Document:

Exhibit
4.1

_______________________________________

 

LLOYDS
BANKING GROUP PLC

 

as Issuer,

 

and

 

THE
BANK OF NEW YORK MELLON,

acting through its London Branch

 

as Trustee

 

_______________________________________

 

THIRTEENTH
SUPPLEMENTAL INDENTURE

 

dated as
of March 11, 2021

 

to

 

THE
SENIOR DEBT SECURITIES INDENTURE

 

dated as
of July 6, 2010

 

_______________________________________

 

     

     

    

THIRTEENTH
SUPPLEMENTAL INDENTURE (“Thirteenth Supplemental Indenture”), dated as of March 11, 2021, between LLOYDS BANKING
GROUP PLC, a corporation incorporated in Scotland with registered number 95000, as issuer (the “Company”) and
THE BANK OF NEW YORK MELLON, acting through its London Branch, as trustee (the “Trustee”).

 

WITNESSETH

 

WHEREAS,
the Company and the Trustee have executed and delivered a Senior Debt Securities Indenture dated as of July 6, 2010, as amended
by the First Supplemental Indenture dated as of July 6, 2016 (the “Senior Indenture,” and together with this
Thirteenth Supplemental Indenture, the “Indenture”) to provide for the issuance of the Company’s Senior
Debt Securities, including the Securities (as defined below).

 

WHEREAS,
Section 9.01(d) of the Senior Indenture permits the Company and the Trustee to add to, change or eliminate any provisions of the
Senior Indenture without the consent of Holders as permitted under Sections 2.01 and 3.01 of the Senior Indenture, subject to
certain conditions;

 

WHEREAS,
Section 9.01(f) of the Senior Indenture permits the Company and the Trustee to enter into a supplemental indenture to establish
the forms or terms of Senior Debt Securities of any series as permitted under Sections 2.01 and 3.01 of the Senior Indenture without
the consent of Holders;

 

WHEREAS,
there are no debt securities Outstanding of any series created prior to the execution of this Thirteenth Supplemental Indenture
which are entitled to the benefit of the provisions set forth herein or would be adversely affected by such provisions;

 

WHEREAS,
the Board of Directors has authorized the entry into this Thirteenth Supplemental Indenture, as required by Section 9.01 of the
Senior Indenture;

 

WHEREAS,
the parties hereto desire to establish, as further series of Senior Debt Securities under the Senior Indenture, $1,000,000,000
0.695%% Senior Callable Fixed-to-Fixed Rate Notes due 2024 (the “2024 Senior Notes”) and $1,000,000,000 1.627%
Senior Callable Fixed-to-Fixed Rate Notes due 2027 (the “2027 Senior Notes” and, together with the 2024 Senior
Notes, the “Securities”) pursuant to Sections 2.01 and 3.01 of the Senior Indenture. The Securities may be
issued from time to time and any Securities issued as part of any series will constitute a single series of Securities under the
Indenture and shall be included in the definition of “Securities” where the context requires;

 

WHEREAS,
the Company has requested that the Trustee execute and deliver this Thirteenth Supplemental Indenture and whereas all actions
required by it to be taken in order to make this Thirteenth Supplemental Indenture a valid, binding and enforceable instrument
in accordance with its terms, have been taken and performed, and the execution and delivery of this Thirteenth Supplemental Indenture
has been duly authorized in all respects; and

 

     

     

    

WHEREAS,
where indicated, this Thirteenth Supplemental Indenture shall amend and supplement the Senior Indenture; to the extent that the
terms of the Senior Indenture are inconsistent with such provisions of this Thirteenth Supplemental Indenture, the terms of this
Thirteenth Supplemental Indenture shall govern.

 

NOW,
THEREFORE, the Company and the Trustee mutually covenant and agree as follows:

 

Article
1

DEFINITIONS

 

Section
1.01.                    
Definition of Terms. For all purposes of this Thirteenth Supplemental Indenture:

 

(a)           
a term defined anywhere in this Thirteenth Supplemental Indenture has the same meaning throughout;

 

(b)           
capitalized terms used herein but not otherwise defined shall have the meanings assigned to them in the Senior Indenture;

 

(c)           
the singular includes the plural and vice versa;

 

(d)           
headings are for convenience of reference only and do not affect interpretation; and

 

(e)           
for the purposes of this Thirteenth Supplemental Indenture and the Senior Indenture, the term “series” shall
mean a series of Securities.

 

Article
2

FORM OF SECURITIES

 

Section
2.01.                    
Terms of the 2024 Senior Notes.

 

(a)           
The title of the 2024 Senior Notes shall be the “0.695% Senior Callable Fixed-to-Fixed Rate Notes due 2024”;

 

(b)           
The aggregate principal amount of the 2024 Senior Notes that may be authenticated and delivered under the Indenture shall
not exceed $1,000,000,000, except as otherwise provided in the Indenture;

 

(c)           
Principal on the 2024 Senior Notes shall be payable on May 11, 2024 (the “Maturity Date”);

 

(d)           
The 2024 Senior Notes shall be issued in global registered form on March 11, 2021 (the “Issue Date”).

 

During
the period from, and including, the Issue Date to, but excluding May 11, 2023 (the “Initial Fixed Rate Period”),
interest shall accrue from the Issue Date at a fixed
rate of 0.695% per annum. Interest accrued during the Initial Fixed Rate Period shall be payable semi-annually in arrears on May
11 and November 11 of each year (each, a “Fixed Rate Interest Payment Date”), commencing on November 11, 2021
(long first interest period).

 

    3 

     

    

 

During
the period from, and including, May 11, 2023 (the
“Reset Date”) to, but excluding, May 11, 2024 (the “Reset Fixed
Rate Period”), interest shall accrue at a fixed annual rate equal to the applicable U.S. Treasury Rate (as defined below)
as determined by the Calculation Agent (as defined below) on the Reset Determination Date (as defined below), plus 0.550%.
Interest accrued during the Reset Fixed Rate Period shall be payable semi-annually in arrears on November 11,
2023 and May 11, 2024 (each, a “Reset Rate Interest Payment Date”, and
together with the Fixed Rate Interest Payment Dates, the “Interest Payment Dates”).

 

The
Regular Record Dates for the 2024 Senior Notes shall be 15 calendar days immediately preceding the relevant Interest Payment Date,
whether or not a Business Day. If the scheduled Maturity Date or date of redemption or repayment is not a Business Day, the Company
may pay interest and principal on the next succeeding Business Day, but interest on that payment shall not accrue during the period
from and after the scheduled Maturity Date or date of redemption or repayment.

 

Interest
during the Initial Fixed Rate Period shall be calculated on the basis of a 360-day year divided into twelve months of 30 days
each and, in the case of an incomplete month, on the basis of the actual number of days elapsed in such period. If any scheduled
Fixed Rate Interest Payment Date is not a Business Day, the Company shall pay interest on the next Business Day, but interest
on that payment shall not accrue during the period from and after such scheduled Fixed Rate Interest Payment Date.

 

Interest
during the Reset Fixed Rate Period shall be calculated on the basis of a 360-day year consisting of twelve 30-day months and,
in the case of an incomplete month, on the basis of the actual number of days elapsed in such period. The interest rate during
the Reset Fixed Rate Period will be reset on the Reset Determination Date. If any scheduled Reset Rate Interest Payment Date is
not a Business Day, interest will be paid on the next Business Day, but interest on that payment will not accrue during the period
from and after such scheduled Reset Rate Interest Payment Date.

 

The
U.S. Treasury Rate shall be determined by The Bank of New York Mellon, London Branch as calculation agent (the “Calculation
Agent”).

 

“U.S.
Treasury Rate” means, with respect to the Reset Date, the rate per annum equal to: (1) the yield on actively traded
U.S. Treasury securities adjusted to constant maturity for one-year maturities on the Reset Determination Date and appearing under
the caption “Treasury constant maturities” on the Reset Determination Date in the applicable most recently published
statistical release designated “H.15 Daily Update”, or any successor publication that is published by the Board of
Governors of the Federal Reserve System that establishes yields on actively traded U.S. Treasury securities adjusted to constant
maturity, under the caption “Treasury Constant Maturities”, for the maturity
of one year; or (2) if such release (or any successor release) is not published on the Reset Determination Date or does not contain
such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated
using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury
Price for the Reset Date.

 

    4 

     

    

If
the U.S. Treasury Rate cannot be determined, for whatever reason, as described under (1) or (2) above, “U.S. Treasury Rate”
means the rate in percentage per annum as notified by the Calculation Agent to the Company equal to the yield on U.S. Treasury
securities having a maturity of one year as set forth in the most recently published statistical release designated “H.15
Daily Update” under the caption “Treasury constant maturities” (or any successor publication that is published
weekly by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded U.S. Treasury securities
adjusted to constant maturity under the caption “Treasury constant maturities” for the maturity of one year) on the
Reset Determination Date.

 

“Comparable
Treasury Issue” means, with respect to the Reset Fixed Rate Period, the U.S. Treasury security or securities selected
by the Company with a maturity date on or about the last day of the Reset Fixed Rate Period and that would be utilized, at the
time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities denominated
in U.S. dollars and having a maturity of one year.

 

“Comparable
Treasury Price” means, with respect to the Reset Date, (i) the arithmetic average of the Reference Treasury Dealer Quotations
for the Reset Date (calculated on the Reset Determination Date preceding the Reset Date), after excluding the highest and lowest
such Reference Treasury Dealer Quotations, or (ii) if fewer than five such Reference Treasury Dealer Quotations are received by
the Company, the arithmetic average of all such quotations, or (iii) if fewer than two such Reference Treasury Dealer Quotations
are received by the Company, then such Reference Treasury Dealer Quotations as quoted in writing to the Company by a Reference
Treasury Dealer.

 

“Reference
Treasury Dealer” means each of up to five banks selected by the Company, or if the affiliates of such banks, which are
(i) primary U.S. Treasury securities dealers, and their respective successors, or (ii) market makers in pricing corporate bond
issues denominated in U.S. dollars.

 

“Reference
Treasury Dealer Quotations” means with respect to each Reference Treasury Dealer and the Reset Date, the arithmetic
average, as determined by the Calculation Agent, of the bid and offered prices for the applicable Comparable Treasury Issue, expressed
in each case as a percentage of its principal amount, at 11:00 a.m. (New York City time), on the Reset Determination Date.

 

“Reset
Determination Date” means the second Business Day immediately preceding the Reset Date.

 

    5 

     

    

All
calculations of the Calculation Agent, in the absence of manifest error, shall be conclusive for all purposes and binding on the
Company, the Trustee, the Paying Agent and on the Holders of the Securities.

 

All
percentages resulting from any of the above calculations shall be rounded, if necessary, to the nearest one hundred thousandth
of a percentage point, with five one-millionths of a percentage point rounded upwards (e.g., 9.876545% (or .09876545) being rounded
to 9.87655% (or .0987655)) and all dollar amounts used in or resulting from such calculations shall be rounded to the nearest
cent (with one-half cent being rounded upwards).

 

The
interest rate on the 2024 Senior Notes during the Reset Fixed Rate Period will in no event be higher than the maximum rate permitted
by law or lower than 0% per annum;

 

By
its acquisition of 2024 Senior Notes or an interest therein, each Holder and beneficial owner of 2024 Senior Notes and each subsequent
holder and beneficial owner waives any and all claims in law and/or equity against the Trustee, the Calculation Agent or any paying
agent for, agrees not to initiate a suit against the Trustee, the Calculation Agent and any paying agent in respect of, and agrees
that none of the Trustee, the Calculation Agent or any paying agent will be liable for, any action that the Trustee, the Calculation
Agent or any paying agent, as the case may be, takes, or abstains from taking, in each case in accordance with this section or
any losses suffered in connection therewith.

 

For
the avoidance of doubt, the Trustee shall have the rights set forth in Section 9.03 of the Senior Indenture with respect to any
amendment or alteration of the terms and conditions of the 2024 Senior Notes and the Indenture.

 

(e)           
No premium, upon redemption or otherwise, shall be payable by the Company on the 2024 Senior Notes;

 

(f)            
Principal of and any interest on the 2024 Senior Notes shall be paid to the Holder through The Bank of New York Mellon,
acting through its London Branch, as paying agent of the Company;

 

(g)           
Subject to Section 11.11 and on at least 5 Business Days but no more than 30 Business Days’ prior written notice
delivered to the Holders of the 2024 Senior Notes, the Company may redeem, in its sole discretion, the 2024 Senior Notes, in whole,
but not in part, on May 11, 2023 at a redemption price equal to 100% of the principal amount of the 2024 Senior Notes being redeemed
plus any accrued and unpaid interest thereon, if any, to, but excluding, the date of redemption, as provided in the Senior
Indenture;

 

(h)           
The 2024 Senior Notes are redeemable pursuant to Section 11.08 of the Senior Indenture. In connection with any redemption
of the 2024 Senior Notes pursuant to Section 11.08 of the Senior Indenture, the date referenced therein shall be March 11, 2021;

 

    6 

     

    

(i)            
The Company shall have no obligation to redeem or purchase the 2024 Senior Notes pursuant to any sinking fund or analogous
provision;

 

(j)            
The 2024 Senior Notes shall be issued only in denominations of $200,000 and in integral multiples of $1,000 in excess thereof;

 

(k)           
The principal amount of the 2024 Senior Notes shall be payable upon the declaration of acceleration thereof pursuant to
Section 5.02 of the Senior Indenture, as amended by this Thirteenth Supplemental Indenture;

 

(l)            
The 2024 Senior Notes shall not be converted into or exchanged at the option of the Company or otherwise for stock or other
securities of the Company;

 

(m)            
The 2024 Senior Notes shall be denominated in, and payments thereon shall be made in, U.S. Dollars;

 

(n)           
The payment of principal of (and premium, if any) or interest, if any, on the 2024 Senior Notes shall be payable only in
the coin or currency in which the 2024 Senior Notes are denominated;

 

(o)           
The 2024 Senior Notes shall be issued in the form of one or more global securities in registered form, without coupons
attached, and the initial Holder with respect to each such global security shall be Cede & Co., as nominee of The Depository
Trust Company;

 

(p)           
The 2024 Senior Notes shall not be initially issued in definitive form;

 

(q)           
The calculation agent (the “Calculation Agent”) for the 2024 Senior Notes shall be The Bank of New York
Mellon, London Branch pursuant to the terms of a Calculation Agency Agreement dated as of March 11, 2021;

 

(r)            
The Events of Default on the 2024 Senior Notes are as provided for in Section 5.01 of the Senior Indenture, as amended
by this Thirteenth Supplemental Indenture;

 

(s)           
The form of the 2024 Senior Notes to be issued on the date hereof shall be substantially in the form of Exhibit A
hereto;

 

(t)            
The Company may issue additional 2024 Senior Notes (“Additional 2024 Senior Notes”) after the date hereof
having the same ranking and same interest rate, maturity date, redemption terms and other terms as the 2024 Senior Notes except
for the price to the public, issue date and first interest payment date, provided that such Additional 2024 Senior Notes must
be fungible with the outstanding 2024 Senior Notes for U.S. federal income tax purposes. Any such Additional 2024 Senior Notes,
together with the 2024 Senior Notes shall constitute a single series of securities under the Indenture;

 

    7 

     

    

(u)           
Additional Amounts in respect of the 2024 Senior Notes shall be payable as set forth in the Senior Indenture.

 

Section
2.02.                    
Terms of the 2027 Senior Notes.

 

(a)           
The title of the 2027 Senior Notes shall be the “1.627% Senior Callable Fixed-to-Fixed Rate Notes due 2027”;

 

(b)           
The aggregate principal amount of the 2027 Senior Notes that may be authenticated and delivered under the Indenture shall
not exceed $1,000,000,000, except as otherwise provided in the Indenture;

 

(c)           
Principal on the 2027 Senior Notes shall be payable on May 11, 2027 (the “Maturity Date”);

 

(d)           
The 2027 Senior Notes shall be issued in global registered form on March 11, 2021 (the “Issue Date”).

 

During
the period from, and including, the Issue Date to, but excluding May 11, 2026 (the “Initial Fixed Rate Period”),
interest shall accrue from the Issue Date at a fixed rate of 1.627% per annum. Interest accrued during the Initial Fixed Rate
Period shall be payable semi-annually in arrears on May 11 and November 11 of each year (each, a “Fixed Rate Interest
Payment Date”), commencing on November 11, 2021 (long first interest period).

 

During
the period from, and including, May 11, 2026 (the
“Reset Date”) to, but excluding, May 11, 2027 (the “Reset Fixed
Rate Period”), interest shall accrue at a fixed annual rate equal to the applicable U.S. Treasury Rate (as defined below)
as determined by the Calculation Agent (as defined below) on the Reset Determination Date (as defined below), plus 0.850%.
Interest accrued during the Reset Fixed Rate Period shall be payable semi-annually in arrears on November 11,
2026 and May 11, 2027 (each, a “Reset Rate Interest Payment Date”, and
together with the Fixed Rate Interest Payment Dates, the “Interest Payment Dates”).

 

The
Regular Record Dates for the 2027 Senior Notes shall be 15 calendar days immediately preceding the relevant Interest Payment Date,
whether or not a Business Day. If the scheduled Maturity Date or date of redemption or repayment is not a Business Day, the Company
may pay interest and principal on the next succeeding Business Day, but interest on that payment shall not accrue during the period
from and after the scheduled Maturity Date or date of redemption or repayment.

 

Interest
during the Initial Fixed Rate Period shall be calculated on the basis of a 360-day year divided into twelve months of 30 days
each and, in the case of an incomplete month, on the basis of the actual number of days elapsed in such period. If any scheduled
Fixed Rate Interest Payment Date is not a Business Day, the Company shall
pay interest on the next Business Day, but interest on that payment shall not accrue during the period from and after such scheduled
Fixed Rate Interest Payment Date.

