Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 121

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 121
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BG 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-78</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 and beneficial
owners of the Additional Tier 1 Securities. By virtue of its holding of any Additional Tier 1 Security, each holder and each beneficial
owner of the Additional Tier 1 Securities shall be deemed to have irrevocably directed LBG to issue and deliver the Settlement Shares
corresponding to the conversion of its holding of Additional Tier 1 Securities to the Settlement Share Depository.

Neither LBG, nor any member of the Group will
pay any taxes or capital, stamp, issue and registration or transfer taxes or duties arising upon Automatic Conversion or that may arise
or be paid as a consequence of the issue and delivery of Settlement Shares to the Settlement Share Depository. A holder must pay any taxes
and capital, stamp, issue and registration and transfer taxes or duties arising upon Automatic Conversion in connection with the issue
and delivery of the Settlement Shares to the Settlement Share Depository and such holder must pay all, if any, such