<SEC-DOCUMENT>0000950103-25-014247.txt : 20251104
<SEC-HEADER>0000950103-25-014247.hdr.sgml : 20251104
<ACCEPTANCE-DATETIME>20251104152340
ACCESSION NUMBER:		0000950103-25-014247
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20251104
FILED AS OF DATE:		20251104
DATE AS OF CHANGE:		20251104

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15246
		FILM NUMBER:		251448494

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LLOYDS TSB GROUP PLC
		DATE OF NAME CHANGE:	20010926
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp236922_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Report
of Foreign Private Issuer Pursuant to Rule</B></FONT><B> 13a-16 OR 15d-16 <FONT STYLE="text-transform: uppercase">UNDER the Securities
Exchange Act of </FONT>1934</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-align: center">For November 4, 2025</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-align: center">Commission File Number: 001-15246</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-align: center"><B>LLOYDS BANKING GROUP PLC</B><FONT STYLE="font-size: 11pt"><BR>
33 Old Broad Street</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-align: center">London EC2N 1HZ<BR>
United Kingdom&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-align: center">________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-align: center">Form 20-F __<U>X</U>__ Form 40-F _____</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXPLANATORY NOTE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the issuance by Lloyds Banking Group plc of (i)
$1,500,000,000 aggregate principal amount of 4.425% Senior Callable Fixed to Fixed Rate Notes due 2031, (ii) $1,250,000,000 aggregate
principal amount of 4.943% Senior Callable Fixed to Fixed Rate Notes due 2036 and (iii) $300,000,000 aggregate principal amount of Senior
Callable Floating Rate Notes due 2031, Lloyds Banking Group plc is filing the following documents solely for incorporation into the Registration
Statement on Form F-3ASR (File No. 333-287829):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit List</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 8%; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><B>Exhibit No.</B></TD>
    <TD STYLE="width: 92%; border-bottom: black 1pt solid; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;Description</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><A HREF="dp236922_ex0401.htm">4.1</A></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="dp236922_ex0401.htm">Twenty-Second Supplemental Indenture to the Senior Debt Securities Indenture between Lloyds Banking Group plc, The Bank of New York Mellon, acting through its London Branch, as trustee and paying agent, and The Bank of New York Mellon SA/NV, Dublin Branch, as senior debt security registrar, dated as of November 4, 2025</A></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><A HREF="dp236922_ex0501.htm">5.1</A></TD>
    <TD STYLE="font-size: 10pt"><A HREF="dp236922_ex0501.htm">Opinion of CMS Cameron McKenna Nabarro Olswang LLP</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A HREF="dp236922_ex0502.htm">5.2</A></P></TD>
    <TD STYLE="font-size: 10pt"><A HREF="dp236922_ex0502.htm">Opinion of Davis Polk &amp; Wardwell London LLP</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-indent: 24pt">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 24pt">&nbsp;</TD>
    <TD STYLE="text-indent: 24pt">&nbsp;</TD>
    <TD COLSPAN="3">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">LLOYDS BANKING GROUP PLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">(Registrant)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 24pt">&nbsp;</TD>
    <TD STYLE="text-indent: 24pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 24pt">&nbsp;</TD>
    <TD STYLE="text-indent: 24pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-indent: 0.65pt"><FONT STYLE="font-size: 10pt">November 4, 2025</FONT></TD>
    <TD STYLE="text-indent: 24pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Kristofer Middleton</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-indent: 24pt">&nbsp;</TD>
    <TD STYLE="width: 25%; text-indent: 24pt">&nbsp;</TD>
    <TD STYLE="text-indent: 24pt; width: 20%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-indent: 24pt">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 41%"><FONT STYLE="font-size: 10pt">Kristofer Middleton</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 24pt">&nbsp;</TD>
    <TD STYLE="text-indent: 24pt">&nbsp;</TD>
    <TD STYLE="text-indent: 24pt">&nbsp;</TD>
    <TD STYLE="text-indent: 24pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Head of Team Issuance and Capital Structuring</FONT></TD></TR>
  </TABLE>

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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>dp236922_ex0401.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_______________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LLOYDS BANKING GROUP PLC</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Issuer,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE BANK OF NEW YORK MELLON,<BR>
acting through its London Branch</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and Paying Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>THE BANK OF NEW YORK MELLON
SA/NV, DUBLIN BRANCH,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">as Senior Debt Security Registrar</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_______________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TWENTY-SECOND SUPPLEMENTAL INDENTURE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">dated as of November 4, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE SENIOR DEBT SECURITIES INDENTURE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">dated as of July 6, 2010</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_______________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TWENTY-SECOND SUPPLEMENTAL INDENTURE (&ldquo;<B>Twenty-Second
Supplemental Indenture</B>&rdquo;), dated as of November 4, 2025, among LLOYDS BANKING GROUP PLC, a corporation incorporated in Scotland
with registered number 95000, as issuer (the &ldquo;<B>Company</B>&rdquo;), THE BANK OF NEW YORK MELLON, acting through its London Branch,
as trustee (the &ldquo;<B>Trustee</B>&rdquo;) and as paying agent (the &ldquo;<B>Paying Agent</B>&rdquo;) and THE BANK OF NEW YORK MELLON
SA/NV, DUBLIN BRANCH, as senior debt security registrar (the &ldquo;<B>Senior Debt Security Registrar</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WITNESSETH</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 &ldquo;<B>Senior Indenture</B>,&rdquo; and together with this Twenty-Second Supplemental Indenture,
the &ldquo;<B>Indenture</B>&rdquo;) to provide for the issuance of the Company&rsquo;s Senior Debt Securities, including the Securities
(as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, there are no debt
securities Outstanding of any series created prior to the execution of this Twenty-Second Supplemental Indenture which are entitled to
the benefit of the provisions set forth herein or would be adversely affected by such provisions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Board of Directors
has authorized the entry into this Twenty-Second Supplemental Indenture, as required by Section 9.01 of the Senior Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the parties hereto
desire to establish, as further series of Senior Debt Securities under the Senior Indenture, $1,500,000,000 4.425% Senior Callable Fixed-to-Fixed
Rate Notes due 2031 (the &ldquo;<B>2031 Fixed Rate Notes</B>&rdquo;) and $1,250,000,000 4.943% Senior Callable Fixed-to-Fixed Rate Notes
due 2036 (the &ldquo;<B>2036 Fixed Rate Notes</B>&rdquo; and, together with the 2031 Fixed Rate Notes, the &ldquo;<B>Fixed Rate Notes</B>&rdquo;)
and $300,000,000 Senior Callable Floating Rate Notes due 2031 (the &ldquo;<B>Floating Rate Notes</B>&rdquo; and, together with the Fixed
Rate Notes, the &ldquo;<B>Securities</B>&rdquo;) 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 &ldquo;Securities&rdquo; where the context requires;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company has requested
that the Trustee execute and deliver this Twenty-Second Supplemental Indenture and whereas all actions required by it to be taken in order
to make this Twenty-Second 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 Twenty-Second Supplemental Indenture has been duly authorized in all respects;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, where indicated,
this Twenty-Second 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 Twenty-Second Supplemental Indenture, the terms of this Twenty-Second Supplemental
Indenture shall govern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, the Company
and the Trustee mutually covenant and agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
1</FONT><BR>
DEFINITIONS</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 1.01.&#9;<I>Definition
of Terms</I>.&nbsp;&nbsp;For all purposes of this Twenty-Second Supplemental Indenture:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.68in"></TD><TD STYLE="width: 0.3in; text-align: left">(a)</TD><TD>a term defined anywhere in this Twenty-Second Supplemental
Indenture has the same meaning throughout;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.68in"></TD><TD STYLE="width: 0.3in; text-align: left">(b)</TD><TD>capitalized terms used herein but not otherwise defined shall
have the meanings assigned to them in the Senior Indenture;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.68in"></TD><TD STYLE="width: 0.3in; text-align: left">(c)</TD><TD>the singular includes the plural and vice versa;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.68in"></TD><TD STYLE="width: 0.3in; text-align: left">(d)</TD><TD>headings are for convenience of reference only and do not
affect interpretation;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;(e)&nbsp;&nbsp;&nbsp;wherever
the words &ldquo;<B>include</B>&rdquo;, &ldquo;<B>includes</B>&rdquo; or &ldquo;<B>including</B>&rdquo; are used in this Twenty-Second
Supplemental Indenture, they shall be deemed to be followed by the words &ldquo;without limitation&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.68in"></TD><TD STYLE="width: 0.3in; text-align: left">(f)</TD><TD>the use of &ldquo;<B>or</B>&rdquo; is not intended to be
exclusive unless expressly indicated otherwise;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.68in"></TD><TD STYLE="width: 0.3in; text-align: left">(g)</TD><TD>references to the Senior Indenture or the Twenty-Second Supplemental
Indenture shall be deemed to include any supplements or amendments thereto; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.68in"></TD><TD STYLE="width: 0.3in; text-align: left">(h)</TD><TD>for the purposes of this Twenty-Second Supplemental Indenture
and the Senior Indenture, the term &ldquo;series&rdquo; shall mean a series of Securities.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
2</FONT><BR>
FORM OF SECURITIES</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 2.01.&#9;<I>Terms
of the 2031 Fixed Rate Notes</I>.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.68in"></TD><TD STYLE="width: 0.3in; text-align: left">(a)</TD><TD>The title of the 2031 Fixed Rate Notes shall be the &ldquo;4.425%
Senior Callable Fixed-to-Fixed Rate Notes due 2031&rdquo;;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate principal amount of the 2031 Fixed Rate Notes that may be authenticated and delivered under the Indenture shall not exceed $1,500,000,000
except as otherwise provided in the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.68in"></TD><TD STYLE="width: 0.3in; text-align: left">(c)</TD><TD>Principal on the 2031 Fixed Rate Notes shall be payable on
November 4, 2031 (the &ldquo;<B>Maturity Date</B>&rdquo;);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.68in"></TD><TD STYLE="width: 0.3in; text-align: left">(d)</TD><TD>The 2031 Fixed Rate Notes shall be issued in global registered
form on November 4, 2025 (the &ldquo;<B>Issue Date</B>&rdquo;).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the period from, and
including, the Issue Date to, but excluding November 4, 2030 (the &ldquo;<B>Initial Fixed Rate Period</B>&rdquo;), interest shall accrue
from the Issue Date at a fixed rate of 4.425% per annum. Interest accrued during the Initial Fixed Rate Period shall be payable semi-annually
in arrear on May 4 and November 4 of each year (each, a &ldquo;<B>Fixed Rate Interest Payment Date</B>&rdquo;), commencing on May 4, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="color: #222222">During
the period from, and including,</FONT> November 4<FONT STYLE="color: #222222">, </FONT>2030 <FONT STYLE="color: #222222">(the &ldquo;<B>Reset
Date</B>&rdquo;) to, but excluding, </FONT>November 4<FONT STYLE="color: #222222">, </FONT>2031 <FONT STYLE="color: #222222">(the &ldquo;<B>Reset
Fixed Rate Period</B>&rdquo;), 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 </FONT>82 basis points
(0.820<FONT STYLE="color: #222222">%). Interest accrued during the Reset Fixed Rate Period shall be payable semi-annually in arrear on
</FONT>May 4<FONT STYLE="color: #222222">, </FONT>2031 <FONT STYLE="color: #222222">and </FONT>November 4<FONT STYLE="color: #222222">,
</FONT>2031 <FONT STYLE="color: #222222">(each, a &ldquo;<B>Reset Rate Interest Payment Date</B>&rdquo;, and together with the Fixed Rate
Interest Payment Dates, the &ldquo;<B>Interest Payment Dates</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Regular Record Dates for
the 2031 Fixed Rate Notes shall be 15 calendar days immediately preceding the relevant 2031 Fixed Rate Notes 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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,
redemption date or Maturity Date is not a Business Day, the Company shall pay interest and principal, as applicable, 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, redemption
date or Maturity Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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, redemption date or Maturity Date is not a Business
Day, interest and principal, as applicable, 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, redemption date or Maturity Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Banking Act</B>&rdquo;
means the 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).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Comparable Treasury
Issue</B>&rdquo; 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 Dollars and having
a maturity of one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Comparable Treasury
Price</B>&rdquo; means, with respect to the Reset Date, (i) the arithmetic average of the Reference Treasury Dealer Quotations for the
Reset Date (calculated by the Calculation Agent 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Reference Treasury
Dealer</B>&rdquo; means each of up to five banks selected by the Company, or 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 Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Reference Treasury
Dealer Quotations</B>&rdquo; means with respect to each Reference Treasury Dealer and the Reset Date, the bid and offered prices obtained
by the Company 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Reset Determination
Date</B>&rdquo; means the second Business Day immediately preceding the Reset Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>U.S. Treasury Rate</B>&rdquo;
means, with respect to the Reset Date, the rate per annum equal to: (1) the arithmetic average of the yields on actively traded U.S. Treasury
securities adjusted to constant maturity for the maturity of one year (&ldquo;<B>Yields</B>&rdquo;), for the five consecutive business
days immediately prior to the Reset Determination Date and appearing under the caption &ldquo;Treasury constant maturities&rdquo; on the
Reset Determination Date as of 5:00 p.m. (New York City time), in the applicable most recently published statistical release designated
&ldquo;H.15 Daily Update&rdquo;, 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 &ldquo;Treasury Constant
Maturities&rdquo;, for the maturity of one year; <I>provided that </I>if the Yield is not available through such release (or successor
publication) for any relevant business day, then the arithmetic average will be determined based on the Yields for the remaining business
days during the five business day period described above (provided further that if the Yield is available for only a single business day
during such five business day period, the &ldquo;U.S. Treasury Rate&rdquo; will mean the single-day Yield for such day); or (2) if such
release (or any successor release) is not published during the week immediately prior to 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the U.S. Treasury Rate
cannot be determined, for whatever reason, as described under (1) or (2) above, &ldquo;U.S. Treasury Rate&rdquo; means the rate in percentage
per annum as notified by the Calculation Agent to the Company equal to the last reported Yield on U.S. Treasury securities having a maturity
of one year based on information appearing in the most recently published statistical release designated &ldquo;H.15 Daily Update&rdquo;&nbsp;&nbsp;(or
any successor publication by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded U.S.
Treasury securities) as of 5:00 p.m. (New York City time) on the Reset Determination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The U.S. Treasury Rate shall
be determined by The Bank of New York Mellon, London Branch as calculation agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 2031 Fixed Rate Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The interest rate on the 2031
Fixed Rate Notes during the Reset Fixed Rate Period will in no event be higher than the maximum rate permitted by law or lower than 0.00%
per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By its acquisition of 2031
Fixed Rate Notes or an interest therein, each Holder and beneficial owner of 2031 Fixed Rate 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 2031 Fixed Rate Notes and the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
premium, upon redemption or otherwise, shall be payable by the Company on the 2031 Fixed Rate Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal
of and any interest on the 2031 Fixed Rate 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 11.11 of the Indenture and on at least 5 Business Days but no more than 30 Business Days&rsquo; prior written notice delivered
to the Holders of the 2031 Fixed Rate Notes (with a copy to the Trustee), 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, the Company giving notice to the Relevant
Regulator and the Relevant Regulator granting the Company permission), redeem, the 2031 Fixed Rate Notes, in whole, but not in part, on
November 4, 2030 at a redemption price equal to 100% of the principal amount of the 2031 Fixed Rate Notes being redeemed <I>plus</I> accrued
and unpaid interest thereon, if any, to, but excluding, the date of redemption, as provided in the Senior Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2031 Fixed Rate Notes are redeemable pursuant to Section 11.08 of the Indenture.&nbsp;&nbsp;In connection with any redemption of the 2031
Fixed Rate Notes pursuant to Section 11.08 of the Indenture, the date referenced therein shall be November 4, 2025;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have no obligation to redeem or purchase the 2031 Fixed Rate Notes pursuant to any sinking fund or analogous provision;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2031 Fixed Rate Notes shall be issued only in denominations of $200,000 and in integral multiples of $1,000 in excess thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal amount of the 2031 Fixed Rate Notes shall be payable upon the declaration of acceleration thereof pursuant to Section 5.02 of
the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2031 Fixed Rate Notes shall not be converted into or exchanged at the option of the Company or otherwise for stock or other securities
of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2031 Fixed Rate Notes shall be denominated in, and payments thereon shall be made in, Dollars;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
payment of principal of (and premium, if any) or interest, if any, on the 2031 Fixed Rate Notes shall be payable only in the coin or currency
in which the 2031 Fixed Rate Notes are denominated;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2031 Fixed Rate 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 &amp; Co., as nominee of The Depository Trust Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2031 Fixed Rate Notes shall not be initially issued in definitive form;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.65in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
calculation agent (the &ldquo;<B>Calculation Agent</B>&rdquo;) for the 2031 Fixed Rate Notes shall be The Bank of New York Mellon, London
Branch pursuant to the terms of a Calculation Agency Agreement dated as of November 4, 2025;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Events of Default on the 2031 Fixed Rate Notes are as provided for in Section 5.01 of the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
form of the 2031 Fixed Rate Notes to be issued on the date hereof shall be substantially in the form of <U>Exhibit A</U> hereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may issue additional 2031 Fixed Rate Notes (&ldquo;<B>Additional 2031 Fixed Rate Notes</B>&rdquo;) after the date hereof having
the same ranking and same interest rate, maturity date, redemption terms and other terms as the 2031 Fixed Rate Notes except for the price
to the public, issue date and first interest payment date, provided that such Additional 2031 Fixed Rate Notes issued with the same CUSIP,
Common Code and/or ISIN number or numbers as the outstanding 2031 Fixed Rate Notes must be fungible with the outstanding 2031 Fixed Rate
Notes for U.S. federal income tax purposes.&nbsp;&nbsp;Any such Additional 2031 Fixed Rate Notes, together with the 2031 Fixed Rate Notes
shall constitute a single series of securities under the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Amounts in respect of the 2031 Fixed Rate Notes shall be payable as set forth in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 2.02.&#9;<I>Terms
of the 2036 Fixed Rate Notes</I>.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
title of the 2036 Fixed Rate Notes shall be the &ldquo;4.943% Senior Callable Fixed-to-Fixed Rate Notes due 2036&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate principal amount of the 2036 Fixed Rate Notes that may be authenticated and delivered under the Indenture shall not exceed $1,250,000,000,
except as otherwise provided in the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal
on the 2036 Fixed Rate Notes shall be payable on November 4, 2036 (the &ldquo;<B>Maturity Date</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2036 Fixed Rate Notes shall be issued in global registered form on November 4, 2025 (the &ldquo;<B>Issue Date</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the period from, and
including, the Issue Date to, but excluding November 4, 2035 (the &ldquo;<B>Initial Fixed Rate Period</B>&rdquo;), interest shall accrue
from the Issue Date at a fixed rate of 4.943% per annum. Interest accrued during the Initial Fixed Rate Period shall be payable semi-annually
in arrear on May 4 and November 4 of each year (each, a &ldquo;<B>Fixed Rate Interest Payment Date</B>&rdquo;), commencing on May 4, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="color: #222222">During
the period from, and including,</FONT> November 4<FONT STYLE="color: #222222">, 2035 (the &ldquo;<B>Reset Date</B>&rdquo;) to, but excluding,
</FONT>November 4<FONT STYLE="color: #222222">, 2036 (the &ldquo;<B>Reset Fixed Rate Period</B>&rdquo;), 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 </FONT>97 basis points (0.970<FONT STYLE="color: #222222">%). Interest accrued during
the Reset Fixed Rate Period shall be payable semi-annually in arrear on </FONT>May 4<FONT STYLE="color: #222222">, 2036 and </FONT>November
4<FONT STYLE="color: #222222">, 2036 (each, a &ldquo;<B>Reset Rate Interest Payment Date</B>&rdquo;, and together with the Fixed Rate
Interest Payment Dates, the &ldquo;<B>Interest Payment Dates</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Regular Record Dates for
the 2036 Fixed Rate Notes shall be 15 calendar days immediately preceding the relevant 2036 Fixed Rate Notes 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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,
redemption date or Maturity Date, is not a Business Day, the Company shall pay interest and principal, as applicable, 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, redemption
date or Maturity Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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, redemption date or Maturity Date is not a Business
Day, interest and principal, as applicable, 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, redemption date or Maturity Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Banking Act</B>&rdquo; means the 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).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Comparable Treasury
Issue</B>&rdquo; 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 Dollars and having
a maturity of one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Comparable Treasury
Price</B>&rdquo; means, with respect to the Reset Date, (i) the arithmetic average of the Reference Treasury Dealer Quotations for the
Reset Date (calculated by the Calculation Agent 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Reference Treasury
Dealer</B>&rdquo; means each of up to five banks selected by the Company, or 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 Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Reference Treasury
Dealer Quotations</B>&rdquo; means with respect to each Reference Treasury Dealer and the Reset Date, the bid and offered prices obtained
by the Company 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Reset Determination Date</B>&rdquo; means
the second Business Day immediately preceding the Reset Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>U.S. Treasury Rate</B>&rdquo;
means, with respect to the Reset Date, the rate per annum equal to: (1) the arithmetic average of the yields on actively traded U.S. Treasury
securities adjusted to constant maturity for the maturity of one year (&ldquo;<B>Yields</B>&rdquo;), for the five consecutive business
days immediately prior to the Reset Determination Date and appearing under the caption &ldquo;Treasury constant maturities&rdquo; on the
Reset Determination Date as of 5:00 p.m. (New York City time), in the applicable most recently published statistical release designated
&ldquo;H.15 Daily Update&rdquo;, 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 &ldquo;Treasury Constant
Maturities&rdquo;, for the maturity of one year; <I>provided that </I>if the Yield is not available through such release (or successor
publication) for any relevant business day, then the arithmetic average will be determined based on the Yields for the remaining business
days during the five business day period described above (provided further that if the Yield is available for only a single business day
during such five business day period, the &ldquo;U.S. Treasury Rate&rdquo; will mean the single-day Yield for such day); or (2) if such
release (or any successor release) is not published during the week immediately prior to 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the U.S. Treasury Rate
cannot be determined, for whatever reason, as described under (1) or (2) above, &ldquo;U.S. Treasury Rate&rdquo; means the rate in percentage
per annum as notified by the Calculation Agent to the Company equal to the last reported Yield on U.S. Treasury securities having a maturity
of one year based on information appearing in the most recently published statistical release designated &ldquo;H.15 Daily Update&rdquo;&nbsp;&nbsp;(or
any successor publication by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded U.S.
