Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 11

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 11
---
 Settlement Shares pursuant to
a Settlement Shares Offer, and acknowledged that such events in (x) and (y) may occur without any further action on the part of the holders
or beneficial owners of the Additional Tier 1 Securities or the Trustee, (ii) agreed that effective upon, and following, the Automatic
Conversion, no amount shall be due and payable to the holders or beneficial owners of the Additional Tier 1 Securities, and our liability
to pay any such amounts (including the principal amount of, or any interest in respect of, the Additional Tier 1 Securities) shall be
automatically released, and the holders and beneficial owners shall not have the right to give any direction to the Trustee with respect
to the Trigger Event and any related Automatic Conversion, (iii) waived, to the extent permitted by the Trust Indenture Act, any claim
against the Trustee arising out of its acceptance of its trusteeship under, and the performance of its duties, powers and rights in respect
of, the Indenture and in connection with the Additional Tier 1 Securities, including, without limitation, claims related to or arising
out of or in connection with the Trigger Event and/or any Automatic Conversion and (iv) authorized, directed and requested The Depository
Trust Company (“DTC”) and any direct participant in DTC or other intermediary through which it holds such Additional
Tier 1 Securities to take any and all necessary action, if required, to implement the Automatic Conversion without any further action
or direction on the part of such holder or beneficial owner or the Trustee.

Prohibition on marketing and sales to retail investors

1. The Additional Tier 1 Securities are complex
financial instruments and are not a suitable or appropriate investment for all investors, especially retail investors. In some jurisdictions,
regulatory authorities have adopted or published laws, regulations or guidance with respect to the offer or sale of securities such as
the Additional Tier 1 Securities. Potential investors in the Additional Tier 1 Securities should inform themselves of, and comply with,
any applicable laws, regulations or regulatory guidance with respect to any resale of the Additional Tier 1 Securities (or any beneficial
interests therein).

2. a) In the U.K., the Financial Conduct Authority
(“FCA”) Conduct of Business Sourcebook (“COBS”) requires, in summary, that the Additional Tier 1
Securities should not be offered or sold to retail clients (as defined in COBS 3.4 and each a “retail