
shall be subject, in the discretion of the Representatives, to the condition that all representations and warranties of the Company in
or incorporated by reference in the Pricing Agreement relating to such Securities are, at and as of the Time of Delivery for such Securities,
true and correct, the condition that the Company shall have performed all of its obligations hereunder theretofore to be performed, and
the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement is effective and at the Time of Delivery no stop order suspending the effectiveness
of the Registration Statement shall have been issued under the 1933 Act or proceedings therefor initiated or threatened by the Commission
and no notice of objection of the Commission to the use of the Registration Statement or any post-effective amendment thereto pursuant
to Rule 401(g)(2) under the 1933 Act should have been received. The Prospectus shall have been transmitted to the Commission for filing
pursuant to Rule 424(b) of the 1933 Act Regulations within the time period prescribed by Rule 424(b) of the 1933 Act Regulations; the
Term Sheet and any other material required to be filed by the Company pursuant to Rule 433(d) of the 1933 Act Regulations shall have been
transmitted to the Commission for filing pursuant to Rule 433(d) of the 1933 Act Regulations; and, in each case, prior to the Time of
Delivery the Company shall have provided evidence satisfactory to the Representatives of such timely filing; and no stop order suspending
or preventing the use of the Prospectus or any Issuer Free Writing Prospectus shall have been initiated or threatened by the Commission;
and all requests for additional information on the part of the Commission have been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Time of Delivery, the Representatives shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The opinion and disclosure letter, each dated as of the Time of Delivery, of Davis Polk & Wardwell
London LLP, U.S. counsel for the Company, with respect to the matters set forth in Annex III hereto in form and substance reasonably satisfactory
to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The opinion, dated as of the Time of Delivery, of Davis Polk & Wardwell London LLP, U.K. tax counsel
for the Company, with respect to the matters set forth in Annex IV hereto in form and substance reasonably satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The opinion, dated as of the Time of Delivery, of Clifford Chance LLP, English counsel for the Company,
with respect to the matters set forth in Annex V hereto in form and substance reasonably satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The opinion and disclosure letter, each dated as of the Time of Delivery, of Allen Overy Shearman Sterling
LLP, counsel for the Underwriters, with respect to the matters set forth in Annex VI hereto in form and substance reasonably satisfactory
to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Independent Accountants shall have furnished to the Representatives and their respective [Non-]U.S.
selling agents (as listed in Annex VII hereto) letters, delivered at a time prior to the execution of the Pricing Agreement and dated
the date of delivery thereof, with regard to matters customarily covered by accountants' "comfort letters" and otherwise
in form and substance satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Independent Accountants shall have furnished to the Representatives and their respective [Non-]U.S.
selling agents (as listed in Annex VII hereto) letters, dated at the Time of Delivery, to the effect that it reaffirms the statements
made in the letter furnished pursuant to Section 7(c), except that the specified "cut-off" date referred to therein shall
be a date not more than three business days prior to the Time of Delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If required pursuant to the Pricing Agreement, an application shall have been made for listing the Securities
on the stock exchange specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) At the Time of Delivery (1) there shall not have been, since the date of the Pricing Agreement or since
the respective dates as of which information is given in the Registration Statement, the Disclosure Package and the Prospectus and any
amendment or supplement thereto, except as otherwise set forth or contemplated therein, any material adverse change in the condition,
financial or otherwise, or in the results of operations of the Company and its subsidiaries considered as one enterprise, and (2) the
Representatives shall have received a certificate of the Company executed on its behalf by an officer of the Company, dated as of the
Time of Delivery, to the effect that (i) the representations and warranties in Section 2 hereof are true and correct in all material respects
as though expressly made at and as of the Time of Delivery; (ii) the Company has complied in all material respects with all agreements
hereunder and satisfied in all material respects all conditions on its part to be performed or satisfied hereunder at or prior to the
Time of Delivery; and (iii) no stop order suspending the effectiveness of the Registration Statement has been issued and, to the knowledge
of the Company, no proceedings for that purpose have been initiated or threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company shall have furnished to the Underwriters a certificate, dated the Time of Delivery, of two
authorized officers of the Company, stating that to the best knowledge and belief of the two authorized officers signing such certificate
after reasonable inquiry, the issue and sale of the Securities in the manner contemplated in the Disclosure Package and Prospectus do
not and will not result in a breach, default or acceleration of any payment or amount under any contract, agreement or undertaking to
which the Company or any of its subsidiaries is a party (or by which any such entity is bound), which breach, default or acceleration
would have a material adverse effect on the Company and its subsidiaries taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) There shall not have occurred any lowering of the rating of any of the Company's securities by Moody's
Investors Service, Inc., S&P Global Ratings Inc. or Fitch Ratings, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If an affiliate (as defined in applicable FINRA rules) of the Company is participating in the offering
of the Securities, FINRA shall not have raised any objection with respect to the fairness and reasonableness of the underwriting terms
and arrangements.

If any condition specified in this Section 7 shall not have been fulfilled when and as required to be fulfilled and not otherwise waived by the Underwriters, this Agreement may be terminated by the Representatives by notice to the Company at any time at or prior to the Time of Delivery.

8. (a) The Company agrees to indemnify and hold harmless each Underwriter, each of the Underwriters'
affiliates, directors, officers and employees, and each person, if any, who controls any Underwriter within the meaning of Section 15
of the 1933 Act as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of
any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto),
including the information deemed to be part of the Registration Statement pursuant to Rule 430A(b) of the 1933 Act Regulations or, if
applicable, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements
therein not misleading or arising out of any untrue statement or alleged untrue statement of a material fact contained in the Prospectus,
the Preliminary Prospectus, if any, the Term Sheet, any Issuer Free Writing Prospectus or any related preliminary prospectus (or any amendment
or supplement thereto) or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent
of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced
or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission,
if such settlement is effected with the written consent of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) against any and all expense whatsoever, as reasonably incurred (including, subject to Section 8(c) hereof,
the fees and disbursements of counsel chosen by the Representatives), in investigating, preparing or defending against any litigation,
or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any
such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under
clause (i) or (ii) above;

*provided, however*, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by any Underwriter through the Representatives expressly for use in the Registration Statement (or any amendment thereto), the Prospectus, the Preliminary Prospectus, if any, the Term Sheet, any Issuer Free Writing Prospectus or any related preliminary prospectus (or any amendment or supplement thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter severally and not jointly agrees to indemnify and hold harmless each of the Company,
its directors, each of the officers of the Company who signed the Registration Statement, the Company's authorized representative
in the United States and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act, against any and
all loss, liability, claim, damage and expense described in the indemnity contained in subsection (a) of this Section 8 as incurred, but
only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or
any amendment thereto), the Prospectus, any related preliminary prospectus (or any amendment or supplement thereto) in reliance upon and
in conformity with written information furnished to the Company by such Underwriter through the Representatives expressly for use in the
Registration Statement (or any amendment thereto), or the Prospectus or such preliminary prospectus (or any amendment or supplement thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party
of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party
shall not relieve such indemnifying party from any liability which it may have otherwise than on account of this indemnity agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any indemnifying party may participate at its own expense in the defense of such action. In no event shall
the indemnifying parties be liable for fees and expenses of more than one counsel (in addition to any local counsel) separate from their
own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances. In the case of parties indemnified pursuant to Section 8(a) above, counsel
to the indemnified parties shall be selected by the Underwriters, and, in the case of parties indemnified pursuant to Section 8(b) above,
counsel to the indemnified parties shall be selected by the Company. An indemnifying party may participate at its own expense in the defense
of any such action; *provided, however,* that counsel to the indemnifying party shall not (except with the consent of the indemnified
party) also be counsel to the indemnified party. No indemnifying party shall, without the written consent of the indemnified party, effect
the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect
of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party
to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party
from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability
or a failure to act, by or on behalf of any indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the indemnification provided for in this Section 8 is unavailable to or insufficient to hold harmless
an indemnified party under subsection (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions in respect
thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as
a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect
the relative benefits received by the Company on the one hand and the Underwriters of the Securities on the other from the offering of
the Securities to which such loss, claim, damage or liability (or action in respect thereof) relates. If, however, the allocation provided
by the immediately preceding sentence is not permitted by applicable law or if the indemnified party failed to give the notice required
under subsection (c) above, then each indemnifying party shall, if permitted by applicable law, contribute to such amount paid or payable
by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault
of the Company on the one hand and the Underwriters of the Securities on the other in connection with the statements or omissions which
resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations.
The relative benefits received by the Company on the one hand and such Underwriters on the other shall be deemed to be in the same proportion
as the total net proceeds from such offering (before deducting expenses) received by the Company bear to the total underwriting discounts,
concessions and commissions received by such Underwriters. The relative fault shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates
to information supplied by the Company on the one hand or such Underwriters on the other and the parties' relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it
would not be just and equitable if contribution pursuant to this subsection (e) were determined by pro rata allocation (even if the Underwriters
were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations
referred to above in this subsection (e). The amount paid or payable by an indemnified party as a result of the losses, claims, damages
or liabilities (or actions in respect thereof) referred to above in this subsection (e) shall be deemed to include any legal or other
expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding
the provisions of this subsection (e), no Underwriter shall be required to contribute any amount in excess of the amount by which the
total price at which the Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of
any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation. The obligations of the Underwriters of Securities
in this subsection (e) to contribute are several in proportion to their respective underwriting obligations with respect to such Securities
and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The obligations of the Company under this Section 8 shall be in addition to any liability which the Company
may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls any Underwriter within the
meaning of Section 15 of the 1933 Act; and the obligations of the Underwriters under this Section 8 shall be in addition to any liability
which the respective Underwriters may otherwise have and shall extend, upon the same terms and conditions, to each officer and director
of the Company and to each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act.

9. If one or more of the Underwriters shall fail at the Time of Delivery to purchase the Securities which
it is or they are obligated to purchase under this Agreement and the Pricing Agreement (the "**Defaulted Securities** "),
the Representatives shall have the right, within 36 hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters,
or any other underwriters, to purchase, or procure purchasers for, all, but not less than all, of the Defaulted Securities in such amounts
as may be agreed upon and upon the terms herein set forth; *provided, however,* that if the Representatives shall not have completed
such arrangements within such 36-hour period, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the number of Defaulted Securities does not exceed 10% of the Securities which the Underwriters are
obligated to purchase at the Time of Delivery, the non-defaulting Underwriters shall be obligated to purchase the full amount thereof
in the proportions that their respective underwriting obligations under the Pricing Agreement relating to such Securities bear to the
underwriting obligations of all non-defaulting Underwriters, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the number of Defaulted Securities exceeds 10% of the Securities which the Underwriters are obligated
to purchase or procure purchasers for at the Time of Delivery, the Pricing Agreement relating to such Securities shall terminate without
liability on the part of any non-defaulting Underwriter.

No action taken pursuant to this Section 9 shall relieve any defaulting Underwriter from liability in respect of its default.

In the event of any such default which does not result in a termination of the relevant Pricing Agreement, either the Representatives or the Company shall have the right to postpone the Time of Delivery for a period not exceeding seven business days in order to effect any required changes in the Registration Statement or Prospectus or in any other documents or arrangements.

10. All representations, warranties and agreements contained in this Agreement and any Pricing Agreement,
or contained in certificates of officers of the Company submitted pursuant hereto, shall remain operative and in full force and effect,
regardless of any investigation made by or on behalf of any Underwriter or any controlling person, or by or on behalf of the Company,
and shall survive delivery of the Securities to the Underwriters pursuant to this Agreement.

11. (a) The Representatives may terminate this Agreement, immediately upon notice to the Company, at any
time prior to the Time of Delivery (i) if there has been, since the date of the Pricing Agreement or the respective dates as of which
information is given in the Registration Statement, the Disclosure Package and the Prospectus and any amendment or supplement thereto,
except as otherwise set forth or contemplated therein, any material adverse change in the condition, financial or otherwise, or in the
results of operations, of the Company and its subsidiaries considered as one enterprise, or (ii) if there has occurred any outbreak or
escalation of hostilities involving the United States or the United Kingdom or the declaration by the United States or the United Kingdom
of a national emergency or war, or (iii) the occurrence of another calamity or crisis or any change in financial, political or economic
conditions or currency exchange rates or controls in the United States, the United Kingdom or elsewhere, if the effect of any such event
specified in clauses (ii) and (iii) in the judgment of the Representatives (after consultation with the Company if practicable) makes
it impracticable or inadvisable to market the Securities or enforce contracts for the sale of the Securities in the manner contemplated
in the Prospectus, or (iv) if there has occurred a suspension or material limitation in trading in securities generally on the New York
Stock Exchange, London Stock Exchange or any other stock exchange on which the Company's securities are listed, or (v) if there
has occurred a suspension or material limitation in trading the Company's securities on the New York Stock Exchange or the London
Stock Exchange, or (vi) if there has occurred a material adverse change in the financial markets in the United States or in the international
financial markets in the judgment of the Representatives after consultation with the Company, or (vii) if a banking moratorium on commercial
banking activities has been declared by the relevant authorities in New York or London, or a material disruption in commercial banking
or securities settlement or clearance services in the United States or the United Kingdom has occurred, or (viii) if there has occurred
a change or development involving a prospective change in the United States or the United Kingdom taxation which has, or will have, a
material adverse effect on the Company or the Securities or the transfer thereof, or (ix) if there is any lowering of the rating of any
of the Company's debt securities, or a public announcement that such rating is under surveillance or review, with possible negative
implications, in each case, by Moody's Investors Service, Inc., S&P Global Ratings Inc. or Fitch Ratings, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If this Agreement is terminated pursuant to Sections 7, 9 or 11 hereof, such termination shall be without
liability of any party to any other party except as provided in Section 6 or Section 9 hereof. Notwithstanding any such termination, the
provisions of Sections 6, 8, 10 and 14 shall remain in effect.

12. In all dealings hereunder, the Representatives of the Underwriters of the Securities shall act on behalf
of each of such Underwriters, and the parties hereto shall be entitled to act and rely upon any statement, request, notice or agreement
on behalf of any Underwriter made or given by such Representatives jointly or by such of the Representatives, if any, as may be designated
for such purpose in the Pricing Agreement.

All statements, requests, notices and agreements hereunder shall be in writing, and if to the Underwriters shall be delivered or sent by mail, email or facsimile transmission to the address of the Representatives as set forth in the Pricing Agreement; and if to the Company shall be delivered or sent by mail, email or facsimile transmission to the address of the Company set forth in the Registration Statement, Attention: Company Secretary; *provided, however*, that any notice to an Underwriter pursuant to Section 8(c) hereof shall be delivered or sent by mail, email or facsimile transmission to such Underwriter at its address set forth in its Underwriters' Questionnaire, or email constituting such Questionnaire, which address will be supplied to the Company by the Representatives upon request. Any such statements, requests, notices or agreements shall take effect upon receipt thereof.

