Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 119

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 119
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 Shares
shall be issued and delivered by LBG to the Settlement Share Depository (or as otherwise provided by the Indenture and the Additional
Tier 1 Securities) on terms permitting a Settlement Shares Offer and, provided the Settlement Shares are so issued and delivered, no holder
or beneficial owner of the Additional Tier 1 Securities will have any rights against LBG with respect to the repayment of the principal
amount of the Additional Tier 1 Securities or the payment of interest or any other amount on or in respect of such Additional Tier 1 Securities,
which liabilities of LBG shall be automatically released. Accordingly, the principal amount of the Additional Tier 1 Securities shall
equal zero at all times thereafter. Any interest in respect of an interest period ending on any Interest Payment Date falling between
the Trigger Event and the Conversion Date shall be deemed to have been canceled upon the occurrence of such Trigger Event and shall not
be due and payable.

Provided that LBG issues and delivers the Settlement
Shares to the Settlement Share Depository in accordance with the terms of the Additional Tier 1 Securities as described herein, with
effect from and on the Conversion Date, holders and beneficial owners of the Additional Tier 1 Securities shall have recourse only to
the Settlement Share Depository for the delivery to them of Settlement Shares, ADSs or, if applicable, the Alternative Consideration.
Subject to the occurrence of a Winding-up or Administration Event on or following a Trigger Event, if LBG fails to issue and deliver
the Settlement Shares upon Automatic Conversion to the Settlement Share Depository on the Conversion Date, a holder’s only right
under the Additional Tier 1 Securities will be to claim to have such Settlement Shares so issued and delivered.

<div align='center'>S-80</div>

While any Additional Tier 1 Security remains outstanding,
LBG will at all times keep available for issue, free from pre-emptive or other preferential rights, sufficient Ordinary Shares to enable
the Automatic Conversion of the Additional Tier 1 Securities to be discharged and satisfied in full. Once the Additional Tier 1 Securities
have been converted into Settlement Shares, there will be no provision for the reconversion of such Settlement Shares into Additional
Tier 1 Securities.

The Settlement Shares to be issued and delivered
shall (except where LBG has been unable to appoint a Settlement Share Depository) initially be registered in the name of the Settlement
Share Depository, which, subject to a Settlement Shares Offer, shall hold such Settlement Shares on behalf of the holders