Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 66

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 66
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Holders will have to submit a Settlement Notice
in order to receive delivery of the Settlement Shares, ADSs or Alternative Consideration.

In order to obtain delivery of the Settlement
Shares, ADSs or Alternative Consideration, as applicable, following the Automatic Conversion, a holder must deliver a Settlement Notice
(and the relevant Additional Tier 1 Securities, if applicable) to the Settlement Share Depository. The Settlement Notice must contain
certain information, including the holder’s CREST account details or ADS depository account information, as applicable. Accordingly,
holders of Additional Tier 1 Securities (or their nominee, custodian or other representative) will have to have an account with CREST
in order to receive the Settlement Shares or the Settlement Share component, if any, of 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.

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