 

    8 

     

    

Interest
during the Reset Fixed Rate Period shall be calculated on the basis of a 360-day year consisting of twelve 30-day months and,
in the case of an incomplete month, on the basis of the actual number of days elapsed in such period. The interest rate during
the Reset Fixed Rate Period will be reset on the Reset Determination Date. If any scheduled Reset Rate Interest Payment Date is
not a Business Day, interest will be paid on the next Business Day, but interest on that payment will not accrue during the period
from and after such scheduled Reset Rate Interest Payment Date.

 

The
U.S. Treasury Rate shall be determined by The Bank of New York Mellon, London Branch as calculation agent (the “Calculation
Agent”).

 

“U.S.
Treasury Rate” means, with respect to the Reset Date, the rate per annum equal to: (1) the yield on actively traded
U.S. Treasury securities adjusted to constant maturity for one-year maturities on the Reset Determination Date and appearing under
the caption “Treasury constant maturities” on the Reset Determination Date in the applicable most recently published
statistical release designated “H.15 Daily Update”, or any successor publication that is published by the Board of
Governors of the Federal Reserve System that establishes yields on actively traded U.S. Treasury securities adjusted to constant
maturity, under the caption “Treasury Constant Maturities”, for the maturity of one year; or (2) if such release (or
any successor release) is not published on the Reset Determination Date or does not contain such yields, the rate per annum equal
to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the Reset Date.

 

If
the U.S. Treasury Rate cannot be determined, for whatever reason, as described under (1) or (2) above, “U.S. Treasury Rate”
means the rate in percentage per annum as notified by the Calculation Agent to the Company equal to the yield on U.S. Treasury
securities having a maturity of one year as set forth in the most recently published statistical release designated “H.15
Daily Update” under the caption “Treasury constant maturities” (or any successor publication that is published
weekly by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded U.S. Treasury securities
adjusted to constant maturity under the caption “Treasury constant maturities” for the maturity of one year) on the
Reset Determination Date.

 

“Comparable
Treasury Issue” means, with respect to the Reset Fixed Rate Period, the U.S. Treasury security or securities selected
by the Company with a maturity date on or about the last day of the Reset Fixed Rate Period and that would be utilized, at the
time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities denominated
in U.S. dollars and having a maturity of one year.

 

“Comparable
Treasury Price” means, with respect to the Reset Date, (i) the arithmetic average of the Reference Treasury Dealer Quotations
for the Reset Date (calculated
on the Reset Determination Date preceding the Reset Date), after excluding the highest and lowest such Reference Treasury Dealer
Quotations, or (ii) if fewer than five such Reference Treasury Dealer Quotations are received by the Company, the arithmetic average
of all such quotations, or (iii) if fewer than two such Reference Treasury Dealer Quotations are received by the Company, then
such Reference Treasury Dealer Quotations as quoted in writing to the Company by a Reference Treasury Dealer.

 

    9 

     

    

 

“Reference
Treasury Dealer” means each of up to five banks selected by the Company, or if the affiliates of such banks, which are
(i) primary U.S. Treasury securities dealers, and their respective successors, or (ii) market makers in pricing corporate bond
issues denominated in U.S. dollars.

 

“Reference
Treasury Dealer Quotations” means with respect to each Reference Treasury Dealer and the Reset Date, the arithmetic
average, as determined by the Calculation Agent, of the bid and offered prices for the applicable Comparable Treasury Issue, expressed
in each case as a percentage of its principal amount, at 11:00 a.m. (New York City time), on the Reset Determination Date.

 

“Reset
Determination Date” means the second Business Day immediately preceding the Reset Date.

 

All
calculations of the Calculation Agent, in the absence of manifest error, shall be conclusive for all purposes and binding on the
Company, the Trustee, the Paying Agent and on the Holders of the 2027 Senior Notes.

 

All
percentages resulting from any of the above calculations shall be rounded, if necessary, to the nearest one hundred thousandth
of a percentage point, with five one-millionths of a percentage point rounded upwards (e.g., 9.876545% (or .09876545) being rounded
to 9.87655% (or .0987655)) and all dollar amounts used in or resulting from such calculations shall be rounded to the nearest
cent (with one-half cent being rounded upwards).

 

The
interest rate on the 2027 Senior Notes during the Reset Fixed Rate Period will in no event be higher than the maximum rate permitted
by law or lower than 0% per annum;

 

By
its acquisition of 2027 Senior Notes or an interest therein, each Holder and beneficial owner of 2027 Senior Notes and each subsequent
holder and beneficial owner waives any and all claims in law and/or equity against the Trustee, the Calculation Agent or any paying
agent for, agrees not to initiate a suit against the Trustee, the Calculation Agent and any paying agent in respect of, and agrees
that none of the Trustee, the Calculation Agent or any paying agent will be liable for, any action that the Trustee, the Calculation
Agent or any paying agent, as the case may be, takes, or abstains from taking, in each case in accordance with this section or
any losses suffered in connection therewith.

 

    10 

     

    

For
the avoidance of doubt, the Trustee shall have the rights set forth in Section 9.03 of the Senior Indenture with respect to any
amendment or alteration of the terms and conditions of the 2027 Senior Notes and the Indenture.

 

(e)           
No premium, upon redemption or otherwise, shall be payable by the Company on the 2027 Senior Notes;

 

(f)            
Principal of and any interest on the 2027 Senior Notes shall be paid to the Holder through The Bank of New York Mellon,
acting through its London Branch, as paying agent of the Company;

 

(g)           
Subject to Section 11.11 and on at least 5 Business Days but no more than 30 Business Days’ prior written notice
delivered to the Holders of the 2027 Senior Notes, the Company may redeem, in its sole discretion, the 2027 Senior Notes, in whole,
but not in part, on May 11, 2026 at a redemption price equal to 100% of the principal amount of the 2027 Senior Notes being redeemed
plus any accrued and unpaid interest thereon, if any, to, but excluding, the date of redemption, as provided in the Senior
Indenture;

 

(h)           
The 2027 Senior Notes are redeemable pursuant to Section 11.08 of the Senior Indenture. In connection with any redemption
of the 2027 Senior Notes pursuant to Section 11.08 of the Senior Indenture, the date referenced therein shall be March 11, 2021;

 

(i)            
The Company shall have no obligation to redeem or purchase the 2027 Senior Notes pursuant to any sinking fund or analogous
provision;

 

(j)            
The 2027 Senior Notes shall be issued only in denominations of $200,000 and in integral multiples of $1,000 in excess thereof;

 

(k)           
The principal amount of the 2027 Senior Notes shall be payable upon the declaration of acceleration thereof pursuant to
Section 5.02 of the Senior Indenture, as amended by this Thirteenth Supplemental Indenture;

 

(l)            
The 2027 Senior Notes shall not be converted into or exchanged at the option of the Company or otherwise for stock or other
securities of the Company;

 

(m)            
The 2027 Senior Notes shall be denominated in, and payments thereon shall be made in, U.S. Dollars;

 

(n)           
The payment of principal of (and premium, if any) or interest, if any, on the 2027 Senior Notes shall be payable only in
the coin or currency in which the 2027 Senior Notes are denominated;

 

(o)           
The 2027 Senior Notes shall be issued in the form of one or more global securities in registered form, without coupons
attached, and the initial Holder with respect to each such global security shall be Cede & Co., as nominee of The Depository
Trust Company;

 

    11 

     

    

(p)           
The 2027 Senior Notes shall not be initially issued in definitive form;

 

(q)           
The calculation agent (the “Calculation Agent”) for the 2027 Senior Notes shall be The Bank of New York
Mellon, London Branch pursuant to the terms of a Calculation Agency Agreement dated as of March 11, 2021;

 

(r)            
The Events of Default on the 2027 Senior Notes are as provided for in Section 5.01 of the Senior Indenture, as amended
by this Thirteenth Supplemental Indenture;

 

(s)           
The form of the 2027 Senior Notes to be issued on the date hereof shall be substantially in the form of Exhibit A
hereto;

 

(t)            
The Company may issue additional 2027 Senior Notes (“Additional 2027 Senior Notes”) after the date hereof
having the same ranking and same interest rate, maturity date, redemption terms and other terms as the 2027 Senior Notes except
for the price to the public, issue date and first interest payment date, provided that such Additional 2027 Senior Notes must
be fungible with the outstanding 2027 Senior Notes for U.S. federal income tax purposes. Any such Additional 2027 Senior Notes,
together with the 2027 Senior Notes shall constitute a single series of securities under the Indenture;

 

(u)           
Additional Amounts in respect of the 2027 Senior Notes shall be payable as set forth in the Senior Indenture.

 

Article
3

ADDITIONAL TERMS APPLICABLE TO THE SECURITIES

 

Section
3.01.                    
Addition of Definitions. With respect to the Securities only, Section 1.01 of the Senior Indenture is amended to
include the following definitions (which shall be deemed to arise in Section 1.01 in their proper alphabetical order):

 

“Business
Day” means any day, other than Saturday or Sunday, that is not a legal holiday nor a day on which banking institutions
are authorized or required by law or regulation to close in the City of New York or the City of London.

 

“Default”
has the meaning specified in Section 5.03.

 

“Group”
means Lloyds Banking Group plc together with its subsidiaries and associated undertakings.

 

    12 

     

    

 

“Loss
Absorption Disqualification Event” shall be deemed to have occurred with respect to each series of the Senior Notes
if, as a result of any amendment to, or change in, the Loss Absorption Regulations, or any change in the application or official
interpretation of the Loss Absorption Regulations, in any such case becoming effective on or after the Issue Date of the first
tranche of the Senior Notes, such Senior Notes are or (in the opinion of the Company or the opinions of the Relevant Regulator
and/or the United Kingdom resolution authority) are likely to be fully or partially excluded from the Company’s or the Group’s
minimum requirements for (A) own funds and eligible liabilities and/or (B) loss absorbing capacity instruments, in each case as
such minimum requirements are applicable to the Company and/or the Group and determined in accordance with, and pursuant to, the
relevant Loss Absorption Regulations; provided that a Loss Absorption Disqualification Event shall not occur where the exclusion
of the Securities from the relevant minimum requirement(s) is due to the remaining maturity of the Securities being less than
any period prescribed by any applicable eligibility criteria for such minimum requirements under the relevant Loss Absorption
Regulations effective with respect to the Company and/or the Group on the issue date of the first tranche of the Senior Notes.

 

“Loss
Absorption Regulations” means, at any time, the laws, regulations, requirements, guidelines, rules, standards and policies
relating to minimum requirements for own funds and eligible liabilities and/or loss absorbing capacity instruments of the United
Kingdom, the Relevant Regulator, the United Kingdom resolution authority, the Financial Stability Board and/or of the European
Parliament or of the Council of the European Union, in each case, to the extent they then form part of the domestic law of the
United Kingdom or are then in effect in the United Kingdom including, without limitation to the generality of the foregoing, any
delegated or implementing acts (such as regulatory technical standards) adopted by the European Commission to the extent they
then form part of the domestic law of the United Kingdom and any regulations, requirements, guidelines, rules, standards and policies
relating to minimum requirements for own funds and eligible liabilities and/or loss absorbing capacity instruments adopted by
the Relevant Regulator and/or the United Kingdom resolution authority from time to time (whether or not such regulations, requirements,
guidelines, rules, standards or policies are applied generally or specifically to the Company or to the Group).

 

“Relevant
Regulator” means the Prudential Regulation Authority, the Bank of England or such other governmental authority in the
United Kingdom (or if the Company becomes domiciled in a jurisdiction other than the United Kingdom, in such other jurisdiction)
having primary supervisory authority with respect to the Company and/or the Group with respect to prudential and/or resolution
matters, as the case may be.

 

“relevant
U.K. resolution authority” means any authority with the ability to exercise a U.K. bail-in power.

 

 

    13 

     

    

“U.K.
bail-in power” means any write-down, conversion, transfer, modification or suspension power existing from time to time
under any laws,
regulations, rules or requirements relating to the resolution of banks, banking group companies, credit institutions and/or investment
firms incorporated in the United Kingdom in effect and applicable in the United Kingdom to Lloyds Banking Group plc or its affiliates,
including but not limited to any such laws, regulations, rules or requirements which are implemented, adopted or enacted in the
United Kingdom within the context of the U.K. resolution regime under the U.K. Banking Act 2009 as the same has been or may be
amended from time to time (whether pursuant to the U.K. Financial Services (Banking Reform) Act 2013 (the “Banking Reform
Act 2013”), secondary legislation or otherwise), pursuant to which any obligations of a bank, banking group company,
credit institution or investment firm or any of its affiliates can be reduced, cancelled, modified, transferred and/or converted
into shares or other securities or obligations of the obligor or any other person (or suspended for a temporary period) or pursuant
to which any right in a contract governing such obligations may be deemed to have been exercised. A reference to the “relevant
U.K. resolution authority” is to any authority with the ability to exercise a U.K. bail-in power.

 

Section
3.02.                    
Deletion of Definitions. With respect to the Securities only, the following definitions shall be deleted in their
entirety in Section 1.01 of the Senior Indenture:

 

“Default
Interest” has the meaning specified in ‎Section 3.07.

 

“Business
Day” has the meaning specified in Section 3.01.

 

Section
3.03.                    
Payment; Interest Rights Preserved. With respect to the Securities only, Section 3.07 is amended and restated in
its entirety and shall read as follows:

 

Section
3.07. Payment; Interest Rights Preserved. Except as otherwise provided as contemplated by ‎Section 3.01 with
respect to any series of Senior Debt Securities, interest, if any, on any Senior Debt Securities which is payable, and is paid
or duly provided for, on any Interest Payment Date shall be paid to the Holder (including if held through a Paying Agent of the
Company designated pursuant to ‎Section 3.01 outside the United Kingdom for collection by the Holder) at the close
of business on the Regular Record Date for such interest.

 

In
the case of Senior Debt Securities where payment is to be made in Dollars, payment at any Paying Agent’s office outside
The City of New York will be made in Dollars by check drawn on, or, at the request of the Holder, by transfer to a Dollar account
maintained by the payee with, a bank in The City of New York.

 

In
the case of Senior Debt Securities where payment is to be made in a Foreign Currency, payment will be made as established pursuant
to ‎Section 3.01.

 

    14 

     

    

Subject
to the foregoing provisions of this Section, each Senior Debt Security delivered under this Senior Debt Securities Indenture upon
registration of transfer of or in exchange for or in lieu of any other Senior Debt Security shall carry the rights to interest
accrued and unpaid, and to accrue, which were carried by such other Senior Debt Security.

 

Section
3.04.                    
Events of Default. With respect to the Securities only, Section 5.01 of the Senior Indenture is amended and restated
in its entirety and shall read as follows:

 

Section
5.01. Events of Default. “Event of Default”, wherever used herein with respect to Senior Debt Securities
of a particular series, means the making of an order by a court of competent jurisdiction which is not successfully appealed within
30 days of the making of such order, or valid adoption by the shareholders of the Company of an effective resolution, for the
winding-up of the Company (other than under or in connection with a scheme of amalgamation or reconstruction not involving bankruptcy
or insolvency). The exercise of any U.K. bail-in power by the relevant U.K. resolution authority shall not constitute a default
or an Event of Default under this Section 5.01 or a Default under Section 5.03.

 

Section
3.05.                    
Acceleration of Maturity; Rescission and Annulment. With respect to the Securities only, Section 5.02 of the Senior
Indenture is amended by adding the following at the end of the section:

 

If
the Senior Debt Securities become due and payable (whether pursuant to this Section 5.02 or Article 11 below) and the Company
fails to pay such amounts (or any damages awarded for breach of any obligations in respect of the Senior Debt Securities or this
Senior Debt Securities Indenture) forthwith upon demand, notwithstanding the continuing right of any Holder to receive payment
of the principal of and interest on Senior Debt Securities, or to institute suit for the enforcement of any such payment, each
in accordance with Section 316(b) (Directions and Waivers by Bondholders; Prohibition of Impairment of Holders’ Right
to Repayment) of the Trust Indenture Act, the Trustee, in its own name and as trustee of an express trust, may institute proceedings
for the winding up of the Company, and/or prove in a winding up of the Company for all such due and payable amounts (including
any damages awarded for breach of any obligations in respect of the Senior Debt Securities or this Senior Debt Securities Indenture)
but no other remedy shall be available to the Trustee or the Holders.

 

Section
3.06.                    
Defaults; Collection of Indebtedness and Suits for Enforcement by Trustee. With respect to the Securities only,
Section 5.03 of the Senior Indenture is amended and restated in its entirety and shall read as follows:

 

 

    15 

     

    

Section
5.03. Defaults; Collection of Indebtedness and Suits for Enforcement by Trustee. “Default” wherever
used herein with respect to Senior Debt Securitiesof
a particular series, means any one of the following events (subject as provided below, whatever the reason for such Default and
whether it shall be voluntary or involuntary or be effected by operation of law pursuant to any judgment, decree or order of any
court or any order, rule or regulation of any administrative or governmental body):

 

(a)
the Company fails to pay any installment of interest on any Senior Debt Security of such series on or before its Interest Payment
Date and such failure continues for 14 days; or

 

(b)
the Company fails to pay all or any part of the principal of any Senior Debt Security of such series on any date on which such
principal shall otherwise have become due and payable, whether upon redemption or otherwise, and such failure continues for seven
days.

 

If
a Default occurs, the Trustee may commence a proceeding for the winding-up of the Company and/or prove in a winding-up of the
Company, provided that the Trustee may not (except in such winding-up, in accordance with Section 5.01) declare the principal
amount of, or any other amount in respect of, any Outstanding Senior Debt Security to be due and payable.

 

Subject
to applicable law, including the Trust Indenture Act, no Holder may exercise or claim any right of set-off, counterclaim, combination
of accounts, compensation or retention in respect of any amount owed to it by the Company arising under or in connection with
the Senior Debt Securities. The Holders of Senior Debt Securities by their acceptance thereof will be deemed to have waived any
right of set-off, counterclaim, combination of accounts, compensation and retention with respect to the Senior Debt Securities
or this Senior Debt Securities Indenture (or between the obligations under or in respect of any Senior Debt Securities and any
liability owed by a Holder to the Company) that they might otherwise have against the Company, whether before or during a winding-up
or liquidation of the Company. Notwithstanding the above, if any of such rights and claims of any such Holder against the Company
are discharged by set-off, such Holder will immediately pay an amount equal to the amount of such discharge to the Company or,
in the event of the winding up of the Company, the liquidator or administrator (or other relevant insolvency official), as the
case may be, and until such time as payment is made will hold a sum equal to such amount in trust for the Company or the liquidator
or administrator (or other relevant insolvency official), as the case may be, and accordingly such discharge shall be deemed not
to have taken place.