13. This Agreement and any Pricing Agreement shall each inure to the benefit of and be binding upon the Underwriters
and the Company and their respective successors. Nothing expressed or mentioned in this Agreement or any Pricing Agreement is intended
or shall be construed to give any person, firm or corporation, other than the Underwriters and the Company and their respective successors
and the controlling persons and officers, directors and authorized representative of the Company referred to in Section 8 and their heirs
and legal representatives, any legal or equitable right, remedy or claim under or in respect of this Agreement or any Pricing Agreement
or any provision herein or therein contained. This Agreement and any Pricing Agreement and all conditions and provisions hereof and thereof
are intended to be for the sole and exclusive benefit of the Underwriters and the Company and their respective successors, and said controlling
persons and officers, directors and authorized representative of the Company and their heirs and legal representatives, and for the benefit
of no other person, firm or corporation. No purchaser of Securities from any Underwriter shall be deemed to be a successor by reason merely
of such purchase.

14. (a) The Company irrevocably consents and agrees, for the benefit of the Underwriters, that any legal
action, suit or proceeding against it with respect to its obligations, liabilities or any other matter arising out of or in connection
with this Agreement or the Pricing Agreement may be brought in the courts of the State of New York or the courts of the United States
of America located in the Borough of Manhattan, The City of New York and hereby irrevocably consents and submits to the non-exclusive
jurisdiction of each such court <u>in personam</u>, generally and unconditionally with respect to any action, suit or proceeding for itself
and in respect of its properties, assets and revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company hereby irrevocably designates, appoints, and empowers the Chief Legal Officer, Lloyds Securities
Inc. and Deputy Chief Legal Officer, North America of Lloyds Bank Corporate Markets plc (or any successor thereto), currently of 1095
Avenue of the Americas, New York, NY 10036, as its designee, appointee and agent to take process, receive and forward process or to be
served with process for and on its behalf of any and all legal process, summons, notices and documents which may be served in any such
action, suit or proceeding brought in any such United States or State court which may be made on such designee, appointee and agent in
accordance with legal procedures prescribed for such courts. If for any reason such designee, appointee and agent hereunder shall cease
to be available to act as such, the Company agrees to designate a new designee, appointee and agent in The City of New York on the terms
and for the purposes of this Section 14 satisfactory to the Representatives. The Company further hereby irrevocably consents and agrees
to the service of any and all legal process, summons, notices and documents out of any of the aforesaid courts in any such action, suit
or proceeding by serving a copy thereof upon the relevant agent for service of process referred to in this Section 14 (whether or not
the appointment of such agent shall for any reason prove to be ineffective or such agent shall accept or acknowledge such service) or
by mailing copies thereof by registered or certified air mail, first class, postage prepaid, to each of them at their respective addresses
specified in or designated pursuant to this Agreement. The Company agrees that the failure of any such designee, appointee and agent to
give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any
action or proceeding based thereon. Nothing herein shall in any way be deemed to limit the ability
of any Underwriter to serve any such legal process, summons, notices and documents in any other manner permitted by applicable law or
to obtain jurisdiction over the undersigned or bring actions, suits or proceedings against the undersigned in any jurisdictions, and in
any manner, as may be permitted by applicable law. The Company hereby irrevocably and unconditionally waives, to the fullest extent permitted
by law, any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings
arising out of or in connection with this Agreement or the Pricing Agreement brought in the United States federal courts or the courts
of the State of New York located in the Borough of Manhattan, The City of New York and hereby further irrevocably and unconditionally
waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been
brought in an inconvenient forum.

15. Each Underwriter severally and not jointly represents and agrees that: (a) it has only communicated or
caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity
(within the meaning of section 21 of the Financial Services and Markets Act 2000 (as amended, the "**FSMA** ")) received
by it in connection with the issue or sale of any Securities in circumstances in which section 21(1) of the FSMA does not apply to the
Company; and (b) it has complied and will comply with all applicable provisions of the FSMA (and all rules and regulations made pursuant
to the FSMA) with respect to anything done by it in relation to any Securities in, from or otherwise involving the United Kingdom.

16. Each Underwriter severally and not jointly represents and agrees that it has not offered, sold or otherwise
made available and will not offer, sell or otherwise make available any Securities to which this Agreement relates, to any retail investor
in the European Economic Area. For the purposes of this provision, the expression "**retail investor**" means a person
who is one (or [both/more]) of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "**MiFID II** "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify
as a professional client as defined in point (10) of Article 4(1) of MiFID II.

17. Each Underwriter severally and not jointly represents and agrees that it has not offered, sold or otherwise
made available and will not offer, sell or otherwise make available any Securities to which this Agreement relates, to any retail investor
in the United Kingdom. For the purposes of this provision, the expression "**retail investor**" means a person who is one
(or [both/more]) of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part
of domestic law of the United Kingdom by virtue of the EUWA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the
FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article
2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law of the United Kingdom by virtue of the EUWA.

18. The Company hereby acknowledges that (a) the purchase, or procurement of purchasers of, and sale of the
Securities pursuant to this Agreement is an arm's-length commercial transaction between the Company, on the one hand, and the Underwriters
and any affiliate through which any Underwriter may be acting, on the other, (b) the Underwriters are acting as principal and not as an
agent or fiduciary of the Company and (c) the Company's engagement of the Underwriters in connection with the offering and the process
leading up to the offering is as independent contractors and not in any other capacity. Furthermore, the Company agrees that it is solely
responsible for making its own judgments in connection with the offering (irrespective of whether any of the Underwriters has advised
or is currently advising the Company on related or other matters). The Company agrees that it will not claim that the Underwriters have
rendered advisory services of any nature or respect, or owe an agency, fiduciary or similar duty to the Company, in connection with such
transaction or the process leading thereto.

19. Time shall be of the essence of each Pricing Agreement. As used herein, "**business day** "
shall mean any day when the Commission's office in Washington, D.C. is open for business.

20. This Agreement and each Pricing Agreement shall be governed by and construed in accordance with the laws
of the State of New York without reference to conflict of laws provisions thereof. Specified times of day refer to New York City time.

21. This Agreement may be executed in one or more counterparts and, when a counterpart has been executed by
each party, all such counterparts taken together shall constitute one and the same agreement.

22. Notwithstanding and to the exclusion of any other term of this Agreement, any Pricing Agreement or any
other agreements, arrangements, or understanding between the Company [and/or [•]] ([each, a] [the] "**UK Bail-in Party** ")
and each/any other party (whether or not a UK Bail-in Party) to this Agreement or any Pricing Agreement to whom the [relevant] UK Bail-in
Party owes any UK Bail-in Liability (each a "**Relevant UK Bail-in Counterparty** "), each Relevant UK Bail-in Counterparty
acknowledges and accepts that a UK Bail-in Liability arising under this Agreement or any Pricing Agreement may be subject to the exercise
of UK Bail-in Powers by the relevant UK resolution authority, and acknowledges, accepts, and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the effect of the exercise of UK Bail-in Powers by the relevant UK resolution authority in relation to
any UK Bail-in Liability of the [relevant] UK Bail-in Party to any Relevant UK Bail-in Counterparty under this Agreement or any Pricing
Agreement, that (without limitation) may include and result in any of the following, or some combination thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the reduction of all, or a portion, of the UK Bail-in Liability or outstanding amounts due thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the conversion of all, or a portion, of the UK Bail-in Liability into shares, other securities or other
obligations of the [relevant] UK Bail-in Party or another person, and the issue to or conferral on the (or each) Relevant UK Bail-in Counterparty
of such shares, securities or obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cancellation of the UK Bail-in Liability; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which
any payments are due, including by suspending payment for a temporary period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation of the terms of this Agreement or any Pricing Agreement, as deemed necessary by the relevant
UK resolution authority, to give effect to the exercise of UK Bail-in Powers by the relevant UK resolution authority.

"**UK Bail-in Legislation**" means Part I of the UK Banking Act 2009 and any other law or regulation applicable from time to time in the UK relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

"**UK Bail-in Liability**" means a liability in respect of which the UK Bail-in Powers may be exercised.

"**UK Bail-in Powers**" means the powers under the UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or affiliate of a bank or investment firm, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability.

23. [Notwithstanding and to the exclusion of any other term of this Agreement, any Pricing Agreement or any
other agreements, arrangements, or understanding between [•] [and/or [•]] ([each, an] [the] "**EU BRRD Party** ")
and each/any other party (whether or not a EU BRRD Party) to this Agreement or any Pricing Agreement to whom the [relevant] EU BRRD Party
owes any EU BRRD Liability (each a "**Relevant EU BRRD Counterparty** "), each Relevant EU BRRD Counterparty acknowledges
and accepts that an EU BRRD Liability arising under this Agreement or any Pricing Agreement may be subject to the exercise of EU Bail-in
Powers by the Relevant EU Resolution Authority, and acknowledges, accepts, and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the effect of the exercise of EU Bail-in Powers by the Relevant EU Resolution Authority in
relation to any EU BRRD Liability of the [relevant] EU BRRD Party to any Relevant EU BRRD Counterparty under this Agreement or any Pricing
Agreement, that (without limitation) may include and result in any of the following, or some combination thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the reduction of all, or a portion, of the EU BRRD Liability or outstanding amounts due thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the conversion of all, or a portion, of the EU BRRD Liability into shares, other securities or other obligations
of the [relevant] EU BRRD Party or another person (and the issue to or conferral on the (or each) Relevant EU BRRD Counterparty of such
shares, securities or obligations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cancellation of the EU BRRD Liability; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which
any payments are due, including by suspending payment for a temporary period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation of the terms of this Agreement or any Pricing Agreement, as deemed necessary by the Relevant
EU Resolution Authority, to give effect to the exercise of EU Bail-in Powers by the Relevant EU Resolution Authority.

For the purpose of this Section:

"**EU Bail-in Legislation**" means in relation to a member state of the European Economic Area which has implemented, or which at any time implements, the EU BRRD, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time;

"**EU Bail-In Legislation Schedule**" means the document described as such, then in effect, and published by the Loan Market Association (or any successor person) from time to time at http://www.lma.eu.com/documents-guidelines/eu-bail-legislation-schedule (or any successor webpage);

"**EU Bail-in Powers**" means any Write-down and Conversion Powers in relation to the relevant EU Bail-in Legislation;

"**EU BRRD**" means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms;

"**EU BRRD Liability**" means a liability in respect of which the relevant Write Down and Conversion Powers in the applicable EU Bail-in Legislation may be exercised;

"**Relevant EU Resolution Authority**" means the resolution authority with the ability to exercise any EU Bail-in Powers in relation to an EU BRRD Party;

"**Write-down and Conversion Powers**" has the meaning given to it in the EU Bail-in Legislation Schedule.]

24. Where a resolution measure is taken in relation to any BRRD undertaking or any member of the same group
as that BRRD undertaking and that BRRD undertaking or any member of the same group as that BRRD undertaking is a party to this Agreement
or any Pricing Agreement (any such party to this Agreement or any Pricing Agreement being an "**Affected Party** "), each
other party to this Agreement or any Pricing Agreement agrees that it shall only be entitled to exercise any termination right under this
Agreement and/or any Pricing Agreement against the Affected Party to the extent that it would be entitled to do so under the Special Resolution
Regime if this Agreement and/or any Pricing Agreement were governed by the laws of any part of the United Kingdom.

For the purpose of this Section 24, "resolution measure" means a "crisis prevention measure," "crisis management measure" or "recognised third-country resolution action," each with the meaning given in the "PRA Rulebook: CRR Firms and Non-Authorised Persons: Stay in Resolution Instrument 2015", as may be amended from time to time (the "**PRA Contractual Stay Rules**"), *provided, however,* that "crisis prevention measure" shall be interpreted in the manner outlined in Rule 2.3 of the PRA Contractual Stay Rules; "BRRD undertaking", "group", "Special Resolution Regime" and "termination right" have the respective meanings given in the PRA Contractual Stay Rules.

25. (a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under
a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this
Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement,
and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Underwriter that is a Covered Entity or a Covered Affiliate of such Underwriter
becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against
such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special
Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

"**Covered Affiliate**" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

"**Covered Entity**" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a "**covered entity**" as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a "**covered bank**" as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a "**covered FSI**" as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 382.2(b).

"**Default Right**" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"**U.S. Special Resolution Regime**" means each of (i) the U.S. Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

26. [Solely for the purposes of the requirements of Article 9(8) of the MiFID Product Governance rules under
EU Delegated Directive 2017/593 (the "**MiFID Product Governance Rules**") regarding the mutual responsibilities of manufacturers
under the MiFID Product Governance Rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [each of] [•] ([each an / the] "**EU Manufacturer**" [and together, the "**EU Manufacturers** "]) acknowledges [to each other EU Manufacturer] that it understands the responsibilities conferred upon it under
the MiFID Product Governance Rules relating to each of the product approval process, the target market and the proposed distribution channels
as applying to the Securities and the related information set out in the Registration Statement (or any amendment thereto), the Prospectus
and/or any related preliminary prospectus (or any amendment or supplement thereto) in connection with the Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the other parties to this Agreement note the application of the MiFID Product Governance Rules and acknowledge
the target market and distribution channels identified as applying to the Securities by the EU Manufacturer[s] and the related information
set out in the Registration Statement (or any amendment thereto), the Prospectus and/or any related preliminary prospectus (or any amendment
or supplement thereto) in connection with the Securities.]

27. [Solely for the purposes of the requirements of 3.2.7R of the FCA Handbook Product Intervention and Product
Governance Sourcebook (the "**UK MiFIR Product Governance Rules**") regarding the mutual responsibilities of manufacturers
under the UK MiFIR Product Governance Rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [each of] [•] ([each a/the] "**UK Manufacturer**" [and together the "**UK Manufacturers** "])
acknowledges [to each other UK Manufacturer] that it understands the responsibilities conferred upon it under the UK MiFIR Product Governance
Rules relating to each of the product approval process, the target market and the proposed distribution channels as applying to the Securities
and the related information set out in the in the Registration Statement (or any amendment thereto), the Prospectus and/or any related
preliminary prospectus (or any amendment or supplement thereto) in connection with the Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the other parties to this Agreement note the application of the UK MiFIR Product Governance Rules and
acknowledge the target market and distribution channels identified as applying to the Securities by the UK Manufacturer[s] and the related
information set out in the Registration Statement (or any amendment thereto), the Prospectus and/or any related preliminary prospectus
(or any amendment or supplement thereto) in connection with the Securities.]

