Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 129

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 129
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 may be delayed until the depositary bank or the custodian
receives confirmation that all required approvals have been given and that the Settlement Shares have been duly transferred to the custodian
and that all applicable depositary fees and payments have been paid to the ADS Depository. For further information on the ADSs or the
ADS deposit agreement, see “Description of American Depositary Shares”.

For the purposes of these provisions:

“ADS Depository” means The
Bank of New York Mellon, as the depositary under the Amended and Restated Deposit Agreement between LBG and The Bank of New York Mellon.

“Alternative Consideration”
means, in respect of each Additional Tier 1 Security and as determined by LBG (i) if all of the Settlement Shares to be issued and delivered
following Automatic Conversion are sold in the Settlement Shares Offer, the pro rata share of the cash proceeds from the sale
of such Settlement Shares attributable to such Additional Tier 1 Security (less an amount equal to the pro rata share of any stamp
duty, stamp duty reserve tax, or any other capital, issue, transfer, registration, financial transaction or documentary tax that may
arise or be paid in connection with the issue and delivery of Settlement Shares to the Settlement Share Depository pursuant to the Settlement
Shares Offer), (ii) if some but not all of such Settlement Shares to be issued and delivered upon Automatic Conversion are sold in the
Settlement Shares Offer, (x) the pro rata share of the cash proceeds from the sale of such Settlement Shares attributable to such
Additional Tier 1 Security (less an amount equal to the pro rata share of any stamp duty, stamp duty reserve tax, or any other
capital, issue, transfer, registration, financial transaction or documentary tax that may arise or be paid in connection with the delivery
of Settlement Shares to the Settlement Share Depository pursuant to the Settlement Shares Offer) and (y) the pro rata share of
such Settlement Shares not sold pursuant to the Settlement Shares Offer attributable to such Additional Tier 1 Security rounded down
to the nearest whole number of Settlement Shares and (iii) if no Settlement Shares are sold in the Settlement Shares Offer, the relevant
number of Settlement Shares that would have been received had LBG not elected that the Settlement Share Depository should carry out a
Settlement Shares Offer;

<div align='center'>S-85</div>

“Cancellation Date” means (i)
with respect to any Additional Tier 1 Security for which a