Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 123

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 123
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 Shares Offer”). Such election shall be made through the
delivery of a “Settlement Shares Offer Notice” to the Trustee directly and to the holders of the Additional Tier 1
Securities in accordance with “—Notice” below. If so elected, the Settlement Shares Offer Notice shall specify
(i) the period of time for which the Settlement Shares Offer shall be made (the “Settlement Shares Offer Period”),
which shall end no later than forty (40) Business Days after the delivery of the Settlement Shares Offer Notice, and (ii) the date on
which the Clearstream, Luxembourg and Euroclear shall suspend all clearance and settlement of transactions in the Additional Tier 1 Securities
in accordance with their rules and procedures (the “Suspension Date”), as specified in the Conversion Trigger Notice.

LBG reserves the right, in its sole and absolute
discretion, to elect that the Settlement Share Depository terminate the Settlement Shares Offer at any time during the Settlement Shares
Offer Period. If LBG makes such an election, it will provide at least three (3) Business Days’ notice to the Trustee directly and
to the holders of the Additional Tier 1 Securities via the Clearing Systems. The Settlement Share Depository may then, in its sole and
absolute discretion, take steps to deliver to holders of the Additional Tier 1 Securities the Settlement Shares or ADSs at a time that
is earlier than the time at which they would have otherwise received the Alternative Consideration had the Settlement Shares Offer been
completed.

<div align='center'>S-82</div>

Upon expiry of the Settlement Shares Offer Period,
the Settlement Share Depository will provide notice to the holders of the Additional Tier 1 Securities in accordance with “—Notice”
below of the composition of the Alternative Consideration (and of the deductions to the cash component, if any, of the Alternative Consideration
(as set out in the definition of Alternative Consideration)) per £1,000 Tradable Amount of the Additional Tier 1 Securities. The
Alternative Consideration will be held by the Settlement Share Depository on behalf of the holders and beneficial owners of the Additional
Tier 1 Securities and will be delivered to holders and beneficial owners of the Additional Tier 1 Securities pursuant to the procedures
set forth under “—Settlement Procedures” below.

The cash component of any Alternative Consideration
shall be payable by the Settlement Share Depository to the holders of the Additional Tier 1 Securities whether or not the Solvency Condition
is satisfied.

By