Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 68

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 68
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 described herein. LBG shall not have
any liability for the performance of the obligations of the Settlement Share Depository.

In addition, LBG has not yet appointed a Settlement
Share Depository and LBG may not be able to appoint a Settlement Share Depository if the Automatic Conversion occurs. In such a scenario,
LBG would inform holders of the Additional Tier 1 Securities by delivery of the relevant notice to Clearstream, Luxembourg and Euroclear
for communication to their respective accountholders or the Trustee or otherwise, as practicable, of any alternative arrangements in connection
with the issuance and/or delivery of the Settlement Shares, ADSs or Alternative Consideration, as applicable, and such arrangements may
be disadvantageous to, and more restrictive on, the holders of the Additional Tier 1 Securities. For example, such arrangements may involve
holders of the Additional Tier 1 Securities having to wait longer to receive their Settlement Shares, ADSs or Alternative Consideration
than would be the case under the arrangements expected to be entered into with a Settlement Share Depository. Under these circumstances,
LBG’s issuance of the Settlement Shares to the relevant recipient in accordance with these alternative arrangements shall constitute
a complete and irrevocable release of all of LBG’s obligations in respect of the Additional Tier 1 Securities.

The Indenture contains provisions which may
permit modification of the Additional Tier 1 Securities without the consent of all investors.

The Indenture contain provisions permitting modifications
and amendments to the Additional Tier 1 Securities without the consent of holders of the Additional Tier 1 Securities in certain instances,
and with the consent of not less than two-thirds in aggregate outstanding principal amount of the Additional Tier 1 Securities in other
circumstances. Decisions by such holders of the Additional Tier 1 Securities will bind all holders of the Additional Tier 1 Securities
including holders of the Additional Tier 1 Securities who did not attend and vote at the relevant meeting and holders of the Additional
Tier 1 Securities who voted in a manner contrary to the majority. For further information, see “Description of the Additional Tier 1 Securities—Modification and Amendments”.

<div align='center'>S-49</div>

The Additional Tier 1 Securities are complex
financial instruments that involve a high degree of risk and may not be a suitable investment for all investors.

The Additional Tier 1 Securities are complex financial
instruments that involve a high degree of risk. As a result, an investment in the Additional Tier 1 Securities and the