<SEC-DOCUMENT>0000950103-25-013799.txt : 20251029
<SEC-HEADER>0000950103-25-013799.hdr.sgml : 20251029
<ACCEPTANCE-DATETIME>20251029122240
ACCESSION NUMBER:		0000950103-25-013799
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		16
FILED AS OF DATE:		20251029
DATE AS OF CHANGE:		20251029

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:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-287829
		FILM NUMBER:		251428699

	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>424B2
<SEQUENCE>1
<FILENAME>dp236472_424b2.htm
<DESCRIPTION>FORM 424B2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed pursuant to Rule 424(b)(2)<BR>
Registration No. 333-287829</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">PROSPECTUS SUPPLEMENT<BR>
(to prospectus dated June 6, 2025)</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><IMG SRC="image_001.jpg" ALT="A green horse on a black background&#10;&#10;AI-generated content may be incorrect." STYLE="height: 106px; width: 126px"></FONT></P>

<P STYLE="font: bold 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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
$1,500,000,000 4.425% Senior Callable Fixed-to-Fixed Rate Notes due 2031</P>

<P STYLE="font: bold 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">$1,250,000,000 4.943% Senior Callable Fixed-to-Fixed
Rate Notes due 2036</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; text-indent: 0.25in"><B>$300,000,000 Senior Callable
Floating Rate Notes due 2031</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The 4.425% senior callable fixed-to-fixed rate
notes due 2031 (the &ldquo;2031 Fixed Rate Notes&rdquo;) will mature on November 4, 2031. The 2031 Fixed Rate Notes will bear interest
from, and including, November 4, 2025 to, but excluding, November 4, 2030 (the &ldquo;2031 Fixed Rate Notes Reset Date&rdquo;) at a fixed
annual rate of 4.425%, payable semi-annually in arrear, on May 4 and November 4 of each year, commencing on May 4, 2026. From, and including,
the 2031 Fixed Rate Notes Reset Date, the 2031 Fixed Rate Notes will bear interest at a fixed annual rate equal to the applicable U.S.
Treasury Rate (as defined herein) as determined by the Calculation Agent (as defined herein) on the 2031 Fixed Rate Notes Reset Determination
Date (as defined herein), plus 0.820%, payable semi-annually in arrear, on May 4, 2031 and November 4, 2031. We will have the option in
our sole discretion (but subject to, if and to the extent then required by the Relevant Regulator or the Loss Absorption Regulations,
our giving notice to the Relevant Regulator and the Relevant Regulator granting us permission) to redeem, in whole, but not in part, the
2031 Fixed Rate Notes on November 4, 2030 at a redemption price equal to 100% of the principal amount of the 2031 Fixed Rate Notes being
redeemed plus accrued and unpaid interest thereon, if any, to, but excluding, November 4, 2030.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The 4.943% senior callable fixed-to-fixed rate
notes due 2036 (the &ldquo;2036 Fixed Rate Notes&rdquo;, and, together with the 2031 Fixed Rate Notes, the &ldquo;Fixed Rate Notes&rdquo;)
will mature on November 4, 2036. The 2036 Fixed Rate Notes will bear interest from, and including, November 4, 2025 to, but excluding,
November 4, 2035 (the &ldquo;2036 Fixed Rate Notes Reset Date&rdquo;) at a fixed annual rate of 4.943%, payable semi-annually in arrear,
on May 4 and November 4 of each year, commencing on May 4, 2026. From, and including, the 2036 Fixed Rate Notes Reset Date, the 2036 Fixed
Rate Notes will bear interest at a fixed annual rate equal to the applicable U.S. Treasury Rate (as defined herein) as determined by the
Calculation Agent (as defined herein) on the 2036 Fixed Rate Notes Reset Determination Date (as defined herein), plus 0.970%, payable
semi-annually in arrear, on May 4, 2036 and November 4, 2036. We will have the option in our sole discretion (but subject to, if and to
the extent then required by the Relevant Regulator or the Loss Absorption Regulations, our giving notice to the Relevant Regulator and
the Relevant Regulator granting us permission) to redeem, in whole, but not in part, the 2036 Fixed Rate Notes on November 4, 2035 at
a redemption price equal to 100% of the principal amount of the 2036 Fixed Rate Notes being redeemed plus accrued and unpaid interest
thereon, if any, to, but excluding, November 4, 2035.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The senior callable floating rate notes due 2031
(the &ldquo;Floating Rate Notes&rdquo;, and, together with the Fixed Rate Notes, the &ldquo;Senior Notes&rdquo;) will mature on November
4, 2031. Interest on the Floating Rate Notes will be payable quarterly in arrear, on February 4, May 4, August 4 and November 4 of each
year, beginning on February 4, 2026. The interest rate payable on the Floating Rate Notes will accrue from, and including, November 4,
2025 at a floating rate equal to the sum of the SOFR Index Average, reset quarterly plus 1.100% per annum, subject to the Minimum Rate
(as defined herein). We will have the option in our sole discretion (but subject to, if and to the extent then required by the Relevant
Regulator or the Loss Absorption Regulations, our giving notice to the Relevant Regulator and the Relevant Regulator granting us permission)
to redeem, in whole, but not in part, the Floating Rate Notes on November 4, 2030 at a redemption price equal to 100% of the principal
amount of the Floating Rate Notes being redeemed plus accrued and unpaid interest thereon, if any, to, but excluding, November 4, 2030.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition to our option to redeem a series of
Senior Notes, we may (subject to, if and to the extent then required by the Relevant Regulator or the Loss Absorption Regulations, our
giving notice to the Relevant Regulator and the Relevant Regulator granting us permission) also redeem a series of Senior Notes, in whole,
but not in part, at any time at 100% of their principal amount plus accrued and unpaid interest thereon, if any, upon the occurrence of
certain tax or regulatory events described in this prospectus supplement and accompanying prospectus. See &ldquo;<I>Description of the
Senior Notes&mdash;Conditions to redemption and purchase, etc.</I>&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes will be issued in denominations
of $200,000 and in integral multiples of $1,000 in excess thereof. The Senior Notes will constitute our direct, unconditional, unsecured
and unsubordinated obligations ranking <I>pari passu</I> and without any preference among themselves and at least pari passu with all
of our 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: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus supplement is for distribution
only to persons who (i) have professional experience in matters relating to investments and who fall within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the &ldquo;Financial Promotion Order&rdquo;), (ii) are persons
falling within Article 49(2)(a) to (d) (&ldquo;high net worth companies, unincorporated associations etc.&rdquo;) of the Financial Promotion
Order, (iii) are outside the U.K. or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the
meaning of Section 21 of the Financial Services and Markets Act 2000, as amended (the &ldquo;FSMA&rdquo;)) in connection with the issue
or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred
to as &ldquo;relevant persons&rdquo;). This prospectus supplement is directed only at relevant persons and must not be acted on or relied
on by persons who are not relevant persons. Any investment or investment activity to which this prospectus supplement relates is available
only to relevant persons and will be engaged in only with relevant persons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Notwithstanding any other agreements, arrangements,
or understandings between us and any holder or beneficial owner of the Senior Notes, by purchasing or acquiring the Senior Notes, each
holder (including each beneficial owner) of the Senior Notes acknowledges, accepts, agrees to be bound by and consents to the exercise
of any U.K. bail-in power (as defined below) by the relevant U.K. resolution authority that may result in (i) the reduction or cancellation
of all, or a portion, of the principal amount of, or interest on, the Senior Notes; (ii) the conversion of all, or a portion, of the principal
amount of, or interest on, the Senior Notes into shares or other securities or other obligations of Lloyds Banking Group plc (&ldquo;LBG&rdquo;)
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 Senior Notes); and/or (iii) the amendment or alteration of the maturity of the Senior Notes,
or amendment of the amount of interest due on the Senior Notes, or the dates on which interest becomes payable, including by suspending
payment for a temporary period; any U.K. bail-in power may be exercised by means of variation of the terms of the Senior Notes solely
to give effect to the exercise by the relevant U.K. resolution authority of such U.K. bail-in power. 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 relevant 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 Senior Notes further acknowledges and agrees that the rights of the holders
and/or beneficial owners under the Senior Notes are subject to, and will be varied, if necessary, solely to give effect to, the exercise
of any U.K. bail-in power by the relevant U.K. resolution authority.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>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 LBG 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) (the &ldquo;Banking Act&rdquo;) 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.</B></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: 0.25in"><B>By purchasing or acquiring the Senior Notes,
each holder and each beneficial owner of the Senior Notes, to the extent permitted by the Trust Indenture Act of 1939, as amended (the
&ldquo;TIA&rdquo;), waives any and all claims against the Trustee (as defined below) for, agrees not to initiate a suit against the Trustee
in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in either
case in accordance with the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Senior Notes.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to apply to list the Senior Notes on
the New York Stock Exchange in accordance with its rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Investing in the Senior Notes involves risks.
See &ldquo;Risk Factors&rdquo; beginning on page S-15 of this prospectus supplement and as incorporated by reference herein.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">By purchasing or acquiring the Senior Notes, 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 Senior Notes
and (ii) authorized, directed and requested The Depository Trust Company (&ldquo;DTC&rdquo;) and any direct participant in DTC or other
intermediary through which it holds such Senior Notes to take any and all necessary action, if required, to implement the exercise of
any U.K. bail-in power with respect to the Senior Notes as it may be imposed, without any further action or direction on the part of such
holder or beneficial owner or the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus
supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Price to Public</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Underwriting Discount</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Proceeds to us (before expenses)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 46%; text-align: left">Per 2031 Fixed Rate Note</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">100.000</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">0.250</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">99.750</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total for 2031 Fixed Rate Notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"></TD><TD STYLE="text-align: right">$1,500,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$3,750,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$1,496,250,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Per 2036 Fixed Rate Note</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.000</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.350</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.650</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total for 2036 Fixed Rate Notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$1,250,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$4,375,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$1,245,625,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Per Floating Rate Note</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.000</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.250</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.750</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total for Floating Rate Notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$300,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$750,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$299,250,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The initial public offering prices set forth above
do not include accrued interest, if any. Interest on the Senior Notes will accrue from the date of issuance, which is expected to be November
4, 2025. See &ldquo;<I>Underwriting</I>&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may use this prospectus supplement and the
accompanying prospectus in the initial sale of the Senior Notes. In addition, Lloyds Securities Inc. or another of our affiliates may
use this prospectus supplement and the accompanying prospectus in a market-making transaction in the Senior Notes after their initial
sale. In connection with any use of this prospectus supplement and the accompanying prospectus by Lloyds Securities Inc. or another of
our affiliates, unless we or our agent informs you otherwise in your confirmation of sale, you may assume this prospectus supplement and
the accompanying prospectus is being used in a market-making transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect that the Senior Notes will be ready
for delivery through the book-entry facilities of The Depository Trust Company and its participants including Clearstream Banking, S.A.
(&ldquo;Clearstream Luxembourg&rdquo;) and Euroclear Bank SA/NV (&ldquo;Euroclear&rdquo;) on or about November 4, 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Joint Bookrunning Managers for the Senior Notes</I></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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; text-align: center"><B>Barclays</B></TD>
    <TD STYLE="width: 36%; text-align: center"><B>J.P. Morgan</B></TD>
    <TD STYLE="width: 32%; text-align: center"><B>Lloyds Securities</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>Scotiabank</B></TD>
    <TD STYLE="text-align: center"><B>Standard Chartered Bank</B></TD>
    <TD STYLE="text-align: center"><B>Wells Fargo Securities</B></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>Co-Managers for the Senior Notes</I></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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: center"><B>Academy Securities</B></TD>
    <TD STYLE="width: 33%; text-align: center"><B>Blaylock Van, LLC</B></TD>
    <TD STYLE="width: 33%; text-align: center"><B>CIBC Capital Markets</B></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">&nbsp;</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">Prospectus Supplement dated October 28, 2025</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: 0in; color: red"></P>

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

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

<P STYLE="font: bold 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">Prospectus Supplement</P>

<P STYLE="font: bold 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 COLSPAN="2" STYLE="text-align: right"><B><U>Page</U></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><A HREF="#a_026">ABOUT THIS PROSPECTUS SUPPLEMENT</A></TD>
    <TD STYLE="text-align: right; width: 50%"><A HREF="#a_026">S-2</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_027">INCORPORATION OF INFORMATION BY REFERENCE</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_027">S-2</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_028">FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_028">S-3</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_029">SUMMARY</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_029">S-5</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_030">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_030">S-15</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_031">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_031">S-23</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_032">CAPITALIZATION OF THE GROUP</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_032">S-24</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_033">DESCRIPTION OF THE SENIOR NOTES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_033">S-25</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_034">CERTAIN U.K. AND U.S. FEDERAL TAX CONSEQUENCES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_034">S-42</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_035">UNDERWRITING</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_035">S-46</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_036">LEGAL OPINIONS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_036">S-52</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_037">EXPERTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_037">S-52</A></TD></TR>
  </TABLE>
<P STYLE="font: bold 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">Prospectus</P>

<P STYLE="font: bold 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%"><A HREF="#a_011">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="text-align: right; width: 50%"><A HREF="#a_011">5</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_012">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_012">6</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_013">LLOYDS BANKING GROUP PLC</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_013">7</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_014">DESCRIPTION OF DEBT SECURITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_014">8</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_015">DESCRIPTION OF CAPITAL SECURITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_015">18</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_016">DESCRIPTION OF CERTAIN PROVISIONS RELATING TO DEBT SECURITIES AND CAPITAL SECURITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_016">24</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_017">DESCRIPTION OF ORDINARY SHARES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_017">29</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_018">DESCRIPTION OF AMERICAN DEPOSITARY SHARES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_018">34</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_019">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_019">40</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_020">LEGAL OPINIONS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_020">42</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_021">EXPERTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_021">43</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_022">ENFORCEMENT OF CIVIL LIABILITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_022">44</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_023">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_023">45</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_024">INCORPORATION OF DOCUMENTS BY REFERENCE</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_024">46</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_025">CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_025">47</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>You should rely only on the information contained
or incorporated by reference in this prospectus supplement and the accompanying prospectus (including any free writing prospectus issued
or authorized by us). Neither we nor the underwriters have authorized anyone to provide you with different information. Neither we nor
the underwriters are making an offer of these securities in any state or jurisdiction where the offer is not permitted. If a jurisdiction
requires that the offering be made by a licensed broker or dealer and the underwriters or any affiliate of the underwriters is a licensed
broker or dealer in that jurisdiction, the offering shall be deemed to be made by the underwriters or such affiliate on behalf of the
issuer in such jurisdiction. You should assume that the information contained in this prospectus supplement, the accompanying prospectus
and the documents incorporated by reference is accurate only as of their respective dates.</B></P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_026"></A>About This Prospectus
Supplement</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In this prospectus supplement, we use the following
terms:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;we&rdquo;, &ldquo;us&rdquo;, &ldquo;our&rdquo;, &quot;Issuer&quot; and &ldquo;LBG&rdquo; mean Lloyds Banking Group plc;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;Group&rdquo; means Lloyds Banking Group plc together with its subsidiaries and associated undertakings;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;SEC&rdquo; refers to the Securities and Exchange Commission;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;pounds sterling&rdquo;, &ldquo;&pound;&rdquo; and &ldquo;p&rdquo; refer to the currency of the United Kingdom;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;dollars&rdquo; and &ldquo;$&rdquo; refer to the currency of the United States; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;euro&rdquo; and &ldquo;&euro;&rdquo; refer to the currency of the member states of the European Union (&ldquo;EU&rdquo;) that
have adopted the single currency in accordance with the treaty establishing the European Community, as amended.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_027"></A>Incorporation of
Information by Reference</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We file annual, semi-annual and special reports
and other information with the Securities and Exchange Commission. The SEC&rsquo;s website, at <U>http://www.sec.gov</U>, contains, free
of charge, reports and other information in electronic form that we have filed. You may also request a copy of any filings referred to
below (excluding exhibits) at no cost, by contacting us at Investor Relations, 33 Old Broad Street, London, EC2N 1HZ, United Kingdom or
by telephone at +44 (0) 207 626 1500.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The SEC allows us to incorporate by reference
much of the information that we file with them. This means:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>incorporated documents are considered part of this prospectus supplement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we can disclose important information to you by referring you to these documents; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>information that we file with the SEC will automatically update and supersede this prospectus supplement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We incorporate by reference (i) LBG&rsquo;s Annual
Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on February 20, 2025; (ii) LBG&rsquo;s report on Form 6-K
filed with the SEC on June 5, 2025, disclosing the appointment of a new non-executive director; (iii) LBG&rsquo;s report on Form 6-K filed
with the SEC on July 24, 2025, which includes the unaudited condensed consolidated results for the six months ended June 30, 2025; (iv)
LBG&rsquo;s report on Form 6-K filed with the SEC on October 9, 2025, on the acquisition of Schroders Personal Wealth; (v) LBG&rsquo;s
report on Form 6-K filed with the SEC on October 13, 2025, on motor finance update; (vi) LBG&rsquo;s report on Form 6-K filed with the
SEC on October 13, 2025, disclosing a board change; (vii) LBG&rsquo;s report on Form 6-K filed with the SEC on October 23, 2025, which
includes the unaudited condensed consolidated results for the nine months ended September 30, 2025; and (viii) LBG&rsquo;s report on Form
6-K filed with the SEC on October 23, 2025, disclosing LBG&rsquo;s capitalization as of September 30, 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We also incorporate by reference in this prospectus
supplement and the accompanying prospectus any future documents we may file with the SEC under Section 13(a), 13(c), 14 or 15(d) of the
Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), from the date of this prospectus supplement until the offering
contemplated in this prospectus supplement is completed. Reports on Form 6-K that we may furnish to the SEC after the date of this prospectus
supplement (or portions thereof) are incorporated by reference in this prospectus supplement only to the extent that the report expressly
states that it is (or such portions are) incorporated by reference in this prospectus supplement.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_028"></A>Forward-Looking
Statements</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">From time to time, we may make statements, both
written and oral, regarding assumptions, projections, expectations, intentions or beliefs about future events. These statements constitute
&ldquo;forward-looking statements&rdquo; for purposes of the Private Securities Litigation Reform Act of 1995. We caution that these statements
may and often do vary materially from actual results. Accordingly, we cannot assure you that actual results will not differ materially
from those expressed or implied by the forward-looking statements. You should read the sections entitled &ldquo;Risk Factors&rdquo; in
this prospectus supplement and &ldquo;Forward-Looking Statements&rdquo; in our Annual Report on Form 20-F for the year ended December
31, 2024, which is incorporated by reference herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We do not undertake any obligation to publicly
update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these
risks, uncertainties and assumptions, forward-looking events discussed in this prospectus supplement or any information incorporated by
reference, might not occur.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>U.K. MiFIR product governance
/ Professional investors and ECPs only target market</B></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: 0.25in">Solely for the purposes of
the manufacturer&rsquo;s product approval process, the target market assessment in respect of the Senior Notes has led to the conclusion
that: (i) the target market for the Senior Notes is only eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook
(&ldquo;COBS&rdquo;), and professional clients, as defined in Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of
the EUWA (&ldquo;U.K. MiFIR&rdquo;); and (ii) all channels for distribution of the Senior Notes to eligible counterparties and professional
clients are appropriate. Any person subsequently offering, selling or recommending the Senior Notes (a &ldquo;distributor&rdquo;) should
take into consideration the manufacturer&rsquo;s target market assessment; however, a distributor subject to the FCA Handbook Product
Intervention and Product Governance Sourcebook (the &ldquo;U.K. MiFIR Product Governance Rules&rdquo;) is responsible for undertaking
its own target market assessment in respect of the Senior Notes (by either adopting or refining the manufacturer&rsquo;s target market
assessment) and determining appropriate distribution channels.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>EU PRIIPs Regulation / Prohibition of sales
to EEA retail investors</B> &ndash; The Senior Notes are not intended to be offered, sold or otherwise made available to and should not
be offered, sold or otherwise made available to any retail investor in the European Economic Area (&ldquo;EEA&rdquo;). For these purposes,
a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU
(as amended &ldquo;MiFID II&rdquo;); or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended or superseded, the &ldquo;Insurance
Distribution Directive&rdquo;), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1)
of MiFID II. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the &ldquo;EU PRIIPs Regulation&rdquo;)
for offering or selling the Senior Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore
offering or selling the Senior Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the EU
PRIIPs Regulation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>U.K. PRIIPs Regulation / Prohibition of sales
to U.K. retail investors - </B>The Senior Notes are not intended to be offered, sold or otherwise made available to and should not be
offered, sold or otherwise made available to any retail investor in the United Kingdom (&ldquo;U.K.&rdquo;). For these purposes, a retail
investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565
as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended (&ldquo;EUWA&rdquo;); or (ii) a customer
within the meaning of the provisions of the Financial Services and Markets Act 2000, as amended (the &ldquo;FSMA&rdquo;) and any rules
or regulations made under the FSMA to implement the Insurance Distribution Directive, where that customer would not qualify as a professional
client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA.
Consequently, no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA
(the &ldquo;U.K. PRIIPs Regulation&rdquo;) for offering or selling the Senior Notes or otherwise making them available to retail investors
in the U.K. has been prepared and therefore offering or selling the Senior Notes or otherwise making them available to any retail investor
in the U.K. may be unlawful under the U.K. PRIIPs Regulation.</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"><B>Prohibition of sales to Swiss retail investors
</B>- The Senior Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise
made available to any retail investors in Switzerland. For these purposes, a retail investor means a person who is a retail client as
defined in Article 4 of the Swiss Financial Services Act (&ldquo;FinSA&rdquo;). Consequently, no key information document required by
the EU PRIIPs Regulation (or any equivalent under the FinSA) has been or will be prepared in relation to any Senior Notes and therefore,
any Senior Notes with a derivative character within the meaning of article 86(2) of the Swiss Financial Services Ordinance may not be
offered or recommended to private clients within the meaning of the FinSA in Switzerland.</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>Singapore Securities and Futures Act Product
Classification</B> &ndash; Solely for the purposes of our obligations pursuant to Sections 309B(1)(a) and 309B(1)(c) of the Securities
and Futures Act 2001 of Singapore, as modified or amended from time to time (the &ldquo;SFA&rdquo;), we have determined, and hereby notify
all relevant persons (as defined in Section 309A(1) of the SFA) that the Senior Notes are &ldquo;prescribed capital markets products&rdquo;
(as defined in the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore) and &ldquo;Excluded Investment Products&rdquo;
(as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment
Products).</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Notice to Canadian investors</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-indent: 0.25in">The Senior Notes may be sold in Canada only to
purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106
<I>Prospectus Exemptions</I> (&ldquo;NI 45-106&rdquo;) or subsection 73.3(1) of the <I>Securities Act</I> (Ontario), and are permitted
clients, as defined in National Instrument 31-103 <I>Registration Requirements, Exemptions and Ongoing Registrant Obligations</I> (&ldquo;NI
31-103&rdquo;) and that are not created or used solely to purchase or hold securities as an accredited investor described in paragraph
(m) of the definition of &ldquo;accredited investor&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The offer and sale of the Senior Notes in Canada
is being made on a private placement basis only and is exempt from the requirement that we prepare and file a prospectus under applicable
Canadian securities laws. Any resale of the Senior Notes must be made in accordance with applicable Canadian securities laws, which may
vary depending on the relevant jurisdiction, and which may require resales to be made in accordance with an exemption from, or in a transaction
not subject to, the prospectus requirements of applicable securities laws. These resale restrictions may under certain circumstances apply
to resales of the Senior Notes outside of Canada.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Securities legislation in certain provinces or
territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement or the accompanying
prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised
by the purchaser within the time limit prescribed by the securities legislation of the purchaser&rsquo;s province or territory. The purchaser
should refer to any applicable provisions of the securities legislation of the purchaser&rsquo;s province or territory for the particulars
of these rights or consult with a legal advisor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to section 3A.3 of National Instrument
33-105 Underwriting Conflicts (&ldquo;NI 33-105&rdquo;), the Underwriters are not required to comply with the disclosure requirements
of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are not a member institution of the Canada
Deposit Insurance Corporation. The liability incurred by us through the issuance and sale of the Senior Notes is not a deposit. We are
not regulated as a financial institution in Canada.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon receipt of this prospectus supplement, each
Canadian investor hereby confirms that it has expressly requested that all documents evidencing or relating in any way to the sale of
the securities described herein (including for greater certainty any purchase confirmation or any notice) be drawn up in the English language
only. <I>Par la r&eacute;ception de ce document, chaque investisseur canadien confirme par les pr&eacute;sentes qu&rsquo;il a express&eacute;ment
exig&eacute; que tous les documents faisant foi ou se rapportant de quelque mani&egrave;re que ce soit &agrave; la vente des valeurs mobili&egrave;res
d&eacute;crites aux pr&eacute;sentes (incluant, pour plus de certitude, toute confirmation d'achat ou tout avis) soient r&eacute;dig&eacute;s
en anglais seulement.</I></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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<DIV STYLE="padding: 5pt; border: Black 1pt solid">

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_029"></A>Summary</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>The following is a summary of this prospectus
supplement and should be read as an introduction to, and in conjunction with, the remainder of this prospectus supplement, the accompanying
prospectus and any documents incorporated by reference therein. You should base your investment decision on a consideration of this prospectus
supplement, the accompanying prospectus and any documents incorporated by reference therein, as a whole. Words and expressions defined
in &ldquo;Description of the Senior Notes&rdquo; below shall have the same meanings in this summary.</I></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Issuer</P>

<P STYLE="font: bold 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: 0.25in">Lloyds Banking Group plc was incorporated as a
public limited company and registered in Scotland under the U.K. Companies Act 1985 on October 21, 1985 (registration number 95000). Lloyds
Banking Group plc&rsquo;s registered office is at The Mound, Edinburgh EH1 1YZ, Scotland, U.K. and its principal executive offices in
England, U.K. are located at 33 Old Broad Street, London, EC2N 1HZ, United Kingdom, telephone number +44 207 626 1500.</P>

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

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

<P STYLE="font: bold 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"></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="width: 37%">Issuer</TD>
    <TD STYLE="width: 63%">Lloyds Banking Group plc</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Senior Notes</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">$1,500,000,000 aggregate principal amount of 4.425% senior
    callable fixed-to-fixed rate notes due 2031 (the &ldquo;2031 Fixed Rate Notes&rdquo;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">$1,250,000,000 aggregate principal amount of 4.943% senior
    callable fixed-to-fixed rate notes due 2036 (the &ldquo;2036 Fixed Rate Notes&rdquo;, and, together with the 2031 Fixed Rate Notes, the
    &ldquo;Fixed Rate Notes&rdquo;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">$300,000,000 aggregate principal amount of senior callable
    floating rate notes due 2031 (the &ldquo;Floating Rate Notes&rdquo;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Issue Date</TD>
    <TD>November 4, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Maturity</TD>
    <TD>We will pay the Senior Notes at 100% of their principal amount <I>plus</I> accrued and unpaid interest thereon, if any, on November 4, 2031 for the 2031 Fixed Rate Notes and the Floating Rate Notes and November 4, 2036 for the 2036 Fixed Rate Notes, subject to any early redemption as described in &ldquo;<I>Description of the Senior Notes&mdash;Optional Redemption</I>&rdquo;, &ldquo;<I>Description of the Senior Notes&mdash;Tax Redemption</I>&rdquo; and &ldquo;<I>Description of the Senior Notes&mdash;Loss Absorption Disqualification Event Redemption</I>&rdquo; in this prospectus supplement.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Fixed Rate Notes Interest Rate</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><I>2031 Fixed Rate Notes. </I>During the initial fixed rate
    period, interest will accrue from November 4, 2025 on the 2031 Fixed Rate Notes at a rate of 4.425% per annum.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">During the reset fixed rate period, interest will accrue
    on the 2031 Fixed Rate Notes at a fixed annual rate equal to the applicable U.S. Treasury Rate (as defined herein) as determined by the
    Calculation Agent (as defined herein) on the 2031 Fixed Rate Notes Reset Determination Date (as defined herein), <I>plus</I> 82 basis
    points (0.820%).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><I>2036 Fixed Rate Notes. </I>During the initial fixed rate
    period, interest will accrue from November 4, 2025 on the 2036 Fixed Rate Notes at a rate of 4.943% per annum.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">During the reset fixed rate period, interest will accrue
    on the 2036 Fixed Rate Notes at a fixed annual rate equal to the applicable U.S. Treasury Rate (as defined herein) as determined by the
    Calculation Agent (as defined herein) on the 2036 Fixed Rate Notes Reset Determination Date (as defined herein), <I>plus</I> 97 basis
    points (0.970%).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"></P></TD></TR>
  </TABLE>
<P STYLE="font: bold 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">&nbsp;</P>

<P STYLE="font: bold 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">&nbsp;</P>

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

</DIV>

<P STYLE="font: bold 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">&nbsp;</P>

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

<DIV STYLE="padding: 5pt; border: Black 1pt solid">

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

<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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%">Initial Fixed Rate Period</TD>
    <TD STYLE="width: 63%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><I>2031 Fixed Rate Notes. </I>From, and including, November
    4, 2025 to, but excluding, November 4, 2030 (the &ldquo;2031 Fixed Rate Notes Reset Date&rdquo;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><I>2036 Fixed Rate Notes. </I>From, and including, November
    4, 2025 to, but excluding, November 4, 2035 (the &ldquo;2036 Fixed Rate Notes Reset Date&rdquo;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Reset Fixed Rate Period</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><I>2031 Fixed Rate Notes. </I>From, and including, the 2031
    Fixed Rate Notes Reset Date to, but excluding, November 4, 2031.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><I>2036 Fixed Rate Notes. </I>From, and including, the 2036
    Fixed Rate Notes Reset Date to, but excluding, November 4, 2036.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Fixed Rate Notes Interest Payment Dates</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Interest accrued on the Fixed Rate Notes during the applicable
    initial fixed rate period will be payable semi-annually in arrear on May 4 and November 4 of each year, commencing on May 4, 2026. We
    refer to each such interest payment date during the applicable initial fixed rate period as a &ldquo;fixed rate interest payment date&rdquo;.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Interest accrued on the 2031 Fixed Rate Notes during the
    reset fixed rate period will be payable semi-annually in arrear on May 4, 2031 and November 4, 2031. We refer to each such interest payment
    date during the reset fixed rate period as a &ldquo;2031 Fixed Rate Notes reset rate interest payment date,&rdquo; and together with the
    fixed rate interest payment dates, the &ldquo;2031 Fixed Rate Notes interest payment dates&rdquo;.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Interest accrued on the 2036 Fixed Rate Notes during the
    reset fixed rate period will be payable semi-annually in arrear on May 4, 2036 and November 4, 2036. We refer to each such interest payment
    date during the reset fixed rate period as a &ldquo;2036 Fixed Rate Notes reset rate interest payment date,&rdquo; and together with the
    fixed rate interest payment dates, the &ldquo;2036 Fixed Rate Notes interest payment dates&rdquo;.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">2031 Fixed Rate Notes Reset Date</TD>
    <TD>November 4, 2030.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">2036 Fixed Rate Notes Reset Date</TD>
    <TD>November 4, 2035.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">2031 Fixed Rate Notes Reset Determination Date</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The second business day immediately preceding the 2031 Fixed
    Rate Notes Reset Date (the &ldquo;2031 Fixed Rate Notes Reset Determination Date&rdquo;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&ldquo;business day&rdquo; means any day, other than Saturday
    or Sunday, that is neither 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 in the City of London.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">2036 Fixed Rate Notes Reset Determination Date</TD>
    <TD>The second business day immediately preceding the 2036 Fixed Rate Notes Reset Date (the &ldquo;2036 Fixed Rate Notes Reset Determination Date&rdquo;).</TD></TR>
  </TABLE>

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

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

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

</DIV>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 37%">U.S. Treasury Rate </TD>
    <TD STYLE="width: 63%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&ldquo;U.S. Treasury Rate&rdquo; means, with respect to the
    2031 Fixed Rate Notes Reset Date or the 2036 Fixed Rate Notes Reset Date, as applicable, 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 2031 Fixed Rate Notes Reset Determination Date or the 2036 Fixed Rate
    Notes Reset Determination Date, as applicable, and appearing under the caption &ldquo;Treasury constant maturities&rdquo; on the 2031
    Fixed Rate Notes Reset Determination Date or the 2036 Fixed Rate Notes Reset Determination Date, as applicable, 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 2031 Fixed Rate Notes Reset Determination Date or the 2036 Fixed Rate Notes Reset
    Determination Date, as applicable, 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 2031 Fixed Rate Notes Reset Date or the 2036 Fixed Rate Notes Reset Date, as applicable.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">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 Issuer 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; (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 2031 Fixed Rate Notes Reset Determination Date or the 2036 Fixed Rate Notes Reset Determination
    Date, as applicable.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The U.S. Treasury Rate shall be determined by the Calculation
    Agent (as defined herein).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&ldquo;Comparable Treasury Issue&rdquo; means, with respect
    to the applicable reset fixed rate period, the U.S. Treasury security or securities selected by the Issuer with a maturity date on or
    about the last day of the applicable reset fixed rate period and that would be utilized, at the time of selection and in accordance with
    customary financial practice, in pricing new issues of corporate debt securities denominated in U.S. dollars and having a maturity of
    one year.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"></P></TD></TR>
  </TABLE>
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</DIV>

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

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<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="width: 37%">&nbsp;</TD>
    <TD STYLE="width: 63%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&ldquo;Comparable Treasury Price&rdquo; means, with respect
    to the 2031 Fixed Rate Notes Reset Date or the 2036 Fixed Rate Notes Reset Date, respectively, (i) the arithmetic average of the Reference
    Treasury Dealer Quotations for the 2031 Fixed Rate Notes Reset Date or the 2036 Fixed Rate Notes Reset Date, as applicable (calculated
    by the Calculation Agent on the 2031 Fixed Rate Notes Reset Determination Date preceding the 2031 Fixed Rate Notes Reset Date or the 2036
    Fixed Rate Notes Reset Determination Date preceding the 2036 Fixed Rate Notes Reset Date, as applicable), after excluding the highest
    and lowest such Reference Treasury Dealer Quotations received by the Issuer, or (ii) if fewer than five such Reference Treasury Dealer
    Quotations are received by the Issuer, the arithmetic average of all such quotations, or (iii) if fewer than two such Reference Treasury
    Dealer Quotations are received by the Issuer, then such Reference Treasury Dealer Quotation as quoted in writing to the Issuer by a Reference
    Treasury Dealer.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&ldquo;Reference Treasury Dealer&rdquo; means each of up
    to five banks selected by the Issuer, 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 U.S. dollars.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&ldquo;Reference Treasury Dealer Quotations&rdquo; means,
    with respect to each Reference Treasury Dealer and the 2031 Fixed Rate Notes Reset Date and the 2036 Fixed Rate Notes Reset Date, respectively,
    the bid and offered prices obtained by LBG 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 2031 Fixed Rate Notes Reset Determination Date or the 2036 Fixed Rate Notes
    Reset Determination Date, as applicable.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Floating Rate Notes Interest Rate</TD>
    <TD>The Floating Rate Notes Interest Rate will be equal to the sum of (A) the SOFR Index Average (as defined herein), as determined, with respect to each Floating Rate Notes Interest Period (as defined herein), on the applicable Floating Rate Notes Interest Determination Date (as defined herein), subject to the provisions set forth herein under &ldquo;<I>Description of Senior Notes &mdash; SOFR Discontinuation,</I>&rdquo; 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 <I>per annum</I> of 0.00%.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Floating Rate Notes Interest Determination Dates</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The fifth U.S. Government Securities Business Day (as defined
    below) preceding the applicable Floating Rate Notes interest payment date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&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 0pt 0.1in"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Calculation of the SOFR Index Average</TD>
    <TD>The SOFR Index Average will be determined by the Calculation Agent in accordance with the provisions set forth herein under &ldquo;<I>Description of Senior Notes &mdash;Calculation of Floating Rate Notes Interest Rate.</I>&rdquo;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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

