Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 58

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 58
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 Ordinary Shares is diminished. In addition, there
may be a delay in a holder receiving its Settlement Shares or ADSs following a Trigger Event, during which time the market price of LBG’s
Ordinary Shares may further decline. See “Description of the Additional Tier 1 Securities—Conversion—Conversion Procedures”.
As a result, the realizable value of the Settlement Shares delivered may be below the Conversion Price. The Conversion Price was fixed
on October 27, 2025 at $0.844 per Settlement Share, and is subject to limited anti-dilution adjustments, as described under “Description of the Additional Tier 1 Securities—Conversion—Anti-dilution Adjustment of the Conversion Price”. Although the market
value of any Settlement Shares or ADSs you receive (if any) could over time increase, at the time the Settlement Shares are issued, the
Conversion Price may not reflect the market price of LBG’s Ordinary Shares, which could be significantly lower than the Conversion
Price. In addition, as LBG’s Ordinary Shares are denominated and trade in pounds sterling, the market price of the Additional Tier
1 Securities may also be affected by fluctuations in the U.S. dollar and pounds sterling exchange rate due to the Additional Tier 1 Securities
being denominated in U.S. dollars. Upon Automatic Conversion, the Additional Tier 1 Securities will convert into Settlement Shares at
the Conversion Price. Fluctuations in the U.S. dollar and pounds sterling exchange rate could therefore affect the realizable value of
the Settlement Shares and the cash component of any Alternative Consideration. Furthermore, there may be a delay in a holder receiving
its Settlement Shares following a Trigger Event (in particular if LBG elects that the Settlement Share Depository make a Settlement Shares
Offer, as the Settlement Shares Offer Period may last up to forty (40) Business Days after the delivery of the Settlement Shares Offer
Notice), during which time the market price of the Ordinary Shares or the exchange rate of pounds sterling against the U.S. dollar may
further decline.

<div align='center'>S-42</div>

Holders of the Additional Tier 1 Securities
have limited anti-dilution protection.

The number of Settlement Shares to be issued to
the Settlement Share Depository on the Conversion Date will be determined by dividing the aggregate principal amount of the Additional
Tier 1 Securities outstanding immediately prior to the Automatic Conversion on the Conversion Date by the Conversion Price prevailing
on the Conversion Date. Fractions of Settlement Shares will