 

 

    16 

     

    

Notwithstanding
the foregoing, failure to make any payment in respect of a series of Senior Debt Securities shall not be a Default in respect
of such Senior Debt Securities if such payment is withheld or refused and the Company delivers an Opinion of Counsel
concluding that such sums were not paid in order to comply with any fiscal or other law or regulation or with the order of
any court of competent jurisdiction, provided, however, that the Trustee may by notice to the Company require the Company 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 the Company shall forthwith take and expeditiously
proceed with such action and shall 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 the provisions of the preceding sentence shall cease to have effect and the payment shall become due and payable on the
expiration of 14 days (in the case of payments under Section 5.03(a) above) or seven days (in the case of payments under
Section 5.03(b) above) after the Trustee gives written notice to the Company informing it of such resolution.

 

Except
as otherwise provided in this Article 5, the Trustee may in its discretion proceed to protect and enforce its rights and the rights
of the Holders of Senior Debt Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most
effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Senior
Debt Securities Indenture or in aid of the exercise of any power granted herein, or to enforce any other legal or equitable right
vested in the Trustee by this Senior Debt Securities Indenture or by law, provided, however, that the Company shall not, as a
result of the bringing of such judicial proceedings, be required to pay any amount representing or measured by reference to the
principal of, or any interest on, the Senior Debt Securities prior to any date on which the principal of, or any interest on,
the Senior Debt Securities would have otherwise been payable by the Company.

 

No
recourse for the payment of the principal of (or premium, if any) or interest, if any, on any Senior Debt Security, or for any
claim based thereon or otherwise in respect thereof and no recourse under or upon any obligation, covenant or agreement of the
Company in this Senior Debt Securities Indenture, or in any Senior Debt Security, or because of the creation of any indebtedness
represented thereby, shall be had against any incorporator, stockholder, officer or director, past, present or future, of the
Company or of any successor corporation of the Company, either directly or through the Company or any successor corporation, whether
by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being
expressly understood that to the extent lawful all such liability is hereby expressly waived and released as a condition of, and
as a consideration for, the execution of this Senior Debt Securities Indenture and the issue of the Senior Debt Securities.

 

No
remedy against the Company other than as referred to in this Article 5 shall be available to the Trustee or the Holders, whether
for the recovery of amounts owing in respect of the Senior Debt Securities or under this Senior Debt Securities Indenture or in
respect of any breach by the Company of any of its other obligations under or in respect of the Senior Debt Securities or under
this Senior
Debt Securities Indenture, except that the Trustee and the Holders shall have such rights and powers as they are required to have
under the Trust Indenture Act.

 

    17 

     

    

Section
3.07.                    
With respect to the Securities only, (a) Sections 5.07(a), 5.07(b), 5.11, 5.13, 6.02, 6.03(i), 8.01(b), 8.03(c) and 10.03(b)
shall be amended to add the words “or Default” after each appearance of the words “Event of Default” and
(b) Section 11.08 shall be amended to replace in the first paragraph the word “Unless” with the words “Subject
to Section 11.1 and unless”.

 

Section
3.08.                    
Deletion of Satisfaction and Discharge Provisions. With respect to the Securities only, Article 4 of the Senior
Indenture is deleted in its entirety.

 

Section
3.09.                    
Compensation and Reimbursement. With respect to the Securities only, Section 6.07 of the Senior Indenture is amended
in part to add the following sentence at the end of the section:

 

The
Trustee’s right to reimbursement and indemnity under this Section 6.07 shall survive the payment in full of the Senior Debt
Securities, the discharge of this Senior Debt Securities Indenture, the resignation or removal of the Trustee and (without prejudice
to Section 4.08 of the Thirteenth Supplemental Indenture if and to the extent applicable as set out therein) any exercise of the
U.K. bail-in power by the relevant U.K. resolution authority with respect to the obligations owed or owing to Holders pursuant
to or in connection with the Senior Debt Securities.

 

Section
3.10.                    
Agreement with Respect to Exercise of U.K. Bail-In Power. The following provisions relate solely to the Securities
established pursuant to this Thirteenth Supplemental Indenture:

 

(a)           
Notwithstanding any other agreements, arrangements, or understandings between the Company and any Holder or beneficial
owner of the Securities, by purchasing or acquiring the Securities, each Holder (including each beneficial owner) of the Securities
acknowledges, accepts, agrees to be bound by and consents to the exercise of any U.K. bail-in power by the relevant U.K. resolution
authority that may result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on,
the Securities; (ii) the conversion of all, or a portion, of the principal amount of, or interest on, the Securities into shares
or other securities or other obligations of the Company or another person; and/or (iii) the amendment or alteration of the maturity
of the Securities, or amendment of the amount of interest due on the Securities, or the dates on which interest becomes payable,
including by suspending payment for a temporary period; which U.K. bail-in power may be exercised by means of variation of the
terms of the Securities solely to give effect to the exercise by the relevant U.K. resolution authority of such U.K. bail-in power.
Each Holder and beneficial owner of the Securities further acknowledges and agrees that the rights of the Holders and/or beneficial
owners under
the Securities are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any U.K. bail-in power
by the relevant U.K. resolution authority.

 

    18 

     

    

 

(b)           
By purchasing or acquiring the Securities, each Holder and each beneficial owner of the Securities:

 

(i)           
acknowledges and agrees that the exercise of the U.K. bail-in power by the relevant U.K. resolution authority in respect
of the Securities shall not give rise to a default or an Event of Default for purposes of Section 315(b) (Notice of Default) and
Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act;

 

(ii)           
to the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees not to initiate
a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes,
or abstains from taking, in either case in accordance with the exercise of the U.K. bail-in power by the relevant U.K. resolution
authority with respect to the Securities; and

 

(iii)           
acknowledges and agrees that, upon the exercise of any U.K. bail-in power by the relevant U.K. resolution authority, (a)
the Trustee shall not be required to take any further directions from Holders of the Securities under Section 5.12 of the Senior
Indenture, and (b) neither the Senior Indenture nor this Thirteenth Supplemental Indenture shall impose any duties upon the Trustee
whatsoever with respect to the exercise of any U.K. bail-in power by the relevant U.K. resolution authority. Notwithstanding the
foregoing, if, following the completion of the exercise of the U.K. bail-in power by the relevant U.K. resolution authority, any
of the Securities remain outstanding (for example, if the exercise of the U.K. bail-in power results in only a partial write-down
of the principal of the Securities), then the Trustee’s duties under the Indenture shall remain applicable with respect
to the Securities following such completion to the extent that the Company and the Trustee shall agree pursuant to a supplemental
indenture or an amendment to this Thirteenth Supplemental Indenture.

 

(c)           
By purchasing or acquiring the Securities, each Holder and beneficial owner that acquires its Securities in the secondary
market shall be deemed to acknowledge and agree to be bound by and consent to the same provisions specified in the Indenture to
the same extent as the Holders and beneficial owners of the Securities that acquire the Securities upon their initial issuance,
including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the
Securities related to the U.K. bail-in power.

 

(d)           
By purchasing or acquiring the Securities, each Holder and beneficial owner shall be deemed to have (i) consented to the
exercise of any U.K. bail-in power as it may be imposed without any prior notice by the relevant U.K. resolution authority of
its decision to exercise such power with respect to the Securities and (ii) authorized, directed and requested DTC and any direct
participant in DTC or other intermediary through which
it holds such Securities to take any and all necessary action, if required, to implement the exercise of any U.K. bail-in power
with respect to the Securities as it may be imposed, without any further action or direction on the part of such Holder or beneficial
owner or the Trustee.

 

    19 

     

    

(e)           
No repayment of the principal amount of the Securities or payment of interest on the Securities shall become due and payable
after the exercise of any U.K. bail-in power by the relevant U.K. resolution authority unless, at the time that such repayment
or payment, respectively, is scheduled to become due, such repayment or payment would be permitted to be made by the Company under
the laws and regulations of the United Kingdom applicable to the Company and the Group.

 

(f)            
Upon the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Securities, the
Company shall provide a written notice to DTC as soon as practicable regarding such exercise of the U.K. bail-in power for purposes
of notifying Holders of such occurrence. The Company shall also deliver a copy of such notice to the Trustee for information purposes
only.

 

Section
3.11.                    
Redemption of Securities. With respect to the Securities only, Article 11 of the Senior Indenture is amended to
add a Section 11.09, Section 11.10 and Section 11.11, each of which shall read as follows:

 

Section
11.09. Optional Redemption.

 

Subject
to Section 11.11 and on at least 5 Business Days’, but no more than 30 Business Days’, prior written notice delivered
to the registered holders of the 2024 Senior Notes, the Company may, at the Company’s option and in its sole discretion,
redeem the 2024 Senior Notes, in whole, but not in part, on May 11, 2023, at a Redemption Price equal to 100% of the principal
amount of the notes being redeemed together with any accrued and unpaid interest to, but excluding, the date of redemption.

 

Subject
to Section 11.11 and on at least 5 Business Days’, but no more than 30 Business Days’, prior written notice delivered
to the registered holders of the 2027 Senior Notes, the Company may, at the Company’s option and in its sole discretion,
redeem the 2027 Senior Notes, in whole, but not in part, on May 11, 2026, at a Redemption Price equal to 100% of the principal
amount of the notes being redeemed together with any accrued and unpaid interest to, but excluding, the date of redemption.

 

Section
11.10 Loss Absorption Disqualification Event Redemption.

 

Subject
to Section 11.11, the Company may, at the Company’s option (but subject to, if and to the extent then required by the Relevant
Regulator or the Loss Absorption Regulations, the Company giving notice to the Relevant Regulator and the Relevant Regulator granting
the Company permission), having given not less than 30 nor more than 60 days’ notice to holders, redeem all but not some
only of the Securities outstanding at any time at 100% of their principal amount together
with any accrued but unpaid interest to the date of redemption, if immediately prior to the giving of the notice referred to above,
the Company satisfies the Trustee that a Loss Absorption Disqualification Event has occurred.

 

    20 

     

    

Section
11.11. Conditions to Redemption and Repurchase, etc.

 

Notwithstanding
anything herein to the contrary, any redemption or purchase of Securities (other than redemption on the relevant Maturity Date),
and any modification to the terms of the Securities or any indenture relating thereto, is subject to, if and to the extent then
required by the Relevant Regulator or the Loss Absorption Regulations, the Company giving notice to the Relevant Regulator and
the Relevant Regulator granting the Company permission therefor and otherwise to compliance with the Loss Absorption Regulations
if and to the extent then required thereunder.

 

Article
4

MISCELLANEOUS

 

Section
4.01.                    
Effect of Supplemental Indenture. Upon the execution and delivery of this Thirteenth Supplemental Indenture by each
of the Company and the Trustee, and the delivery of the documents referred to in Section 5.02 herein, the Senior Indenture shall
be supplemented in accordance herewith, and this Thirteenth Supplemental Indenture shall form a part of the Senior Indenture for
all purposes in respect of the Securities or otherwise as applicable.

 

Section
4.02.                    
Other Documents to be Given to the Trustee. The Trustee shall be entitled to receive an Officer’s Certificate
and an Opinion of Counsel stating the recitals contained in Section 1.02 of the Senior Indenture and, in the case of the Opinion
of Counsel, stating that the Indenture is a legal, binding a valid obligation of the Company enforceable in accordance with its
terms. As specified in Section 9.03 of the Senior Indenture and subject to the provisions of Section 6.03 of the Senior Indenture,
the Trustee shall also be entitled to receive an Opinion of Counsel stating that that this Thirteenth Supplemental Indenture is
authorized or permitted by the Indenture, and the Thirteenth Supplemental Indenture and the Securities whose terms are incorporated
by reference herein are each, subject to Section 1.03 of the Senior Indenture, a legal, valid and binding obligation of the Company
enforceable in accordance with their terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization,
moratorium or other laws relating to or affecting creditor’s rights generally, by equitable principles of general applicability
and by possible judicial actions giving effect to governmental actions or foreign laws affecting creditors’ rights, and
the Thirteenth Supplemental Indenture is permitted under the Indenture. The Trustee may rely on such Officer’s Certificate
and Opinion of Counsel as conclusive evidence that this Thirteenth Supplemental Indenture complies with the applicable provisions
of the Senior Indenture.

 

    21 

     

    

Section
4.03.                    
Confirmation of Indenture. The Senior Indenture, as supplemented and amended by this Thirteenth Supplemental Indenture
with respect to the Securities or otherwise as applicable, is in all respects ratified and confirmed, and the Senior Indenture,
this Thirteenth Supplemental Indenture and all indentures supplemental thereto shall, in respect of the Securities or otherwise
as applicable, be read, taken and construed as one and the same instrument. This Thirteenth Supplemental Indenture constitutes
an integral part of the Senior Indenture and, where applicable, with respect to the Securities. In the event of a conflict between
the terms and conditions of the Senior Indenture and the terms and conditions of this Thirteenth Supplemental Indenture, the terms
and conditions of this Thirteenth Supplemental Indenture shall prevail where applicable.

 

Section
4.04.                    
Concerning the Trustee. The Trustee does not make any representations as to the validity or sufficiency of this
Thirteenth Supplemental Indenture or the Securities. The recitals and statements herein are deemed to be those of the Company
and not the Trustee. In entering into this Thirteenth Supplemental Indenture, the Trustee shall be entitled to the benefit of
every provision of the Senior Indenture relating to the conduct of or affecting the liability of or affording protection to the
Trustee.

 

Section
4.05.                    
Governing Law. This Thirteenth Supplemental Indenture and the Securities shall be governed by and construed in accordance
with the laws of the State of New York, except that the authorization and execution by the Company of this Thirteenth Supplemental
Indenture and the Securities shall be governed by (in addition to the laws of the State of New York relevant to execution) the
respective jurisdictions of the Company and the Trustee, as the case may be.

 

Section
4.06.                    
Separability. In case any provision contained in this Thirteenth Supplemental Indenture shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby.

 

Section
4.07.                    
Counterparts. Electronic Signatures. This Thirteenth Supplemental Indenture may be executed in any number
of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.
The words “execution,” “signed,” “signature,” and words of like import in this Supplemental
Indenture or in any certificate, agreement or document related to this Thirteenth Supplemental Indenture shall include electronic
signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including,
without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means)
shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping
system to the fullest extent permitted by applicable law, including the Federal Electronic

 

    22 

     

    

Section
4.08.                    
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other
applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial
Code.

 

Section
4.09.                    
Concerning UK Bail-in Liability. Notwithstanding and to the exclusion of any other term of this Thirteenth Supplemental
Indenture or the Senior Indenture or any other agreements, arrangements, or understanding between the Company and the Trustee,
the Trustee acknowledges and accepts that a UK Bail-in Liability arising under this Thirteenth Supplemental Indenture may be subject
to the exercise of UK Bail-in Powers by the UK resolution authority (but only to the extent applicable) and acknowledges, accepts,
and agrees to be bound by:

 

(a)           
the effect of the exercise of UK Bail-in Powers by the UK resolution authority in relation to any UK Bail-in Liability
of the Company to the Trustee under this Thirteenth Supplemental Indenture or the Senior Indenture, that (without limitation)
may include and result in any of the following, or some combination thereof:

 

(i)           
the reduction of all, or a portion, of the UK Bail-in Liability or outstanding amounts due thereon;

 

(ii)           
the conversion of all, or a portion, of the UK Bail-in Liability into shares, other securities or other obligations of
the Company or another person (and the issue to or conferral on the Trustee of such shares, securities or obligations);

 

(iii)           
the cancellation of the UK Bail-in Liability; and/or

 

(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

 

(b)           
the variation of the terms of this Thirteenth Supplemental Indenture, as deemed necessary by the UK resolution authority,
to give effect to the exercise of UK Bail-in Powers by the UK resolution authority.

 

“UK
Bail-in Legislation” means Part I of the U.K. Banking Act 2009 and any other law, regulation, rule or requirement applicable
from time to time in the U.K. 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.

 

    23 

     

    

 

“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.

 

[Signature
Pages Follow]

 

    24 

     

    

IN WITNESS
WHEREOF, the parties hereto have caused this Thirteenth Supplemental Indenture to be duly executed as of the date first written
above.

 

 

	 	LLOYDS BANKING GROUP PLC
	 	 	 
	 	By: _/s/ Peter Green___
	 	 	Name: Peter Green
	 	 	Title: Authorised Signatory

 

 

 

 

 

 

 

    [Signature Page to Supplemental Indenture]

     

    

 

 

 

	 	THE BANK OF NEW YORK
MELLON,
	 	acting through its London Branch, as Trustee
	 	 
	 	By:	/s/ Marilyn Chau
	 	 	Name: Marilyn Chau
	 	 	Title: Authorised Signatory

 

 

    [Signature Page to Supplemental Indenture]

     

    

EXHIBIT
A

 

FORM
OF 2024 SENIOR CALLABLE FIXED-TO-FIXED RATE SENIOR GLOBAL NOTE

 

THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

CUSIP
No. 53944Y AN3

ISIN No. US53944YAN31

Common Code: 231480960

 

LLOYDS BANKING
GROUP plc

 

0.695% SENIOR
CALLABLE FIXED-TO-FIXED RATE NOTE DUE 2024

 

No. [·]$[·]

 

LLOYDS BANKING
GROUP plc (herein called the “Company,” which term includes any successor person under the Indenture (as defined on
the reverse hereof)), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of
$[·] ([·] dollars) on May 11,
2024 (the “Maturity Date”) or on such earlier date as the principal hereof may become due in accordance with the terms
hereof and to pay interest thereon (i) from, and including, the date of issuance hereof to, but excluding, May 11, 2023, semi-annually
in arrears on the Initial Fixed Rate Interest Payment Dates (as defined on the reverse hereof) and (ii) from, and including, May
11, 2023 to, but excluding, May 11, 2024, semi-annually in arrears on the Reset Rate Interest Payment Dates (as defined in the
reverse hereof). Interest so payable on any Interest Payment Date (as defined on the reverse hereof) shall be paid to the Holder
in whose name this Senior Note is registered on the 15th calendar day immediately preceding the relevant Interest Payment
Date, whether or not such day is a Business Day, as defined in the Indenture (each a “Regular Record Date”). If (i)
the Company fails to pay any installment of interest on this Senior Note on or before its Interest Payment Date and such failure
continues for 14 days or (ii) the Company fails to pay all or any part of the principal of this Senior Note on any date on which
such principal shall otherwise have become due and payable, whether upon redemption or otherwise, and such failure continues for
seven days (each of (i) and (ii), a “Default”), the Trustee may commence a proceeding for the winding up of the Company,
provided that the Trustee may not, upon the occurrence of a Default,
declare the principal amount of any of the Outstanding Senior Notes to be due and payable.