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

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

</DIV>

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

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

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

<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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%">Replacement for SOFR</TD>
    <TD STYLE="width: 63%">If a SOFR Benchmark Event (as defined herein) occurs when any Floating Rate Notes Interest Rate (or any component part thereof) remains to be determined by reference to the SOFR Benchmark (as defined herein), then the provisions set forth herein under &ldquo;<I>Description of Senior Notes &mdash; SOFR Discontinuation</I>&rdquo; shall apply to the Floating Rate Notes.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Floating Rate Notes interest payment dates</TD>
    <TD>Interest on the Floating Rate Notes will be paid quarterly in arrear on February 4, May 4, August 4 and November 4 of each year, commencing on February 4, 2026 (each, a &ldquo;Floating Rate Notes interest payment date&rdquo;).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Floating Rate Notes Interest Reset Dates</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Floating Rate Notes interest payment dates</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Floating Rate Notes Interest Periods</TD>
    <TD>The first interest period will begin on and include November 4, 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 first 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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Regular Record Dates</TD>
    <TD>Interest will be paid to holders of record for each series of Senior Notes in respect of the principal amount thereof outstanding 15 calendar days preceding the relevant interest payment date, whether or not a business day (as defined herein).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Business Day Convention</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">For the Fixed Rate Notes:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>During the initial fixed rate period: following, unadjusted</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>During the reset fixed rate period: following, unadjusted</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">For the Floating Rate Notes: Modified following, adjusted</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Day Count Basis</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">For the Fixed Rate Notes:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>During the initial fixed rate period: 30/360</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>During the reset fixed rate period: 30/360</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">For the Floating Rate Notes: Actual/360</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Calculation Agent</TD>
    <TD>The Bank of New York Mellon, London Branch</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Ranking</TD>
    <TD>The Senior Notes will constitute our direct, unconditional, unsecured and unsubordinated obligations ranking <I>pari passu</I> and without any preference among themselves and at least <I>pari passu</I>, with all of our other outstanding unsecured and unsubordinated obligations, present and future, subject to such exceptions as may be provided by mandatory provisions of applicable law.</TD></TR>
  </TABLE>

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</DIV>

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<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="width: 37%">Events of Default; Default; Limitation of Remedies</TD>
    <TD STYLE="width: 63%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B><I>Events of Default</I></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">An &ldquo;Event of Default&rdquo; with respect to a series
    of Senior Notes shall result if:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt; text-indent: -9pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
    </FONT>a court of competent jurisdiction makes an order which is not successfully appealed within 30 days; or</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt; text-indent: -9pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt; text-indent: -9pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
    </FONT>an effective shareholders&rsquo; resolution is validly adopted,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt; text-indent: -9pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">for the winding-up of LBG, other than under or in connection
    with a scheme of amalgamation or reconstruction not involving a bankruptcy or insolvency.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">If an Event of Default with respect to a series of Senior
    Notes occurs, the Trustee or the holder or holders of at least 25% in aggregate principal amount of the outstanding notes of such series
    of Senior Notes may declare to be due and payable immediately in accordance with the terms of the Indenture the principal amount of, and
    accrued but unpaid interest thereon, if any, and any Additional Amounts (as defined below), on the Senior Notes of that series.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B><I>Defaults</I></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">A &ldquo;Default&rdquo; with respect to a series of Senior
    Notes shall result if:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt; text-indent: -9pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
    </FONT>any installment of interest in respect of the Senior Notes of such series is not paid 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 16.9pt; text-indent: -9pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt; text-indent: -9pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
    </FONT>all or any part of the principal of the Senior Notes of such series is not paid when it otherwise becomes 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 16.9pt; text-indent: -9pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">If a Default with respect to a series of Senior Notes occurs,
    the Trustee may commence a proceeding for the winding-up of LBG, provided that the Trustee may not declare the principal amount of, or
    any other amount in respect of, the outstanding Senior Notes of any series to be due and payable (except in a winding-up of LBG, as provided
    above under &ldquo;Events of Default&rdquo;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Notwithstanding any contrary provisions, nothing shall impair
    the right of a holder, absent the holder&rsquo;s consent, to sue for any payments due but unpaid with respect to the Senior Notes.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">For further details, see &ldquo;<I>Description of the Senior
    Notes&mdash;Events of Default; Default; Limitation of Remedies</I>&rdquo; in the accompanying prospectus and &ldquo;<I>Risk Factors&mdash;Risks
    relating to the Senior Notes</I>&rdquo; in this prospectus supplement.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"></P></TD></TR>
  </TABLE>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

</DIV>

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    <TD STYLE="width: 37%">Agreement with Respect to the Exercise of U.K. Bail-in Power</TD>
    <TD STYLE="width: 63%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Notwithstanding any other agreements, arrangements, or understandings
    between us and any holder or beneficial owner of the Senior Notes by purchasing or acquiring the Senior Notes, each holder (including
    each beneficial owner) of the Senior Notes acknowledges, accepts, agrees to be bound by and consents to the exercise of any U.K. bail-in
    power (as defined below) by the relevant U.K. resolution authority that may result in (i) the reduction or cancellation of all, or a portion,
    of the principal amount of, or interest on, the Senior Notes; (ii) the conversion of all, or a portion, of the principal amount of, or
    interest on, the Senior Notes into shares or other securities or other obligations of LBG 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
    Senior Notes); and/or (iii) the amendment or alteration of the maturity of the Senior Notes, or amendment of the amount of interest due
    on the Senior Notes, or the dates on which interest becomes payable, including by suspending payment for a temporary period; any U.K.
    bail-in power may be exercised by means of variation of the terms of the Senior Notes solely to give effect to the exercise by the relevant
    U.K. resolution authority of such U.K. bail-in power. 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 relevant 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 Senior Notes further acknowledges and agrees that the rights of the holders and/or beneficial owners under the Senior Notes
    are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any U.K. bail-in power by the relevant U.K.
    resolution authority.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">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 LBG 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) (the &ldquo;Banking Act&rdquo;) 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 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><I>According to the principles contained in the Banking Act,
    we expect that the relevant U.K. resolution authority would exercise its U.K. bail-in power in respect of the Senior Notes having regard
    to the hierarchy of creditor claims (with the exception of excluded liabilities, as such term is described in the Banking Act) and that
    the holders of the Senior Notes would be treated equally in respect of the exercise of any U.K. bail-in power with all other claims that
    would rank pari passu with the Senior Notes upon an insolvency of LBG.</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">See also <I>&ldquo;Risk Factors&mdash; Under the terms of
    the Senior Notes, you have agreed to be bound by the exercise of any U.K. bail-in power imposed by the relevant U.K. resolution authority&rdquo;.</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">LBG&rsquo;s obligations to indemnify the Trustee in accordance
    with Section 6.07 of the Senior Indenture (as supplemented by the Twenty-Second Supplemental Indenture) shall survive the exercise of
    the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Senior Notes and the Indenture.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">For a discussion of certain risk factors relating to the
    U.K. bail-in power, see &ldquo;<I>Risk Factors&mdash;Risks relating to the Senior Notes</I>&rdquo; in this prospectus supplement.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"></P></TD></TR>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%">Repayment of Principal and Payment of Interest After Exercise of U.K. Bail-in Power</TD>
    <TD STYLE="width: 63%">No repayment of the principal amount of the Senior Notes or payment of interest on the Senior Notes shall become due and payable after the exercise of any U.K. bail-in power by the relevant U.K. resolution authority unless, at the time that such repayment or payment, respectively, is scheduled to become due, such repayment or payment would be permitted to be made by us under the laws and regulations of the United Kingdom applicable to us and the Group.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Additional Issuances</TD>
    <TD>We may, without the consent of the holders of a series of Senior Notes, issue additional notes having the same ranking and same interest rate, maturity date, redemption terms and other terms as such series of Senior Notes described in this prospectus supplement except for the price to the public, issue date and first interest payment date, provided however that such additional notes that form part of the same series of Senior Notes described in this prospectus supplement and are issued with the same CUSIP, Common Code and/or ISIN number or numbers as the outstanding Senior Notes of the relevant series must be fungible with the outstanding Senior Notes of that series for U.S. federal income tax purposes. See &ldquo;<I>Description of the Senior Notes&mdash;Additional Issuances</I>&rdquo; in this prospectus supplement.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Optional Redemption</TD>
    <TD>On at least 5 business days&rsquo; but no more than 30 business days&rsquo; prior written notice delivered to the registered holders of a series of Senior Notes, we may (subject to, if and to the extent then required by the Relevant Regulator or the Loss Absorption Regulations, our giving notice to the Relevant Regulator and the Relevant Regulator granting us permission) redeem, in our sole discretion, the 2031 Fixed Rate Notes and/or Floating Rate Notes in whole, but not in part, on November 4, 2030, and 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 such series of Senior Notes plus accrued and unpaid interest thereon, if any, to, but excluding, the date of redemption.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Tax Redemption</TD>
    <TD>In addition to our option to redeem a series of Senior Notes described above, in the event of various tax law changes that require us to pay additional amounts and other limited circumstances as described under &ldquo;<I>Description of the Senior Notes&mdash;Tax Redemption</I>&rdquo; in this prospectus supplement and &ldquo;<I>Description of Debt Securities&mdash;Redemption of Senior Debt Securities</I>&rdquo; in the accompanying prospectus we may (subject to, if and to the extent then required by the Relevant Regulator or the Loss Absorption Regulations, our giving notice to the Relevant Regulator and the Relevant Regulator granting us permission) redeem all, but not less than all, of a series of Senior Notes prior to maturity at 100% of their principal amount plus accrued and unpaid interest thereon, if any. </TD></TR>
  </TABLE>
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    <TD STYLE="width: 37%">Loss Absorption Disqualification Event Redemption</TD>
    <TD STYLE="width: 63%">We may, at our option (but subject to, if and to the extent then required by the Relevant Regulator or the Loss Absorption Regulations, our giving notice to the Relevant Regulator and the Relevant Regulator granting us permission) redeem all but not some only of a series of Senior Notes outstanding at any time at 100% of their principal amount plus interest if, immediately prior to the giving of the notice referred to above, we notify the Trustee that a Loss Absorption Disqualification Event has occurred (as further described under &ldquo;<I>Description of the Senior Notes&mdash;Loss Absorption Disqualification Event Redemption</I>&rdquo; in this prospectus supplement).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Book-Entry Issuance, Settlement and Clearance</TD>
    <TD>We will issue the Senior Notes in fully registered form in denominations of $200,000 and integral multiples of $1,000 in excess thereof. Each series of Senior Notes will be represented by one or more global securities registered in the name of a nominee of DTC. You will hold beneficial interests in the Senior Notes through DTC and its direct and indirect participants, including Euroclear and Clearstream Luxembourg, and DTC and its direct and indirect participants will record your beneficial interest on their books. We will issue certificated notes only as described in the accompanying prospectus. Settlement of the Senior Notes will occur through DTC in same day funds. For information on DTC&rsquo;s book-entry system, see &ldquo;<I>Description of Certain Provisions Relating to Debt Securities and Capital Securities&mdash;Form of Debt Securities and Capital Securities; Book-Entry System</I>&rdquo; in the accompanying prospectus.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-indent: -0.25in">CUSIP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-indent: -0.25in">&nbsp;</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">53944Y
BD4 for the 2031 Fixed Rate Notes<BR>
53944Y BE2 for the 2036 Fixed Rate Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">53944Y BF9 for the Floating Rate Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>ISIN</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">US53944YBD40
for the 2031 Fixed Rate Notes<BR>
US53944YBE23 for the 2036 Fixed Rate Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.15pt"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">US53944YBF97 for the Floating Rate Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.15pt"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Common Code</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">322330189
for the 2031 Fixed Rate Notes<BR>
322329792 for the 2036 Fixed Rate Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.15pt"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">322329067 for the Floating Rate Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.15pt"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Listing and Trading</TD>
    <TD>We intend to apply to list each series of Senior Notes on the New York Stock Exchange.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Trustee and Paying Agent</TD>
    <TD>The Bank of New York Mellon, a banking corporation duly organized and existing under the laws of the State of New York, acting through its London Branch and, having its corporate trust office at 160 Queen Victoria Street, London EC4V 4LA, United Kingdom, will act as the trustee and initial paying agent for the Senior Notes.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Registrar</TD>
    <TD>The Bank of New York Mellon SA/NV, Dublin Branch will act as registrar for the Senior Notes.</TD></TR>
  </TABLE>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%">Timing and Delivery</TD>
    <TD STYLE="width: 63%">We currently expect delivery of the Senior Notes to occur on or about November 4, 2025, which will be the fifth business day following the pricing of the Senior Notes (such settlement cycle being referred to as &ldquo;T+5&rdquo;). Under rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Senior Notes on the date of pricing or the next three succeeding business days will be required, by virtue of the fact that the Senior Notes initially will settle in T+5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of Senior Notes who wish to trade Senior Notes on the date of pricing or the next three succeeding business days should consult their own advisors.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Use of Proceeds</TD>
    <TD>We intend to use the net proceeds of the offering for general corporate purposes. See &ldquo;<I>Use of Proceeds</I>&rdquo;.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="background-color: white">Joint Bookrunning Managers</FONT></TD>
    <TD><FONT STYLE="background-color: white">Barclays Capital Inc., J.P. Morgan Securities LLC, Lloyds Securities Inc., Scotia Capital (USA) Inc., Standard Chartered Bank and Wells Fargo Securities, LLC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="background-color: white">Co-Managers</FONT></TD>
    <TD><FONT STYLE="background-color: white">Academy Securities, Inc., Blaylock Van, LLC and CIBC World Markets Corp.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Conflict of Interest</TD>
    <TD>A conflict of interest (as defined by Rule 5121 of FINRA) may exist as Lloyds Securities Inc., an affiliate of the Issuer, may participate in the distribution of the Senior Notes. For further information, see &ldquo;<I>Underwriting</I>&rdquo;.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Governing Law</TD>
    <TD>The Senior Indenture (as defined below), the Twenty-Second Supplemental Indenture (as defined below) and the Senior Notes are governed by, and construed in accordance with, the laws of the State of New York, except that, as the Indenture (as defined below) specifies, the provisions relating to the waiver of set-off in the Indenture are governed by and construed in accordance with Scots law.</TD></TR>
  </TABLE>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_030"></A>Risk Factors</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Prospective investors should consider carefully
the risk factors incorporated by reference into this prospectus supplement and as set out below as well as the other information set out
elsewhere in this prospectus supplement (including any other documents incorporated by reference herein) and reach their own views prior
to making any investment decision with respect to the Senior Notes.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Set out below and incorporated by reference
herein are certain risk factors which could have a material adverse effect on our business, operations, financial condition or prospects
and cause our future results to be materially different from expected results. Our results could also be affected by competition and other
factors. These factors should not be regarded as a complete and comprehensive statement of all potential risks and uncertainties we face.
We have described only those risks relating to our operations or an investment in the Senior Notes that we consider to be material. There
may be additional risks that we currently consider not to be material or of which we are not currently aware, and any of these risks could
have the effects set forth below. All of these factors are contingencies which may or may not occur and we are not in a position to express
a view on the likelihood of any such contingency occurring. Investors should note that they bear our solvency risk. Each of the risks
highlighted below could have a material adverse effect on the amount of principal and interest which investors will receive in respect
of the Senior Notes. In addition, each of the highlighted risks could adversely affect the trading price of the Senior Notes or the rights
of investors under the Senior Notes and, as a result, investors could lose some or all of their investment. You should consult your own
financial, tax and legal advisers regarding the risks of an investment in the Senior Notes.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>We believe that the factors described below
as relating to the Senior Notes represent the principal risks inherent in investing in the Senior Notes, but we may be unable to pay interest,
principal or other amounts on or in connection with the Senior Notes for other reasons and we do not represent that the statements below
regarding the risks of holding the Senior Notes are exhaustive. Prospective investors should also read the detailed information set out
elsewhere in this prospectus supplement (including any documents deemed to be incorporated by reference herein) and reach their own views
prior to making any investment decision.</I></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks relating to LBG and the Group</P>

<P STYLE="font: bold 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: 0.25in">For a description of the risks associated with
LBG and the Group, see the section entitled &ldquo;Risk Factors&rdquo; of our Annual Report on Form 20-F for the year ended December 31,
2024, which is incorporated by reference herein.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks relating to the Senior Notes</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">There are limitations on the remedies available
to you and the Trustee should we fail to pay principal or interest on the Senior Notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The sole remedy in the event of any non-payment
of principal or interest on the Senior Notes is that the Trustee may, on your behalf, subject to applicable laws, institute proceedings
for the winding up of LBG. In the event of a winding up of LBG, whether or not instituted by the Trustee, the Trustee may evidence any
of our obligations arising under the Senior Notes in any such winding up.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Trustee may not, however, declare the principal
amount of any outstanding Senior Note to be due and payable in the event of such non-payment of principal or interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">See &ldquo;<I>Description of the Senior Notes&mdash;Events
of Default; Default; Limitation of Remedies</I>&rdquo; for further details.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The Senior Notes are unsecured and are effectively
subordinated to our secured indebtedness.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Senior Notes are unsecured, will be effectively
subordinated to all secured indebtedness we may incur, to the extent of the assets securing such indebtedness. The indenture relating
to our Senior Notes does not restrict our ability to incur secured indebtedness in the future. In the event of our insolvency, bankruptcy,
liquidation, reorganization, dissolution or winding up, to the extent we have granted security over our assets, the assets securing such
indebtedness will be used to satisfy the obligations under such indebtedness before we can make payments on the Senior Notes. There may
only be limited assets available to make payments on the Senior Notes in the event of an acceleration of the Senior Notes and we may not
have sufficient assets to pay amounts due on any or all of our Senior Notes then outstanding.</P>

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


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">An active trading market may not develop for
the Senior Notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the offering, there was no existing trading
market for the Senior Notes. We intend to apply for listing of each series of Senior Notes on the New York Stock Exchange. If, however,
an active trading market does not develop or is not maintained, the market price and liquidity of the Senior Notes may be adversely affected.
In that case, holders of the Senior Notes may not be able to sell Senior Notes at a particular time or may not be able to sell Senior
Notes at a favorable price. The liquidity of any market for the Senior Notes will depend on a number of factors including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the number of holders of the Senior Notes;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>LBG&rsquo;s credit ratings published by major credit rating agencies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our financial performance;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the market for similar securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the interest of securities dealers in making a market in the Senior Notes;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>prevailing interest rates; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the introduction of any financial transaction tax.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We cannot assure you that an active market for
the Senior Notes will develop or, if developed, that it will continue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Further, unlike certain bank deposits, holders
of the Senior Notes have no ability to require repayment of their investment unless a Default or Event of Default, occurs and then only
in the limited circumstances described in &ldquo;<I>Description of the Senior Notes&mdash;Events of Default; Default; Limitation of Remedies</I>&rdquo;.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">LBG&rsquo;s credit ratings may not reflect all
risks of an investment in the Senior Notes and a downgrade in credit ratings, including as a result of changes in rating agencies&rsquo;
views of the level of implicit sovereign support for European banks, could adversely affect the trading prices of the Senior Notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">LBG&rsquo;s credit ratings may not reflect the
potential impact of all risks relating to the market values of the Senior Notes. However, real or anticipated changes in LBG&rsquo;s credit
ratings will generally affect the market values of the Senior Notes. Credit rating agencies continually revise their ratings for companies
that they follow, including LBG, and as such, the credit rating of LBG may be revised, suspended or withdrawn at any time by the assigning
rating organization at their sole discretion. Any ratings downgrade could adversely affect the trading prices of the Senior Notes or the
trading markets for the Senior Notes to the extent trading markets for the Senior Notes develop, and any ratings improvement will not
necessarily increase the value of the Senior Notes and will not reduce market risk and other investment risks related to the Senior Notes.
Credit ratings (i) do not reflect the risk that interest rates may rise, which may affect the values of the Senior Notes, which accrue
interest at a fixed rate, (ii) do not address the price, if any, at which the Senior Notes may be resold prior to maturity (which may
be substantially less than the original offering price of the Senior Notes), and (iii) are not recommendations to buy, sell or hold the
Senior Notes.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The Senior Notes have early redemption risk.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We retain the option (subject to, if and to the
extent then required by the Relevant Regulator or the Loss Absorption Regulations, our giving notice to the Relevant Regulator and the
Relevant Regulator granting us permission) to redeem a series of Senior Notes, in whole, but not in part, on the applicable redemption
date on at least 5 business days&rsquo; but no more than 30 business days&rsquo; prior written notice. It is more likely that we will
redeem a series of Senior Notes prior to its maturity date to the extent that the interest payable on such notes is greater than the interest
that would be payable on other instruments of ours of a comparable maturity, of comparable terms and of a comparable credit rating trading
in the market. If a series of Senior Notes is redeemed prior to its maturity date, you may have to re-invest the proceeds in a lower interest
rate environment.</P>

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


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We may redeem a series of Senior Notes at any
time for certain tax reasons.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may (subject to, if and to the extent then
required by the Relevant Regulator or the Loss Absorption Regulations, our giving notice to the Relevant Regulator and the Relevant Regulator
granting us permission) redeem a series of Senior Notes at any time in whole (but not in part) upon the occurrence of certain tax changes
as described in this prospectus supplement and accompanying prospectus.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">We may redeem a series of Senior Notes at any
time following a Loss Absorption Disqualification Event.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may (subject to, if and to the extent then
required by the Relevant Regulator or the Loss Absorption Regulations, our giving notice to the Relevant Regulator and the Relevant Regulator
granting us permission) redeem a series of Senior Notes at any time in whole (but not in part) upon the occurrence of a Loss Absorption
Disqualification Event as described in this prospectus supplement. As the applicable laws, regulations and standards relating to minimum
requirements for own funds and eligible liabilities and/or loss absorbing capacity instruments continue to be implemented in the United
Kingdom and may be subject to potential future amendments, we are currently unable to predict whether the Senior Notes are likely to be,
fully or partially, excluded from our minimum requirements (either considering LBG alone or taken together with its subsidiaries) for
(1) own funds and eligible liabilities and/or (2) loss absorbing capacity instruments, in each case as such minimum requirements are applicable
to LBG and its subsidiaries. If a series of Senior Notes is to be so redeemed or there is a perception that one or more series of Senior
Notes may be so redeemed, this may impact the market price of such series of Senior Notes. Such legislative and regulatory uncertainty
could also affect the value the Senior Notes and therefore affect the trading price of the Senior Notes given the extent and impact on
the Senior Notes that one or more regulatory or legislative changes could have on the Senior Notes.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Holders cannot require us to redeem a series
of Senior Notes early.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Holders have no right to require us to redeem
a series of Senior Notes prior to the maturity date therefor.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Because the Fixed Rate Notes accrue interest
at a fixed rate during the initial fixed rate period, the amount of interest payable on the Fixed Rate Notes on each fixed rate interest
payment date may be below market interest rates.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because interest payable on the Fixed Rate Notes
during the initial fixed rate period accrues at a fixed rate, there can be no guarantee that the interest you will receive on one or more
of the Fixed Rate Notes interest payment dates will be equal to or greater than the market interest rates on such dates. LBG does not
have any control over a number of factors that may affect market interest rates, including economic, financial, and political events,
such as the tightening of monetary policy, that are important in determining the existence, magnitude, and longevity of these risks and
their results. You should have a view as to the fixed interest rate on the Fixed Rate Notes and its level relative to market interest
rates before investing.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">The interest rate on the Fixed Rate Notes
will reset on the reset date applicable to the series of Fixed Rate Notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The interest rate on the 2031 Fixed Rate Notes
will initially be 4.425% per annum from, and including, November 4, 2025 to, but excluding, the 2031 Fixed Rate Notes Reset Date. From,
and including, the 2031 Fixed Rate Notes Reset Date to, but excluding, November 4, 2031, the interest rate on the 2031 Fixed Rate Notes
will be equal to the applicable U.S. Treasury Rate as determined by the Calculation Agent on the 2031 Fixed Rate Notes Reset Determination
Date, plus 0.820% per annum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The interest rate on the 2036 Fixed Rate Notes
will initially be 4.943% per annum from, and including, November 4, 2025 to, but excluding, the 2036 Fixed Rate Notes Reset Date. From,
and including, the 2036 Fixed Rate Notes Reset Date to, but excluding, November 4, 2036, the interest rate on the 2036 Fixed Rate Notes
will be equal to the applicable U.S. Treasury Rate as determined by the Calculation Agent on the 2036 Fixed Rate Notes Reset Determination
Date, plus 0.970% per annum.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result, the interest rate on a series of
Fixed Rate Notes following the applicable reset date may be less than its initial interest rate, which would affect the amount of any
interest payments under that series of Fixed Rate Notes and, by extension, could affect their market value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>The historical U.S. Treasury Rates are not
an indication of future U.S. Treasury Rates.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the past, U.S. Treasury Rates have experienced
significant fluctuations. You should note that historical levels, fluctuations and trends of U.S. Treasury Rates are not necessarily indicative
of future levels. Any historical upward or downward trend in U.S. Treasury Rates is not an indication that U.S. Treasury Rates are more
or less likely to increase or decrease at any time, and you should not take the historical U.S. Treasury Rates as an indication of future
rates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Uncertainty relating to the regulation of
benchmarks may adversely affect the value of the Floating Rate Notes.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">SOFR and other interest rates or other types of
rates and indices which are deemed to be &ldquo;benchmarks&rdquo; are the subject of ongoing national and international regulatory discussions
and proposals for reform. Some of these reforms are already effective, while others are still to be implemented. For example, these reforms
have resulted in the cessation of certain benchmarks, including the sterling London Interbank Offered Rate (&ldquo;LIBOR&rdquo;) and the
cessation of U.S. dollar LIBOR at the end of June 2023. As of September 30, 2024, all remaining synthetic LIBOR settings were published
for the last time and LIBOR came to an end. Following the implementation of any such reforms, the manner of administration of benchmarks,
including SOFR, may change, with the result that they may perform differently than in the past, or the benchmark could be eliminated entirely,
or there could be other consequences that cannot be predicted. Any of the foregoing may have an adverse effect on the value of the Floating
Rate Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Historical levels of SOFR are not an indication
of its future levels.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Federal Reserve Bank of New York began to
publish SOFR (in its current form) in April 2018 and the SOFR Index in March 2020, and has published modeled, pre-publication estimates
of SOFR going back to 2014. Such pre-publication estimates inherently involve assumptions, estimates and approximations. The future performance
of SOFR may therefore be difficult to predict based on the limited historical or hypothetical performance data and trends. The level of
SOFR during the term of the Floating Rate Notes may bear little or no relation to the historical level of SOFR. Prior observed patterns,
if any, in the behavior of market variables and their relation to SOFR such as correlations, may change in the future. Investors should
therefore not rely on any historical changes or trends in SOFR as an indicator of the future performance of SOFR. Since the initial publication
of SOFR, daily changes in the rate have, on occasion, been more volatile than daily changes in other benchmark or market rates. As a result,
the return on and value of SOFR-based notes, such as the Floating Rate Notes, may fluctuate more than floating rate debt securities that
are linked to less volatile rates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>The administrator of SOFR may make changes
that could change the value of SOFR or may discontinue SOFR</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Federal Reserve Bank of New York (or a successor),
as administrator of SOFR, may make methodological or other changes that could change the value of SOFR, including changes related to the
method by which SOFR is calculated, eligibility criteria applicable to the transactions used to calculate SOFR, or timing related to the
publication of SOFR (which may include withdrawing, suspending or discontinuing the calculation or dissemination of SOFR).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The administrator has no obligation to consider
the interests of holders of the Floating Rate Notes when calculating, adjusting, converting, revising or discontinuing SOFR. Such changes,
alterations, discontinuation or suspension could, among other things, have the effect of reducing, increasing or otherwise affecting the
volatility of the published rate or level of the relevant SOFR Benchmark (as defined below) which could have a material adverse effect
on the trading price of and return on Floating Rate Notes referencing such SOFR Benchmark (including potential rates of interest thereon).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Interest on the Floating Rate Notes during
the Floating Rate Notes Interest Period will be calculated using a SOFR Benchmark Replacement if a Benchmark Event occurs.</I></B></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The relevant administrator may alter, discontinue
or suspend calculation or dissemination of SOFR, in which case a fallback method of determining the Floating Rate Notes Interest Rate
on the Floating Rate Notes will apply. If a SOFR Benchmark Event (which, amongst other events, includes the permanent discontinuation
of the SOFR Benchmark or an announcement that the SOFR Benchmark will be permanently discontinued in the future) and its related SOFR
Benchmark Replacement Date (each as defined below) occurs, LBG (or its designee) may, at its sole discretion, appoint an Independent Adviser
(as defined below) as soon as reasonably practicable, to advise LBG (or its designee) in determining a SOFR Benchmark Replacement (as
defined below) to be used in place of the SOFR Benchmark.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a SOFR Benchmark Replacement is determined
by LBG or its designee (in consultation with an Independent Adviser if LBG has appointed one), a SOFR Benchmark Replacement Adjustment
(as defined below) may be determined by LBG or its designee (in consultation with an Independent Adviser if LBG has appointed one) and
applied to such SOFR Benchmark Replacement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Furthermore, if a SOFR Benchmark Replacement for
the SOFR Benchmark is determined by LBG or its designee (in consultation with an Independent Adviser if LBG has appointed one), LBG or
its designee may vary the terms and conditions of the Floating Rate Notes, as necessary to ensure the proper operation of such SOFR Benchmark
Replacement and/or (in each case) the SOFR Benchmark Replacement Adjustment, without any requirement for consent or approval of the holders
of Floating Rate Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any SOFR Benchmark Replacement will not be the
economic equivalent of the SOFR Benchmark and the use of any SOFR Benchmark Replacement (including with the application of a SOFR Benchmark
Replacement Adjustment) may result in the Floating Rate Notes performing differently (which may include payment of a lower rate of interest)
than they would if the SOFR Benchmark were to continue to apply in its current form. Furthermore, the composition and characteristics
of the SOFR Benchmark Replacement may not be the same as those of the SOFR Benchmark. Each of the foregoing means that a SOFR Benchmark
Event may adversely affect the value of the Floating Rate Notes, the return on the Floating Rate Notes and the price at which investors
can sell such Floating Rate Notes. If LBG has not appointed an Independent Adviser, LBG or its designee, acting in its sole discretion,
may still determine (i) a SOFR Benchmark Replacement and (ii) in each case, a SOFR Benchmark Replacement Adjustment and/or any other amendments
to the terms of the Floating Rate Notes without consultation with an Independent Adviser. Where, for the purposes of determining any SOFR
Benchmark Replacement, SOFR Benchmark Replacement Adjustment and/or any other amendments to the terms of the Floating Rate Notes, LBG
or its designee will act in its sole discretion, any such determinations by LBG (or its designee) may lead to a conflict of interests
of LBG and the holders of the Floating Rate Notes including with respect to certain determinations and judgments that LBG (or its designee)
may make that may influence the amount receivable under the Floating Rate Notes. As a result, investors in the Floating Rate Notes may
receive less interest than expected.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Under the terms of the Senior Notes, you have
agreed to be bound by the exercise of any U.K. bail-in power imposed by the relevant U.K. resolution authority. See &ldquo;&mdash;Holders
of the Senior Notes may be required to absorb losses in the event we become subject to recovery and resolution action.&rdquo;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Prudential Regulation Authority (the &ldquo;PRA&rdquo;)
requires that, subject to limited exceptions, unsecured liabilities of a relevant institution (such as LBG) governed by the laws of a
country outside of the U.K. (which include the Senior Notes, the terms of which are governed by New York Law, except for the waiver of
set-off provisions which are governed by the laws of Scotland) must contain a contractual acknowledgment whereby the holders recognize
that such liability may be subject to the U.K. bail-in power and agree to be bound by the exercise of those powers by the relevant U.K.
resolution authority.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result, notwithstanding any other agreements,
arrangements, or understandings between us and any holder or beneficial owner of the Senior Notes, by purchasing or acquiring the Senior
Notes, each holder (including each beneficial owner) of the Senior Notes acknowledges, accepts, agrees to be bound by and consents to
the exercise of any U.K. bail-in power (as defined below) by the relevant U.K. resolution authority that may result in (i) the reduction
or cancellation of all, or a portion, of the principal amount of, or interest on, the Senior Notes; (ii) the conversion of all, or a portion,
of the principal amount of, or interest on, the Senior Notes into shares or other securities or other obligations of LBG 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 Senior Notes); and/or (iii) the amendment or alteration of the maturity of the Senior Notes, or amendment
of the amount of interest due on the Senior Notes, or the dates on which interest becomes payable, including by suspending payment for
a temporary period; any U.K. bail-in power may be exercised by means of variation of the terms of the Senior Notes solely to give effect
to the exercise by the relevant U.K. resolution authority of such U.K. bail-in power. 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 relevant 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 Senior Notes further acknowledges and agrees that the rights of the holders and/or beneficial
owners under the Senior Notes are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any U.K. bail-in
power by the relevant U.K. resolution authority. See &ldquo;<I>&mdash;Holders of the Senior Notes may be required to absorb losses in
the event we become subject to recovery and resolution action</I>&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 LBG 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. 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. For more information, see &ldquo;<I>Description of the Senior Notes&mdash;Agreement with Respect to the Exercise
of U.K. Bail-in Power</I>&rdquo;.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Holders of the Senior Notes may be required
to absorb losses in the event we become subject to recovery and resolution action.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The stated aim of the Bank Recovery and Resolution
Directive, as amended (the &ldquo;BRRD&rdquo;) is to provide authorities designated by Member States to apply the resolution tools and
exercise the resolution powers set forth in the BRRD (the &ldquo;resolution authorities&rdquo;) with common tools and powers to address
banking crises pre-emptively in order to safeguard financial stability and minimize taxpayers&rsquo; exposure to losses. The BRRD was
implemented in the United Kingdom under the Banking Act (as amended) and the PRA&rsquo;s Rulebook of Rules and Guidance before the U.K.&rsquo;s
withdrawal from the EU. The powers granted to the U.K. resolution authorities under the Banking Act include (but are not limited to) (i)
a &ldquo;write-down and conversion power&rdquo; relating to Tier 1 and Tier 2 capital instruments and (ii) a &ldquo;bail-in&rdquo; power
relating to eligible liabilities (including the Senior Notes). Such powers give resolution authorities the ability to write down or write
off all or a portion of the claims of certain unsecured creditors of a failing institution or group and/or to convert certain debt claims
into another security, including ordinary shares of the surviving Group entity, if any, which ordinary shares may also be subject to write-down
or write-off.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As the parent company of U.K. banks, we are subject
to the Special Resolution Regime (&ldquo;SRR&rdquo;) under the Banking Act, that gives wide powers in respect of U.K. banks and their
parent and other group companies to HM Treasury, the Bank of England (&ldquo;BoE&rdquo;) (including the PRA), and the Financial Conduct
Authority of the United Kingdom (the &ldquo;FCA&rdquo;) in circumstances where a U.K. bank has encountered or is likely to encounter financial
difficulties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">It is possible that the exercise of other powers
under the Banking Act to resolve failing banks in the United Kingdom and give the authorities powers to override events of default or
termination rights that might be invoked as a result of the exercise of the resolution powers, could have a material adverse effect on
the rights of holders of the Senior Notes and/or a material adverse effect on the price of the Senior Notes. The Banking Act also gives
BoE the power to override, vary or impose contractual obligations between a U.K. bank, its holding company and its group undertakings
for reasonable consideration, in order to enable any transferee or successor bank to operate effectively. There is also power for the
U.K. Treasury to amend the law (excluding provisions made by or under the Banking Act) for the purpose of enabling it to use the regime
powers effectively, potentially with retrospective effect. In addition, the Banking Act may be further amended and/or other legislation
may be introduced in the United Kingdom to amend the resolution regime that would apply in the event of a bank failure or to provide regulators
with other resolution powers.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Finally, the determination that all or part of
the principal amount of Senior Notes will be subject to bail-in is likely to be inherently unpredictable and may depend on a number of
factors which may be outside of our control. This determination will also be made by the relevant U.K. resolution authority and there
may be many factors, including factors not directly related to us or the Group, which could result in such a determination. Because of
this inherent uncertainty, it will be difficult to predict when, if at all, the exercise of a U.K. bail-in power may occur which would
result in a principal write-off or conversion to other securities, including equity. Moreover, as the criteria that the relevant U.K.
resolution authority will be obliged to consider in exercising any U.K. bail-in power provide it with considerable discretion, holders
of the Senior Notes may not be able to refer to publicly available criteria in order to anticipate a potential exercise of any such power
and consequently its potential effect on us, the Group and the Senior Notes. Potential investors in the Senior Notes should consider the
risk that a holder may lose all of its investment, including the principal amount plus accrued and unpaid interest thereon, if any, if
such statutory loss absorption measures are acted upon.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Holders of Senior Notes may have limited rights
or no rights to challenge any decision of the relevant U.K. resolution authority to exercise the U.K. bail- in power or to have that decision
reviewed by a judicial or administrative process or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Accordingly, trading behavior in respect of the
Senior Notes is not necessarily expected to follow the trading behavior associated with other types of securities that are not subject
to such recovery and resolution powers. Potential investors in the Senior Notes should consider the risk that a holder of the Senior Notes
may lose all of its investment, including the principal amount plus accrued and unpaid interest thereon, if any, if such statutory loss
absorption measures are acted upon or that the Senior Notes may be converted into ordinary shares. Further, the introduction or amendment
of such recovery and resolution powers, and/or any implication or anticipation that they may be used, may have a significant adverse effect
on the market price of the Senior Notes, even if such powers are not used.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Other powers contained in the Special Resolution
Regime under the Banking Act may affect your rights under, and the value of your investment in, the Senior Notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The &ldquo;Special Resolution Regime&rdquo; under
the Banking Act also includes powers to (a) transfer all or some of the securities issued by a U.K. bank or its parent, or all or some
of the property, rights and liabilities of a U.K. bank or its parent (which would include the Senior Notes), to a commercial purchaser
or, in the case of securities, into temporary public ownership, or, in the case of property, rights or liabilities, to a bridge bank (an
entity owned by BoE); (b) together with another resolution tool only, transfer impaired or problem assets to one or more publicly owned
asset management vehicles to allow them to be managed with a view to maximizing their value through eventual sale or orderly wind-down;
(c) override any default provisions, contracts or other agreements, including provisions that would otherwise allow a party to terminate
a contract or accelerate the payment of an obligation; (d) commence certain insolvency procedures in relation to a U.K. bank; and (e)
override, vary or impose contractual obligations, for reasonable consideration, between a U.K. bank or its parent and its group undertakings
(including undertakings which have ceased to be members of the group), in order to enable any transferee or successor bank of the U.K.
bank to operate effectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Banking Act also gives power to the U.K. government
to make further amendments to the law for the purpose of enabling it to use the Special Resolution Regime powers effectively, potentially
with retrospective effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The powers set out in the Banking Act could affect
how credit institutions (and their parent companies) and investment firms are managed as well as, in certain circumstances, the rights
of creditors. Accordingly, the taking of any actions contemplated by the Banking Act may affect your rights under the Senior Notes, and
the value of your Senior Notes may be affected by the exercise of any such powers or threat thereof.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The Senior Notes may not be a suitable investment
for investors.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An investor should reach a decision to invest
in the Senior Notes after carefully considering, in conjunction with his or her advisors, the suitability of the Senior Notes in light
of his or her investment objectives and the other information set out in this prospectus supplement and the prospectus. Neither the Issuer
nor the Underwriters makes any recommendation as to whether the Senior Notes are a suitable investment for any person.</P>