[*The rest of this page is intentionally left blank*.]

If the foregoing is in accordance with your understanding, please sign and return to us, including counterparts hereof.

Very truly yours,

---

| | |
|:---|:---|
| Lloyds Bank plc | Lloyds Bank plc |
| By: |  |
|  | Name: |
|  | Title: |

---

[*The rest of this page is intentionally left blank.*]

Accepted as of the date hereof:

---

| | |
|:---|:---|
| [*Names of Representatives*] | [*Names of Representatives*] |
| By: |  |
|  | Name: |
|  | Title: |

---

For themselves and as Representatives of the several Underwriters

**ANNEX I**

**Pricing Agreement**

[Names of Representatives]<br> [As Representatives of the several<br> Underwriters named in Schedule I hereto,]

**[Date]**

Ladies and Gentlemen:

Lloyds Bank plc, a public limited company incorporated under the laws of England, and registered in, England and Wales (the "**Company**"), proposes, subject to the terms and conditions stated herein and in the Underwriting Agreement, dated [·] (the "**Underwriting Agreement**"), between the Company and the several Underwriters signatories thereto, to issue and sell to the Underwriters named in Schedule I hereto (the "**Underwriters**"), or to purchasers procured by them, the securities specified in Schedule II hereto (the "**Securities**"). Each of the provisions of the Underwriting Agreement is incorporated herein by reference in its entirety, and shall be deemed to be a part of this Agreement to the same extent as if such provisions had been set forth in full herein; and each of the representations and warranties set forth therein shall be deemed to have been made at and as of the date of this Pricing Agreement, except that each representation and warranty which refers to the Disclosure Package and/or the Prospectus in Section 2 of the Underwriting Agreement shall be deemed to be a representation or warranty as of the date of the Underwriting Agreement in relation to the Disclosure Package and/or the Prospectus (each as therein defined), as the case may be, and also a representation and warranty as of the date of this Pricing Agreement in relation to the Disclosure Package and/or the Prospectus (as amended or supplemented), as the case may be, relating to the Securities which are the subject of this Pricing Agreement. Each reference to the Representatives herein and in the provisions of the Underwriting Agreement so incorporated by reference shall be deemed to refer to you. Unless otherwise defined herein, terms defined in the Underwriting Agreement are used herein as therein defined. The Representatives designated to act on behalf of the Underwriters of the Securities pursuant to Section 12 of the Underwriting Agreement and the address of the Representatives referred to in such Section 12 are set forth at the end of Schedule II hereto.

An amendment to the Registration Statement, or a supplement to the Prospectus, as the case may be, relating to the Securities, in the form heretofore delivered to you is now proposed to be filed with the Commission.

Subject to the terms and conditions set forth herein (including Schedules I and II hereto) and in the Underwriting Agreement incorporated herein by reference, the Company agrees to issue and sell to each of the Underwriters, or to purchasers procured by them, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, or to procure purchasers to purchase from the Company, at the Purchase Price at the Time of Delivery (each as defined in Schedule II hereto), the principal amount of Securities set forth opposite the name of such Underwriter in Schedule I hereto.

If the foregoing is in accordance with your understanding, please sign and return to us, including counterparts hereof, and upon acceptance hereof by you, on behalf of each of the Underwriters, this letter and such acceptance hereof, including the provisions of the Underwriting Agreement incorporated herein by reference, shall constitute a binding agreement between each of the Underwriters and the Company. It is understood that your acceptance of this letter on behalf of each of the Underwriters is or will be pursuant to the authority set forth in a form of Agreement among Underwriters, the form of which shall be submitted to the Company for examination upon request, but without warranty on the part of the Representatives as to the authority of the signers thereof.

[*The rest of this page is intentionally left blank*.]

Very truly yours,

---

| | |
|:---|:---|
| Lloyds Bank plc | Lloyds Bank plc |
| By: |  |
|  | Name: |
|  | Title: |

---

[*The rest of this page is intentionally left blank*.]

Accepted as of the date hereof:

---

| | |
|:---|:---|
| [Names of Representatives] | [Names of Representatives] |
| By: |  |
|  | Name: |
|  | Title: |

---

For themselves and as Representatives of the several Underwriters

**Schedule 1**

---

| | | |
|:---|:---|:---|
|  |  | Principal Amount of<br> Securities to be Purchased |
| [*Names of Representative*s] |  | [·] |
| [*Names of other Underwriters*] |  | [·] |
|  | Total | [·] |

---

**Schedule 2**

*Capitalized terms used herein, unless otherwise stated, shall have the meaning set forth in the Underwriting Agreement.*

---

| | |
|:---|:---|
| **Title of Securities:** | [%] [Senior Debt Securities] due [·] |
| **Aggregate Principal Amount:** | $[·] principal amount of the Securities |
| **Price To Public:** | [·]% of the principal amount of the Securities |
| **Purchase Price By Underwriters:** | [·]% of the principal amount of the Securities |
| **Underwriting Commission:** | [·]% |
| **Form of Securities:** | Book-entry only form represented by one or more global securities deposited with a custodian for DTC, Euroclear Bank SA/NV and Clearstream Banking S.A., as the case may be. |
| **Specified Funds for Payment of Purchase Price:** | Wire transfer of immediately available funds |
| **Time of Delivery:** | [·] [a.m./p.m.] (New York time), [·] |
| **Applicable Time:** | [·] [a.m./p.m.] (New York time), [·] |
| **Indenture:** | Indenture dated as of [·] between the Company and The Bank of New York Mellon, as Trustee, as supplemented by [a]/[an] [·] supplemental indenture to be dated [·] (together, the "**Indenture**"). |
| **Issue Date:** | [·] |
| **Maturity:** | [·] |
| **Interest Rate:** | [·]% |
| **Interest Payment Dates:** | Interest will be paid on the Securities on [·] and [·] of each year, commencing [·]. |
| **Interest Record Dates:** | Interest will be paid on the Securities to holders of record of each Security in respect of the principal amount thereof outstanding as at [· ] and [·]] of each year immediately preceding the Interest Payment Dates on [[·] and [·]], respectively. |

---

---

| | |
|:---|:---|
| **Redemption Provisions:** | The Securities may be redeemed as described in the Prospectus. |
| **Sinking Fund Provisions:** | No sinking fund provisions. |
| **Closing Location for Delivery of Securities:** | Offices of Davis Polk & Wardwell London LLP, 5 Aldermanbury Square, London EC2V 7HR, United Kingdom |
| **Names and Addresses of Representatives:** | Designated Representatives: [·] |
|  | Addresses for Notices: [·] |
| **Identifying Information:** | CUSIP: [·]<br>ISIN: [·] |
| **Stock Exchange Listing:** | [The New York Stock Exchange] |
| **Other Terms:** | The Securities will have additional terms as more fully described in the Disclosure Package and the Prospectus. |

---

**ANNEX II**

***Issuer Free Writing Prospectuses Included in Disclosure Package***

**ANNEX III**

**FORM OF OPINION OF<br> DAVIS POLK & WARDWELL LONDON LLP, U.S. COUNSEL<br> FOR THE COMPANY<br> [*TO BE PROVIDED*]**

**FORM OF DISCLOSURE LETTER OF<br> DAVIS POLK & WARDWELL LONDON LLP, U.S. COUNSEL<br> FOR THE COMPANY<br> [*TO BE PROVIDED*]**

**ANNEX IV**

**FORM OF OPINION OF<br> DAVIS POLK & WARDWELL LONDON LLP, U.K. TAX COUNSEL<br> FOR THE COMPANY<br> [*TO BE PROVIDED*]**

**ANNEX V**

**FORM OF OPINION OF CLIFFORD CHANCE,<br> ENGLISH COUNSEL FOR THE COMPANY<br> [*TO BE PROVIDED*]**

**ANNEX VI**

**FORM OF OPINION OF ALLEN OVERY SHEARMAN STERLING LLP,<br> U.S. COUNSEL FOR THE UNDERWRITERS<br> [*TO BE PROVIDED*]**

**FORM OF DISCLOSURE LETTER OF ALLEN OVERY SHEARMAN STERLING LLP,<br> U.S. COUNSEL FOR THE UNDERWRITERS<br> [*TO BE PROVIDED*]**

**ANNEX VII**

**THE [NON-]U.S. SELLING AGENTS OF THE UNDERWRITERS<br> [*TO BE PROVIDED*]**

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| | **CMS Cameron McKenna Nabarro <br> Olswang LLP**<br>Saltire Court<br>20 Castle Terrace<br>Edinburgh<br>EH1 2EN<br>**DX** 553001 EDINBURGH<br>LP 2 EDINBURGH 6<br>T +44 131 228 8000<br>F +44 131 228 8888<br>**www.cms-cmno.com** |
| Lloyds Banking Group plc<br> 25 Gresham Street<br> London<br> EC2V 7HN | **CMS Cameron McKenna Nabarro <br> Olswang LLP**<br>Saltire Court<br>20 Castle Terrace<br>Edinburgh<br>EH1 2EN<br>**DX** 553001 EDINBURGH<br>LP 2 EDINBURGH 6<br>T +44 131 228 8000<br>F +44 131 228 8888<br>**www.cms-cmno.com** |
|  | 6 June 2025 |
| **Your ref**<br>**Our ref - STPH/PUAL/EDN/0X2244.10043**<br>|  |

---

Ladies and Gentlemen

**Lloyds Banking Group plc (the "Company")**

**Shelf registration statement to be filed with the United States Securities and Exchange Commission (the "SEC") on Form F-3 on 6 June 2025 by the Company (the "Registration Statement")**

**Issue and sale by the Company of senior and subordinated debt securities under the Registration Statement**

1. We have acted as Scottish legal advisers to the Company in connection with the registration under the
US Securities Act of 1933, as amended (the **Securities Act**), of subordinated debt securities and senior debt securities of the Company
pursuant to the Registration Statement.

2. This opinion is limited to Scots law as applied by the Scottish courts and is given on the basis that
it will be governed by and construed in accordance with Scots law. In particular, we express no opinion herein with regard
to any system of law (including, for the avoidance of doubt, English law, the federal laws of the United States of America and the laws
of the State of New York) other than the laws of Scotland as currently applied by the Scottish courts.

3. For the purpose of this opinion we have examined the documents listed and, where appropriate, defined
in the Schedule to this opinion.

4. We have assumed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (except in the case of the Company) all relevant documents are within the capacity and powers of, and
(other than the Debt Securities) have been validly authorised by, each party;

CMS Cameron McKenna Nabarro Olswang LLP is a limited liability partnership registered in England and Wales with registration number OC310335. It is a body corporate which uses the word "partner" to refer to a member, or an employee or consultant with equivalent standing and qualifications. It is authorised and regulated by the Solicitors Regulation Authority of England and Wales with SRA number 423370. A list of members and their professional qualifications is open to inspection at the registered office, Cannon Place, 78 Cannon Street, London EC4N 6AF. Members are either solicitors or registered foreign lawyers. VAT registration number: 974 899 925. Further information about the firm can be found at cms.law

CMS Cameron McKenna Nabarro Olswang LLP is a member of CMS Legal Services EEIG (CMS EEIG), a European Economic Interest Grouping that coordinates an organisation of independent law firms. CMS EEIG provides no client services. Such services are solely provided by CMS EEIG's member firms in their respective jurisdictions. CMS EEIG and each of its member firms are separate and legally distinct entities, and no such entity has any authority to bind any other. CMS EEIG and each member firm are liable only for their own acts or omissions and not those of each other. The brand name "CMS" and the term "firm" are used to refer to some or all of the member firms or their offices. Further information can be found at www.cmslegal.com

Notice: the firm does not accept service by e-mail of court proceedings, other processes or formal notices of any kind without specific prior written agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each issue of Debt Securities by the Company will be validly authorised by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (in the case of each party) all relevant documents have been or (in the case of the Subordinated Indenture
and the Debt Securities) will be validly executed and delivered by the relevant party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each of the documents which are the subject of this opinion is valid, binding and enforceable on each
party under the law to which it is expressed to be subject where that is not Scots law, and that words and phrases used in those documents
have the same meaning and effect as they would if those documents were governed by Scots law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the issue of the Debt Securities will not be affected by any financial restrictions arising from United
Nations, European Union or United Kingdom sanctions or exchange control legislation, regulations or orders.

5. References in this opinion to:

**Debt Securities** are to the debt securities which may be issued by the Company under the Senior Indenture or the Subordinated Indenture pursuant to the Registration Statement; and

**Subordinated Debt Securities** are to Debt Securities which are issued, authenticated and delivered under the Subordinated Indenture.

6. Based on the documents referred to, and assumptions made, in paragraphs 3 and 4 above and subject to the
qualifications in paragraphs 7 and 8 below and to any matters not disclosed to us, we are of the following opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company is a company incorporated in Scotland under the Companies Act 1985.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company has corporate power to enter into the Subordinated Indenture, and has taken all necessary
corporate action to authorise its execution, delivery and performance of the Subordinated Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company has corporate power to perform its obligations under the Indentures and the Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Save for the authorisation of each issue of Debt Securities required in accordance with the Minutes, the
Company has taken all necessary corporate action to authorise its execution, delivery and performance of the Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The subordination provisions contained in the Subordinated Debt Securities and Section 12.01 of the Subordinated
Indenture, insofar as they relate to the Company and are expressed to be governed by the laws of Scotland, will constitute legal, valid,
binding and enforceable obligations of the Company.

7. The term "enforceable" as used above means that the obligations assumed by the relevant party
under the relevant document are of a type which the Scottish courts enforce. It does not mean that those obligations will necessarily
be enforced in all circumstances in accordance with their terms. In particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) enforcement may be limited by (a) bankruptcy, insolvency and liquidation, (b) reorganisation,
(c) laws of general application relating to or affecting the rights of creditors, and (d) general principles of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) an order of specific implement will not normally be made in respect of any obligation to pay money, and
interdict and specific implement are discretionary remedies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) rights may become extinguished by prescription, and claims may be time-barred by limitation or may be
or become subject to retention, set-off or compensation.