Treasury securities) as of 5:00 p.m. (New York City time) on the Reset Determination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The U.S. Treasury Rate shall
be determined by The Bank of New York Mellon, London Branch as calculation agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 2036 Fixed Rate Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The interest rate on the 2036
Fixed Rate Notes during the Reset Fixed Rate Period will in no event be higher than the maximum rate permitted by law or lower than 0.00%
per annum;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By its acquisition of 2036
Fixed Rate Notes or an interest therein, each Holder and beneficial owner of 2036 Fixed Rate 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 2036 Fixed Rate Notes and the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
premium, upon redemption or otherwise, shall be payable by the Company on the 2036 Fixed Rate Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal
of and any interest on the 2036 Fixed Rate 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 11.11 of the Indenture and on at least 5 Business Days but no more than 30 Business Days&rsquo; prior written notice delivered
to the Holders of the 2036 Fixed Rate Notes (with a copy to the Trustee), 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, the Company giving notice to the Relevant
Regulator and the Relevant Regulator granting the Company permission) redeem the 2036 Fixed Rate Notes, in whole, but not in part, on
November 4, 2035 at a redemption price equal to 100% of the principal amount of the 2036 Fixed Rate Notes being redeemed <I>plus</I> accrued
and unpaid interest thereon, if any, to, but excluding, the date of redemption, as provided in the Senior Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2036 Fixed Rate Notes are redeemable pursuant to Section 11.08 of the Senior Indenture.&nbsp;&nbsp;In connection with any redemption of
the 2036 Fixed Rate Notes pursuant to Section 11.08 of the Senior Indenture, the date referenced therein shall be November 4, 2025;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have no obligation to redeem or purchase the 2036 Fixed Rate Notes pursuant to any sinking fund or analogous provision;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2036 Fixed Rate Notes shall be issued only in denominations of $200,000 and in integral multiples of $1,000 in excess thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal amount of the 2036 Fixed Rate Notes shall be payable upon the declaration of acceleration thereof pursuant to Section 5.02 of
the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2036 Fixed Rate Notes shall not be converted into or exchanged at the option of the Company or otherwise for stock or other securities
of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2036 Fixed Rate Notes shall be denominated in, and payments thereon shall be made in, Dollars;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
payment of principal of (and premium, if any) or interest, if any, on the 2036 Fixed Rate Notes shall be payable only in the coin or currency
in which the 2036 Fixed Rate Notes are denominated;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2036 Fixed Rate 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 &amp; Co., as nominee of The Depository Trust Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2036 Fixed Rate Notes shall not be initially issued in definitive form;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.65in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
calculation agent (the &ldquo;<B>Calculation Agent</B>&rdquo;) for the 2036 Fixed Rate Notes shall be The Bank of New York Mellon, London
Branch pursuant to the terms of a Calculation Agency Agreement dated as of November 4, 2025;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Events of Default on the 2036 Fixed Rate Notes are as provided for in Section 5.01 of the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
form of the 2036 Fixed Rate Notes to be issued on the date hereof shall be substantially in the form of <U>Exhibit B</U> hereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may issue additional 2036 Fixed Rate Notes (&ldquo;<B>Additional 2036 Fixed Rate Notes</B>&rdquo;) after the date hereof having
the same ranking and same interest rate, maturity date, redemption terms and other terms as the 2036 Fixed Rate Notes except for the price
to the public, issue date and first interest payment date, provided that such Additional 2036 Fixed Rate Notes issued with the same CUSIP,
Common Code and/or ISIN number or numbers as the outstanding 2036 Fixed Rate Notes must be fungible with the outstanding 2036 Fixed Rate
Notes for U.S. federal income tax purposes.&nbsp;&nbsp;Any such Additional 2036 Fixed Rate Notes, together with the 2036 Fixed Rate Notes
shall constitute a single series of securities under the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Amounts in respect of the 2036 Fixed Rate Notes shall be payable as set forth in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 2.03.&#9;<I>Terms
of the Floating Rate Notes.&nbsp;&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The title of the Floating Rate Notes shall be the &ldquo;Senior Callable Floating Rate Notes due 2031&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate principal amount of the Floating Rate Notes that may be authenticated and delivered under the Indenture shall not exceed $300,000,000,
except as otherwise provided in the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal
on the Floating Rate Notes shall be payable on November 4, 2031 (the &ldquo;<B>Maturity Date</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Floating Rate Notes shall be issued in global registered form on November 4, 2025 (the &ldquo;<B>Issue Date</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white; color: #222222">The interest
rate for the Floating Rate Notes (the &ldquo;<B>Floating Rate Notes Interest Rate</B>&rdquo;) will be equal to the sum of (A) the SOFR
Index Average (as defined below), as determined, with respect to each Floating Rate Notes Interest Period (as defined below), on the applicable
Floating Rate Notes Interest Determination Date (as defined below), and (B) 1.100% per annum, provided that the Floating Rate Notes Interest
Rate with respect to any Floating Rate Notes Interest Period shall be subject to a minimum rate per annum of 0.00%, calculated on the
basis of a 360-day year and the actual number of days elapsed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white; color: #222222">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="color: #222222">The
first Floating Rate Notes Interest Payment Date (as defined below) will fall on </FONT>February 4<FONT STYLE="color: #222222">, 2026.
Thereafter, interest on the </FONT>Floating Rate Notes <FONT STYLE="color: #222222">will be paid quarterly in arrear on February 4, May
4, August 4 and November 4 of each year (together with the first Floating Rate Notes Interest Payment Date, each a &ldquo;Floating Rate
Notes Interest Payment Date&rdquo;). However, if a Floating Rate Notes Interest Payment Date would fall on a day that is not a Business
Day, other than the interest payment date that is also a redemption date or the date of maturity, the Floating Rate Notes Interest Payment
Date will be postponed to the next succeeding day that is a Business Day and interest thereon will continue to accrue, except that if
the Business Day falls in the next succeeding calendar month, the applicable Floating Rate Notes Interest Payment Date will be the immediately
preceding Business Day. In each such case, except for the Floating Rate Notes Interest Payment Date falling on a redemption date or the
Maturity Date, the Floating Rate Notes Interest Periods and the Floating Rate Notes Reset Dates (as defined below) will be adjusted accordingly
to calculate the amount of interest payable on the </FONT>Floating Rate Notes<FONT STYLE="color: #222222">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white; color: #222222">The Floating
Rate Notes Interest Rate will be reset on each Floating Rate Notes Interest Payment Date (together with the initial interest reset date
for the Floating Rate Notes, each a &ldquo;<B>Floating Rate Notes Reset Date</B>&rdquo;). However, if any Floating Rate Notes Reset Date
would otherwise be a day that is not a Business Day, that Floating Rate Notes Reset Date will be postponed to the next succeeding day
that is a Business Day, except that if the Business Day falls in the next succeeding calendar month, the applicable Floating Rate Notes
Reset Date will be the immediately preceding Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white; color: #222222">Interest
will be paid to Holders of record of the Floating Rate Notes in respect of the principal amount thereof outstanding 15 calendar days immediately
preceding the relevant Floating Rate Notes 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="color: #222222">The
first interest period will begin on and include </FONT>November 4<FONT STYLE="color: #222222">, 2025 and will end on and exclude February
4, 2026. Thereafter, the interest periods will be the periods from and including a Floating Rate Notes Interest Payment Date to but excluding
the immediately succeeding Floating Rate Notes Interest Payment Date (together with the initial interest period, each a &ldquo;<B>Floating
Rate Notes Interest Period</B>&rdquo;). However, the final Floating Rate Notes Interest Period will be the period from and including the
Floating Rate Notes Interest Payment Date immediately preceding the Maturity Date to but excluding the Maturity Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="color: #222222">The
Calculation Agent in respect of the Floating Rate Note will determine the Floating Rate Notes Interest Rate for each Floating Rate Notes
Interest Period on the fifth U.S. Government Securities Business Day by reference to the SOFR Index Average (as defined below) on that
date (the &ldquo;<B>Floating Rate Notes Interest Determination Date</B>&rdquo;). If a tax redemption or Loss Absorption Disqualification
Event redemption (see Section 11.08 of the Senior Indenture and Section 11.10 of the Senior Indenture as supplemented by this </FONT>Twenty-Second
<FONT STYLE="color: #222222">Supplemental Indenture) occurs, the Floating Rate Notes Interest Determination Date will be on the fifth
U.S. Government Securities Business Day preceding such tax redemption or Loss Absorption Disqualification Event redemption date, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white; color: #222222">&ldquo;<B>U.S.
Government Securities Business Day</B>&rdquo; means any day except for a Saturday, Sunday or a day on which the Securities Industry and
Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of
trading in U.S. government securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white; color: #222222">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the circumstances
described in this section, the &ldquo;<B>SOFR Index Average</B>&rdquo; for each Floating Rate Notes Interest Period shall be equal to
the value of the SOFR rates for each day during the relevant Floating Rate Notes Interest Period as calculated by the Calculation Agent
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 35px; width: 171px"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">with the resulting percentage
being rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with 0.000005 being rounded upwards, where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>d<SUB>c</SUB></B>&rdquo;
for any SOFR Observation Period, means the number of calendar days in the relevant SOFR Observation Period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>SOFR Index</B>&rdquo;
means the SOFR Index in relation to any U.S. Government Securities Business Day as published by the NY Federal Reserve on the NY Federal
Reserve&rsquo;s Website at the SOFR Determination Time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>SOFR IndexEnd</B>&rdquo;
means the SOFR Index value on the date that is five U.S. Government Securities Business Days preceding the Floating Rate Notes Interest
Payment Date relating to such Floating Rate Notes Interest Period (or in the final Floating Rate Notes Interest Period, preceding the
Maturity Date) (such date a &ldquo;<B>SOFR Index Determination Date</B>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>SOFR IndexStart</B>&rdquo;
means the SOFR Index value on the date that is five U.S. Government Securities Business Days preceding the first date of the relevant
Floating Rate Notes Interest Period (such date a &ldquo;<B>SOFR Index Determination Date</B>&rdquo;), and, for the initial Floating Rate
Notes Interest Period, the SOFR Index value on October <FONT STYLE="color: #222222">28</FONT>, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the circumstances
described in this section, if the SOFR Index is not published on any relevant SOFR Index Determination Date and a SOFR Benchmark Event
and its related SOFR Benchmark Replacement Date has not occurred, the &ldquo;<B>SOFR Index Average</B>&rdquo; for such Floating Rate Notes
Interest Period shall be calculated by the Calculation Agent on the relevant Floating Rate Notes Interest Determination Date as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 47px; width: 188px"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">with the resulting percentage
being rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with 0.000005 being rounded upwards, where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>d</B>&rdquo; for
any SOFR Observation Period, means the number of calendar days in the relevant SOFR Observation Period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>d<SUB>o</SUB></B>&rdquo;
for any SOFR Observation Period, means the number of U.S. Government Securities Business Days in the relevant SOFR Observation Period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>i</B>&rdquo; means
a series of whole numbers from one to d<SUB>o</SUB>, each representing the relevant U.S. Government Securities Business Days in chronological
order from (and including) the first U.S. Government Securities Business Day in the relevant SOFR Observation Period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>n<SUB>i</SUB></B>&rdquo;
for any U.S. Government Securities Business Day &ldquo;i&rdquo; in the relevant SOFR Observation Period, means the number of calendar
days from (and including) such U.S. Government Securities Business Day &ldquo;i&rdquo; up to (but excluding) the following U.S. Government
Securities Business Day (&ldquo;i+1&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>SOFR<SUB>i</SUB></B>&rdquo;
for any U.S. Government Securities Business Day &ldquo;i&rdquo; in the relevant SOFR Observation Period, is equal to SOFR in respect of
that day &ldquo;i&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the SOFR
provisions above, the following definitions apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Bloomberg Screen
SOFRRATE Page</B>&rdquo; means the Bloomberg screen designated &ldquo;SOFRRATE&rdquo; or any successor page or service; &ldquo;<B>NY Federal
Reserve</B>&rdquo; means the Federal Reserve Bank of New York;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>NY Federal Reserve&rsquo;s
Website</B>&rdquo; means the website of the NY Federal Reserve, currently at www.newyorkfed.org, or any successor website of the NY Federal
Reserve or the website of any successor administrator of SOFR;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Reuters Page USDSOFR=</B>&rdquo;
means the Reuters page designated &ldquo;USDSOFR=&rdquo; or any successor page or service;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>SOFR</B>&rdquo;
means, with respect to any day (including any U.S. Government Securities Business Day), the rate determined by the Calculation Agent,
as the case may be, in accordance with the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Secured Overnight Financing Rate published at the SOFR Determination Time, as such rate is reported on the Bloomberg Screen SOFRRATE Page,
then the Secured Overnight Financing Rate published at the SOFR Determination Time, as such rate is reported on the Reuters Page USDSOFR=
or, if no such rate is reported on the Reuters Page USDSOFR=, then the Secured Overnight Financing Rate that appears at the SOFR Determination
Time on the NY Federal Reserve&rsquo;s Website; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the rate specified in (a) above does not appear, the SOFR published on the NY Federal Reserve&rsquo;s Website for the first preceding
U.S. Government Securities Business Day for which SOFR was published on the NY Federal Reserve&rsquo;s Website;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>SOFR Determination
Time</B>&rdquo; means approximately 3:00 p.m. (New York City time) on the NY Federal Reserve&rsquo;s Website on the immediately following
U.S. Government Securities Business Day; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>SOFR Observation
Period</B>&rdquo; means, in respect of each Floating Rate Notes Interest Period, the period from (and including) the fifth U.S. Government
Securities Business Day preceding the first date in such Floating Rate Notes Interest Period to (but excluding) the fifth U.S. Government
Securities Business Day preceding the Floating Rate Notes Interest Payment Date (or in the final Floating Rate Notes Interest Period,
preceding the Maturity Date) for such Floating Rate Notes Interest Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the provisions
above, if a SOFR Benchmark Event and its related SOFR Benchmark Replacement Date occurs when any Floating Rate Notes Interest Rate (or
any component part thereof) remains to be determined by reference to the SOFR Benchmark in respect of the Floating Rate Notes, then the
Company (or its designee) may, at its sole discretion, appoint and consult with an Independent Adviser, as soon as reasonably practicable,
with a view to the Company (or its designee) determining a SOFR Benchmark Replacement and the applicable SOFR Benchmark Replacement Adjustment
Spread and any other amendments to the terms of the Floating Rate Notes, in accordance with the provisions below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the absence of fraud, the
Company (or its designee) and any Independent Adviser appointed pursuant to this section, as applicable, shall have no liability whatsoever
to the Company, the Trustee, the Calculation Agent, any paying agent or the Holders of the Floating Rate Notes for any determination made
by it or for any advice given to the Company (or its designee) in connection with any determination made by the Company (or its designee)
pursuant to this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Company (or its designee)
has not appointed an Independent Adviser in accordance with this section, the Company (or its designee) may still make any determinations
and/or any amendments contemplated by and in accordance with this section (with the relevant provisions in this section applying <I>mutatis
mutandis</I> to allow such determinations or amendments to be made by the Company (or its designee) without consultation with an Independent
Adviser). Any determination, decision or election that may be made by the Company (or its designee) pursuant to this section, including
any determination with respect to tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and
any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error, will be
made in the Company&rsquo;s (or its designee&rsquo;s) sole discretion, and, notwithstanding anything to the contrary in the documentation
relating to the Floating Rate Notes, shall become effective without consent from the Holders of the Floating Rate Notes or any other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the paragraph below,
if the Company (or its designee), following consultation with its Independent Adviser, no later than three Business Days prior to the
Floating Rate Notes Interest Determination Date relating to the next Floating Rate Notes Interest Period (the &ldquo;<B>Determination
Cut-off Date</B>&rdquo;) determines the SOFR Benchmark Replacement for the purposes of determining the Floating Rate Notes Interest Rate
for all future Floating Rate Notes Interest Periods (subject to the subsequent operation of this section during any other future Floating
Rate Notes Interest Periods), then such SOFR Benchmark Replacement shall be the SOFR Benchmark for all future Floating Rate Notes Interest
Periods (subject to the subsequent operation of this section during any other future Floating Rate Notes Interest Period(s)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the above
paragraph, if the Company (or its designee), following consultation with its Independent Adviser, determines prior to the Determination
Cut-off Date that no SOFR Benchmark Replacement exists then the relevant Floating Rate Notes Interest Rate shall be determined using the
SOFR Benchmark last displayed on the relevant page prior to the relevant Floating Rate Notes Interest Determination Date. This paragraph
shall apply to the relevant Floating Rate Notes Interest Period only. Any subsequent Floating Rate Notes Interest Period(s) shall be subject
to the subsequent operation of, and adjustment as provided in, this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Promptly following the determination
of the SOFR Benchmark Replacement as described in this section, the Company (or its designee) shall give notice thereof pursuant to this
section to the Trustee, the Calculation Agent, any paying agents and the Holders of the Floating Rate Notes. For the avoidance of doubt,
neither the Trustee, the Calculation Agent nor any paying agents shall have any responsibility for making such determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to receipt of notice
pursuant to the above paragraph, the Trustee, the Calculation Agent and any paying agents shall, at the direction and expense of the Company,
effect such waivers and consequential amendments to the terms and conditions of the Floating Rate Notes, the Indenture and any other document
as the Company (or its designee), following consultation with its Independent Adviser, determines may be required to give effect to any
application of this section, including, but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;changes
to the terms and conditions of the Floating Rate Notes which the Company (or its designee), following consultation with its Independent
Adviser, determines may be required in order to follow market practice (determined according to factors including, but not limited to,
public statements, opinions and publications of industry bodies and organizations) in relation to such SOFR Benchmark Replacement, including,
but not limited to (A)&nbsp;the Business Day, business day convention, day count fraction, Floating Rate Notes Interest Determination
Date and/or any relevant time applicable to the Floating Rate Notes and (B)&nbsp;the method for determining the fallback to the Floating
Rate Notes Interest Rate if such SOFR Benchmark Replacement is not available; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other changes which the Company (or its designee), following consultation with its Independent Adviser, determines are reasonably necessary
to ensure the proper operation and comparability to the SOFR Benchmark of such SOFR Benchmark Replacement, which changes shall apply to
the Floating Rate Notes for all future Floating Rate Notes Interest Periods (subject to the subsequent operation of this section). None
of the Trustee, the Calculation Agent or any paying agents shall be responsible or liable for any determinations, decisions or elections
made by the Company (or its designee) with respect to any waivers or consequential amendments to be effected pursuant to this section
or any other changes and shall be entitled to rely conclusively on any certifications provided to each of them in this regard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No consent of the Holders
of the Floating Rate Notes shall be required in connection with effecting the relevant SOFR Benchmark Replacement as described in this
section or such other relevant adjustments pursuant to this section, including for the execution of, or amendment to, any documents or
the taking of other steps by the Company (or its designee) or any of the parties to the Indenture (if required).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By its acquisition of the
Floating Rate Notes, each Holder and beneficial owner of the Floating Rate Notes and each subsequent holder and beneficial owner acknowledges,
accepts, agrees to be bound by, and consents to, the Company&rsquo;s (or its designee&rsquo;s) determination of the SOFR Benchmark Replacement,
as contemplated by this section, and to any amendment or alteration of the terms and conditions of the Floating Rate Notes, including
an amendment of the amount of interest due on the Floating Rate Notes, as may be required in order to give effect to this section, without
the need for any further consent from the Holders of the Floating Rate Notes. The Trustee shall be entitled to rely on this deemed consent
in connection with any supplemental indenture or amendment which may be necessary to give effect to the SOFR Benchmark Replacement or
any application of this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By its acquisition of the
Floating Rate Notes, each Holder and beneficial owner of the Floating Rate Notes and each subsequent holder and beneficial owner waives
any and all claims in law and/or equity against the Trustee, the Calculation Agent and 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 neither 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding any other
provision of this section, no SOFR Benchmark Replacement will be adopted, nor will the SOFR Benchmark Replacement Adjustment (as applicable)
