Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 10

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 10
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 the name of the Settlement Share Depository (which shall hold the
Settlement Shares on behalf of the holders of the Additional Tier 1 Securities) or the relevant recipient in accordance with the
terms of the Additional Tier 1 Securities. As more fully described herein, we may elect, in our sole and absolute discretion that a
Settlement Shares Offer be made by the Settlement Share Depository (as defined below) to all or some of our existing shareholders.
The realizable value of any Settlement Shares received by a holder of the Additional Tier 1 Securities following an Automatic
Conversion may be significantly less than the initial Conversion Price (as defined herein) of £0.633 and holders of the
Additional Tier 1 Securities could lose all or part of their investment in the Additional Tier 1 Securities as a result of the
Automatic Conversion.

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, of those related to (x) Automatic Conversion following the 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
or beneficial owners of the Additional Tier 1 Securities or the Trustee, (ii) agreed that effective upon, and following, the Automatic
Conversion, no amount shall be due and payable to the holders or beneficial owners of the Additional Tier 1 Securities, and our liability
to pay any such amounts (including the principal amount of, or any interest in respect of, the Additional Tier 1 Securities) shall be
automatically released, and the holders and beneficial owners shall not have the right to give any direction to the Trustee with respect
to the Trigger Event and any related Automatic Conversion, (iii) waived, to the extent permitted by the Trust Indenture Act, any claim
against the Trustee arising out of its acceptance of its trusteeship under, and the performance of its duties, powers and rights in respect
of, the Indenture and in connection with the Additional Tier 1 Securities, including, without limitation, claims