Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 132

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 132
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 is made, the last date
on which LBG is entitled to give a Settlement Shares Offer Notice), and (iii) the date on which the relevant Settlement Notice has been
received by the Settlement Share Depository;

(ii) with
respect to any Additional Tier 1 Security in relation to which a Settlement Notice is received by the Settlement Share Depository on or
before the Notice Cut-off Date where LBG has elected that the Settlement Share Depository will carry out a Settlement Shares Offer, the
date that is the later of (a) two (2) Business Days after the day on which the Settlement Shares Offer Period expires or is terminated
and (b) two (2) Business Days after the date on which such Settlement Notice has been so received by the Settlement Share Depository;
and

(iii) with
respect to any Additional Tier 1 Security in relation to which a Settlement Notice is not so received by the Settlement Share Depository
on or before the Notice Cut-off Date, the date on which the Settlement Share Depository delivers the relevant Settlement Shares, ADSs
or Alternative Consideration, as applicable, to holders and beneficial owners of the Additional Tier 1 Securities.

Agreement with Respect to the Exercise of U.K. Bail-in Power

Notwithstanding any other agreements, arrangements,
or understandings between us and any holder or beneficial owner of the Additional Tier 1 Securities, by purchasing or acquiring the Additional
Tier 1 Securities, each holder (including each beneficial owner) of the Additional Tier 1 Securities acknowledges, accepts, agrees to
be bound by and consents to the exercise of any U.K. Bail-in Power (as defined below) by the relevant U.K. resolution authority that may
result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on, the Additional Tier 1 Securities;
(ii) the conversion of all, or a portion, of the principal amount of, or interest on, the Additional Tier 1 Securities into shares or
other securities or other obligations of LBG or another person (and the issue to or conferral on the holder of such shares, securities
or obligations), including by means of amendment, modification or variation of the terms of the Additional Tier 1 Securities; and/or (iii)
the amendment or alteration of the maturity of the Additional Tier 1 Securities, or amendment of the amount of interest due on the Additional
Tier 1 Securities, or the dates on which interest becomes payable, including