be applied, nor will any other amendments to the terms and conditions of the Floating Rate Notes be made, if and to the extent that, in
the determination of the Company, the same could reasonably be expected to result in the exclusion of the Floating Rate Notes (in whole
or in part) from the Company&rsquo;s and/or its subsidiaries&rsquo; 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 its subsidiaries
and as determined in accordance with, and pursuant to, the relevant Loss Absorption Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Corresponding Tenor</B>&rdquo;
with respect to a SOFR Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding Business
Day adjustment) as the applicable tenor for the then-current SOFR Benchmark;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Independent Adviser</B>&rdquo;
means an independent financial institution of international repute or an independent financial adviser with appropriate expertise appointed
by the Company under this section;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>ISDA</B>&rdquo;
means the International Swaps and Derivatives Association, Inc. or any successor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>ISDA Definitions</B>&rdquo;
means the 2006 ISDA Definitions, as published by ISDA, as amended, supplemented or replaced from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>ISDA Fallback Rate</B>&rdquo;
means the rate to be effective upon the occurrence of a SOFR Index Cessation Event according to (and as defined in) the ISDA Definitions,
where such rate may have been adjusted for an overnight tenor, but without giving effect to any additional spread adjustment to be applied
according to such ISDA Definitions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>ISDA Spread Adjustment</B>&rdquo;
means the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value
or zero) that shall have been selected by ISDA as the spread adjustment that would apply to the ISDA Fallback Rate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Relevant Governmental
Body</B>&rdquo; means the Board of Governors of the Federal Reserve System and/or the NY Federal Reserve or a committee officially endorsed
or convened by the Board of Governors of the Federal Reserve System and/or the NY Federal Reserve, or any successor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>SOFR Benchmark</B>&rdquo;
means, initially, the SOFR Index Average, provided that if a SOFR Benchmark Event has occurred with respect to the SOFR Index Average
or the then-current SOFR Benchmark, then &ldquo;SOFR Benchmark&rdquo; means the applicable SOFR Benchmark Replacement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>SOFR Benchmark Event</B>&rdquo;
means the occurrence of one or more of the following events with respect to the then-current SOFR Benchmark (including the daily published
component used in the calculation thereof):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
public statement or publication of information by or on behalf of the administrator of the SOFR Benchmark (or such component) announcing
that such administrator has ceased or will cease to provide the SOFR Benchmark (or such component), permanently or indefinitely, provided
that, at the time of such statement or publication, there is no successor administrator that will continue to provide the SOFR Benchmark
(or such component);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
public statement or publication of information by the regulatory supervisor for the administrator of the SOFR Benchmark (or such component),
the central bank for the currency of the SOFR Benchmark (or such component), an insolvency official with jurisdiction over the administrator
for the SOFR Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the SOFR Benchmark (or
such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the SOFR Benchmark
(or such component), which states that the administrator of the SOFR Benchmark (or such component) has ceased or will cease to provide
the SOFR Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there
is no successor administrator that will continue to provide the SOFR Benchmark (or such component); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
public statement or publication of information by the regulatory supervisor for the administrator of the SOFR Benchmark announcing that
the SOFR Benchmark is no longer representative;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>SOFR Benchmark Replacement</B>&rdquo;
means the first alternative set forth in the order below that can be determined by the Company, following consultation with its Independent
Adviser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
sum of (a)&nbsp;the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement
for the then-current SOFR Benchmark for the applicable Corresponding Tenor and (b)&nbsp;the SOFR Benchmark Replacement Adjustment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
sum of (a)&nbsp;the ISDA Fallback Rate and (b)&nbsp;the SOFR Benchmark Replacement Adjustment; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
sum of (a)&nbsp;the alternate rate that has been selected by the Company, in consultation with the Independent Adviser, as the replacement
for the then-current SOFR Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate as a
replacement for the then-current SOFR Benchmark for U.S. dollar-denominated floating rate notes at such time and (b)&nbsp;the SOFR Benchmark
Replacement Adjustment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>SOFR Benchmark Replacement
Adjustment</B>&rdquo; means the first alternative set forth in the order below that can be determined by the Company, following consultation
with its Independent Adviser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero)
that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted SOFR Benchmark Replacement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;if
the applicable Unadjusted SOFR Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Spread Adjustment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
spread adjustment (which may be a positive or negative value or zero) determined by the Company, following consultation with its Independent
Adviser, giving due consideration to any industry accepted spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of the then-current SOFR Benchmark with the applicable Unadjusted SOFR Benchmark Replacement for U.S. dollar-denominated
floating rate notes at such time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>SOFR Benchmark Replacement
Date</B>&rdquo; means the earliest to occur of the following events with respect to the then-current SOFR Benchmark (including the daily
published component used in the calculation thereof):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of clause&nbsp;(1) or (2) of the definition of &ldquo;SOFR Benchmark Event,&rdquo; the later of (a)&nbsp;the date of the public
statement or publication of information referenced therein and (b)&nbsp;the date on which the administrator of the SOFR Benchmark permanently
or indefinitely ceases to provide the SOFR Benchmark (or such component); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of clause&nbsp;(3) of the definition of &ldquo;SOFR Benchmark Event,&rdquo; the date of the public statement or publication of
information referenced therein; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;Unadjusted SOFR Benchmark
Replacement&rdquo; means the SOFR Benchmark Replacement excluding the applicable SOFR Benchmark Replacement Adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Bail-in Legislation</B>&rdquo; means
in relation to a Member State of the European Economic Area which has implemented, or which at any time implements, the BRRD, the relevant
implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Bail-in Powers</B>&rdquo; means any Write-down
and Conversion Powers as defined in relation to the relevant Bail-in Legislation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>BRRD</B>&rdquo; means Directive 2014/59/EU
(as amended or superseded) establishing a framework for the recovery and resolution of credit institutions and investment firms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>BRRD Liability</B>&rdquo; has the same
meaning as in such laws, regulations, rules or requirements implementing the BRRD under the applicable Bail-in Legislation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>BRRD Party</B>&rdquo; means the Senior
Debt Security Registrar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>EU Bail-in Legislation
Schedule</B>&rdquo; means the document described as such, then in effect, and published by the Loan Market Association (or any successor
person) from time to time at http://www.lma.eu.com/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Relevant Resolution
Authority</B>&rdquo; means the resolution authority with the ability to exercise any Bail-in Powers in relation to the relevant BRRD Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 Floating Rate Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By its acquisition of Floating
Rate Notes or an interest therein, each Holder and beneficial owner of Floating Rate 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 Floating Rate Notes and the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
premium, upon redemption or otherwise, shall be payable by the Company on the Floating Rate Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal
of and any interest on the Floating Rate 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 11.11 of the Indenture and on at least 5 Business Days but no more than 30 Business Days&rsquo; prior written notice delivered
to the Holders of the Floating Rate Notes (with a copy to the Trustee), 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, the Company giving notice to the Relevant Regulator
and the Relevant Regulator granting the Company permission), redeem the Floating Rate Notes, in whole, but not in part, on November 4,
2030 at a redemption price equal to 100% of the principal amount of the Floating Rate Notes <I>plus</I> accrued and unpaid interest thereon,
if any, to, but excluding, the date of redemption, as provided in the Senior Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Floating Rate Notes are redeemable pursuant to Section 11.08 of the Senior Indenture.&nbsp;&nbsp;In connection with any redemption of
the Floating Rate Notes pursuant to Section 11.08 of the Senior Indenture, the date referenced therein shall be November 4<FONT STYLE="color: #222222">,
2025</FONT>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have no obligation to redeem or purchase the Floating Rate Notes pursuant to any sinking fund or analogous provision;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Floating Rate Notes shall be issued only in denominations of $200,000 and in integral multiples of $1,000 in excess thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal amount of the Floating Rate Notes shall be payable upon the declaration of acceleration thereof pursuant to Section 5.02 of
the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Floating Rate Notes shall not be converted into or exchanged at the option of the Company or otherwise for stock or other securities of
the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Floating Rate Notes shall be denominated in, and payments thereon shall be made in, Dollars;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
payment of principal of (and premium, if any) or interest, if any, on the Floating Rate Notes shall be payable only in the coin or currency
in which the Floating Rate Notes are denominated;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Floating Rate 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 &amp; Co., as nominee of The Depository Trust Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Floating Rate Notes shall not be initially issued in definitive form;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
calculation agent (the &ldquo;<B>Calculation Agent</B>&rdquo;) for the Floating Rate Notes shall be The Bank of New York Mellon, London
Branch pursuant to the terms of a Calculation Agency Agreement dated as of November 4<FONT STYLE="color: #222222">, 2025</FONT>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Events of Default on the Floating Rate Notes are as provided for in Section 5.01 of the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
form of the Floating Rate Notes to be issued on the date hereof shall be substantially in the form of <U>Exhibit C</U> hereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may issue additional Floating Rate Notes (&ldquo;<B>Additional Floating Rate Notes</B>&rdquo;) after the date hereof having the
same ranking and same interest rate, maturity date, redemption terms and other terms as the Floating Rate Notes except for the price to
the public, issue date and first interest payment date, provided that such Additional Floating Rate Notes must be fungible with the outstanding
Floating Rate Notes for U.S. federal income tax purposes.&nbsp;&nbsp;Any such Additional Floating Rate Notes, together with the Floating
Rate Notes shall constitute a single series of securities under the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Amounts in respect of the Floating Rate Notes shall be payable as set forth in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
3</FONT><BR>
ADDITIONAL TERMS APPLICABLE TO THE SECURITIES</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 3.01.&#9;<I>Addition
of Definitions.</I>&nbsp;&nbsp;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):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Bail-in Legislation</B>&rdquo;
means in relation to a Member State of the European Economic Area which has implemented, or which at any time implements, the BRRD, the
relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Bail-in Powers</B>&rdquo;
means any Write-down and Conversion Powers as defined in relation to the relevant Bail-in Legislation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>BRRD</B>&rdquo;
means Directive 2014/59/EU (as amended or superseded) establishing a framework for the recovery and resolution of credit institutions
and investment firms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>BRRD Liability</B>&rdquo;
has the same meaning as in such laws, regulations, rules or requirements implementing the BRRD under the applicable Bail-in Legislation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>BRRD Party</B>&rdquo;
means the Senior Debt Security Registrar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Business Day</B>&rdquo;
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Default</B>&rdquo;
has the meaning specified in Section 5.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>EU Bail-in
Legislation Schedule</B>&rdquo; means the document described as such, then in effect, and published by the Loan Market Association (or
any successor person) from time to time at http://www.lma.eu.com/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Group</B>&rdquo;
means Lloyds Banking Group plc together with its subsidiaries and associated undertakings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Loss Absorption
Disqualification Event</B>&rdquo; shall be deemed to have occurred with respect to a series of the Securities 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 Securities, such Securities are or (in the opinion
of the Company or the opinion of the Relevant Regulator and/or the relevant U.K. resolution authority) are likely to be fully or partially
excluded from the Company&rsquo;s or the Group&rsquo;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 Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Loss Absorption
Regulations</B>&rdquo; 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 relevant U.K. resolution authority and/or the Financial Stability Board then applicable in the United Kingdom including,
without limitation to the generality of the foregoing, 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 or applied by the Relevant
Regulator and/or the relevant U.K. 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).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Relevant Regulator</B>&rdquo;
means the relevant U.K. resolution authority 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 in such circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Relevant Resolution
Authority</B>&rdquo; means the resolution authority with the ability to exercise any Bail-in Powers in relation to the relevant BRRD Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>relevant U.K.
resolution authority</B>&rdquo; means any authority with the ability to exercise a U.K. bail-in power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>Securities</B>&rdquo;
mean the Company&rsquo;s 4.425% Senior Callable Fixed-to-Fixed Rate Notes due 2031, 4.943% Senior Callable Fixed-to-Fixed Rate Notes due
2036 and Senior Callable Floating Rate Notes due 2031.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&ldquo;<B>U.K. bail-in
power</B>&rdquo; means any write-down, conversion, transfer, modification, moratorium and/or suspension power existing from time to time
under any laws, regulations, rules or requirements relating to the resolution of financial holding companies, mixed financial holding
companies, 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 or other members of 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 Banking Act and/or the Loss Absorption Regulations, pursuant to which obligations of a bank, banking group company, credit institution
or investment firm or any of its affiliates can be reduced, canceled, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 3.02.&#9;<I>Deletion
of Definitions</I>.&nbsp;&nbsp;With respect to the Securities only, the following definitions shall be deleted in their entirety in Section
1.01 of the Senior Indenture:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Default
Interest</B>&rdquo; has the meaning specified in <B>&lrm;</B>Section 3.07.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Business
Day</B>&rdquo; has the meaning specified in Section 3.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 3.03.&#9;<I>Amendment
of Definitions.</I> With respect to the Securities only, the definitions of &ldquo;Corporate Trust Office&rdquo; and &ldquo;Electronic
Means&rdquo; in Section 1.01 of the Senior Indenture are deleted in their entirety and replaced with the following definitions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: 0in">&ldquo;<B>Corporate
Trust Office</B>&rdquo; means the office of the Trustee in which its corporate trust business is principally administered, located at
160 Queen Victoria Street, London EC4V 4LA (Attention: Conventional Debt EMEA &ndash; Team 4; email: corpsov4@bny.com) or such other location
as shall be notified to the Company by the Trustee from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: 0in">&ldquo;<B>Electronic
Means</B>&rdquo; shall mean the following communications methods: e-mail, secure electronic transmission containing applicable authorization
codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for
use in connection with its services hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 3.04.&#9;<I>Notices,
Etc. to Trustee and Company.</I> With respect to the Securities only, clause (i) of Section 1.05(a) of the Senior Indenture is amended
and restated in its entirety and shall read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: 0in">(i) the Trustee by
any Holder or by the Company shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if made, given,
furnished or filed in writing (which may be via e-mail) to the Trustee at its Corporate Trust Office and the Trustee agrees to accept
and act upon electronic transmission of written instructions pursuant to the Indenture; provided, however, that (x) the party providing
such written instructions, subsequent to such transmission of written instructions, shall provide the originally executed instructions
or directions to the Trustee in a timely manner, and (y) such originally executed instructions or directions shall be signed by an authorized
representative of the party providing such instructions or directions; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 3.05.&#9;<I>Payment;
Interest Rights Preserved</I>.&nbsp;&nbsp;With respect to the Securities only, the following Section of the Senior Indenture is amended
and restated in its entirety and shall read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Section 3.07. <I>Payment;
Interest Rights Preserved.</I>&nbsp;&nbsp;Except as otherwise provided as contemplated by <B>&lrm;</B>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 <B>&lrm;</B>Section 3.01) at the close of business on the Regular Record Date for such interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">In the case of Senior
Debt Securities where payment is to be made in Dollars, payment at any Paying Agent&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">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 <B>&lrm;</B>Section
3.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">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 thereon, if any,
and to accrue, which were carried by such other Senior Debt Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 3.06.&#9;<I>Execution,
Authentication, Delivery and Dating.&nbsp;&nbsp;</I>With respect to the Securities only, the first sentence of the fifth paragraph of
Section 3.03 of the Senior Indenture is amended and restated in its entirety and shall read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">No Senior Debt Security shall be entitled
to any benefit under this Senior Debt Securities Indenture or be valid or obligatory for any purpose unless there appears on such Senior
Debt Security a certificate of authentication substantially in the form provided for herein executed by or on behalf of the Trustee by
manual or electronic signature, and such certificate upon any Senior Debt Security shall be conclusive evidence, and the only evidence,
that such Senior Debt Security has been duly authenticated and delivered hereunder and that such Senior Debt Security is entitled to the
benefits of this Senior Debt Securities Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 3.07.&#9;<I>Events
of Default</I>.&nbsp;&nbsp;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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Section 5.01. <I>Events
of Default</I>. &ldquo;<B>Event of Default</B>&rdquo;, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 3.08.&#9;<I>Acceleration
of Maturity; Rescission and Annulment</I>.&nbsp;&nbsp;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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">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) (<I>Directions and
Waivers by Bondholders; Prohibition of Impairment of Holders&rsquo; Right to Repayment</I>) 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 (on behalf of the
Holders) or the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 3.09.&#9;<I>Defaults;
Collection of Indebtedness and Suits for Enforcement by Trustee</I>.&nbsp;&nbsp;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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Section 5.03.&nbsp;&nbsp;<I>Defaults;
Collection of Indebtedness and Suits for Enforcement by Trustee</I>.&nbsp;&nbsp;&ldquo;<B>Default</B>&rdquo; wherever used herein with
respect to Senior Debt Securities of 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):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">If a Default occurs
with respect to a series of Senior Debt Securities, 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, the Outstanding Senior Debt Security of such series to be due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Except as otherwise
provided in this Article 5, during the continuance of an Event of Default, 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 of such series prior to any date on which the principal of, or any interest on, the Senior
Debt Securities of such series would have otherwise been payable by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">No remedy against
the Company other than as referred to in this Article 5 shall be available to the Trustee (on behalf of the Holders) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 3.10.&#9;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) of the Senior
Indenture shall be amended to add the words &ldquo;or Default&rdquo; after each appearance of the words &ldquo;Event of Default&rdquo;
and (b) Section 11.08 of the Senior Indenture shall be amended to replace in the first paragraph the word &ldquo;Unless&rdquo; with the
words &ldquo;Subject to Section 11.1 and unless&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 3.11.&#9;<I>Deletion
of Satisfaction and Discharge Provisions</I>.&nbsp;&nbsp;With respect to the Securities only, Article 4 of the Senior Indenture is deleted
in its entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 3.12.&#9;<I>Compensation
and Reimbursement</I>.&nbsp;&nbsp;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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The Trustee&rsquo;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 Twenty-Second
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 3.13.&#9;<I>Certain
Rights of Trustee.&nbsp;&nbsp;</I>With respect to the Securities only, Section 6.03 of the Senior Indenture is amended in part to add
the following at the end of the section:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: 0in">(m)&nbsp;&nbsp;The
Trustee shall not be liable for errors in judgment made in good faith unless it was negligent in ascertaining the relevant facts; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: 0in">(n)&nbsp;&nbsp;The
Trustee may hold funds uninvested without liability for interest in the absence of an agreement signed by the Trustee to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 3.14.&#9;<I>Sanctions</I>.