 

    A-1

     

    

 

As
set forth on the reverse hereof, interest shall accrue on this Senior Note from day to day from the date of issuance hereof until
the principal amount hereof is paid or made available for payment.

 

Payments
of interest on this Senior Note shall be computed on the basis of a 360-day year divided into twelve months of 30 days each and,
in the case of an incomplete month, the actual number of days elapsed in such period.

 

Payment
of the principal amount of (and premium, if any) and any interest on, this Senior Note will be made in such coin or currency of
the United States of America as at the time of payment is legal tender for payment of public and private debts. Such payment shall
be made to the Holder including through a Paying Agent of the Company outside the United Kingdom for collection by the Holder.
If the date for payment of the principal amount hereof (and premium, if any) or interest thereon is not a Business Day, then (subject
as provided in the Indenture) such payment shall be made on the next succeeding Business Day with the same force and effect as
if made on such date for payment and without any interest or other payment in respect of such delay.

 

Prior
to due presentment of this Senior Note for registration of transfer, the Company, the Trustee and any agent of the Company or
the Trustee may treat the Person in whose name this Senior Note is registered as the owner of such Senior Note for the purpose
of receiving payment of principal and interest, if any, on such Senior Note and for all other purposes whatsoever, whether or
not such Senior Note be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected
by notice to the contrary.

 

Reference
is hereby made to the further provisions of this Senior Note set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

 

Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual or electronic
signature, this Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

Notwithstanding
any other agreements, arrangements, or understandings between the Company and any Holder or beneficial owner of this Senior Note,
by purchasing or acquiring this Senior Note, each Holder (including each beneficial owner) of this Senior Note acknowledges, accepts,
agrees to be bound by and consents to the exercise of any U.K. bail-in power (as defined below) by the relevant U.K. resolution
authority that may result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on,
this Senior Note; (ii) the conversion of all, or a portion, of the principal amount of, or interest on, this Senior Note into
shares or other securities or other obligations of the Company or another person; and/or (iii) the amendment or alteration of

 

    A-2

     

    

the
maturity of this Senior Note, or amendment of the amount of interest due on this Senior Note, or the dates on which interest becomes
payable, including by suspending payment for a temporary period; which U.K. bail-in power may be exercised by means of variation
of the terms of this Senior Note solely to give effect to the exercise by the relevant U.K. resolution authority of such U.K.
bail-in power. Each Holder and beneficial owner of this Senior Note further acknowledges and agrees that the rights of the Holders
and/or beneficial owners under this Senior Note are subject to, and will be varied, if necessary, solely to give effect to, the
exercise of any U.K. bail-in power by the relevant U.K. resolution authority.

 

For
these purposes, a “U.K. bail-in power” is any write-down, conversion, transfer, modification or suspension power existing
from time to time under any laws, regulations, rules or requirements relating to the resolution of banks, banking group companies,
credit institutions and/or investment firms incorporated in the United Kingdom in effect and applicable in the United Kingdom
to the Company and the Group, including but not limited to any such laws, regulations, rules or requirements which are implemented,
adopted or enacted in the United Kingdom within the context of the U.K. resolution regime under the U.K. Banking Act 2009 as the
same has been or may be amended from time to time (whether pursuant to the U.K. Financial Services (Banking Reform) Act 2013,
secondary legislation or otherwise), pursuant to which any obligations of a bank, banking group company, credit institution or
investment firm or any of its affiliates can be reduced, cancelled, modified, transferred and/or converted into shares or other
securities or obligations of the obligor or any other person (or suspended for a temporary period) or pursuant to which any right
in a contract governing such obligations may be deemed to have been exercised. A reference to the “relevant U.K. resolution
authority” is to any authority with the ability to exercise a U.K. bail-in power.

 

[The rest
of this page is intentionally left blank]

 

    A-3

     

    

IN
WITNESS WHEREOF, the Company has caused this Senior Note to be duly executed.

 

Dated:

 

	 	LLOYDS BANKING GROUP PLC
	 	 
	 	Name:
	 	Title:   

 

 

 

 

 

 

 

 

 

 

 

 

[Global
Note Signature Page]

    A-4

     

    

 

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Senior Notes of the series designated herein referred to in the within-mentioned Indenture.

 

Dated:

 

	 	THE BANK OF NEW YORK MELLON,
	 	LONDON BRANCH, as Trustee
	 	 	 
	 	By:	 
	 	Authorized Signatory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Global
Note Signature Page]

    A-5

     

    

 

[REVERSE
OF SECURITY]

 

This
Senior Note is one of a duly authorized issue of securities of the Company (herein called the “Senior Notes”) issued
and to be issued in one or more series under a Senior Debt Securities Indenture, dated as of July 6, 2010, as amended by the First
Supplemental Indenture dated as of July 6, 2016 (herein called the “Senior Indenture”), among the Company, as issuer,
and The Bank of New York Mellon, acting through its London Branch as trustee (herein called the “Trustee,” which term
includes any successor trustee under the Senior Indenture), as supplemented by the Thirteenth Supplemental Indenture dated as
of March 11, 2021, among the Company and the Trustee (the “Thirteenth Supplemental Indenture”, and, together with
the Senior Indenture, the “Indenture”) to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee
and the Holders of the Senior Notes and of the terms upon which the Senior Notes are, and are to be, authenticated and delivered.

 

This
Senior Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $1,000,000,000.
The Company may, without the consent of the Holders of the Senior Notes, issue additional notes having the same ranking and interest
rate, maturity date, redemption terms and other terms as the Senior Notes except for the price to the public, issue date and first
interest payment date, provided that such additional notes must be fungible with the outstanding Senior Notes for U.S. federal
income tax purposes. Any such Senior Notes, together with this Senior Note, will constitute a single series of securities under
the Indenture. The Senior Notes will initially be issued in the form of one or more global Senior Notes (each, a “Global
Senior Note”). Except as provided in the Indenture, a Global Senior Note shall not be exchangeable for one or more definitive
Senior Notes.

 

The
Senior Notes of this series will constitute direct, unconditional, unsecured and unsubordinated obligations of the Company, as
described herein, and will rank pari passu and without any preference among themselves and at least pari passu with
all of the Company’s other outstanding unsecured and unsubordinated obligations, present and future subject to such exceptions
as may be provided by mandatory provisions of applicable law.

 

During
the period from, and including, March 11, 2021 to, but excluding, May 11, 2023 (the “Initial Fixed Rate Period”),
interest shall accrue from the Issue Date at a fixed rate of 0.695% per annum. Interest accrued during the Initial Fixed Rate
Period shall be payable semi-annually in arrears on May 11 and November 11 of each year (each, a “Fixed Rate Interest Payment
Date”), commencing on November 11, 2021 (long first interest period).

 

During
the period from, and including, May 11, 2023 to, but excluding, May 11, 2024 (the “Reset Fixed Rate Period”), interest
shall accrue at a fixed annual rate equal to the applicable U.S. Treasury Rate (as defined below) as determined by the Calculation

 

    A-6

     

    

Agent
(as defined below) on the Reset Determination Date (as defined below), plus 55.0 basis points. Interest accrued on the
Senior Notes during the Reset Fixed Rate Period will be payable semi-annually in arrears on November 11, 2023 and May 11, 2024
(each a “Reset Rate Interest Payment Date”, and together with the Fixed Rate Interest Payment Dates, the “Interest
Payment Dates”).

 

Interest
during the Initial Fixed Rate Period shall be calculated on the basis of a 360-day year divided into twelve months of 30 days
each and, in the case of an incomplete month, on the basis of the actual number of days elapsed in such period. If any scheduled
Fixed Rate Interest Payment Date is not a Business Day, the Company shall pay interest on the next Business Day, but interest
on that payment shall not accrue during the period from and after such scheduled Fixed Rate Interest Payment Date.

 

Interest
during the Reset Fixed Rate Period shall be calculated on the basis of a 360-day year consisting of twelve 30-day months and,
in the case of an incomplete month, on the basis of the actual number of days elapsed in such period. The interest rate during
the Reset Fixed Rate Period will be reset on the Reset Determination Date. If any scheduled Reset Rate Interest Payment Date is
not a Business Day, interest will be paid on the next Business Day, but interest on that payment will not accrue during the period
from and after such scheduled Reset Rate Interest Payment Date.

 

The
U.S. Treasury Rate shall be determined by The Bank of New York Mellon, London Branch as calculation agent (the “Calculation
Agent”).

 

“U.S.
Treasury Rate” means, with respect to the Reset Date, the rate per annum equal to: (1) the yield on actively traded
U.S. Treasury securities adjusted to constant maturity for one-year maturities on the Reset Determination Date and appearing under
the caption “Treasury constant maturities” on the Reset Determination Date in the applicable most recently published
statistical release designated “H.15 Daily Update”, or any successor publication that is published by the Board of
Governors of the Federal Reserve System that establishes yields on actively traded U.S. Treasury securities adjusted to constant
maturity, under the caption “Treasury Constant Maturities”, for the maturity of one year; or (2) if such release (or
any successor release) is not published on the Reset Determination Date or does not contain such yields, the rate per annum equal
to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the Reset Date.

 

If
the U.S. Treasury Rate cannot be determined, for whatever reason, as described under (1) or (2) above, “U.S. Treasury Rate”
means the rate in percentage per annum as notified by the Calculation Agent to the Company equal to the yield on U.S. Treasury
securities having a maturity of one year as set forth in the most recently published statistical release designated “H.15
Daily Update” under the caption “Treasury constant maturities” (or any successor publication that is published
weekly by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded U.S. Treasury securities
adjusted to constant maturity under the caption “Treasury constant maturities” for the maturity of one year) on the
Reset Determination Date.

 

    A-7

     

    

“Comparable
Treasury Issue” means, with respect to the Reset Fixed Rate Period, the U.S. Treasury security or securities selected
by the Company with a maturity date on or about the last day of the Reset Fixed Rate Period and that would be utilized, at the
time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities denominated
in U.S. dollars and having a maturity of one year.

 

“Comparable
Treasury Price” means, with respect to the Reset Date, (i) the arithmetic average of the Reference Treasury Dealer Quotations
for the Reset Date (calculated on the Reset Determination Date preceding the Reset Date), after excluding the highest and lowest
such Reference Treasury Dealer Quotations, or (ii) if fewer than five such Reference Treasury Dealer Quotations are received by
the Company, the arithmetic average of all such quotations, or (iii) if fewer than two such Reference Treasury Dealer Quotations
are received by the Company, then such Reference Treasury Dealer Quotations as quoted in writing to the Company by a Reference
Treasury Dealer.

 

“Reference
Treasury Dealer” means each of up to five banks selected by the Company, or if the affiliates of such banks, which are
(i) primary U.S. Treasury securities dealers, and their respective successors, or (ii) market makers in pricing corporate bond
issues denominated in U.S. dollars.

 

“Reference
Treasury Dealer Quotations” means with respect to each Reference Treasury Dealer and the Reset Date, the arithmetic
average, as determined by the Calculation Agent, of the bid and offered prices for the applicable Comparable Treasury Issue, expressed
in each case as a percentage of its principal amount, at 11:00 a.m. (New York City time), on the Reset Determination Date.

 

“Reset
Determination Date” means the second Business Day immediately preceding the Reset Date.

 

All
calculations of the Calculation Agent, in the absence of manifest error, shall be conclusive for all purposes and binding on the
Company, the Trustee, the Paying Agent and on the Holders of the Senior Notes.

 

All
percentages resulting from any of the above calculations shall be rounded, if necessary, to the nearest one hundred thousandth
of a percentage point, with five one-millionths of a percentage point rounded upwards (e.g., 9.876545% (or .09876545) being rounded
to 9.87655% (or .0987655)) and all dollar amounts used in or resulting from such calculations shall be rounded to the nearest
cent (with one-half cent being rounded upwards).

 

The
interest rate on the Senior Notes during the Reset Fixed Rate Period will in no event be higher than the maximum rate permitted
by law or lower than 0% per annum.

 

By
its acquisition of Senior Notes or an interest therein, each holder and beneficial owner of Senior Notes and each subsequent holder
and beneficial owner waives any and all claims in law and/or equity against the Trustee, the Calculation Agent or any paying agent
for, agrees not to initiate a suit against the Trustee, the Calculation

 

    A-8

     

    

Agent
and any paying agent in respect of, and agrees that none of the Trustee, the Calculation Agent or any paying agent will be liable
for, any action that the Trustee, the Calculation Agent or any paying agent, as the case may be, takes, or abstains from taking,
in each case in accordance with this section or any losses suffered in connection therewith.

 

Subject
to Section 11.11 of the Thirteenth Supplemental Indenture and on at least 5 Business Days but no more than 30 Business Days’
prior written notice delivered to the Holders of the Senior Notes, the Company may in its sole discretion (but subject to, if
and to the extent then required by the Relevant Regulator or the Loss Absorption Regulations, our giving notice to the Relevant
Regulator and the Relevant Regulator granting us permission) redeem, the Senior Notes, in whole, but not in part, on May 11, 2023
at a redemption price equal to 100% of the principal amount of the Senior Notes being redeemed plus any accrued and unpaid
interest thereon, if any, to, but excluding, the date of redemption.

 

If
an Event of Default with respect to the Senior Notes of this series shall have occurred and be continuing, the Trustee or the
Holder or Holders of not less than 25% in aggregate principal amount of the Outstanding Senior Notes of this series may declare
the principal amount of, and any accrued interest on, all the Senior Notes to be due and payable immediately, in the manner, with
the effect and subject to the conditions provided in the Indenture.

 

Except
as otherwise provided in Article 5 of the Senior Indenture, the Trustee may in its discretion proceed to protect and enforce its
rights and the rights of Holders of Senior Notes by such appropriate judicial proceedings as the Trustee shall deem most effectual
to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in the Indenture or
in aid of the exercise of any power granted herein, or to enforce any other legal or equitable right vested in the Trustee by
the Indenture or by law, provided, however, that the Company shall not, as a result of the bringing of such judicial proceedings,
be required to pay any amount representing or measured by reference to the principal of, or any interest on, the Senior Notes
prior to any date on which the principal of, or any interest on, the Senior Notes would have otherwise been payable by the Company.

 

If
a Default occurs, the Trustee may commence a proceeding for the winding-up of the Company and/or prove in a winding-up of the
Company, provided that the Trustee may not, upon the occurrence of a Default, declare the principal amount of any of the Outstanding
Senior Notes to be due and payable.

 

Failure
to make any payment in respect of this Senior Note shall not be a Default if such payment is withheld or refused and an Opinion
of Counsel is delivered to the Trustee concluding that such sums were not paid in order to comply with any fiscal or other law
or regulation or with the order of any court of competent jurisdiction, provided, however, that the Trustee may by notice to the
Company require the Company 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

 

    A-9

     

    

which
opinion the Trustee may conclusively rely, is appropriate and reasonable in the circumstances to resolve such doubt, in which
case the Company shall forthwith take and expeditiously proceed with such action and shall 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 the provisions of the preceding sentence shall cease to have effect and the payment
shall become due and payable on the expiration of 14 days (in the case of payments under Section 5.03(a) of the Senior Indenture)
or seven days (in the case of payments under Section 5.03(b) of the Senior Indenture) after the Trustee gives written notice to
the Company informing it of such resolution.

 

Subject
to applicable law, no Holder may exercise or claim any right of set-off, counterclaim, combination of accounts, compensation or
retention in respect of any amount owed to it by the Company arising under or in connection with the Senior Notes. The Holders
of Senior Notes by their acceptance thereof will be deemed to have waived any right of set-off, counterclaim, combination of accounts,
compensation and retention with respect to the Senior Notes or the Senior Indenture (or between the obligations under or in respect
of the Senior Notes and any liability owed by a Holder to the Company) that they might otherwise have against the Company.

 

No
remedy against the Company other than as referred to in Article 5 of the Senior Indenture shall be available to the Trustee or
the Holders, whether for the recovery of amounts owing in respect of the Senior Notes or under the Indenture or in respect of
any breach by the Company of any of its other obligations under or in respect of the Senior Notes or under the Senior Indenture,
except that the Trustee and the Holders shall have such rights and powers as they are required to have under the Trust Indenture
Act.

