Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 108

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 108
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ii) as of the date of the Conversion Trigger Notice, except for any indemnity and/or security provided by
any holder or beneficial owner of the Additional Tier 1 Securities in such direction or related to such direction, any direction previously
given to the Trustee by any holder or beneficial owner of the Additional Tier 1 Securities shall cease automatically and shall be null
and void and of no further effect; except in each case of (i) and (ii) of this paragraph, with respect to any rights of holders and beneficial
owners of the Additional Tier 1 Securities with respect to any payments under the Additional Tier 1 Securities that were unconditionally
due and payable prior to the date of the Conversion Trigger Notice or unless the Trustee is instructed in writing by LBG to act otherwise.

Conversion upon the Occurrence of a Relevant Event

If a Qualifying Relevant Event occurs, the Additional
Tier 1 Securities shall, where the Conversion Date (if any) falls on or after the New Conversion Condition Effective Date, be converted
on such Conversion Date into, or exchangeable for, Relevant Shares of the Approved Entity, mutatis mutandis as provided under
“—Automatic Conversion” above at a Conversion Price that shall be the New Conversion Price. Such conversion
shall be effected by the delivery by LBG of such number of Settlement Shares as set forth under “—Automatic Conversion”
above to, or to the order of, the Approved Entity. Such delivery shall irrevocably discharge and satisfy all of LBG’s obligations
under the Additional Tier 1 Securities (but shall be without prejudice to the rights of the Trustee and the holders and beneficial owners
of the Additional Tier 1 Securities against the Approved Entity in connection with its undertaking to deliver Relevant Shares as provided
in the definition of “New Conversion Condition” below). Such delivery shall be in consideration of the Approved Entity irrevocably
undertaking, for the benefit of the holders and beneficial owners of the Additional Tier 1 Securities, to deliver the Relevant Shares
to the Settlement Share Depository as aforesaid. For the avoidance of doubt, LBG may elect that a Settlement Shares Offer be made by
the Settlement Share Depository in respect of the Relevant Shares.

<div align='center'>S-73</div>

The New Conversion Price shall be subject to adjustments
as described under “—Anti-dilution Adjustment of the Conversion Price” below and in accordance with the Indenture,
with such modifications as an Independent Adviser