The following Section is added as new Section 10.08 of the Senior Indenture:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: 0in">Section 10.08. <I>Sanctions</I>.
(a) The Company covenants and represents that neither they nor any of their affiliates, subsidiaries, directors or officers are the target
or subject of any sanctions enforced by the US government, (including, the Office of Foreign Assets Control of the U.S. Department of
the Treasury (&ldquo;<B>OFAC</B>&rdquo;)), the United Nations Security Council, the European Union, HM Treasury, or other relevant sanctions
authority (collectively &ldquo;<B>Sanctions</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: 0in">(b) The Company covenants
and represents that neither it nor any of its affiliates, subsidiaries, directors or officers will use any payments made pursuant to this
Senior Debt Securities Indenture, (i) to fund or facilitate any activities of or business with any person who, at the time of such funding
or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business with any country or territory
that is the target or subject of Sanctions, or (iii) in any other manner that will result in a violation of Sanctions by any person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: 0in">(c) Sub-sections
(a) and (b) will not apply if and to the extent that they are or would be unenforceable by reason of breach of (i) any provision of Council
Regulation (EC) No 2271/96 of 22 November 1996 (or any law or regulation implementing such Regulation in any member state of the European
Economic Area (EEA) or (ii) any similar blocking or anti-boycott law in the United Kingdom or elsewhere. However, if the aforementioned
Council Regulation purports to make compliance with any portion of this Section unenforceable by the Company, the Company will nonetheless
take such measures as may be necessary to ensure that the Company does not use the services in any manner which would cause the Trustee,
Paying Agent or Senior Debt Security Registrar to violate Sanctions applicable to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 3.15.&#9;<I>Certain
Rights of Senior Debt Security Registrar and Paying Agent.</I> The Senior Debt Security Registrar and Paying Agent shall have the benefit
of the rights, protections, indemnifications and immunities granted to the Trustee in the Indenture, including, without limitation, Section
6.07 of the Indenture, <I>mutatis mutandis</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 3.16.&#9;<I>Agreement
with Respect to Exercise of U.K. Bail-In Power.</I> The following provisions relate solely to the Securities established pursuant to this
Twenty-Second Supplemental Indenture:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 the issue to or conferral on the holder of such shares, securities or obligations, including by means of amendment, modification
or variation of the terms of the Securities); 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; any 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. With respect to (i), (ii) and (iii) above, references
to principal and interest shall include payments of principal and interest that have become due and payable (including principal that
has become due and payable at the maturity date), but which have not been paid, prior to the exercise of any U.K. bail-in power. Each
Holder and each 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
purchasing or acquiring the Securities, each Holder and each beneficial owner of the Securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acknowledges
and agrees that no exercise of the U.K. bail-in power by the relevant U.K. resolution authority in respect of the Securities shall 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acknowledges
and agrees that, upon the exercise of any U.K. bail-in power by the relevant U.K. resolution authority, (a) the Trustee shall not be required
to take any further directions from Holders or beneficial owners of the Securities under Section 5.12 of the Senior Indenture, and (b)
neither the Senior Indenture nor this Twenty-Second 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&rsquo;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 agree pursuant to a supplemental indenture or an amendment to this Twenty-Second Supplemental
Indenture, unless the Company and the Trustee agree in writing that a supplemental indenture is not necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Holder or beneficial owner that purchases or acquires its Securities in the secondary market shall be deemed to acknowledge, 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, including in relation to the U.K. bail-in power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
purchasing or acquiring the Securities, each Holder and each 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
a reduction or cancellation, in part or in full, of the principal amount of, or interest on, the Securities or the conversion thereof
into another security or obligation of the Company or another person, as a result of the exercise of the U.K. bail-in power by the relevant
U.K. resolution authority with respect to the Company, nor the exercise of the U.K. bail-in power by the relevant U.K. resolution authority
with respect to the Securities will be a Default or an Event of Default for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 and
beneficial owners of such occurrence. The Company shall also deliver a copy of such notice to the Trustee for information purposes. Any
delay or failure by the Company in delivering the notices referred to in this paragraph shall not affect the validity and enforceability
of the U.K. bail-in power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&rsquo;s obligations to indemnify the Trustee in accordance with Section 6.07 of the Indenture shall survive any exercise of the
U.K. bail-in power by the relevant U.K. resolution authority with respect to the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 3.17.&#9;<I>Redemption
of Securities. </I>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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Section 11.09. <I>Optional Redemption.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Subject to Section 11.11 and on at least
5 Business Days&rsquo;, but no more than 30 Business Days&rsquo;, prior written notice delivered to the Holders of the 2031 Fixed Rate
Notes (with a copy to the Trustee), the Company may, at the Company&rsquo;s option and in its sole discretion, (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), redeem the 2031 Fixed Rate Notes, in whole, but not in part, on November
4, 2030, at a Redemption Price equal to 100% of the principal amount of the 2031 Fixed Rate Notes being redeemed together with accrued
and unpaid interest thereon, if any, to, but excluding, the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Subject to Section 11.11 and on at least
5 Business Days&rsquo;, but no more than 30 Business Days&rsquo;, prior written notice delivered to the Holders of the 2036 Fixed Rate
Notes (with a copy to the Trustee), the Company may, at the Company&rsquo;s option and in its sole discretion, (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), redeem the 2036 Fixed Rate Notes, in whole, but not in part, on November
4, 2035, at a Redemption Price equal to 100% of the principal amount of the 2036 Fixed Rate Notes being redeemed together with accrued
and unpaid interest thereon, if any, to, but excluding, the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Subject to Section 11.11 and on at least
5 Business Days&rsquo;, but no more than 30 Business Days, prior written notice delivered to the Holders of the Floating Rate Notes (with
a copy to the Trustee), the Company may, at the Company&rsquo;s option and in its sole discretion, (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), redeem the Floating Rate Notes, in whole, but not in part, on November 4, 2030, at
a Redemption Price equal to 100% of the principal amount of the Floating Rate Notes being redeemed together with accrued and unpaid interest
thereon, if any, to, but excluding, the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Section 11.10 <I>Loss Absorption Disqualification
Event Redemption</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Subject to Section 11.11, the Company may,
at the Company&rsquo;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 15 nor more than 30 days&rsquo; notice to holders, redeem all but not some of a series of Securities outstanding at any time at 100%
of their principal amount together with accrued but unpaid interest thereon, if any, to the date of redemption, if immediately prior to
the giving of the notice referred to above, the Company delivers to the Trustee an Officer&rsquo;s Certificate stating that a Loss Absorption
Disqualification Event has occurred. The Trustee shall be entitled to accept such Officer&rsquo;s Certificate without any further inquiry
and without liability to any person, in which event such Officer&rsquo;s Certificate shall be conclusive and binding on the Trustee and
the Holders and beneficial owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Section 11.11. <I>Conditions to Redemption
and Repurchase, etc.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 3.18.&#9;<I>Additional
Amounts.</I>&nbsp;With respect to the Securities only, Section 10.04 of the Senior Indenture is hereby amended and restated in its entirety
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Section 10.04.&nbsp;<I>Additional Amounts.</I>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Amounts to be paid on any series of Senior
Debt Securities will be made without deduction or withholding for, or on account of, any and all present and future income, stamp and
other taxes, levies, imposts, duties, charges or fees imposed, levied, collected, withheld or assessed by or on behalf of the United Kingdom
or any political subdivision or authority thereof or therein having the power to tax (the &ldquo;<B>Taxing Jurisdiction</B>&rdquo;), 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 interest only on, the Senior Debt Securities (&ldquo;<B>Additional
Amounts</B>&rdquo;) that are necessary in order that the net amounts of interest paid to the Holders of Senior Debt Securities of the
particular series, after the deduction or withholding, shall equal the amounts of interest only which would have been payable on the Senior
Debt Securities if the deduction or withholding had not been required.&nbsp;<I>However</I>, 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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) the Holder or
the beneficial owner of the relevant Senior Debt Security 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 the relevant Senior Debt Security, or the collection of any payment of (or in respect of) principal
of, or any interest, or other payment on, any Senior Debt Security of the relevant series,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) except in the
case of winding-up in the United Kingdom, the relevant Senior Debt Security is presented (where presentation is required) for payment
in the United Kingdom,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii) the relevant
Senior Debt Security is presented (where presentation is required) for payment more than 30 days after the date payment became due or
was provided for, whichever is later, except to the extent that the Holder would have been entitled to the Additional Amounts on presenting
the same for payment at the close of that 30 day period,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv) the Holder
or the beneficial owner of the relevant Senior Debt Security or the beneficial owner of any payment of (or in respect of) principal of
or any interest or other payment on, the relevant Senior Debt Security 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 the 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,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(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 (&ldquo;FATCA&rdquo;), any intergovernmental agreement between
the United States and the United Kingdom or any other jurisdiction with respect to FATCA, or any law, regulation or other official guidance
enacted in any jurisdiction implementing, or relating to, FATCA or any intergovernmental agreement, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(vi) any combination
of subclauses (i) through (v) above,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">nor shall Additional Amounts be paid
with respect to any interest only on&nbsp;&nbsp;the Senior Debt Securities 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 Debt Securities 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 Debt Securities, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Whenever in this Senior Debt Securities
Indenture there is mentioned, in any context, the payment of interest on, in respect of, any Senior Debt Security of any series such mention
shall be deemed to include mention of the payment of Additional Amounts provided for in this Section to the extent that, in such context,
Additional Amounts are, were or would be payable in respect thereof pursuant to the provisions of this Section and as if express mention
of the payment of Additional Amounts (if applicable) were made in any provisions hereof where such express mention is not made. Upon request
from the Trustee or a paying agent, the Company shall provide information reasonably necessary and readily available in order to enable
to the Trustee or paying agent to determine whether any withholding obligations under FATCA apply. Neither the Company, the Trustee or
a paying agent shall have any liability in connection with the Company&rsquo;s or Trustee&rsquo;s or paying agent&rsquo;s compliance with
any such withholding obligation under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 3.19.&#9;<I>Senior
Debt Security Registrar.</I>&nbsp;With respect to the Securities only, for the avoidance of doubt, notwithstanding Section 3.05 of the
Senior Indenture, the Senior Debt Security Registrar shall be The Bank of New York Mellon SA/NV, Dublin Branch, Riverside 2, Sir John
Rogerson&rsquo;s Quay, Grand Canal Dock, Dublin 2, Ireland. The Senior Debt Security Registrar shall maintain the Senior Debt Security
Register for the Securities at its office in Dublin, Ireland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 3.20.&#9;<I>Paying
Agent.</I>&nbsp;With respect to the Securities only, Section 3.01(f) of the Senior Indenture is amended and restated in its entirety and
shall read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(f) the place or places where the principal
of (and premium, if any) and any interest on Senior Debt Securities of the series shall be payable, and the Paying Agent or Paying Agents
who shall be authorized to pay principal of (and premium, if any) and interest on Senior Debt Securities of such series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
4</FONT><BR>
MISCELLANEOUS</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 4.01.&#9;<I>Effect
of Supplemental Indenture</I>.&nbsp;&nbsp;Upon the execution and delivery of this Twenty-Second Supplemental Indenture by each of the
Company and the Trustee, and the delivery of the documents referred to in Section 4.02 herein, the Senior Indenture shall be supplemented
in accordance herewith, and this Twenty-Second Supplemental Indenture shall form a part of the Senior Indenture for all purposes in respect
of the Securities or otherwise as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 4.02.&#9;<I>Other
Documents to be Given to the Trustee</I>.&nbsp;&nbsp;The Trustee shall be entitled to receive an Officer&rsquo;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 and 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 Twenty-Second Supplemental Indenture is authorized or permitted by the Indenture,
and the Twenty-Second 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&rsquo;s rights generally, by equitable principles of general applicability and by possible judicial actions giving
effect to governmental actions or foreign laws affecting creditors&rsquo; rights, and the Twenty-Second Supplemental Indenture is permitted
under the Indenture. The Trustee may rely on such Officer&rsquo;s Certificate and Opinion of Counsel as conclusive evidence that this
Twenty-Second Supplemental Indenture complies with the applicable provisions of the Senior Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 4.03.&#9;<I>Confirmation
of Indenture</I>.&nbsp;&nbsp;The Senior Indenture, as supplemented by this Twenty-Second Supplemental Indenture with respect to the Securities
or otherwise as applicable, is in all respects ratified and confirmed, and the Senior Indenture, this Twenty-Second 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.&nbsp;&nbsp;This Twenty-Second Supplemental Indenture constitutes an integral part of the Senior Indenture
and, where applicable, with respect to the Securities.&nbsp;&nbsp;In the event of a conflict between the terms and conditions of the Senior
Indenture and the terms and conditions of this Twenty-Second Supplemental Indenture, the terms and conditions of this Twenty-Second Supplemental
Indenture shall prevail where applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 4.04.&#9;<I>Concerning
the Trustee</I>.&nbsp;&nbsp;The Trustee does not make any representations as to the validity or sufficiency of this Twenty-Second Supplemental
Indenture or the Securities.&nbsp;&nbsp;The recitals and statements herein are deemed to be those of the Company and not the Trustee.&nbsp;&nbsp;In
entering into this Twenty-Second 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 4.05.&#9;<I>Governing
Law</I>.&nbsp;&nbsp;This Twenty-Second 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 waiver of set-off provisions set forth in the third paragraph of Section 5.03 of the
Indenture shall be governed by and construed in accordance with the laws of Scotland, and that the authorization and execution by the
Company of this Twenty-Second 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, the Trustee and the Senior Debt Security Registrar, as the
case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 4.06.&#9;<I>Separability</I>.&nbsp;&nbsp;In
case any provision contained in this Twenty-Second 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 4.07.&#9;<I>Counterparts</I>.
<I>Electronic Signatures.</I>&nbsp;&nbsp;This Twenty-Second 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 &ldquo;execution,&rdquo;
&ldquo;signed,&rdquo; &ldquo;signature,&rdquo; and words of like import in this Supplemental Indenture or in any certificate, agreement
or document related to this Twenty-Second Supplemental Indenture shall include electronic signatures (including, without limitation, DocuSign
and Adobe Acrobat Sign). 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 4.08.&#9;<I>Concerning
U.K. Bail-in Liability. </I>Notwithstanding and to the exclusion of any other term of this Twenty-Second 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 U.K. Bail-in Liability arising under this Twenty-Second Supplemental Indenture may be subject to the exercise of U.K.
bail-in power by the relevant U.K. resolution authority and acknowledges, accepts, and agrees to be bound by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
effect of the exercise of U.K. bail-in power by the relevant U.K. resolution authority in relation to any U.K. Bail-in Liability of the
Company to the Trustee under this Twenty-Second Supplemental Indenture or the Senior Indenture, that (without limitation) may include
and result in any of the following, or some combination thereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
reduction of all, or a portion, of the U.K. Bail-in Liability or outstanding amounts due thereon;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
conversion of all, or a portion, of the U.K. 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, including by means of amendment, modifications
or variation of the terms of the Securities);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
cancellation of the U.K. Bail-in Liability; and/or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
amendment or alteration of the amounts due in relation to the U.K. Bail-in Liability, including 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
variation of the terms of this Twenty-Second Supplemental Indenture, as deemed necessary by the relevant U.K. resolution authority, to
give effect to the exercise of U.K. bail-in power by the relevant U.K. resolution authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>U.K. Bail-in
Liability</B>&rdquo; means a liability in respect of which the U.K. bail-in power may be exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">Section 4.09.&#9;<I>Bail-in
Relating to BRRD Party.</I> Notwithstanding any other term of this Twenty-Second Supplemental Indenture or any other agreements, arrangements,
or understanding between the parties, each counterparty to a BRRD Party under this Twenty-Second Supplemental Indenture acknowledges,
accepts, and agrees to be bound by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation to any BRRD Liability of any BRRD Party to it
under this Twenty-Second Supplemental Indenture, that (without limitation) may include and result in any of the following, or some combination
thereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of the relevant BRRD Party or
another person (and the issue to or conferral on it of such shares, securities or obligations);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
cancellation of the BRRD Liability;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
amendment or alteration of the amounts due in relation to the BRRD Liability, including 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
variation of the terms of this Twenty-Second Supplemental Indenture, as deemed necessary by the Relevant Resolution Authority, to give
effect to the exercise of Bail-in Powers by the Relevant Resolution Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Pages Follow</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, the parties hereto have caused
this Twenty-Second Supplemental Indenture to be duly executed as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">LLOYDS BANKING GROUP PLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Kristofer Middleton</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 41%">Kristofer Middleton</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>Head of Term Issuance and Capital Structuring</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">THE BANK OF NEW YORK MELLON,<BR>
acting through its London Branch, as Trustee and as Paying Agent</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Michael Lee</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 41%">Michael Lee</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>Authorised Signatory</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">THE BANK OF NEW YORK MELLON SA/NV, DUBLIN BRANCH, as Senior Debt Security Registrar</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Michael Lee</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 41%">Michael Lee</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>Authorised Signatory</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXHIBIT A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF 2031 SENIOR CALLABLE FIXED-TO-FIXED
RATE GLOBAL NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY.&nbsp;&nbsp;UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY
(55 WATER STREET, NEW YORK, NEW YORK) (&ldquo;DTC&rdquo;), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp; CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE &amp; CO. OR SUCH OTHER ENTITY AS MAY BE 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
&amp; CO., HAS AN INTEREST HEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">CUSIP No. 53944Y BD4<BR>
ISIN No. US53944YBD40<BR>
Common Code: 322330189</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LLOYDS BANKING GROUP plc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4.425% SENIOR CALLABLE FIXED-TO-FIXED RATE NOTE
DUE 2031</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">No. [<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-size: 10pt">$[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">LLOYDS BANKING GROUP plc (herein called the &ldquo;Company,&rdquo;
which term includes any successor person under the Indenture (as defined on the reverse hereof)), for value received, hereby promises
to pay to CEDE &amp; CO., or registered assigns, the principal sum of $[<FONT STYLE="font-family: Symbol">&middot;</FONT>] ([<FONT STYLE="font-family: Symbol">&middot;</FONT>]
Dollars) on November 4, 2031 (the &ldquo;Maturity Date&rdquo;) 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, November 4,
2030, semi-annually in arrear on the Fixed Rate Interest Payment Dates (as defined on the reverse hereof) and (ii) from, and including,
November 4, 2030 to, but excluding, November 4, 2031, semi-annually in arrear 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 Security is registered on the 15<SUP>th </SUP>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 &ldquo;Regular Record Date&rdquo;). If (i) the Company fails to
pay any installment of interest on this Security 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 Security 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 &ldquo;Default&rdquo;),
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 Securities to be due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As set forth on the reverse hereof, interest shall
accrue on this Security from day to day from the date of issuance hereof until the principal amount hereof is paid or made available for
payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payments of interest on this Security 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payment of the principal amount of (and premium,
if any) and any interest on, this Security 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. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to due presentment of this Security 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 Security is
registered as the owner of such Security for the purpose of receiving payment of principal and interest, if any, on such Security and
for all other purposes whatsoever, whether or not such Security 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reference is hereby made to the further provisions
of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth
at this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless the certificate of authentication hereon
has been executed by the Trustee referred to on the reverse hereof by manual or electronic signature, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding any other agreements, arrangements,
or understandings between the Company and any Holder or beneficial owner of this Security, by purchasing or acquiring this Security, each
Holder (including each beneficial owner) of this Security 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 the issue to or conferral
on the holder of such shares, securities or obligations, including by means of amendment, modification or variation of the terms of the
Securities); 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; any 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. With respect to (i), (ii) and (iii) above, references to principal and interest shall
include payments of principal and interest that have become due and payable (including principal that has become due and payable at the
maturity date), but which have not been paid, prior to the exercise of any U.K. bail-in power. Each Holder and each 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For these purposes, a &ldquo;U.K. bail-in power&rdquo;
is any write-down, conversion, transfer, modification, moratorium and/or suspension power existing from time to time under any laws, regulations,
rules or requirements relating to the resolution of financial holding companies, mixed financial holding companies, 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 or other members of 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 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) and/or the Loss Absorption Regulations, pursuant to which obligations of a bank, banking group company, credit
institution or investment firm or any of its affiliates can be reduced, canceled, 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 &ldquo;relevant U.K. resolution authority&rdquo;
is to any authority with the ability to exercise a U.K. bail-in power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>The rest of this page is intentionally left
blank</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the Company has caused this
Security to be duly executed.<BR>
<BR>
<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Dated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">LLOYDS BANKING GROUP PLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:&#9;</FONT></TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 36.8pt; text-indent: -36.8pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp; &#9;</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Global Note Signature Page]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTIFICATE OF AUTHENTICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is one of the Securities of the series designated
herein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Dated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">THE BANK OF NEW YORK MELLON,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt">acting through its London Branch, as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:___________________________</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Global Note Signature Page]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[REVERSE OF SECURITY]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Security is one of a duly authorized issue
of securities of the Company (herein called the &ldquo;Securities&rdquo;) 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 &ldquo;Senior Indenture&rdquo;), among the Company, as issuer, and The Bank of New York Mellon, acting through its London Branch as
trustee (herein called the &ldquo;Trustee,&rdquo; which term includes any successor trustee under the Senior Indenture), as supplemented
by the Twenty-Second Supplemental Indenture dated as of November 4, 2025, among the Company, the Trustee, The Bank of New York Mellon,
acting through its London Branch, as paying agent (herein called the &ldquo;Paying Agent&rdquo;) and The Bank of New York Mellon SA/NV,
Dublin Branch, as Senior Debt Security Registrar (the &ldquo;Twenty-Second Supplemental Indenture&rdquo;, and, together with the Senior
Indenture, the &ldquo;Indenture&rdquo;) 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 Securities
and of the terms upon which the Securities are, and are to be, authenticated and delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Security is one of the series designated on
the face hereof, initially limited in aggregate principal amount to $1,500,000,000. The Company may, without the consent of the Holders
of the Securities, issue additional notes having the same ranking and interest rate, maturity date, redemption terms and other terms as
the Securities except for the price to the public, issue date and first interest payment date, provided that such additional notes issued
with the same CUSIP, Common Code and/or ISIN number or numbers as the outstanding Securities must be fungible with the outstanding Securities
for U.S. federal income tax purposes. Any such Securities, together with this Security, will constitute a single series of securities
under the Indenture. The Securities will initially be issued in the form of one or more global Securities (each, a &ldquo;Global Security&rdquo;).