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


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">There is no limit on the amount or type of further
securities or indebtedness that LBG may issue or incur.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There is no restriction on the amount of securities
or other liabilities that LBG may issue or incur and which rank pari passu with, the Senior Notes. The issue of any such securities or
the incurrence of any such other liabilities may reduce the amount (if any) recoverable by holders of the Senior Notes on a winding up
of LBG and may limit LBG&rsquo;s ability to meet its obligations under the Senior Notes.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The Senior Notes are obligations exclusively
of LBG and LBG is structurally subordinated to the creditors of its subsidiaries.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes are obligations exclusively of
LBG. LBG is a holding company and conducts substantially all of its operations through its subsidiaries. LBG&rsquo;s subsidiaries are
separate and distinct legal entities, and have no obligation to pay any amounts due or to provide LBG with funds to meet any of LBG&rsquo;s
payment obligations. LBG&rsquo;s rights to participate in the assets of any subsidiary if such subsidiary is liquidated will be subject
to the prior claims of such subsidiary&rsquo;s creditors and any preference shareholders, except in the limited circumstance where LBG
is a creditor with claims that are recognized to be ranked ahead of or pari passu with such claims. Accordingly, if one of LBG&rsquo;s
subsidiaries were to be wound up, liquidated or dissolved, (i) the holders of the Senior Notes would have no right to proceed against
the assets of such subsidiary, and (ii) the liquidator of such subsidiary would first apply the assets of such subsidiary to settle the
claims of the creditors of such subsidiary, including holders (which may include LBG) of any preference shares and other tier 1 capital
instruments of such other subsidiary, before LBG, to the extent LBG is an ordinary shareholder of such other subsidiary and would be entitled
to receive any distributions from such other subsidiary.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The Senior Notes are not bank deposits and are
not insured or guaranteed by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund, or any other government agency.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes are our obligations but are not
bank deposits. In the event of our insolvency, the Senior Notes will rank equally with our other unsecured obligations and will not have
the benefit of any insurance or guarantee of the Federal Deposit Insurance Corporation, The Deposit Insurance Fund, the UK Financial Services
Compensation Scheme (&ldquo;FSCS&rdquo;) or any other government agency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An investment in the Senior Notes may give rise
to higher yields than a bank deposit placed with a deposit-taking bank within the Group. However, an investment in the Senior Notes carries
risks which are very different from the risk profile of such a bank deposit. The Senior Notes may provide greater liquidity than a bank
deposit since bank deposits are generally not transferable. Conversely, unlike certain bank deposits, holders of the Senior Notes will
not have the benefit of any insurance or deposit guarantee of the FSCS or any other government agency.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Holders of the Senior Notes may find it difficult
to enforce civil liabilities against LBG or LBG&rsquo;s directors or officers.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">LBG is incorporated as a public limited company
and is registered in Scotland and LBG&rsquo;s directors and officers reside outside of the United States. In addition, all or a substantial
portion of LBG&rsquo;s assets are located outside of the United States. As a result, it may be difficult for holders of the Senior Notes
to effect service of process within the United States on such persons or to enforce judgments against them, including in any action based
on civil liabilities under the U.S. federal securities laws.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Limitation on our gross-up obligation under
the Senior Notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our obligation to pay additional amounts in respect
of certain withholding taxes under the terms of the Senior Notes applies only to payments of interest due and paid under Senior Notes
and not to payments of principal. We will not be required to pay any additional amounts under the terms of the Senior Notes to the extent
any withholding or deduction applied to payments of principal. Accordingly, if any such withholding or deduction were to apply to any
payments of principal under the Senior Notes, you may receive less than the full amount due under the Senior Notes, and the market value
of the Senior Notes may be adversely affected.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Investors should be aware that the materialization
of any of the above risks (including those risks incorporated herein by reference) may adversely affect the value of each series of Senior
Notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_031"></A>Use of Proceeds</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The net proceeds from the sale of the Senior Notes,
less the underwriting compensation stated on the cover of this prospectus supplement and expenses payable by us estimated at $615,668,
are estimated to be $3,040,509,332. These proceeds will be used for general corporate purposes.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_032"></A>Capitalization
of the Group</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Group&rsquo;s capitalization and indebtedness
on a consolidated basis as at September 30, 2025 is set out in the report on Form 6-K dated October 23, 2025, which is incorporated by
reference herein. The amounts have been derived from the unaudited condensed consolidated financial statements as at September 30, 2025
prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_033"></A>Description of
the Senior Notes</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>In this prospectus supplement, we refer to
the 2031 Fixed Rate Notes and the 2036 Fixed Rate Notes collectively as the &ldquo;Fixed Rate Notes&rdquo; and to the Fixed Rate Notes
and the Floating Rate Notes collectively as the &ldquo;Senior Notes&rdquo;. The following is a summary of certain terms of the Senior
Notes. It supplements the description of the general terms of the debt securities of any series we may issue contained in the accompanying
prospectus under the heading &ldquo;Description of Debt Securities&rdquo;. If there is any inconsistency between the following summary
and the description in the accompanying prospectus, the following summary governs.</I></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">2031 Fixed Rate Notes</P>

<P STYLE="font: bold 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: 0.25in">The 2031 Fixed Rate Notes will be issued in an
aggregate principal amount of $1,500,000,000 and will mature on November 4, 2031. The 2031 Fixed Rate Notes bear interest at a fixed annual
rate during the initial fixed rate period and at a reset annual rate during the reset fixed rate period, each as described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">During the initial fixed rate period, interest
will accrue from November 4, 2025 on the 2031 Fixed Rate Notes at a fixed rate of 4.425% per annum. Interest accrued on the Senior Notes
during the initial fixed rate period will be payable semi-annually in arrear on May 4 and November 4 of each year, commencing on May 4,
2026. We refer to each such interest payment date during the initial fixed rate period as a &ldquo;fixed rate interest payment date&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">During the reset fixed rate period, interest will
accrue on the 2031 Fixed Rate Notes at a fixed annual rate equal to the applicable U.S. Treasury Rate (as defined below) as determined
by the Calculation Agent (as defined herein) on the 2031 Fixed Rate Notes Reset Determination Date (as defined below), <I>plus</I> 82
basis points (0.820%). Interest accrued on the 2031 Fixed Rate Notes during the reset fixed rate period will be payable semi-annually
in arrear on May 4, 2031 and November 4, 2031. We refer to each such interest payment date during the reset fixed rate period as a &ldquo;2031
Fixed Rate Notes reset rate interest payment date&rdquo;, and together with the fixed rate interest payment dates, the &ldquo;2031 Fixed
Rate Notes interest payment dates&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The &ldquo;initial fixed rate period&rdquo; is
from, and including, November 4, 2025 to, but excluding, November 4, 2030 (the &ldquo;2031 Fixed Rate Notes Reset Date&rdquo;) and the
&ldquo;reset fixed rate period&rdquo; starts from, and including, the 2031 Fixed Rate Notes Reset Date to, but excluding, November 4,
2031.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The &ldquo;2031 Fixed Rate Notes Reset Determination
Date&rdquo; will be on the second business day immediately preceding the 2031 Fixed Rate Notes Reset Date.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">2036 Fixed Rate Notes</P>

<P STYLE="font: bold 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: 0.25in">The 2036 Fixed Rate Notes will be issued in an
aggregate principal amount of $1,250,000,000 and will mature on November 4, 2036. The 2036 Fixed Rate Notes bear interest at a fixed annual
rate during the initial fixed rate period and at a reset annual rate during the reset fixed rate period, each as described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">During the initial fixed rate period, interest
will accrue from November 4, 2025 on the 2036 Fixed Rate Notes at a fixed rate of 4.943% per annum. Interest accrued on the Senior Notes
during the initial fixed rate period will be payable semi-annually in arrear on May 4 and November 4 of each year, commencing on May 4,
2026. We refer to each such interest payment date during the initial fixed rate period as a &ldquo;fixed rate interest payment date&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">During the reset fixed rate period, interest will
accrue on the 2036 Fixed Rate Notes at a fixed annual rate equal to the applicable U.S. Treasury Rate (as defined below) as determined
by the Calculation Agent (as defined herein) on the 2036 Fixed Rate Notes Reset Determination Date (as defined below), <I>plus</I> 97
basis points (0.970%). Interest accrued on the 2036 Fixed Rate Notes during the reset fixed rate period will be payable semi-annually
in arrear on May 4, 2036 and November 4, 2036. We refer to each such interest payment date during the reset fixed rate period as a &ldquo;2036
Fixed Rate Notes reset rate interest payment date&rdquo;, and together with the fixed rate interest payment dates, the &ldquo;2036 Fixed
Rate Notes interest payment dates&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The &ldquo;initial fixed rate period&rdquo; is
from, and including, November 4, 2025 to, but excluding, November 4, 2035 (the &ldquo;2036 Fixed Rate Notes Reset Date&rdquo;) and the
&ldquo;reset fixed rate period&rdquo; starts from, and including, the 2036 Fixed Rate Notes Reset Date to, but excluding, November 4,
2036.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The &ldquo;2036 Fixed Rate Notes Reset Determination
Date&rdquo; will be on the second business day immediately preceding the 2036 Fixed Rate Notes Reset Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Interest will be paid to holders of record of
each series of Fixed Rate Notes in respect of the principal amount thereof outstanding 15 calendar days preceding the relevant 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, we may pay interest and principal on the next succeeding business day, but interest on that payment will 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: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Initial Fixed Rate Period</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Interest on the Fixed Rate Notes during the initial
fixed rate period will 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. If any scheduled fixed rate interest payment date, redemption
date or maturity date is not a business day, we will pay interest and principal, as applicable, on the next business day, but interest
on that payment will 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: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Reset Fixed Rate Period</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Interest on the Fixed Rate Notes during the reset
fixed rate period will 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 for the 2031 Fixed Rate Notes during the reset
fixed rate period will be reset on the 2031 Fixed Rate Notes Reset Date. The interest rate for the 2036 Fixed Rate Notes during the reset
fixed rate period will be reset on the 2036 Fixed Rate Notes Reset Date. If any scheduled reset rate interest payment date, redemption
date or maturity date is not a business day, we will pay interest and principal, as applicable, 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: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>Determination of the U.S. Treasury Rate</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;U.S. Treasury Rate&rdquo; means, with respect
to the 2031 Fixed Rate Notes Reset Date or the 2036 Fixed Rate Notes Reset Date, as applicable, 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 2031 Fixed Rate Notes Reset Determination Date or the 2036 Fixed Rate
Notes Reset Determination Date, as applicable, and appearing under the caption &ldquo;Treasury constant maturities&rdquo; on the 2031
Fixed Rate Notes Reset Determination Date or the 2036 Fixed Rate Notes Reset Determination Date, as applicable, 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 2031 Fixed Rate Notes Reset Determination Date or the 2036 Fixed Rate Notes Reset
Determination Date, as applicable, 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 2031 Fixed Rate Notes Reset Date or the 2036 Fixed Rate Notes Reset Date, as applicable.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 Issuer 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; (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 2031 Fixed Rate Notes Reset Determination Date or the 2036 Fixed Rate Notes Reset Determination
Date, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Comparable Treasury Issue&rdquo; means,
with respect to the applicable reset fixed rate period, the U.S. Treasury security or securities selected by the Issuer with a maturity
date on or about the last day of the applicable reset fixed rate period and that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities denominated in U.S. dollars and having a maturity
of one year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Comparable Treasury Price&rdquo; means,
with respect to the 2031 Fixed Rate Notes Reset Date or the 2036 Fixed Rate Notes Reset Date, respectively, (i) the arithmetic average
of the Reference Treasury Dealer Quotations for the 2031 Fixed Rate Notes Reset Date or the 2036 Fixed Rate Notes Reset Date, as applicable,
received by the Issuer (calculated by the Calculation Agent on the 2031 Fixed Rate Notes Reset Determination Date preceding the 2031 Fixed
Rate Notes Reset Date or the 2036 Fixed Rate Notes Reset Determination Date preceding the 2036 Fixed Rate Notes Reset Date, as applicable),
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 Issuer, the arithmetic average of all such quotations, or (iii) if fewer than two such Reference Treasury
Dealer Quotations are received by the Issuer, then such Reference Treasury Dealer Quotation as quoted in writing to the Issuer by a Reference
Treasury Dealer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Reference Treasury Dealer&rdquo; means
each of up to five banks selected by the Issuer, 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 U.S. dollars.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Reference Treasury Dealer Quotations&rdquo;
means, with respect to each Reference Treasury Dealer and the 2031 Fixed Rate Notes Reset Date and the 2036 Fixed Rate Notes Reset Date,
the bid and offered prices obtained by LBG 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 2031 Fixed Rate Notes Reset Determination Date or the 2036 Fixed Rate Notes
Reset Determination Date, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">All calculations of the Calculation Agent, in
the absence of manifest error, will be conclusive for all purposes and binding on the Issuer, the Trustee, the paying agent and on the
holders of the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">All percentages resulting from any of the above
calculations will 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 will 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: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">The interest rate on each series of 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-indent: 17.85pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">&#9;The Floating Rate Notes will be issued in
an aggregate principal amount of $300,000,000 and will mature on November 4, 2031. The Floating Rate Notes bear interest at a floating
rate from November 4, 2025, as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">&#9;The Floating Rate Notes Interest Rate will
be equal to the sum of (A)&nbsp;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,
<I>provided </I>that the Floating Rate Notes Interest Rate with respect to any Floating Rate Notes Interest Period shall be subject to
a minimum rate <I>per annum </I>of 0.00% (the &ldquo;Minimum Rate&rdquo;), 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: 13.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">&#9;The first Floating Rate Notes interest payment
date (as defined below) will fall on February 4, 2026. Thereafter, interest on the Floating Rate Notes 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 Floating Rate Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Interest will be paid to holders of record of
the Floating Rate Notes in respect of the principal amount thereof outstanding 15 calendar days 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, we may pay interest and principal on the next succeeding business day, but interest on that payment will 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: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">&#9;The first interest period will begin on and
include November 4, 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. The Floating Rate Notes interest determination date (&ldquo;Floating Rate Notes Interest Determination
Date&rdquo;) for each Floating Rate Interest Period will be on the fifth U.S. Government Securities Business Day (as defined below) preceding
the applicable Floating Rate Notes interest payment date. If a tax redemption or Loss Absorption Disqualification Event redemption (see
&ldquo;<I>Description of the Senior Notes&mdash;Tax Redemption</I>&rdquo; and &ldquo;<I>Description of the Senior Notes&mdash;Loss Absorption
Disqualification Event Redemption</I>&rdquo; in this prospectus supplement) 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. &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: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt"><B><I>Calculation of Floating Rate Notes Interest
Rate</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">The Calculation Agent for the Floating Rate Notes
is The Bank of New York Mellon, London Branch or its successor appointed by LBG. The Calculation Agent will determine the Floating Rate
Notes Interest Rate for each Floating Rate Notes Interest Period by reference to the SOFR Index Average on the applicable Floating Rate
Notes Interest Determination Date. Promptly upon such determination, the Calculation Agent will notify LBG and the Trustee (as defined
below) of the applicable Floating Rate Notes Interest Rate. Upon the request of the holder of any Floating Rate Note, the Calculation
Agent will provide the Floating Rate Notes Interest Rate as determined for the most recent applicable Floating Rate Notes Interest Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">Subject to the circumstances described under
&ldquo;<I>&mdash; SOFR Discontinuation</I>&rdquo; below, 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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 35px; width: 171px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">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-indent: 17.85pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">Subject to the circumstances described under
&ldquo;<I>&mdash; SOFR Discontinuation</I>&rdquo; below, 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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 47px; width: 188px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">(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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">(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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt"><B><I>SOFR Discontinuation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">Notwithstanding the provisions described under
&ldquo;<I>&mdash;Calculation of Floating Rate Notes Interest Rate</I>&rdquo; 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 LBG (or its designee) may, at its sole discretion, appoint and consult
with an Independent Adviser, as soon as reasonably practicable, with a view to LBG (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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">In the absence of fraud, LBG (or its designee)
and any Independent Adviser appointed pursuant to this section &ldquo;<I>&mdash; SOFR Discontinuation</I>&rdquo;, as applicable, shall
have no liability whatsoever to LBG, the Trustee (as defined below), 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 LBG (or its designee) in connection with any determination made
by LBG (or its designee) pursuant to this section &ldquo;&mdash; <I>SOFR Discontinuation</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">If LBG (or its designee) has not appointed an
Independent Adviser in accordance with this section &ldquo;<I>&mdash; SOFR Discontinuation</I>&rdquo;, LBG (or its designee) may still
make any determinations and/or any amendments contemplated by and in accordance with this section &ldquo;<I>&mdash; SOFR Discontinuation</I>&rdquo;
(with the relevant provisions in this section applying <I>mutatis mutandis</I> to allow such determinations or amendments to be made by
LBG (or its designee) without consultation with an Independent Adviser). Any determination, decision or election that may be made by LBG
(or its designee) pursuant to this section &ldquo;&mdash; <I>SOFR Discontinuation</I>&rdquo;, 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 LBG&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">Subject to the paragraph below, if LBG (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 of this section &ldquo;<I>&mdash; SOFR Discontinuation</I>&rdquo; 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-indent: 17.85pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">Notwithstanding the above paragraph, if LBG (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 &ldquo;&mdash; <I>SOFR Discontinuation</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">Promptly following the determination of the SOFR
Benchmark Replacement as described in this section &ldquo;<I>&mdash; SOFR Discontinuation</I>&rdquo;, LBG (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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">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 LBG, effect such waivers
and consequential amendments to the terms and conditions of the Floating Rate Notes, the Indenture and any other document as LBG (or its
designee), following consultation with its Independent Adviser, determines may be required to give effect to any application of this section
&ldquo;<I>&mdash; SOFR Discontinuation</I>&rdquo;, including, but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;changes
to the terms and conditions of the Floating Rate Notes which LBG (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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other changes which LBG (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 &ldquo;&mdash;
<I>SOFR Discontinuation</I>&rdquo;). None of the Trustee, the Calculation Agent or any paying agents shall be responsible or liable for
any determinations, decisions or elections made by LBG (or its designee) with respect to any waivers or consequential amendments to be
effected pursuant to this section &ldquo;&mdash; <I>SOFR Discontinuation</I>&rdquo; 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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">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 LBG (or its designee) or any of the parties to the Indenture or Calculation Agent Agreement (if required).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">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, LBG&rsquo;s (or its designee&rsquo;s) determination of the SOFR Benchmark Replacement, as contemplated
by this section &ldquo;&mdash; <I>SOFR Discontinuation</I>&rdquo;, 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 &ldquo;&mdash; <I>SOFR Discontinuation</I>&rdquo;, 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 &ldquo;&mdash; <I>SOFR
Discontinuation</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">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 nor 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 &ldquo;&mdash; <I>SOFR Discontinuation</I>&rdquo; or any losses suffered in connection
therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">Notwithstanding any other provision of this section
&ldquo;&mdash; <I>SOFR Discontinuation</I>&rdquo;, 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 LBG , the same could reasonably be expected to result in the exclusion of the Floating
Rate Notes (in whole or in part) from LBG&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 LBG 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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&ldquo;Independent Adviser&rdquo; means an independent
financial institution of international repute or an independent financial adviser with appropriate expertise appointed by LBG under this
section &ldquo;<I>&mdash; SOFR Discontinuation</I>&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">(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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">(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-indent: 17.85pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">(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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&ldquo;SOFR Benchmark Replacement&rdquo; means
the first alternative set forth in the order below that can be determined by LBG, following consultation with its Independent Adviser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">(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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">(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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
sum of (a)&nbsp;the alternate rate that has been selected by LBG, 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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&ldquo;SOFR Benchmark Replacement Adjustment&rdquo;
means the first alternative set forth in the order below that can be determined by LBG, following consultation with its Independent Adviser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">(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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">(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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
spread adjustment (which may be a positive or negative value or zero) determined by LBG, 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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">(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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">(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-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&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-indent: 17.85pt">&nbsp;</P>

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

<P STYLE="font: bold 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: 0.25in">The Senior Notes will constitute our direct, unconditional,
unsecured and unsubordinated obligations ranking <I>pari passu</I> and without any preference among themselves and at least <I>pari passu</I>,
with all of our 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: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each of the 2031 Fixed Rate Notes, the 2036 Fixed
Rate Notes and the Floating Rate Notes will constitute a separate series of senior debt securities issued under an indenture dated as
of July 6, 2010, as amended by the First Supplemental Indenture dated as of July 6, 2016 (the &ldquo;Senior Indenture&rdquo;) between
us as Issuer and The Bank of New York Mellon, acting through its London Branch, as trustee (the &ldquo;Trustee&rdquo;), as supplemented
by a Twenty-Second Supplemental Indenture to be dated as of November 4, 2025 (the &ldquo;Twenty-Second Supplemental Indenture&rdquo; and,
together with the Senior Indenture, the &ldquo;Indenture&rdquo;) between us as Issuer and the Trustee, The Bank of New York Mellon, London
Branch as paying agent and The Bank of New York Mellon SA/NV, Dublin Branch, as senior debt security registrar. Book-entry interests in
the Senior Notes will be issued in minimum 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-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Bank of New York Mellon, London Branch is
designated as the paying agent. We may at any time designate additional paying agents or rescind the designation of paying agents or approve
a change in the office through which any paying agent acts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will issue the Senior Notes in fully registered
form. Each series of Senior Notes will be represented by one or more global securities in the name of a nominee of The Depository Trust
Company (the &ldquo;DTC&rdquo;). You will hold beneficial interest in the Senior Notes through the DTC and its participants. The Underwriters
expect to deliver the Senior Notes through the facilities of the DTC on November 4, 2025. For a more detailed summary of the form of the
Senior Notes and settlement and clearance arrangements, you should read &ldquo;<I>Description of Certain Provisions Relating to Debt Securities
and Capital Securities&mdash;Form of Debt Securities and Capital Securities; Book-Entry System</I>&rdquo; in the accompanying prospectus.
Indirect holders trading their beneficial interests in the Senior Notes through the DTC must trade in the DTC&rsquo;s same-day funds settlement
system and pay in immediately available funds. Secondary market trading will occur in the ordinary way following the applicable rules
and operating procedures of Euroclear and Clearstream Luxembourg.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Definitive debt securities will only be issued
in limited circumstances described under &ldquo;<I>Description of Certain Provisions Relating to Debt Securities and Capital Securities&mdash;Form
of Debt Securities and Capital Securities; Book-Entry System</I>&rdquo; in the accompanying prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Payment of principal of and interest on the Senior
Notes, so long as the Senior Notes are represented by global securities, will be made in immediately available funds. Beneficial interests
in the global securities will trade in the same-day funds settlement system of the DTC, and secondary market trading activity in such
interests will therefore settle in same-day funds.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A &ldquo;business day&rdquo; means any day, other
than Saturday or Sunday, that is neither 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 in the City of London.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All payments in respect of the Senior Notes by
us or our paying agent will be made subject to any deduction or withholding that may be imposed or levied by any jurisdiction. Except
as provided under &ldquo;<I>&mdash;Payment of Additional Amounts</I>&rdquo; below, no additional amounts will be paid on the Senior Notes
with respect to any such amounts withheld. For the avoidance of doubt, notwithstanding anything to the contrary herein, if 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, any of us, the Trustee, our paying agent or another withholding
agent deducts and withholds from any amount payable on, or in respect of, the Senior Notes, the amounts so deducted or withheld shall
be treated as having been paid to the holder of the Senior Notes, and no additional amounts will be paid on account of any such deduction
or withholding. Neither we, the Trustee nor our paying agent shall have any liability in connection with our compliance with any such
withholding obligation under applicable law.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Optional Redemption</P>

<P STYLE="font: bold 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: 0.25in">On at least 5 business days&rsquo; but no more
than 30 business days&rsquo; prior written notice delivered to the registered holders of a series of Senior Notes, we may, in our sole
discretion (but subject to, if and to the extent then required by the Relevant Regulator or the Loss Absorption Regulations, our giving
notice to the Relevant Regulator and the Relevant Regulator granting us permission) redeem that series of Senior Notes, in whole, but
not in part, on November 4, 2030 for the 2031 Fixed Rate Notes and the Floating Rate Notes and, in whole, but not in part, on November
4, 2035 for the 2036 Fixed Rate Notes, at a redemption price equal to 100% of the principal amount of such series of Senior Notes <I>plus</I>
accrued and unpaid interest thereon, if any, to, but excluding, the date of redemption (the &ldquo;redemption date&rdquo;).</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agreement with Respect to the Exercise of U.K. Bail-in Power</P>

<P STYLE="font: bold 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: 0.25in">Notwithstanding any other agreements, arrangements,
or understandings between us and any holder or beneficial owner of the Senior Notes, by purchasing or acquiring the Senior Notes, each
holder (including each beneficial owner) of the Senior Notes acknowledges, accepts, agrees to be bound by and consents to the exercise
of any U.K. bail-in power (as defined below) by the relevant U.K. resolution authority that may result in (i) the reduction or cancellation
of all, or a portion, of the principal amount of, or interest on, the Senior Notes; (ii) the conversion of all, or a portion, of the principal
amount of, or interest on, the Senior Notes into shares or other securities or other obligations of LBG 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 Senior Notes); and/or (iii) the amendment or alteration of the maturity of the Senior Notes, or amendment of the amount
of interest due on the Senior Notes, or the dates on which interest becomes payable, including by suspending payment for a temporary period;
any U.K. bail-in power may be exercised by means of variation of the terms of the Senior Notes solely to give effect to the exercise by
the relevant U.K. resolution authority of such U.K. bail-in power. 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 relevant 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 Senior Notes further acknowledges and agrees that the rights of the holders and/or beneficial owners
under the Senior Notes are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any U.K. bail-in power
by the relevant U.K. resolution authority. 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 LBG 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) (the &ldquo;Banking
Act&rdquo;) 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: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>According to the principles contained in the
Banking Act, we expect that the relevant U.K. resolution authority would exercise its U.K. bail-in power in respect of the Senior Notes
having regard to the hierarchy of creditor claims (with the exception of excluded liabilities, as such term is described in the Banking
Act) and that the holders of the Senior Notes would be treated equally in respect of the exercise of any U.K. bail-in power with all other
claims that would rank pari passu with the Senior Notes upon an insolvency of LBG.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No repayment of the principal amount of the Senior
Notes or payment of interest on the Senior Notes shall become due and payable after the exercise of any U.K. bail-in power by the relevant
U.K. resolution authority unless, at the time that such repayment or payment, respectively, is scheduled to become due, such repayment
or payment would be permitted to be made by us under the laws and regulations of the United Kingdom applicable to us or other members
of the Group. See also &ldquo;<I>Risk Factors&horbar; Under the terms of the Senior Notes, you have agreed to be bound by the exercise
of any U.K. bail-in power imposed by the relevant U.K. resolution authority&rdquo;.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Neither a reduction or cancellation, in part or
in full, of the principal amount of, or interest on, the Senior Notes or the conversion thereof into another security or obligation of
LBG 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
LBG, nor the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Senior Notes will be a Senior
Notes Default or a Senior Notes Event of Default for any purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">LBG&rsquo;s obligations to indemnify the Trustee
in accordance with Section 6.07 of the Senior Indenture (as supplemented by the Twenty-Second Supplemental Indenture) shall survive the
exercise of the U.K. Bail-in Power by the relevant U.K. resolution authority with respect to the Senior Notes.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">By purchasing or acquiring Senior Notes, each
holder and each beneficial owner of the Senior Notes: (i) acknowledges and agrees that the exercise of the U.K. bail-in power by the relevant
U.K. resolution authority in respect of the Senior Notes shall not give rise to a default or an Event of Default for purposes of Section
315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act (the &ldquo;TIA&rdquo;);
(ii) to the extent permitted by the TIA, waives any and all claims against the Trustee for, agrees not to initiate a suit against the
Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking,
in either case in accordance with the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the
Senior Notes; and (iii) acknowledges and agrees that, upon the exercise of any U.K. bail-in power by the relevant U.K. resolution authority,
(a) the Trustee shall not be required to take any further directions from holders or beneficial owners of the Senior Notes under Section
5.12 (Control by Holders) 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 Senior Notes remain outstanding (for example, if the exercise of the U.K. bail-in power results in only a partial
write-down of the principal of such Senior Notes), then the Trustee&rsquo;s duties under the Indenture shall remain applicable with respect
to such Senior Notes following such completion to the extent that LBG and the Trustee agree pursuant to a supplemental indenture or an
amendment to the Indenture, unless LBG and the Trustee agree in writing that a supplemental indenture is not necessary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">By purchasing or acquiring the Senior Notes, 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 Senior Notes
and (ii) authorized, directed and requested DTC and any direct participant in DTC or other intermediary through which it holds such Senior
Notes to take any and all necessary action, if required, to implement the exercise of any U.K. bail-in power with respect to the Senior
Notes as it may be imposed, without any further action or direction on the part of such holder or beneficial owner or the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the exercise of the U.K. bail-in power by
the relevant U.K. resolution authority with respect to the Senior Notes, we 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. We shall
also deliver a copy of such notice to the Trustee for information purposes. Any delay or failure by us 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: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For a discussion of certain risk factors relating
to the U.K. bail-in power, see &ldquo;<I>Risk Factors&mdash;Risks relating to the Senior Notes</I>&rdquo;.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Events of Default; Default; Limitation of Remedies</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Events of Default</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An &ldquo;Event of Default&rdquo; with respect
to a series of Senior Notes shall result if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a court of competent jurisdiction makes an order which is not successfully appealed within 30 days; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an effective shareholders&rsquo; resolution is validly adopted,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">for the winding-up of LBG, other than under or in connection
with a scheme of amalgamation or reconstruction not involving a bankruptcy or insolvency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an Event of Default occurs, the Trustee or
the holder or holders of at least 25% in aggregate principal amount of the outstanding notes of such series of Senior Notes may declare
to be due and payable immediately in accordance with the terms of the Indenture the principal amount of, and accrued but unpaid interest
thereon, if any, and any Additional Amounts (as defined below), on the Senior Notes of that series. However, after this declaration but
before the Trustee obtains a judgment or decree for payment of money due, the holder or holders of a majority in aggregate principal amount
of the outstanding notes of such series of Senior Notes may rescind the declaration of acceleration and its consequences, but only if
all Events of Default have been remedied and all payments due, other than those due as a result of acceleration, in respect of such series
of Senior Notes have been made.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Defaults</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A &ldquo;Default&rdquo; with respect to a series
of Senior Notes shall result if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any installment of interest in respect of the Senior Notes of such series is not paid on or before its interest payment date and such
failure continues for 14 days; or</TD></TR></TABLE>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>all or any part of the principal of the Senior Notes of such series is not paid when it otherwise becomes due and payable, whether
upon redemption or otherwise, and such failure continues for seven days.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a Default occurs with respect to a series of
Senior Notes, the Trustee may commence a proceeding for the winding-up of LBG, provided that the Trustee may not (except in such winding-up,
in accordance with &ldquo;<I>Events of Default</I>&rdquo; above) declare the principal amount of, or any other amount in respect of, the
outstanding Senior Notes of any series to be due and payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">However, a failure to make any payment on a series
of Senior Notes shall not be a Default if it is withheld or refused in order to comply with any applicable fiscal or other law or regulation
or order of any court of competent jurisdiction and LBG delivers a written opinion of legal advisors, who may be an employee of, or legal
advisors for, LBG or other legal advisors, such opinion to be acceptable to the Trustee (&ldquo;Opinion of Counsel&rdquo;), to the Trustee
with that conclusion, at any time before the expiry of the applicable 14 day or seven day period by independent legal advisers, <I>provided</I>,
<I>however</I>, that the Trustee may by notice to LBG require it to take such action (including but not limited to proceedings for a declaration
by a court of competent jurisdiction) as the Trustee may be advised in an Opinion of Counsel, upon which opinion the Trustee may conclusively
rely, is appropriate and reasonable in the circumstances to resolve such doubt, in which case LBG will forthwith take and expeditiously
proceed with such action and will be bound by any final resolution of the doubt resulting therefrom. If any such action results in a determination
that the relevant payment can be made without violating any applicable law, regulation or order then such payment will become due and
payable on the expiration of 14 days (in the case of a Default in respect of a payment of interest) or seven days (in the case of a Default
in respect of a payment of principal) after the Trustee gives written notice to LBG informing it of such resolution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 such series of Senior Notes by
such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the
specific enforcement of any covenant or agreement in the Indenture or in aid of the exercise of any power granted therein, or to enforce
any other legal or equitable right vested in the Trustee by the Indenture or by law, <I>provided</I>, <I>however</I>, that LBG shall not,
as a result of the bringing of such judicial proceedings, be required to pay any amount representing or measured by reference to the principal
of, or any interest on, the Senior Notes of such series prior to any date on which the principal of, or any interest on, the Senior Notes
of such series would have otherwise been payable by LBG.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding any contrary provisions, nothing
shall impair the right of a holder, absent the holder&rsquo;s consent, to sue for any payments due but unpaid with respect to such series
of Senior Notes.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">General</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The holder or holders of not less than a majority
in aggregate principal amount of the outstanding Senior Notes may waive any past Event of Default or Default in respect of such series,
except an Event of Default or Default in respect of the payment of interest, if any, or principal of (or premium, if any) or payments
on any Senior Note of such series or a covenant or provision of the Indenture which cannot be modified or amended without the consent
of each holder of the Senior Notes of such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the provisions of the Indenture relating
to the duties of the Trustee, if an Event of Default or a Default occurs, the Trustee will be under no obligation to take direction from
any holder or holders of such series of Senior Notes, unless they have offered reasonable indemnity to the Trustee. Subject to the Indenture
provisions for the indemnification of the Trustee, the holder or holders of a majority in aggregate principal amount of the outstanding
Senior Notes of such series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available
to the Trustee or exercising any trust or power conferred on the Trustee, if the direction is not in conflict with any rule of law or
with the Indenture and does not expose the Trustee to undue risk and the action would not be unjustly prejudicial to the holder or holders
of the Senior Notes not taking part in that direction. The Trustee may take any other action that it deems proper which is not inconsistent
with that direction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Indenture provides that the Trustee will,
within 90 days after the occurrence of an Event of Default or a Default, give to each holder of a series of Senior Notes notice of the
Event of Default or Default known to it, unless the Event of Default or Default, has been cured or waived in respect of such series. However,
the Trustee shall be protected in withholding notice if it determines in good faith that withholding notice is in the interest of the
holders.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are required to furnish to the Trustee a statement
as to our compliance with all conditions and covenants under the Indenture (i) annually, and (ii) within five business days of a written
request from the Trustee.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional Issuances</P>

