Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 65

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 65
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 align='center'>S-47</div>

Although LBG currently expects that beneficial
interests in the Additional Tier 1 Securities will be transferrable between the Conversion Date and the Suspension Date, there is no guarantee
that an active trading market will exist for the Additional Tier 1 Securities following the Automatic Conversion. Accordingly, the price
received for the sale of any beneficial interest under an Additional Tier 1 Security during this period may not reflect the market price
of such Additional Tier 1 Security or the Settlement Shares. Furthermore, transfers of beneficial interests in the Additional Tier 1 Securities
may be restricted following the Conversion Date, for example if the clearance and settlement of transactions in the Additional Tier 1
Securities is suspended by Clearstream, Luxembourg and/or Euroclear at an earlier time than currently expected. In such a situation it
may not be possible to transfer beneficial interests in the Additional Tier 1 Securities and trading in the Additional Tier 1 Securities
may cease.

In addition, Clearstream, Luxembourg and Euroclear
will block all positions relating to Additional Tier 1 Securities held in the relevant Clearing System, which will suspend all clearance
and settlement of transactions in the Additional Tier 1 Securities on the Suspension Date. As a result, holders of the Additional Tier
1 Securities will not be able to settle the transfer of any Additional Tier 1 Securities following the Suspension Date, and any sale or
other transfer of the Additional Tier 1 Securities that a holder may have initiated prior to the Suspension Date that is scheduled to
settle after the Suspension Date will be rejected by such Clearing System and will not be settled through such Clearing System.

The Additional Tier 1 Securities may cease to
be admitted to trading on the Global Exchange Market of Euronext Dublin or any other stock exchange on which the Additional Tier 1 Securities
are then listed or admitted to trading after the Suspension Date.

Moreover, although the holders will (without prejudice
to LBG’s ability to direct a Settlement Shares Offer) become beneficial owners of the Settlement Shares upon the issuance of such
Settlement Shares to the Settlement Share Depository and the Settlement Shares will be registered in the name of the Settlement Share
Depository (or the relevant recipient in accordance with the terms of the Additional Tier 1 Securities), no holder will be able to sell
or otherwise transfer any Settlement Shares or ADSs until such time as such Settlement Shares or ADSs (if any) are finally delivered to
such holder and registered in their name