Except as provided in the Indenture, a Global Security shall not be exchangeable for one or more definitive Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Securities of this series will constitute direct,
unconditional, unsecured and unsubordinated obligations of the Company, as described herein, and will rank <I>pari passu</I> and without
any preference among themselves and at least <I>pari passu </I>with all of the Company&rsquo;s other outstanding unsecured and unsubordinated
obligations, present and future subject to such exceptions as may be provided by mandatory provisions of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During the period from, and including, November
4, 2025 to, but excluding, November 4, 2030 (the &ldquo;Initial Fixed Rate Period&rdquo;), interest shall accrue from the Issue Date at
a fixed rate of 4.425% per annum. Interest accrued during the Initial Fixed Rate Period shall be payable semi-annually in arrear on May
4 and November 4 of each year (each, a &ldquo;Fixed Rate Interest Payment Date&rdquo;), commencing on May 4, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During the period from, and including, November
4, 2030 (the &ldquo;Reset Date&rdquo;) to, but excluding, November 4, 2031 (the &ldquo;Reset Fixed Rate Period&rdquo;), 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), <I>plus </I>82 basis points (0.820%). Interest accrued on the Securities
during the Reset Fixed Rate Period will be payable semi-annually in arrear on May 4, 2031 and November 4, 2031 (each a &ldquo;Reset Rate
Interest Payment Date&rdquo;, and together with the Fixed Rate Interest Payment Dates, the &ldquo;Interest Payment Dates&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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, redemption date or Maturity
Date is not a Business Day, the Company shall pay interest and principal, as applicable, 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, redemption date or Maturity
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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, redemption date or Maturity Date is not a Business Day, interest and principal,
as applicable, 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, redemption date or Maturity Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Comparable Treasury Issue</B>&rdquo;
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 Dollars and having a maturity of one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Comparable Treasury Price</B>&rdquo;
means, with respect to the Reset Date, (i) the arithmetic average of the Reference Treasury Dealer Quotations for the Reset Date (calculated
by the Calculation Agent 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Reference Treasury Dealer</B>&rdquo;
means each of up to five banks selected by the Company, or 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 Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Reference Treasury Dealer Quotations</B>&rdquo;
means with respect to each Reference Treasury Dealer and the Reset Date, the bid and offered prices obtained by the Company 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Reset Determination Date</B>&rdquo; means
the second Business Day immediately preceding the Reset Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>U.S. Treasury Rate</B>&rdquo;
means, with respect to the Reset Date, the rate per annum equal to: (1) the arithmetic average of the yields on actively traded U.S. Treasury
securities adjusted to constant maturity for the maturity of one year (&ldquo;Yields&rdquo;), for the five consecutive business days immediately
prior to the Reset Determination Date and appearing under the caption &ldquo;Treasury constant maturities&rdquo; on the Reset Determination
Date as of 5:00 p.m. (New York City time), in the applicable most recently published statistical release designated &ldquo;H.15 Daily
Update&rdquo;, 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 &ldquo;Treasury Constant Maturities&rdquo;,
for the maturity of one year; <I>provided that </I>if the Yield is not available through such release (or successor publication) for any
relevant business day, then the arithmetic average will be determined based on the Yields for the remaining business days during the five
business day period described above (provided further that if the Yield is available for only a single business day during such five business
day period, the &ldquo;U.S. Treasury Rate&rdquo; will mean the single-day Yield for such day); or (2) if such release (or any successor
release) is not published during the week immediately prior to 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the U.S. Treasury Rate
cannot be determined, for whatever reason, as described under (1) or (2) above, &ldquo;U.S. Treasury Rate&rdquo; means the rate in percentage
per annum as notified by the Calculation Agent to the Company equal to the last reported Yield on U.S. Treasury securities having a maturity
of one year based on information appearing in the most recently published statistical release designated &ldquo;H.15 Daily Update&rdquo;&nbsp;&nbsp;(or
any successor publication by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded U.S.
Treasury securities) as of 5:00 p.m. (New York City time) on the Reset Determination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The U.S. Treasury Rate shall be determined by The
Bank of New York Mellon, London Branch as calculation agent (the &ldquo;Calculation Agent&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The interest rate on the Securities during the
Reset Fixed Rate Period will in no event be higher than the maximum rate permitted by law or lower than 0.00% per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">By its acquisition of Securities or an interest
therein, each holder and beneficial owner of Securities 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 herewith or any losses suffered in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to Section 11.11 of the Indenture and on
at least 5 Business Days but no more than 30 Business Days&rsquo; prior written notice delivered to the Holders of the Securities (with
a copy to the Trustee), 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, the Company giving&nbsp;&nbsp;notice to the Relevant Regulator and the Relevant Regulator granting
the Company permission) redeem the Securities, in whole, but not in part, on November 4, 2030 at a redemption price equal to 100% of the
principal amount of the Securities being redeemed <I>plus</I> accrued and unpaid interest thereon, if any, to, but excluding, the date
of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an Event of Default with respect to the Securities
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 Securities of this series may declare the principal amount of, and any accrued interest on and any Additional
Amounts on, all the Securities to be due and payable immediately, in the manner, with the effect and subject to the conditions provided
in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise provided in Article 5 of the
Indenture, during the continuance of an Event of Default, the Trustee may in its discretion proceed to protect and enforce its rights
and the rights of Holders of Securities 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 Securities prior to any date on which the principal of, or any interest
on, the Securities would have otherwise been payable by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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, (except in such winding-up, in accordance with Section 5.01 of the Indenture) declare the principal amount of
any of the Outstanding Securities to be due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Failure to make any payment in respect of this
Security 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 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 Indenture) or seven days (in the case of payments
under Section 5.03(b) of the Indenture) after the Trustee gives written notice to the Company informing it of such resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 Securities. The Holders of 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 Securities or
the Senior Indenture (or between the obligations under or in respect of the Securities and any liability owed by a Holder to the Company)
that they might otherwise have against the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No remedy against the Company other than as referred
to in Article 5 of the Indenture shall be available to the Trustee (on behalf of the Holders) or the Holders, whether for the recovery
of amounts owing in respect of the Securities 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 Securities or under the 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Amounts to be paid on the Securities 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 imposed, 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 &ldquo;Taxing Jurisdiction&rdquo;), unless such deduction or
withholding is required by law.&nbsp;&nbsp;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 interest only on the Securities of this series (&ldquo;Additional Amounts&rdquo;)
that are necessary in order that the net amounts of interest paid to the Holders, after the deduction or withholding, shall equal the
amounts of interest only which would have been payable on the Securities if the deduction or withholding had not been required. <I>However</I>,
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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i) the Holder or the beneficial owner of a Security
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 Security,
or the collection of any payment of (or in respect of) principal of, or interest or other payments on, any Security,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ii) except in the case of winding-up in the United
Kingdom, the relevant Security is presented (where presentation is required) for payment in the United Kingdom,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(iii) the relevant Security is presented (where
presentation is required) for payment more than 30 days after the date payment became due or was provided for, whichever is later, except
to the extent that the Holder would have been entitled to the Additional Amounts on presenting the same for payment at the close of that
30 day period,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(iv) the Holder or the beneficial owner of the
relevant Security or the beneficial owner of any payment of (or in respect of) principal of, or interest or other payments on, the Security
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,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(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 (&ldquo;FATCA&rdquo;), 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(vi) any combination of clauses (i) through (v)
above,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">nor shall Additional Amounts be paid with respect to interest only
on the Securities 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 Securities 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 Securities,
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">References herein to the payment of interest on
the Securities 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to the Company&rsquo;s right to redeem
the Securities on November 4, 2030, the Securities 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&rsquo; notice,
on any Payment Date, at a redemption price equal to 100% of the principal amount, together with accrued but unpaid interest thereon, if
any, in respect of the Securities 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 November 4, 2025:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) in making payment under the Securities the
Company has or will or would on the next Payment Date become obligated to pay Additional Amounts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) the payment of interest on the next Payment
Date in respect of the Securities would be treated as a &ldquo;distribution&rdquo; 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(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).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 Securities 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&rsquo;s Certificate, evidencing
compliance with such provisions and stating that the Company is entitled to redeem the Securities pursuant to the terms of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company may, at the Company&rsquo;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 15 nor more than 30
days&rsquo; notice to holders, redeem all but not some only of the Securities outstanding at any time at 100% of their principal amount
together with accrued but unpaid interest thereon, if any, to the date of redemption, if immediately prior to the giving of the notice
referred to above, the Company delivers to the Trustee an Officer&rsquo;s Certificate stating that a Loss Absorption Disqualification
Event has occurred. 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. The
Trustee shall be entitled to accept such Officer&rsquo;s Certificate without any further inquiry and without liability to any person,
in which event such Officer&rsquo;s Certificate shall be conclusive and binding on the Trustee and the Holders and beneficial owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company elects to redeem the Securities
of this series, the Securities will cease to accrue interest from the date of redemption, <I>provided</I> the redemption price has been
paid in accordance with the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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&rsquo;s obligations in respect of
the payment of the principal of (and premium, if any), and accrued and unpaid interest on, the Securities of this series shall terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 the issue
to or conferral on the holder of such shares, securities or obligations, including by means of amendment, modification or variation of
the terms of the Securities); 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;
any 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. With respect to (i), (ii) and (iii) above, references to principal
and interest shall include payments of principal and interest that have become due and payable (including principal that has become due
and payable at the maturity date), but which have not been paid, prior to the exercise of any U.K. bail-in power. Each Holder and each
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">By purchasing or acquiring the Securities, each
Holder and each beneficial owner of the Securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">(i) acknowledges and agrees that no
exercise of the U.K. bail-in power by the relevant U.K. resolution authority in respect of the Securities shall 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">(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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">(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 or beneficial owners of the Securities under Section 5.12 of the Senior Indenture, and (b) neither the
Senior Indenture nor the Twenty-Second 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&rsquo;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 the Twenty-Second Supplemental Indenture, unless the
Company and the Trustee agree in writing that a supplemental indenture is not necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Holder or beneficial owner that acquires its
Securities in the secondary market shall be deemed to acknowledge, 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, including in relation to the U.K. bail-in power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">By purchasing or acquiring the Securities, each
Holder and each 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither a reduction or cancellation, in part or
in full, of the principal amount of, or interest on, the Securities or the conversion thereof into another security or obligation of the
Company or another person, as a result of the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect
to the Company, nor the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Securities will
be a Default or an Event of Default for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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. Any delay or failure by the Company in delivering the notices referred
to in this paragraph shall not affect the validity and enforceability of the U.K. bail-in power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company&rsquo;s obligations to indemnify the
Trustee in accordance with Section 6.07 of the Indenture shall survive any exercise of the U.K. bail-in power by the relevant U.K. resolution
authority with respect to the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 Securities 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 Securities at the time outstanding of each such series.&nbsp;&nbsp;The Indenture also contains provisions permitting
the Holders of a majority in aggregate principal amount of the outstanding Securities, on behalf of the Holders of all 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.&nbsp;&nbsp;Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No reference herein to the Indenture and no provision
of this Security 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 Security at the times, place and rate, and in
the coin or currency, herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As set forth in, and subject to, the provisions
of the Indenture, no Holder of the Securities will have the right to institute any proceeding with respect to the Indenture, this Security
or any remedy thereunder; <I>provided</I>, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No reference herein to the Indenture and no provision
of this Security or of the Indenture shall alter or impair the right of the Holder of this Security, which is absolute and unconditional,
to receive payment of the principal of (and premium, if any) and interest on, this Security when due and payable in accordance with the
provisions of this Security and the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Security is governed by the laws of the State
of New York, except for the waiver of set-off provisions relating to the Securities which are governed by and construed in accordance
with the laws of Scotland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise defined herein, all terms used
in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 61; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF 2036 SENIOR CALLABLE FIXED-TO-FIXED
RATE GLOBAL NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY.&nbsp;&nbsp;UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY
(55 WATER STREET, NEW YORK, NEW YORK) (&ldquo;DTC&rdquo;), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp; CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE &amp; CO. OR SUCH OTHER ENTITY AS MAY BE 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
&amp; CO., HAS AN INTEREST HEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 62 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">CUSIP No. 53944Y BE2<BR>
ISIN No. US53944YBE23<BR>
Common Code: 322329792</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LLOYDS BANKING GROUP plc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4.943% SENIOR CALLABLE FIXED-TO-FIXED RATE NOTE
DUE 2036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">No. [<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-size: 10pt">$[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">LLOYDS BANKING GROUP plc (herein called the &ldquo;Company,&rdquo;
which term includes any successor person under the Indenture (as defined on the reverse hereof)), for value received, hereby promises
to pay to CEDE &amp; CO., or registered assigns, the principal sum of $[<FONT STYLE="font-family: Symbol">&middot;</FONT>] ([<FONT STYLE="font-family: Symbol">&middot;</FONT>]
Dollars) on November 4, 2036 (the &ldquo;Maturity Date&rdquo;) 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, November 4,
2035, semi-annually in arrear on the Fixed Rate Interest Payment Dates (as defined on the reverse hereof) and (ii) from, and including,
November 4, 2035 to, but excluding, November 4, 2036, semi-annually in arrear 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 Security is registered on the 15<SUP>th </SUP>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 &ldquo;Regular Record Date&rdquo;). If (i) the Company fails to
pay any installment of interest on this Security 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 Security 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 &ldquo;Default&rdquo;),
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 Securities to be due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As set forth on the reverse hereof, interest shall
accrue on this Security from day to day from the date of issuance hereof until the principal amount hereof is paid or made available for
payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payments of interest on this Security 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payment of the principal amount of (and premium,
if any) and any interest on, this Security 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. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to due presentment of this Security 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 Security is
registered as the owner of such Security for the purpose of receiving payment of principal and interest, if any, on such Security and
for all other purposes whatsoever, whether or not such Security 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reference is hereby made to the further provisions
of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth
at this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless the certificate of authentication hereon
has been executed by the Trustee referred to on the reverse hereof by manual or electronic signature, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding any other agreements, arrangements,
or understandings between the Company and any Holder or beneficial owner of this Security, by purchasing or acquiring this Security, each
Holder (including each beneficial owner) of this Security 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 the issue to or conferral
on the holder of such shares, securities or obligations, including by means of amendment, modification or variation of the terms of the
Securities); 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; any 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. With respect to (i), (ii) and (iii) above, references to principal and interest shall
include payments of principal and interest that have become due and payable (including principal that has become due and payable at the
maturity date), but which have not been paid, prior to the exercise of any U.K. bail-in power. Each Holder and each 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For these purposes, a &ldquo;U.K. bail-in power&rdquo;
is any write-down, conversion, transfer, modification, moratorium and/or suspension power existing from time to time under any laws, regulations,
rules or requirements relating to the resolution of financial holding companies, mixed financial holding companies, 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 or other members of 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 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) and/or the Loss Absorption Regulations, pursuant to which obligations of a bank, banking group company, credit
institution or investment firm or any of its affiliates can be reduced, canceled, 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 &ldquo;relevant U.K. resolution authority&rdquo;
is to any authority with the ability to exercise a U.K. bail-in power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>The rest of this page is intentionally left
blank</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the Company has caused this
Security to be duly executed.<BR>
<BR>
<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Dated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">LLOYDS BANKING GROUP PLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:&#9;</FONT></TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 36.8pt; text-indent: -36.8pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp; &#9;</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Global Note Signature Page]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTIFICATE OF AUTHENTICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is one of the Securities of the series designated
herein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Dated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">THE BANK OF NEW YORK MELLON,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0.25in"><FONT STYLE="font-size: 10pt">acting through its London Branch, as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:___________________________</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Global Note Signature Page]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[REVERSE OF SECURITY]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Security is one of a duly authorized issue
of securities of the Company (herein called the &ldquo;Securities&rdquo;) 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 &ldquo;Senior Indenture&rdquo;), among the Company, as issuer, and The Bank of New York Mellon, acting through its London Branch as
trustee (herein called the &ldquo;Trustee,&rdquo; which term includes any successor trustee under the Senior Indenture), as supplemented
by the Twenty-Second Supplemental Indenture dated as of November 4, 2025, among the Company, the Trustee and The Bank of New York Mellon,
acting through its London Branch as paying agent (herein called the &ldquo;Paying Agent&rdquo;) and The Bank of New York Mellon SA/NV,
Dublin Branch, as Senior Debt Security Registrar (the &ldquo;Twenty-Second Supplemental Indenture&rdquo;, and, together with the Senior
Indenture, the &ldquo;Indenture&rdquo;) 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 Securities
and of the terms upon which the Securities are, and are to be, authenticated and delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Security is one of the series designated on
the face hereof, initially limited in aggregate principal amount to $1,250,000,000. The Company may, without the consent of the Holders
of the Securities, issue additional notes having the same ranking and interest rate, maturity date, redemption terms and other terms as
the Securities except for the price to the public, issue date and first interest payment date, provided that such additional notes issued
with the same CUSIP, Common Code and/or ISIN number or numbers as the outstanding Securities must be fungible with the outstanding Securities
for U.S. federal income tax purposes. Any such Securities, together with this Security, will constitute a single series of securities
under the Indenture. The Securities will initially be issued in the form of one or more global Securities (each, a &ldquo;Global Security&rdquo;).