<P STYLE="font: bold 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: 0.25in">We may, without the consent of the holders of
a series of Senior Notes, issue additional notes having the same ranking and same interest rate, maturity date, redemption terms and other
terms as such series of Senior Notes described in this prospectus supplement except for the price to the public, issue date and first
interest payment date, provided however that such additional notes that form part of any series of Senior Notes described in this prospectus
supplement and are issued with the same CUSIP, Common Code and/or ISIN number or numbers as the outstanding Senior Notes of the relevant
series must be fungible with the outstanding Senior Notes of that series for U.S. federal income tax purposes. Any such additional notes,
together with the Senior Notes offered by this prospectus supplement, will constitute a single series of securities under the Indenture.
There is no limitation on the amount of Senior Notes or other debt securities that we may issue under such indenture.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tax Redemption</P>

<P STYLE="font: bold 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: 0.25in">In addition to our right to redeem each series
of Senior Notes described above under &ldquo;<I>&mdash;Optional Redemption</I>&rdquo;, we may (subject to, if and to the extent then required
by the Relevant Regulator or the Loss Absorption Regulations, our giving notice to the Relevant Regulator and the Relevant Regulator granting
us permission) redeem Senior Notes of any series in whole but not in part if we determine that as a result of a change in or amendment
to the laws or regulations of the United Kingdom or any political subdivision thereof or authority thereof that has the power to tax (a
&ldquo;U.K. taxing jurisdiction&rdquo;) (including any treaty to which such U.K. 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 or applicable on or after November 4, 2025:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in making any payments on the Senior Notes of the relevant series, we have paid or will or would on the next payment date be required
to pay additional amounts;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>payments on the next payment date in respect of the Senior Notes of the relevant series would be treated as &ldquo;distributions&rdquo;
within the meaning of Chapter 2 Part 23 of the Corporation Tax Act 2010 of the United Kingdom, or any statutory modification or re-enactment
of such Act; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>on the next payment date we would not be entitled to claim a deduction in respect of the payments in computing our U.K. taxation
liabilities, or the value of the deduction to us would be materially reduced.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event of such a redemption, the redemption
price of the Senior Notes of the relevant series will be 100% of their principal amount together with accrued but unpaid interest thereon,
if any, to the date of redemption.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we elect to redeem the Senior Notes of any
series in accordance with this subsection, they will cease to accrue interest from the redemption date, unless there is a failure to pay
the redemption price on the payment date. The circumstances in which we may redeem the Senior Notes of any series and the applicable procedures
are described further in the accompanying prospectus under &ldquo;<I>Description of Debt Securities&mdash;Redemption of Senior Debt Securities</I>&rdquo;.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Loss Absorption Disqualification Event Redemption</P>

<P STYLE="font: bold 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: 0.25in">We may, at our option (but subject to, if and
to the extent then required by the Relevant Regulator or the Loss Absorption Regulations, our giving notice to the Relevant Regulator
and the Relevant Regulator granting us permission), having given not less than 15 nor more than 30 days&rsquo; notice to holders, redeem
all but not some only of a series of Senior Notes 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, we notify
the Trustee that a Loss Absorption Disqualification Event has occurred.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A &ldquo;Loss Absorption Disqualification Event&rdquo;
shall be deemed to have occurred with respect to a series of Senior Notes if, as a result of any amendment to, or change in, the Loss
Absorption Regulations, or any change in the application or official interpretation of the Loss Absorption Regulations, in any such case
becoming effective on or after the issue date of the first tranche of the Senior Notes, such Senior Notes are or (in our opinion or the
opinion of the Relevant Regulator and/or the relevant U.K. resolution authority) are likely to be fully or partially excluded from LBG&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 LBG 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
Senior Notes from the relevant minimum requirement(s) is due to the remaining maturity of the Senior Notes 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 LBG and/or the Group on the issue date of the first tranche of the Senior Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Loss Absorption Regulations&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 LBG or to the Group).</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Conditions to redemption and purchase, etc.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any redemption or purchase of a series of Senior
Notes (other than redemption on the relevant maturity date), and any modification to the terms of a series of Senior Notes or any indenture
relating thereto, is subject to, if and to the extent then required by the Relevant Regulator or the Loss Absorption Regulations, our
giving notice to the Relevant Regulator and the Relevant Regulator granting us 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; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Relevant Regulator&rdquo; means the relevant
U.K. resolution authority or such other governmental authority in the United Kingdom (or if LBG becomes domiciled in a jurisdiction other
than the United Kingdom, in such other jurisdiction) having primary supervisory authority with respect to LBG and/or the Group with respect
to resolution matters.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Additional Amounts</P>

<P STYLE="font: bold 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: 0.25in">Amounts to be paid on the Senior Notes 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 a U.K. taxing jurisdiction, unless such deduction
or withholding is required by law. If at any time a U.K. taxing jurisdiction requires us to make such deduction or withholding, we will
pay additional amounts with respect to interest only on the Senior Notes (&ldquo;Additional Amounts&rdquo;) that are necessary in order
that the net amounts of interest paid to the holders of the Senior Notes, after the deduction or withholding, shall equal the amounts
of interest only which would have been payable on the Senior Notes if the deduction or withholding had not been required. However, this
will not apply to any such amount that would not have been payable or due but for the fact that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the holder or the beneficial owner of the relevant Senior Notes is a domiciliary, national or resident of, or engaging in business
or maintaining a permanent establishment or physically present in, a U.K. taxing jurisdiction or otherwise having some connection with
the U.K. taxing jurisdiction other than the holding or ownership of the relevant Senior Note, or the collection of any payment of, or
in respect of, principal of, or any interest or other payment on, the relevant Senior Note;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>except in the case of a winding up in the United Kingdom, the relevant Senior Notes are presented (where presentation is required)
for payment in the United Kingdom;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the relevant Senior Notes are 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 Senior Notes 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: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
holder or the beneficial owner of the relevant Senior Notes or the beneficial owner of any payment of or in respect of principal of,
or any interest or other payment on, the relevant Senior Notes failed to comply with a request by us or our liquidator or other authorized
person addressed to the holder to provide information concerning the nationality, residence or identity of the holder or the beneficial
owner or to make any declaration or other similar claim to satisfy any requirement, which is required or imposed by a statute, treaty,
regulation or administrative practice of a U.K. taxing jurisdiction as a precondition to exemption from all or part of the tax, levy,
impost, duty, charge or fee;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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 US 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: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any combination of the above items,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">nor shall Additional Amounts be paid with respect to any interest only
on the Senior Notes to any holder who is a fiduciary or partnership or any person other than the sole beneficial owner of such payment
to the extent such payment would be required by the laws of any taxing jurisdiction to be included in the income for tax purposes of a
beneficiary or partner or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have
been entitled to such Additional Amounts, had it been the holder.</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: 0.25in">Whenever we refer in this prospectus supplement,
in any context, to the payment of interest on, or in respect of, any Senior Note, we mean to include the payment of Additional Amounts
to the extent that, in the context, Additional Amounts are, were or would be payable.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Waiver of Right to Set-Off</P>

<P STYLE="font: bold 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: 0.25in">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
LBG arising under or in connection with the Senior Notes. By accepting a Senior Note, each holder will be deemed to have waived any right
of set-off, counterclaim, combination of accounts, compensation or retention with respect to such Senior Note or the Indenture (or between
our obligations under or in respect of any Senior Note and any liability owed by a holder or the Trustee to us) that they might otherwise
have against us, whether before or during our winding up. Notwithstanding the provisions of the foregoing sentence, if any of the said
rights and claims of any holder of any Senior Note against LBG is discharged by set-off, counterclaim, combination of accounts, compensation
or retention, such holder will immediately pay an amount equal to the amount of such discharge to LBG (or, in the event of winding-up
or administration of LBG, the liquidator or, as applicable, the administrator of LBG) and accordingly such discharge will be deemed not
to have taken place.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee; Direction of Trustee</P>

<P STYLE="font: bold 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: 0.25in">LBG&rsquo;s obligations to indemnify the Trustee
in accordance with Section 6.07 of the Senior Indenture (as supplemented by the Twenty-Second Supplemental Indenture) shall survive the
exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Senior Notes and the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">By purchasing or acquiring the Senior Notes, each
holder (including each beneficial owner) of the Senior Notes acknowledges and agrees that, upon the exercise of any U.K. bail-in power
by the relevant U.K. resolution authority, (a) the Trustee shall not be required to take any further directions from holders or beneficial
owners of the Senior Notes under Section 5.12 (Control by Holders) 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 Senior Notes remain outstanding (for example, if the exercise of the
U.K. bail-in power results in only a partial write-down of the principal of such Senior Notes), then the Trustee&rsquo;s duties under
the Indenture shall remain applicable with respect to such Senior Notes following such completion to the extent that LBG and the Trustee
agree pursuant to a supplemental indenture or an amendment to the Indenture, unless LBG and the Trustee agree in writing that a supplemental
indenture is not necessary.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition to the foregoing, the Trustee may
decline to act or accept direction from holders unless it receives written direction from holders representing a majority in aggregate
principal amount of the Senior Notes and security and/or indemnity satisfactory to the Trustee in its sole discretion. The Indenture shall
not be deemed to require the Trustee to take any action which may conflict with applicable law, or which may be unjustly prejudicial to
the holders not taking part in the direction, or which could subject the Trustee to risk or for which it is not indemnified to its satisfaction
in its sole discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Trustee makes no representations regarding,
and shall not be liable with respect to, the information set forth in this prospectus supplement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subsequent Holders&rsquo; Agreement</P>

<P STYLE="font: bold 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: 0.25in">Holders and beneficial owners of the Senior Notes
that acquire the Senior Notes in the secondary market shall be deemed to acknowledge, agree to be bound by and consent to the same provisions
specified herein to the same extent as the holders and beneficial owners of the Senior Notes that acquire the Senior Notes upon their
initial issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms
of the Senior Notes including in relation to the U.K. bail-in power.</P>

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

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

<P STYLE="font: bold 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: 0.25in">We intend to apply for the listing of each series
of Senior Notes on the New York Stock Exchange in accordance with its rules.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Governing Law</P>

<P STYLE="font: bold 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: 0.25in">The Senior Indenture, the Twenty-Second Supplemental
Indenture and the Senior Notes are governed by, and construed in accordance with, the laws of the State of New York, except that, as the
Indenture specifies, the provisions relating to the waiver of set-off in the Indenture are governed by and construed in accordance with
Scots law.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_034"></A>Certain U.K. and
U.S. Federal Tax Consequences</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The following is a summary of the material
U.K. and U.S. federal tax consequences of the ownership and disposition of the Senior Notes by a &ldquo;U.S. holder&rdquo; described below
that is not connected with us for relevant tax purposes, that holds the Senior Notes as capital assets and that purchases them as part
of the initial offering of the Senior Notes at their &ldquo;issue price&rdquo;, which for any series of Senior Notes will be equal to
the first price to the public (not including bond houses, brokers or similar persons or organizations acting in the capacity of underwriters,
placement agents or wholesalers) at which a substantial amount of the Senior Notes of that series is sold for money. For purposes of this
discussion, a &ldquo;U.S. holder&rdquo; is a person that for U.S. federal income tax purposes is a beneficial owner of a Senior Note and
(i) a citizen or individual resident of the United States, (ii) a corporation, or other entity taxable as a corporation for U.S. federal
income tax purposes, created or organized in or under the laws of the United States or of any state thereof or the District of Columbia,
or (iii) an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This discussion does not describe all of the tax
consequences that may be relevant to U.S. holders in light of their particular circumstances or to U.S. holders subject to special rules,
such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>persons who are resident in the United Kingdom for U.K. tax
purposes or who are domiciled or deemed to be domiciled in the United Kingdom;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>certain financial institutions;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>insurance companies;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>dealers or traders in securities that use the mark-to-market
method of tax accounting;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>persons holding Senior Notes as part of an integrated transaction;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>persons whose functional currency is not the U.S. dollar;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>partnerships or other entities classified as partnerships for
U.S. federal income tax purposes;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>certain persons connected with us; or</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>persons carrying on a trade in the United Kingdom through a permanent establishment in the United Kingdom or carrying on a trade,
profession or vocation in the United Kingdom through a branch or agency in the United Kingdom or otherwise holding Senior Notes in connection
with a trade or business outside the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If you are a partnership for U.S. federal income
tax purposes, the U.S. federal income tax treatment of your partners will generally depend on the status of the partners and your activities.
If you are a partnership holding Senior Notes or a partner therein, you should consult your tax advisor as to your particular U.S. federal
income tax consequences of holding and disposing of the Senior Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The statements regarding U.K. and U.S. tax laws
and practices set out below, including those regarding the U.K./U.S. double taxation convention relating to income and capital gains (the
&ldquo;Treaty&rdquo;), are based on those laws, practices and the Treaty as of the date hereof. They are subject to changes in those laws,
practices and the Treaty, and any relevant judicial decision, after the date hereof (including any measures which may be announced at
the U.K. Autumn Budget scheduled to be delivered on November 26, 2025), which may apply with retrospective effect. This summary is not
exhaustive of all possible tax considerations that may be relevant in the particular circumstances of each U.S. holder, including any
special tax accounting rules under Section 451 of the U.S. Internal Revenue Code of 1986, as amended and any minimum tax or Medicare contribution
tax consequences. Furthermore, this summary does not deal with the tax treatment of the Senior Notes following an exercise of U.K. bail-in
power, nor does it address any U.S. state or local tax consequences or any federal tax considerations other than U.S. federal income tax
considerations. You should satisfy yourself as to the tax consequences of the acquisition, ownership and disposition of the Senior Notes.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">United Kingdom</P>

<P STYLE="font: bold 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: 0.25in"><I>Payments</I>. Interest that we pay on the Senior
Notes will be made without withholding for or deduction of U.K. income tax, provided that the Senior Notes are and remain listed on a
&ldquo;recognised stock exchange&rdquo; within the meaning of Section 1005 of the Income Tax Act 2007 (the &ldquo;Act&rdquo;). The New
York Stock Exchange is currently a recognised stock exchange for these purposes. The Senior Notes will be treated as listed on the New
York Stock Exchange if they are officially listed in the United States in accordance with provisions corresponding to those generally
applicable in the United Kingdom and EEA states and are admitted to trading on the New York Stock Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In all other cases, an amount on account of U.K.
income tax must generally be withheld at the basic rate (currently 20%), unless one of certain exceptions relating to the status of the
holder applies. In particular, certain U.S. holders will be entitled to receive payments free of withholding of U.K. income tax under
the Treaty and will under current HM Revenue &amp; Customs (&ldquo;HMRC&rdquo;) administrative procedures be able to make a claim for
the issuance of a direction by HMRC to this effect. However, such directions will be issued only on prior application to the relevant
tax authorities by the holder in question. If the Senior Notes are not listed on a recognised stock exchange and such a direction is not
given, we will be required to withhold tax, although a U.S. holder entitled to relief under the Treaty may subsequently claim the amount
withheld from HMRC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Interest on the Senior Notes constitutes U.K.
source income for U.K. tax purposes and, as such, may be subject to U.K. income tax by direct assessment irrespective of the residence
of the holder. However, where the payments are made without withholding or deduction on account of U.K. tax, the payments will not generally
be assessed to U.K. income tax (other than in the hands of certain trustees) if you are not resident in the U.K. for tax purposes, except
if you carry on a trade, profession or vocation in the U.K. through a U.K. branch or agency in connection with which the payments are
received or to which the Senior Notes are attributable (or in the case of a corporate U.S. holder, if you carry on a trade in the U.K.
through a permanent establishment in the U.K. in connection with which the payments are received or to which the Senior Notes are attributable),
in which case (subject to exemptions for payments received by certain categories of agent) tax may be levied on the U.K. branch or agency
(or permanent establishment).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Disposal (including Redemption)</I>. Subject
to the provisions set out in the next paragraph in relation to temporary non-residents, a U.S. holder will not, upon disposal (including
redemption) of a Senior Note, be liable for U.K. taxation on gains realized, unless at the relevant time the U.S. holder is resident for
tax purposes in the U.K., carries on a trade, profession or vocation in the U.K. through a branch or agency in the U.K. to which the Senior
Notes are attributable or, in the case of a corporate U.S. holder, if the U.S. holder carries on a trade in the U.K. through a permanent
establishment in the U.K. to which the Senior Notes are attributable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A U.S. holder who is an individual and who has
ceased to be resident for tax purposes in the U.K. for a period of five years or less before again becoming resident for tax purposes
in the U.K. and who disposes of a Senior Note during that period may be liable to U.K. tax on chargeable gains arising during the period
of absence in respect of the disposal (including redemption), subject to any available exemption or relief.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A U.S. holder who is an individual or other non-corporation
taxpayer will not, upon transfer or redemption of a Senior Note, be subject to any U.K. income tax charge on accrued but unpaid payments
of interest, unless the U.S. holder at any time in the relevant tax year was resident in the U.K. or carried on a trade, profession or
vocation in the United Kingdom through a branch or agency to which the Senior Note is attributable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Annual Tax Charges</I>. Corporate U.S. holders
who are not resident in the U.K. and do not carry on a trade in the U.K. through a permanent establishment in the U.K. to which the Senior
Notes are attributable will not be liable to U.K. tax charges or relief by reference to fluctuations in exchange rates or in respect of
profits, gains and losses arising from the Senior Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Stamp Duty and Stamp Duty Reserve Tax </I>(&ldquo;SDRT&rdquo;).
The following paragraphs are drafted on the basis, as is expected to be the case, that the Senior Notes are &ldquo;exempt loan capital&rdquo;
(that is, that section 79(4) of the Finance Act 1986 applies to the Senior Notes)<FONT STYLE="font-size: 12pt">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No U.K. stamp duty or U.K. SDRT should arise on
the issue or transfer of the Senior Notes into a clearance service or depositary receipt arrangement.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No U.K. stamp duty or U.K. SDRT should be payable
on the transfer of the Senior Notes within a clearance service or depositary receipt arrangement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No U.K. stamp duty or U.K. SDRT should be payable
on the redemption of the Senior Notes.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States</P>

<P STYLE="font: bold 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: 0.25in"><B><I>Characterization of the Senior Notes</I></B>.
For U.S. federal income tax purposes the Senior Notes should be treated as debt instruments and the remainder of the discussion so assumes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Floating Rate Notes</I>. The Floating Rate
Notes should be treated as &ldquo;variable rate debt instruments&rdquo; and are not expected to be issued with original issue discount
(&ldquo;OID&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Fixed Rate Notes</I>. Although the matter is
not entirely clear, the Fixed Rate Notes should be treated as &ldquo;variable rate debt instruments&rdquo; that provide for stated interest
at a single fixed rate followed by a qualified floating rate (&ldquo;QFR&rdquo;) for U.S. federal income tax purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the Treasury regulations applicable to variable
rate debt instruments, in order to determine the amount of OID, if any, and qualified stated interest (&ldquo;QSI&rdquo;) in respect of
the Fixed Rate Notes of the relevant series, an equivalent fixed rate debt instrument must be constructed. The equivalent fixed rate debt
instrument is constructed in the following manner: (i) first, the initial fixed rate is converted to a QFR that would preserve the fair
market value of such Fixed Rate Notes, and (ii) second, each QFR (including the QFR determined under clause (i) above) is converted to
a fixed rate substitute (which generally will be the value of that QFR as of the issue date of the Fixed Rate Notes). Under the applicable
Treasury regulations, the Fixed Rate Notes of the relevant series generally will be treated as providing for QSI at a rate equal to the
lowest rate of interest in effect at any time under the equivalent fixed rate debt instrument, and any interest under the equivalent fixed
rate debt instrument in excess of that rate generally will be treated as part of the stated redemption price at maturity and, therefore,
as possibly giving rise to OID. Based on the application of these rules to the Fixed Rate Notes and the expected issue price of the Fixed
Rate Notes, we do not expect the Fixed Rate Notes to be treated as issued with OID. The remaining discussion assumes the Fixed Rate Notes
will not be treated as issued with OID.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Interest</I></B>. Interest on the Senior
Notes (including U.K. tax withheld, if any) will be includable in income by a U.S. holder as ordinary interest income at the time it accrues
or is received, in accordance with the U.S. holder&rsquo;s method of accounting for U.S. federal income tax purposes. Interest income
from the Senior Notes (including any U.K. tax withheld) will constitute foreign-source income, which may be relevant to a U.S. holder
in calculating the U.S. holder&rsquo;s foreign tax credit limitation. The limitation on foreign taxes eligible for credit is calculated
separately with respect to specific classes of income. The rules governing foreign tax credits are complex. If any U.K. taxes are imposed
on interest payments, U.S. holders should consult their tax advisers regarding their creditability or deductibility in their particular
circumstances (including any applicable limitations).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Sale, Exchange or Redemption</I></B>. A
U.S. holder will, upon sale, exchange or redemption of a Senior Note, generally recognize capital gain or loss for U.S. federal income
tax purposes in an amount equal to the difference between the amount realized (not including amounts attributable to accrued interest,
which will be treated as ordinary interest income, as described in &ldquo;&ndash; <I>Interest</I>&rdquo; above) and the U.S. holder&rsquo;s
tax basis in the Senior Note. A U.S. holder&rsquo;s tax basis in a Senior Note generally will equal the cost of the Senior Note to the
U.S. holder. A U.S. holder&rsquo;s gain or loss will generally be U.S. source capital gain or loss and will be treated as long-term capital
gain or loss if the Senior Note has been held for more than one year at the time of disposition. Long-term capital gains recognized by
non-corporate U.S. holders are generally eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Backup Withholding and Information Reporting</I></B>.
Information returns may be filed with the Internal Revenue Service in connection with payments on the Senior Notes and the proceeds from
a sale or other disposition of the Senior Notes. A U.S. holder may be subject to backup withholding on these payments and proceeds if
the U.S. holder fails to provide its taxpayer identification number and comply with certain certification procedures or otherwise establish
an exemption from backup withholding. The amount of any backup withholding from a payment to a U.S. holder will be allowed as a credit
against the U.S. holder&rsquo;s U.S. federal income tax liability and may entitle the U.S. holder to a refund, provided that the required
information is timely furnished to the Internal Revenue Service.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain U.S. holders who are individuals and certain
specified entities may be required to report information relating to non-U.S. accounts through which the U.S. holders hold their Senior
Notes (or information regarding the Senior Notes if the Senior Notes are not held through any financial institution). U.S. holders should
consult their tax advisers regarding their reporting obligations with respect to the Senior Notes.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proposed financial transactions tax (&ldquo;FTT&rdquo;)</P>

<P STYLE="font: bold 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: 0.25in">The European Commission published a proposal (the
&ldquo;Commission&rsquo;s Proposal&rdquo;) for a Directive for a common FTT in Belgium, Estonia, Germany, Greece, Spain, France, Italy,
Austria, Portugal, Slovenia and Slovakia (excluding Estonia, the &ldquo;participating Member States&rdquo;). However, Estonia has since
stated that it will not participate. The Commission&rsquo;s Proposal has very broad scope and could, if introduced, apply to certain dealings
in the Senior Notes (including secondary market transactions) in certain circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the Commission&rsquo;s Proposal, the FTT
could apply in certain circumstances to persons both within and outside of the participating Member States. Generally, it would apply
to certain dealings in the Senior Notes where at least one party is a financial institution, and at least one party is established in
a participating Member State. A financial institution may be, or be deemed to be, &ldquo;established&rdquo; in a participating Member
State in a broad range of circumstances, including (a) by transacting with a person established in a participating Member State or (b)
where the financial instrument which is subject to the dealings is issued in a participating Member State.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The FTT proposal remains subject to negotiation
between the participating Member States and the scope and timing of any such tax is uncertain. Based on certain public statements, the
participating Member States are considering a proposal that would reduce the scope of the FTT and would only concern certain listed shares.
This proposal remains subject to change until final approval. Additional EU Member States may decide to participate. Prospective holders
of the Senior Notes are advised to seek their own professional advice in relation to the FTT.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_035"></A>Underwriting</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We and the underwriters for the offering named
below (the &ldquo;Underwriters&rdquo;) have entered into an underwriting agreement and a pricing agreement with respect to the Senior
Notes. Subject to certain conditions, we have agreed to sell to the Underwriters and each Underwriter has severally, and not jointly,
agreed to purchase the respective principal amounts of the 2031 Fixed Rate Notes, the 2036 Fixed Rate Notes and the Floating Rate Notes
indicated opposite such Underwriter&rsquo;s name in the following tables.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">Underwriters for the Senior Notes</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Principal Amount of 2031 Fixed Rate Notes</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Principal Amount of 2036 Fixed Rate Notes</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Principal Amount of Floating Rate Notes</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 46%; text-align: left">Barclays Capital Inc.&#9;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 11%; text-align: right">$180,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">$150,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">$36,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">J.P. Morgan Securities LLC&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$180,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$150,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$36,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Lloyds Securities Inc.&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$570,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$475,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$114,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0in">Scotia Capital (USA) Inc.&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$180,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$150,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$36,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Standard Chartered Bank&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$180,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$150,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$36,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Wells Fargo Securities, LLC&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$180,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$150,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$36,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Academy Securities, Inc.&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$7,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$6,250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$1,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Blaylock Van, LLC&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$7,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$6,250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$1,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">CIBC World Markets Corp.&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">$15,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">$12,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">$3,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">$1,500,000,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">$1,250,000,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">$300,000,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Underwriters propose to offer the Senior Notes
directly to the public at the initial public offering prices set forth on the cover page of this prospectus supplement. The underwriting
agreement and the pricing agreement provides that the obligations of the Underwriters are subject to certain conditions precedent and
that the Underwriters have undertaken to purchase all of the Senior Notes offered by this prospectus supplement if any are purchased.
The offering of the Senior Notes by the Underwriters is subject to receipt and acceptance and the Underwriters have the right to reject
any order in whole or in part.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conflicts of Interest</P>

<P STYLE="font: bold 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: 0.25in">Lloyds Securities Inc., one of the Underwriters
is an affiliate of the Issuer. Any distribution of the Senior Notes offered hereby will be made in compliance with applicable provisions
of Rule 5121 of the Financial Industry Regulatory Authority, Inc. (&ldquo;FINRA&rdquo;), which requires that, among other things, Lloyds
Securities Inc. will not participate in the distribution of an offering of Senior Notes unless the Senior Notes are investment grade rated
(within the meaning of Rule 5121) or are Senior Notes in the same series that have equal rights and obligations as investment grade rated
securities or unless another exemption provided by Rule 5121 is applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the extent any underwriter that is not a U.S.-registered
broker-dealer intends to effect sales of the Senior Notes in the United States, it will do so through one or more U.S.-registered broker-dealers
in accordance with the applicable U.S. securities laws and regulations.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Matters Relating to the Initial Offering and Market-Making Resales</P>

<P STYLE="font: bold 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: 0.25in">We intend to apply for the listing of each series
of Senior Notes on the New York Stock Exchange. Each series of Senior Notes is a new issue of securities with no established trading market.
We have been advised by the Underwriters that the Underwriters intend to make a market in the Senior Notes, but they are not obligated
to do so and may discontinue market-making at any time without notice. No assurance can be given as to the liquidity of the trading market
for the Senior Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In this prospectus supplement, the term &ldquo;the
offering&rdquo; means the initial offering of the Senior Notes made in connection with their original issuance and not any subsequent
resales of Senior Notes in market-making transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes will settle through the facilities
of the DTC and its participants (including Euroclear and Clearstream Luxembourg). The CUSIP number for the 2031 Fixed Rate Notes is 53944Y
BD4, the ISIN is US53944YBD40 and the Common Code is 322330189. The CUSIP number for the 2036 Fixed Rate Notes is 53944Y BE2, the ISIN
is US53944YBE23 and the Common Code is 322329792. The CUSIP number for the Floating Rate Notes is 53944Y BF9, the ISIN is US53944YBF97
and the Common Code is 322329067.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have agreed to indemnify the several Underwriters
against certain liabilities, including liabilities under the Securities Act of 1933, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">It is expected that delivery of the Senior Notes
will be made against payment on or about the date specified in the last paragraph of the cover page of this prospectus supplement, which
will be the fifth business day following the date of pricing of the Senior Notes (such settlement cycle being referred to as &ldquo;T+5&rdquo;).
Under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle in one business day, unless the
parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Senior Notes on the date of pricing or
the next three succeeding business days will be required, by virtue of the fact that the Senior Notes initially will settle in T+5, to
specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of Senior Notes who wish
to trade Senior Notes on the date of pricing or the next three succeeding business days should consult their own advisors.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Market-Making Resales by Affiliates</P>

<P STYLE="font: bold 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: 0.25in">This prospectus supplement may be used by Lloyds
Securities Inc. in connection with offers and sales of the Senior Notes in market-making transactions. In a market-making transaction,
Lloyds Securities Inc. may resell a Senior Note it acquires from other holders, after the original offering and sale of the Senior Notes.
Resales of this kind may occur in the open market or may be privately negotiated, at prevailing market prices at the time of resale or
at related or negotiated prices. In these transactions, Lloyds Securities Inc. may act as principal, or agent, including as agent for
the counterparty in a transaction in which Lloyds Securities Inc. acts as principal, or as agent for both counterparties in a transaction
in which Lloyds Securities Inc. does not act as principal. Lloyds Securities Inc. may receive compensation in the form of discounts and
commissions, including from both counterparties in some cases. Other affiliates of the Issuer may also engage in transaction of this kind
and may use this prospectus for this purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The aggregate initial offering price specified
on the cover of this prospectus supplement relates to the initial offering of the Senior Notes described in this prospectus supplement.
This amount does not include Senior Notes sold in market-making transactions. The latter include Senior Notes to be issued after the date
of this prospectus, as well as Senior Notes previously issued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We do not expect to receive any direct proceeds
from market-making transactions. We do not expect that Lloyds Securities Inc. or any other affiliate that engages in these transactions
will pay any direct proceeds from its market-making resales to us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Information about the trade and settlement dates,
as well as the purchase price, for a market-making transaction will be provided to the purchaser in a separate confirmation of sale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Unless we or any agent inform you in your confirmation
of sale that your Senior Note is being purchased in its original offering and sale, you may assume that you are purchasing your Senior
Note in a market-making transaction.</I></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stabilization Transactions and Short Sales</P>