 

Amounts
to be paid on the Senior Notes of this Series 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, levied, collected, withheld or assessed
by or on behalf of the United Kingdom or any political subdivision or authority thereof or therein having the power to tax (the
“Taxing Jurisdiction”), unless such deduction or withholding is required by law. If at any time a Taxing Jurisdiction
requires the Company to make such deduction or withholding, the Company will pay additional amounts with respect to the principal
of, and interest and any other payments on, the Senior Notes of this series (“Additional Amounts”) that are necessary
in order that the net amounts paid to the Holders, after the deduction or withholding, shall equal the amounts which would have
been payable on the Senior Notes 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:

 

(i)
the Holder or the beneficial owner of a Senior Note is a domiciliary, national or resident of, or engaging in business or maintaining
a permanent establishment or is physically present in, the Taxing Jurisdiction or otherwise has some connection with the Taxing
Jurisdiction other than the holding or ownership of a Senior Note, or the

 

    A-10

     

    

collection
of any payment of (or in respect of) principal of, or interest or other payments on, any Senior Note,

 

(ii)
except in the case of winding-up in the United Kingdom, the relevant Senior Note is presented (where presentation is required)
for payment in the United Kingdom,

 

(iii)
the relevant Senior Note 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 same for payment at the close of that 30 day period,

 

(iv)
the Holder or the beneficial owner of the relevant Senior Note or the beneficial owner of any payment of (or in respect of) principal
of, or interest or other payments on, the Senior Note failed to comply with a request of the Company or its liquidator or other
authorized person addressed to the Holder (x) to provide information concerning the nationality, residence or identity of the
Holder or such beneficial owner or (y) to make any declaration or other similar claim to satisfy any requirement, which in the
case of (x) or (y), is required or imposed by a statute, treaty, regulation or administrative practice of the Taxing Jurisdiction
as a precondition to exemption from all or part of the tax, levy, impost, duty, charge or fee,

 

(v)
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 or issued in any jurisdiction implementing, or relating to, FATCA or any intergovernmental
agreement; or

 

(vi)
any combination of clauses (i) through (v) above,

 

nor shall
Additional Amounts be paid with respect to the principal of, or any interest or other payments on, the Senior Notes to any Holder
who is a fiduciary or partnership or any person 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. With respect to any deduction or withholding made by any of the Company, the
Trustee, the Paying Agent or another withholding agent from any amount payable on, or in respect of, the Senior Notes in the events
described in clauses (i) through (vi) above, the amounts so deducted or withheld shall be treated as having been paid to the holder
of the Senior Notes, and no additional amounts will be paid on account of any such deduction or withholding. None of the Company,
the Trustee, the Paying Agent or another withholding agent shall have any liability in connection with their compliance with any
such withholding obligation under applicable law.

 

    A-11

     

    

References
herein to the payment of the principal of or interest or other payments on the Senior Notes shall be deemed to include mention
of the payment of Additional Amounts provided for in the foregoing paragraph to the extent that, in such context, Additional Amounts
are, were or would be payable under the foregoing provisions.

 

In
addition to the Company’s right to redeem the Senior Notes on May 11, 2023, the Senior Notes of this series are redeemable,
as a whole but not in part, at the option of the Company (subject to, if and to the extent required by the Relevant Regulator
or the Loss Absorption Regulations, the Company giving notice to the Relevant Regulator and the Relevant Regulator granting the
Company permission), on not less than 30 nor more than 60 days’ notice, on any Payment Date, at a redemption price equal
to 100% of the principal amount, together with accrued but unpaid interest, in respect of the Senior Notes to the date fixed for
redemption, if, at any time, the Company shall determine that as a result of a change in or amendment to the laws or regulations
of the Taxing Jurisdiction (including any treaty to which such Taxing Jurisdiction is a party), or any change in the application
or interpretation of such laws or regulations (including a decision of any court or tribunal) which change or amendment becomes
effective on or after March 11, 2021:

 

(a)
in making payment under the Senior Notes the Company has or will or would on the next Payment Date become obligated to pay Additional
Amounts;

 

(b)
the payment of interest on the next Payment Date in respect of the Senior Notes would be treated as a “distribution”
within the meaning of Chapter 2 of Part 23 of the Corporation Tax Act 2010 of the United Kingdom (or any statutory modification
or re-enactment thereof for the time being); or

 

(c)
on the next Payment Date the Company would not be entitled to claim a deduction in respect of such payment of interest in computing
its United Kingdom taxation liabilities (or the value of such deduction to the Company would be materially reduced).

 

In
any case where the Company shall determine that, in accordance with Section 11.08 of the Senior Indenture, it is entitled to redeem
the Senior Notes of this series, the Company shall be required to deliver to the Trustee prior to the giving of any notice of
redemption (i) a written legal opinion of independent United Kingdom counsel of recognized standing (selected by the Company)
in a form satisfactory to the Trustee confirming that the relevant change or amendment has occurred and that the Company is entitled
to exercise its right of redemption and (ii) an Officer’s Certificate, evidencing compliance with such provisions and stating
that it is entitled to redeem the Senior Notes pursuant to the terms of the Senior Notes.

 

The
Company may, at the Company’s option (but subject to, if and to the extent then required by the Relevant Regulator or the
Loss Absorption Regulations, the Company giving notice to the Relevant Regulator and the Relevant Regulator granting the Company
permission), having given not less than 30 nor more than 60 days’ notice to holders, redeem all but not some only of the
Senior Notes outstanding at any time at

 

    A-12

     

    

100%
of their principal amount together with any accrued but unpaid interest to the date of redemption, if immediately prior to the
giving of the notice referred to above, the Company satisfies the Trustee that a Loss Absorption Disqualification Event has occurred.
Any redemption or purchase of Senior Notes (other than redemption on the relevant maturity date), and any modification to the
terms of the Senior Notes or any indenture relating thereto, is subject to, if and to the extent then required by the Relevant
Regulator or the Loss Absorption Regulations, the Company giving notice to the Relevant Regulator and the Relevant Regulator granting
the Company permission therefor and otherwise to compliance with the Loss Absorption Regulations if and to the extent then required
thereunder.

 

If
the Company elects to redeem the Senior Notes of this series, the Senior Notes will cease to accrue interest from the date of
redemption, provided the redemption price has been paid in accordance with the Indenture.

 

Upon
payment of (i) the amount of principal (and premium, if any) so declared due and payable and (ii) accrued and unpaid interest,
all of the Company’s obligations in respect of the payment of the principal of (and premium, if any), and accrued and unpaid
interest on, the Senior Notes of this series shall terminate.

 

Notwithstanding
any other agreements, arrangements, or understandings between the Company and any Holder or beneficial owner of this Senior Note,
by purchasing or acquiring this Senior Note, each Holder (including each beneficial owner) of this Senior Note acknowledges, accepts,
agrees to be bound by and consents to the exercise of any U.K. bail-in power by the relevant U.K. resolution authority that may
result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on, the Senior Notes;
(ii) the conversion of all, or a portion, of the principal amount of, or interest on, the Senior Notes into shares or other securities
or other obligations of the Company or another person; and/or (iii) the amendment or alteration of the maturity of the Senior
Notes, or amendment of the amount of interest due on the Senior Notes, or the dates on which interest becomes payable, including
by suspending payment for a temporary period; which U.K. bail-in power may be exercised by means of variation of the terms of
the Senior Notes solely to give effect to the exercise by the relevant U.K. resolution authority of such U.K. bail-in power. Each
Holder and beneficial owner of the Senior Notes further acknowledges and agrees that the rights of the Holders and/or beneficial
owners under the Senior Notes are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any
U.K. bail-in power by the relevant U.K. resolution authority.

 

By
purchasing or acquiring the Senior Notes, each Holder and beneficial owner of the Senior Notes:

 

(i)
acknowledges and agrees that the exercise of the U.K. bail-in power by the relevant U.K. resolution authority in respect of the
Senior Notes shall not give rise to a default or an Event of Default for purposes of Section 315(b) (Notice of Default) and Section
315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act;

 

    A-13

     

    

(ii)
to the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees not to initiate
a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes,
or abstains from taking, in either case in accordance with the exercise of the U.K. bail-in power by the relevant U.K. resolution
authority with respect to the Senior Notes; and

 

(iii)
acknowledges and agrees that, upon the exercise of any U.K. bail-in power by the relevant U.K. resolution authority, (a) the Trustee
shall not be required to take any further directions from Holders of the Senior Notes under Section 5.12 of the Senior Indenture,
and (b) neither the Senior Indenture nor the Thirteenth Supplemental Indenture shall impose any duties upon the Trustee whatsoever
with respect to the exercise of any U.K. bail-in power by the relevant U.K. resolution authority. Notwithstanding the foregoing,
if, following the completion of the exercise of the U.K. bail-in power by the relevant U.K. resolution authority, any of the Senior
Notes remain outstanding (for example, if the exercise of the U.K. bail-in power results in only a partial write-down of the principal
of the Senior Notes), then the Trustee’s duties under the Indenture shall remain applicable with respect to the Senior Notes
following such completion to the extent that the Company and the Trustee shall agree pursuant to a supplemental indenture or an
amendment to the Thirteenth Supplemental Indenture.

 

By
purchasing or acquiring the Senior Notes, each Holder and beneficial owner that acquires its Senior Notes in the secondary market
shall be deemed to acknowledge and agree to be bound by and consent to the same provisions specified in the Indenture to the same
extent as the Holders and beneficial owners of the Senior Notes that acquire the Senior Notes upon their initial issuance, including,
without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the Senior Notes
related to the U.K. bail-in power.

 

By
purchasing or acquiring the Senior Notes, each Holder and beneficial owner shall be deemed to have (i) consented to the exercise
of any U.K. bail-in power as it may be imposed without any prior notice by the relevant U.K. resolution authority of its decision
to exercise such power with respect to the Senior Notes and (ii) authorized, directed and requested DTC and any direct participant
in DTC or other intermediary through which it holds such Senior Notes to take any and all necessary action, if required, to implement
the exercise of any U.K. bail-in power with respect to the Senior Notes as it may be imposed, without any further action or direction
on the part of such Holder or beneficial owner or the Trustee.

 

No
repayment of the principal amount of the Senior Notes or payment of interest on the Senior Notes shall become due and payable
after the exercise of any U.K. bail-in power by the relevant U.K. resolution authority unless, at the time that such repayment
or payment, respectively, is scheduled to become due, such repayment or payment would be permitted to be made by the Company under
the laws and regulations of the United Kingdom applicable to the Company and the Group.

 

    A-14

     

    

Upon
the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Senior Notes, the Company
shall provide a written notice to DTC as soon as practicable regarding such exercise of the U.K. bail-in power for purposes of
notifying Holders of such occurrence. The Company shall also deliver a copy of such notice to the Trustee for information purposes.

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Senior Notes to be affected thereby by the Company and the Trustee with the
consent of the Holders of not less than a majority in principal amount of the Senior Notes at the time outstanding of each such
series. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the outstanding
Senior Notes, on behalf of the Holders of all Senior Notes of such series, to waive compliance by the Company with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Senior Note shall be conclusive and binding upon such Holder and upon all future Holders of this Senior Note and of any
Senior Note issued in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Senior Note.

 

No
reference herein to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay, if and when due and payable, the principal of (and premium, if any)
and interest on, this Senior Note at the times, place and rate, and in the coin or currency, herein prescribed.

 

As
set forth in, and subject to, the provisions of the Indenture, no Holder of the Senior Notes will have the right to institute
any proceeding with respect to the Indenture, this Senior Note or any remedy thereunder; provided, however, that such limitations
do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal or interest as and when
the same shall have become due and payable in accordance with the terms hereof and the Indenture.

 

No
reference herein to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the right of
the Holder of this Senior Note, which is absolute and unconditional, to receive payment of the principal of (and premium, if any)
and interest on, this Senior Note when due and payable in accordance with the provisions of this Senior Note and the Indenture.

 

This
Senior Note will be governed by the laws of the State of New York.

 

Unless
otherwise defined herein, all terms used in this Senior Note which are defined in the Indenture shall have the meanings assigned
to them in the Indenture.

 

    A-15

     

    

EXHIBIT
B

 

FORM
OF 2027 SENIOR CALLABLE FIXED-TO-FIXED RATE SENIOR GLOBAL NOTE

 

THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

CUSIP
No. 53944Y AP8

ISIN No. US53944YAP88

Common Code: 231480943 

 

LLOYDS BANKING
GROUP plc

 

1.627% SENIOR
CALLABLE FIXED-TO-FIXED RATE NOTE DUE 2027

 

	No. [·]	$[·]

 

 

 

LLOYDS BANKING
GROUP plc (herein called the “Company,” which term includes any successor person under the Indenture (as defined on
the reverse hereof)), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of
$[·] ([·] dollars) on May 11,
2027 (the “Maturity Date”) or on such earlier date as the principal hereof may become due in accordance with the terms
hereof and to pay interest thereon (i) from, and including, the date of issuance hereof to, but excluding, May 11, 2026, semi-annually
in arrears on the Initial Fixed Rate Interest Payment Dates (as defined on the reverse hereof) and (ii) from, and including, May
11, 2026 to, but excluding, May 11, 2027, semi-annually in arrears on the Reset Rate Interest Payment Dates (as defined in the
reverse hereof). Interest so payable on any Interest Payment Date (as defined on the reverse hereof) shall be paid to the Holder
in whose name this Senior Note is registered on the 15th calendar day immediately preceding the relevant Interest Payment
Date, whether or not such day is a Business Day, as defined in the Indenture (each a “Regular Record Date”). If (i)
the Company fails to pay any installment of interest on this Senior Note on or before its Interest Payment Date and such failure
continues for 14 days or (ii) the Company fails to pay all or any part of the principal of this Senior Note on any date on which
such principal shall otherwise have become due and payable, whether upon redemption or otherwise, and such failure continues for
seven

 

    B-1

     

    

days (each
of (i) and (ii), a “Default”), the Trustee may commence a proceeding for the winding up of the Company, provided that
the Trustee may not, upon the occurrence of a Default, declare the principal amount of any of the Outstanding Senior Notes to
be due and payable.

 

As
set forth on the reverse hereof, interest shall accrue on this Senior Note from day to day from the date of issuance hereof until
the principal amount hereof is paid or made available for payment.

 

Payments
of interest on this Senior Note shall be computed on the basis of a 360-day year divided into twelve months of 30 days each and,
in the case of an incomplete month, the actual number of days elapsed in such period.

 

Payment
of the principal amount of (and premium, if any) and any interest on, this Senior Note will be made in such coin or currency of
the United States of America as at the time of payment is legal tender for payment of public and private debts. Such payment shall
be made to the Holder including through a Paying Agent of the Company outside the United Kingdom for collection by the Holder.
If the date for payment of the principal amount hereof (and premium, if any) or interest thereon is not a Business Day, then (subject
as provided in the Indenture) such payment shall be made on the next succeeding Business Day with the same force and effect as
if made on such date for payment and without any interest or other payment in respect of such delay.

 

Prior
to due presentment of this Senior Note for registration of transfer, the Company, the Trustee and any agent of the Company or
the Trustee may treat the Person in whose name this Senior Note is registered as the owner of such Senior Note for the purpose
of receiving payment of principal and interest, if any, on such Senior Note and for all other purposes whatsoever, whether or
not such Senior Note be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected
by notice to the contrary.

 

Reference
is hereby made to the further provisions of this Senior Note set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

 

Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual or electronic
signature, this Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

Notwithstanding
any other agreements, arrangements, or understandings between the Company and any Holder or beneficial owner of this Senior Note,
by purchasing or acquiring this Senior Note, each Holder (including each beneficial owner) of this Senior Note acknowledges, accepts,
agrees to be bound by and consents to the exercise of any U.K. bail-in power (as defined below) by the relevant U.K. resolution
authority that may result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on,
this Senior Note; (ii) the conversion of all, or a portion, of the principal

 

    B-2

     

    

amount
of, or interest on, this Senior Note into shares or other securities or other obligations of the Company or another person; and/or
(iii) the amendment or alteration of the maturity of this Senior Note, or amendment of the amount of interest due on this Senior
Note, or the dates on which interest becomes payable, including by suspending payment for a temporary period; which U.K. bail-in
power may be exercised by means of variation of the terms of this Senior Note solely to give effect to the exercise by the relevant
U.K. resolution authority of such U.K. bail-in power. Each Holder and beneficial owner of this Senior Note further acknowledges
and agrees that the rights of the Holders and/or beneficial owners under this Senior Note are subject to, and will be varied,
if necessary, solely to give effect to, the exercise of any U.K. bail-in power by the relevant U.K. resolution authority.

 

For
these purposes, a “U.K. bail-in power” is any write-down, conversion, transfer, modification or suspension power existing
from time to time under any laws, regulations, rules or requirements relating to the resolution of banks, banking group companies,
credit institutions and/or investment firms incorporated in the United Kingdom in effect and applicable in the United Kingdom
to the Company and the Group, including but not limited to any such laws, regulations, rules or requirements which are implemented,
adopted or enacted in the United Kingdom within the context of the U.K. resolution regime under the U.K. Banking Act 2009 as the
same has been or may be amended from time to time (whether pursuant to the U.K. Financial Services (Banking Reform) Act 2013,
secondary legislation or otherwise), pursuant to which any obligations of a bank, banking group company, credit institution or
investment firm or any of its affiliates can be reduced, cancelled, modified, transferred and/or converted into shares or other
securities or obligations of the obligor or any other person (or suspended for a temporary period) or pursuant to which any right
in a contract governing such obligations may be deemed to have been exercised. A reference to the “relevant U.K. resolution
authority” is to any authority with the ability to exercise a U.K. bail-in power.

 

[The rest
of this page is intentionally left blank]

 

    B-3

     

    

IN
WITNESS WHEREOF, the Company has caused this Senior Note to be duly executed.

 

Dated:

 

	 	LLOYDS BANKING GROUP PLC
	 	 
	 	Name:	 
	 	Title:   	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Global
Note Signature Page]

    B-4

     

    

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Senior Notes of the series designated herein referred to in the within-mentioned Indenture.

 

Dated:

 

 

 

	 	THE BANK OF NEW YORK MELLON,
	 	LONDON BRANCH, as Trustee
	 	 	 
	 	By:	 
	 	Authorized Signatory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Global
Note Signature Page]

 

    B-5

     

    

  

[REVERSE
OF SECURITY]

 

This
Senior Note is one of a duly authorized issue of securities of the Company (herein called the “Senior Notes”) issued
and to be issued in one or more series under a Senior Debt Securities Indenture, dated as of July 6, 2010, as amended by the First
Supplemental Indenture dated as of July 6, 2016 (herein called the “Senior Indenture”), among the Company, as issuer,
and The Bank of New York Mellon, acting through its London Branch as trustee (herein called the “Trustee,” which term
includes any successor trustee under the Senior Indenture), as supplemented by the Thirteenth Supplemental Indenture dated as
of March 11, 2021, among the Company and the Trustee (the “Thirteenth Supplemental Indenture”, and, together with
the Senior Indenture, the “Indenture”) to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee
and the Holders of the Senior Notes and of the terms upon which the Senior Notes are, and are to be, authenticated and delivered.

