Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 121

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 121
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 canceled on the Cancellation Date.

The Additional Tier 1 Securities are not convertible
into Settlement Shares at the option of the holders at any time.

Notwithstanding any other provision herein, 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, to those related to (x) Automatic
Conversion following a 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 and 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 and beneficial
owners of the Additional Tier 1 Securities and the liability of LBG 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 the 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 TIA, 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 related to or arising out of or in connection with a Trigger Event and/or any Automatic Conversion,
and (iv) authorized, directed and requested Clearstream, Luxembourg and/or Euroclear and any direct participant in Clearstream, Luxembourg
and/or Euroclear or other intermediary through which it holds such Additional Tier 1 Securities to take any and all necessary action,
if required, to implement the Automatic Conversion without any further action or direction on the part of such holder or beneficial owner
or the Trustee.

<div align='center'>S-81</div>

The procedures following the Automatic Conversion
set forth in this section are subject to change to reflect changes in clearing system practices.

Settlement Shares