<P STYLE="font: bold 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: 0.25in">In connection with the offering, the Underwriters
may purchase and sell Senior Notes in the open market. These transactions may include short sales, stabilizing transactions and purchases
to cover positions created by short sales. Short sales involve the sale by the Underwriters of a greater aggregate principal amount of
Senior Notes than they are required to purchase from us in the offering. Stabilizing transactions consist of certain bids or purchases
made for the purpose of preventing or retarding a decline in the market price of the Senior Notes while the offering is in progress.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Underwriters may also impose a penalty bid.
This occurs when a particular Underwriter repays to the Underwriters a portion of the underwriting discount received by it because the
Underwriters have repurchased Senior Notes sold by or for the account of such Underwriter in stabilizing or short- covering transactions.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These activities by the Underwriters may stabilize,
maintain or otherwise affect the market price of the Senior Notes. As a result, the price of the Senior Notes may be higher than the price
that otherwise might exist in the open market. If these activities are commenced, they may be discontinued by the Underwriters at any
time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Underwriters and their respective affiliates
are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment
banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities.
In the ordinary course of business, the Underwriters and their affiliates may have engaged in and may in the future engage in investment,
financial, banking and advisory services with us or our affiliates, for which customary fees may apply.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the ordinary course of their various business
activities, the Underwriters and their respective affiliates may make or hold a broad array of investments and actively trade debt and
equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the
accounts of their customers, and such investment and securities activities may involve securities and/or instruments of the Issuer. Certain
of the Underwriters or their affiliates that have a lending relationship with us routinely hedge their credit exposure to us consistent
with their customary risk management policies. Typically, such Underwriters and their affiliates would hedge such exposure by entering
into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our securities, including
potentially the Senior Notes offered hereby. Any such short positions could adversely affect future trading prices of the Senior Notes
offered hereby. The Underwriters and their respective affiliates may also make investment recommendations and/or publish or express independent
research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long
and/or short positions in such securities and instruments.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Selling Restrictions</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Prohibition of sales to EEA retail investors</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each Underwriter has severally, and not jointly,
represented and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available
any Senior Notes to any retail investor in the EEA. For the purposes of this provision the expression &ldquo;retail investor&rdquo; means
a person who is one (or more) of the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(i)&nbsp;&nbsp;&nbsp;&nbsp;a
retail client as defined in point (11) of Article 4(1) of MiFID II; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(ii)&nbsp;&nbsp;&nbsp;a
customer within the meaning of the Insurance Distribution Directive, where that customer would not qualify as a professional client as
defined in point (10) of Article 4(1) of MiFID II.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Canada</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each Underwriter has severally, and not jointly,
acknowledged that no prospectus has been filed with any securities commission or similar regulatory authority in Canada in connection
with the offer and sale of the Senior Notes, the Senior Notes have not been, and will not be, qualified for sale under the securities
laws of Canada or any province or territory thereof and no securities commission or similar regulatory authority in Canada has reviewed
or in any way passed upon this prospectus supplement, the underlying prospectus or the merits of the Senior Notes and any representation
to the contrary is an offence.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each Underwriter has represented and agreed that
it has not offered, sold or distributed and will not offer, sell or distribute any Senior Notes, directly or indirectly, in Canada or
to or for the benefit of any person subject to the securities laws of any province or territory of Canada, other than in compliance with
applicable securities laws and, without limiting the generality of the foregoing:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;any
offer or sale of the Senior Notes in Canada will be made only to purchasers that are &ldquo;accredited investors&rdquo; (as such term
is defined in section 1.1 of NI 45-106 or, in Ontario, as such term is defined in section 73.3(1) of the Securities Act (Ontario)), that
are also &ldquo;permitted clients&rdquo; (as such term is defined in section 1.1 of NI 31-103), that are purchasing as principal, or are
deemed to be purchasing as principal in accordance with applicable Canadian securities laws, and that are not a person created or used
solely to purchase or hold the Senior Notes as an &quot;accredited investor&quot; as described in paragraph (m) of the definition of &quot;accredited
investor&quot; in section&nbsp;1.1 of NI 45-106;</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;it
is either (i) appropriately registered under applicable Canadian securities laws in each relevant province or territory to sell and deliver
the Senior Notes, (ii) such sale and delivery will be made through an affiliate of it that is so registered if the affiliate is registered
in a category that permits such sale and has agreed to make such sale and delivery in compliance with the representations, warranties
and agreements set out herein, or (iii) it is relying on an exemption from the dealer registration requirements under applicable Canadian
securities laws and has complied with the requirements of that exemption; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;it
has not and will not distribute or deliver any offering memorandum, or any other offering material in connection with any offering of
the Senior Notes, in or to a resident of Canada, other than delivery of this prospectus supplement, and otherwise in compliance with applicable
Canadian securities laws.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">United Kingdom</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">General restrictions</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each Underwriter has severally, and not jointly,
represented and agreed that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to
engage in investment activity (within the meaning of section 21 of the FSMA) received by it in connection with the issue or sale of any
Senior Notes in circumstances in which section 21(1) of the FSMA does not apply to LBG; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;it
has complied and will comply with all the applicable provisions of the FSMA with respect to anything done by it in relation to any Senior
Notes in, from or otherwise involving the United Kingdom.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Prohibition of sales to U.K. retail investors</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each Underwriter has severally, and not jointly,
represented and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available
any Senior Notes to any retail investor in the United Kingdom. For the purposes of this provision, the expression &ldquo;retail investor&rdquo;
means a person who is one (or more) of the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(i) &nbsp;&nbsp;&nbsp;&nbsp;a retail client, as defined in point (8) of
Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law of the United Kingdom by virtue of the EUWA; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;a
customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU)
2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No
600/2014 as it forms part of domestic law of the United Kingdom by virtue of the EUWA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus supplement is for distribution
only to persons who (i) have professional experience in matters relating to investments and who fall within Article 19(5) of the Financial
Promotion Order, (ii) are persons falling within Article 49(2)(a) to (d) (&ldquo;high net worth companies, unincorporated associations
etc.&rdquo;) of the Financial Promotion Order, (iii) are outside the United Kingdom or (iv) are persons to whom an invitation or inducement
to engage in investment activity (within the meaning of section 21 of the FSMA) in connection with the issue or sale of any securities
may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as &ldquo;relevant persons&rdquo;).
This prospectus supplement is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant
persons. Any investment or investment activity to which this prospectus supplement relates is available only to relevant persons and will
be engaged in only with relevant persons.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Switzerland</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each Underwriter has severally, and not jointly,
represented and agreed that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(i)&nbsp;&nbsp;&nbsp;&nbsp;it
will not make a public offer of the Senior Notes, directly or indirectly, in Switzerland, as such terms are defined or interpreted under
the Swiss Financial Services Act (&ldquo;FinSA&rdquo;);</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(ii) &nbsp;&nbsp;the Senior Notes will not be admitted by
it to trading on a trading venue (exchange or multilateral trading facility) in Switzerland;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">(iii) &nbsp;&nbsp;it will not offer, sell, advertise or distribute
the Senior Notes, directly or indirectly, in Switzerland, as such terms are defined or interpreted under the FinSA, except to professional
clients as such term is defined or interpreted under the FinSA (the &ldquo;Professional Investors&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">(iv) &nbsp;&nbsp;it acknowledges that no key information
document pursuant to article 58(1) FinSA (or any equivalent document under the FinSA) has been or will be prepared in relation to any
Senior Notes and that, therefore, any Senior Notes with a derivative character within the meaning of article 86(2) of the Swiss Financial
Services Ordinance may not be offered or recommended to private clients within the meaning of the FinSA in Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes may not be publicly offered,
directly or indirectly, in Switzerland, except to Professional Investors. Offering or marketing material relating to Senior Notes may
not be distributed or otherwise made available in Switzerland, except to Professional Investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes do not constitute participations
in a collective investment scheme within the meaning of the Swiss Collective Investment Schemes Act (&ldquo;CISA&rdquo;). Therefore, the
Senior Notes are not subject to the approval of, or supervision by, the Swiss Financial Market Supervisory Authority (&ldquo;FINMA&rdquo;),
and investors in the Senior Notes will not benefit from protection under the CISA or supervision by FINMA.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Republic of Italy</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each Underwriter has severally, and not jointly,
represented and agreed that it has not offered, sold or otherwise made available, and will not offer, sell or otherwise make available,
any Senior Notes to any investor in Italy.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Hong Kong</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each Underwriter has severally, and not jointly,
represented and agreed that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;it
has not offered or sold and will not offer or sell in Hong Kong, by means of any document, any Senior Notes other than (a) to &ldquo;professional
investors&rdquo; as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the &ldquo;SFO&rdquo;) and any rules made
under the SFO; or (b) in other circumstances which do not result in the document being a &ldquo;prospectus&rdquo; as defined in the Companies
(Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong (the &ldquo;C(WUMP)O&rdquo;) or which do not constitute an
offer to the public within the meaning of the C(WUMP)O; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;it
has not issued or had in its possession for the purposes of issue, and will not issue or have in its possession for the purposes of issue,
whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the Senior Notes, which is directed at, or the
contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws
of Hong Kong) other than with respect to Senior Notes which are or are intended to be disposed of only to persons outside Hong Kong or
only to &ldquo;professional investors&rdquo; as defined in the SFO and any rules made under the SFO.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Japan</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes have not been and will not be
registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended, the &ldquo;Financial Instruments
and Exchange Act&rdquo;). Accordingly, each Underwriter has severally, and not jointly, as represented and agreed that it has not offered
or sold and will not offer or sell any Senior Notes, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan
(which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan),
or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit of, a resident of Japan, except pursuant
to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Act and
any other relevant laws and regulations of Japan.</P>

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


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Singapore</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each Underwriter, severally, and not jointly,
acknowledged that this prospectus supplement (together with the accompanying prospectus) has not been and will not be registered as a
prospectus with the Monetary Authority of Singapore. Accordingly, each Underwriter has severally, and not jointly, represented, warranted
and agreed that it has not offered or sold any Senior Notes or caused the Senior Notes to be made the subject of an invitation for subscription
or purchase and will not offer or sell any Senior Notes or cause the Senior Notes to be made the subject of an invitation for subscription
or purchase, and has not circulated or distributed, nor will it circulate or distribute, this prospectus supplement (together with the
accompanying prospectus) or any other document or material in connection with the offer or sale, or invitation for subscription or purchase,
of the Senior Notes, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor (as defined
in Section 4A of the Securities and Futures Act 2001 of Singapore, as modified or amended from time to time (the &ldquo;SFA&rdquo;)) pursuant
to Section 274 of the SFA or (ii) to an accredited investor (as defined in Section 4A of the SFA) pursuant to and in accordance with the
conditions specified in Section 275 of the SFA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Singapore Securities and Futures Act Product Classification&mdash;Solely
for the purposes of our obligations pursuant to Sections 309B(1)(a) and 309B(1)(c) of the SFA, we have determined, and hereby notify all
relevant persons (as defined in Section 309A(1) of the SFA) that the Senior Notes are &ldquo;prescribed capital markets products&rdquo;
(as defined in the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore) and &ldquo;Excluded Investment Product<B>s</B>&rdquo;
(as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment
Products).</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">United Arab Emirates (excluding the Dubai International
Financial Centre)</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each Underwriter has severally, and not jointly,
represented and agreed that the Senior Notes have not been and will not be offered, sold or publicly promoted or advertised by it in the
United Arab Emirates (excluding the Dubai International Financial Centre) other than in compliance with any laws applicable in the United
Arab Emirates (excluding the Dubai International Financial Centre) governing the issue, offering and sale of securities.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Dubai International Financial Centre</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each Underwriter has severally, and not jointly,
represented and agreed that it has not offered and will not offer the Senior Notes to any person in the Dubai International Financial
Centre unless such offer is:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;an
&ldquo;Exempt Offer&rdquo; in accordance with the Markets Rules (MKT) Module of the Dubai Financial Services Authority (the &ldquo;DFSA&rdquo;)
Rulebook; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;made
only to persons who meet the Professional Client criteria set out in Rule 2.3.3 of the Conduct of Business Module of the DFSA Rulebook.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Expenses of the Offering</P>