 

This
Senior Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $1,000,000,000.
The Company may, without the consent of the Holders of the Senior Notes, issue additional notes having the same ranking and interest
rate, maturity date, redemption terms and other terms as the Senior Notes except for the price to the public, issue date and first
interest payment date, provided that such additional notes must be fungible with the outstanding Senior Notes for U.S. federal
income tax purposes. Any such Senior Notes, together with this Senior Note, will constitute a single series of securities under
the Indenture. The Senior Notes will initially be issued in the form of one or more global Senior Notes (each, a “Global
Senior Note”). Except as provided in the Indenture, a Global Senior Note shall not be exchangeable for one or more definitive
Senior Notes.

 

The
Senior Notes of this series will constitute direct, unconditional, unsecured and unsubordinated obligations of the Company, as
described herein, and will rank pari passu and without any preference among themselves and at least pari passu with
all of the Company’s other outstanding unsecured and unsubordinated obligations, present and future subject to such exceptions
as may be provided by mandatory provisions of applicable law.

 

During
the period from, and including, March 11, 2021 to, but excluding, May 11, 2026 (the “Initial Fixed Rate Period”),
interest shall accrue from the Issue Date at a fixed rate of 1.627% per annum. Interest accrued during the Initial Fixed Rate
Period shall be payable semi-annually in arrears on May 11 and November 11 of each year (each, a “Fixed Rate Interest Payment
Date”), commencing on November 11, 2021 (long first interest period).

 

During
the period from, and including, May 11, 2026 to, but excluding, May 11, 2027 (the “Reset Fixed Rate Period”), interest
shall accrue at a fixed annual rate equal to the applicable U.S. Treasury Rate (as defined below) as determined by the Calculation

 

    B-6

     

    

Agent
(as defined below) on the Reset Determination Date (as defined below), plus 85.0 basis points. Interest accrued on the
Senior Notes during the Reset Fixed Rate Period will be payable semi-annually in arrears on November 11, 2026 and May 11, 2027
(each a “Reset Rate Interest Payment Date”, and together with the Fixed Rate Interest Payment Dates, the “Interest
Payment Dates”).

 

Interest
during the Initial Fixed Rate Period shall be calculated on the basis of a 360-day year divided into twelve months of 30 days
each and, in the case of an incomplete month, on the basis of the actual number of days elapsed in such period. If any scheduled
Fixed Rate Interest Payment Date is not a Business Day, the Company shall pay interest on the next Business Day, but interest
on that payment shall not accrue during the period from and after such scheduled Fixed Rate Interest Payment Date.

 

Interest
during the Reset Fixed Rate Period shall be calculated on the basis of a 360-day year consisting of twelve 30-day months and,
in the case of an incomplete month, on the basis of the actual number of days elapsed in such period. The interest rate during
the Reset Fixed Rate Period will be reset on the Reset Determination Date. If any scheduled Reset Rate Interest Payment Date is
not a Business Day, interest will be paid on the next Business Day, but interest on that payment will not accrue during the period
from and after such scheduled Reset Rate Interest Payment Date.

 

The
U.S. Treasury Rate shall be determined by The Bank of New York Mellon, London Branch as calculation agent (the “Calculation
Agent”).

 

“U.S.
Treasury Rate” means, with respect to the Reset Date, the rate per annum equal to: (1) the yield on actively traded
U.S. Treasury securities adjusted to constant maturity for one-year maturities on the Reset Determination Date and appearing under
the caption “Treasury constant maturities” on the Reset Determination Date in the applicable most recently published
statistical release designated “H.15 Daily Update”, or any successor publication that is published by the Board of
Governors of the Federal Reserve System that establishes yields on actively traded U.S. Treasury securities adjusted to constant
maturity, under the caption “Treasury Constant Maturities”, for the maturity of one year; or (2) if such release (or
any successor release) is not published on the Reset Determination Date or does not contain such yields, the rate per annum equal
to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the Reset Date.

 

If
the U.S. Treasury Rate cannot be determined, for whatever reason, as described under (1) or (2) above, “U.S. Treasury Rate”
means the rate in percentage per annum as notified by the Calculation Agent to the Company equal to the yield on U.S. Treasury
securities having a maturity of one year as set forth in the most recently published statistical release designated “H.15
Daily Update” under the caption “Treasury constant maturities” (or any successor publication that is published
weekly by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded U.S. Treasury securities
adjusted to constant maturity under the caption “Treasury constant maturities” for the maturity of one year) on the
Reset Determination Date.

 

    B-7

     

    

“Comparable
Treasury Issue” means, with respect to the Reset Fixed Rate Period, the U.S. Treasury security or securities selected
by the Company with a maturity date on or about the last day of the Reset Fixed Rate Period and that would be utilized, at the
time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities denominated
in U.S. dollars and having a maturity of one year.

 

“Comparable
Treasury Price” means, with respect to the Reset Date, (i) the arithmetic average of the Reference Treasury Dealer Quotations
for the Reset Date (calculated on the Reset Determination Date preceding the Reset Date), after excluding the highest and lowest
such Reference Treasury Dealer Quotations, or (ii) if fewer than five such Reference Treasury Dealer Quotations are received by
the Company, the arithmetic average of all such quotations, or (iii) if fewer than two such Reference Treasury Dealer Quotations
are received by the Company, then such Reference Treasury Dealer Quotations as quoted in writing to the Company by a Reference
Treasury Dealer.

 

“Reference
Treasury Dealer” means each of up to five banks selected by the Company, or if the affiliates of such banks, which are
(i) primary U.S. Treasury securities dealers, and their respective successors, or (ii) market makers in pricing corporate bond
issues denominated in U.S. dollars.

 

“Reference
Treasury Dealer Quotations” means with respect to each Reference Treasury Dealer and the Reset Date, the arithmetic
average, as determined by the Calculation Agent, of the bid and offered prices for the applicable Comparable Treasury Issue, expressed
in each case as a percentage of its principal amount, at 11:00 a.m. (New York City time), on the Reset Determination Date.

 

“Reset
Determination Date” means the second Business Day immediately preceding the Reset Date.

 

All
calculations of the Calculation Agent, in the absence of manifest error, shall be conclusive for all purposes and binding on the
Company, the Trustee, the Paying Agent and on the Holders of the Senior Notes.

 

All
percentages resulting from any of the above calculations shall be rounded, if necessary, to the nearest one hundred thousandth
of a percentage point, with five one-millionths of a percentage point rounded upwards (e.g., 9.876545% (or .09876545) being rounded
to 9.87655% (or .0987655)) and all dollar amounts used in or resulting from such calculations shall be rounded to the nearest
cent (with one-half cent being rounded upwards).

 

The
interest rate on the Senior Notes during the Reset Fixed Rate Period will in no event be higher than the maximum rate permitted
by law or lower than 0% per annum.

 

By
its acquisition of Senior Notes or an interest therein, each holder and beneficial owner of Senior Notes and each subsequent holder
and beneficial owner waives any and all claims in law and/or equity against the Trustee, the Calculation Agent or any paying agent
for, agrees not to initiate a suit against the Trustee, the Calculation

 

    B-8

     

    

Agent
and any paying agent in respect of, and agrees that none of the Trustee, the Calculation Agent or any paying agent will be liable
for, any action that the Trustee, the Calculation Agent or any paying agent, as the case may be, takes, or abstains from taking,
in each case in accordance with this section or any losses suffered in connection therewith.

 

Subject
to Section 11.11 of the Thirteenth Supplemental Indenture and on at least 5 Business Days but no more than 30 Business Days’
prior written notice delivered to the Holders of the Senior Notes, the Company may in its sole discretion (but subject to, if
and to the extent then required by the Relevant Regulator or the Loss Absorption Regulations, our giving notice to the Relevant
Regulator and the Relevant Regulator granting us permission) redeem, the Senior Notes, in whole, but not in part, on May 11, 2026
at a redemption price equal to 100% of the principal amount of the Senior Notes being redeemed plus any accrued and unpaid
interest thereon, if any, to, but excluding, the date of redemption.

 

If
an Event of Default with respect to the Senior Notes of this series shall have occurred and be continuing, the Trustee or the
Holder or Holders of not less than 25% in aggregate principal amount of the Outstanding Senior Notes of this series may declare
the principal amount of, and any accrued interest on, all the Senior Notes to be due and payable immediately, in the manner, with
the effect and subject to the conditions provided in the Indenture.

 

Except
as otherwise provided in Article 5 of the Senior Indenture, the Trustee may in its discretion proceed to protect and enforce its
rights and the rights of Holders of Senior Notes by such appropriate judicial proceedings as the Trustee shall deem most effectual
to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in the Indenture or
in aid of the exercise of any power granted herein, or to enforce any other legal or equitable right vested in the Trustee by
the Indenture or by law, provided, however, that the Company shall not, as a result of the bringing of such judicial proceedings,
be required to pay any amount representing or measured by reference to the principal of, or any interest on, the Senior Notes
prior to any date on which the principal of, or any interest on, the Senior Notes would have otherwise been payable by the Company.

 

If
a Default occurs, the Trustee may commence a proceeding for the winding-up of the Company and/or prove in a winding-up of the
Company, provided that the Trustee may not, upon the occurrence of a Default, declare the principal amount of any of the Outstanding
Senior Notes to be due and payable.

 

Failure
to make any payment in respect of this Senior Note shall not be a Default if such payment is withheld or refused and an Opinion
of Counsel is delivered to the Trustee concluding that such sums were not paid in order to comply with any fiscal or other law
or regulation or with the order of any court of competent jurisdiction, provided, however, that the Trustee may by notice to the
Company require the Company 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

 

    B-9

     

    

which
opinion the Trustee may conclusively rely, is appropriate and reasonable in the circumstances to resolve such doubt, in which
case the Company shall forthwith take and expeditiously proceed with such action and shall 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 the provisions of the preceding sentence shall cease to have effect and the payment
shall become due and payable on the expiration of 14 days (in the case of payments under Section 5.03(a) of the Senior Indenture)
or seven days (in the case of payments under Section 5.03(b) of the Senior Indenture) after the Trustee gives written notice to
the Company informing it of such resolution.

 

Subject
to applicable law, no Holder may exercise or claim any right of set-off, counterclaim, combination of accounts, compensation or
retention in respect of any amount owed to it by the Company arising under or in connection with the Senior Notes. The Holders
of Senior Notes by their acceptance thereof will be deemed to have waived any right of set-off, counterclaim, combination of accounts,
compensation and retention with respect to the Senior Notes or the Senior Indenture (or between the obligations under or in respect
of the Senior Notes and any liability owed by a Holder to the Company) that they might otherwise have against the Company.

 

No
remedy against the Company other than as referred to in Article 5 of the Senior Indenture shall be available to the Trustee or
the Holders, whether for the recovery of amounts owing in respect of the Senior Notes or under the Indenture or in respect of
any breach by the Company of any of its other obligations under or in respect of the Senior Notes or under the Senior Indenture,
except that the Trustee and the Holders shall have such rights and powers as they are required to have under the Trust Indenture
Act.

 

Amounts
to be paid on the Senior Notes of this Series 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, levied, collected, withheld or assessed
by or on behalf of the United Kingdom or any political subdivision or authority thereof or therein having the power to tax (the
“Taxing Jurisdiction”), unless such deduction or withholding is required by law. If at any time a Taxing Jurisdiction
requires the Company to make such deduction or withholding, the Company will pay additional amounts with respect to the principal
of, and interest and any other payments on, the Senior Notes of this series (“Additional Amounts”) that are necessary
in order that the net amounts paid to the Holders, after the deduction or withholding, shall equal the amounts which would have
been payable on the Senior Notes 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:

 

(i)
the Holder or the beneficial owner of a Senior Note is a domiciliary, national or resident of, or engaging in business or maintaining
a permanent establishment or is physically present in, the Taxing Jurisdiction or otherwise has some connection with the Taxing
Jurisdiction other than the holding or ownership of a Senior Note, or the

 

    B-10

     

    

collection
of any payment of (or in respect of) principal of, or interest or other payments on, any Senior Note,

 

(ii)
except in the case of winding-up in the United Kingdom, the relevant Senior Note is presented (where presentation is required)
for payment in the United Kingdom,

 

(iii)
the relevant Senior Note 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 same for payment at the close of that 30 day period,

 

(iv)
the Holder or the beneficial owner of the relevant Senior Note or the beneficial owner of any payment of (or in respect of) principal
of, or interest or other payments on, the Senior Note failed to comply with a request of the Company or its liquidator or other
authorized person addressed to the Holder (x) to provide information concerning the nationality, residence or identity of the
Holder or such beneficial owner or (y) to make any declaration or other similar claim to satisfy any requirement, which in the
case of (x) or (y), is required or imposed by a statute, treaty, regulation or administrative practice of the Taxing Jurisdiction
as a precondition to exemption from all or part of the tax, levy, impost, duty, charge or fee,

 

(v)
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 or issued in any jurisdiction implementing, or relating to, FATCA or any intergovernmental
agreement; or

 

(vi)
any combination of clauses (i) through (v) above,

 

nor shall
Additional Amounts be paid with respect to the principal of, or any interest or other payments on, the Senior Notes to any Holder
who is a fiduciary or partnership or any person 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. With respect to any deduction or withholding made by any of the Company, the
Trustee, the Paying Agent or another withholding agent from any amount payable on, or in respect of, the Senior Notes in the events
described in clauses (i) through (vi) above, the amounts so deducted or withheld shall be treated as having been paid to the holder
of the Senior Notes, and no additional amounts will be paid on account of any such deduction or withholding. None of the Company,
the Trustee, the Paying Agent or another withholding agent shall have any liability in connection with their compliance with any
such withholding obligation under applicable law.

 

    B-11

     

    

References
herein to the payment of the principal of or interest or other payments on the Senior Notes shall be deemed to include mention
of the payment of Additional Amounts provided for in the foregoing paragraph to the extent that, in such context, Additional Amounts
are, were or would be payable under the foregoing provisions.

 

In
addition to the Company’s right to redeem the Senior Notes on May 11, 2026, the Senior Notes of this series are redeemable,
as a whole but not in part, at the option of the Company (subject to, if and to the extent required by the Relevant Regulator
or the Loss Absorption Regulations, the Company giving notice to the Relevant Regulator and the Relevant Regulator granting the
Company permission), on not less than 30 nor more than 60 days’ notice, on any Payment Date, at a redemption price equal
to 100% of the principal amount, together with accrued but unpaid interest, in respect of the Senior Notes to the date fixed for
redemption, if, at any time, the Company shall determine that as a result of a change in or amendment to the laws or regulations
of the Taxing Jurisdiction (including any treaty to which such Taxing Jurisdiction is a party), or any change in the application
or interpretation of such laws or regulations (including a decision of any court or tribunal) which change or amendment becomes
effective on or after March 11, 2021:

 

(a)
in making payment under the Senior Notes the Company has or will or would on the next Payment Date become obligated to pay Additional
Amounts;

 

(b)
the payment of interest on the next Payment Date in respect of the Senior Notes would be treated as a “distribution”
within the meaning of Chapter 2 of Part 23 of the Corporation Tax Act 2010 of the United Kingdom (or any statutory modification
or re-enactment thereof for the time being); or

 

(c)
on the next Payment Date the Company would not be entitled to claim a deduction in respect of such payment of interest in computing
its United Kingdom taxation liabilities (or the value of such deduction to the Company would be materially reduced).

 

In
any case where the Company shall determine that, in accordance with Section 11.08 of the Senior Indenture, it is entitled to redeem
the Senior Notes of this series, the Company shall be required to deliver to the Trustee prior to the giving of any notice of
redemption (i) a written legal opinion of independent United Kingdom counsel of recognized standing (selected by the Company)
in a form satisfactory to the Trustee confirming that the relevant change or amendment has occurred and that the Company is entitled
to exercise its right of redemption and (ii) an Officer’s Certificate, evidencing compliance with such provisions and stating
that it is entitled to redeem the Senior Notes pursuant to the terms of the Senior Notes.

 

The
Company may, at the Company’s option (but subject to, if and to the extent then required by the Relevant Regulator or the
Loss Absorption Regulations, the Company giving notice to the Relevant Regulator and the Relevant Regulator granting the Company
permission), having given not less than 30 nor more than 60 days’ notice to holders, redeem all but not some only of the
Senior Notes outstanding at any time at

 

    B-12

     

    

100%
of their principal amount together with any accrued but unpaid interest to the date of redemption, if immediately prior to the
giving of the notice referred to above, the Company satisfies the Trustee that a Loss Absorption Disqualification Event has occurred.
Any redemption or purchase of Senior Notes (other than redemption on the relevant maturity date), and any modification to the
terms of the Senior Notes or any indenture relating thereto, is subject to, if and to the extent then required by the Relevant
Regulator or the Loss Absorption Regulations, the Company giving notice to the Relevant Regulator and the Relevant Regulator granting
the Company permission therefor and otherwise to compliance with the Loss Absorption Regulations if and to the extent then required
thereunder.

 

If
the Company elects to redeem the Senior Notes of this series, the Senior Notes will cease to accrue interest from the date of
redemption, provided the redemption price has been paid in accordance with the Indenture.

 

Upon
payment of (i) the amount of principal (and premium, if any) so declared due and payable and (ii) accrued and unpaid interest,
all of the Company’s obligations in respect of the payment of the principal of (and premium, if any), and accrued and unpaid
interest on, the Senior Notes of this series shall terminate.