Except as provided in the Indenture, a Global Security shall not be exchangeable for one or more definitive Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Securities of this series will constitute direct,
unconditional, unsecured and unsubordinated obligations of the Company, as described herein, and will rank <I>pari passu</I> and without
any preference among themselves and at least <I>pari passu </I>with all of the Company&rsquo;s other outstanding unsecured and unsubordinated
obligations, present and future subject to such exceptions as may be provided by mandatory provisions of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During the period from, and including, November
4, 2025 to, but excluding, November 4, 2035 (the &ldquo;Initial Fixed Rate Period&rdquo;), interest shall accrue from the Issue Date at
a fixed rate of 4.943% per annum. Interest accrued during the Initial Fixed Rate Period shall be payable semi-annually in arrear on May
4 and November 4 of each year (each, a &ldquo;Fixed Rate Interest Payment Date&rdquo;), commencing on May 4, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During the period from, and including, November
4, 2035 (the &ldquo;Reset Date&rdquo;) to, but excluding, November 4, 2036 (the &ldquo;Reset Fixed Rate Period&rdquo;), 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), <I>plus </I>97 basis points (0.970%). Interest accrued on the Securities
during the Reset Fixed Rate Period will be payable semi-annually in arrear on May 4, 2036 and November 4, 2036 (each a &ldquo;Reset Rate
Interest Payment Date&rdquo;, and together with the Fixed Rate Interest Payment Dates, the &ldquo;Interest Payment Dates&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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, redemption date or Maturity
Date is not a Business Day, the Company shall pay interest and principal, as applicable, 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, redemption date or Maturity
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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, redemption date or Maturity Date is not a Business Day, interest and principal,
as applicable, 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, redemption date or Maturity Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Comparable Treasury Issue</B>&rdquo;
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 Dollars and having a maturity of one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Comparable Treasury Price</B>&rdquo;
means, with respect to the Reset Date, (i) the arithmetic average of the Reference Treasury Dealer Quotations for the Reset Date (calculated
by the Calculation Agent 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Reference Treasury Dealer</B>&rdquo;
means each of up to five banks selected by the Company, or 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 Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Reference Treasury Dealer Quotations</B>&rdquo;
means with respect to each Reference Treasury Dealer and the Reset Date, the bid and offered prices obtained by the Company 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Reset Determination Date</B>&rdquo; means
the second Business Day immediately preceding the Reset Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>U.S. Treasury Rate</B>&rdquo;
means, with respect to the Reset Date, the rate per annum equal to: (1) the arithmetic average of the yields on actively traded U.S. Treasury
securities adjusted to constant maturity for the maturity of one year (&ldquo;Yields&rdquo;), for the five consecutive business days immediately
prior to the Reset Determination Date and appearing under the caption &ldquo;Treasury constant maturities&rdquo; on the Reset Determination
Date as of 5:00 p.m. (New York City time), in the applicable most recently published statistical release designated &ldquo;H.15 Daily
Update&rdquo;, 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 &ldquo;Treasury Constant Maturities&rdquo;,
for the maturity of one year; <I>provided that </I>if the Yield is not available through such release (or successor publication) for any
relevant business day, then the arithmetic average will be determined based on the Yields for the remaining business days during the five
business day period described above (provided further that if the Yield is available for only a single business day during such five business
day period, the &ldquo;U.S. Treasury Rate&rdquo; will mean the single-day Yield for such day); or (2) if such release (or any successor
release) is not published during the week immediately prior to 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the U.S. Treasury Rate
cannot be determined, for whatever reason, as described under (1) or (2) above, &ldquo;U.S. Treasury Rate&rdquo; means the rate in percentage
per annum as notified by the Calculation Agent to the Company equal to the last reported Yield on U.S. Treasury securities having a maturity
of one year based on information appearing in the most recently published statistical release designated &ldquo;H.15 Daily Update&rdquo;&nbsp;&nbsp;(or
any successor publication by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded U.S.
Treasury securities) as of 5:00 p.m. (New York City time) on the Reset Determination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The U.S. Treasury Rate shall be determined by The
Bank of New York Mellon, London Branch as calculation agent (the &ldquo;Calculation Agent&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The interest rate on the Securities during the
Reset Fixed Rate Period will in no event be higher than the maximum rate permitted by law or lower than 0.00% per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">By its acquisition of Securities or an interest
therein, each holder and beneficial owner of Securities 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 herewith or any losses suffered in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to Section 11.11 of the Indenture and on
at least 5 Business Days but no more than 30 Business Days&rsquo; prior written notice delivered to the Holders of the Securities (with
a copy to the Trustee), 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, the Company giving&nbsp;&nbsp;notice to the Relevant Regulator and the Relevant Regulator granting
the Company permission) redeem the Securities, in whole, but not in part, on November 4, 2035 at a redemption price equal to 100% of the
principal amount of the Securities being redeemed <I>plus</I> accrued and unpaid interest thereon, if any, to, but excluding, the date
of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an Event of Default with respect to the Securities
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 Securities of this series may declare the principal amount of, and any accrued interest on and any Additional
Amounts on, all the Securities to be due and payable immediately, in the manner, with the effect and subject to the conditions provided
in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise provided in Article 5 of the
Indenture, during the continuance of an Event of Default, the Trustee may in its discretion proceed to protect and enforce its rights
and the rights of Holders of Securities 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 Securities prior to any date on which the principal of, or any interest
on, the Securities would have otherwise been payable by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 71; Value: 2 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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, (except in such winding-up, in accordance with Section 5.01 of the Indenture) declare the principal amount of
any of the Outstanding Securities to be due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Failure to make any payment in respect of this
Security 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 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 Indenture) or seven days (in the case of payments
under Section 5.03(b) of the Indenture) after the Trustee gives written notice to the Company informing it of such resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 Securities. The Holders of 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 Securities or
the Senior Indenture (or between the obligations under or in respect of the Securities and any liability owed by a Holder to the Company)
that they might otherwise have against the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No remedy against the Company other than as referred
to in Article 5 of the Indenture shall be available to the Trustee (on behalf of the Holders) or the Holders, whether for the recovery
of amounts owing in respect of the Securities 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 Securities or under the 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 72; Value: 2 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Amounts to be paid on the Securities 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 imposed, 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 &ldquo;Taxing Jurisdiction&rdquo;), unless such deduction or
withholding is required by law.&nbsp;&nbsp;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 interest only on the Securities of this series (&ldquo;Additional Amounts&rdquo;)
that are necessary in order that the net amounts of interest paid to the Holders, after the deduction or withholding, shall equal the
amounts of interest only which would have been payable on the Securities if the deduction or withholding had not been required. <I>However</I>,
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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i) the Holder or the beneficial owner of a Security
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 Security,
or the collection of any payment of (or in respect of) principal of, or interest or other payments on, any Security,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ii) except in the case of winding-up in the United
Kingdom, the relevant Security is presented (where presentation is required) for payment in the United Kingdom,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(iii) the relevant Security is presented (where
presentation is required) for payment more than 30 days after the date payment became due or was provided for, whichever is later, except
to the extent that the Holder would have been entitled to the Additional Amounts on presenting the same for payment at the close of that
30 day period,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(iv) the Holder or the beneficial owner of the
relevant Security or the beneficial owner of any payment of (or in respect of) principal of, or interest or other payments on, the Security
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,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(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 (&ldquo;FATCA&rdquo;), 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(vi) any combination of clauses (i) through (v)
above,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">nor shall Additional Amounts be paid with respect to interest only
on the Securities 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 Securities 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 Securities,
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">References herein to the payment of interest on
the Securities 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to the Company&rsquo;s right to redeem
the Securities on November 4, 2035, the Securities 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&rsquo; notice,
on any Payment Date, at a redemption price equal to 100% of the principal amount, together with accrued but unpaid interest thereon, if
any, in respect of the Securities 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 November 4, 2025:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) in making payment under the Securities the
Company has or will or would on the next Payment Date become obligated to pay Additional Amounts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) the payment of interest on the next Payment
Date in respect of the Securities would be treated as a &ldquo;distribution&rdquo; 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(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).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 74; Value: 2 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 Securities 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&rsquo;s Certificate, evidencing
compliance with such provisions and stating that the Company is entitled to redeem the Securities pursuant to the terms of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company may, at the Company&rsquo;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 15 nor more than 30
days&rsquo; notice to holders, redeem all but not some only of the Securities outstanding at any time at 100% of their principal amount
together with accrued but unpaid interest thereon, if any, to the date of redemption, if immediately prior to the giving of the notice
referred to above, the Company delivers to the Trustee an Officer&rsquo;s Certificate stating that a Loss Absorption Disqualification
Event has occurred. 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. The
Trustee shall be entitled to accept such Officer&rsquo;s Certificate without any further inquiry and without liability to any person,
in which event such Officer&rsquo;s Certificate shall be conclusive and binding on the Trustee and the Holders and beneficial owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company elects to redeem the Securities
of this series, the Securities will cease to accrue interest from the date of redemption, <I>provided</I> the redemption price has been
paid in accordance with the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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&rsquo;s obligations in respect of
the payment of the principal of (and premium, if any), and accrued and unpaid interest on, the Securities of this series shall terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 75; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 the issue
to or conferral on the holder of such shares, securities or obligations, including by means of amendment, modification or variation of
the terms of the Securities); 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;
any 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. With respect to (i), (ii) and (iii) above, references to principal
and interest shall include payments of principal and interest that have become due and payable (including principal that has become due
and payable at the maturity date), but which have not been paid, prior to the exercise of any U.K. bail-in power. Each Holder and each
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">By purchasing or acquiring the Securities, each
Holder and each beneficial owner of the Securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">(i) acknowledges and agrees that no
exercise of the U.K. bail-in power by the relevant U.K. resolution authority in respect of the Securities shall 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">(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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">(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 or beneficial owners of the Securities under Section 5.12 of the Senior Indenture, and (b) neither the
Senior Indenture nor the Twenty-Second 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&rsquo;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 the Twenty-Second Supplemental Indenture, unless the
Company and the Trustee agree in writing that a supplemental indenture is not necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Holder or beneficial owner that acquires its
Securities in the secondary market shall be deemed to acknowledge, 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, including in relation to the U.K. bail-in power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">By purchasing or acquiring the Securities, each
Holder and each 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither a reduction or cancellation, in part or
in full, of the principal amount of, or interest on, the Securities or the conversion thereof into another security or obligation of the
Company or another person, as a result of the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect
to the Company, nor the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Securities will
be a Default or an Event of Default for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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. Any delay or failure by the Company in delivering the notices referred
to in this paragraph shall not affect the validity and enforceability of the U.K. bail-in power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company&rsquo;s obligations to indemnify the
Trustee in accordance with Section 6.07 of the Indenture shall survive any exercise of the U.K. bail-in power by the relevant U.K. resolution
authority with respect to the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 Securities 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 Securities at the time outstanding of each such series.&nbsp;&nbsp;The Indenture also contains provisions permitting
the Holders of a majority in aggregate principal amount of the outstanding Securities, on behalf of the Holders of all 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.&nbsp;&nbsp;Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No reference herein to the Indenture and no provision
of this Security 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 Security at the times, place and rate, and in
the coin or currency, herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As set forth in, and subject to, the provisions
of the Indenture, no Holder of the Securities will have the right to institute any proceeding with respect to the Indenture, this Security
or any remedy thereunder; <I>provided</I>, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No reference herein to the Indenture and no provision
of this Security or of the Indenture shall alter or impair the right of the Holder of this Security, which is absolute and unconditional,
to receive payment of the principal of (and premium, if any) and interest on, this Security when due and payable in accordance with the
provisions of this Security and the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Security is governed by the laws of the State
of New York, except for the waiver of set-off provisions relating to the Securities which are governed by and construed in accordance
with the laws of Scotland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise defined herein, all terms used
in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF 2031 SENIOR CALLABLE FLOATING RATE GLOBAL
NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY.&nbsp;&nbsp;UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY
(55 WATER STREET, NEW YORK, NEW YORK) (&ldquo;DTC&rdquo;), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp; CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE &amp; CO. OR SUCH OTHER ENTITY AS MAY BE 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
&amp; CO., HAS AN INTEREST HEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">CUSIP No. 53944Y BF9<BR>
ISIN No. US53944YBF97<BR>
Common Code: 322329067</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LLOYDS BANKING GROUP plc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SENIOR CALLABLE FLOATING RATE NOTE DUE 2031</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">No. [<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-size: 10pt">$[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">LLOYDS BANKING GROUP plc (herein called the &ldquo;Company,&rdquo;
which term includes any successor person under the Indenture (as defined on the reverse hereof)), for value received, hereby promises
to pay to CEDE &amp; CO., or registered assigns, the principal sum of $[<FONT STYLE="font-family: Symbol">&middot;</FONT>] ([<FONT STYLE="font-family: Symbol">&middot;</FONT>]
Dollars) on November 4, 2031 (the &ldquo;Maturity Date&rdquo;) or on such earlier date as the principal hereof may become due in accordance
with the terms hereof and to pay interest thereon from, and including, the date of issuance hereof to, but excluding, November 4, 2031,
quarterly in arrear on the <FONT STYLE="color: #222222">Floating Rate Notes Interest Payment Dates</FONT> (as defined on the reverse hereof).
Interest so payable on any <FONT STYLE="color: #222222">Floating Rate Notes Interest Payment Date</FONT> (as defined on the reverse hereof)
shall be paid to the Holder in whose name this Security is registered on the 15<SUP>th </SUP>calendar day immediately preceding the relevant
Floating Rate Notes Interest Payment Date, whether or not such day is a Business Day, as defined in the Indenture (each a &ldquo;Regular
Record Date&rdquo;). If (i) the Company fails to pay any installment of interest on this Security on or before its Floating Rate Notes
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
Security 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 &ldquo;Default&rdquo;), 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
Securities to be due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As set forth on the reverse hereof, interest shall
accrue on this Security from day to day from the date of issuance hereof until the principal amount hereof is paid or made available for
payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payments of interest on this Security shall be
computed on the basis of a 360-day year and the actual number of days elapsed in such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payment of the principal amount of (and premium,
if any) and any interest on, this Security 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. <FONT STYLE="color: #222222">However, if a Floating Rate Notes Interest Payment Date would fall on a day that is not a Business
Day, other than the interest payment date that is also a redemption date or the Maturity Date, the Floating Rate Notes Interest Payment
Date will be postponed to the next succeeding day that is a Business Day and interest thereon will continue to accrue, except that if
the Business Day falls in the next succeeding calendar month, the applicable Floating Rate Notes Interest Payment Date will be the immediately
preceding Business Day. In each such case, except for the Floating Rate Notes Interest Payment Date falling on a redemption date or the
Maturity Date, the Floating Rate Notes Interest Periods and the Floating Rate Notes Reset Dates (as defined below) will be adjusted accordingly
to calculate the amount of interest payable on the </FONT>Securities<FONT STYLE="color: #222222">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to due presentment of this Security 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 Security is
registered as the owner of such Security for the purpose of receiving payment of principal and interest, if any, on such Security and
for all other purposes whatsoever, whether or not such Security 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reference is hereby made to the further provisions
of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth
at this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless the certificate of authentication hereon
has been executed by the Trustee referred to on the reverse hereof by manual or electronic signature, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding any other agreements, arrangements,
or understandings between the Company and any Holder or beneficial owner of this Security, by purchasing or acquiring this Security, each
Holder (including each beneficial owner) of this Security 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 the issue to or conferral
on the holder of such shares, securities or obligations, including by means of amendment, modification or variation of the terms of the
Securities); 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; any 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. With respect to (i), (ii) and (iii) above, references to principal and interest shall
include payments of principal and interest that have become due and payable (including principal that has become due and payable at the
maturity date), but which have not been paid, prior to the exercise of any U.K. bail-in power. Each Holder and each 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For these purposes, a &ldquo;U.K. bail-in power&rdquo;
is any write-down, conversion, transfer, modification, moratorium and/or suspension power existing from time to time under any laws, regulations,
rules or requirements relating to the resolution of financial holding companies, mixed financial holding companies, 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 or other members of 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 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) and/or the Loss Absorption Regulations, pursuant to which obligations of a bank, banking group company, credit
institution or investment firm or any of its affiliates can be reduced, canceled, 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 &ldquo;relevant U.K. resolution authority&rdquo;
is to any authority with the ability to exercise a U.K. bail-in power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>The rest of this page is intentionally left
blank</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the Company has caused this
Security to be duly executed.<BR>
<BR>
<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Dated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">LLOYDS BANKING GROUP PLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:&#9;</FONT></TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 36.8pt; text-indent: -36.8pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp; &#9;</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Global Floating Rate Note Signature Page]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTIFICATE OF AUTHENTICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is one of the Securities of the series designated
herein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Dated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">THE BANK OF NEW YORK MELLON, acting through its London Branch, as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:___________________________</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Global Floating Rate Note Signature Page]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[REVERSE OF SECURITY]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Security is one of a duly authorized issue
of securities of the Company (herein called the &ldquo;Securities&rdquo;) 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 &ldquo;Senior Indenture&rdquo;), among the Company, as issuer, and The Bank of New York Mellon, acting through its London Branch as
trustee (herein called the &ldquo;Trustee,&rdquo; which term includes any successor trustee under the Senior Indenture), as supplemented
by the Twenty-Second Supplemental Indenture dated as of November 4, 2025, among the Company, the Trustee, The Bank of New York Mellon,
acting through its London Branch, as paying agent (herein called the &ldquo;Paying Agent&rdquo;) and The Bank of New York Mellon SA/NV,
Dublin Branch, as Senior Debt Security Registrar (the &ldquo;Twenty-Second Supplemental Indenture&rdquo;, and, together with the Senior
Indenture, the &ldquo;Indenture&rdquo;) 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 Securities
and of the terms upon which the Securities are, and are to be, authenticated and delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Security is one of the series designated on
the face hereof, initially limited in aggregate principal amount to $300,000,000. The Company may, without the consent of the Holders
of the Securities, issue additional notes having the same ranking and interest rate, maturity date, redemption terms and other terms as
the Securities 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 Securities for U.S. federal income tax purposes. Any such Securities, together with this Security, will
constitute a single series of securities under the Indenture. The Securities will initially be issued in the form of one or more global
Securities (each, a &ldquo;Global Security&rdquo;). Except as provided in the Indenture, a Global Security shall not be exchangeable for
one or more definitive Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Securities of this series will constitute direct,
unconditional, unsecured and unsubordinated obligations of the Company, as described herein, and will rank <I>pari passu</I> and without
any preference among themselves and at least <I>pari passu </I>with all of the Company&rsquo;s other outstanding unsecured and unsubordinated
obligations, present and future subject to such exceptions as may be provided by mandatory provisions of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="color: #222222">The
Floating Rate Notes Interest Rate will be equal to the sum of (A) the SOFR Index Average (as defined below), as determined, with respect
to each Floating Rate Notes Interest Period (as defined below), on the applicable Floating Rate Notes Interest Determination Date (as
defined below), and (B) </FONT>1.100<FONT STYLE="color: #222222">% per annum, provided that the Floating Rate Notes Interest Rate with
respect to any Floating Rate Notes Interest Period shall be subject to a minimum rate per annum of 0.00%, calculated on the basis of a
360-day year and the actual number of days elapsed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="color: #222222">The
first Floating Rate Notes Interest Payment Date (as defined below) will fall on </FONT>February 4<FONT STYLE="color: #222222">, 2026.