8. This opinion is subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It should be understood that we have not been responsible for investigating or verifying the accuracy
of the facts, including statements of foreign law, or the reasonableness of any statements of opinion, contained in the Registration Statement,
or that no material facts have been omitted from it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A certificate, determination, notification, minute or opinion might be held by the Scottish courts not
to be conclusive if it could be shown to have an unreasonable or arbitrary basis or in the event of manifest error despite any provision
in any document to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A Scottish court may, or may be required to, stay proceedings or decline jurisdiction in certain circumstances
- for example, if proceedings are brought elsewhere.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The effectiveness of provisions relating to the choice of law to govern non-contractual obligations will
be subject, where applicable, to Regulation (EC) No 864/2007 of the European Parliament and of the Council on the law applicable to non-contractual
obligations (the Rome II Regulation). The effectiveness of such provisions in situations where the Rome II Regulation does
not apply is uncertain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Effect may be given to the overriding mandatory provisions of the law of the country where the obligations
arising out of a contract have to be performed, in so far as those provisions render the performance of the contract unlawful. In
such circumstances, the relevant obligations may not be enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) A Scottish court may refuse to give effect to any provision of an agreement which amounts to an indemnity
in respect of the costs of unsuccessful litigation brought before a Scottish court or where the court has itself made an order for costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Scottish courts are prepared to give judgments in foreign currency if that was the proper currency
of the contract. The judgment may, however, require to be converted into Sterling for enforcement purposes. Foreign
currency amounts claimed in a Scottish liquidation (including distributions of income or capital due to or claimed by holders of Debt
Securities) must be converted into Sterling at the exchange rate prevailing at the date of commencement of the liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) We express no opinion upon United Kingdom taxation matters (including stamp duty and stamp duty reserve
tax), the Financial Services and Markets Act 2000 and regulations thereunder, and banking regulation and supervision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) This opinion is subject to the provisions of the Banking Act 2009 and any secondary legislation, instruments
and orders made, or which may be made, under it.

9. This opinion is given on the basis that there will be no amendment to, or termination or replacement of,
the documents, authorisations and opinions referred to in the Schedule to this opinion and on the basis of Scots law in force as at the
date of this opinion. This opinion is also given on the basis that we undertake no responsibility to notify any addressee of
this opinion of any change in Scots law after the date of this opinion.

10. We hereby consent (i) to the use of our name in the prospectus forming a part of the Registration
Statement in the forms and contexts in which it appears, (ii) to the filing of this opinion as an exhibit to the Registration Statement,
and (iii) to the incorporation of this opinion and consent in a registration statement filed pursuant to Rule 462(b) of the Securities
Act.

Yours faithfully

/s/ CMS Cameron McKenna Nabarro Olswang LLP

CMS Cameron McKenna Nabarro Olswang LLP

**SCHEDULE**

&nbsp;&nbsp;&nbsp;&nbsp;1. A certified copy of the Articles of Association of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;2. Copy extract of the minutes of a meeting of the Board of Directors of the Company held on 25 November
2024 (the **Minutes**).

&nbsp;&nbsp;&nbsp;&nbsp;3. Copies in PDF form of powers of attorney by the Company dated 26 November 2024.

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registration Statement, including the form of prospectus relating to offers and sales of Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;5. Senior Debt Securities Indenture (the **Senior Indenture**) between the Company and The Bank of New
York Mellon (the **Trustee**) dated as of 6 July 2010.

&nbsp;&nbsp;&nbsp;&nbsp;6. Subordinated Debt Securities Indenture (the **Subordinated Indenture** and, together with the Senior
Indenture, the **Indentures**) between the Company and the Trustee dated as of 4 November 2014.

&nbsp;&nbsp;&nbsp;&nbsp;7. A copy of the opinion dated 6 June 2025 of Davis Polk & Wardwell London LLP, US Counsel to the Company.

## Exhibit 5.2

**Exhibit 5.2**

![](image_002.jpg)

---

| | |
|:---|:---|
|  | **CMS Cameron McKenna Nabarro Olswang LLP** |
| | Saltire Court |
| | 20 Castle Terrace |
| | Edinburgh |
| | EH1 2EN |
| &nbsp;&nbsp; Lloyds Banking Group plc<br> 25 Gresham Street<br> London<br> EC2V 7HN | **DX** 553001 EDINBURGH<br> LP 2 EDINBURGH 6 |
| &nbsp;&nbsp; Lloyds Banking Group plc<br> 25 Gresham Street<br> London<br> EC2V 7HN |  |
|  | **T** +44 131 228 8000<br>**F** +44 131 228 8888 |
|  | **www.cms-cmno.com** |

---

---

| | |
|:---|:---|
|  | 6 June 2025 |
| **Your ref** |  |
| **Our ref - STPH/PUAL/EDN/0X2244.10043** |  |

---

Ladies and Gentlemen

**Lloyds Banking Group plc (the "Company")**

**Shelf registration statement to be filed with the United States Securities and Exchange Commission (the "SEC") on Form F-3 on 6 June 2025 by the Company (the "Registration Statement")**

**Issue and sale by the Company of capital securities under the Registration Statement**

1. We have acted as Scottish legal advisers to the Company in connection with the registration under the
US Securities Act of 1933, as amended (the **Securities Act**), of capital securities of the Company pursuant to the Registration Statement.

2. This opinion is limited to Scots law as applied by the Scottish courts and is given on the basis that
it will be governed by and construed in accordance with Scots law. In particular, we express no opinion herein with regard
to any system of law (including, for the avoidance of doubt, English law, the federal laws of the United States of America and the laws
of the State of New York) other than the laws of Scotland as currently applied by the Scottish courts.

3. For the purpose of this opinion we have examined the documents listed and, where appropriate, defined
in the Schedule to this opinion.

4. We have assumed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (except in the case of the Company) all relevant documents are within the capacity and powers of, and
(other than the Capital Securities) have been validly authorised by, each party;

UK - 708348933.2

CMS Cameron McKenna Nabarro Olswang LLP is a limited liability partnership registered in England and Wales with registration number OC310335. It is a body corporate which uses the word "partner" to refer to a member, or an employee or consultant with equivalent standing and qualifications. It is authorised and regulated by the Solicitors Regulation Authority of England and Wales with SRA number 423370. A list of members and their professional qualifications is open to inspection at the registered office, Cannon Place, 78 Cannon Street, London EC4N 6AF. Members are either solicitors or registered foreign lawyers. VAT registration number: 974 899 925. Further information about the firm can be found at cms.law

CMS Cameron McKenna Nabarro Olswang LLP is a member of CMS Legal Services EEIG (CMS EEIG), a European Economic Interest Grouping that coordinates an organisation of independent law firms. CMS EEIG provides no client services. Such services are solely provided by CMS EEIG's member firms in their respective jurisdictions. CMS EEIG and each of its member firms are separate and legally distinct entities, and no such entity has any authority to bind any other. CMS EEIG and each member firm are liable only for their own acts or omissions and not those of each other. The brand name "CMS" and the term "firm" are used to refer to some or all of the member firms or their offices. Further information can be found at www.cmslegal.com

Notice: the firm does not accept service by e-mail of court proceedings, other processes or formal notices of any kind without specific prior written agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each issue of Capital Securities by the Company will be validly authorised by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (in the case of each party) all relevant documents have been or (in the case of the Capital Securities)
will be validly executed and delivered by the relevant party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each of the documents which are the subject of this opinion is valid, binding and enforceable on each
party under the law to which it is expressed to be subject where that is not Scots law, and that words and phrases used in those documents
have the same meaning and effect as they would if those documents were governed by Scots law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the issue of the Capital Securities will not be affected by any financial restrictions arising from United
Nations, European Union or United Kingdom sanctions or exchange control legislation, regulations or orders.

5. References in this opinion to the **Capital Securities** are to the capital securities which may be
issued by the Company under the Capital Securities Indenture pursuant to the Registration Statement.

6. Based on the documents referred to, and assumptions made, in paragraphs 3 and 4 above and subject to the
qualifications in paragraphs 7 and 8 below and to any matters not disclosed to us, we are of the following opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company is a company incorporated in Scotland under the Companies Act 1985.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company has corporate power to perform its obligations under the Capital Securities Indenture and
the Capital Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Save for the authorisation of each issue of Capital Securities required in accordance with the Minutes,
the Company has taken all necessary corporate action to authorise its execution, delivery and performance of the Capital Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The subordination provisions contained in the Capital Securities and Section 12.01 of the Capital Securities
Indenture, insofar as they relate to the Company and are expressed to be governed by the laws of Scotland, will constitute legal, valid,
binding and enforceable obligations of the Company.

7. The term "enforceable" as used above means that the obligations assumed by the relevant party
under the relevant document are of a type which the Scottish courts enforce. It does not mean that those obligations will necessarily
be enforced in all circumstances in accordance with their terms. In particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) enforcement may be limited by (a) bankruptcy, insolvency and liquidation, (b) reorganisation,
(c) laws of general application relating to or affecting the rights of creditors, and (d) general principles of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) an order of specific implement will not normally be made in respect of any obligation to pay money, and
interdict and specific implement are discretionary remedies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) rights may become extinguished by prescription, and claims may be time-barred by limitation or may be
or become subject to retention, set-off or compensation.

8. This opinion is subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It should be understood that we have not been responsible for investigating or verifying the accuracy
of the facts, including statements of foreign law, or the reasonableness of any statements of opinion, contained in
the Registration Statement, or that no material facts have been omitted from it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A certificate, determination, notification, minute or opinion might be held by the Scottish courts not
to be conclusive if it could be shown to have an unreasonable or arbitrary basis or in the event of manifest error despite any provision
in any document to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A Scottish court may, or may be required to, stay proceedings or decline jurisdiction in certain circumstances
- for example, if proceedings are brought elsewhere.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The effectiveness of provisions relating to the choice of law to govern non-contractual obligations will
be subject, where applicable, to Regulation (EC) No 864/2007 of the European Parliament and of the Council on the law applicable to non-contractual
obligations (as brought into Scots law by the European Union (Withdrawal) Act 2018) (the Rome II Regulation). The effectiveness
of such provisions in situations where the Rome II Regulation does not apply is uncertain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Effect may be given to the overriding mandatory provisions of the law of the country where the obligations
arising out of a contract have to be performed, in so far as those provisions render the performance of the contract unlawful. In
such circumstances, the relevant obligations may not be enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) A Scottish court may refuse to give effect to any provision of an agreement which amounts to an indemnity
in respect of the costs of unsuccessful litigation brought before a Scottish court or where the court has itself made an order for costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Scottish courts are prepared to give judgments in foreign currency if that was the proper currency
of the contract. The judgment may, however, require to be converted into Sterling for enforcement purposes. Foreign
currency amounts claimed in a Scottish liquidation (including distributions of income or capital due to or claimed by holders of Debt
Securities) must be converted into Sterling at the exchange rate prevailing at the date of commencement of the liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) We express no opinion upon United Kingdom taxation matters (including stamp duty and stamp duty reserve
tax), the Financial Services and Markets Act 2000 and regulations thereunder, and banking regulation and supervision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) This opinion is subject to the provisions of the Banking Act 2009 and any secondary legislation, instruments
and orders made, or which may be made, under it.

9. This opinion is given on the basis that there will be no amendment to, or termination or replacement of,
the documents, authorisations and opinions referred to in the Schedule to this opinion and on the basis of Scots law in force as at the
date of this opinion. This opinion is also given on the basis that we undertake no responsibility to notify any addressee of
this opinion of any change in Scots law after the date of this opinion.

10. We hereby consent (i) to the use of our name in the prospectus forming a part of the Registration
Statement in the forms and contexts in which it appears, (ii) to the filing of this opinion as an exhibit to the Registration Statement,
and (iii) to the incorporation of this opinion and consent in a registration statement filed pursuant to Rule 462(b) of the Securities
Act.

Yours faithfully

/s/ CMS Cameron McKenna Nabarro Olswang LLP

CMS Cameron McKenna Nabarro Olswang LLP

**SCHEDULE**

&nbsp;&nbsp;&nbsp;&nbsp;1. A certified copy of the Articles of Association of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;2. Copy extract of the minutes of a meeting of the Board of Directors of the Company held on 25 November
2024 (the **Minutes**).

&nbsp;&nbsp;&nbsp;&nbsp;3. Copies in PDF form of powers of attorney by the Company dated 26 November 2024.

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registration Statement, including the form of prospectus relating to offers and sales of Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;5. Capital Securities Indenture (the **Capital Securities Indenture**) between the Company and The Bank
of New York Mellon (the **Trustee**) dated as of 6 March 2014.

&nbsp;&nbsp;&nbsp;&nbsp;6. A copy of the opinion dated 6 June 2025 of Davis Polk & Wardwell London LLP, US Counsel to the Company.

## Exhibit 5.3

**Exhibit 5.3**

---

| | |
|:---|:---|
| | **CMS Cameron McKenna Nabarro <br> Olswang LLP**<br>Saltire Court<br>20 Castle Terrace<br>Edinburgh<br>EH1 2EN<br>**DX** 553001 EDINBURGH<br>LP 2 EDINBURGH 6<br>T +44 131 228 8000<br>F +44 131 228 8888<br>**www.cms-cmno.com** |
| Lloyds Banking Group plc<br> 25 Gresham Street<br> London<br> EC2V 7HN | **CMS Cameron McKenna Nabarro <br> Olswang LLP**<br>Saltire Court<br>20 Castle Terrace<br>Edinburgh<br>EH1 2EN<br>**DX** 553001 EDINBURGH<br>LP 2 EDINBURGH 6<br>T +44 131 228 8000<br>F +44 131 228 8888<br>**www.cms-cmno.com** |
|  | 6 June 2025 |
| **Your ref**<br>**Our ref - STPH/PUAL/EDN/0X2244.10043**<br>|  |

---

Ladies and Gentlemen

We have acted as solicitors in Scotland for Lloyds Banking Group plc (the **Company**) in connection with the registration under the US Securities Act of 1933, as amended (the **Securities Act**), of Ordinary Shares of the Company (the **Ordinary Shares**), pursuant to a registration statement on Form F-3 (the **Registration Statement**) to be filed by the Company under the Securities Act with the Securities and Exchange Commission on 6 June 2025.

The Registration Statement specifies that the Ordinary Shares are being registered in connection with issuances from time to time of Ordinary Shares which are either independent or made following the mandatory conversion of capital securities issued by the Company under the Registration Statement (or under registration statements previously filed with the Securities and Exchange Commission which have expired).

We have examined the Registration Statement, the prospectus included therein, and resolutions passed by (i) the shareholders of the Company in general meeting on 20 May 2021, and (ii) the Board of Directors of the Company on 25 November 2024. In addition, we have examined such other documents and have made such further examinations and enquiries as we have deemed necessary to enable us to express the opinions set forth herein.

