Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 122

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 122
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 taxes or duties arising
by reference to any disposal or deemed disposal of such holder’s Additional Tier 1 Security or interest therein. Any taxes and capital,
stamp, issue and registration and transfer taxes or duties arising on delivery or transfer of Settlement Shares to a purchaser in any
Settlement Shares Offer shall be payable by the relevant purchaser of those Settlement Shares.

Following the issuance and delivery of the Settlement
Shares to the Settlement Share Depository on the Conversion Date, the Additional Tier 1 Securities shall remain in existence until the
applicable Cancellation Date for the sole purpose of evidencing the holder’s right to receive Settlement Shares, ADSs or the Alternative
Consideration, as the case may be, from the Settlement Share Depository. LBG expects that beneficial interests in the Additional Tier
1 Securities will be transferrable until the Suspension Date and that any trades in the Additional Tier 1 Securities would clear and settle
through DTC until such date. However, there is no guarantee that an active trading market will exist for the Additional Tier 1 Securities
following the Automatic Conversion. 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.

Subject to the conditions described in this section,
the Settlement Shares, ADSs or Alternative Consideration will be delivered to holders of the Additional Tier 1 Securities on the Settlement
Date and the Additional Tier 1 Securities shall be canceled on the Cancellation Date.

The Additional Tier 1 Securities are not convertible
into Settlement Shares at the option of the holders at any time.

Notwithstanding any other provision herein, by
its purchase or acquisition of the Additional Tier 1 Securities, each holder and beneficial owner shall be deemed to have (i) agreed to
all of the terms and conditions of the Additional Tier 1 Securities, including, without limitation, to those related to (x) Automatic
Conversion following a Trigger Event and (y) the appointment of the Settlement Share Depository, the issuance of the Settlement Shares
to the Settlement Share Depository (or to the relevant recipient in accordance with the terms of the Additional Tier 1 Securities) and
the potential sale of the Settlement Shares pursuant to a Settlement Shares Offer, and acknowledged that such events in (x) and (y) may
occur without any further action on the part of the holders and beneficial owners of the Additional Tier 1 Securities