<P STYLE="font: bold 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: 0.25in">We estimate that our total expenses for the offering,
excluding the underwriting discounts, will be approximately $615,668, as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">Fees</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-align: left">SEC registration fee&#9;</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">$421,205</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trustee and Paying Agent fees&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$23,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Legal fees and expenses&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">$171,463</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">$615,668</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All amounts are estimated except the SEC registration
fee.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_036"></A>Legal Opinions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our United States counsel, Davis Polk &amp; Wardwell
London LLP, will pass upon certain legal matters relating to the Senior Notes under U.S. federal securities laws and New York law. Our
Scottish counsel, CMS Cameron McKenna Nabarro Olswang LLP, will pass upon certain matters relating to Scots law. Allen Overy Shearman
Sterling LLP, United States counsel for the underwriters, will pass upon certain United States and New York law legal matters for the
underwriters.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_037"></A>Experts</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The consolidated financial statements of Lloyds
Banking Group plc as at December 31, 2024 and 2023 and for each of the three years in the period ended December 31, 2024, incorporated
by reference in this prospectus supplement by reference to Lloyds Banking Group plc&rsquo;s Annual Report on Form 20-F for the year ended
December 31, 2024, and the effectiveness of Lloyds Banking Group plc&rsquo;s internal control over financial reporting have been audited
by Deloitte LLP, an independent registered public accounting firm, as stated in their reports. Such consolidated financial statements
are incorporated by reference in reliance upon the reports of such firm, given their authority as experts in accounting and auditing</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</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"><B>PROSPECTUS</B></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"><B>LLOYDS BANKING GROUP plc<BR>
DEBT SECURITIES<BR>
CAPITAL SECURITIES<BR>
ORDINARY SHARES<BR>
AMERICAN DEPOSITARY SHARES</B></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: 0.25in">We will provide the specific terms of these securities,
and the manner in which they will be offered, in one or more prospectus supplements to this prospectus. Any prospectus supplement may
also add, update or change information contained, or incorporated by reference, in this prospectus. You should read this prospectus and
the applicable prospectus supplement carefully before you invest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You should read both this prospectus and any prospectus
supplement, together with the additional information described under the headings &ldquo;Where You Can Find More Information&rdquo; and
&ldquo;Incorporation of Documents by Reference&rdquo;, before investing in our securities. The amount and price of the offered securities
will be determined at the time of the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>The debt securities and capital securities
may be subject to the exercise of the U.K. bail-in power by the relevant U.K. resolution authority as described herein and in the applicable
prospectus supplement for such debt securities or capital securities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Investing in our securities involves risks
that are described in the &ldquo;Risk Factors&rdquo; section of our annual and interim reports filed with the U.S. Securities and Exchange
Commission or in the applicable prospectus supplement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Neither the U.S. Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined that this prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>This prospectus may not be used to sell securities
unless it is accompanied by a prospectus supplement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is June 6, 2025.</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"><FONT STYLE="text-transform: uppercase"><B>table
of contents</B></FONT></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 2.6in"><DIV STYLE="border-top: Black 0.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="text-align: center; font-weight: bold">Prospectus</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_011">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_011">5</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_012">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_012">6</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_013">LLOYDS BANKING GROUP PLC</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_013">7</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_014">DESCRIPTION OF DEBT SECURITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_014">8</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_015">DESCRIPTION OF CAPITAL SECURITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_015">18</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_016">DESCRIPTION OF CERTAIN PROVISIONS RELATING TO DEBT SECURITIES AND CAPITAL SECURITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_016">24</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_017">DESCRIPTION OF ORDINARY SHARES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_017">29</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_018">DESCRIPTION OF AMERICAN DEPOSITARY SHARES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_018">34</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_019">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_019">40</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_020">LEGAL OPINIONS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_020">42</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_021">EXPERTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_021">43</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_022">ENFORCEMENT OF CIVIL LIABILITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_022">44</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_023">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_023">45</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_024">INCORPORATION OF DOCUMENTS BY REFERENCE</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_024">46</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#a_025">CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_025">47</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_011"></A>ABOUT
THIS PROSPECTUS</B></FONT></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: 0.25in">This prospectus is part of a registration statement
on Form F-3 that we filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) using a &ldquo;shelf&rdquo; registration
or continuous offering process. Under this shelf process, we may, from time to time, sell the securities described in this prospectus
in one or more offerings of an unspecified amount in one or more foreign currencies or currency units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus provides you with a general description
of the debt securities, capital securities, ordinary shares and American Depositary Shares we may offer, which we also refer to collectively
as the &ldquo;securities&rdquo;. Each time we sell securities, a prospectus supplement that contains specific information about the terms
of that offering will be provided. The prospectus supplement will provide information regarding certain tax consequences of the purchase,
ownership and disposition of the offered securities. The prospectus supplement may also add to, update or change information contained
in this prospectus. If there is any inconsistency between the information in this prospectus and any prospectus supplement, you should
rely on the information in that prospectus supplement. Each prospectus supplement will be filed with the SEC. You should read both this
prospectus and the applicable prospectus supplement, together with the additional information described under the headings &ldquo;Where
You Can Find More Information&rdquo; and &ldquo;Incorporation of Documents by Reference&rdquo;, before purchasing any securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The registration statement containing this prospectus,
including exhibits to the registration statement, provides additional information about Lloyds Banking Group plc and the securities offered
under this prospectus. The registration statement can be read at the SEC&rsquo;s offices or obtained from the SEC&rsquo;s website mentioned
under the heading &ldquo;Where You Can Find More Information&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Terms</B></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: 0.25in">In this prospectus, the terms &ldquo;the Company&rdquo;
and &ldquo;LBG&rdquo; refer to Lloyds Banking Group plc; the term &ldquo;Group&rdquo; means Lloyds Banking Group plc, together with its
subsidiaries and associated undertakings from time to time; the terms &ldquo;we&rdquo;, &ldquo;our&rdquo; and &ldquo;us&rdquo; refer to
Lloyds Banking Group plc as issuer of the relevant securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">LBG publishes its consolidated financial statements
in pounds sterling (&ldquo;&pound;&rdquo; or &ldquo;sterling&rdquo;), the lawful currency of the United Kingdom. In this prospectus and
any prospectus supplement, references to &ldquo;dollars&rdquo; and &ldquo;$&rdquo; are to United States dollars.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_012"></A><FONT STYLE="text-transform: uppercase"><B>USE
OF PROCEEDS</B></FONT></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: 0.25in">Unless a specific plan in the accompanying prospectus
supplement is disclosed, the net proceeds from the sale of the securities offered by this prospectus will be used for the general corporate
purposes of the Group. The Group has raised capital, Minimum Required Eligible Liabilities (&ldquo;MREL&rdquo;) and funding in various
markets from time to time and we expect to continue to raise capital, MREL and funding in appropriate markets as and when required.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_013"></A><FONT STYLE="text-transform: uppercase"><B>LLOYDS
BANKING GROUP PLC</B></FONT></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: 0.25in">Lloyds Banking Group plc was incorporated as a
public limited company and registered in Scotland under the U.K. Companies Act 1985 on October 21, 1985 with the registered number SC095000.
Lloyds Banking Group plc&rsquo;s registered office is The Mound, Edinburgh EH1 1YZ, Scotland, and its principal executive offices are
located at 25 Gresham Street, London EC2V 7HN, United Kingdom, telephone number + 44 (0) 20 7626 1500.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For further information on the Group, please refer
to Item 4.A in LBG&rsquo;s Annual Report on Form 20-F for the fiscal year ended December 31, 2024 filed with the SEC on February 20, 2025
and incorporated by reference into this document.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Group maintains a website at www.lloydsbankinggroup.com.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_014"></A><FONT STYLE="text-transform: uppercase"><B>DESCRIPTION
OF DEBT SECURITIES</B></FONT></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: 0.25in"><I>The following is a summary of the general terms
of the debt securities issued by LBG. Each time that debt securities are issued, a prospectus supplement will be filed with the SEC, which
you should read carefully. The prospectus supplement will summarize specific financial terms of your security and may contain additional
terms of those debt securities. The terms presented here, together with the terms contained in the prospectus supplement, will be a description
of the material terms of the debt securities, but if there is any inconsistency between the terms presented here and those in the prospectus
supplement, those in the prospectus supplement will apply and will replace those presented here. Therefore, the statements we make below
in this section may not apply to your debt security. You should also read the indentures and any related supplemental indentures establishing
such debt securities under which we will respectively issue the debt securities, which have been filed with the SEC as exhibits to the
registration statement of which this prospectus is a part.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>References to &ldquo;debt securities&rdquo;
in this prospectus, mean <FONT STYLE="background-color: white">the senior debt securities and subordinated debt securities that may be
issued by LBG. The term &ldquo;debt securities&rdquo; does not include the &ldquo;capital securities&rdquo; described under &ldquo;Description
of Capital Securities&rdquo;.</FONT></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Senior debt securities will be issued under
a senior debt indenture. Subordinated debt securities will be issued under a subordinated debt indenture. The subordinated debt securities
of any series will be subordinated obligations. Each indenture for debt securities issued by LBG is a contract between LBG and The Bank
of New York Mellon, acting through its London Branch, which will initially act as trustee. None of the indentures limit our ability to
incur additional indebtedness, including additional senior indebtedness.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></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: 0.25in">The debt securities are not deposits and are not
insured or guaranteed by the U.S. Federal Deposit Insurance Corporation or any other government agency of the United States or the United
Kingdom.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The indentures do not limit the amount of debt
securities that we may issue. We may issue debt securities in one or more series. The relevant prospectus supplement for any particular
series of debt securities will contain, where applicable, the following terms of, and other information relating to, any of the offered
debt securities:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether they are senior debt securities or subordinated debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>their title (which will distinguish the debt securities of the series from all other debt securities), authorized denomination and
aggregate principal amount;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the price or prices at which they will be issued;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>their maturity date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the annual interest rate or rates, or how to calculate the interest rate or rates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the date or dates from which interest, if any, will accrue or the method, if any, by which such date or dates will be determined;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the payment of interest can be deferred;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether payments are conditional on our ability to make such payments and remain able to pay our debts as they fall due and that our
assets continue to exceed our liabilities (other than subordinated liabilities);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the times and places for payment of the principal of and premium, if any, and any interest, if any, on the debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the terms of any mandatory or optional redemption, including the amount of any premium;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any repurchase or sinking fund provisions;</TD></TR></TABLE>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if other than the principal amount thereof, the portion of the principal amount of the debt securities payable upon acceleration or
redemption;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the currency or currencies in which they are denominated and in which we will make any payments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the debt securities will be issued in whole or in part in the form of one or more global securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>provisions, if any, for the exchange, modification or conversion of such debt securities, including, but not limited to, with respect
to senior debt securities, the terms, if any, on which such senior debt securities may or will be converted into or exchanged at our option
or otherwise for our stock or other securities or for stock or other securities of another entity or other entities, into a basket or
baskets of such securities, into an index or indices of such securities, into the cash value therefor or into any combination of the foregoing,
any specific terms relating to the adjustment thereof and the period during which such senior debt securities may or shall be so converted
or exchanged;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the amounts of payment of principal of and premium, if any, or interest, if any, on the debt securities may be determined
with reference to an index or are otherwise not fixed on the original issue date thereof, the manner in which such amounts shall be determined
and the calculation agent, if any, who will be appointed and authorized to calculate such amounts;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any modifications or additions to the events of default with respect to the debt securities offered;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any additional subordination terms with respect to the subordinated debt securities offered;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether and under what circumstances, if other than those described in this prospectus, we will pay additional amounts on the debt
securities and whether, and on what terms, if other than those described in this prospectus, we may redeem the debt securities following
certain developments with respect to tax laws;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>provisions relating to the exercise of the U.K. bail-in power by the relevant U.K. resolution authority;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any listing on a securities exchange; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other terms of the debt securities.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, the prospectus supplement will describe
the material U.S. federal and U.K. tax considerations that apply to any particular series of debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Debt securities may bear interest at a fixed rate
or a floating rate. We may sell any debt securities that bear no interest, or that bear interest at a rate that at the time of issuance
is below the prevailing market rate, at a discount to their stated principal amount.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Holders of debt securities shall have no voting
rights except those described under the heading &ldquo;&mdash;Modification and Waiver&rdquo; below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white"><I>If we
issue subordinated debt securities that, in each case, qualify as Tier 2 capital or other capital for regulatory purposes, the payment,
subordination, redemption, events of default and other terms may vary from those described in this prospectus and will be set forth in
the relevant prospectus supplement.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Payments</B></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: 0.25in">We will make any payments of interest and principal
on any particular series of debt securities on the dates and, in the case of payments of interest, at the rate or rates, that are set
out in, or that are determined by the method of calculation described in, the relevant prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Subordinated Debt Securities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement provides
otherwise, if we do not make a payment on a series of subordinated debt securities on any payment date, the obligation to make that payment
shall be deferred, if it is an interest payment, until the date upon which we pay a dividend on any class of our share capital and, if
it is a principal payment, until the first business day after the date that falls six months after the original payment date (a &ldquo;Deferred
Payment Date&rdquo;). If we fail to make a payment before the Deferred Payment Date, that failure shall not create a default or otherwise
allow any holder to sue us for the payment or take any other action. The relevant prospectus supplement will set forth the terms on which
the payment of interest and principal on the subordinated debt securities can be deferred and any other terms relating to payments on
subordinated debt securities.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Subordination</B></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 0pt 9.35pt"><B><I>Senior Debt Securities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement provides
otherwise, senior debt securities and coupons (if any) appertaining thereto constitute direct, unconditional, unsecured and unsubordinated
obligations ranking <I>pari passu</I>, without any preference among themselves, with all of our other outstanding unsecured and unsubordinated
obligations, present and future, except such obligations as are preferred by operation of law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Subordinated Debt Securities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement provides
otherwise, in a winding-up, all payments on any series of subordinated debt securities will be subordinate to, and subject in right of
payment to the prior payment in full of, all claims of all creditors other than claims in respect of any liability that is, or is expressed
to be, subordinated, whether only in the event of a winding up or otherwise, to the claims of all or any creditors, in the manner provided
in the relevant subordinated debt indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>General</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a consequence of these subordination provisions,
if winding-up proceedings should occur, each holder of subordinated debt securities may recover less ratably than the holders of unsubordinated
liabilities. If, in any winding-up, the amount payable on any series of debt securities and any claims ranking equally with that series
are not paid in full, those debt securities and other claims ranking equally will share ratably in any distribution of assets in a winding-up
in proportion to the respective amounts to which they are entitled. If any holder is entitled to any recovery with respect to the debt
securities in any winding-up or liquidation, the holder might not be entitled in those proceedings to a recovery in U.S. dollars and might
be entitled only to a recovery in pounds respective amounts to which they are entitled. If any holder is entitled to any recovery with
respect to the debt securities in any winding-up or liquidation, the holder might not be entitled in those proceedings to a recovery in
U.S. dollars and might be entitled only to a recovery in pounds sterling or any other lawful currency of the United Kingdom.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Agreement with Respect to the Exercise of U.K. Bail-in Power</B></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: 0.25in">The debt securities may be subject to the exercise
of the U.K. bail-in power by the relevant U.K. resolution authority. As more fully set out in the relevant prospectus supplement, if the
U.K. bail-in power applies to the debt securities of a series, by its acquisition of the debt securities, each holder of such debt securities
will be bound by (a) the effect of the exercise of any U.K. bail-in power by the relevant U.K. resolution authority and (b) the variation
of the terms of debt securities or the relevant indenture, if necessary, to give effect to the exercise of any U.K. bail-in power by the
relevant U.K. resolution authority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Amounts</B></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: 0.25in">Unless the relevant prospectus supplement provides
otherwise, amounts to be paid on any series of debt securities will be made without deduction or withholding for, or on account of, any
and all present and future income, stamp and other taxes, levies, imposts, duties, charges or fees imposed, levied, collected, withheld
or assessed by or on behalf of the United Kingdom or any political subdivision thereof or authority thereof that has the power to tax
(a &ldquo;U.K. taxing jurisdiction&rdquo;), unless such deduction or withholding is required by law. If at any time a U.K. taxing jurisdiction
requires us to make such deduction or withholding, we will pay additional amounts with respect to the interest only on the debt securities
(&ldquo;Additional Amounts&rdquo;) that are necessary in order that the net amounts of interest paid to the holders of those debt securities,
after the deduction or withholding, shall equal the amounts of interest only which would have been payable on that series of debt securities
if the deduction or withholding had not been required. However, this will not apply to any such tax, levy, impost, duty, charge or fee
which would not have been deducted or withheld but for the fact that:</P>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the holder or the beneficial owner of the debt securities is a domiciliary, national or resident of, or engaging in business or maintaining
a permanent establishment or physically present in, a U.K. taxing jurisdiction or otherwise having some connection with the U.K. taxing
jurisdiction other than the holding or ownership of a debt security, or the collection of any payment of, or in respect of, principal
of, or any interest or other payment on, any debt security of the relevant series;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>except in the case of a winding-up in the United Kingdom, the relevant debt security is presented (where presentation is required)
for payment in the United Kingdom;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the relevant debt security is presented (where presentation is required) for payment more than 30 days after the date payment became
due or was provided for, whichever is later, except to the extent that the holder would have been entitled to the Additional Amounts on
presenting the debt security for payment at the close of that 30 day period;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the holder or the beneficial owner of the relevant debt security or the beneficial owner of any payment of or in respect of principal
of, or any interest or other payment on, the debt security failed to comply with a request by us or our liquidator or other authorized
person addressed to the holder to provide information concerning the nationality, residence or identity of the holder or the beneficial
owner or to make any declaration or other similar claim to satisfy any requirement, which is required or imposed by a statute, treaty,
regulation or administrative practice of a U.K. taxing jurisdiction as a precondition to exemption from all or part of the tax, levy,
impost, duty, charge or fee;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any combination of the above items,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">nor shall Additional Amounts be paid with respect
to any interest only on the debt securities to any holder who is a fiduciary or partnership or settlor with respect to such fiduciary
or a member of such partnership other than the sole beneficial owner of such payment to the extent such payment would be required by the
laws of any taxing jurisdiction to be included in the income for tax purposes of a beneficiary or partner or settlor with respect to such
fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such Additional Amounts, had it been
the holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Whenever we refer in this prospectus and any prospectus
supplement, in any context, to the payment of interest on, or in respect of, any debt security of any series, we mean to include the payment
of Additional Amounts to the extent that, in the context, Additional Amounts are, were or would be payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Redemption of Senior Debt Securities</B></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 0pt 9.35pt"><B><I>Tax Redemption of Senior Debt Securities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement provides
otherwise, we will have the option to redeem the senior debt securities of any series, as a whole but not in part, upon not less than
30 nor more than 60 days&rsquo; notice to each holder of senior debt securities, on any interest payment date, at a redemption price equal
to 100% of their principal amount together with any accrued but unpaid interest, to the redemption date, or, in the case of discount securities,
their accreted face amount, together with any accrued interest, if, at any time, we determine that as a result of a change in or amendment
to the laws or regulations of a U.K. taxing jurisdiction, including any treaty to which it is a party, or any change in the application
or interpretation of those laws or regulations, including a decision of any court or tribunal which change or amendment becomes effective
or applicable on or after a date included in the terms of such senior debt securities:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in making any payments on the particular series of senior debt securities, we have paid or will or would on the next interest payment
date be required to pay Additional Amounts;</TD></TR></TABLE>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the payment of interest on the next interest payment date in respect of any of the series of senior debt securities would be treated
as &ldquo;a distribution&rdquo; within the meaning of Chapter 2, Part 23 of the Corporation Tax Act 2010 of the United Kingdom, or any
statutory modification or reenactment of such Act; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>on the next interest payment date we would not be entitled to claim a deduction in respect of the payment of interest in computing
our U.K. taxation liabilities, or the value of such deduction to us would be materially reduced.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the giving of any notice of redemption,
we must deliver to the trustee (i) a written legal opinion of independent United Kingdom counsel of recognized standing selected by us
in a form satisfactory to the trustee confirming that the relevant change or amendment has occurred and that we are entitled to exercise
its right of redemption; and (ii) an officer&rsquo;s certificate, evidencing compliance with such provisions and stating that we are entitled
to redeem the senior debt securities pursuant to the terms of such senior debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Optional Redemption of Senior Debt Securities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The relevant prospectus supplement will specify
whether or not the relevant issuer may redeem the senior debt securities of any series, in whole or in part, at its option, including
any conditions to its right to exercise such option, in any other circumstances and, if so, the prices and any premium at which and the
dates on which it may do so. Any notice of redemption of senior debt securities of any series will state, among other items:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the redemption date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the relevant regular record date or special record date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the amount of senior debt securities to be redeemed if less than all of the outstanding senior debt securities of any series is to
be redeemed;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the redemption price;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>that, the redemption price will become due and payable on the redemption date and, if applicable, that interest will cease to accrue
on such date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the place or places at which such senior debt securities are to be surrendered for payment of the redemption price; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the CUSIP, Common Code and/or ISIN number or numbers, if any, with respect to the senior debt securities being redeemed.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the case of a partial redemption, the trustee
shall select the senior debt securities to be redeemed in any manner which it deems fair and appropriate, and consistent with the rules
and regulations of the applicable clearing system.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We or any of our respective subsidiaries may at
any time and from time to time purchase senior debt securities of any series in the open market or by tender (available to each holder
of senior debt securities of the relevant series) or by private agreement, if applicable law permits. Any senior debt securities of any
series that we purchase beneficially for our account, other than in connection with dealing in securities, will be treated as cancelled
and will no longer be issued and outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Redemption of Subordinated Debt Securities</B></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: 0.25in">Any terms of the redemption of any series of subordinated
debt securities, whether at our option or upon the occurrence of certain events (including, but not be limited to, the occurrence of certain
tax or regulatory events), will be set forth in the relevant prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under existing PRA requirements, we may not make
any redemption or repurchase of certain debt securities beneficially for our own account, other than a repurchase in connection with dealing
in securities, unless, among other things, prior notice to the PRA is given and, in certain circumstances, the PRA has consented or given
its permission in advance. The PRA (or any successor thereto) may impose conditions on any redemption or repurchase, all of which will
be set out in the accompanying prospectus supplement with respect to any series of debt securities.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Modification and Waiver</B></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: 0.25in">We and the trustee may make certain modifications
and amendments to the applicable indenture with respect to any series of debt securities without the consent of the holders of the debt
securities. Other modifications and amendments may be made to the indenture with the consent of the holder or holders of not less than
a majority, or in the case of subordinated debt securities, two-thirds, in aggregate outstanding principal amount of the debt securities
of the series outstanding under the indenture that are affected by the modification or amendment, voting as one class. However, no modifications
or amendments may be made without the consent of the holder of each debt security affected that would:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change the stated maturity of the principal amount of any debt security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduce the principal amount of, the interest rates on, or any premium payable upon the redemption of, with respect to, any debt security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduce the amount of principal of discount securities that would be due and payable upon an acceleration of their maturity date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change any obligation to pay Additional Amounts;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change the currency of payment;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>impair the right to institute suit for the enforcement of any payment due and payable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduce the percentage in aggregate principal amount of outstanding debt securities of any series necessary to modify or amend the
relevant indenture or to waive compliance with certain provisions of the relevant indenture and any Senior Debt Security Event of Default,
Subordinated Debt Security Event of Default or Subordinated Debt Security Default (as such terms are defined below);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>modify the subordination provisions or change the terms of our obligations in respect of the due and punctual payment of the amounts
due and payable on the debt securities in a manner adverse to the holders; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>modify any of the above requirements.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, variations in the terms and conditions
of our subordinated debt securities of any series, including modifications relating to subordination, redemption, a Subordinated Debt
Security Event of Default, or Subordinated Debt Security Default (as such terms are defined below) as described in the relevant prospectus
supplement, may require the permission of, or consent from, the PRA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Events of Default; Default; Limitation of Remedies</B></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 0pt 9.35pt"><B><I>Senior Debt Security Event of Default</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement provides
otherwise, a &ldquo;Senior Debt Security Event of Default&rdquo; with respect to any series of senior debt securities shall result if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>LBG does not pay any principal or interest on any senior debt securities of that series within 14 days from the due date for payment
and the principal or interest has not been duly paid within 14 days following written notice from the trustee or from holders of 25% in
aggregate principal amount of the outstanding senior debt securities of that series to LBG requiring the payment to be made. It shall
not, however, be a Senior Debt Security Event of Default if during the 14 days after the notice, LBG delivers a written opinion of legal
advisors, who may be an employee of, or legal advisors for, LBG or other legal advisors, to the trustee, such opinion to be acceptable
to the trustee (&ldquo;Opinion of Counsel&rdquo;), concluding that such sums were not paid in order to comply with a law, regulation or
order of any court of competent jurisdiction; provided however, that the trustee may by notice to LBG require LBG to take such action
(including but not limited to proceedings for a declaration by a court of competent jurisdiction) as the trustee may be advised in an
Opinion of Counsel, upon which opinion the trustee may conclusively rely, is appropriate and reasonable in the circumstances to resolve
such doubt, in which case LBG will forthwith take and expeditiously proceed with such action and will be bound by any final resolution
of the doubt resulting therefrom. If any such action results in a determination that the relevant payment can be made without violating
any applicable law, regulation or order, then such payment will become due and payable on the expiration of 14 days after the trustee
gives written notice to LBG informing it of such resolution. The foregoing shall not otherwise be deemed to impair the right of any holder
to receive payment of the principal of and interest on any such security or to institute suit for the enforcement of any such payment;</TD></TR></TABLE>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>LBG defaults in the performance or breaches, any covenant or warranty of the senior debt indenture (other than as stated above with
respect to payments when due) and that breach has not been remedied within 60 days of receipt of a written notice from (i) the trustee
certifying that in its opinion the breach is materially prejudicial to the interests of the holders of the senior debt securities of that
series and requiring the breach to be remedied or (ii) holders of at least 25% in outstanding principal amount of the senior debt securities
of that series requiring the breach to be remedied; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>either a court of competent jurisdiction issues an order which is not successfully appealed within 30 days, or an effective shareholders&rsquo;
resolution is validly adopted, for the winding-up of LBG (other than under or in connection with a scheme of reconstruction, merger or
amalgamation not involving bankruptcy or insolvency).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a Senior Debt Security Event of Default occurs
and is continuing, the trustee or the holders of at least 25% in aggregate principal amount of the senior outstanding debt securities
of that series may at their discretion declare the outstanding senior debt securities of that series to be due and repayable immediately
(and the senior debt securities of that series shall thereby become due and repayable) at their principal amount (or at such other repayment
amount as may be specified in or determined in accordance with the relevant prospectus supplement and in the case of original issue discount
securities, the accreted face amount) together with accrued interest, if any, as provided in the prospectus supplement. However, after
such declaration but before the trustee obtains a judgment or decree for payment of money due, the holder or holders of a majority in
aggregate principal amount of the outstanding senior debt securities of the series may rescind or annul the declaration of acceleration
and its consequences, but only if all Senior Debt Security Events of Default have been cured or waived and all payments due, other than
those due as a result of acceleration, have been made. The trustee may at its discretion and without further notice institute such proceedings
as it may think suitable, against LBG to enforce payment. Notwithstanding any contrary provisions, nothing shall impair the right of a
holder, absent the holder&rsquo;s consent, to sue for any payments due but unpaid with respect to the senior debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement provides
otherwise, by accepting a senior debt security, each holder will be deemed to have waived any right of set-off, counterclaim or combination
of accounts with respect to the senior debt securities or the applicable indenture that they might otherwise have against LBG whether
before or during the winding-up of LBG.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Subordinated Debt Security Events of Default</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement provides
otherwise, a &ldquo;Subordinated Debt Security Event of Default&rdquo; with respect to any series of subordinated debt securities of LBG
shall result if either:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a court of competent jurisdiction makes an order which is not successfully appealed within 30 days; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an effective shareholders&rsquo; resolution is validly adopted for the winding-up of LBG other than under or in connection with a
scheme of amalgamation or reconstruction not involving a bankruptcy or insolvency.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The exercise of any U.K. bail-in power by the
relevant U.K. resolution authority shall not constitute a Subordinated Debt Security Event of Default.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a Subordinated Debt Security Event of Default
occurs and is continuing, the trustee or the holder or holders of at least 25% in aggregate principal amount of the outstanding subordinated
debt securities of each series may declare to be due and payable immediately in accordance with the terms of the indenture the principal
amount of, any accrued but unpaid payments (or, in the case of original issue discount securities, the accreted face amount, together
with any accrued interest), including any deferred interest on the subordinated debt securities of the series. However, after such declaration
but before the trustee obtains a judgment or decree for payment of money due, the holder or holders of a majority in aggregate principal
amount of the outstanding subordinated debt securities of the series may rescind or annul the declaration of acceleration and its consequences,
but only if all Subordinated Debt Security Events of Default have been cured or waived and all payments due, other than those due as a
result of acceleration, have been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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 0pt 9.35pt"><B><I>Subordinated Debt Security Defaults</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition to Subordinated Debt Security Events
of Default, the subordinated debt indentures also separately provide for Subordinated Debt Security Defaults. Unless the relevant prospectus
supplement provides otherwise, it shall be a &ldquo;Subordinated Debt Security Default&rdquo; with respect to any series of subordinated
debt securities if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any installment of interest upon any subordinated debt security of that series is not paid on or before its deferred payment date
or such other date specified for its payment in the subordinated debt indentures and such failure continues for 14 days; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>all or any part of the principal of any subordinated debt security of that series is not paid on its deferred payment date, or when
it otherwise becomes due and payable, whether upon redemption or otherwise, and such failure continues for seven days.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a Subordinated Debt Security Default occurs
and is continuing, the trustee may commence a proceeding in Scotland (but not elsewhere) for the winding-up of LBG.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">However, a failure to make any payment on a series
of subordinated debt securities shall not be a Subordinated Debt Security Default if it is withheld or refused in order to comply with
any applicable fiscal or other law or regulation or order of any court of competent jurisdiction and LBG delivers an Opinion of Counsel
to the trustee with that conclusion, at any time before the expiry of the applicable 14 day or seven day period by independent legal advisers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding any contrary provisions, nothing
shall impair the right of a holder, absent the holder&rsquo;s consent, to sue for any payments due but unpaid with respect to the subordinated
debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement provides
otherwise, by accepting a subordinated debt security, each holder and the trustee will be deemed to have waived any right of set-off,
counterclaim or combination of accounts with respect to the subordinated debt security or the applicable indenture (or between obligations
which LBG may have under or in respect of any subordinated debt security and any liability owed by a holder or the trustee to LBG) that
they might otherwise have against LBG, whether before or during the winding-up or liquidation of LBG.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Events of Default and Defaults&ndash;General</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to certain exceptions, such as in the
case of a default in the payment of the principal (or premium, if any) or interest on a senior debt security, the trustee may, without
the consent of the holders, waive or authorize a Senior Debt Security Event of Default, provided that in the opinion of the trustee, the
interests of the holders shall not be materially prejudiced thereby and provided further that the trustee shall not exercise any powers
conferred on it in contravention of any notice in writing to LBG and the trustee of a declaration described in &ldquo;&mdash;Senior Debt
Security Event of Default&rdquo; above but so that no such notice shall affect any waiver or authorization previously given or made.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The holder or holders of not less than a majority
in aggregate principal amount of the outstanding debt securities of any series may waive any past Senior Debt Security Event of Default,
Subordinated Debt Security Event of Default or Subordinated Debt Security Default with respect to the series, except a Senior Debt Security
Event of Default, Subordinated Debt Security Event of Default or Subordinated Debt Security Default, in respect of the payment of interest,
if any, or principal of (or premium, if any) or payments on any debt security or a covenant or provision of the indenture which cannot
be modified or amended without the consent of each holder of debt securities of such affected series.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the provisions of the applicable indenture
relating to the duties of the trustee, if a Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated
Debt Security Default occurs and is continuing with respect to the debt securities of any series, the trustee will be under no obligation
to any holder or holders of the debt securities of the series, unless they have offered indemnity or security satisfactory to the trustee
in its sole discretion. Subject to the indenture provisions for the indemnification of the trustee, the holder or holders of a majority
in aggregate principal amount of the outstanding debt securities of any series shall have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the trustee, or exercising any trust or power conferred on the trustee with respect
to the series, if the direction is not in conflict with any rule of law or with the applicable indenture and does not expose the trustee
to undue risk and the action would not be unjustly prejudicial to the holder or holders of any debt securities of any series not taking
part in that direction. The trustee may take any other action that it deems proper which is not inconsistent with that direction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The indentures provide that the trustee will,
within 90 days after the occurrence of a Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated
Debt Security Default with respect to the debt securities of any series, give to each holder of the debt securities of the affected series
notice of the Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated Debt Security Default
known to it, unless the Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated Debt Security
Default, has been cured or waived; provided that the trustee shall be protected in withholding notice (except for a payment default) if
it determines in good faith that withholding notice is in the interest of the holders of the debt securities of the affected series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are required to furnish to the trustee a statement
as to our compliance with all conditions and covenants under the indenture (i) annually, and (ii) within five Business Days of a written
request from the trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consolidation, Merger and Sale of Assets; Assumption</B></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: 0.25in">We may, without the consent of the holders of
any of the debt securities, consolidate or amalgamate with, merge into or transfer or lease our assets substantially as an entirety to
any person, provided that any successor corporation formed by any consolidation or amalgamation or into which we are merged, or any transferee
or lessee of our assets, is a company organized under the laws of any part of the United Kingdom that assumes, by a supplemental indenture,
our obligations on the debt securities, and under the applicable indenture, immediately after giving effect to such transaction, no event
of default or default shall have occurred and be continuing, and we procure the delivery of a customary officer&rsquo;s certificate and
legal opinion providing that the conditions precedent to the transaction have been complied with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Governing Law</B></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: 0.25in">The debt securities and the indentures will be
governed by and construed in accordance with the laws of the State of New York, except that, as the indentures specify, the subordination
provisions relating to each series of debt securities issued by LBG in the relevant indenture will be governed and construed in accordance
with the laws of Scotland.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notices</B></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: 0.25in">All notices to holders of registered debt securities
shall be validly given if in writing and mailed, first-class postage prepaid, to them at their respective addresses in the registers maintained
by the trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Trustee</B></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: 0.25in">The Bank of New York Mellon, acting through its
London Branch, 160 Queen Victoria Street, London EC4V 4LA, is the trustee under the indentures. The trustee shall have and be subject
to all the duties and responsibilities specified with respect to an indenture trustee under the Trust Indenture Act of 1939, as amended
(the &ldquo;TIA&rdquo;). Subject to the provisions of the TIA, the trustee is under no obligation to exercise any of the powers vested
in it by the indentures at the request of any holder of notes, unless offered indemnity or security satisfactory to the trustee in its
sole discretion, by the holder against the costs, expense and liabilities which might be incurred thereby. LBG and certain members of
the Group maintain deposit accounts and conduct other banking transactions with The Bank of New York Mellon in the ordinary course of
our business. The Bank of New York Mellon under a nominee name is also the book-entry depositary with respect to certain of our debt securities
and the depositary with respect to the ADSs representing certain of our ordinary shares.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consent to Service of Process</B></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: 0.25in">Under the indentures, LBG irrevocably designates
Kelvina Smith, Chief Legal Officer, Lloyds Securities Inc. and Deputy Chief Legal Officer, North America, Lloyds Bank Corporate Markets
plc (or any successor thereto), currently of 1095 Avenue of the Americas, New York, NY 10036, as the authorized agent for service of process
in any legal action or proceeding arising out of or relating to the indentures or any debt securities brought in any federal or state
court in the Borough of Manhattan, in The City of New York, New York and LBG irrevocably submits to the jurisdiction of those courts.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_015"></A><FONT STYLE="text-transform: uppercase"><B>DESCRIPTION
OF CAPITAL SECURITIES</B></FONT></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: 0.25in"><I>The following is a summary of the general terms
of the capital securities we may issue under this registration statement. Each time that capital securities are issued, a prospectus supplement
will be filed with the SEC, which you should read carefully. The prospectus supplement will summarize specific financial terms of your
security and may contain additional terms of those capital securities. The terms presented here, together with the terms contained in
the prospectus supplement, will be a description of the material terms of the capital securities, but if there is any inconsistency between
the terms presented here and those in the prospectus supplement, those in the prospectus supplement will apply and will replace those
presented here. Therefore, the statements we make below in this section may not apply to your capital security. Capital securities will
be issued under an indenture. The indenture is a contract between us and The Bank of New York Mellon, acting through its London Branch,
as trustee. The indenture does not limit our ability to incur additional indebtedness, including the issuance of further capital securities.
You should also read the indenture and any related supplemental indenture establishing such capital securities, which we have filed with
the SEC as exhibits to the registration statement of which this prospectus is a part.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></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: 0.25in">Capital securities mean our subordinated convertible
debt securities mandatorily convertible into our ordinary shares on the occurrence of certain events. The capital securities are not deposits
and are not insured or guaranteed by the U.S. Federal Deposit Insurance Corporation or any other government agency of the U.S. or the
U.K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may issue capital securities in one or more
series. The relevant prospectus supplement for any particular series of capital securities will describe the terms of the offered capital
securities, including some or all of the following terms:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the specific designation, authorized denomination and aggregate principal amount of the capital securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the capital securities are intended to qualify for regulatory capital treatment as additional tier 1 capital or otherwise;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether such capital securities will be dated capital securities with a specified maturity date or undated capital securities with
no specified maturity date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the annual interest rate or rates, or how to calculate the interest rate or rates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the date or dates from which interest, if any, will accrue or the method, if any, by which such date or dates will be determined;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the payment of interest can or must be deferred or cancelled in certain circumstances or at our option, whether the payment
of principal can be deferred and the subordination terms;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the price or prices at which they will be issued;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether and how the capital securities may or must be converted into our ordinary shares or any other type of securities, or their
cash value, or a combination of these, including upon the occurrence of certain events that may give rise to such conversion;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether payments are subject to certain conditions that relate to our financial condition, including our capital ratios;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the times and places for payment of the principal of and any premium, if any, and/or interest, if any, on the capital securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the terms and conditions of any mandatory or optional redemption, including the amount of any premium;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any modifications or additions to the events of default with respect to the capital securities offered;</TD></TR></TABLE>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the terms and conditions, if any, under which we may elect to substitute or vary the terms of the capital securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the currency or currencies in which they are denominated and in which we will make any payments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any index used to determine the amount of any payments on the capital securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any restrictions that apply to the offer, sale and delivery of the capital securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether and under what circumstances, if other than those described in this prospectus, we will pay additional amounts on the capital
securities following certain developments with respect to withholding tax or information reporting laws and whether, and on what terms,
if other than those described in this prospectus, we may redeem the capital securities following those developments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any listing on a securities exchange;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>provisions relating to the exercise of the U.K. bail-in power by the relevant U.K. resolution authority; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other or different terms of the capital securities.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, the prospectus supplement will describe
the material U.S. federal and U.K. tax considerations that apply to any particular series of capital securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Capital securities may bear interest at a fixed
rate or a floating rate. We may also sell capital securities that bear no interest, or that bear interest at a rate that at the time of
issuance is below the prevailing market rate, at a discount to their stated principal amount.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Holders of capital securities shall have no voting
rights except those described under the heading &ldquo;&mdash;Modification and Waiver&rdquo; below, unless and until such capital securities
are converted into our ordinary shares, in which case holders will have the voting rights described under &ldquo;Description of Ordinary
Shares&mdash;Voting Rights&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>If we issue subordinated capital securities
that qualify as Additional Tier 1 or Tier 2 capital or other capital for regulatory purposes, the payment, subordination, redemption,
events of default and other terms may vary from those described in this prospectus and will be set forth in the relevant prospectus supplement.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Agreement with Respect to the Exercise of U.K. Bail-in Power</B></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: 0.25in">The capital securities may be subject to the exercise
of the U.K. bail-in power by the relevant U.K. resolution authority. As more fully set out in the relevant prospectus supplement, if the
U.K. bail-in power applies to the capital securities of a series, by its acquisition of the capital securities, each holder of such capital
securities will be bound by (a) the effect of the exercise of any U.K. bail-in power by the relevant U.K. resolution authority and (b)
the variation of the terms of capital securities or the relevant indenture, if necessary, to give effect to the exercise of any U.K. bail-in
power by the relevant U.K. resolution authority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Payments</B></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: 0.25in">We will make any payments of interest and principal,
on any particular series of capital securities on the dates and, in the case of payments of interest, at the rate or rates, that we set
out in, or that are determined by the method of calculation described in, the relevant prospectus supplement. The relevant prospectus
supplement may provide that we are not obligated to make payments of principal or interest on any scheduled payment date, that interest
payments may or must be cancelled or deemed cancelled, in whole or in part, and that any such cancellation or deemed cancellation will
not create a default or an event of default under the capital securities indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Subordination</B></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: 0.25in">Each capital security will constitute our direct,
unsecured and subordinated obligations, ranking equally without any preference among capital securities of the same series. The rights
and claims of the holders of any series of capital securities will be subordinated as described in the relevant prospectus supplement
with respect to such series. The relevant prospectus supplement will set forth the nature of the subordinated ranking of each series of
capital securities relative to the debt and equity issued by us, including to what extent the capital securities may rank junior in right
of payment to our other obligations or in any other manner.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Amounts</B></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: 0.25in">Unless the relevant prospectus supplement provides
otherwise, amounts on any series of capital securities will be paid by us without withholding or deduction for or on account of any present
or future tax, duty, assessment or governmental charge of whatsoever nature imposed, levied, collected, withheld or assessed by or on
behalf of the U.K. taxing jurisdiction, unless such withholding or deduction is required by law. If at any time a U.K. taxing jurisdiction
requires us to make such deduction or withholding of any such tax, duty, assessment or governmental charge, unless the relevant prospectus
supplement provides otherwise, we will pay such additional amounts in respect of payments of interest, if any, on any series of capital
securities (&ldquo;Additional Amounts&rdquo;) as may be necessary in order that the net amounts paid to the holders of the capital securities,
after such deduction or withholding, shall equal the respective amounts of interest, if any, which would have been payable in respect
of such capital securities had no such deduction or withholding been required. However, no such Additional Amounts will be payable with
respect to any capital security:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>held by or on behalf of any holder who is liable to such tax, duty, assessment or governmental charge in respect of such capital security
by reason of such holder having some connection with the United Kingdom other than the mere holding of such capital security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to, or to a third party on behalf of, a holder if such withholding or deduction may be avoided by complying with any statutory requirement
or by making a declaration of non-residence or other similar claim for exemption to any authority of or in the United Kingdom, unless
such holder proves that he is not entitled so to comply or to make such declaration or claim;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to, or to a third party on behalf of, a holder that is a partnership, or a holder that is not the sole beneficial owner of the capital
security, or which holds the capital security in a fiduciary capacity, to the extent that any of the members of the partnership, the beneficial
owner or the settlor or beneficiary with respect to the fiduciary would not have been entitled to the payment of an additional amount
had each of the members of the partnership, the beneficial owner, settlor or beneficiary (as the case may be) received directly its beneficial
or distributive share of the payment;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>presented or surrendered for payment more than 30 days after the date payment became due or was provided for, except to the extent
that the Holder thereof would have been entitled to such Additional Amounts on presenting or surrendering the same for payment at the
expiry of such period of 30 days; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any combination of the above.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Whenever this prospectus or the relevant prospectus
supplement mentions, in any context, the payment of interest on, or in respect of, any capital security of any series such mention shall
be deemed to include mention of the payment of Additional Amounts provided for in this &ldquo;Additional Amounts&rdquo; 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Redemption</B></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: 0.25in">Any terms of the redemption of any series of capital
securities, whether at our option or upon the occurrence of certain events (including, but not be limited to, the occurrence of certain
tax or regulatory events), will be set forth in the relevant prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Modification and Waiver</B></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: 0.25in">We and the trustee may make certain modifications
and amendments to the applicable indenture with respect to any series of capital securities without the consent of the holders of such
capital securities. Other modifications and amendments may be made to the applicable indenture with the consent of not less than 2/3 (two
thirds) in aggregate outstanding principal amount of the capital securities of the series outstanding under the indenture that are affected
by the modification or amendment, voting as one class. However, no modifications or amendments may be made without the consent of the
holder of each capital security affected that would:</P>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change the stated maturity, if any, of any principal amount or any interest amounts of any capital security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change the terms of any capital security to include a stated maturity date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduce the principal amount of, the interest rates of, any premium payable upon the redemption of or the amount of principal of an
original issue discount security that would be due and payable upon an acceleration of the maturity of any capital security, other than
as permitted under the applicable indenture;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change our (or any successor&rsquo;s) obligation to pay Additional Amounts;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change the currency of payment;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>impair the right to institute suit for the enforcement of any payment due and payable (or, in the case of a redemption or exchange,
on or after the redemption date or the exchange date, as the case may be);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduce the percentage in aggregate principal amount of outstanding capital securities of the series necessary to modify or amend the
applicable indenture or to waive compliance with certain provisions of the applicable indenture;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>modify the subordination provisions or the terms and conditions of our obligations in respect of the due and punctual payment of amounts
due and payable on the capital securities in a manner adverse to the holders; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>modify any of the above requirements.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, unless the relevant prospectus supplement
provides otherwise, any variations in the terms and conditions of the capital securities of any series, including modifications relating
to the subordination or redemption provisions of such capital securities, may require the permission of, or consent from, the PRA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Events of Default; Limitation of Remedies</B></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 0pt 9.35pt"><B><I>Events of Default</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement provides
otherwise, an &ldquo;Event of Default&rdquo; with respect to any series of capital securities shall result if either:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a court of competent jurisdiction makes an order which is not successfully appealed within 30 days, or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an effective shareholders&rsquo; resolution is validly adopted, for our winding-up, other than under or in connection with a scheme
of amalgamation or reconstruction not involving a bankruptcy or insolvency.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an Event of Default provided for in a supplemental
indenture for any series of capital securities, occurs and is continuing, the trustee or the holders of at least 25% in aggregate principal
amount of the outstanding capital securities of each series may declare the principal amount, together with accrued interest (if any)
and Additional Amounts (if any), payable on such capital securities, of all the capital securities of that series to be due and payable
immediately, by a notice in writing to us, and upon such declaration such amount shall become immediately due and payable. However, after
such declaration but before the trustee obtains a judgment or decree for payment of money due, the holder or holders of a majority in
aggregate principal amount of the outstanding capital securities of the series may rescind or annul such declaration of acceleration and
its consequences, but only if all Events of Default have been cured or waived and all payments due, other than those due as a result of
acceleration, have been made.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">By accepting a capital security, each holder and
the trustee will be deemed to have waived any right of set-off, counterclaim or combination of accounts with respect to the capital security
or the indenture (or between obligations which LBG may have under or in respect of any capital security and any liability owed by a holder
or the trustee to us) that they might otherwise have against us, whether before or during our winding-up.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Events of Default&mdash;General</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Except as otherwise specified in the relevant
supplemental indenture with respect to a series of capital securities, the holder or holders of not less than a majority in aggregate
principal amount of the outstanding capital securities of any series may waive any past Event of Default with respect to the series, except
an Event of Default in respect of the payment of principal of any capital security or in respect of a Winding-Up or Administration Event
(as defined below). A &ldquo;Winding-Up or Administration Event&rdquo; means (i) an order is made, or an effective resolution is passed,
for the winding-up of LBG (except in any such case, a solvent winding-up solely for the purposes of a reorganization, reconstruction or
amalgamation of LBG or the substitution in place of LBG of a successor in the business of LBG, the terms of which (i) have previously
been approved in writing by holders of not less than 2/3 (two thirds) in aggregate principal amount of the capital securities and (ii)
do not provide that the capital securities shall thereby become redeemable or repayable in accordance with their terms); or (ii) the appointment
of an administrator of LBG and such administrator gives notice that it intends to declare and distribute a dividend.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon any such waiver, such Event of Default will
cease to exist, and any such Event of Default with respect to any series arising therefrom will be deemed to have been cured and not to
have occurred; provided that no such waiver will extend to any subsequent or other Event of Default or impair any right consequent thereon.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the indenture provisions for the indemnification
of the trustee and the provisions of any supplemental indenture establishing any series of capital securities, the holder or holders of
a majority in aggregate principal amount of the outstanding capital securities of any series shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the
trustee with respect to the series, if the direction is not in conflict with any rule of law or with the indenture and the trustee does
not determine that the action would be unjustly prejudicial to the holder or holders of any capital securities of any series not taking
part in that direction. The trustee may take any other action that it deems proper which is not inconsistent with that direction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The indenture provides that the trustee will,
within 90 days after the occurrence of an Event of Default with respect to the capital securities of any series, give to each holder of
the capital securities of the affected series notice of the Event of Default known to it, unless the Event of Default has been cured or
waived. However, the trustee shall be protected in withholding notice if it determines in good faith that withholding notice is in the
interest of the holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are required to furnish to the trustee annually
and within five business days of a written request from the trustee, a statement as to our compliance with all conditions and covenants
under the indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Limitation on Suits</B></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: 0.25in">No holder of capital securities will be entitled
to proceed directly against us, except as described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to any further limitations provided in
the relevant prospectus supplement and supplemental indenture establishing any series of capital securities, before a holder of the capital
securities may bypass the trustee and bring its own lawsuit or other formal legal action or take other steps to enforce its rights or
protect its interests relating to the capital securities, the following must occur:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The holder must give the trustee written notice that a continuing Event of Default has occurred and remains uncured.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The holders of not less than 25% in aggregate principal amount of outstanding capital securities of the relevant series must make
a written request that the trustee institute proceedings because of the Event of Default, and the holder must offer indemnity satisfactory
to the trustee against the costs, expenses and liabilities to be incurred in compliance with such request.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The trustee must not have taken action for 60 days after receipt of the above notice and offer of security or indemnity, and the trustee
must not have received an inconsistent direction from the majority in principal amount of all outstanding capital securities of the relevant
series during that period.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding any other provision of the capital
securities indenture or the capital securities, the right of any holder of capital securities to receive payment of the principal of (and
premium, if any, on), and interest on, the capital securities, on or after the due dates thereof or to institute suit for the enforcement
of any such payment on or after such respective dates, will not be impaired or affected without the consent of such holder.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consolidation, Merger and Sale of Assets; Assumption</B></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: 0.25in">We may, without the consent of the holders of
any of the capital securities, consolidate or amalgamate with, merge into or transfer or lease our assets substantially as an entirety
to any person, provided that any successor corporation formed by any consolidation or amalgamation or into which we are merged, or any
transferee or lessee of our assets, is a company organized under the laws of any part of the United Kingdom that assumes, by a supplemental
indenture, our obligations on the capital securities and under the applicable indenture, immediately after giving effect to such transaction
no event of default and no event which, after notice or lapse of time or both, would become an event of default, shall have occurred and
be continuing, and we procure the delivery of a customary officer&rsquo;s certificate and legal opinion providing that the conditions
precedent to the transaction have been complied with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Governing Law</B></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: 0.25in">The capital securities and the indenture will
be governed by and construed in accordance with the laws of the State of New York, except that, as the indentures specify, the subordination
provisions of each series of capital securities and the indenture will be governed by and construed in accordance with the laws of Scotland.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notices</B></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: 0.25in">All notices to holders of registered capital securities
shall be validly given if in writing and mailed, first-class postage prepaid, to them at their respective addresses in the register maintained
by the trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Trustee</B></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: 0.25in">The Bank of New York Mellon, acting through its
London Branch, 160 Queen Victoria Street, London EC4V 4LA, is the trustee under the indentures with respect to the capital securities.
The trustee shall have and be subject to all the duties and responsibilities specified with respect to an indenture trustee under the
TIA. Subject to the provisions of the TIA, the trustee is under no obligation to exercise any of the powers vested in it by the indenture
at the request of any holder of capital securities, unless offered indemnity or security satisfactory to the Trustee in its sole discretion
by the holder against the costs, expense and liabilities which might be incurred thereby. We and certain of our subsidiaries maintain
deposit accounts and conduct other banking transactions with The Bank of New York Mellon in the ordinary course of our business. The Bank
of New York Mellon is also the book-entry depositary and paying agent with respect to our capital securities. The Bank of New York Mellon
is the depositary with respect to the American Depositary Shares representing our ordinary shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consent to Service of Process</B></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: 0.25in">Under the indenture, LBG irrevocably designates
Kelvina Smith, Chief Legal Officer, Lloyds Securities Inc. and Deputy Chief Legal Officer, North America, Lloyds Bank Corporate Markets
plc (or any successor thereto), currently of 1095 Avenue of the Americas, New York, NY 10036, as the authorized agent for service of process
in any legal action or proceeding arising out of or relating to the indenture or any capital securities brought in any federal or state
court in the Borough of Manhattan, in The City of New York, New York and LBG irrevocably submits to the jurisdiction of those courts.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_016"></A>DESCRIPTION
OF CERTAIN PROVISIONS RELATING TO DEBT SECURITIES AND CAPITAL SECURITIES</B></FONT></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"><B>Form of Debt Securities and Capital Securities; Book-Entry System</B></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 0pt 9.35pt"><B><I>General</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement states
otherwise, the debt securities and capital securities shall initially be represented by one or more global securities in registered form,
without coupons attached, and will be deposited with or on behalf of one or more depositaries, including, without limitation, The Depository
Trust Company (&ldquo;DTC&rdquo;), Euroclear Bank SA/NV (&ldquo;Euroclear&rdquo;) and/or Clearstream Banking, S.A. (&ldquo;Clearstream
Luxembourg&rdquo;), and will be registered in the name of such depositary or its nominee. Unless and until the debt securities or capital
securities, as applicable, are exchanged in whole or in part for other securities under the terms of the applicable indenture or the global
securities are exchanged for definitive securities, the global securities may not be transferred except as a whole by the depositary to
a nominee or a successor of the depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Special procedures to facilitate clearance and
settlement have been established among these clearing systems to trade securities across borders in the secondary market. Where payments
for securities we issue in global form will be made in U.S. dollars, these procedures can be used for cross-market transfers and the securities
will be cleared and settled on a delivery against payment basis. Cross-market transfers of securities that are not in global form may
be cleared and settled in accordance with other procedures that may be established among the clearing systems for these securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The debt securities and capital securities may
be accepted for clearance by DTC, Euroclear and Clearstream Luxembourg.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Neither we nor the trustee nor any of our or their
agents has any responsibility for any aspect of the actions of DTC, Euroclear or Clearstream Luxembourg or any of their direct or indirect
participants. Neither we nor the trustee nor any of our or their agents has any responsibility for any aspect of the records kept by DTC,
Euroclear or Clearstream Luxembourg or any of their direct or indirect participants. Neither we nor the trustee nor any of our or their
agents supervise these systems in any way. This is also true for any other clearing system indicated in a prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">DTC, Euroclear or Clearstream Luxembourg and their
participants perform these clearance and settlement functions under agreements they have made with one another or with their customers.
Investors should be aware that DTC, Euroclear or Clearstream Luxembourg and their participants are not obligated to perform these procedures
and may modify them or discontinue them at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The description of the clearing systems in this
section reflects our understanding of the rules and procedures of DTC, Euroclear or Clearstream Luxembourg as they are currently in effect.
Those systems could change their rules and procedures at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">So long as the depositary, or its nominee, is
the holder of a global security, the depositary or its nominee will be considered the sole holder of such global security for all purposes
under the indentures. Except as described below under the heading &ldquo;&mdash;Issuance of Definitive Securities&rdquo;, no participant,
indirect participant or other person will be entitled to have debt securities or capital securities, as applicable, registered in its
name, receive or be entitled to receive physical delivery of debt securities or capital securities, as applicable, in definitive form
or be considered the owner or holder of the debt securities or capital securities, as applicable, under the indentures. Each person having
an ownership or other interest in debt securities or capital securities, as applicable, must rely on the procedures of the depositary,
and, if a person is not a participant in the depositary, must rely on the procedures of the participant or other securities intermediary
through which that person owns its interest to exercise any rights and obligations of a holder under the indentures, the debt securities
or capital securities, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Payments on Global Securities</B></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: 0.25in">Payments of any amounts in respect of any global
securities will be made by the trustee to the depositary. Payments will be made to beneficial owners of debt securities or capital securities,
as applicable, in accordance with the rules and procedures of the depositary or its direct and indirect participants, as applicable. We,
the trustee and any of our and their agents will not have any responsibility or liability for any aspect of the records of any securities
intermediary in the chain of intermediaries between the depositary and any beneficial owner of an interest in a global security, or the
failure of the depositary or any intermediary to pass through to any beneficial owner any payments that we make to the depositary.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Clearing Systems</B></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: 0.25in">DTC, Euroclear and Clearstream Luxembourg have
advised us as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>DTC</I>. DTC, the world&rsquo;s largest securities
depository, is a limited-purpose trust company organized under the New York Banking Law, a &ldquo;banking organization&rdquo; within the
meaning of the New York Banking Law, a member of the Federal Reserve System, a &ldquo;clearing corporation&rdquo; within the meaning of
the New York Uniform Commercial Code, and a &ldquo;clearing agency&rdquo; registered pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). DTC holds and provides asset servicing for over 3.5 million
issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries)
that DTC&rsquo;s participants (&ldquo;Direct Participants&rdquo;) deposit with DTC. DTC also facilitates the post-trade settlement among
Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers
and pledges between Direct Participants&rsquo; accounts. This eliminates the need for physical movement of securities certificates. Direct
Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain
other organizations. DTC is a wholly-owned subsidiary of The Depository Trust &amp; Clearing Corporation (&ldquo;DTCC&rdquo;). DTCC is
the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered
clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such
as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain
a custodial relationship with a Direct Participant, either directly or indirectly. The DTC rules applicable to its participants are on
file with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Euroclear</I>. Euroclear holds securities for
its participants and clears and settles transactions between its participants through simultaneous electronic book-entry delivery against
payment, thus eliminating the need for physical movement of certificates. Euroclear provides various other services, including safekeeping,
administration, clearance and settlement and securities lending and borrowing, and interfaces with domestic markets in several countries.
Euroclear is operated by Euroclear Bank, under contract with Euroclear plc, a U.K. corporation. Euroclear Bank conducts all operations,
and all Euroclear securities clearance accounts and Euroclear cash accounts are accounts with Euroclear Bank, not Euroclear plc. Euroclear
plc establishes policy for Euroclear on behalf of Euroclear participants. Euroclear participants include banks (including central banks),
securities brokers and dealers and other professional financial intermediaries and may include any underwriters for the debt securities
or contingent convertible securities, as applicable. Indirect access to Euroclear is also available to other firms that clear through
or maintain a custodial relationship with a Euroclear participant, either directly or indirectly. Euroclear is an indirect participant
in DTC. Securities clearance accounts and cash accounts with Euroclear are governed by the Terms and Conditions Governing Use of Euroclear
and the related Operating Procedures of the Euroclear System (collectively, the &ldquo;Euroclear Terms and Conditions&rdquo;), and applicable
law. The Euroclear Terms and Conditions govern transfers of securities and cash within Euroclear, withdrawals of securities and cash from
Euroclear, and receipts of payments with respect to securities in Euroclear.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Clearstream Luxembourg</I>. Clearstream Luxembourg
is incorporated under the laws of The Grand Duchy of Luxembourg as a <I>soci&eacute;t&eacute; anonyme </I>and is subject to regulation
by the Luxembourg Commission for the Supervision of the Financial Sector (<I>Commission de Surveillance du Secteur Financier</I>). Clearstream
Luxembourg is owned by Deutsche B&ouml;rse AG, a publicly traded company. Clearstream Luxembourg holds securities for its participants
and facilitates the clearance and settlement of securities transactions among its participants through electronic book-entry changes in