Based upon the foregoing, we are of the opinion that so far as the law of Scotland at the date hereof is concerned:

(a) the Company is duly incorporated and not in liquidation under the laws of Scotland; and

(b) the Ordinary Shares, when issued by the Company, will, upon the passing of all necessary resolutions and
the taking of all necessary corporate action in connection therewith (including the creation (if necessary) of new Ordinary Shares by
the Company in general meeting, and the authorisation (if necessary) of the allotment of Ordinary Shares, or the grant of rights to subscribe
for or convert any other security into Ordinary Shares, by the Company in general meeting), and assuming the issue price or conversion
price of the shares is not less than the nominal value thereof and is fully paid, or credited as fully paid, on issue, be duly authorised
and validly issued and fully paid and will not be subject to further call or contribution under the laws of Scotland.

We hereby consent (i) to the use of our name in the prospectus forming a part of the Registration Statement in the forms and contexts in which it appears, (ii) to the filing of this opinion as an exhibit to the Registration Statement, and (iii) to the incorporation of this opinion and consent in a registration statement filed pursuant to Rule 462(b) of the Securities Act.

Yours faithfully

s/ CMS Cameron McKenna Nabarro Olswang LLP

<u>CMS Cameron McKenna Nabarro Olswang LLP</u>

## Exhibit 5.4

**Exhibit 5.4**

---

| | |
|:---|:---|
| ![](image_030.jpg) | Davis Polk & Wardwell London llp<br>5 Aldermanbury Square<br> London EC2V 7HR<br>davispolk.com<br>|

---

June 6, 2025

Lloyds Banking Group plc<br> 25 Gresham Street<br> London EC2V 7HN<br> United Kingdom

Ladies and Gentlemen:

We are acting as special United States counsel to Lloyds Banking Group plc (the "**Group**"), a public limited company organized under the laws of Scotland, in connection with the registration statement on Form F-3 and the related Prospectus (the "**Prospectus**") filed by the Group and Lloyds Bank plc with the United States Securities and Exchange Commission (the "**Commission**") on the date hereof (the "**Registration Statement**"), for the purpose of registering under the U.S. Securities Act of 1933, as amended (the "**Act**"), an indeterminate amount of the following securities which may be issued from time to time by the Group: (i) senior debt securities (the "**Group Senior Debt Securities**") pursuant to an indenture, dated July 6, 2010, between the Group and The Bank of New York Mellon, London office, as trustee (the "**Trustee**") (the "**Group Senior Indenture**"); (ii) subordinated debt securities (the "**Group Subordinated Debt Securities**") pursuant to an indenture, dated November 4, 2014, between the Group and the Trustee (the "**Group Subordinated Indenture**"); (iii) capital securities (the "**Group Capital Securities**" and, together with the Group Senior Debt Securities and the Group Subordinated Debt Securities, the "**Group Securities**") pursuant to an indenture dated March 6, 2014 between the Group and the Trustee (the "**Group Capital Securities Indenture**" and, together with the Group Senior Indenture and the Group Subordinated Indenture, the "**Group Indentures**"); and (iv) ordinary shares to be issued by the Group.

We, as your special United States counsel, have examined originals or copies of such documents, corporate records, certificates of public officials and other instruments as we have deemed necessary or advisable for the purpose of rendering this opinion.

In rendering the opinion expressed herein, we have, without independent inquiry or investigation, assumed that (i) all documents submitted to us as originals are authentic and complete, (ii) all documents submitted to us as copies conform to authentic, complete originals, (iii) all documents filed with or submitted to the Commission through its Electronic Data Gathering, Analysis and Retrieval ("**EDGAR**") system (except for required EDGAR formatting changes) conform to the versions of such documents reviewed by us prior to such formatting, (iv) all documents filed as exhibits to the Registration Statement that have not been executed will conform to the forms thereof, (v) all signatures on all documents that we reviewed are genuine, (vi) all natural persons executing documents had and have the legal capacity to do so, (vii) all statements in certificates of public officials and officers of the Group that we reviewed were and are accurate and (viii) all representations made by the Group as to matters of fact in the documents that we reviewed, or otherwise made to us by the Group, were and are accurate.

Davis Polk & Wardwell London LLP is a limited liability partnership formed under the laws of the State of New York, USA and is authorised and regulated by the Solicitors Regulation Authority with registration number 566321.

Davis Polk includes Davis Polk & Wardwell LLP and its associated entities

---

| | |
|:---|:---|
| ![](image_030.jpg) | Lloyds Banking Group plc<br>|

---

Based upon the foregoing, and subject to the additional assumptions and qualifications set forth below, we advise you that, in our opinion, assuming that any applicable Group Indenture and any supplemental indenture that has been or will be entered into in connection with the issuance of any Group Securities has been duly authorized, executed and delivered by the Group, insofar as Scots law is concerned, the specific terms of a particular series of the Group Securities have been duly authorized and established in accordance with the applicable Group Indenture, and such Group Securities have been duly authorized, executed, authenticated, issued and delivered by the Group insofar as Scots law is concerned, the Group Securities, when the Group Securities are authenticated in accordance with the terms of the applicable Group Indenture and the Group Securities are delivered and paid for in accordance with the terms of the applicable underwriting agreement, will constitute valid and binding obligations of the Group entitled to the benefits of the applicable Group Indenture, enforceable against the Group in accordance with their terms, subject to (i) the effects of applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability and (ii) possible judicial or regulatory actions giving effect to governmental actions or foreign laws affecting creditors' rights, *provided* that we express no opinion as to the validity, legally binding effect or enforceability of any provision that permits holders to collect any portion of the stated principal amount upon acceleration of the Group Securities to the extent determined to constitute unearned interest and we express no opinion regarding the subordination provisions contained in (x) Section 12.01 and the statement in Section 2.01 of the Group Subordinated Indenture and (y) Section 12.01 and the statement in Section 2.01 of the Group Capital Securities Indenture which are expressed to be governed by Scots law.

In connection with the opinion expressed above, we have assumed that at or prior to the time of the delivery of any such Group Securities, (i) the Board of Directors of the Group shall have duly established the terms of such Group Securities and duly authorized the issuance and sale of such Group Securities and such authorization shall not have been modified or rescinded; (ii) the Group is, and shall remain, validly existing as a company under the laws of Scotland; (iii) the Trustee is, and shall remain, validly existing as a corporation in good standing under the laws of its jurisdiction of incorporation; (iv) the Registration Statement shall have become effective and such effectiveness shall not have been terminated or rescinded; (v) the Group Indentures, any supplemental indenture and the Group Securities are each valid, binding and enforceable agreements of each party thereto (other than as expressly covered above in respect of the Group); (vi) the Group Indentures and any supplemental indenture have been duly authorized, executed and delivered by the Trustee; and (vii) there shall not have occurred any change in law affecting the validity or enforceability of such Group Indentures, any supplemental indenture or the Group Securities. We have also assumed that the execution, delivery and performance by the Group of any such Group Securities and the execution, delivery and performance by the Trustee of the Group Indentures and any supplemental indenture whose terms are established subsequent to the date hereof (a) are within the corporate powers of the Group and the Trustee, (b) do not contravene, or constitute a default under, the certificate of incorporation or bylaws or other constitutive documents of the Group or the Trustee, (c) require no action by or in respect of, or filing with, any governmental body, agency or official and (d) do not contravene, or constitute a default under, any provision of applicable law or public policy or regulation or any judgment, injunction, order or decree or any agreement or other instrument binding upon the Group or the Trustee.

We express no opinion as to (i) provisions in the Group Indentures that purport to waive objections to venue, claims that a particular jurisdiction is an inconvenient forum or the like; (ii) whether a United States federal court would have subject-matter or personal jurisdiction over a controversy arising under the Group Securities; or (iii) the effectiveness of any service of process made other than in accordance with applicable law.

We express no opinion as to (i) whether a New York State or United States federal court would render or enforce a judgment in a currency other than U.S. Dollars or (ii) the exchange rate that such a court would use in rendering a judgment in U.S. Dollars in respect of an obligation in any other currency.

We express no opinion with respect to any provisions in the Group Securities or the Group Indentures relating to the acknowledgement of or consent to the exercise of any U.K. bail-in power (as defined therein).

We are members of the Bar of the State of New York, and the foregoing opinion is limited to the laws of the State of New York and the federal laws of the United States. Insofar as the foregoing opinion involves matters governed by Scots law, we have relied, without independent inquiry or investigation, on the opinions of CMS Cameron McKenna Nabarro Olswang LLP, special legal counsel in Scotland for the Group, each dated June 6, 2025, filed as exhibits 5.1, 5.2 and 5.3 to the Registration Statement.

---

| | |
|:---|:---|
| ![](image_030.jpg) | Lloyds Banking Group plc<br>|

---

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement referred to above and further consent to the reference to our name under the caption "Legal Matters" in the Prospectus forming a part of the Registration Statement. In addition, we consent to the incorporation by reference of this opinion and consent into a registration statement filed pursuant to Rule 462(b) under the Act. In giving such consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Act.

Very truly yours,

/s/ Davis Polk & Wardwell London LLP

## Exhibit 5.5

**Exhibit 5.5**

**Clifford Chance LLP**<br>10 Upper Bank Street<br> London<br> E14 5JJ<br>Tel +44 20 7006 1000<br> Fax +44 20 7006 5555<br> DX 149120 CANARY WHARF 3<br>**www.cliffordchance.com**<br>

---

| | | |
|:---|:---|:---|
| To:  | Lloyds Bank plc<br> 25 Gresham Street<br> London<br> EC2V 7HN<br> United Kingdom | Our ref: 70-41093676<br> Direct Dial: +44 207006 2099<br> E-Mail: paul.deakins@cliffordchance.com<br>6 June 2025<br>|

---

**Lloyds Banking Group plc and Lloyds Bank plc shelf registration statement filed with <br> the U.S. Securities and Exchange Commission (the "SEC") on 6 June 2025: Debt Securities <br> issued by Lloyds Bank plc**

We have acted on the instructions of Lloyds Bank plc (the "**Bank**") as English legal advisers to the Bank in connection with the update in June 2025 of the shelf registration statement described above (the "**Programme**").

INTRODUCTION

1.1 Opinion Documents

This Opinion relates to the Shelf Documents (as defined in Schedule 1 (*Documents and Enquiries*).

1.2 Defined Terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 Terms defined or given a particular construction in the Programme shall have the same meaning in this
Opinion unless a contrary indication appears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 "**Debt Securities**" means the Senior Debt Securities which may be issued by the Bank under
the Programme.

---

| |
|:---|
| -1- |
| Clifford Chance LLP is a limited liability partnership registered in England and Wales under no. OC323571. The firm's registered office and principal place of business is at 10 Upper Bank Street London E14 5JJ. The firm uses the word "partner" to refer to a member of Clifford Chance LLP or an employee or consultant with equivalent standing and qualifications. The firm is authorised and regulated by the solicitors regulation authority |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 Headings in this Opinion are for ease of reference only and shall not affect its interpretation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 All references in this Opinion to paragraphs mean paragraphs in this Opinion.

1.3 Legal Review

In connection with the giving of this Opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1 we have reviewed the documents referred to in paragraph ‎1 of ‎Schedule 1 (*Documents and Enquiries*) and completed the searches and enquiries referred to in paragraph ‎2 of ‎Schedule 1 (*Documents and Enquiries*)
and any references to such documents in this Opinion are to those documents as originally executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2 we have not verified the facts or the reasonableness of any statements (including statements as to foreign
law) contained in any of the Shelf Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.3 we have not been responsible for ensuring that the Shelf Documents contain all material facts.

1.4 Applicable Law

This Opinion is governed by English law, relates only to English law as applied by the English courts as at today's date and does not extend to the laws of any other jurisdiction. All non-contractual obligations and any other matters arising out of or in connection with this Opinion are governed by English law.

1.5 Taxation

We express no opinion on any taxation matter, and none is implied or may be inferred.

1.6 Assumptions

This Opinion is given on the basis of our understanding of the terms of the Shelf Documents and the assumptions set out in ‎Schedule 2 (*Assumptions*). This Opinion is strictly limited to the matters stated in paragraph ‎2 and does not extend to any other matters.

2. opinion

We are of the opinion that:

2.1 Corporate Existence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 The Bank is a company duly incorporated in England and has the capacity and power to enter into each of
the Shelf Documents and to exercise its rights and perform its obligations under the Shelf Documents and Debt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 All corporate action required to authorise the execution by the Bank of the Shelf Documents and the exercise
by it of its rights and the performance by it of its obligations under the Shelf Documents has been duly taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 Save for the authorisation of each issue of Debt Securities required in accordance with the Minutes, all
corporate action required to authorise the execution by the Bank of the Debt Securities and the exercise of its rights and performance
of its obligations under the Debt Securities has been duly taken.

3. Addressees and Purpose

This Opinion is provided in connection with the Programme and is addressed to and is solely for the benefit of the Bank.

This Opinion may not, without our prior written consent, be relied upon for any other purpose or be disclosed to or relied upon by any other person.

We hereby consent to the filing of this Opinion as an exhibit to, and the reference to us made under the heading "Legal Opinions" in, the Registration Statement. In giving this consent, we do not admit that we are within the category of persons whose consent is required within section 7 of the United States Securities Act of 1933, as amended or the rules and regulations of the SEC thereunder.

/s/ Clifford Chance

**Schedule 1<br> Documents and Enquiries**

1. **DOCUMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy, certified a true copy by Ryan Beattie of the articles of association of the Bank (the "**Articles of Association** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An extract, certified a true extract by Martha Thompson, from the minutes of a meeting of a committee
of the board of directors of the Bank held on 25 November 2024 (the "**Minutes** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A power of attorney for the Bank in respect of the Programme dated 26 November 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Registration Statement dated 6 June 2025 including
the form of prospectus relating to Debt Securities issued by the Bank under the Programme (the "**Registration Statement** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Form of Senior Debt Securities Indenture filed with the SEC on 7 June 2022 as an exhibit to the Registration
Statement (the "**Senior Indenture**") between the Bank and The Bank of New York Mellon (the "**Trustee** ")
relating to the Programme.

The Registration Statement and the Senior Indenture, are together referred to in this Opinion as the "**Shelf Documents**".

2. **SEARCHES AND ENQUIRIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A search was conducted with the Registrar of Companies in respect of the Bank on 6 June
2025. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An enquiry by telephone was made at the Central Registry of Winding Up Petitions at the Insolvency
 and Companies List in London at 10:27 a.m. on 6 June 2025 with respect to the Bank.