Thereafter, interest on the </FONT>Securities <FONT STYLE="color: #222222">will be paid quarterly in arrear on February 4, May 4, August
</FONT>4 <FONT STYLE="color: #222222">and November 4 of each year (together with the first Floating Rate Notes Interest Payment Date,
each a &ldquo;Floating Rate Notes Interest Payment Date&rdquo;). However, if a Floating Rate Notes Interest Payment Date would fall on
a day that is not a Business Day, other than the interest payment date that is also a redemption date or the Maturity Date, the Floating
Rate Notes Interest Payment Date will be postponed to the next succeeding day that is a Business Day and interest thereon will continue
to accrue, except that if the Business Day falls in the next succeeding calendar month, the applicable Floating Rate Notes Interest Payment
Date will be the immediately preceding Business Day. In each such case, except for the Floating Rate Notes Interest Payment Date falling
on a redemption date or the Maturity Date, the Floating Rate Notes Interest Periods and the Floating Rate Notes Reset Dates will be adjusted
accordingly to calculate the amount of interest payable on the </FONT>Securities<FONT STYLE="color: #222222">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white; color: #222222">The Floating
Rate Notes Interest Rate will be reset on each Floating Rate Notes Interest Payment Date (together with the initial Floating Rate Notes
Reset Date, each a &ldquo;Floating Rate Notes Reset Date&rdquo;). However, if any Floating Rate Notes Reset Date would otherwise be a
day that is not a Business Day, that Floating Rate Notes Reset Date will be postponed to the next succeeding day that is a Business Day,
except that if the Business Day falls in the next succeeding calendar month, the applicable Floating Rate Notes Reset Date will be the
immediately preceding Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white; color: #222222">Interest
will be paid to Holders of record of the Securities in respect of the principal amount thereof outstanding 15 calendar days immediately
preceding the relevant Floating Rate Notes 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="color: #222222">The
first interest period will begin on and include </FONT>November 4<FONT STYLE="color: #222222">, 2025 and will end on and exclude February
4, 2026. Thereafter, the interest periods will be the periods from and including a Floating Rate Notes Interest Payment Date to but excluding
the immediately succeeding Floating Rate Notes Interest Payment Date (together with the initial interest period, each a &ldquo;Floating
Rate Notes Interest Period&rdquo;). However, the final Floating Rate Notes Interest Period will be the period from and including the Floating
Rate Notes Interest Payment Date immediately preceding the Maturity Date to but excluding the Maturity Date. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="color: #222222">The
Calculation Agent in respect of the Security will determine the Floating Rate Notes Interest Rate for each Floating Rate Notes Interest
Period on the fifth U.S. Government Securities Business Day by reference to the SOFR Index Average (as defined below) on that date (the
&ldquo;Floating Rate Notes Interest Determination Date&rdquo;). If a tax redemption or Loss Absorption Disqualification Event redemption
(see Section 11.08 of the Senior Indenture and Section 11.10 of the Senior Indenture as supplemented by the </FONT>Twenty-Second <FONT STYLE="color: #222222">Supplemental
Indenture) occurs, the Floating Rate Notes Interest Determination Date will be on the fifth U.S. Government Securities Business Day preceding
such tax redemption or Loss Absorption Disqualification Event redemption date, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white; color: #222222">&ldquo;U.S.
Government Securities Business Day&rdquo; means any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial
Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in
U.S. government securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the circumstances
described herein, the &ldquo;SOFR Index Average&rdquo; for each Floating Rate Notes Interest Period shall be equal to the value of the
SOFR rates for each day during the relevant Floating Rate Notes Interest Period as calculated by the Calculation Agent as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 36px; width: 171px"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">with the resulting percentage
being rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with 0.000005 being rounded upwards, where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;d<SUB>c</SUB>&rdquo;
for any SOFR Observation Period, means the number of calendar days in the relevant SOFR Observation Period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;SOFR Index&rdquo; means
the SOFR Index in relation to any U.S. Government Securities Business Day as published by the NY Federal Reserve on the NY Federal Reserve&rsquo;s
Website at the SOFR Determination Time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;SOFR IndexEnd&rdquo;
means the SOFR Index value on the date that is five U.S. Government Securities Business Days preceding the Floating Rate Notes Interest
Payment Date relating to such Floating Rate Notes Interest Period (or in the final Floating Rate Notes Interest Period, preceding the
Maturity Date) (such date a &ldquo;SOFR Index Determination Date&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;SOFR IndexStart&rdquo;
means the SOFR Index value on the date that is five U.S. Government Securities Business Days preceding the first date of the relevant
Floating Rate Notes Interest Period (such date a &ldquo;SOFR Index Determination Date&rdquo;), and, for the initial Floating Rate Notes
Interest Period, the SOFR Index value on October 28, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the circumstances
described herein, if the SOFR Index is not published on any relevant SOFR Index Determination Date and a SOFR Benchmark Event and its
related SOFR Benchmark Replacement Date has not occurred, the &ldquo;SOFR Index Average&rdquo; for such Floating Rate Notes Interest Period
shall be calculated by the Calculation Agent on the relevant Floating Rate Notes Interest Determination Date as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 47px; width: 188px"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">with the resulting percentage
being rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with 0.000005 being rounded upwards, where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;d&rdquo; for any SOFR
Observation Period, means the number of calendar days in the relevant SOFR Observation Period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;d<SUB>o</SUB>&rdquo;
for any SOFR Observation Period, means the number of U.S. Government Securities Business Days in the relevant SOFR Observation Period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;i&rdquo; means a series
of whole numbers from one to d<SUB>o</SUB>, each representing the relevant U.S. Government Securities Business Days in chronological order
from (and including) the first U.S. Government Securities Business Day in the relevant SOFR Observation Period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;n<SUB>i</SUB>&rdquo;
for any U.S. Government Securities Business Day &ldquo;i&rdquo; in the relevant SOFR Observation Period, means the number of calendar
days from (and including) such U.S. Government Securities Business Day &ldquo;i&rdquo; up to (but excluding) the following U.S. Government
Securities Business Day (&ldquo;i+1&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;SOFR<SUB>i</SUB>&rdquo;
for any U.S. Government Securities Business Day &ldquo;i&rdquo; in the relevant SOFR Observation Period, is equal to SOFR in respect of
that day &ldquo;i&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the SOFR
provisions above, the following definitions apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;Bloomberg Screen SOFRRATE
Page&rdquo; means the Bloomberg screen designated &ldquo;SOFRRATE&rdquo; or any successor page or service; &ldquo;NY Federal Reserve&rdquo;
means the Federal Reserve Bank of New York;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;NY Federal Reserve&rsquo;s
Website&rdquo; means the website of the NY Federal Reserve, currently at www.newyorkfed.org, or any successor website of the NY Federal
Reserve or the website of any successor administrator of SOFR;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;Reuters Page USDSOFR=&rdquo;
means the Reuters page designated &ldquo;USDSOFR=&rdquo; or any successor page or service;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;SOFR&rdquo; means,
with respect to any day (including any U.S. Government Securities Business Day), the rate determined by the Calculation Agent, as the
case may be, in accordance with the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Secured Overnight Financing Rate published at the SOFR Determination Time, as such rate is reported on the Bloomberg Screen SOFRRATE Page,
then the Secured Overnight Financing Rate published at the SOFR Determination Time, as such rate is reported on the Reuters Page USDSOFR=
or, if no such rate is reported on the Reuters Page USDSOFR=, then the Secured Overnight Financing Rate that appears at the SOFR Determination
Time on the NY Federal Reserve&rsquo;s Website; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the rate specified in (a) above does not appear, the SOFR published on the NY Federal Reserve&rsquo;s Website for the first preceding
U.S. Government Securities Business Day for which SOFR was published on the NY Federal Reserve&rsquo;s Website;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;SOFR Determination
Time&rdquo; means approximately 3:00 p.m. (New York City time) on the NY Federal Reserve&rsquo;s Website on the immediately following
U.S. Government Securities Business Day; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;SOFR Observation Period&rdquo;
means, in respect of each Floating Rate Notes Interest Period, the period from (and including) the fifth U.S. Government Securities Business
Day preceding the first date in such Floating Rate Notes Interest Period to (but excluding) the fifth U.S. Government Securities Business
Day preceding the Floating Rate Notes Interest Payment Date (or in the final Floating Rate Notes Interest Period, preceding the Maturity
Date) for such Floating Rate Notes Interest Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the provisions
above, if a SOFR Benchmark Event and its related SOFR Benchmark Replacement Date occurs when any Floating Rate Notes Interest Rate (or
any component part thereof) remains to be determined by reference to the SOFR Benchmark in respect of the Securities, then the Company
(or its designee) may, at its sole discretion, appoint and consult with an Independent Adviser, as soon as reasonably practicable, with
a view to the Company (or its designee) determining a SOFR Benchmark Replacement and the applicable SOFR Benchmark Replacement Adjustment
Spread and any other amendments to the terms of the Securities, in accordance with the provisions below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the absence of fraud, the
Company (or its designee) and any Independent Adviser appointed pursuant hereto, as applicable, shall have no liability whatsoever to
the Company, the Trustee, the Calculation Agent, any paying agent or the Holders of the Securities for any determination made by it or
for any advice given to the Company (or its designee) in connection with any determination made by the Company (or its designee) pursuant
hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Company (or its designee)
has not appointed an Independent Adviser in accordance herewith, the Company (or its designee) may still make any determinations and/or
any amendments contemplated by and in accordance herewith (with the relevant provisions herein applying <I>mutatis mutandis</I> to allow
such determinations or amendments to be made by the Company (or its designee) without consultation with an Independent Adviser). Any determination,
decision or election that may be made by the Company (or its designee) pursuant hereto, including any determination with respect to tenor,
rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking
any action or any selection, will be conclusive and binding absent manifest error, will be made in the Company&rsquo;s (or its designee&rsquo;s)
sole discretion, and, notwithstanding anything to the contrary in the documentation relating to the Securities, shall become effective
without consent from the Holders of the Securities or any other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the paragraph below,
if the Company (or its designee), following consultation with its Independent Adviser, no later than three Business Days prior to the
Floating Rate Notes Interest Determination Date relating to the next Floating Rate Notes Interest Period (the &ldquo;Determination Cut-off
Date&rdquo;) determines the SOFR Benchmark Replacement for the purposes of determining the Floating Rate Notes Interest Rate for all future
Floating Rate Notes Interest Periods (subject to the subsequent operation hereof during any other future Floating Rate Notes Interest
Periods), then such SOFR Benchmark Replacement shall be the SOFR Benchmark for all future Floating Rate Notes Interest Periods (subject
to the subsequent operation hereof during any other future Floating Rate Notes Interest Period(s)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the above
paragraph, if the Company (or its designee), following consultation with its Independent Adviser, determines prior to the Determination
Cut-off Date that no SOFR Benchmark Replacement exists then the relevant Floating Rate Notes Interest Rate shall be determined using the
SOFR Benchmark last displayed on the relevant page prior to the relevant Floating Rate Notes Interest Determination Date. This paragraph
shall apply to the relevant Floating Rate Notes Interest Period only. Any subsequent Floating Rate Notes Interest Period(s) shall be subject
to the subsequent operation of, and adjustment as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Promptly following the determination
of the SOFR Benchmark Replacement as described herein, the Company (or its designee) shall give notice thereof pursuant hereto to the
Trustee, the Calculation Agent, any paying agents and the Holders of the Securities. For the avoidance of doubt, neither the Trustee,
the Calculation Agent nor any paying agents shall have any responsibility for making such determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to receipt of notice
pursuant to the above paragraph, the Trustee, the Calculation Agent and any paying agents shall, at the direction and expense of the Company,
effect such waivers and consequential amendments to the terms and conditions of the Securities, the Indenture and any other document as
the Company (or its designee), following consultation with its Independent Adviser, determines may be required to give effect to any application
hereof, including, but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;changes
to the terms and conditions of the Securities which the Company (or its designee), following consultation with its Independent Adviser,
determines may be required in order to follow market practice (determined according to factors including, but not limited to, public statements,
opinions and publications of industry bodies and organizations) in relation to such SOFR Benchmark Replacement, including, but not limited
to (A)&nbsp;the Business Day, business day convention, day count fraction, Floating Rate Notes Interest Determination Date and/or any
relevant time applicable to the Securities and (B)&nbsp;the method for determining the fallback to the Floating Rate Notes Interest Rate
if such SOFR Benchmark Replacement is not available; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other changes which the Company (or its designee), following consultation with its Independent Adviser, determines are reasonably necessary
to ensure the proper operation and comparability to the SOFR Benchmark of such SOFR Benchmark Replacement, which changes shall apply to
the Securities for all future Floating Rate Notes Interest Periods (subject to the subsequent operation hereof). None of the Trustee,
the Calculation Agent or any paying agents shall be responsible or liable for any determinations, decisions or elections made by the Company
(or its designee) with respect to any waivers or consequential amendments to be effected pursuant hereto or any other changes and shall
be entitled to rely conclusively on any certifications provided to each of them in this regard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No consent of the Holders
of the Securities shall be required in connection with effecting the relevant SOFR Benchmark Replacement as described herein or such other
relevant adjustments pursuant hereto, including for the execution of, or amendment to, any documents or the taking of other steps by the
Company (or its designee) or any of the parties to the Indenture (if required).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By its acquisition of the
Securities, each Holder and beneficial owner of the Securities and each subsequent holder and beneficial owner acknowledges, accepts,
agrees to be bound by, and consents to, the Company&rsquo;s (or its designee&rsquo;s) determination of the SOFR Benchmark Replacement,
as contemplated hereby, and to any amendment or alteration of the terms and conditions of the Securities, including an amendment of the
amount of interest due on the Securities, as may be required in order to give effect hereto, without the need for any further consent
from the Holders of the Securities. The Trustee shall be entitled to rely on this deemed consent in connection with any supplemental indenture
or amendment which may be necessary to give effect to the SOFR Benchmark Replacement or any application hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By its acquisition of the
Securities, each Holder and beneficial owner of the Securities and each subsequent holder and beneficial owner waives any and all claims
in law and/or equity against the Trustee, the Calculation Agent and 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 neither 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 herewith or any losses suffered in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding any other
provision hereof, no SOFR Benchmark Replacement will be adopted, nor will the SOFR Benchmark Replacement Adjustment (as applicable) be
applied, nor will any other amendments to the terms and conditions of the Securities be made, if and to the extent that, in the determination
of the Company, the same could reasonably be expected to result in the exclusion of the Securities (in whole or in part) from the Company&rsquo;s
and/or its subsidiaries&rsquo; 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 its subsidiaries and as determined in accordance with,
and pursuant to, the relevant Loss Absorption Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;Corresponding Tenor&rdquo;
with respect to a SOFR Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding Business
Day adjustment) as the applicable tenor for the then-current SOFR Benchmark;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;Independent Adviser&rdquo;
means an independent financial institution of international repute or an independent financial adviser with appropriate expertise appointed
by the Company hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;ISDA&rdquo; means the
International Swaps and Derivatives Association, Inc. or any successor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;ISDA Definitions&rdquo;
means the 2006 ISDA Definitions, as published by ISDA, as amended, supplemented or replaced from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;ISDA Fallback Rate&rdquo;
means the rate to be effective upon the occurrence of a SOFR Index Cessation Event according to (and as defined in) the ISDA Definitions,
where such rate may have been adjusted for an overnight tenor, but without giving effect to any additional spread adjustment to be applied
according to such ISDA Definitions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;ISDA Spread Adjustment&rdquo;
means the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value
or zero) that shall have been selected by ISDA as the spread adjustment that would apply to the ISDA Fallback Rate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;Relevant Governmental
Body&rdquo; means the Board of Governors of the Federal Reserve System and/or the NY Federal Reserve or a committee officially endorsed
or convened by the Board of Governors of the Federal Reserve System and/or the NY Federal Reserve, or any successor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;SOFR Benchmark&rdquo;
means, initially, the SOFR Index Average, provided that if a SOFR Benchmark Event has occurred with respect to the SOFR Index Average
or the then-current SOFR Benchmark, then &ldquo;SOFR Benchmark&rdquo; means the applicable SOFR Benchmark Replacement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;SOFR Benchmark Event&rdquo;
means the occurrence of one or more of the following events with respect to the then-current SOFR Benchmark (including the daily published
component used in the calculation thereof):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
public statement or publication of information by or on behalf of the administrator of the SOFR Benchmark (or such component) announcing
that such administrator has ceased or will cease to provide the SOFR Benchmark (or such component), permanently or indefinitely, provided
that, at the time of such statement or publication, there is no successor administrator that will continue to provide the SOFR Benchmark
(or such component);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
public statement or publication of information by the regulatory supervisor for the administrator of the SOFR Benchmark (or such component),
the central bank for the currency of the SOFR Benchmark (or such component), an insolvency official with jurisdiction over the administrator
for the SOFR Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the SOFR Benchmark (or
such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the SOFR Benchmark
(or such component), which states that the administrator of the SOFR Benchmark (or such component) has ceased or will cease to provide
the SOFR Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there
is no successor administrator that will continue to provide the SOFR Benchmark (or such component); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
public statement or publication of information by the regulatory supervisor for the administrator of the SOFR Benchmark announcing that
the SOFR Benchmark is no longer representative;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;SOFR Benchmark Replacement&rdquo;
means the first alternative set forth in the order below that can be determined by the Company, following consultation with its Independent
Adviser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
sum of (a)&nbsp;the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement
for the then-current SOFR Benchmark for the applicable Corresponding Tenor and (b)&nbsp;the SOFR Benchmark Replacement Adjustment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
sum of (a)&nbsp;the ISDA Fallback Rate and (b)&nbsp;the SOFR Benchmark Replacement Adjustment; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
sum of (a)&nbsp;the alternate rate that has been selected by the Company, in consultation with the Independent Adviser, as the replacement
for the then-current SOFR Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate as a
replacement for the then-current SOFR Benchmark for U.S. dollar-denominated floating rate notes at such time and (b)&nbsp;the SOFR Benchmark
Replacement Adjustment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;SOFR Benchmark Replacement
Adjustment&rdquo; means the first alternative set forth in the order below that can be determined by the Company, following consultation
with its Independent Adviser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero)
that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted SOFR Benchmark Replacement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the applicable Unadjusted SOFR Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Spread Adjustment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
spread adjustment (which may be a positive or negative value or zero) determined by the Company, following consultation with its Independent
Adviser, giving due consideration to any industry accepted spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of the then-current SOFR Benchmark with the applicable Unadjusted SOFR Benchmark Replacement for U.S. dollar-denominated
floating rate notes at such time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;SOFR Benchmark Replacement
Date&rdquo; means the earliest to occur of the following events with respect to the then-current SOFR Benchmark (including the daily published
component used in the calculation thereof):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of clause&nbsp;(1) or (2) of the definition of &ldquo;SOFR Benchmark Event,&rdquo; the later of (a)&nbsp;the date of the public
statement or publication of information referenced therein and (b)&nbsp;the date on which the administrator of the SOFR Benchmark permanently
or indefinitely ceases to provide the SOFR Benchmark (or such component); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of clause&nbsp;(3) of the definition of &ldquo;SOFR Benchmark Event,&rdquo; the date of the public statement or publication of
information referenced therein; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;Unadjusted SOFR Benchmark
Replacement&rdquo; means the SOFR Benchmark Replacement excluding the applicable SOFR Benchmark Replacement Adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">By its acquisition of Securities or an interest
therein, each holder and beneficial owner of Securities 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 herewith or any losses suffered in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to Section 11.11 of the Indenture and on
at least 5 Business Days but no more than 30 Business Days&rsquo; prior written notice delivered to the Holders of the Securities (with
a copy to the Trustee), 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, the Company giving notice to the Relevant Regulator and the Relevant Regulator granting the Company
permission) redeem the Securities, in whole, but not in part, on November 4, 2030 at a redemption price equal to 100% of the principal
amount of the Securities <I>plus</I> accrued and unpaid interest thereon, if any, to, but excluding, the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an Event of Default with respect to the Securities
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 Securities of this series may declare the principal amount of, and any accrued interest on and any Additional
Amounts on, all the Securities to be due and payable immediately, in the manner, with the effect and subject to the conditions provided
in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise provided in Article 5 of the
Indenture, during the continuance of an Event of Default, the Trustee may in its discretion proceed to protect and enforce its rights
and the rights of Holders of Securities 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 Securities prior to any date on which the principal of, or any interest
on, the Securities would have otherwise been payable by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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, (except in such winding-up, in accordance with Section 5.01 of the Indenture) declare the principal amount of
any of the Outstanding Securities to be due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Failure to make any payment in respect of this
Security 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 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 Indenture) or seven days (in the case of payments
under Section 5.03(b) of the Indenture) after the Trustee gives written notice to the Company informing it of such resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 Securities. The Holders of 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 Securities or
the Senior Indenture (or between the obligations under or in respect of the Securities and any liability owed by a Holder to the Company)
that they might otherwise have against the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No remedy against the Company other than as referred
to in Article 5 of the Indenture shall be available to the Trustee (on behalf of the Holders) or the Holders, whether for the recovery
of amounts owing in respect of the Securities 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 Securities or under the 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 95; Value: 2 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Amounts to be paid on the Securities 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 imposed, 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 &ldquo;Taxing Jurisdiction&rdquo;), unless such deduction or
withholding is required by law.&nbsp;&nbsp;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 interest only on the Securities of this series (&ldquo;Additional Amounts&rdquo;)
that are necessary in order that the net amounts of interest paid to the Holders, after the deduction or withholding, shall equal the
amounts of interest only which would have been payable on the Securities if the deduction or withholding had not been required. <I>However</I>,
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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i) the Holder or the beneficial owner of a Security
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 Security,
or the collection of any payment of (or in respect of) principal of, or interest or other payments on, any Security,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ii) except in the case of winding-up in the United
Kingdom, the relevant Security is presented (where presentation is required) for payment in the United Kingdom,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(iii) the relevant Security is presented (where
presentation is required) for payment more than 30 days after the date payment became due or was provided for, whichever is later, except
to the extent that the Holder would have been entitled to the Additional Amounts on presenting the same for payment at the close of that
30 day period,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(iv) the Holder or the beneficial owner of the
relevant Security or the beneficial owner of any payment of (or in respect of) principal of, or interest or other payments on, the Security
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,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(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 (&ldquo;FATCA&rdquo;), 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(vi) any combination of clauses (i) through (v)
above,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">nor shall Additional Amounts be paid with respect to interest only
on the Securities 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 Securities 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 Securities,
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">References herein to the payment of interest on
the Securities 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to the Company&rsquo;s right to redeem
the Securities on November 4, 2030, the Securities 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&rsquo; notice,
on any Payment Date, at a redemption price equal to 100% of the principal amount, together with accrued but unpaid interest thereon, if
any, in respect of the Securities 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 November 4, 2025:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) in making payment under the Securities the
Company has or will or would on the next Payment Date become obligated to pay Additional Amounts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) the payment of interest on the next Payment
Date in respect of the Securities would be treated as a &ldquo;distribution&rdquo; 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(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).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 Securities 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&rsquo;s Certificate, evidencing
compliance with such provisions and stating that the Company is entitled to redeem the Securities pursuant to the terms of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company may, at the Company&rsquo;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 15 nor more than 30
days&rsquo; 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 delivers to the Trustee an Officer&rsquo;s Certificate stating that a Loss Absorption Disqualification Event has occurred.