 

Notwithstanding
any other agreements, arrangements, or understandings between the Company and any Holder or beneficial owner of this Senior Note,
by purchasing or acquiring this Senior Note, each Holder (including each beneficial owner) of this Senior Note acknowledges, accepts,
agrees to be bound by and consents to the exercise of any U.K. bail-in power by the relevant U.K. resolution authority that may
result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on, the Senior Notes;
(ii) the conversion of all, or a portion, of the principal amount of, or interest on, the Senior Notes into shares or other securities
or other obligations of the Company or another person; and/or (iii) the amendment or alteration of the maturity of the Senior
Notes, or amendment of the amount of interest due on the Senior Notes, or the dates on which interest becomes payable, including
by suspending payment for a temporary period; which U.K. bail-in power may be exercised by means of variation of the terms of
the Senior Notes solely to give effect to the exercise by the relevant U.K. resolution authority of such U.K. bail-in power. Each
Holder and beneficial owner of the Senior Notes further acknowledges and agrees that the rights of the Holders and/or beneficial
owners under the Senior Notes are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any
U.K. bail-in power by the relevant U.K. resolution authority.

 

By
purchasing or acquiring the Senior Notes, each Holder and beneficial owner of the Senior Notes:

 

(i)
acknowledges and agrees that the exercise of the U.K. bail-in power by the relevant U.K. resolution authority in respect of the
Senior Notes shall not give rise to a default or an Event of Default for purposes of Section 315(b) (Notice of Default) and Section
315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act;

 

    B-13

     

    

(ii)
to the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees not to initiate
a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes,
or abstains from taking, in either case in accordance with the exercise of the U.K. bail-in power by the relevant U.K. resolution
authority with respect to the Senior Notes; and

 

(iii)
acknowledges and agrees that, upon the exercise of any U.K. bail-in power by the relevant U.K. resolution authority, (a) the Trustee
shall not be required to take any further directions from Holders of the Senior Notes under Section 5.12 of the Senior Indenture,
and (b) neither the Senior Indenture nor the Thirteenth Supplemental Indenture shall impose any duties upon the Trustee whatsoever
with respect to the exercise of any U.K. bail-in power by the relevant U.K. resolution authority. Notwithstanding the foregoing,
if, following the completion of the exercise of the U.K. bail-in power by the relevant U.K. resolution authority, any of the Senior
Notes remain outstanding (for example, if the exercise of the U.K. bail-in power results in only a partial write-down of the principal
of the Senior Notes), then the Trustee’s duties under the Indenture shall remain applicable with respect to the Senior Notes
following such completion to the extent that the Company and the Trustee shall agree pursuant to a supplemental indenture or an
amendment to the Thirteenth Supplemental Indenture.

 

By
purchasing or acquiring the Senior Notes, each Holder and beneficial owner that acquires its Senior Notes in the secondary market
shall be deemed to acknowledge and agree to be bound by and consent to the same provisions specified in the Indenture to the same
extent as the Holders and beneficial owners of the Senior Notes that acquire the Senior Notes upon their initial issuance, including,
without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the Senior Notes
related to the U.K. bail-in power.

 

By
purchasing or acquiring the Senior Notes, each Holder and beneficial owner shall be deemed to have (i) consented to the exercise
of any U.K. bail-in power as it may be imposed without any prior notice by the relevant U.K. resolution authority of its decision
to exercise such power with respect to the Senior Notes and (ii) authorized, directed and requested DTC and any direct participant
in DTC or other intermediary through which it holds such Senior Notes to take any and all necessary action, if required, to implement
the exercise of any U.K. bail-in power with respect to the Senior Notes as it may be imposed, without any further action or direction
on the part of such Holder or beneficial owner or the Trustee.

 

No
repayment of the principal amount of the Senior Notes or payment of interest on the Senior Notes shall become due and payable
after the exercise of any U.K. bail-in power by the relevant U.K. resolution authority unless, at the time that such repayment
or payment, respectively, is scheduled to become due, such repayment or payment would be permitted to be made by the Company under
the laws and regulations of the United Kingdom applicable to the Company and the Group.

 

    B-14

     

    

Upon
the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Senior Notes, the Company
shall provide a written notice to DTC as soon as practicable regarding such exercise of the U.K. bail-in power for purposes of
notifying Holders of such occurrence. The Company shall also deliver a copy of such notice to the Trustee for information purposes.

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Senior Notes to be affected thereby by the Company and the Trustee with the
consent of the Holders of not less than a majority in principal amount of the Senior Notes at the time outstanding of each such
series. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the outstanding
Senior Notes, on behalf of the Holders of all Senior Notes of such series, to waive compliance by the Company with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Senior Note shall be conclusive and binding upon such Holder and upon all future Holders of this Senior Note and of any
Senior Note issued in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Senior Note.

 

No
reference herein to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay, if and when due and payable, the principal of (and premium, if any)
and interest on, this Senior Note at the times, place and rate, and in the coin or currency, herein prescribed.

 

As
set forth in, and subject to, the provisions of the Indenture, no Holder of the Senior Notes will have the right to institute
any proceeding with respect to the Indenture, this Senior Note or any remedy thereunder; provided, however, that such limitations
do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal or interest as and when
the same shall have become due and payable in accordance with the terms hereof and the Indenture.

 

No
reference herein to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the right of
the Holder of this Senior Note, which is absolute and unconditional, to receive payment of the principal of (and premium, if any)
and interest on, this Senior Note when due and payable in accordance with the provisions of this Senior Note and the Indenture.

 

This
Senior Note will be governed by the laws of the State of New York.

 

Unless
otherwise defined herein, all terms used in this Senior Note which are defined in the Indenture shall have the meanings assigned
to them in the Indenture.

 

    B-15Exhibit 4.1

 

 

 

PIEDMONT
NATURAL GAS COMPANY, INC.

 

AND

 

THE BANK
OF NEW YORK MELLON

 

TRUST COMPANY,
N.A., AS TRUSTEE

 

 

 

ELEVENTH
SUPPLEMENTAL INDENTURE

 

DATED AS
OF mARCH 11, 2021

 

SUPPLEMENT
TO INDENTURE DATED AS OF APRIL 1, 1993

 

 

 

2.50% SENIOR
NOTES DUE 2031

 

 

 

    

     

    

 

TABLE OF CONTENTS1

 

	 	Page

 

	ARTICLE 1 2.50% Senior Notes Due 2031	2

 

	 	SECTION 101. Establishment	2

 

	 	SECTION 102. Definitions	3

 

	 	SECTION 103. Payment of Principal and Interest	4

 

	 	SECTION 104. Denominations	4

 

	 	SECTION 105. Book-Entry Debt Securities	4

 

	 	SECTION 106. Transfer	5

 

	 	SECTION 107. Redemption at the Company’s Option	5

 

	ARTICLE 2 Miscellaneous Provisions 	6

 

	 	SECTION 201. Concerning the Trustee	6

 

	 	SECTION 202. Defeasance; Satisfaction and Discharge	6

 

	 	SECTION 203. Sinking Fund	6

 

	 	SECTION 204. Notices	7

 

	 	SECTION 205. Miscellaneous	7

 

	EXHIBIT A FORM OF NOTE	 

 

EXHIBIT B CERTIFICATE OF AUTHENTICATION

 

 

1 This Table of Contents does not constitute
part of the Indenture or have any bearing upon the interpretation of any of its terms and provisions.

 

    i

     

    

 

THIS ELEVENTH SUPPLEMENTAL INDENTURE
(this “Eleventh Supplemental Indenture”), dated as of March 11, 2021, between PIEDMONT NATURAL GAS COMPANY,
INC., a corporation organized and existing under the laws of the State of North Carolina (the “Company”),
and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association duly organized and existing under the
laws of the United States, as successor to Citibank, N.A. (the “Trustee”).

 

WITNESSETH:

 

WHEREAS, a predecessor to the Company
has heretofore executed and delivered to the Trustee an Indenture dated as of April 1, 1993 (the “Base Indenture”,
as amended by the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture and the Fourth
Supplemental Indenture (each as defined below), the “Original Indenture”);

 

WHEREAS, the Company has heretofore
executed and delivered to the Trustee a First Supplemental Indenture dated as of February 25, 1994 (the “First Supplemental
Indenture”) pursuant to which the Company assumed all of the obligations of its predecessor company under the Base Indenture;

 

WHEREAS, the Company has heretofore
executed and delivered to the Trustee a Second Supplemental Indenture dated as of June 15, 2003 (the “Second Supplemental
Indenture”) pursuant to which Section 4.07 (“Limitation on Liens”) of the Base Indenture was amended,
applicable to all Series of Debt Securities issued after June 15, 2003;

 

WHEREAS, the Company has heretofore
executed and delivered to the Trustee a Third Supplemental Indenture dated as of June 20, 2006 (the “Third Supplemental
Indenture”) pursuant to which (i) the Company issued $200,000,000 in aggregate principal amount of its 6.25% Insured
Quarterly Notes Series 2006 due 2036 and (ii) the Limitation on Liens and related definitions in Section 1.01 of the Base Indenture
were amended, applicable to all series of Debt Securities issued on or after June 20, 2006;

 

WHEREAS, the Company has heretofore
executed and delivered to the Trustee a Fourth Supplemental Indenture dated as of May 6, 2011 (the “Fourth Supplemental
Indenture”) pursuant to which Section 5.03 of the Base Indenture was amended, applicable to all series of Debt Securities
issued on or after May 6, 2011;

 

WHEREAS, the Company has heretofore
executed and delivered to the Trustee a Fifth Supplemental Indenture dated as of August 1, 2013 pursuant to which the Company issued
$300,000,000 in aggregate principal amount of its 4.65% Senior Notes due 2043;

 

WHEREAS, the Company has heretofore
executed and delivered to the Trustee a Sixth Supplemental Indenture dated as of September 18, 2014 pursuant to which the Company
issued $250,000,000 in aggregate principal amount of its 4.10% Senior Notes due 2034;

 

WHEREAS, the Company has heretofore
executed and delivered to the Trustee a Seventh Supplemental Indenture dated as of September 14, 2015 pursuant to which the Company
issued $150,000,000 in aggregate principal amount of its 3.60% Senior Notes due 2025;

 

WHEREAS, the Company has heretofore
executed and delivered to the Trustee an Eighth Supplemental Indenture dated as of July 28, 2016 pursuant to which the Company
issued $300,000,000 in aggregate principal amount of its 3.64% Senior Notes due 2046;

 

    

     

    

 

WHEREAS, the Company has heretofore
executed and delivered to the Trustee a Ninth Supplemental Indenture dated as of May 24, 2019 pursuant to which the Company issued
$600,000,000 in aggregate principal amount of its 3.50% Senior Notes due 2029;

 

WHEREAS, the Company has heretofore
executed and delivered to the Trustee a Tenth Supplemental Indenture dated as of May 21, 2020 pursuant to which the Company issued
$400,000,000 in aggregate principal amount of its 3.35% Senior Notes due 2050;

 

WHEREAS, the Original Indenture is
incorporated herein by this reference and the Original Indenture, as heretofore supplemented and as further supplemented by this
Eleventh Supplemental Indenture, is herein called the “Indenture”;

 

WHEREAS, the Original Indenture provides
that the Company and the Trustee may from time to time enter into indentures supplemental thereto to issue and establish the form
or terms of a new series of Debt Securities;

 

WHEREAS, the Company proposes to
issue under the Indenture a new series of Debt Securities; and

 

WHEREAS, the Company represents that
all acts and things necessary to constitute this Eleventh Supplemental Indenture and the Notes (as defined below), when executed
by the Company and authenticated and delivered by the Trustee, the valid, binding and enforceable obligations of the Company have
been done and performed, and the execution of this Eleventh Supplemental Indenture has in all respects been duly authorized, and
the Company, in the exercise of legal right and power in it vested, is executing this Eleventh Supplemental Indenture.

 

NOW, THEREFORE, in consideration
of the premises and of the mutual covenants herein contained and for other valuable consideration, the receipt whereof is hereby
acknowledged, the parties have executed and delivered this Eleventh Supplemental Indenture and the Company covenants and agrees
with the Trustee as follows:

 

Article
1

2.50% Senior Notes Due 2031

 

Section
101.          
Establishment. There is hereby
established a new series of Debt Securities to be issued under the Indenture, to be designated as the Company’s 2.50% Senior
Notes Due 2031 (the “Notes”).

 

There are to be initially authenticated
and delivered $350,000,000 aggregate principal amount of Notes; provided, however, that the authorized aggregate principal amount
of the Notes may be increased above such amount without the consent of the Holders of any then outstanding Notes by a Board Resolution
authorizing such increase; provided, however, that such additional Notes issued pursuant to such increase will be fungible with
the initially issued Notes for U.S. Federal income tax purposes, and any such additional Notes issued in this manner will be consolidated
with, and will form a single series with, the initially issued Notes. The Notes shall be issued in definitive fully registered
form.

 

The Notes shall be issued in the form of
a Book-Entry Debt Security in substantially the form set out in Exhibit A hereto. The Depository with respect to the Notes shall
be The Depository Trust Company.

 

    2

     

    

 

The form of the Trustee’s Certificate
of Authentication for the Notes shall be in substantially the form set forth in Exhibit B hereto.

 

Each Note shall be dated the date of authentication
thereof and shall bear interest from the date of original issuance thereof or from the most recent Interest Payment Date to which
interest has been paid or duly provided for.

 

Section
102.          
Definitions. The following defined
terms used herein shall, unless the context otherwise requires, have the meanings specified below. Capitalized terms used herein
for which no definition is provided herein shall have the meanings set forth in the Original Indenture.

 

“Comparable Treasury Issue”
means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable
to the remaining term of the Notes to be redeemed (assuming, for this purpose, that the Notes matured on the Par Call Date), that
would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of the Notes.

 

“Comparable Treasury Price”
means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date,
after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer
than four of such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations as determined
by the Company.

 

“Interest Payment Dates”
means March 15 and September 15 of each year, commencing September 15, 2021.

 

“Original Issue Date”
means March 11, 2021.

 

“Par Call Date” means
December 15, 2030.

 

“Quotation Agent” means
one of the Reference Treasury Dealers appointed by the Company.

 

“Reference Treasury Dealer”
means each of (1) Mizuho Securities USA LLC and Bank of Nova Scotia, New York Agency, an affiliate of Scotia Capital (USA) Inc.,
each of whom is a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”) and
(2) a Primary Treasury Dealer selected by each of SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments, Inc., or their
respective affiliates or successors; provided, however, that if any of the foregoing or their affiliates or successors shall cease
to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Quotation Agent,
of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business
Day preceding such redemption date.

 

“Stated Maturity” means
March 15, 2031.

 

“Treasury
Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to
maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such
redemption date.

 

    3

     

    

 

Section
103.          
Payment of Principal and Interest. The principal of the Notes shall be due at the Stated Maturity
(unless earlier redeemed). The unpaid principal amount of the Notes shall bear interest at the rate of 2.50% per annum until paid
or duly provided for. Interest shall be paid semi-annually in arrears on each Interest Payment Date to the Persons in whose name
each Note is registered at the close of business on the Record Date for the applicable Interest Payment Date, which will be the
close of business on (i) the Business Day immediately preceding such Interest Payment Date so long as all of the Notes remain in
the form of a Book-Entry Debt Security or (ii) the fifteenth calendar day next preceding such Interest Payment Date (whether or
not such day is a Business Day) if any of the Notes do not remain in the form of a Book-Entry Debt Security, provided that interest
payable at the Stated Maturity of principal or on a redemption date as provided herein will be paid to the Person to whom principal
is payable. Any such interest that is not so punctually paid or duly provided for will forthwith cease to be payable to the Holders
on such Record Date and will be paid to the Person in whose name the Notes are registered on a subsequent Record Date established
for the payment of such defaulted interest by notice given by mail or on behalf of the Company to the Holders no less than fifteen
(15) days preceding such subsequent Record Date, such Record Date to be not less than five (5) days preceding the date of payment
of such defaulted interest or in any other lawful manner acceptable to the Trustee.

 

Payments of interest on the Notes will include
interest accrued to but excluding the respective Interest Payment Dates. Interest payments for the Notes shall be computed and
paid on the basis of a 360-day year of twelve 30-day months (and for any partial periods shall be calculated on the basis of the
number of days elapsed in a 360-day year of twelve 30-day months). In the event that any date on which interest is payable on the
Notes is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is
a Business Day (and without any interest or other payment in respect of any such delay), with the same force and effect as if made
on the date the payment was originally payable.

 

Payment of the principal and interest due
at the Stated Maturity or earlier redemption of the Notes shall be made upon surrender of the Notes at the Corporate Trust Office
of the Trustee. The principal of and interest on the Notes shall be paid in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private debts. Payments of the principal and interest (including
interest on any Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company,
(i) by wire transfer to the Holders entitled thereto who have provided appropriate wire transfer instructions to the Trustee, or
by check mailed to the Holders of the Notes entitled thereto at their last addresses as they appear on the Debt Security Register
or (ii) if the Notes are Book-Entry Debt Securities, the Depository, as Holder of the Notes, shall be entitled to receive payment
of interest by wire transfer of immediately available funds.

 

Section
104.          
Denominations. The Notes may
be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

Section
105.           Book-Entry
Debt Securities. The Notes will be issued in the form of a Book-Entry Debt
Security registered in the name of the Depository or its nominee. Except under the limited circumstances described below,
Notes represented by the Book-Entry Debt Security will not be exchangeable for, and will not otherwise be issuable as, Notes
in definitive, non-global form. The Book- Entry Debt Securities described above may not be transferred except by the
Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the
Depository or to a successor Depository or its nominee.

 

    4

     

    

 

Owners of beneficial interests in such a
Book-Entry Debt Security will not be considered the Holders thereof for any purpose under the Indenture, and no Book-Entry Debt
Security representing a Note shall be exchangeable, except for another Book-Entry Debt Security of like denomination and tenor
to be registered in the name of the Depository or its nominee or to a successor Depository or its nominee. The rights of Holders
of such Book-Entry Debt Security shall be exercised only through the Depository.