**Schedule 2**

**Assumptions**

1. **ORIGINAL AND GENUINE DOCUMENTATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All signatures (including any electronic signatures), stamps and seals are genuine, all original documents
are authentic, all deeds and counterparts were executed in single physical form and all copy documents supplied to us as photocopies or
in portable document format (PDF) or other electronic form are genuine, accurate, complete and conform to the originals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The copies of the Articles of Association and the Minutes of the Bank provided to us are accurate and
complete as of the date of this Opinion and the member(s) of the Bank have not given any directions or passed any resolutions that would
affect the matters addressed in this Opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The person who signed the attestation clause of any Shelf Document was physically present and witnessed
the signatory sign such Shelf Document.

Where, for the purposes of paragraphs 1(a) and 1(c) of this Schedule 2:

"sign" or "signed" means, in relation to a Shelf Document executed with an electronic signature, the process by which the signatory has applied such electronic signature to any Shelf Document; and

2. **corporate authority** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In resolving to enter into the Shelf Documents the directors of the Bank acted in good faith to promote
the purpose of the Bank and in accordance with any other duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The resolutions of the Bank's committee of directors as set out in the Minutes referred to in **‎** Schedule
1 (*Documents and Enquiries*) were duly passed at a properly constituted and quorate meeting of duly appointed directors or, as the
case may be, duly appointed committee of directors of the Bank and have not been amended or rescinded and are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each director of the Bank has disclosed any interest in the Shelf Documents and the Debt Securities in
accordance with the provisions of the Companies Act 1985 and the Bank's Articles of Association and none of the Bank's directors has any
interest in the Shelf Documents or the Debt Securities except to the extent permitted by the Bank's Articles of Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Bank is in compliance with the limitations (which limit the maximum aggregate nominal amount of the
Debt Securities which may be issued under the Programme) prescribed in the Bank's Articles of Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each issue of Debt Securities by the Bank will be validly authorised by the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any power of attorney granted by the Bank has not been revoked and is in full force and effect.

3. **EXECUTION OF DOCUMENTS** 

The Shelf Documents have been executed on behalf of the Bank by the person(s) authorised to do so in the resolutions set out in the Minutes referred to in **‎**Schedule 1 (*Documents and Enquiries*).

4. **OTHER DOCUMENTS** 

Save for those listed in ‎Schedule 1 (*Documents and Enquiries*) there is no other agreement, instrument, other arrangement or relationship between any of the parties to any of the Shelf Documents which modifies, supersedes or conflicts with any of the Shelf Documents.

5. **SEARCHES AND ENQUIRIES** 

There has been no alteration in the status or condition of the Bank as disclosed by the searches and enquiries referred to in ‎Schedule 1 (*Documents and Enquiries*). However, the information revealed by the searches and enquiries referred to in paragraphs ‎2‎(a), and 2‎(b) in ‎Schedule 1 (*Documents and Enquiries*) may be unreliable. In particular, they are not conclusively capable of disclosing whether or not insolvency proceedings have been commenced in England, nor do they indicate whether or not insolvency proceedings have begun elsewhere.

6. **OTHER LAWS** 

All acts, conditions or things required to be fulfilled, performed or effected in connection with the Shelf Documents and the Debt Securities under the laws of any jurisdiction other than England have been duly fulfilled, performed and effected.

## Exhibit 5.6

**Exhibit 5.6**

---

| | |
|:---|:---|
| ![](image_030.jpg) | Davis Polk & Wardwell London llp<br>5 Aldermanbury Square<br> London EC2V 7HR<br>davispolk.com<br>|

---

June 6, 2025

Lloyds Bank plc<br> 25 Gresham Street<br> London EC2V 7HN<br> United Kingdom

Ladies and Gentlemen:

We are acting as special United States counsel to Lloyds Bank plc (the "**Bank**"), a public limited company organized under the laws of England and Wales, in connection with the registration statement on Form F-3 and the related Prospectus (the "**Prospectus**") filed by Lloyds Banking Group plc and the Bank with the United States Securities and Exchange Commission (the "**Commission**") on the date hereof (the "**Registration Statement**"), for the purpose of registering under the U.S. Securities Act of 1933, as amended (the "**Act**"), an indeterminate amount of senior debt securities (the "**Bank Securities**") from time to time, pursuant to an indenture, dated August 14, 2019 between the Bank and The Bank of New York Mellon, London office, as trustee (the "**Trustee**") (the "**Bank Indenture**").

We, as your special United States counsel, have examined originals or copies of such documents, corporate records, certificates of public officials and other instruments as we have deemed necessary or advisable for the purpose of rendering this opinion.

In rendering the opinion expressed herein, we have, without independent inquiry or investigation, assumed that (i) all documents submitted to us as originals are authentic and complete, (ii) all documents submitted to us as copies conform to authentic, complete originals, (iii) all documents filed with or submitted to the Commission through its Electronic Data Gathering, Analysis and Retrieval ("**EDGAR**") system (except for required EDGAR formatting changes) conform to the versions of such documents reviewed by us prior to such formatting, (iv) all documents filed as exhibits to the Registration Statement that have not been executed will conform to the forms thereof, (v) all signatures on all documents that we reviewed are genuine, (vi) all natural persons executing documents had and have the legal capacity to do so, (vii) all statements in certificates of public officials and officers of the Bank that we reviewed were and are accurate and (viii) all representations made by the Bank as to matters of fact in the documents that we reviewed, or otherwise made to us by the Bank, were and are accurate.

Based upon the foregoing, and subject to the additional assumptions and qualifications set forth below, we advise you that, in our opinion, assuming that the Bank Indenture and any supplemental indenture that has been or will be entered into in connection with the issuance of any Bank Securities has been duly authorized, executed, authenticated and delivered by the Bank, insofar as the laws of England and Wales are concerned, the specific terms of a particular series of the Bank Securities have been duly authorized and established in accordance with the Bank Indenture, and such Bank Securities have been duly authorized, executed, issued and delivered by the Bank insofar as the laws of England and Wales are concerned, the Bank Securities, when the Bank Securities are authenticated in accordance with the terms of the Bank Indenture and the Bank Securities are delivered and paid for in accordance with the terms of the applicable underwriting agreement, will constitute valid and binding obligations of the Bank entitled to the benefits of the Bank Indenture, enforceable against the Bank in accordance with their terms, subject to (i) the effects of applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability and (ii) possible judicial or regulatory actions giving effect to governmental actions or foreign laws affecting creditors' rights, provided that we express no opinion as to the validity, legally binding effect or enforceability of any provision that permits holders to collect any portion of the stated principal amount upon acceleration of the Bank Securities to the extent determined to constitute unearned interest.

Davis Polk & Wardwell London LLP is a limited liability partnership formed under the laws of the State of New York, USA and is authorised and regulated by the Solicitors Regulation Authority with registration number 566321.

Davis Polk includes Davis Polk & Wardwell LLP and its associated entities

---

| | |
|:---|:---|
| ![](image_030.jpg) | Lloyds Bank plc<br>|

---

In connection with the opinion expressed above, we have assumed that at or prior to the time of the delivery of any such Bank Securities, (i) the Board of Directors of the Bank shall have duly established the terms of such Bank Securities and duly authorized the issuance and sale of such Bank Securities and such authorization shall not have been modified or rescinded; (ii) the Bank is, and shall remain, validly existing as a company under the laws of England and Wales; (iii) the Trustee is, and shall remain, validly existing as a corporation in good standing under the laws of its jurisdiction of incorporation; (iv) the Registration Statement shall have become effective and such effectiveness shall not have been terminated or rescinded; (v) the Bank Indenture, any supplemental indenture and the Bank Securities are each valid, binding and enforceable agreements of each party thereto (other than as expressly covered above in respect of the Bank); (vi) the Bank Indenture and any supplemental indenture has been duly authorized, executed and delivered by the Trustee; and (vii) there shall not have occurred any change in law affecting the validity or enforceability of such Bank Indenture, any supplemental indenture or the Bank Securities. We have also assumed that the execution, delivery and performance by the Bank of any such Bank Securities and the execution, delivery and performance by the Trustee of the Bank Indenture and any supplemental indenture whose terms are established subsequent to the date hereof (a) are within the corporate powers of the Bank and the Trustee, (b) do not contravene, or constitute a default under, the certificate of incorporation or bylaws or other constitutive documents of the Bank or the Trustee, (c) require no action by or in respect of, or filing with, any governmental body, agency or official and (d) do not contravene, or constitute a default under, any provision of applicable law or public policy or regulation or any judgment, injunction, order or decree or any agreement or other instrument binding upon the Bank or the Trustee.

We express no opinion as to (i) provisions in the Bank Indenture that purport to waive objections to venue, claims that a particular jurisdiction is an inconvenient forum or the like; (ii) whether a United States federal court would have subject-matter or personal jurisdiction over a controversy arising under the Bank Securities; or (iii) the effectiveness of any service of process made other than in accordance with applicable law.

We express no opinion as to (i) whether a New York State or United States federal court would render or enforce a judgment in a currency other than U.S. Dollars or (ii) the exchange rate that such a court would use in rendering a judgment in U.S. Dollars in respect of an obligation in any other currency.

We express no opinion with respect to any provisions in the Bank Securities or the Bank Indenture relating to the acknowledgement of or consent to the exercise of any U.K. bail-in power (as defined therein).

We are members of the Bar of the State of New York, and the foregoing opinion is limited to the laws of the State of New York and the federal laws of the United States. Insofar as the foregoing opinion involves matters governed by the laws of England and Wales, we have relied, without independent inquiry or investigation, on the opinion of Clifford Chance LLP, special legal counsel in England and Wales for the Bank, dated June 6, 2025, filed as exhibit 5.5 to the Registration Statement.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement referred to above and further consent to the reference to our name under the caption "Legal Matters" in the Prospectus forming a part of the Registration Statement. In addition, we consent to the incorporation by reference of this opinion and consent into a registration statement filed pursuant to Rule 462(b) under the Act. In giving such consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Act.

Very truly yours,

/s/ Davis Polk & Wardwell London LLP

## Exhibit 23.3

**Exhibit 23.3**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in this Registration Statement on Form F-3 of our reports dated 20 February 2025, relating to the financial statements of Lloyds Banking Group plc and the effectiveness of Lloyds Banking Group plc's internal control over financial reporting, appearing in the Annual Report on Form 20-F of Lloyds Banking Group plc for the year ended 31 December 2024. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

**/s/ Deloitte LLP**

**Deloitte LLP**

London, United Kingdom

6 June 2025

## Exhibit 23.4

**Exhibit 23.4**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in this Registration Statement on Form F-3 of our report dated 27 February 2025, relating to the financial statements of Lloyds Bank plc, appearing in the Annual Report on Form 20-F of Lloyds Bank plc for the year ended 31 December 2024. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

**/s/ Deloitte LLP**

**Deloitte LLP**

London, United Kingdom

6 June 2025

## Exhibit 25.1

**Exhibit 25.1**

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

FORM T-1

STATEMENT OF ELIGIBILITY<br> UNDER THE TRUST INDENTURE ACT OF 1939 OF A<br> CORPORATION DESIGNATED TO ACT AS TRUSTEE

☐ CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)

THE BANK OF NEW YORK MELLON<br> (Exact name of trustee as specified in its charter)

New York (Jurisdiction of incorporation if not a U.S. national bank) 13-5160382 (I.R.S. employer identification no.) <br>240 Greenwich Street, New York, N.Y. (Address of principal executive offices) 10286 (Zip code)

Legal Department

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

(212) 495-1784

(Name, address and telephone number of agent for service)

Lloyds Banking Group plc

(Exact name of obligor as specified in its charter)

Scotland (State or other jurisdiction of incorporation or organization) Not Applicable (I.R.S. employer identification no.) <br>25 Gresham Street London EC2V 7HN United Kingdom (Address of principal executive offices) Not Applicable (Zip code)

Senior Debt Securities<br> (Title of the indenture securities)

**1. General information. Furnish the following information as to the Trustee:**

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Name and address of each examining or supervising authority to which it is subject.** 

---

| | |
|:---|:---|
| <u>Name</u> | <u>Address</u> |
| Superintendent of the Department of Financial Services of the State of New York | One State Street, New York, N.Y. 10004-1511, and 1 Commerce Plaza, Albany, N.Y. 12210 |
| Federal Reserve Bank of New York | 33 Liberty Street, New York, N.Y. 10045 |
| Federal Deposit Insurance Corporation | 550 17<sup>th</sup> Street, N.W., Washington, D.C. 20429 |
| The Clearing House Association L.L.C. | 1114 Avenue of the Americas, 17<sup>th</sup> Floor, New York, N.Y. 10036 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Whether it is authorized to exercise corporate trust powers.** 

Yes.

**2. Affiliations with Obligor.**

**If the obligor is an affiliate of the trustee, describe each such affiliation.** 

None.

**16. List of Exhibits.**

**Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the "Act") and 17 C.F.R. 229.10(d).**

&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of the Organization Certificate of The Bank of New York Mellon (formerly known as The Bank of New York, itself formerly Irving
Trust Company) as now in effect, which contains the authority to commence business and a grant of powers to exercise corporate trust powers.
(Exhibit 1 to Amendment No. 1 to Form T-1 filed with Registration Statement No. 33-6215, Exhibits la and lb to Form T-1 filed with Registration
Statement No. 33-21672, Exhibit 1 to Form T-1 filed with Registration Statement No. 33-29637, Exhibit 1 to Form T-1 filed with Registration
Statement No. 333-121195 and Exhibit 1 to Form T-1 filed with Registration Statement No. 333-152735).

&nbsp;&nbsp;&nbsp;&nbsp;4. A copy of the existing By-laws of the Trustee (Exhibit 4 to Form T-1 filed with Registration Statement No. 333-229519).

&nbsp;&nbsp;&nbsp;&nbsp;6. The consent of the Trustee required by Section 321(b) of the Act (Exhibit 6 to Form T-1 filed with Registration Statement No. 333-229519).

&nbsp;&nbsp;&nbsp;&nbsp;7. A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements of its supervising or examining
authority.

SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, the trustee, The Bank of New York Mellon, a banking corporation organized and existing under the laws of the State of New York, acting through its London Branch, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in London, England, on the 5th day of June, 2025.

---

| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON |
| By: | /s/ Colin Lamb |
| Name: | Colin Lamb |
| Title: | Authorised Signatory |

---

EXHIBIT 7

Consolidated Report of Condition of

THE BANK OF NEW YORK MELLON

of 240 Greenwich Street, New York, N.Y. 10286<br> And Foreign and Domestic Subsidiaries,

a member of the Federal Reserve System, at the close of business March 31, 2025, published in accordance with a call made by the Federal Reserve Bank of this District pursuant to the provisions of the Federal Reserve Act.

