Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 127

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 127
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 as described below. It is expected that where the Settlement Shares (or the Settlement Share component,
if any, of any Alternative Consideration) are to be delivered in certificated form, the name of the relevant holder (or its nominee) will
be entered in LBG’s share register and a certificate in respect thereof will be dispatched by mail free of charge to the holder
or as it may direct in the relevant Settlement Notice as described below. It is expected that the cash component, if any, of any Alternative
Consideration will be delivered through DTC (or, if the Additional Tier 1 Securities are held in definitive form, to the holders at their
address shown on the register for the Additional Tier 1 Securities) on or around the date on which the Settlement Shares Offer Period
ends, subject to DTC’s procedures in effect at such time.

<div align='center'>S-81</div>

The Conversion Trigger Notice shall specify the
Suspension Date. On the Suspension Date, DTC shall suspend all clearance and settlement of transactions in the Additional Tier 1 Securities.
As a result, holders and beneficial owners 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 or beneficial
owner of the Additional Tier 1 Securities 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.

On the Suspension Date, LBG shall deliver a notice
in accordance with “—Notice” below to the Trustee and to the holders of the Additional Tier 1 Securities (a “Settlement Request Notice”) requesting that holders of the Additional Tier 1 Securities complete a notice to be delivered to the Settlement
Share Depository, with a copy to the Trustee (a “Settlement Notice”). The Settlement Request Notice shall specify (i)
the date by which the Settlement Notice must be received by the Settlement Share Depository (the “Notice Cut-off Date”)
and (ii) the date on which the Additional Tier 1 Securities in relation to which no Settlement Notice has been received by the Settlement
Share