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. The Trustee shall
be entitled to accept such Officer&rsquo;s Certificate without any further inquiry and without liability to any person, in which event
such Officer&rsquo;s Certificate shall be conclusive and binding on the Trustee and the Holders and beneficial owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company elects to redeem the Securities
of this series, the Securities will cease to accrue interest from the date of redemption, <I>provided</I> the redemption price has been
paid in accordance with the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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&rsquo;s obligations in respect of
the payment of the principal of (and premium, if any), and accrued and unpaid interest on, the Securities of this series shall terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 the issue
to or conferral on the holder of such shares, securities or obligations, including by means of amendment, modification or variation of
the terms of the Securities); 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;
any 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. With respect to (i), (ii) and (iii) above, references to principal
and interest shall include payments of principal and interest that have become due and payable (including principal that has become due
and payable at the maturity date), but which have not been paid, prior to the exercise of any U.K. bail-in power. Each Holder and each
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">By purchasing or acquiring the Securities, each
Holder and each beneficial owner of the Securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">(i) acknowledges and agrees that no
exercise of the U.K. bail-in power by the relevant U.K. resolution authority in respect of the Securities shall 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">(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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">(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 or beneficial owners of the Securities under Section 5.12 of the Senior Indenture, and (b) neither the
Senior Indenture nor the Twenty-Second 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&rsquo;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 the Twenty-Second Supplemental Indenture, unless the
Company and the Trustee agree in writing that a supplemental indenture is not necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Holder or beneficial owner that acquires its
Securities in the secondary market shall be deemed to acknowledge, 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, including in relation to the U.K. bail-in power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">By purchasing or acquiring the Securities, each
Holder and each 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither a reduction or cancellation, in part or
in full, of the principal amount of, or interest on, the Securities or the conversion thereof into another security or obligation of the
Company or another person, as a result of the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect
to the Company, nor the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Securities will
be a Default or an Event of Default for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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. Any delay or failure by the Company in delivering the notices referred
to in this paragraph shall not affect the validity and enforceability of the U.K. bail-in power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company&rsquo;s obligations to indemnify the
Trustee in accordance with Section 6.07 of the Indenture shall survive any exercise of the U.K. bail-in power by the relevant U.K. resolution
authority with respect to the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 Securities 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 Securities at the time outstanding of each such series.&nbsp;&nbsp;The Indenture also contains provisions permitting
the Holders of a majority in aggregate principal amount of the outstanding Securities, on behalf of the Holders of all 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.&nbsp;&nbsp;Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No reference herein to the Indenture and no provision
of this Security 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 Security at the times, place and rate, and in
the coin or currency, herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As set forth in, and subject to, the provisions
of the Indenture, no Holder of the Securities will have the right to institute any proceeding with respect to the Indenture, this Security
or any remedy thereunder; <I>provided</I>, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No reference herein to the Indenture and no provision
of this Security or of the Indenture shall alter or impair the right of the Holder of this Security, which is absolute and unconditional,
to receive payment of the principal of (and premium, if any) and interest on, this Security when due and payable in accordance with the
provisions of this Security and the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Security is governed by the laws of the State
of New York, except for the waiver of set-off provisions relating to the Securities which are governed by and construed in accordance
with the laws of Scotland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise defined herein,
all terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>dp236922_ex0501.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 68.05pt 0pt 0; text-align: right"><B><I><IMG SRC="image_004.jpg" ALT="" STYLE="height: 58px; width: 113px"></I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 68.05pt 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 71%; vertical-align: middle">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Lloyds Banking
Group plc</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">33 Old Broad Street</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">London</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">EC2N 1HZ</P></TD>
    <TD STYLE="width: 29%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CMS
    Cameron McKenna Nabarro Olswang LLP</FONT></P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Saltire
    Court</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20 Castle
    Terrace</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Edinburgh</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">EH1 2EN</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>DX</B>
    ED 194 EDINBURGH</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>T</B>
    +44 131 200 8000</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F</B>
    +44 131 200 8888</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>cms.law</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">4 November 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; font-weight: bold">Your ref</TD>
    <TD STYLE="text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; font-weight: bold">Our ref</TD>
    <TD STYLE="text-align: justify; font-size: 11pt">STPH/PUAL/EDN/0X2244.10059</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 29%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify; color: #231F20">Dear Ladies and Gentlemen,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify"><FONT STYLE="color: #231F20">We have
acted as solicitors in Scotland for Lloyds Banking Group plc (the <B>Company</B>) in connection with the issue by Lloyds Banking Group
plc of: $1,500,000,000 4.425% Senior Callable Fixed-to-Fixed Rate Notes due 2031 (the <B>2031 Notes</B>); $1,250,000,000 4.943% Senior
Callable Fixed-to-Fixed Rate Notes due 2036 (the <B>2036 Notes</B> and, together with the 2031 Notes, the <B>Senior Fixed Rate Notes</B>);
and $300,000,000 Senior Callable Floating Rate Notes due 2031 (the <B>Senior Floating Rate Notes</B> and, together with the Senior Fixed
Rate Notes, the <B>Notes</B>) in an underwritten public offering pursuant to underwriting agreements and pricing agreements dated as of
</FONT>28 October 2025<FONT STYLE="color: #231F20">.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify"><FONT STYLE="color: #231F20">The Notes
are to be issued pursuant to a senior debt securities indenture dated as of 6 July 2010, between the Company and The Bank of New York
Mellon, acting through its London Branch, as trustee, as amended by the First Supplemental Indenture dated as of 6 July 2016 (the <B>Senior
Indenture</B>), as supplemented by a twenty-second supplemental indenture dated as of </FONT>4 November 2025 <FONT STYLE="color: #231F20">in
respect of the Notes (the <B>Supplemental Indenture</B>, and, together with the Senior Indenture, the <B>Indenture</B>).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-top: Black 0.5pt solid">UK-714658059.2&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0">CMS Cameron McKenna Nabarro Olswang LLP is a limited liability
partnership registered in England and Wales with registration number OC310335. It is a body corporate which uses the word &ldquo;partner&rdquo;
to refer to a member, or an employee or consultant with equivalent standing and qualifications. It is authorised and regulated by the
Solicitors Regulation Authority of England and Wales with SRA number 423370. A list of members and their professional qualifications is
open to inspection at the registered office, Cannon Place, 78 Cannon Street, London EC4N 6AF. Members are either solicitors or registered
foreign lawyers. VAT registration number: 974 899 925. Further information about the firm can be found at cms.law</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0">CMS Cameron McKenna Nabarro Olswang LLP is a member of CMS
Legal Services EEIG (CMS EEIG), a European Economic Interest Grouping that coordinates an organisation of independent law firms. CMS EEIG
provides no client services. Such services are solely provided by CMS EEIG&rsquo;s member firms in their respective jurisdictions. CMS
EEIG and each of its member firms are separate and legally distinct entities, and no such entity has any authority to bind any other.
CMS EEIG and each member firm are liable only for their own acts or omissions and not those of each other. The brand name &ldquo;CMS&rdquo;
and the term &ldquo;firm&rdquo; are used to refer to some or all of the member firms or their offices. Further information can be found
at www.cmslegal.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0">Notice: the firm does not accept service by e-mail of court
proceedings, other processes or formal notices of any kind without specific prior written agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify; color: #231F20">We, as your solicitors,
have examined originals or copies, certified or otherwise identified to our satisfaction, of such documents, corporate records, certificates
of public officials and other instruments as we have deemed necessary for the purposes of rendering this opinion. For the purposes of
opinion (2) in the next paragraph, we have assumed (i) the genuineness of all signatures and seals, (ii) the conformity to original documents,
and completeness, of all documents submitted to us as copies and the authenticity of the originals, and (iii) that all relevant resolutions
of the directors of the Company were duly passed at properly convened meetings, and have not been amended or rescinded.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify; color: #231F20">On the basis of the
foregoing, we advise you that, in our opinion, (1) the Notes have been duly authorised in accordance with the Indenture, and, when the
Notes have been (a) executed and authenticated, and (b) delivered and duly paid for by the purchasers thereof, the Notes will constitute
valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, subject to applicable bankruptcy,
insolvency and similar laws affecting creditors' rights generally (including the Banking Act 2009 and any secondary legislation, instruments
or orders made, or which may be made, under it) and equitable principles of general applicability, (2) the Senior Indenture and the Supplemental
Indenture have been duly authorised by all necessary corporate action on the part of the Company, and, insofar as Scots law governs the
formalities of execution and delivery thereof, have been duly executed and delivered by or on behalf of the Company, and (3) subject to
the laws and equitable principles referred to above the Indenture constitutes valid and binding obligations of the Company, enforceable
against the Company in accordance with its terms.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify; color: #231F20">The foregoing opinion
is limited to the laws of Scotland. We have made no investigation of the laws of any jurisdiction other than Scotland and neither express
nor imply any opinion as to any other laws and in particular the laws of the State of New York and the Federal laws of the United States
of America and our opinion is subject to such laws including the matters stated in the opinion of Davis Polk &amp; Wardwell London LLP.
The laws of the State of New York are the chosen governing law of the Notes and the Indenture and we have assumed that the Notes and the
Indenture constitute valid, binding and enforceable obligations of the Company, enforceable against the Company in accordance with their
terms, under such laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify; color: #231F20">We hereby consent to
the filing of this opinion as an exhibit to a report on Form 6-K to be filed by the Company on the date hereof. In giving this consent,
we do not admit that we are in the category of persons whose consent is required under Section 7 of the US Securities Act of 1933, as
amended.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify; color: #231F20">This opinion is rendered
solely to you in connection with the above matter. This opinion may not be relied upon by you for any other purpose or relied upon by
or furnished to any other person without our prior written consent, except that it may be disclosed (on a non-reliance basis) to affiliates
of the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify; color: #231F20">Yours faithfully</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify; color: #231F20">/s/ CMS Cameron McKenna Nabarro Olswang LLP</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify; color: #231F20"><B>CMS Cameron McKenna
Nabarro Olswang LLP</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>


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<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>dp236922_ex0502.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; color: #140B7F">&nbsp;</TD>
    <TD STYLE="width: 30%; color: #140BE3">&nbsp;</TD>
    <TD STYLE="width: 20%; color: #140BE3">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: right; font-size: 14pt; color: white; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">draft</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="color: #140B7F"><IMG SRC="image_001.gif" ALT="" STYLE="height: 19px; width: 105px"></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3">Davis Polk &amp; Wardwell London <FONT STYLE="font-variant: small-caps">llp</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3">The Whittington Building</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3">4A Frederick&rsquo;s Place</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #140BE3">London EC2R 8AB</P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">davispolk.com</P></TD>
    <TD STYLE="color: #140BE3">&nbsp;</TD>
    <TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt">November 4, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Lloyds Banking Group plc<BR>
33 Old Broad Street</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">London EC2N 1HZ<BR>
United Kingdom</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We have acted as special United States counsel for Lloyds Banking Group
plc, a public limited company organized under the laws of Scotland (the &ldquo;<B>Company</B>&rdquo;), in connection with the Company&rsquo;s
offering of $1,500,000,000 aggregate principal amount of the Company&rsquo;s 4.425% Senior Callable Fixed-to-Fixed Rate Notes due 2031
(the &ldquo;<B>2031 Fixed Rate Notes</B>&rdquo;), $1,250,000,000 aggregate principal amount of the Company&rsquo;s 4.943% Senior Callable
Fixed-to-Fixed Rate Notes due 2036 (the &ldquo;<B>2036 Fixed Rate Notes</B>&rdquo;) and $300,000,000 aggregate principal amount of the
Issuer&rsquo;s Senior Callable Floating Rate Notes due 2031 (together with the 2031 Fixed Rate Notes and the 2036 Fixed Rate Notes, the
&ldquo;<B>Securities</B>&rdquo;), in an underwritten public offering pursuant to (i) the Underwriting Agreement dated October 28, 2025
(the &ldquo;<B>Base Underwriting Agreement</B>&rdquo;) and (ii) the Pricing Agreement dated as of October 28, 2025 (the &ldquo;<B>Pricing
Agreement</B>&rdquo; and, together with the Base Underwriting Agreement, the &ldquo;<B>Underwriting Agreement</B>&rdquo;). The Securities
are to be issued pursuant to the provisions of the senior debt securities indenture dated as of July 6, 2010, as amended by the First
Supplemental Indenture dated as of July 6, 2016 (the &ldquo;<B>Senior Indenture</B>&rdquo;) between the Company and The Bank of New York
Mellon, acting through its London Branch, as trustee (the &ldquo;<B>Trustee</B>&rdquo;), as supplemented by the twenty-second supplemental
indenture dated as of the date hereof among the Company, the Trustee, The Bank of New York Mellon, acting through its London Branch, as
paying agent and The Bank of New York Mellon SA/NV, Dublin Branch, as senior debt security registrar (the &ldquo;<B>Senior Debt Security
Registrar</B>&rdquo;) (the &ldquo;<B>Twenty-Second Supplemental Indenture</B>&rdquo; and, together with the Senior Indenture, the &ldquo;<B>Indenture</B>&rdquo;,
and the Indenture, together with the Securities, the &ldquo;<B>Documents</B>&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We, as your counsel, have examined originals or copies of such documents,
corporate records, certificates of public officials and other instruments as we have deemed necessary or advisable for the purpose of
rendering this opinion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In rendering the opinions expressed herein, we have, without independent
inquiry or investigation, assumed that (i) all documents submitted to us as originals are authentic and complete, (ii) all documents submitted
to us as copies conform to authentic, complete originals, (iii) all signatures on all documents that we reviewed are genuine, (iv) all
natural persons executing documents had and have the legal capacity to do so, (v) all statements in certificates of public officials and
officers of the Company that we reviewed were and are accurate and (vi) all representations made by the Company as to matters of fact
in the documents that we reviewed were and are accurate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-top: #140BE3 0.5pt solid">Davis Polk &amp; Wardwell London LLP
is a limited liability partnership formed under the laws of the State of New York, USA and is authorised and regulated by the Solicitors
Regulation Authority with registration number 566321.<BR>
Davis Polk includes Davis Polk &amp; Wardwell LLP and its associated entities</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 21%; color: #140B7F">&nbsp;</TD><TD STYLE="width: 27%; color: #140BE3">&nbsp;</TD><TD STYLE="width: 22%; color: #140BE3">&nbsp;</TD><TD STYLE="width: 30%; text-align: right; font-size: 14pt; color: white; text-transform: uppercase; font-weight: bold">draft</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="color: #140B7F"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B><IMG SRC="image_005.jpg" ALT=""></B></FONT></TD><TD> <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Lloyds Banking Group plc</P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD><TD STYLE="color: #140BE3">&nbsp;</TD><TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Based upon the foregoing, and subject to the additional assumptions
and qualifications set forth below, we advise you that, in our opinion:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.3pt"></TD><TD STYLE="width: 27.2pt">(1)</TD><TD STYLE="padding-right: 6.5pt">Assuming that the Senior Indenture and the Twenty-Second Supplemental Indenture have been duly authorized,
executed and delivered by the Company insofar as Scots law is concerned, the Senior Indenture and the Twenty-Second Supplemental Indenture
have been duly executed and delivered by the Company, and assuming that the Senior Indenture and the Twenty-Second Supplemental Indenture
have been duly authorized, executed and delivered by each of the Company, the Trustee and the Senior Debt Security Registrar and that
each of the Company, the Trustee and the Senior Debt Security Registrar has full power, authority and legal right to enter into and perform
its obligations thereunder, the Senior Indenture and the Twenty-Second Supplemental Indenture constitute valid and binding agreements
of the Company, enforceable against the Company in accordance with their terms, provided that we express no opinion as to the validity,
legally binding effect or enforceability (i) of any provision expressed to be governed by Scots law or (ii) of any provision that permits
holders to collect any portion of stated principal amount upon acceleration of the Securities to the extent determined to constitute unearned
interest; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22pt"></TD><TD STYLE="width: 27.5pt">(2)</TD><TD STYLE="padding-right: 5.2pt">Assuming that the Securities have been duly authorized, executed and delivered by the Company insofar
as Scots law is concerned, the Securities, when authenticated in accordance with the terms of the Indenture and delivered and paid for
in accordance with the terms of the Underwriting Agreement, will constitute valid and binding obligations of the Company entitled to the
benefits of the Indenture, enforceable against the Company in accordance with their terms, provided that we express no opinion as to the
validity, legally binding effect or enforceability (i) of any provision expressed to be governed by Scots law or (ii) of any provision
that permits holders to collect any portion of stated principal amount upon acceleration of the Securities to the extent determined to
constitute unearned interest.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our opinions in paragraphs (1) and (2) are subject to (i) the effects
of applicable bankruptcy, insolvency and similar laws affecting the enforcement of creditors&rsquo; rights generally, concepts of reasonableness
and equitable principles of general applicability and (ii) possible judicial or regulatory actions giving effect to governmental actions
or foreign laws affecting creditors&rsquo; rights.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We express no opinion with respect to the provisions in the Securities
relating to the acknowledgement of and consent to the exercise of any U.K. bail-in power (as defined therein) or Section 3.16 of the Twenty-Second
Supplemental Indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We are members of the Bar of the State of New York, and the foregoing
opinion is limited to the laws of the State of New York and the federal laws of the United States, except that we express no opinion as
to any law, rule or regulation that is applicable to the Company, the Documents or the transactions contemplated thereby solely because
such law, rule or regulation is part of a regulatory regime applicable to any party to any of the Documents or any of its affiliates due
to the specific assets or business of such party or such affiliate. Insofar as the foregoing opinion involves matters governed by Scots
law, we have relied, without independent inquiry or investigation, on the opinion of CMS Cameron McKenna Nabarro Olswang LLP, special
legal counsel in Scotland for the Company, dated as of November 4, 2025, to be filed as an exhibit to a report on Form 6-K concurrently
with this opinion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We hereby consent to the filing of this opinion as an exhibit to a report
on Form 6-K to be filed by the Company on the date hereof. In giving this consent, we do not admit that we are in the category of persons
whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">/s/ Davis Polk &amp; Wardwell London LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: #140BE3 0.5pt solid">&nbsp;</DIV><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; font-size: 10pt">November 4, 2025</TD><TD STYLE="text-align: right; width: 50%; font-size: 10pt">2</TD></TR></TABLE></DIV><!-- Field: /Rule-Page --></DIV>
    <!-- Field: /Page -->

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<DOCUMENT>
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