---

| | |
|:---|:---|
| **ASSETS**<br>| Dollar amounts in thousands |
| Cash and balances due from depository institutions: |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing balances and currency and coin | 3927000 |
| &nbsp;&nbsp;&nbsp;Interest-bearing balances | 110444000 |
| Securities: |  |
| &nbsp;&nbsp;&nbsp;Held-to-maturity securities | 48493000 |
| &nbsp;&nbsp;&nbsp;Available-for-sale debt securities | 96644000 |
| &nbsp;&nbsp;&nbsp;Equity securities with readily determinable fair values not held for trading | 0 |
| Federal funds sold and securities purchased under agreements to resell: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold in domestic offices | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | 23768000 |
| Loans and lease financing receivables: |  |
| &nbsp;&nbsp;&nbsp;Loans and leases held for sale | 0 |
| &nbsp;&nbsp;&nbsp;Loans and leases held for investment | 35999000 |
| &nbsp;&nbsp;&nbsp;LESS: Allowance for credit losses on loans and leases | 272000 |
| &nbsp;&nbsp;&nbsp;Loans and leases held for investment, net of allowance | 35727000 |
| Trading assets | 6238000 |
| Premises and fixed assets (including right-of-use assets) | 2907000 |
| Other real estate owned | 0 |
| Investments in unconsolidated subsidiaries and associated companies | 1986000 |
| Direct and indirect investments in real estate ventures | 0 |
| Intangible assets | 7338000 |
| Other assets | 18790000 |
| Total assets | 356262000 |

---

---

| | |
|:---|:---|
| **LIABILITIES<br>**  | |
| Deposits: |  |
| &nbsp;&nbsp;&nbsp;In domestic offices | 202806000 |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing | 54490000 |
| &nbsp;&nbsp;&nbsp;Interest-bearing | 148316000 |
| &nbsp;&nbsp;&nbsp;In foreign offices, Edge and Agreement subsidiaries, and IBFs | 107974000 |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing | 3891000 |
| &nbsp;&nbsp;&nbsp;Interest-bearing | 104083000 |
| Federal funds purchased and securities sold under agreements to repurchase: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds purchased in domestic offices | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold under agreements to repurchase  | 2958000 |
| Trading liabilities | 1927000 |
| Other borrowed money:<br> (includes mortgage indebtedness) | 3881000 |
| Not applicable |  |
| Not applicable |  |
| Subordinated notes and debentures | 0 |
| Other liabilities | 7044000 |
| Total liabilities | 326590000 |
| **EQUITY CAPITAL** |  |
| Perpetual preferred stock and related surplus | 0 |
| Common stock | 1135000 |
| Surplus (exclude all surplus related to preferred stock) | 12669000 |
| Retained earnings | 18503000 |
| Accumulated other comprehensive income | -2635000 |
| Other equity capital components | 0 |
| Total bank equity capital | 29672000 |
| Noncontrolling (minority) interests in consolidated subsidiaries | 0 |
| Total equity capital | 29672000 |
| Total liabilities and equity capital | 356262000 |

---

I, Dermot McDonogh, Chief Financial Officer of the above-named bank do hereby declare that this Report of Condition is true and correct to the best of my knowledge and belief.

Dermot McDonogh<br> Chief Financial Officer

We, the undersigned directors, attest to the correctness of this statement of resources and liabilities. We declare that it has been examined by us, and to the best of our knowledge and belief has been prepared in conformance with the instructions and is true and correct.

---

| | | |
|:---|:---|:---|
| Robin A. Vince <br> Jeffrey A. Goldstein<br> Joseph J. Echevarria | ![](image_004.jpg) | Directors |

---

## Exhibit 25.2

**Exhibit 25.2**

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

FORM T-1

STATEMENT OF ELIGIBILITY<br> UNDER THE TRUST INDENTURE ACT OF 1939 OF A<br> CORPORATION DESIGNATED TO ACT AS TRUSTEE

☐ CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)

______________________

THE BANK OF NEW YORK MELLON<br> (Exact name of trustee as specified in its charter)

New York (Jurisdiction of incorporation if not a U.S. national bank) 13-5160382 (I.R.S. employer identification no.) <br>240 Greenwich Street, New York, N.Y. (Address of principal executive offices) 10286 (Zip code)

Legal Department

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

(212) 495-1784

(Name, address and telephone number of agent for service)

______________________

Lloyds Banking Group plc

(Exact name of obligor as specified in its charter)

Scotland (State or other jurisdiction of incorporation or organization) Not Applicable (I.R.S. employer identification no.) <br>25 Gresham Street London EC2V 7HN United Kingdom (Address of principal executive offices) Not Applicable (Zip code)

______________________

Subordinated Debt Securities<br> (Title of the indenture securities)

**1. General information. Furnish the following information as to the Trustee:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Name and address of each examining or supervising authority to which it is subject.** 

---

| | |
|:---|:---|
| <u>Name</u> | <u>Address</u> |
| Superintendent of the Department of Financial Services of the State of New York | One State Street, New York, N.Y. 10004-1511, and 1 Commerce Plaza, Albany, N.Y. 12210 |
| Federal Reserve Bank of New York | 33 Liberty Street, New York, N.Y. 10045 |
| Federal Deposit Insurance Corporation | 550 17<sup>th</sup> Street, N.W., Washington, D.C. 20429 |
| The Clearing House Association L.L.C. | 1114 Avenue of the Americas, 17<sup>th</sup> Floor, New York, N.Y. 10036 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Whether it is authorized to exercise corporate trust powers.** 

Yes.

**2. Affiliations with Obligor.**

**If the obligor is an affiliate of the trustee, describe each such affiliation.** 

None.

**16. List of Exhibits.**

**Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the "Act") and 17 C.F.R. 229.10(d).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of the Organization Certificate of The Bank of New York Mellon (formerly known as The Bank of New York, itself formerly Irving
Trust Company) as now in effect, which contains the authority to commence business and a grant of powers to exercise corporate trust powers.
(Exhibit 1 to Amendment No. 1 to Form T-1 filed with Registration Statement No. 33-6215, Exhibits la and lb to Form T-1 filed with Registration
Statement No. 33-21672, Exhibit 1 to Form T-1 filed with Registration Statement No. 33-29637, Exhibit 1 to Form T-1 filed with Registration
Statement No. 333-121195 and Exhibit 1 to Form T-1 filed with Registration Statement No. 333-152735).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A copy of the existing By-laws of the Trustee (Exhibit 4 to Form T-1 filed with Registration Statement No. 333-229519).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The consent of the Trustee required by Section 321(b) of the Act (Exhibit 6 to Form T-1 filed with Registration Statement No. 333-229519).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements of its supervising or examining
authority.

SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, the trustee, The Bank of New York Mellon, a banking corporation organized and existing under the laws of the State of New York, acting through its London Branch, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in London, England, on the 5th day of June, 2025.

---

| | | |
|:---|:---|:---|
| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON |
| By: | /s/ Colin Lamb | /s/ Colin Lamb |
|  | Name: | Colin Lamb |
|  | Title: | Authorised Signatory |

---

EXHIBIT 7

Consolidated Report of Condition of

THE BANK OF NEW YORK MELLON

of 240 Greenwich Street, New York, N.Y. 10286<br> And Foreign and Domestic Subsidiaries,

a member of the Federal Reserve System, at the close of business March 31, 2025, published in accordance with a call made by the Federal Reserve Bank of this District pursuant to the provisions of the Federal Reserve Act.

---

| | |
|:---|:---|
| **ASSETS** | Dollar amounts in thousands |
| Cash and balances due from depository institutions: |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing balances and currency and coin | 3927000 |
| &nbsp;&nbsp;&nbsp;Interest-bearing balances | 110444000 |
| Securities: |  |
| &nbsp;&nbsp;&nbsp;Held-to-maturity securities | 48493000 |
| &nbsp;&nbsp;&nbsp;Available-for-sale debt securities | 96644000 |
| &nbsp;&nbsp;&nbsp;Equity securities with readily determinable fair values not held for trading | 0 |
| Federal funds sold and securities purchased under agreements to resell |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold in domestic offices | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | 23768000 |
| Loans and lease financing receivables: |  |
| &nbsp;&nbsp;&nbsp;Loans and leases held for sale | 0 |
| &nbsp;&nbsp;&nbsp;Loans and leases held for investment | 35999000 |
| &nbsp;&nbsp;&nbsp;LESS: Allowance for credit losses on loans and leases | 272000 |
| &nbsp;&nbsp;&nbsp;Loans and leases held for investment, net of allowance | 35727000 |
| Trading assets | 6238000 |
| Premises and fixed assets (including right-of-use assets) | 2907000 |
| Other real estate owned | 0 |
| Investments in unconsolidated subsidiaries and associated companies | 1986000 |
| Direct and indirect investments in real estate ventures | 0 |
| Intangible assets | 7338000 |
| Other assets | 18790000 |
| Total assets | 356262000 |

---

---

| | |
|:---|:---|
| **LIABILITIES** | |
| Deposits: |  |
| &nbsp;&nbsp;&nbsp;In domestic offices | 202806000 |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing | 54490000 |
| &nbsp;&nbsp;&nbsp;Interest-bearing | 148316000 |
| &nbsp;&nbsp;&nbsp;In foreign offices, Edge and Agreement subsidiaries, and IBFs | 107974000 |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing | 3891000 |
| &nbsp;&nbsp;&nbsp;Interest-bearing | 104083000 |
| Federal funds purchased and securities sold under agreements to repurchase: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds purchased in domestic offices. | 0 |
| Securities sold under agreements to repurchase  | 2958000 |
| Trading liabilities | 1927000 |
| Other borrowed money:<br> (includes mortgage indebtedness) | 3881000 |
| Not applicable |  |
| Not applicable |  |
| Subordinated notes and debentures | 0 |
| Other liabilities | 7044000 |
| Total liabilities | 326590000 |
| **EQUITY CAPITAL** |  |
| Perpetual preferred stock and related surplus | 0 |
| Common stock | 1135000 |
| Surplus (exclude all surplus related to preferred stock) | 12669000 |
| Retained earnings | 18503000 |
| Accumulated other comprehensive income | -2635000 |
| Other equity capital components | 0 |
| Total bank equity capital | 29672000 |
| Noncontrolling (minority) interests in consolidated subsidiaries | 0 |
| Total equity capital | 29672000 |
| Total liabilities and equity capital | 356262000 |

---

I, Dermot McDonogh, Chief Financial Officer of the above-named bank do hereby declare that this Report of Condition is true and correct to the best of my knowledge and belief.

Dermot McDonogh<br> Chief Financial Officer

We, the undersigned directors, attest to the correctness of this statement of resources and liabilities. We declare that it has been examined by us, and to the best of our knowledge and belief has been prepared in conformance with the instructions and is true and correct.

  <br> Robin A. Vince Jeffrey A. Goldstein Joseph J. Echevarria   Directors <br>

## Exhibit 25.3

**Exhibit 25.3**

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

FORM T-1

STATEMENT OF ELIGIBILITY<br> UNDER THE TRUST INDENTURE ACT OF 1939 OF A<br> CORPORATION DESIGNATED TO ACT AS TRUSTEE

□ CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)

THE BANK OF NEW YORK MELLON<br> (Exact name of trustee as specified in its charter)

New York (Jurisdiction of incorporation if not a U.S. national bank) 13-5160382 (I.R.S. employer identification no.) <br>240 Greenwich Street, New York, N.Y. (Address of principal executive offices) 10286 (Zip code)

Legal Department

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

(212) 495-1784

(Name, address and telephone number of agent for service)

Lloyds Banking Group plc

(Exact name of obligor as specified in its charter)

Scotland (State or other jurisdiction of incorporation or organization) Not Applicable (I.R.S. employer identification no.) <br>25 Gresham Street London EC2V 7HN United Kingdom (Address of principal executive offices) Not Applicable (Zip code)

Capital Securities<br> (Title of the indenture securities)

**1. General information. Furnish the following information as to the Trustee:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Name and address of each examining or supervising authority to which it is subject.** 

---

| | |
|:---|:---|
| <u>Name</u> | <u>Address</u> |
| Superintendent of the Department of Financial Services of the State of New York | One State Street, New York, N.Y. 10004-1511, and 1 Commerce Plaza, Albany, N.Y. 12210 |
| Federal Reserve Bank of New York | 33 Liberty Street, New York, N.Y. 10045 |
| Federal Deposit Insurance Corporation | 550 17<sup>th</sup> Street, N.W., Washington, D.C. 20429 |
| The Clearing House Association L.L.C. | 1114 Avenue of the Americas, 17<sup>th</sup> Floor, New York, N.Y. 10036 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Whether it is authorized to exercise corporate trust powers.** 

Yes.

**2. Affiliations with Obligor.**

**If the obligor is an affiliate of the trustee, describe each such affiliation.** 

None.

**16. List of Exhibits.**

**Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the "Act") and 17 C.F.R. 229.10(d).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of the Organization Certificate of The Bank of New York Mellon (formerly known as The Bank of New York, itself formerly Irving
Trust Company) as now in effect, which contains the authority to commence business and a grant of powers to exercise corporate trust powers.
(Exhibit 1 to Amendment No. 1 to Form T-1 filed with Registration Statement No. 33-6215, Exhibits la and lb to Form T-1 filed with Registration
Statement No. 33-21672, Exhibit 1 to Form T-1 filed with Registration Statement No. 33-29637, Exhibit 1 to Form T-1 filed with Registration
Statement No. 333-121195 and Exhibit 1 to Form T-1 filed with Registration Statement No. 333-152735).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A copy of the existing By-laws of the Trustee (Exhibit 4 to Form T-1 filed with Registration Statement No. 333-229519).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The consent of the Trustee required by Section 321(b) of the Act (Exhibit 6 to Form T-1 filed with Registration Statement No. 333-229519).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements of its supervising or examining
authority.

SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, the trustee, The Bank of New York Mellon, a banking corporation organized and existing under the laws of the State of New York, acting through its London Branch, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in London, England, on the 5th day of June, 2025.

---

| | | |
|:---|:---|:---|
| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON |
| By: | /s/ Colin Lamb | /s/ Colin Lamb |
|  | Name: | Colin Lamb |
|  | Title: | Authorised Signatory |

---

EXHIBIT 7

Consolidated Report of Condition of

THE BANK OF NEW YORK MELLON

of 240 Greenwich Street, New York, N.Y. 10286<br> And Foreign and Domestic Subsidiaries,

a member of the Federal Reserve System, at the close of business March 31, 2025, published in accordance with a call made by the Federal Reserve Bank of this District pursuant to the provisions of the Federal Reserve Act.