accounts of its participants, thereby eliminating the need for physical movement of certificates. Clearstream Luxembourg provides to its
participants, among other things, services for safekeeping, administration, clearance and settlement of internationally traded securities
and securities lending and borrowing. Clearstream Luxembourg interfaces with domestic markets in several countries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Clearstream Luxembourg&rsquo;s customers include
worldwide securities brokers and dealers, banks, trust companies and clearing corporations and may include professional financial intermediaries.
Its U.S. customers are limited to securities brokers, dealers and banks. Indirect access to the Clearstream Luxembourg system is also
available to others that clear through Clearstream Luxembourg customers or that have custodial relationships with its customers, such
as banks, brokers, dealers and trust companies. Clearstream Luxembourg is an indirect participant in DTC. Clearstream Luxembourg has established
an electronic bridge with Euroclear to facilitate settlement of trades between Clearstream Luxembourg and Euroclear. Distributions with
respect to the securities held beneficially through Clearstream Luxembourg are credited to cash accounts of Clearstream Luxembourg customers
in accordance with its rules and procedures, to the extent received by Clearstream Luxembourg.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Other Clearing Systems</I>. We may choose any
other clearing system for a particular series of securities. The clearance and settlement procedures for the clearing system we choose
will be described in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Primary Distribution</B></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: 0.25in">The distribution of debt securities and capital
securities will be cleared through one or more of the clearing systems that we have described above or any other clearing system that
is specified in the applicable prospectus supplement. Payment for debt securities and capital securities will be made on a delivery versus
payment or free delivery basis. These payment procedures will be more fully described in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Clearance and settlement procedures may vary from
one series of debt securities and capital securities, as applicable, to another according to the currency that is chosen for the specific
series of debt securities or capital securities. Customary clearance and settlement procedures are described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will submit applications to the relevant system
or systems for the debt securities and capital securities to be accepted for clearance. The clearance numbers that are applicable to each
clearance system will be specified in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Clearance and Settlement Procedures</B></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: 0.25in"><I>DTC.</I> DTC participants that hold debt securities
or capital securities, as applicable, through DTC on behalf of investors will follow the settlement practices applicable to United States
corporate debt obligations in DTC&rsquo;s Same-Day Funds Settlement System.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Debt securities and capital securities, as applicable,
will be credited to the securities custody accounts of these DTC participants against payment in same-day funds, for payments in U.S.
dollars, on the settlement date. For payments in a currency other than U.S. dollars, debt securities or capital securities, as applicable,
will be credited free of payment on the settlement date. If payment is made other than in U.S. dollars, separate payment arrangements
outside of the DTC system must be made between the DTC Participants involved.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Euroclear and Clearstream Luxembourg.</I> We
understand that investors that hold debt securities or capital securities, as applicable, through Euroclear or Clearstream Luxembourg
accounts will follow the settlement procedures that are applicable to conventional Eurobonds in registered form for securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Debt securities or capital securities, as applicable,
will be credited to the securities custody accounts of Euroclear and Clearstream Luxembourg participants on the business day following
the settlement date, for value on the settlement date. They will be credited either free of payment or against payment for value on the
settlement date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Secondary Market Trading</B></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 0pt 9.35pt"><B><I>Trading Between DTC Participants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Secondary market trading between DTC participants
will occur in the ordinary way in accordance with DTC&rsquo;s rules. Secondary market trading will be settled using procedures applicable
to United States corporate debt obligations in DTC&rsquo;s Same-Day Funds Settlement System for securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If payment is made in U.S. dollars, settlement
will be in same-day funds. If payment is made in a currency other than U.S. dollars, settlement will be free of payment. If payment is
made other than in U.S. dollars, separate payment arrangements outside of the DTC system must be made between the DTC participants involved.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Trading Between Euroclear and/or Clearstream Luxembourg
Participants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We understand that secondary market trading between
Euroclear and/or Clearstream Luxembourg participants will occur in the ordinary way following the applicable rules and operating procedures
of Euroclear and Clearstream Luxembourg. Secondary market trading will be settled using procedures applicable to conventional Eurobonds
in registered form for securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Trading Between a DTC Seller and a Euroclear or Clearstream
Luxembourg Purchaser</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A purchaser of debt securities or capital securities,
as applicable, that are held in the account of a DTC participant must send instructions to Euroclear or Clearstream Luxembourg at least
one business day prior to settlement. The instructions will provide for the transfer of the debt securities or capital securities, as
applicable, from the selling DTC participant&rsquo;s account to the account of the purchasing Euroclear or Clearstream Luxembourg participant.
Euroclear or Clearstream Luxembourg, as the case may be, will then instruct the common depositary for Euroclear and Clearstream Luxembourg
to receive the debt securities or capital securities, as applicable, either against payment or free of payment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The interests in the debt securities or capital
securities, as applicable, will be credited to the respective clearing system. The clearing system will then credit the account of the
participant, following its usual procedures. Credit for the debt securities or capital securities, as applicable, will appear on the next
day, European time. Cash debit will be back-valued to, and the interest on the debt securities or capital securities, as applicable, will
accrue from, the value date, which would be the preceding day, when settlement occurs in New York. If the trade fails and settlement is
not completed on the intended date, the Euroclear or Clearstream Luxembourg cash debit will be valued as of the actual settlement date
instead.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Euroclear participants or Clearstream Luxembourg
participants will need the funds necessary to process same-day funds settlement. The most direct means of doing this is to pre-position
funds for settlement, either from cash or from existing lines of credit, as for any settlement occurring within Euroclear or Clearstream
Luxembourg. Under this approach, participants may take on credit exposure to Euroclear or Clearstream Luxembourg until the debt securities
or capital securities, as applicable, are credited to their accounts one business day later.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As an alternative, if Euroclear or Clearstream
Luxembourg has extended a line of credit to them, participants can choose not to pre-position funds and will instead allow that credit
line to be drawn upon to finance settlement. Under this procedure, Euroclear participants or Clearstream Luxembourg participants purchasing
debt securities or capital securities, as applicable, would incur overdraft charges for one business day (assuming they cleared the overdraft
as soon as the securities were credited to their accounts). However, any interest on the debt securities or capital securities, as applicable,
would accrue from the value date. Therefore, in many cases, the investment income on debt securities or capital securities, as applicable,
that is earned during that one-business day period may substantially reduce or offset the amount of the overdraft charges. This result
will, however, depend on each participant&rsquo;s particular cost of funds.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because the settlement will take place during
New York business hours, DTC participants will use their usual procedures to deliver debt securities or capital securities, as applicable,
to the depositary on behalf of Euroclear participants or Clearstream Luxembourg participants. The sale proceeds will be available to the
DTC seller on the settlement date. For DTC participants, then, a cross-market transaction will settle no differently than a trade between
two DTC participants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Special Timing Considerations</B></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: 0.25in">Investors should be aware that they will only
be able to make and receive deliveries, payments and other communications involving the debt securities or capital securities, as applicable,
through Clearstream Luxembourg and Euroclear on days when those systems are open for business. Those systems may not be open for business
on days when banks, brokers and other institutions are open for business in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, because of time-zone differences,
there may be problems with completing transactions involving Clearstream Luxembourg and Euroclear on the same business day as in the United
States. U.S. investors who wish to transfer their interests in the debt securities or capital securities, as applicable, or to receive
or make a payment or delivery of the debt securities or capital securities, as applicable, on a particular day, may find that the transactions
will not be performed until the next business day in Luxembourg or Brussels, depending on whether Clearstream Luxembourg or Euroclear
is used.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Issuance of Definitive Securities</B></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: 0.25in">So long as the depositary holds the global securities
of a particular series of debt securities or capital securities, as applicable, such global securities will not be exchangeable for definitive
securities of that series unless:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the depositary notifies the trustee that it is unwilling or unable to continue to act as depositary for the debt securities or capital
securities, as applicable, or the depositary ceases to be a clearing agency registered under the Exchange Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we are wound up and we fail to make a payment on the debt securities or capital securities, as applicable, when due; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>at any time we determine at our option and in our sole discretion that the global securities of a particular series of debt securities
or capital securities should be exchanged for definitive debt securities or capital securities, as applicable, of that series in registered
form.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each person having an ownership or other interest
in a debt security or capital security, as applicable, must rely exclusively on the rules or procedures of the depositary as the case
may be, and any agreement with any direct or indirect participant of the depositary, including Euroclear or Clearstream Luxembourg and
their participants, as applicable, or any other securities intermediary through which that person holds its interest, to receive or direct
the delivery of possession of any definitive security. The indentures permit us to determine at any time and in our sole discretion that
debt securities or capital securities, as applicable, shall no longer be represented by global securities. DTC has advised us that, under
its current practices, it would notify its participants of our request, but will only withdraw beneficial interests from the global securities
at the request of each DTC participant. We would issue definitive certificates in exchange for any such beneficial interests withdrawn.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise specified in the relevant prospectus
supplement, definitive debt securities and definitive capital securities will be issued in registered form only. To the extent permitted
by law, we, the trustee and any paying agent shall be entitled to treat the person in whose name any definitive security is registered
as its absolute owner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Payments in respect of each series of definitive
securities and definitive capital securities will be made to the person in whose name such definitive securities are registered as it
appears in the register for that series of debt securities or capital securities, as applicable. Payments will be made in respect of the
debt securities or capital securities, as applicable, by check drawn on a bank in New York or, if the holder requests, by transfer to
the holder&rsquo;s account in New York. Definitive securities should be presented to the paying agent for redemption.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we issue definitive debt securities or capital
securities, as applicable, of a particular series in exchange for a particular global security, the depositary, as holder of that global
security, will surrender it against receipt of the definitive debt securities or capital securities, as applicable, cancel the book-entry
debt securities or capital securities, as applicable, of that series, and distribute the definitive debt securities or capital securities,
as applicable, of that series to the persons and in the amounts that the depositary specifies pursuant to the internal procedures of such
depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If definitive securities are issued in the limited
circumstances described above, those securities (i) will be transferable only on the register for that series of debt securities or capital
securities, and (ii) may be transferred in whole or in part in denominations of any whole number of securities upon surrender of the definitive
securities certificates together with the form of transfer endorsed on it, duly completed and executed at the specified office of a paying
agent. If only part of a securities certificate is transferred, a new securities certificate representing the balance not transferred
will be issued to the transferor within three business days after the paying agent receives the certificate. The new certificate representing
the balance will be delivered to the transferor by uninsured post at the risk of the transferor, to the address of the transferor appearing
in the records of the paying agent. The new certificate representing the securities that were transferred will be sent to the transferee
within three business days after the paying agent receives the certificate transferred, by uninsured post at the risk of the holder entitled
to the securities represented by the certificate, to the address specified in the form of transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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"><FONT STYLE="text-transform: uppercase"><A NAME="a_017"></A><B>DESCRIPTION
OF ORDINARY SHARES</B></FONT></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: 0.25in"><I>The following is a summary of the material
terms of the ordinary shares of nominal value of &pound;0.10, as set forth in our Articles of Association and the material provisions
of U.K. law. This description is a summary and does not purport to be complete. You are encouraged to read our Articles of Association,
which are filed as an exhibit to the Group&rsquo;s Annual Report on Form 20-F for the fiscal year ended December 31, 2021, incorporated
by reference into this document.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Share Capital</B></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: 0.25in">As at December 31, 2024, the number of shares
outstanding was as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Class
of Share</B></P></TD>
    <TD STYLE="width: 20%">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>number<BR>
(in thousands)</B></P></TD>
    <TD STYLE="width: 20%">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>amount<BR>
(in &pound;m)</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Ordinary shares, nominal value of 10 pence each&#9;</TD>
    <TD STYLE="text-align: right">60,617,013</TD>
    <TD STYLE="text-align: right">6,061.70</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Preference shares, nominal value of 25 pence each&#9;</TD>
    <TD STYLE="text-align: right">296,141</TD>
    <TD STYLE="text-align: right">74.04</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Preference shares, nominal value of 25 cents each&#9;</TD>
    <TD STYLE="text-align: right">87</TD>
    <TD STYLE="text-align: right">0.02<SUP>1</SUP></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Objects of LBG</B></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: 0.25in">The objects of LBG are unrestricted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Rights Attaching to Shares</B></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: 0.25in">Any share in LBG may be issued with any preferred,
deferred or other special rights (including being denominated in another currency), or subject to such restrictions (whether as regards
dividend, returns of capital, voting or otherwise) as LBG may from time to time determine by ordinary resolution or as otherwise provided
in the Articles of Association. Subject to statute, LBG may issue any shares which are, or at LBG&rsquo;s option are, liable to be redeemed.
The directors may determine the terms and conditions and manner of such redemption.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting Rights</B></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: 0.25in">For the purposes of determining which persons
are entitled to attend or vote at a meeting and how many votes such persons may cast, LBG may specify in the notice of the meeting a time,
not more than 48 hours before the time fixed for the meeting, by which a person must be entered on the register in order to have the right
to attend or vote at the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Every holder of ordinary shares who is entitled
to be and is present (either in person or by electronic means) (including any corporation by its duly authorized representative) at a
general meeting of LBG and is entitled to vote will have one vote on a show of hands and, on a poll, if present in person or by proxy,
will have one vote for every such share held by them, save that a member will not be entitled to exercise the right to vote carried by
such shares if they or any person appearing to be interested in the shares held by them has been duly served with a notice under the Companies
Act 2006 (requiring disclosure of interests in shares) and is in default in supplying LBG with information required by such notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Preference shares confer such rights as may be
determined by the directors on allotment, but unless the directors otherwise determine, fully paid preference shares confer identical
rights as to voting, capital, dividends (save as to currency of payment thereof and save where and to the extent that any such share is
issued on terms providing that it shall rank for dividend as from a particular date) and otherwise, notwithstanding that they are denominated
in different currencies and shall be treated as if they are one single class of shares. There are no limitations imposed by U.K. law or
the Articles of Association restricting the rights of non-residents of the U.K. or non-citizens of the U.K. to hold or vote shares of
LBG.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><SUP>1</SUP> Converted based on
the pound sterling/U.S. dollar exchange rate of &pound;1/U.S.$1.2521 on December 31, 2024, as announced by the U.S. Federal Reserve
Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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"><B>General Meetings</B></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: 0.25in">Annual general meetings of LBG are to be held,
in each period of six months beginning with the day following LBG&rsquo;s accounting reference date, in Edinburgh or such other place
in Scotland (for those participants that are physically present) as the directors shall determine and at a date and time as may be determined
by the directors. All other general meetings may be convened whenever the directors think fit and shall be requisitioned in accordance
with the requirements of the Articles of Association.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">LBG must prepare a notice of meeting in respect
of a general meeting in accordance with the requirements of the Articles of Association and the Companies Act 2006. LBG must give at least
21 clear days&rsquo; notice in writing of an annual general meeting. All other general meetings may be called by at least 14 clear days&rsquo;
notice in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The directors may also decide to hold any general
meeting as a combined physical and electronic general meeting. In such case, the directors will provide details of the means for members
to attend and participate in the meeting, including the physical place or places of meeting and the electronic platforms. The directors
and the chair of a combined physical and electronic general meeting may make any arrangement and impose any requirement or restriction
as is: (i) necessary to ensure the identification of those taking part and the security of the electronic communication; and (ii) proportionate
to achieving these objectives.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The directors may make arrangements to enable
attendance or regulate the level of attendance at any place (including, for a combined physical and electronic meeting, electronic platform)
specified in the notice of meeting for the holding of a general meeting and, in any such case, shall direct that the meeting be held at
a specified place (including, for a combined physical and electronic meeting, electronic platform), where the chair of the meeting shall
preside, and make arrangements for simultaneous attendance and participation by members and proxies at other locations (including, for
a combined physical and electronic meeting, electronic platforms). The chair of a general meeting has express authority to adjourn the
meeting if, in the chair&rsquo;s opinion, it appears impracticable to hold or continue the meeting because of crowding or unruly conduct
or because an adjournment is otherwise necessary for the proper conduct of the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The processes and procedures for the conduct of
a general meeting (including adjourning meetings, voting, amending resolutions and appointing proxies) is established under the Articles
of Association and the Companies Act 2006. The chair of a general meeting shall be entitled to take any action the chair considers appropriate
for properly and orderly conduct before and during a general meeting. The directors shall be entitled to ask persons wanting to attend
to submit to searches or other security arrangements as such directors consider appropriate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At any general meeting which is held only as a
physical meeting, a resolution put to the vote of the meeting will be decided on a poll unless the chair determines that the resolution
will be decided on a show of hands. At any general meeting which is held as a combined physical and electronic meeting, any resolution
and any proposed amendments to it put to the vote of the meeting shall be decided on a poll.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The quorum necessary for the transaction of business
at a general meeting is three members present at the general meeting or represented by proxy and entitled to vote.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dividends and Other Distributions and Return of Capital</B></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: 0.25in">Under the Companies Act 2006, before LBG can lawfully
make a distribution, it must ensure that it has sufficient distributable reserves (accumulated, realized profits, so far as not previously
utilized by distribution or capitalization, less accumulated, realized losses, so far as not previously written off in a reduction or
reorganization of capital duly made). Under the Articles of Association (and subject to statute) the directors are entitled to set aside
out of the profits of LBG any sums as they think proper which, at their discretion, shall be applicable for any purpose to which the profits
of LBG may be applied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The shareholders in general meeting may by ordinary
resolution declare dividends to be paid to members of LBG, but no dividends shall be declared in excess of the amount recommended by the
directors. The directors may pay fixed dividends on any class of shares carrying a fixed dividend and may also from time to time pay dividends,
interim or otherwise, on shares of any class as they think fit. Except in so far as the rights attaching to any shares otherwise provide,
all dividends shall be apportioned and paid pro rata according to the amounts paid up thereon. Subject to the rights attaching to any
shares, any dividend or other monies payable in respect of a share may be paid in such currency or currencies as the directors may determine
using such exchange rates as the directors may select.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in">The opportunity to elect to receive new shares
instead of any cash dividend recommended by the directors may be offered to shareholders provided that the directors shall have obtained
in advance the shareholders&rsquo; approval to do so as required by the Articles of Association and the procedure under the Articles of
Association is followed for allotting such shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, LBG may by ordinary resolution direct
the payment of a dividend in whole or in part by the distribution of specific assets (a non-cash distribution).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On any distribution by way of capitalization,
the amount to be distributed will be appropriated amongst the holders of ordinary shares in proportion to their holdings of ordinary shares
(pro rata to the amount paid up thereon). If the amount to be distributed is applied in paying up in full unissued ordinary shares of
LBG, a shareholder will be entitled to receive bonus shares of the same class as the shares giving rise to that shareholder&rsquo;s entitlement
to participate in the capitalization.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any dividend or other moneys payable to a member
that has not been cashed or claimed after a period of 12 years from the date of declaration of such dividend or other moneys payable to
a member will be forfeited and revert to LBG. LBG shall be entitled to use such unclaimed or unclaimed dividend or other moneys payable
to a member for its benefit in any manner that the directors may think fit. LBG shall not be a trustee of dividends or other moneys payable
that have not been cashed or claimed and it shall not be liable to pay interest on such dividends or other moneys.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On a return of capital, whether in a winding-up
or otherwise, the assets of LBG available for distribution among the members will be distributed first to the holders of the preference
shares in accordance with rights attached to them on issue. The balance of any assets, subject to the rights of any other class of shares,
will then be distributed to each holder of ordinary shares rateably by reference to the proportion of ordinary share capital held by that
holder, relative to the aggregate total issued ordinary share capital.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">LBG&rsquo;s ordinary shares do not confer any
rights of redemption. Rights of redemption in respect of LBG&rsquo;s preference shares shall be as the directors determine on allotment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">LBG may, subject to applicable law and to the
Articles of Association, issue redeemable shares and redeem the same. LBG has issued certain preference shares which are redeemable. In
general, subject to applicable law and the approval of the U.K. Prudential Regulation Authority, some of these shares are redeemable by
LBG on a specified date and in some cases, thereafter on relevant dividend payment dates. Others are redeemable at any time during a specified
period and following the occurrence of specified regulatory events.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the Articles of Association and the Companies
Act 2006, the liability of shareholders is limited to the amount (if any) for the time being unpaid on the shares held by that shareholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Variation of Rights and Alteration of Capital</B></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: 0.25in">Subject to the provisions of the Companies Act
2006, the Uncertificated Securities Regulations 2001 and every other statute for the time being in force or any judgment or order of any
court of competent jurisdiction concerning companies and affecting LBG (the statutes), the rights attached to any class of shares for
the time being in issue may be varied or abrogated with the consent in writing of the holders of not less than three-quarters in nominal
value of the issued shares of that class or with the sanction of a special resolution passed at a separate meeting of the holders of shares
of that class. At any such separate meeting, the provisions of the Articles of Association relating to general meetings will apply, but
the necessary quorum at any such meeting will be two persons holding or representing by proxy at least one-third in nominal value of the
issued shares of that class (except at an adjourned meeting, at which the quorum shall be any holder of shares of the class, present in
person or by proxy) and any such person may demand a poll and every such holder shall on a poll have one vote for every share of the class
held by such holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any special rights attached to any class of shares
having preferential rights will not be deemed to be varied by: (i) the creation or issue of further shares ranking in some or all respects
equally to such class (but not in priority thereto); or (ii) the purchase or redemption by LBG of its own shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a matter of U.K. law, LBG may, by ordinary
resolution, increase its share capital, consolidate and divide all or any of its shares into shares of larger amount, sub-divide all or
any of its shares into shares of smaller amount and cancel any shares not taken or agreed to be taken by any person. Where a consolidation
or subdivision of shares would result in fractions of a share, the directors may sell the shares representing the fractions for the best
price reasonably obtainable, and distribute the net proceeds of such sale to the relevant members entitled to such proceeds. Where a member&rsquo;s
entitlement to a portion of the proceeds of sale amounts to less than a minimum figure (as determined by the directors), such portion
may be distributed to a charitable organization at the directors&rsquo; discretion.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the provisions of the statutes, LBG
may, by special resolution, reduce its share capital, any capital redemption reserve, share premium account or other undistributable reserve
in any way.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Transfer of Shares</B></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: 0.25in">All transfers of shares which are in certificated
form may be effected by transfer in writing in any usual or common form or in any other form acceptable to the directors and must be executed
by or on behalf of the transferor and, except in the case of fully paid shares, by or on behalf of the transferee. The transferor will
be deemed to remain the holder of the shares transferred until the name of the transferee is entered in the register of members of LBG
in respect thereof. All transfers of shares which are in uncertificated form may be effected by means of a relevant system, unless the
Uncertificated Securities Regulations 2001 provide otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The directors may, in the case of shares in certificated
form, in their absolute discretion and without assigning any reason therefor, refuse to register any transfer of shares (not being fully
paid shares) provided that, where any such shares are admitted to the Official List of the U.K. Financial Conduct Authority, such discretion
may not be exercised in such a way as to prevent dealings in the shares of that class from taking place on an open and proper basis. The
directors may also decline to register a transfer unless:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the instrument of transfer and the lodging of such instrument complies with the requirements of the Articles of Association and the
transfer is in respect of only one class of shares; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the transfer is in favor of not more than four persons as the transferee.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The directors shall refuse to register the transfer
of any share on which LBG has a lien. The Articles of Association otherwise contain no restrictions on the free transferability of fully
paid shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the statutes and the rules (as defined
in the Uncertificated Securities Regulations 2001), and apart from any class of wholly dematerialized security, the directors may determine
that any class of shares may be held in uncertificated form and that title to such shares may be transferred by means of an electronic
trading system or that shares of any class should cease to be so held and so transferred.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Disclosure of Holdings Exceeding Certain Percentages</B></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: 0.25in">In broad terms, the Disclosure and Transparency
Rules of the U.K. Financial Conduct Authority require LBG shareholders to notify LBG if the voting rights held by such LBG shareholders
(including by way of a certain financial instrument) reaches, exceeds or falls below three per cent, four per cent, five per cent, six
per cent, seven per cent, eight per cent, nine per cent, ten per cent and each one per cent threshold thereafter up to 100%. Under the
Disclosure and Transparency Rules, certain voting rights in LBG may be disregarded.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the Companies Act 2006, LBG may also
send a notice to any person whom LBG knows is, or has reasonable cause to believe that such person is, interested in LBG&rsquo;s shares
or at any time during the three years immediately preceding the date on which such notice is issued to have been so interested, requiring
that person to confirm whether they have or had such an interest and if so provide details of that interest as required by the notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the Articles of Association and U.K. law,
if a person fails to comply with such a notice or provides information that is false in a material particular in respect of any shares
(the default shares), the LBG directors may serve a restriction notice on such a person. Such a restriction notice will state that the
default shares and, if the LBG directors determine, any other shares held by that person, shall not confer any right to attend or vote
at any general meeting of LBG.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In respect of a person with a 0.25% or more interest
in the issued shares of the class in question, the LBG directors may direct by notice to such member that, subject to certain exceptions,
no transfers of shares held by such person shall be registered and/or that any dividends or other payments on the default shares shall
be retained by LBG pending receipt by LBG of the information requested by the LBG directors. Certain consequences of the issue of a restriction
notice are outlined above.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mandatory Takeover Bids, Squeeze-Out and Sell-out Rules</B></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: 0.25in">Other than as provided by the Companies Act 2006
and the City Code on Takeovers and Mergers, there are no rules or provisions relating to mandatory bids and/or squeeze-out and sell-out
rules in relation to the ordinary shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Untraced Members</B></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: 0.25in">LBG is entitled to sell any share registered in
the name of a member (or any other person entitled to such shares by virtue of transmission on death or bankruptcy or otherwise at law)
provided that: (i) such shares remaining untraced for 12 years and during that period at least three dividends in respect of such shares
have become payable and no dividend in respect of those shares has been claimed; (ii) LBG uses reasonable efforts to trace the relevant
holder and, following the expiry of the 12 year period, sends a notice to the last known physical or email address of such holder stating
LBG&rsquo;s intention to sell the shares; and (iii) during the three months following sending such notice, LBG does not receive any communication
from such holder. LBG can also sell any additional shares held by the relevant holder that were issued during such 12 year period provided
that no dividend on such additional shares has been cashed or claimed by the relevant holder during such period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The proceeds from the sale of untraced shares
shall (after payment of the costs of the sale) be forfeited by the relevant holder and shall belong to LBG. LBG shall not be liable or
be required to account to the relevant holder (or other person previously entitled) for the proceeds of such sale. LBG is entitled to
use or invest the proceeds from such sale in any manner that the directors think fit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forfeiture and Lien</B></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: 0.25in">The directors may by resolution make calls upon
members in respect of any moneys unpaid on their shares (but subject to the terms of allotment of such shares) in the manner required
by the Articles of Association.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a member fails to pay in full any call or instalment
of a call on or before the due date for payment, then, following notice by the directors requiring payment of the unpaid amount with any
accrued interest and any expenses incurred, such share may be forfeited by a resolution of the directors to that effect (including all
dividends declared in respect of the forfeited share and not actually paid before such forfeiture). A member whose shares have been forfeited
will cease to be a member in respect of the shares, but will, notwithstanding the forfeiture, remain liable to pay to LBG all monies which
at the date of forfeiture were presently payable together with interest. The directors may at their absolute discretion enforce payment
without any allowance for the value of the shares at the time of forfeiture or for any consideration received on their disposal or waive
payment in whole or part.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">LBG has a first and paramount lien on every share
(not being a fully paid share) for all monies (whether presently payable or not) called or payable at a fixed time in respect of such
share, and the directors may waive any lien which has arisen and may resolve that any share shall for some limited period be exempt from
such a lien, either wholly or partially.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A forfeited share becomes the property of LBG,
and it may be sold, re-allotted, otherwise disposed of or cancelled as the directors see fit. Any share on which LBG has a lien may be
sold on the terms set out in the Articles of Association. The proceeds of sale shall first be applied towards payment of the amount in
respect of the lien insofar as it is still payable and then on surrender of the share certificate for cancellation (in the case of shares
in certificated form), to the person entitled to the shares at the time of sale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Winding-up</B></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: 0.25in">The directors have the power, in the name and
on behalf of LBG, to present a petition to the court for LBG to be wound up.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any winding up of LBG shall be undertaken in accordance
with relevant insolvency legislation, regulation, rules or otherwise required by law.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_018"></A><FONT STYLE="text-transform: uppercase"><B>DESCRIPTION
OF AMERICAN DEPOSITARY SHARES</B></FONT></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: 0.25in"><I>The following is a summary of the general terms
and provisions of the deposit agreement under which the Depositary will deliver the American Depositary Shares (&ldquo;ADSs&rdquo;). The
deposit agreement is among us, The Bank of New York Mellon, as Depositary, and all registered holders and beneficial owners from time
to time of ADSs issued under it. This summary does not purport to be complete. You should read the deposit agreement, which we have filed
with the SEC as an exhibit to the registration statement of which this prospectus is a part. You may also read the deposit agreement at
the depositary offices of The Bank of New York Mellon in The City of New York and the offices of the Custodian in London. The principal
executive office of the Depositary and its depositary office is currently located at 240 Greenwich Street, New York, NY 10286.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>American Depositary Shares</B></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: 0.25in">The Bank of New York Mellon, as Depositary, will
register and deliver ADSs pursuant to the deposit agreement. Each ADS will represent four ordinary shares, or evidence of the right to
receive four ordinary shares, deposited with the Custodian and registered in the name of the Depositary or its nominee (such ordinary
shares, together with any additional ordinary shares at any time deposited or deemed deposited under the deposit agreement and any other
securities, cash or other property received by the Depositary or the Custodian in respect of such ordinary shares, the &ldquo;Deposited
Securities&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">ADSs can be held either (A) directly (i) by having
an American Depositary Receipt (&ldquo;ADR&rdquo;), which is a certificate evidencing a specific number of ADSs, registered in the holder&rsquo;s
name, or (ii) by having ADSs registered in the owner&rsquo;s name in the Direct Registration System (&ldquo;DRS&rdquo;), or (B) indirectly
by holding a security entitlement in ADSs through a broker or other financial institution. A direct holder of an ADS is an ADS registered
holder. This description assumes that each holder is an ADS registered holder. Indirect holders of ADSs must rely on the procedures of
a broker or other financial institution to assert the rights of ADS registered holders described in this section, and such holders should
consult with their broker or financial institution to find out what those procedures are.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The DRS is a system administered by DTC pursuant
to which the depositary may register the ownership of uncertificated ADSs, which ownership shall be evidenced by periodic statements sent
by the depositary to the registered holders of uncertificated ADSs. See &ldquo;&mdash;Direct Registration System&rdquo; below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Holders of ADSs will not have shareholder rights.
Scottish law governs shareholder rights. The Depositary will be the holder of the ordinary shares represented by each investor&rsquo;s
ADSs. As a registered holder of ADSs, each investor will have ADS registered holder rights as set forth in the deposit agreement. The
deposit agreement also sets forth the rights and obligations of us and of the Depositary. New York law governs the deposit agreement and
the ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In this section, the term &ldquo;deliver&rdquo;,
or its noun form, when used with respect to ADSs, shall mean (A) book-entry transfer of ADSs to an account at The Depository Trust Company,
or its successor, designated by the person entitled to such delivery, (B) registration of ADSs not evidenced by an ADR on the books of
the Depositary in the name requested by the person entitled to such delivery and mailing to that person of a statement confirming that
registration or (C) if requested by the person entitled to such delivery, delivery at the office of the Depositary to the person entitled
to such delivery of one or more ADRs evidencing ADSs registered in the name requested by that person. The term &ldquo;surrender&rdquo;,
when used with respect to ADSs, shall mean (A) one or more book-entry transfers of ADSs to the DTC account of the Depositary, (B) delivery
to the Depositary at its office of an instruction to surrender ADSs not evidenced by an ADR or (C) surrender to the Depositary at its
office of one or more ADRs evidencing ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Deposit and Withdrawal</B></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: 0.25in">The Depositary has agreed, subject to the terms
and conditions of the deposit agreement, that upon delivery to the Custodian of ordinary shares (or evidence of rights to receive ordinary
shares) in a form satisfactory to the Custodian, the Depositary will, upon payment of the fees, charges and taxes provided in the deposit
agreement, deliver to, or upon the written order of, the person or persons named in the notice of the Custodian delivered to the Depositary
or requested by the person depositing such shares with the Depositary, the number of ADSs issuable in respect of such deposit.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon surrender at the office of the Depositary
of ADSs for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of the fees, governmental charges
and taxes provided in the deposit agreement, and subject to the terms and conditions of the deposit agreement, our Articles of Association
and the Deposited Securities, the holder of such ADSs will be entitled to delivery, to him or upon his order, as permitted by applicable
law, of the amount of Deposited Securities at the time represented by such ADSs. The forwarding of share certificates, other securities,
property, cash and other documents of title for such delivery will be at the risk and expense of the holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An ADR holder may surrender its ADR to the Depositary
for the purpose of exchanging its ADR for uncertificated ADSs. The Depositary will cancel that ADR and will send the ADS registered holder
a statement confirming that the ADS registered holder is the registered holder of uncertificated ADSs. Alternatively, upon receipt by
the Depositary of a proper instruction from a registered holder of uncertificated ADSs requesting the exchange of uncertificated ADSs
for certificated ADSs, the Depositary will execute and deliver to the ADS registered holder an ADR evidencing those ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Ordinary shares that the Depositary believes have
been withdrawn from a restricted depositary receipt facility established or maintained by a depositary bank (including any such other
facility maintained by the Depositary) may be accepted for deposit only if those ordinary shares are not &ldquo;restricted securities&rdquo;
within the meaning of Rule 144(a)(3) under the Securities Act, and the Depositary may, as a condition of accepting those ordinary shares
for deposit, require the person depositing those ordinary shares to provide the Depositary with a certificate to the foregoing effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dividends and Other Distributions</B></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: 0.25in">The Depositary will distribute all cash dividends
or other cash distributions that it receives in respect of deposited ordinary shares to the holders of the ADSs, after payment of any
charges and fees provided for in the deposit agreement in proportion to their holdings of ADSs. The cash amount distributed will be reduced
by any amounts that the Depositary must withhold on account of taxes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we make a non-cash distribution in respect
of any deposited ordinary shares, the Depositary will distribute the property it receives to holders of the ADSs, after deduction or upon
payment of any taxes, charges and fees provided for in the deposit agreement, in proportion to their holdings of ADSs. If a distribution
that we make in respect of deposited ordinary shares consists of a dividend in, or free distribution of, ordinary shares, the Depositary
may, after consultation with us, and will, if we request so in writing, distribute to holders of the ADSs, in proportion to their holdings
of ADSs, additional ADSs representing the amount of ordinary shares received as such dividend or free distribution. If the Depositary
does not distribute additional ADSs, each ADS will from then forward also represent its proportional share of the additional ordinary
shares distributed in respect of the deposited ordinary shares before the dividend or free distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the Depositary determines that any distribution
of property, other than cash or ordinary shares, cannot be made proportionately among ADS holders or if for any other reason, including
any requirement that we or the Depositary withhold an amount on account of taxes or other governmental charges, the Depositary deems that
such a distribution is not feasible, the Depositary may dispose of all or part of the property in any manner, including by public or private
sale, that it deems equitable and practicable. The Depositary will then distribute the net proceeds of any such sale (net of any fees
and expenses of the Depositary provided for in the deposit agreement) to ADS holders as in the case of a distribution received in cash.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Record Date</B></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: 0.25in">Whenever any cash dividend or other cash distribution
becomes payable or any distribution other than cash shall be made, or whenever rights shall be issued with respect to the deposited ordinary
shares, or whenever the Depositary causes a change in the number of ordinary shares represented by each ADS or receives notice of any
meeting of holders of ordinary shares, the Depositary will fix a record date, which shall be as close as possible to the corresponding
record date set by us, for the determination of the ADS holders who are entitled to receive the dividend distribution, distribution of
rights or the net proceeds of the sale of ordinary shares as the case may be, or to give instructions for the exercise of voting rights
at the meeting, subject to the provisions of the deposit agreement.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting of the Underlying Deposited Securities</B></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: 0.25in">When the Depositary receives notice of any meeting
of holders of ordinary shares, it will, if we request, as soon as practicable thereafter, mail to the record holders of ADSs a notice
including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the information contained in the notice of meeting provided by us;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a statement that the record holders of ADSs at the close of business on a specified record date will be entitled, subject to any applicable
provision of Scottish law and the Articles of Association or any similar document of ours, to instruct the Depositary as to the exercise
of any voting rights pertaining to the ordinary shares represented by their ADSs; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a brief explanation of how they may give instructions.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Depositary has agreed that it will endeavor,
in so far as practical, to vote or cause to be voted the ordinary shares in accordance with any written non-discretionary instructions
of record holders of ADSs that it receives on or before the date set by the Depositary for that purpose. However, holders of ADSs may
not receive notice or otherwise learn of a meeting of holders of ordinary shares in time to instruct the Depositary prior to a cut-off
date the Depositary will set. The Depositary will not vote the ordinary shares except in accordance with such instructions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Holders of ADSs will not be entitled to vote ordinary
shares directly.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Inspection of Transfer Books</B></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: 0.25in">The Depositary will, at its office in New York
City, keep books for the registration and transfer of ADSs. These books will be open for inspection by ADS holders at all reasonable times.
However, this inspection may not be for the purpose of communicating with ADS holders in the interest of a business or object other than
our business or a matter related to the deposit agreement or the ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Reports and Notices</B></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: 0.25in">We will furnish the Depositary with our annual
and interim reports as described under &ldquo;Incorporation of Documents by Reference&rdquo;. The Depositary will make available at its
office in New York City, for any ADS holder to inspect, any reports and communications received from us that are both received by the
Depositary as holder of ordinary shares and made generally available by us to the holders of those ordinary shares, including our annual
report and accounts and interim report and accounts. Upon our written request, the Depositary will mail copies of those reports to ADS
holders as provided in the deposit agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On or before the first date on which we give notice,
by publication or otherwise, of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any meeting of holders of the ordinary shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any adjourned meeting of holders of the ordinary shares; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the taking of any action in respect of any cash or other distributions or the offering of any rights in respect of the ordinary shares,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">we have agreed to transmit to the Depositary and
the Custodian a copy of the notice in the form given or to be given to holders of the ordinary shares. If requested in writing by us,
the Depositary will, at our expense, arrange for the prompt transmittal or mailing of such notices, and any other reports or communications
made generally available to holders of the ordinary shares, to all holders of ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Amendment and Termination of the Deposit Agreement</B></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: 0.25in">The form of the ADRs and any provisions of the
deposit agreement may at any time and from time to time be amended by agreement between us and the Depositary, without the consent of
holders of ADSs, in any respect which we and the Depositary may deem necessary or advisable. Any amendment that imposes or increases any
fees or charges, other than taxes and other governmental charges, registration fees, transmission costs, delivery costs or other such
expenses, or that otherwise prejudices any substantial existing right of holders of outstanding ADSs, will not take effect as to outstanding
ADSs until thirty (30) days after notice of the amendment has been given to the record holders of those ADSs. Every holder of ADSs at
the time an amendment becomes effective will be deemed by continuing to hold the ADSs to consent and agree to the amendment and to be
bound by the deposit agreement or the ADR as amended. No amendment may impair the right of any holder of ADSs to surrender ADSs and receive
in return the ordinary shares represented by those ADSs.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Whenever we direct, the Depositary has agreed
to terminate the deposit agreement by mailing a termination notice to the record holders of all ADSs then outstanding at least ninety
(90) days before the date fixed in the notice of termination. The Depositary may likewise terminate the deposit agreement by mailing a
termination notice to us and the record holders of all ADSs then outstanding if at any time sixty (60) days shall have expired since the
Depositary delivered a written notice to us of its election to resign and a successor depositary shall not have been appointed and accepted
its appointment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If any ADSs remain outstanding after the date
of any termination, the Depositary will then:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>discontinue the registration of transfers of ADSs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>suspend the distribution of dividends to holders of ADSs; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>not give any further notices or perform any further acts under the deposit agreement, except those listed below, with respect to those
ADSs.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Depositary will, however, continue to collect
dividends and other distributions pertaining to the ordinary shares. It will also continue to sell rights and other property as provided
in the deposit agreement and deliver ordinary shares, together with any dividends or other distributions received with respect to them
and the net proceeds of the sale of any rights or other property, in exchange for ADSs surrendered to it.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At any time after the date of termination of the
deposit agreement, the Depositary may sell the ordinary shares then held. The Depositary will then hold uninvested the net proceeds of
any such sales, together with any other cash then held by it under the deposit agreement, unsegregated and without liability for interest,
for the pro rata benefit of the holders of ADSs that have not previously been surrendered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Charges of the Depositary</B></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: 0.25in">The following charges shall be incurred by any
party depositing or withdrawing ordinary shares, or by any party surrendering ADSs or to whom ADSs are issued:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: #7F7F7F 1pt solid; width: 50%; border-bottom: #7F7F7F 1pt solid"><B>$5.00 (or less) per 100 ADSs (or portion of 100 ADSs)</B></TD>
    <TD STYLE="border-top: #7F7F7F 1pt solid; width: 50%; border-bottom: #7F7F7F 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Issuance of ADSs, including issuances resulting from a distribution
    of shares or rights or other property.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cancellation of ADSs for the purpose of withdrawal, including if
    the deposit agreement terminates.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid"><B>$.02 (or less) per ADS</B></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid">Any cash distribution to ADS registered holders (including dividends).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>A fee equivalent to the fee that would be payable if securities distributed had been shares and the shares had been deposited for issuance of ADSs</B></TD>
    <TD>Distribution of securities distributed to holders of deposited securities which are distributed by the depositary to ADS registered holders.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid"><B>$.02 (or less) per ADSs per calendar year</B></TD>
    <TD STYLE="border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid">Depositary services.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid"><B>Registration or transfer fees</B></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid">Transfer and registration of shares on the share register to or from the name of the depositary or its agent when you deposit or withdraw shares.</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: #7F7F7F 1pt solid; width: 50%; border-bottom: #7F7F7F 1pt solid"><B>Expenses of the depositary</B></TD>
    <TD STYLE="border-top: #7F7F7F 1pt solid; width: 50%; border-bottom: #7F7F7F 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cable, telex and facsimile transmissions (when expressly provided
    in the deposit agreement).</B></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"><B>Converting foreign currency to US Dollars.&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid"><B>Taxes and other governmental charges the depositary or the custodian have to pay on any ADS or share underlying an ADS, for example, stock transfer taxes, stamp duty or withholding taxes</B></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As necessary.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid"><B>Any charges incurred by the depositary or its agents for servicing the deposited securities</B></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As necessary.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Depositary collects its fees for delivery
and surrender of ADSs directly from investors depositing ordinary shares or surrendering ADSs for the purpose of withdrawal or from intermediaries
acting for them. The Depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed
or by selling a portion of distributable property to pay the fees. The Depositary may collect its annual fee for depositary services by
deductions from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants for
them. The Depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Depositary may convert currency itself or
through any of its affiliates and, in those cases, acts as principal for its own account and not as agent, advisor, broker or fiduciary
on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it will retain for its own account.&nbsp;&nbsp;The
revenue is based on, among other things, the difference between the exchange rate assigned to the currency conversion made under the deposit
agreement and the rate that the Depositary or its affiliate receives when buying or selling foreign currency for its own account.&nbsp;&nbsp;The
Depositary makes no representation that the exchange rate used or obtained in any currency conversion under the deposit agreement will
be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the most
favorable to ADS holders, subject to the Depositary&rsquo;s obligation to act without negligence or bad faith.&nbsp;&nbsp;The methodology
used to determine exchange rates used in currency conversions is available upon request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The holders of ADSs will be responsible for any
taxes or other governmental charges payable on their ADSs or on the ordinary shares. The Depositary may refuse to transfer ADSs or allow
withdrawal of the ordinary shares until such taxes or other charges are paid. The Depositary may apply payments owed to holders of ADSs
or sell deposited ordinary shares underlying such ADSs to pay any taxes owed and holders of ADSs will remain liable for any deficiency.
If the Depositary sells deposited ordinary shares, it will, if appropriate, reduce the number of ADSs to reflect the sale and pay to holders
of ADSs any proceeds, or send to holders of ADSs any property, remaining after it has paid the taxes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Direct Registration System</B></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: 0.25in">ADSs not evidenced by ADRs shall be transferable
as uncertificated registered securities under the laws of the State of New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Direct Registration System (&ldquo;DRS&rdquo;)
and Profile Modification System (&ldquo;Profile&rdquo;) will apply to uncertificated ADSs upon acceptance thereof to DRS by DTC. DRS is
the system administered by DTC pursuant to which the Depositary may register the ownership of uncertificated ADSs, which ownership shall
be evidenced by periodic statements sent by the Depositary to the owners entitled thereto. Profile is a required feature of DRS which
allows a DTC participant, claiming to act on behalf of a registered holder of ADSs, to direct the Depositary to register a transfer of
those ADSs to DTC or its nominee and to deliver those ADSs to the DTC account of that DTC participant without receipt by the Depositary
of prior authorization from the ADS registered holder to register such transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in">In connection with and in accordance with the
arrangements and procedures relating to DRS/Profile, the parties to the deposit agreement understand that the Depositary will not verify,
determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an ADS registered holder in requesting
registration of transfer and delivery described in the paragraph above has the actual authority to act on behalf of the ADS registered
holder (notwithstanding any requirements under the Uniform Commercial Code). In the deposit agreement, the parties agree that the Depositary&rsquo;s
reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and in accordance with the deposit
agreement, shall not constitute negligence or bad faith on the part of the Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></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: 0.25in">Neither the Depositary nor we nor any of the Depositary&rsquo;s
or our respective directors, employees, agents or affiliates will be liable to ADS holders if prevented or forbidden or delayed by any
present or future law of any country or by any governmental or regulatory authority or stock exchange, any present or future provision
of the Articles of Association, any provision of any securities issued or distributed by us, or any act of God or war or terrorism or
other circumstances beyond our or its control in performing our or its obligations under the deposit agreement. The obligations of each
of us and the Depositary under the deposit agreement are expressly limited to performing our and its specified duties without negligence
or bad faith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The ADSs are transferable on the books of the
Depositary or its agent. However, the Depositary may close the transfer books as to ADSs at any time when it deems it expedient to do
so in connection with the performance of its duties or at our request. As a condition precedent to the execution and delivery, registration
of transfer, split-up, combination or surrender of any ADSs or withdrawal of any ordinary shares, the Depositary or the Custodian may
require the person presenting the ADSs or depositing the ordinary shares to pay a sum sufficient to reimburse it for any related tax or
other governmental charge and any share transfer or registration fee and any applicable fees payable as provided in the deposit agreement.
The Depositary may withhold any dividends or other distributions, or may sell for the account of the holder any part or all of the ordinary
shares represented by the ADSs, and may apply those dividends or other distributions or the proceeds of any sale in payment of the tax
or other governmental charge. The ADS holder will remain liable for any deficiency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any ADS holder may be required from time to time
to furnish the Depositary or the Custodian with proof satisfactory to the Depositary of citizenship or residence, exchange control approval,
legal or beneficial ownership of ADSs or other securities, compliance with all applicable laws or regulations and the terms of the deposit
agreement or such information relating to the registration on our books or those that the registrar maintains for us for the ordinary
shares in registered form, or other information, to execute certificates and to make representations and warranties that the Depositary
deems necessary or proper or as we may reasonably request by written request to the Depositary. Until those requirements have been satisfied,
the Depositary may withhold the delivery or registration of transfer of any ADSs or the distribution or sale of any dividend or other
distribution or proceeds of any sale or distribution or the delivery of any deposited preference shares or other property related to the
ADSs. The delivery or registration of transfer of ADSs may be suspended during any period when the transfer books of the Depositary are
closed or if we or the Depositary deems it necessary or advisable. The surrender of outstanding ADSs and the withdrawal of ordinary shares
may only be suspended as a result of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>temporary delays caused by closing the transfer books or those of the Depositary or the deposit of ordinary shares in connection with
voting at shareholder meetings, or the payment of dividends;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the non-payment of fees, taxes and similar charges; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>non-compliance with any U.S. or foreign laws or governmental regulations relating to the ADSs or to the withdrawal of ordinary shares.</TD></TR></TABLE>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="a_019"></A><B>PLAN
OF DISTRIBUTION</B></FONT></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: 0.25in">We may sell relevant securities to or through
underwriters or dealers and also may sell all or part of such securities directly to other purchasers or through agents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The distribution of the securities may be effected
from time to time in one or more transactions at a fixed price or prices, which may be changed, or at market prices prevailing at the
time of sale, at prices related to such prevailing market prices or at negotiated prices.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with the sale of securities, we
may compensate underwriters in the form of discounts, concessions or commissions or in any other way that the applicable prospectus supplement
describes. Underwriters may sell securities to or through dealers, and the dealers may receive compensation in the form of discounts,
concessions or commissions from the underwriters and/or commissions from the purchasers for whom they may act as agents. Underwriters,
dealers and agents that participate in the distribution of securities may be deemed to be underwriters, and any discounts or commissions
that we pay them and any profit on the resale of securities by them may be deemed to be underwriting discounts and commissions, under
the Securities Act. Any such underwriter or agent will be identified, and any such compensation that we pay will be described, in the
prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under agreements which we may enter into, we may
be required to indemnify underwriters, dealers and agents who participate in the distribution of securities against certain liabilities,
including liabilities under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless a prospectus supplement specifies otherwise,
we will not offer any securities or any investments representing securities, including ADSs, of any series to the public in the United
Kingdom. Unless otherwise specified in any agreement which we may enter into, underwriters, dealers and/or agents in relation to the distribution
of securities or any investments representing securities, including ADSs, of any series and subject to the terms of any such agreement,
any underwriter, dealer or agent in connection with an offering of securities or any investments representing securities, including ADSs,
of any series will represent and agree that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>it has complied and will comply with all applicable provisions of the Financial Services and Markets Act 2000 (the &ldquo;FSMA&rdquo;)
and all rules and regulations made pursuant to the FSMA with respect to anything done by it in relation to the securities or any investments
representing securities, including ADSs, of such series in, from or otherwise involving the U.K.; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement
to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of
the securities or any investments representing the securities (including ADSs) (including without limitation the registration statement,
the prospectus, any preliminary prospectus, any ADS registration statement or any ADS prospectus) in circumstances in which Section 21(1)
of the FSMA does not apply to LBG as the issuer of the securities.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each new series of debt securities and capital
securities will be a new issue of securities with no established trading market. If securities of a particular series are not listed on
a U.S. national securities exchange, certain broker-dealers may make a market in those securities, but will not be obligated to do so
and may discontinue any market making at any time without notice. We cannot give any assurance that any broker-dealer will make a market
in securities of any series or as to the liquidity of the trading market for those securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the extent an initial offering of the securities
will be distributed by an affiliate of ours, each such offering of securities must be conducted in compliance with the requirements of
Rule 5121 of the Financial Industry Regulatory Authority, Inc. (&ldquo;FINRA&rdquo;), regarding a FINRA member firm&rsquo;s distribution
of securities of an affiliate and related conflicts of interest. No underwriter, selling agent or dealer utilized in the initial offering
of securities who is an affiliate of ours will confirm sales to accounts over which it exercises discretionary authority without the prior
specific written approval of its customer. Following the initial distribution of any of these securities, affiliates of ours may offer
and sell these securities in the course of their businesses as broker-dealers. Such affiliates may act as principals or agents in these
transactions and may make any sales at varying prices related to prevailing market prices at the time of sale or otherwise. Such affiliates
may also use this prospectus in connection with these transactions. None of our affiliates is obligated to make a market in any of these
securities and may discontinue any market-making activities at any time without notice.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any underwriter, selling agent or dealer utilized
in the initial offering of securities will not confirm sales to accounts over which it exercises discretionary authority without the prior
specific written approval of its customer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Delayed Delivery Arrangements</B></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: 0.25in">If so indicated in the prospectus supplement,
we may authorize underwriters or other persons acting as their agents to solicit offers by certain institutions to purchase debt securities
and capital securities from them pursuant to contracts providing for payment and delivery on a future date. Institutions with which such
contracts may be made include commercial and savings banks, insurance companies, educational and charitable institutions and others, but
in all cases such institutions must be approved by us. The obligations of any purchaser under any such contract will be subject to the
condition that the purchase of the offered securities shall not at the time of delivery be prohibited under the laws of the jurisdiction
to which such purchaser is subject. The underwriters and such other agents will not have any responsibility in respect of the validity
or performance of such contracts.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_020"></A><FONT STYLE="text-transform: uppercase"><B>LEGAL
OPINIONS</B></FONT></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: 0.25in">Our United States counsel, Davis Polk &amp; Wardwell
London LLP, will pass upon certain legal matters relating to the securities under U.S. federal securities laws and New York law. Our Scottish
counsel, CMS Cameron McKenna Nabarro Olswang LLP, will pass upon certain matters of Scots law relating to the validity under Scots law
of the debt securities and the capital securities issued by LBG and the subordination provisions of the subordinated debt securities and
capital securities issued by LBG.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_021"></A><FONT STYLE="text-transform: uppercase"><B>EXPERTS</B></FONT></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: 0.25in">The consolidated financial statements of Lloyds
Banking Group plc as at December 31, 2024 and 2023 and for each of the three years in the period ended December 31, 2024, incorporated
by reference in this prospectus by reference to Lloyds Banking Group plc&rsquo;s Annual Report on Form 20-F for the year ended December
31, 2024, and the effectiveness of Lloyds Banking Group plc&rsquo;s internal control over financial reporting have been audited by Deloitte
LLP, an independent registered public accounting firm, as stated in their reports. Such consolidated financial statements are incorporated
by reference in reliance upon the reports of such firm, given their authority as experts in accounting and auditing.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_022"></A><FONT STYLE="text-transform: uppercase"><B>ENFORCEMENT
OF CIVIL LIABILITIES</B></FONT></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">LBG is a public limited company incorporated under the laws of Scotland.
Most of LBG&rsquo;s directors and executive officers and certain of the experts named herein are residents of the United Kingdom. A substantial
portion of the assets of LBG, its subsidiaries and such persons, are located outside the United States. As a result, it may not be possible
for investors to effect service of process within the United States upon all such persons or to enforce against them in U.S. courts judgments
obtained in such courts, including those predicated upon the civil liability provisions of the federal securities laws of the United States.
Furthermore, LBG has been advised by its solicitors that there is doubt as to the enforceability in England &amp; Wales and Scotland,
in original actions or in actions for enforcement of judgments of U.S. courts, of certain civil liabilities, including those predicated
solely upon the federal securities laws of the United States.</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: center"><A NAME="a_023"></A><FONT STYLE="text-transform: uppercase"><B>WHERE
YOU CAN FIND MORE INFORMATION</B></FONT></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"><B>Ongoing Reporting</B></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: 0.25in">LBG is subject to the informational requirements
of the Exchange Act and, in accordance therewith, LBG files reports and other information with the SEC. The SEC maintains a website at
http://www.sec.gov which contains in electronic form each of the reports and other information that we have filed electronically with
the SEC. You can also read this material at the offices of The New York Stock Exchange, 20 Broad Street, New York, New York 10005, United
States on which certain of LBG&rsquo;s securities are listed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will provide the trustee for any debt securities
and the capital securities and the ADS depositary for any ordinary shares with our annual reports, which will include a description of
operations and our annual audited consolidated financial statements. We will also provide any trustee or ADS depositary with interim reports
that will include unaudited interim summary consolidated financial information. Upon receipt, if we so request, the trustee or the ADS
depositary will mail the reports to all record holders of the debt securities, capital securities, ordinary shares or ADSs. In addition,
we will provide the trustee or the ADS depositary with all notices of meetings at which holders of debt securities, capital securities
or ordinary shares are entitled to vote, and all other reports and communications that are made generally available to holders of debt
securities, capital securities or ordinary shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Registration Statement</B></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: 0.25in">This prospectus is part of a registration statement
filed with the SEC. As exhibits to the registration statement, we have also filed or incorporated by reference the indentures, the ADS
deposit agreement and our Articles of Association. Statements contained in this prospectus as to the contents of any contract or other
document referred to in this prospectus are not necessarily complete, and in each instance reference is made to the copy of such contract
or other document filed as an exhibit to the registration statement, each such statement being qualified in all respects by such reference.
For further information, you should refer to the registration statement. You can obtain the full registration statement from the SEC or
from us.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_024"></A><FONT STYLE="text-transform: uppercase"><B>INCORPORATION
OF DOCUMENTS BY REFERENCE</B></FONT></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: 0.25in">The SEC allows us to &ldquo;incorporate by reference&rdquo;
the information that we file with the SEC. This permits us to disclose important information to you by referring to these filed documents.
Any information referred to in this way is considered part of this prospectus, and any information that we file with the SEC after the
date of this prospectus will automatically be deemed to update and supersede this information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We incorporate by reference (i) LBG&rsquo;s Annual
Report on Form 20-F for the fiscal year ended December 31, 2024 filed with the SEC on February 20, 2025; (ii) LBG&rsquo;s report on Form
6-K filed with the SEC on May 1, 2025 including the interim results for LBG for the three months ended March 31, 2025; (iii) LBG&rsquo;s
report on Form 6-K filed with the SEC on May 1, 2025 disclosing LBG&rsquo;s capitalization as at March 31, 2025; and (iv) LBG&rsquo;s
report on Form 6-K filed with the SEC on June 5, 2025, disclosing the appointment of a new non-executive director. We also incorporate
by reference all subsequent Annual Reports filed on Form 20-F and any future filings made with the SEC under Sections 13(a), 13(c), 14
or 15(d) of the Exchange Act and certain reports on Form 6-K, if they state that they are incorporated by reference into this prospectus,
that we furnish to the SEC after the date of this prospectus and until we or any underwriters sell all of the securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon written or oral request, we will provide
free of charge a copy of any or all of the documents that we incorporate by reference into this prospectus, other than exhibits which
are not specifically incorporated by reference into this prospectus. To obtain copies you should contact us at Investor Relations, 33
Old Broad Street, London, EC2N 1HZ, United Kingdom or by telephone at +44 (0) 207 626 1500.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_025"></A><FONT STYLE="text-transform: uppercase"><B>CAUTIONARY
STATEMENT ON FORWARD-LOOKING STATEMENTS</B></FONT></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: 0.25in">This prospectus contains certain forward-looking
statements within the meaning of Section 21E of the Exchange Act, as amended, and section 27A of the Securities Act, as amended, with
respect to the business, strategy, plans and/or results of the Group and its current goals and expectations. Statements that are not historical
or current facts, including statements about the Group&rsquo;s or its directors&rsquo; and/or management&rsquo;s beliefs and expectations,
are forward-looking statements. Words such as, without limitation, &lsquo;believes&rsquo;, &lsquo;achieves&rsquo;, &lsquo;anticipates&rsquo;,
&lsquo;estimates&rsquo;, &lsquo;expects&rsquo;, &lsquo;targets&rsquo;, &lsquo;should&rsquo;, &lsquo;intends&rsquo;, &lsquo;aims&rsquo;,
&lsquo;projects&rsquo;, &lsquo;plans&rsquo;, &lsquo;potential&rsquo;, &lsquo;will&rsquo;, &lsquo;would&rsquo;, &lsquo;could&rsquo;, &lsquo;considered&rsquo;,
&lsquo;likely&rsquo;, &lsquo;may&rsquo;, &lsquo;seek&rsquo;, &lsquo;estimate&rsquo;, &lsquo;probability&rsquo;, &lsquo;goal&rsquo;, &lsquo;objective&rsquo;,
&lsquo;deliver&rsquo;, &lsquo;endeavor&rsquo;, &lsquo;prospects&rsquo;, &lsquo;optimistic&rsquo; and similar expressions or variations
on these expressions are intended to identify forward-looking statements. These statements concern or may affect future matters, including
but not limited to: projections or expectations of the Group&rsquo;s future financial position, including profit attributable to shareholders,
provisions, economic profit, dividends, capital structure, portfolios, net interest margin, capital ratios, liquidity, risk-weighted assets,
expenditures or any other financial items or ratios; litigation, regulatory and governmental investigations; the Group&rsquo;s future
financial performance; the level and extent of future impairments and write-downs; the Group&rsquo;s ESG targets and/or commitments; statements
of plans, objectives or goals of the Group or its management and other statements that are not historical fact and statements of assumptions
underlying such statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and
depend upon circumstances that will or may occur in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Factors that could cause actual business, strategy,
targets, plans and/or results (including but not limited to the payment of dividends) to differ materially from forward-looking statements
include, but are not limited to: general economic and business conditions in the United Kingdom and internationally (including in relation
to tariffs); imposed and threatened tariffs and changes to global trade policies; acts of hostility or terrorism and responses to those
acts, or other such events; geopolitical unpredictability; the war between Russia and Ukraine; the conflicts in the Middle East; the tensions
between China and Taiwan; political instability including as a result of any United Kingdom general election; market related risks, trends
and developments; changes in client and consumer behavior and demand; exposure to counterparty risk; the ability to access sufficient
sources of capital, liquidity and funding when required; changes to the Group&rsquo;s credit ratings; fluctuations in interest rates,
inflation, exchange rates, stock markets and currencies; volatility in credit markets; volatility in the price of the Group&rsquo;s securities;
natural pandemic and other disasters; risks concerning borrower and counterparty credit quality; risks affecting insurance business and
defined benefit pension schemes; changes in laws, regulations, practices and accounting standards or taxation; changes to regulatory capital
or liquidity requirements and similar contingencies; the policies and actions of governmental or regulatory authorities or courts together
with any resulting impact on the future structure of the Group; risks associated with the Group&rsquo;s compliance with a wide range of
laws and regulations; assessment related to resolution planning requirements; risks related to regulatory actions which may be taken in
the event of a bank or Group failure; exposure to legal, regulatory or competition proceedings, investigations or complaints; failure
to comply with anti-money laundering, counter terrorist financing, anti-bribery and sanctions regulations; failure to prevent or detect
any illegal or improper activities; operational risks including risks as a result of the failure of third party suppliers; conduct risk;
technological changes and risks to the security of IT and operational infrastructure, systems, data and information resulting from increased
threat of cyber and other attacks; technological failure; inadequate or failed internal or external processes or systems; risks relating
to ESG matters, such as climate change (and achieving climate change ambitions) and decarbonization, including the Group&rsquo;s ability
along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, and human
rights issues; the impact of competitive conditions; failure to attract, retain and develop high caliber talent; the ability to achieve
strategic objectives; the ability to derive cost savings and other benefits including, but without limitation, as a result of any acquisitions,
disposals and other strategic transactions; inability to capture accurately the expected value from acquisitions; assumptions and estimates
that form the basis of the Group&rsquo;s financial statements; and potential changes in dividend policy. A number of these influences
and factors are beyond the Group&rsquo;s control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other factors could also adversely affect our
results or the accuracy of forward-looking statements in this prospectus, and you should not consider the factors discussed here or in
LBG&rsquo;s Form 20-F filed on February 20, 2025 or other documents incorporated by reference herein to be a complete set of all potential
risks or uncertainties. We have economic, financial market, credit, legal and other specialists who monitor economic and market conditions
and government policies and actions. However, because it is difficult to predict with accuracy any changes in economic or market conditions
or in governmental policies and actions, it is difficult for us to anticipate the effects that such changes could have on our financial
performance and business operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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">The forward-looking statements made in this prospectus speak only as
of the date of this prospectus. We do not intend to publicly update or revise these forward-looking statements to reflect events or circumstances
after the date of this prospectus, and we do not assume any responsibility to do so. You should, however, consult any further disclosures
of a forward-looking nature we made in other documents filed with the SEC that are incorporated by reference into this prospectus. This
discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995.</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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><IMG SRC="image_004.jpg" ALT="A green horse on a black background&#10;&#10;AI-generated content may be incorrect." STYLE="height: 106px; width: 126px"></FONT></P>

