Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 69

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 69
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 any Alternative Consideration, as applicable,
and/or must be a direct or indirect registered ADS holder in order to receive ADSs. If a holder of an Additional Tier 1 Security fails
to properly complete and deliver a Settlement Notice on or before the Notice Cut-off Date (as defined in “Description of the Additional Tier 1 Securities” below), the Settlement Share Depository shall continue to hold the relevant Settlement Shares
or the Alternative Consideration, as the case may be, until a Settlement Notice (and the relevant Additional Tier 1 Securities, if applicable)
is or are so validly delivered. However, the relevant Additional Tier 1 Securities shall be canceled on the Final Cancellation Date (as
defined below) and any holder of Additional Tier 1 Securities delivering a Settlement Notice after the Notice Cut-off Date will have to
provide evidence of its entitlement to the relevant Settlement Shares, ADSs or Alternative Consideration, as applicable, satisfactory
to the Settlement Share Depository in its sole and absolute discretion in order to receive delivery of such Settlement Shares, ADSs or
Alternative Consideration. LBG shall have no liability to any holder of an Additional Tier 1 Security for any loss resulting from such
holder not receiving any Settlement Shares, ADSs or Alternative Consideration, as applicable, or from any delay in the receipt thereof,
in each case as a result of such holder failing to submit a valid Settlement Notice on a timely basis or at all.

<div align='center'>S-47</div>

Prior to the Conversion Date, holders will not
be entitled to any rights with respect to the Ordinary Shares or ADSs, but will be subject to all changes made with respect to the Ordinary
Shares or ADSs.

The exercise of voting rights and rights related
thereto with respect to any Ordinary Shares or ADSs is only possible after delivery of the Settlement Shares following the Conversion
Date and the registration of the person entitled to the Settlement Shares in LBG’s share register as a shareholder with voting rights
in accordance with the provisions of, and subject to the limitations provided in, the articles of association of LBG. For further information,
see “Description of the Additional Tier 1 Securities—Conversion—Conversion Procedures”.

As a result of holders receiving Settlement
Shares or ADSs upon a Trigger Event, they are particularly exposed to changes in the market price of the Ordinary Shares or ADSs.

Many investors in convertible or exchangeable
securities seek to hedge their exposure in the underlying equity securities at the time of acquisition of the