---

| | |
|:---|:---|
| **ASSETS**<br>| Dollar amounts in thousands |
| Cash and balances due from depository institutions: |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing balances and currency and coin | 3927000 |
| &nbsp;&nbsp;&nbsp;Interest-bearing balances | 110444000 |
| Securities: |  |
| &nbsp;&nbsp;&nbsp;Held-to-maturity securities | 48493000 |
| &nbsp;&nbsp;&nbsp;Available-for-sale debt securities | 96644000 |
| &nbsp;&nbsp;&nbsp;Equity securities with readily determinable fair values not held for trading | 0 |
| Federal funds sold and securities purchased under agreements to resell: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold in domestic offices | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | 23768000 |
| Loans and lease financing receivables: |  |
| &nbsp;&nbsp;&nbsp;Loans and leases held for sale | 0 |
| &nbsp;&nbsp;&nbsp;Loans and leases held for investment | 35999000 |
| &nbsp;&nbsp;&nbsp;LESS: Allowance for credit losses on loans and leases | 272000 |
| &nbsp;&nbsp;&nbsp;Loans and leases held for investment, net of allowance | 35727000 |
| Trading assets | 6238000 |
| Premises and fixed assets (including right-of-use assets) | 2907000 |
| Other real estate owned | 0 |
| Investments in unconsolidated subsidiaries and associated companies | 1986000 |
| Direct and indirect investments in real estate ventures | 0 |
| Intangible assets | 7338000 |
| Other assets | 18790000 |
| Total assets | 356262000 |

---

---

| | |
|:---|:---|
| **LIABILITIES** | |
| Deposits: |  |
| &nbsp;&nbsp;&nbsp;In domestic offices | 202806000 |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing | 54490000 |
| &nbsp;&nbsp;&nbsp;Interest-bearing | 148316000 |
| &nbsp;&nbsp;&nbsp;In foreign offices, Edge and Agreement subsidiaries, and IBFs | 107974000 |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing | 3891000 |
| &nbsp;&nbsp;&nbsp;Interest-bearing | 104083000 |
| Federal funds purchased and securities sold under agreements to repurchase: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds purchased in domestic offices | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold under agreements to repurchase | 2958000 |
| Trading liabilities | 1927000 |
| Other borrowed money:<br> (includes mortgage indebtedness) | 3881000 |
| Not applicable |  |
| Not applicable |  |
| Subordinated notes and debentures | 0 |
| Other liabilities | 7044000 |
| Total liabilities | 326590000 |
| **EQUITY CAPITAL** |  |
| Perpetual preferred stock and related surplus | 0 |
| Common stock | 1135000 |
| Surplus (exclude all surplus related to preferred stock) | 12669000 |
| Retained earnings | 18503000 |
| Accumulated other comprehensive income | -2635000 |
| Other equity capital components | 0 |
| Total bank equity capital | 29672000 |
| Noncontrolling (minority) interests in consolidated subsidiaries | 0 |
| Total equity capital | 29672000 |
| Total liabilities and equity capital | 356262000 |

---

I, Dermot McDonogh, Chief Financial Officer of the above-named bank do hereby declare that this Report of Condition is true and correct to the best of my knowledge and belief.

Dermot McDonogh<br> Chief Financial Officer

We, the undersigned directors, attest to the correctness of this statement of resources and liabilities. We declare that it has been examined by us, and to the best of our knowledge and belief has been prepared in conformance with the instructions and is true and correct.

---

| | | |
|:---|:---|:---|
| Robin A. Vince <br> Jeffrey A. Goldstein<br> Joseph J. Echevarria | ![](image_003.jpg) | Directors |

---

## Exhibit 25.4

**Exhibit 25.4**

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

FORM T-1

STATEMENT OF ELIGIBILITY<br> UNDER THE TRUST INDENTURE ACT OF 1939 OF A<br> CORPORATION DESIGNATED TO ACT AS TRUSTEE

☐ CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)

THE BANK OF NEW YORK MELLON<br> (Exact name of trustee as specified in its charter)

New York<br> (Jurisdiction of incorporation if not a U.S. national bank) 13-5160382<br> (I.R.S. employer identification no.) <br>240 Greenwich Street, New York, N.Y.<br> (Address of principal executive offices) 10286<br> (Zip code)

Legal Department<br> The Bank of New York Mellon<br> 240 Greenwich Street<br> New York, NY 10286<br> (212) 495-1784<br> (Name, address and telephone number of agent for service)

Lloyds Bank plc<br> (Exact name of obligor as specified in its charter)

---

| | |
|:---|:---|
| United Kingdom<br> (State or other jurisdiction of<br> incorporation or organization) | Not Applicable<br> (I.R.S. employer<br> identification no.) |
| 25 Gresham Street<br> London EC2V 7HN<br> United Kingdom<br> (Address of principal executive offices) | <br> Not Applicable<br> (Zip code) |

---

Senior Debt Securities<br> (Title of the indenture securities)

**1. General information. Furnish the following information as to the Trustee:**

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Name and address of each examining or supervising authority to which it is subject.** 

---

| | |
|:---|:---|
| <u>Name</u> | <u>Address</u> |
| Superintendent of the Department of Financial Services of the State of New York | One State Street, New York, N.Y. 10004-1511, and 1 Commerce Plaza, Albany, N.Y. 12210 |
| Federal Reserve Bank of New York | 33 Liberty Street, New York, N.Y. 10045 |
| Federal Deposit Insurance Corporation | 550 17<sup>th</sup> Street, N.W., Washington, D.C. 20429 |
| The Clearing House Association L.L.C. | 1114 Avenue of the Americas, 17<sup>th</sup> Floor, New York, N.Y. 10036 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Whether it is authorized to exercise corporate trust powers.** 

Yes.

**2. Affiliations with Obligor.**

**If the obligor is an affiliate of the trustee, describe each such affiliation.** 

None.

**16. List of Exhibits.**

**Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the "Act") and 17 C.F.R. 229.10(d).**

&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of the Organization Certificate of The Bank of New York Mellon (formerly known as The Bank of New York, itself formerly Irving
Trust Company) as now in effect, which contains the authority to commence business and a grant of powers to exercise corporate trust powers.
(Exhibit 1 to Amendment No. 1 to Form T-1 filed with Registration Statement No. 33-6215, Exhibits la and lb to Form T-1 filed with Registration
Statement No. 33-21672, Exhibit 1 to Form T-1 filed with Registration Statement No. 33-29637, Exhibit 1 to Form T-1 filed with Registration
Statement No. 333-121195 and Exhibit 1 to Form T-1 filed with Registration Statement No. 333-152735).

&nbsp;&nbsp;&nbsp;&nbsp;4. A copy of the existing By-laws of the Trustee (Exhibit 4 to Form T-1 filed with Registration Statement No. 333-229519).

&nbsp;&nbsp;&nbsp;&nbsp;6. The consent of the Trustee required by Section 321(b) of the Act (Exhibit 6 to Form T-1 filed with Registration Statement No. 333-229519).

&nbsp;&nbsp;&nbsp;&nbsp;7. A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements of its supervising or examining
authority.

SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, the trustee, The Bank of New York Mellon, a banking corporation organized and existing under the laws of the State of New York, acting through its London Branch, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in London, England, on the 5th day of June, 2025.

---

| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON |
| By: | /s/ Colin Lamb |
| Name: | Colin Lamb |
| Title: | Authorised Signatory |

---

EXHIBIT 7

Consolidated Report of Condition of

THE BANK OF NEW YORK MELLON

of 240 Greenwich Street, New York, N.Y. 10286<br> And Foreign and Domestic Subsidiaries,

a member of the Federal Reserve System, at the close of business March 31, 2025, published in accordance with a call made by the Federal Reserve Bank of this District pursuant to the provisions of the Federal Reserve Act.

---

| | |
|:---|:---|
| **ASSETS**<br>| Dollar amounts in thousands |
| Cash and balances due from depository institutions: |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing balances and currency and coin | 3927000 |
| &nbsp;&nbsp;&nbsp;Interest-bearing balances | 110444000 |
| Securities: |  |
| &nbsp;&nbsp;&nbsp;Held-to-maturity securities | 48493000 |
| &nbsp;&nbsp;&nbsp;Available-for-sale debt securities | 96644000 |
| &nbsp;&nbsp;&nbsp;Equity securities with readily determinable fair values not held for trading | 0 |
| Federal funds sold and securities purchased under agreements to resell: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold in domestic offices | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | 23768000 |
| Loans and lease financing receivables: |  |
| &nbsp;&nbsp;&nbsp;Loans and leases held for sale | 0 |
| &nbsp;&nbsp;&nbsp;Loans and leases held for investment | 35999000 |
| &nbsp;&nbsp;&nbsp;LESS: Allowance for credit losses on <br> loans and leases | 272000 |
| &nbsp;&nbsp;&nbsp;Loans and leases held for investment, net of allowance | 35727000 |
| Trading assets | 6238000 |
| Premises and fixed assets (including right-of-use assets) | 2907000 |
| Other real estate owned | 0 |
| Investments in unconsolidated subsidiaries and associated companies | 1986000 |
| Direct and indirect investments in real estate ventures | 0 |
| Intangible assets | 7338000 |
| Other assets | 18790000 |
| Total assets | 356262000 |

---

---

| | |
|:---|:---|
| **LIABILITIES<br>**  |  |
| Deposits: |  |
| &nbsp;&nbsp;&nbsp;In domestic offices | 202806000 |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing | 54490000 |
| &nbsp;&nbsp;&nbsp;Interest-bearing | 148316000 |
| &nbsp;&nbsp;&nbsp;In foreign offices, Edge and Agreement subsidiaries, and IBFs | 107974000 |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing | 3891000 |
| &nbsp;&nbsp;&nbsp;Interest-bearing | 104083000 |
| Federal funds purchased and securities sold under agreements to repurchase: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds purchased in domestic offices | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold under agreements to repurchase  | 2958000 |
| Trading liabilities | 1927000 |
| Other borrowed money:<br> (includes mortgage indebtedness) | 3881000 |
| Not applicable |  |
| Not applicable |  |
| Subordinated notes and debentures | 0 |
| Other liabilities | 7044000 |
| Total liabilities | 326590000 |
| **EQUITY CAPITAL** |  |
| Perpetual preferred stock and related surplus | 0 |
| Common stock | 1135000 |
| Surplus (exclude all surplus related to preferred stock) | 12669000 |
| Retained earnings | 18503000 |
| Accumulated other comprehensive income | -2635000 |
| Other equity capital components | 0 |
| Total bank equity capital | 29672000 |
| Noncontrolling (minority) interests in consolidated subsidiaries | 0 |
| Total equity capital | 29672000 |
| Total liabilities and equity capital | 356262000 |

---

I, Dermot McDonogh, Chief Financial Officer of the above-named bank do hereby declare that this Report of Condition is true and correct to the best of my knowledge and belief.

Dermot McDonogh<br> Chief Financial Officer

We, the undersigned directors, attest to the correctness of this statement of resources and liabilities. We declare that it has been examined by us, and to the best of our knowledge and belief has been prepared in conformance with the instructions and is true and correct.

---

| | | |
|:---|:---|:---|
| Robin A. Vince <br> Jeffrey A. Goldstein<br> Joseph J. Echevarria | ![](image_004.jpg) | Directors |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

#### Ex-Filing Fees

#### CALCULATION OF FILING FEE TABLES

#### F-3

#### Lloyds Banking Group plc

#### Lloyds Bank plc

#### Table 1: Newly Registered and Carry Forward Securities

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Fee Calculation<br> Rule(1)** | **Amount Registered(2)** | **Proposed Maximum Offering<br> Price Per Unit(2)** | **Maximum Aggregate Offering Price(2)** | **Fee Rate(1)** | **Amount of Registration Fee(1)(3)** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity of Lloyds <br> Banking Group plc | Ordinary Shares(4) | Rule 456(b) and 457(r) | 0 | $0.00 | $0.00 | 0.0001531 | $— |
| Fees to be Paid | Debt of Lloyds <br> Banking Group plc | Senior debt securities | Rule 456(b) and 457(r) | 0 | 0.00 | 0.00 | 0.0001531 |  |
| Fees to be Paid | Debt of Lloyds <br> Banking Group plc | Subordinated debt securities | Rule 456(b) and 457(r) | 0 | 0.00 | 0.00 | 0.0001531 |  |
| Fees to be Paid | Other Capital Securities of <br> Lloyds Banking Group plc | Capital securities | Rule 456(b) and 457(r) | 0 | 0.00 | 0.00 | 0.0001531 |  |
| Fees to be Paid | Debt of Lloyds <br> Banking plc | Senior debt securities | Rule 456(b) and 457(r) | 0 | $0.00 | $0.00 | 0.0001531 | $— |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $0.00 |  | 0.00 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 0.00 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $0.00 |

---

#### __________________________________________ Offering Note(s)
&nbsp;&nbsp;&nbsp;&nbsp;(1) In accordance with Rules 456(b) and 457(r) under the Securities Act of 1933, as amended, Lloyds Banking Group plc and Lloyds Bank plc are deferring payment of all of the registration fee.
Registration fees will be paid subsequently on a "pay as you go" basis. Lloyds Banking Group plc and Lloyds Bank plc will calculate the registration fee applicable to an offer of securities
pursuant to this Registration Statement based on the fee payment rate in effect on the date of such fee payment.

&nbsp;&nbsp;&nbsp;&nbsp;(2) An unspecified aggregate initial offering price, aggregate number of, or principal amount of, the debt securities of Lloyds Banking Group plc, the debt securities of Lloyds Bank plc, or the capital securities, or the ordinary shares of Lloyds Banking Group plc, as the case may be, are being registered as may from time to time be offered at unspecified prices. Separate consideration may or may not be received for securities that are issuable on exercise, conversion or exchange of other securities or that are issued in units or represented by depositary shares. This Registration Statement also relates to offers and sales of securities in connection with market-making transactions by and through certain affiliates of the Registrants.

&nbsp;&nbsp;&nbsp;&nbsp;(3) An unspecified aggregate initial offering price or number of the securities is being registered as may from time to time be offered at unspecified prices. Separate consideration may or may not be received for securities that are issuable on exercise, conversion or exchange of other securities or that are issued in units or represented by depositary shares. In accordance with Rules 456(b) and 457(r) under the Securities Act, the Registrants are deferring payment of all the registration fees.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The ordinary shares are being registered in connection with issuances from time to time of ordinary shares independently of or following the conversion of securities of Lloyds Banking Group plc. American depositary shares issuable upon deposit of the ordinary shares registered hereby have been registered under a separate Registration Statement on Form F-6 (Registration Statement No. 333-218363).