<P STYLE="font: bold 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">&nbsp;</P>

<P STYLE="font: bold 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">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Lloyds Banking Group plc</P>

<P STYLE="font: bold 14pt 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">$1,500,000,000 4.425% Senior Callable Fixed-to-Fixed
Rate Notes due 2031</P>

<P STYLE="font: bold 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">$1,250,000,000 4.943% Senior Callable Fixed-to-Fixed
Rate Notes due 2036</P>

<P STYLE="font: bold 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">$300,000,000 Senior Callable Floating Rate
Notes due 2031</P>

<P STYLE="font: bold 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">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PROSPECTUS SUPPLEMENT</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"><FONT STYLE="font-weight: normal">(to prospectus
dated June 6, 2025)</FONT></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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Joint Bookrunning Managers for the Senior Notes</I></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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; text-align: center"><B>Barclays</B></TD>
    <TD STYLE="width: 36%; text-align: center"><B>J.P. Morgan</B></TD>
    <TD STYLE="width: 32%; text-align: center"><B>Lloyds Securities</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>Scotiabank</B></TD>
    <TD STYLE="text-align: center"><B>Standard Chartered Bank</B></TD>
    <TD STYLE="text-align: center"><B>Wells Fargo Securities</B></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>Co-Managers for the Senior Notes</I></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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; font-size: 10pt; text-align: center"><B>Academy Securities</B></TD>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center"><B>Blaylock Van, LLC</B></TD>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center"><B>CIBC Capital Markets</B></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">&nbsp;</P>




<P STYLE="margin: 0"></P>

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

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

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

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

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  <td>&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
  <td style="text-align: right">&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td style="text-align: right">&#160;</td>
  <td>&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
  <td style="text-align: right">&#160;</td>
  <td>&#160;</td>
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  <td style="text-align: right">&#160;</td>
  <td>&#160;</td>
  <td>$</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
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  <td style="width: 11%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 15%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 15%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 5%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 8%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 8%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 5%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="border-bottom: Black 1pt solid; width: 1%">&#160;</td>
  <td style="border-bottom: Black 1pt solid; width: 8%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 5%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="border-bottom: Black 1pt solid; width: 1%">&#160;</td>
  <td style="border-bottom: Black 1pt solid; width: 8%">&#160;</td></tr>
<tr style="vertical-align: top; text-align: left">
  <td colspan="14" style="text-align: right">Total Offering Amounts:</td>
  <td>&#160;</td>
  <td>$</td>
  <td style="text-align: right"><ix:nonFraction name="ffd:TtlOfferingAmt" contextRef="c_report" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-307">3,050,000,000.00</ix:nonFraction></td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>$</td>
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<tr style="vertical-align: top; text-align: left">
  <td colspan="14" style="text-align: right">Total Fees Previously Paid:</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td style="text-align: right"><ix:nonFraction name="ffd:TtlPrevslyPdAmt" contextRef="c_report" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-309">0.00</ix:nonFraction></td></tr>
<tr style="vertical-align: top; text-align: left">
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  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td style="border-bottom: Black 1pt solid">&#160;</td>
  <td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="ffd:TtlOffsetAmt" contextRef="c_report" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-310">0.00</ix:nonFraction></td></tr>
<tr style="vertical-align: top; text-align: left">
  <td colspan="14" style="text-align: right">Net Fee Due:</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td style="border-bottom: Black 3pt double">$</td>
  <td style="border-bottom: Black 3pt double; text-align: right"><ix:nonFraction name="ffd:NetFeeAmt" contextRef="c_report" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-311">421,205.00</ix:nonFraction></td></tr>
</table>

<p style="font: bold 8pt Arial, Helvetica, Sans-Serif; color: rgb(50,101,255); margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: bold 8pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt">__________________________________________<br/>
Offering Note(s)</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%">
<tr style="vertical-align: top; text-align: justify">
  <td style="width: 15pt; text-align: right">(1)</td><td style="width: 5pt"/>
  <td style="text-align: justify"><ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="c_offering_1" id="ixv-312">Calculated in accordance with Rule 457(r) under the U.S. Securities Act of 1933, as amended.</ix:nonNumeric></td></tr>
  </table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%">
<tr style="vertical-align: top; text-align: justify">
  <td style="width: 15pt; text-align: right">(2)</td><td style="width: 5pt"/>
  <td style="text-align: justify"><ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="c_offering_2" id="ixv-313">Please see Offering Note 1</ix:nonNumeric></td></tr>
  </table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%">
<tr style="vertical-align: top; text-align: justify">
  <td style="width: 15pt; text-align: right">(3)</td><td style="width: 5pt"/>
  <td style="text-align: justify"><ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="c_offering_3" id="ixv-314">Please see Offering Note 1</ix:nonNumeric></td></tr>
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<DOCUMENT>
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Oct. 29, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0001160106<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">Lloyds Banking Group plc<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_RegnFileNb', window );">Registration File Number</a></td>
<td class="text">333-287829<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">F-3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">424B2<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTableNa', window );">Offering Table N/A</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTableNa', window );">Offset Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_CombinedProspectusTableNa', window );">Combined Prospectus Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:normalizedStringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_CombinedProspectusTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_CombinedProspectusTableNa</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTableNa</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>ffd:naItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings<br></strong></div></th>
<th class="th">
<div>Oct. 29, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=1', window );">Offering: 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457rFlg', window );">Rule 457(r)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Debt<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">4.425% Senior Callable Fixed-to-Fixed Rate Notes due 2031<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 1,500,000,000.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 207,150.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">Calculated in accordance with Rule 457(r) under the U.S. Securities Act of 1933, as amended.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=2', window );">Offering: 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457rFlg', window );">Rule 457(r)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Debt<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">4.943% Senior Callable Fixed-to-Fixed Rate Notes due 2036<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 1,250,000,000.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 172,625.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">Please see Offering Note 1<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=3', window );">Offering: 3</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457rFlg', window );">Rule 457(r)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Debt<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Senior Callable Floating Rate Notes due 2031<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 300,000,000.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 41,430.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">Please see Offering Note 1<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeAmt">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total amount of registration fee (amount due after offsets).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeAmt</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeRate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum aggregate offering price for the offering that is being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxAggtOfferingPric</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingNote</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities being registered (for each class being registered).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTitl</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
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<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_PrevslyPdFlg</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection r<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fees Summary<br></strong></div></th>
<th class="th">
<div>Oct. 29, 2025 </div>
<div>USD ($)</div>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOfferingAmt', window );">Total Offering</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlPrevslyPdAmt', window );">Previously Paid Amount</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlFeeAmt', window );">Total Fee Amount</a></td>
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<td class="nump">$ 421,205.00<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlPrevslyPdAmt</td>
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      id="ixv-311"
      unitRef="USD">421205.00</ffd:NetFeeAmt>
    <ffd:OfferingNote contextRef="c_offering_1" id="ixv-312">Calculated in accordance with Rule 457(r) under the U.S. Securities Act of 1933, as amended.</ffd:OfferingNote>
    <ffd:OfferingNote contextRef="c_offering_2" id="ixv-313">Please see Offering Note 1</ffd:OfferingNote>
    <ffd:OfferingNote contextRef="c_offering_3" id="ixv-314">Please see Offering Note 1</ffd:OfferingNote>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
