Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 125

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 125
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or
the Settlement Share component, if any, of any Alternative Consideration) will be delivered to holders of the Additional Tier 1 Securities
in uncertificated form through the dematerialized securities trading system operated by Euroclear U.K. & Ireland Limited, known as
CREST, unless the Settlement Shares are not a participating security in CREST at the relevant time, in which case the Settlement Shares
(or the Settlement Share component, if any, of any Alternative Consideration) will either be delivered in the form of the relevant clearing
system in which the Settlement Shares are a participating security or in certificated form. It is expected that where the Settlement
Shares (or the Settlement Share component, if any, of any Alternative Consideration) are to be delivered through CREST or such other
clearing system in which such Settlement Shares are a participating security, they will be delivered to the account specified by the
holder in the relevant Settlement Notice as described below. It is expected that where the Settlement Shares (or the Settlement Share
component, if any, of any Alternative Consideration) are to be delivered in certificated form, the name of the relevant holder (or its
nominee) will be entered in LBG’s share register and a certificate in respect thereof will be dispatched by mail free of charge
to the holder or as it may direct in the relevant Settlement Notice as described below. It is expected that the cash component, if any,
of any Alternative Consideration will be delivered through the Clearing Systems (or, if the Additional Tier 1 Securities are held in
definitive form, to the holders at their address shown on the register for the Additional Tier 1 Securities) on or around the date on
which the Settlement Shares Offer Period ends, subject to the applicable rules and operating procedures of Clearstream, Luxembourg and
Euroclear in effect at such time.

<div align='center'>S-83</div>

The Conversion Trigger Notice shall specify the
Suspension Date. On the Suspension Date, the relevant Clearing System shall block all positions relating to the 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
through such Clearing System. As a result, holders and beneficial owners 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