 

Subject to the procedures of the Depository,
a Book-Entry Debt Security shall be exchangeable for Notes registered in the names of persons other than the Depository or its
nominee only if (i) the Depository notifies the Company that it is unwilling or unable to continue as a Depository for such Book-Entry
Debt Security and no successor Depository shall have been appointed by the Company, or if at any time the Depository ceases to
be a clearing agency registered under the Securities Exchange Act of 1934, as amended, at a time when the Depository is required
to be so registered to act as such Depository and no successor Depository shall have been appointed by the Company, in each case
within 60 days after the Company receives such notice or becomes aware of such cessation, (ii) the Company in its sole discretion
determines that such Book-Entry Debt Security shall be so exchangeable, or (iii) there shall have occurred an Event of Default
with respect to the Notes. Any Book-Entry Debt Security that is exchangeable pursuant to the preceding sentence shall be exchangeable
for Notes registered in such names as the Depository shall direct.

 

Section
106.          
Transfer. No service charge
will be made for the exchange or to register a transfer of Notes, but payment will be required of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection therewith.

 

The Company shall not be required to exchange
or register a transfer of (a) Notes for a period of fifteen (15) days next preceding the mailing of the notice of any redemption
of Notes to be redeemed, or (b) Notes selected, called or being called for redemption, except, in the case of Notes to be redeemed
in part, the portion thereof not to be so redeemed.

 

Section
107.          
Redemption at the Company’s Option.
Prior to the Par Call Date, the Company shall have the right to redeem the Notes, at its option, at any time in whole or in part
and from time to time, at a redemption price calculated by the Company equal to the greater of:

 

(i)                100% of the principal amount of the Notes to be redeemed; and

 

(ii)             the
sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed that would
be due if the Notes matured on the Par Call Date (exclusive of interest accrued as of the date of redemption), discounted to the
redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus
15 basis points;

 

plus, in each case, accrued and unpaid interest on the principal
amount being redeemed to, but excluding, such redemption date.

 

On or after the Par Call Date, the Company
shall have the right to redeem the Notes, at its option, at any time in whole or in part and from time to time, at a redemption
price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest on the principal amount
of the Notes being redeemed to, but excluding, such redemption date.

 

    5

     

    

 

Notwithstanding the foregoing, installments
of interest on the Notes that are due and payable on an Interest Payment Date falling on or prior to a redemption date shall be
payable on such Interest Payment Date to the Holders as of the close of business on the relevant Record Date.

 

On or after the date of redemption, interest
will cease to accrue on the Notes or portion of the Notes redeemed. However, interest will continue to accrue if the Company defaults
in the payment of the amount due upon redemption.

 

Notice of redemption to each Holder of the
Notes shall be mailed (or, as long as the Notes of this series are represented by one or more Book-Entry Debt Securities, transmitted
in accordance with the Depository’s standard procedures therefor) by the Company, or, at the Company’s request, by
the Trustee, in the manner provided in Section 3.02 of the Original Indenture, at least ten (10) and not more than sixty (60) days
prior to the date fixed for redemption.

 

Article
2

Miscellaneous Provisions

 

Section
201.         Concerning
the Trustee. The Trustee accepts the trusts of the Indenture and agrees to
perform the same, but only upon the terms and conditions set forth in the Indenture, to which the parties hereto and the Holders
from time to time agree. Without limiting the generality of the foregoing, the Trustee assumes no responsibility for the correctness
of the recitals herein contained, which shall be taken as the statements of the Company. The Trustee makes no representation or
warranty as to, and assumes no responsibility for, the validity or adequacy of this Eleventh Supplemental Indenture or the Notes,
it shall not be accountable for the Company’s use of proceeds from the Notes, and it shall not be responsible for any statement
of the Company in this Eleventh Supplemental Indenture or in any document issued in connection with the sale of the Notes or in
the Notes other than the Trustee’s certificate of authentication.

 

Section
202.          
Defeasance; Satisfaction and Discharge.
The provisions of Article Thirteen of the Base Indenture shall apply to the Notes.

 

Section
203.          
Sinking Fund. The Notes are
not entitled to the benefits of any sinking fund.

 

    6

     

    

 

Section
204.          
Notices. The address for any
notice or demand under this Eleventh Supplemental Indenture for each of the parties shall be as follows:

 

If to the Company:

Piedmont Natural Gas Company, Inc.

4720 Piedmont Row Drive

Charlotte, North Carolina 28210

Attention: Treasurer

 

With a copy to:

Duke Energy Corporation

550 South Tryon Street

Charlotte, North Carolina 28202

Attention: General Counsel

 

If to the Trustee:

The Bank of New York Mellon Trust Company, N.A.

4655 Salisbury Road, Suite 300

Jacksonville, Florida 32256

Attention: Corporate Trust Administration

 

Section
205.          
Miscellaneous.

 

(a)                
Except as expressly amended hereby with respect to the Notes, the Original Indenture is in
all respects ratified and confirmed and all the terms, provisions and conditions thereof shall be and remain in full force and
effect.

 

(b)              
All the covenants, stipulations, promises and agreements in this Eleventh Supplemental Indenture
contained by or on behalf of the Company shall bind its successors and assigns, whether so expressed or not.

 

(c)              
This Eleventh Supplemental Indenture and each Note shall be deemed to be a contract made under
the laws of the State of New York and for all purposes shall be governed by and construed in accordance with the laws of said State.
EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER
BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY
OR THEREBY.

 

(d)              
If any provision of the Indenture limits, qualifies or conflicts with a provision of the Trust
Indenture Act that is required under such Act to be a part of or govern the Indenture, such latter provision shall control. If
any provision of the Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded,
the latter provision shall be deemed to apply to the Indenture as so modified or to be excluded, as the case may be.

 

(e)              
The titles and headings of the sections of this Eleventh Supplemental Indenture have been
inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of
the terms or provisions hereof.

 

    7

     

    

 

(f)              This
Eleventh Supplemental Indenture may be executed in any number of counterparts, each of which shall be deemed an original, and
such counterparts shall together constitute one and the same instrument. The words “execution,”
signed,” signature,” and words of like import in the Indenture shall include images of manually executed signatures
transmitted by facsimile, email or other electronic format (including, without limitation, “pdf,” “tif”
or “jpg”) and other electronic signatures (including without limitation, DocuSign and AdobeSign). The use of electronic
signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated,
received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed
signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other
applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial
Code. Without limitation to the foregoing, and anything in the Original Indenture to the contrary notwithstanding, (a) any Officers’
Certificate, Company Order, Opinion of Counsel, Debt Security, the Trustee’s certificate of authentication appearing on
or attached to any Debt Security, supplemental indenture or other certificate, opinion of counsel, instrument, agreement or other
document delivered pursuant to the Indenture may be executed, attested and transmitted by any of the foregoing electronic means
and formats, (b) all references in Section 2.06 or elsewhere in the Original Indenture to the execution, attestation or authentication
of any Debt Security or any certificate of authentication appearing on or attached to any Debt Security by means of a manual or
facsimile signature shall be deemed to include signatures that are made or transmitted by any of the foregoing electronic means
or formats, and (c) any requirement in Section 2.06 or elsewhere in the Original Indenture that any signature be made under a
corporate seal (or facsimile thereof) shall not be applicable to the Debt Securities of such series.

 

(g)              
In case any provision in this Eleventh Supplemental Indenture shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions hereof or of the Indenture shall not in any
way be affected or impaired thereby.

 

[Signature page to follow.]

 

    8

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Eleventh Supplemental Indenture to be duly executed, and attested, all as of the date first above written.

 

	ATTEST:	 	PIEDMONT NATURAL GAS COMPANY,
        INC.
	 	 	 
	 	 	 
	By:	/s/ Robert T. Lucas III	 	By:	/s/ Karl W. Newlin
	 	Name: Robert T. Lucas III	 	 	Name:  Karl W. Newlin
	 	Title:  Assistant Corporate Secretary	 	 	Title:    Senior Vice President, Corporate Development and Treasurer
	 	 	 
	 	 	THE BANK OF NEW YORK MELLON
        TRUST COMPANY, N.A., as Trustee
	 	 	 
	 	 	 
	 	 	By:	/s/ Julie Hoffman-Ramos
	 	 	 	Name:  Julie Hoffman-Ramos
	 	 	 	Title:    Vice President

 

    

     

    

 

 

Exhibit
A

 

FORM OF NOTE

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THIS DEBT SECURITY IS A BOOK-ENTRY DEBT SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY OR
A SUCCESSOR DEPOSITORY. THIS DEBT SECURITY IS EXCHANGEABLE FOR DEBT SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS DEBT SECURITY (OTHER
THAN A TRANSFER OF THIS DEBT SECURITY AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY
TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

 

PIEDMONT
NATURAL GAS COMPANY, INC.

 

2.50% SENIOR NOTES DUE 2031

 

	No. R-	$

 

CUSIP No. 720186 AN5

 

PIEDMONT NATURAL GAS COMPANY, INC., a
corporation validly existing under the laws of the State of North Carolina (herein called the “Company”,
which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of                      DOLLARS ($                 ) on March 15, 2031 and to pay
interest thereon from March 11, 2021 or from the most recent Interest Payment Date to which interest has been paid or duly
provided for, semiannually in arrears on March 15 and September 15 (each an “Interest Payment Date”) in
each year, commencing September 15, 2021 at the rate of 2.50% per annum, until the principal hereof is paid or made available
for payment, and (to the extent that the payment of such interest shall be legally enforceable) at the rate of 2.50% per
annum on any overdue principal and on any overdue installment of interest. The amount of interest payable on any Interest
Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note is registered at the close of
business on the regular Record Date for the applicable Interest Payment Date, which will be the close of business on (i) the
Business Day immediately preceding such Interest Payment Date so long this Note remains in the form of a Book-Entry Debt
Security or (ii) the fifteenth calendar day next preceding such interest payment date (whether or not such day is a Business
Day) if this Note does not remain in the form of a Book-Entry Debt Security, provided that interest payable at the Stated
Maturity of principal or on a redemption date as provided in the Indenture will be paid to the Person to whom principal is
payable. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on
such regular Record Date and will be paid to the Person in whose name the Notes are registered at the close of business on a
subsequent Record Date established for the payment of such defaulted interest by notice given by mail or on behalf of the
Company to the Holders no less than fifteen (15) days preceding such subsequent Record Date, such Record Date to be not less
than five (5) days preceding the date of payment of such defaulted interest or in any other lawful manner acceptable to the
Trustee.

 

    A-1 

     

    

 

Payments of interest on this Note will include
interest accrued to but excluding the respective Interest Payment Dates. Interest payments for this Note shall be computed and
paid on the basis of a 360-day year of twelve 30-day months (and for any partial periods shall be calculated on the basis of the
number of days elapsed in a 360-day year of twelve 30-day months). In the event that any Interest Payment Date would otherwise
be a day that is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day
that is a Business Day (and without any interest or other payment in respect of any such delay), with the same force and effect
as if made on the date the payment was originally payable.

 

Payment of the principal of and interest
on this Note will be made in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts. Payment of interest on this Note (other than interest payable at maturity) will be made, at
the option of the Company, by wire transfer to the Holders entitled thereto who have provided appropriate wire transfer instructions
to the Trustee or by check mailed to the address of the Holder as such address shall appear in the Debt Security Register; provided,
however, that if this Note is a Book-Entry Debt Security the Depository, as Holder of this Note, shall be entitled to receive payment
of interest by wire transfer of immediately available funds. Notices regarding changes of address shall be effective upon recordation
in the Debt Securities Register. Payment of the principal of and interest on this Note payable at maturity will be made in immediately
available funds upon surrender of this Note at the corporate trust office of the Trustee in the Borough of Manhattan, The City
of New York, or such other office or agency of the Company maintained for such purpose in the Borough of Manhattan, The City of
New York, provided, however, that if this Note is a Book-Entry Debt Security the Depository, as Holder of this Note, shall be entitled
to receive payment of interest by wire transfer of immediately available funds in accordance with the arrangements with the Depository.

 

Reference is hereby made to the further
provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual, facsimile or electronic signature, this Note
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    A-2 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

 

Dated: March 11, 2021

 

	ATTEST:	PIEDMONT NATURAL GAS COMPANY,
        INC.

 

	By:	 	 	By:	 
	 	(Signature)	 	 	(Authorized
        Signature)
	 	 	 	 	 

	[Seal]    	 

 

    A-3 

     

    

 

(Reverse Side of Note)

 

This Note is one of a duly authorized issue
of securities of the Company (herein called the “Notes”), issued and to be issued in one or more series under
an Indenture, dated as of April 1, 1993, as amended (as amended and supplemented the “Indenture”), between Piedmont
Natural Gas Company, Inc., a New York corporation and the predecessor to the Company and The Bank of New York Mellon Trust Company,
N.A. (as successor to Citibank N.A.), as Trustee (herein called the “Trustee”, which term includes any successor trustee
under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes
and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is a global Book-Entry Debt Security
and is limited initially in the aggregate principal amount of $             ; provided however that the authorized aggregate principal amount
of this Note may be increased above such amount by a Board Resolution authorizing such increase.

 

Prior to December 15, 2030 (the “Par
Call Date”), the Company shall have the right to redeem this Note, at its option, at any time in whole or in part and
from time to time, at a redemption price calculated by the Company equal to the greater of (i) 100% of the principal amount to
be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on this Note to
be redeemed that would be due if the Notes matured on the Par Call Date (exclusive of interest accrued as of the date of redemption),
discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Rate plus 15 basis points; plus, in each case, accrued and unpaid interest on the principal amount of this Note being redeemed
to, but excluding, such redemption date.

 

On or after the Par Call Date, the Company
shall have the right to redeem this Note, at its option, at any time in whole or in part and from time to time, at a redemption
price equal to 100% of the principal amount of this Note to be redeemed, plus accrued and unpaid interest on the principal amount
being redeemed to, but excluding, such redemption date.

 

For purposes of determining the redemption
price:

 

“Comparable Treasury Issue”
means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable
to the remaining term of the Notes to be redeemed (assuming, for this purpose, that the Notes matured on the Par Call Date), that
would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of the Notes.

 

“Comparable Treasury Price”
means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date,
after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer
than four of such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations determined
by the Company.

 

“Quotation Agent” means
one of the Reference Treasury Dealers appointed by the Company.

 

“Reference Treasury
Dealer” means each of (a) Mizuho Securities USA LLC and Bank of Nova Scotia, New York Agency, an affiliate of
Scotia Capital (USA) Inc., each of whom is a primary U.S. Government securities dealer in the United States (a “Primary
Treasury Dealer”) and (b) a Primary Treasury Dealer selected by each of SMBC Nikko Securities America, Inc. and U.S.
Bancorp Investments, Inc., or their respective affiliates or successors; provided, however, that if any of the foregoing or
their affiliates or successors shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another
Primary Treasury Dealer.

 

     

     

    

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Quotation
Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business
Day preceding such redemption date.

 

“Treasury Rate” means,
with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated maturity
(on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the Comparable Treasury Price for such redemption date.

 

This Note will not have a sinking fund.

 

If an Event of Default with respect to the
Notes shall occur and be continuing, the aggregate principal amount of the Notes may be declared due and payable in the manner,
with the effect and subject to the conditions provided in the Indenture.

 

The Indenture contains provisions for defeasance
at any time of (a) the entire indebtedness of this Note and (b) certain restrictive covenants, in each case upon compliance by
the Company with certain conditions set forth therein, which provisions apply to this Note.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Debt Securities of each series to be affected under the Indenture at any time by the Company and the Trustee
with the consent of the Holders of at least a 66 2/3% in aggregate principal amount of such Debt Securities. The Indenture also
contains provisions permitting the Holders of specified percentages in principal amount of the Debt Securities of each series at
the time outstanding, on behalf of the Holders of all Debt Securities of such series, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by
the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note
issued upon the registration of transfers hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Note.

 

No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.

 

As provided in the Indenture and subject
to certain limitations herein and therein set forth, the transfer of this Note is registrable in the Debt Security Register, upon
surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of
and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory
to the Company and the Debt Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Notes of this series, of authorized denominations and for the same aggregate principal amount, will
be issued to the designated transfers or transferees.

 

This global Book-Entry Debt Security is
exchangeable for Notes in definitive, non-global form only under certain limited circumstances set forth in the Indenture. Notes
of this series so issued are issuable only in registered form without coupons in denominations of $2,000 and integral multiples
of $1,000 in excess thereof.

 

No service charge shall be made for any
such registration of transferor exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

Prior to due presentment of this Note for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name
this Note is registered as the owner hereof for all purposes whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

 

All terms used in this Note which are defined
in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

 

ABBREVIATIONS

 

The following abbreviations, when used in the inscription on
the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	TEN
COM-	 as
                                         tenants in common	UNIF
                                         GIFT MIN ACT-      	 	Custodian	 
	 	 	 	(Cust)	 	(Minor)

 

	TEN
ENT-	as
                                         tenants by the entireties as joint tenants	 	under
    Uniform Gifts to Minors Act
	 	 	 	(State)
	 	 	 	 
	JT
TEN-	with
                                         right of survivorship and not as tenants in common	 	 

 

Additional abbreviations may also be used

though not on the above list.

 

FOR VALUE RECEIVED, the undersigned hereby
sell(s) and transfer(s) unto 

 

 

(please insert Social Security or other identifying number
of assignee)

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL
ZIP CODE OF ASSIGNEE

 

 

 

 

 

the within Note and all rights thereunder, hereby irrevocably
constituting and appointing

 

 

 

 

 

agent to transfer said Note on the books of the Company, with
full power of substitution in the premises.

 

Dated: ______, _______

 

NOTICE: The signature to this assignment must correspond with
the name as written upon the face of the within instrument in every particular without alteration or enlargement, or any change
whatever.

 

     

     

    

 

Exhibit
B

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Debt Securities of the
series designated therein referred to in the within-mentioned Indenture.

 

Dated: March 11, 2021

 

THE BANK OF NEW YORK MELLON

TRUST COMPANY, N.A., as Trustee

 

	By:	 	 
	 	(Authorized Signature)	 

 

    B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}]]