Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 68

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 68
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 example if the clearance and settlement of transactions in the Additional Tier 1
Securities is suspended by DTC at an earlier time than currently expected. In such a situation it may not be possible to transfer beneficial
interests in the Additional Tier 1 Securities and trading in the Additional Tier 1 Securities may cease.

In addition, LBG has been previously advised by
DTC that it will suspend all clearance and settlement of transactions in the Additional Tier 1 Securities on the Suspension Date. As a
result, holders of the Additional Tier 1 Securities will not be able to settle the transfer of any Additional Tier 1 Securities following
the Suspension Date, and any sale or other transfer of the Additional Tier 1 Securities that a holder may have initiated prior to the
Suspension Date that is scheduled to settle after the Suspension Date will be rejected by DTC and will not be settled through DTC.

The Additional Tier 1 Securities may cease to
be admitted to trading on the Global Exchange Market of Euronext Dublin or any other stock exchange on which the Additional Tier 1 Securities
are then listed or admitted to trading after the Suspension Date.

Moreover, although the holders will (without prejudice
to LBG’s ability to direct a Settlement Shares Offer) become beneficial owners of the Settlement Shares upon the issuance of such
Settlement Shares to the Settlement Share Depository and the Settlement Shares will be registered in the name of the Settlement Share
Depository (or the relevant recipient in accordance with the terms of the Additional Tier 1 Securities), no holder will be able to sell
or otherwise transfer any Settlement Shares or ADSs until such time as such Settlement Shares or ADSs (if any) are finally delivered to
such holder and registered in their name.

Holders will have to submit a Settlement Notice
in order to receive delivery of the Settlement Shares, ADSs or Alternative Consideration.

In order to obtain delivery of the Settlement
Shares, ADSs or Alternative Consideration, as applicable, following the Automatic Conversion, a holder must deliver a Settlement Notice
(and the relevant Additional Tier 1 Securities, if applicable) to the Settlement Share Depository. The Settlement Notice must contain
certain information, including the holder’s CREST account details or ADS depository account information, as applicable. Accordingly,
holders of Additional Tier 1 Securities (or their nominee, custodian or other representative) will have to have an account with CREST
in order to receive the Settlement Shares or the Settlement Share component, if any, of