Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 109

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 109
---
, from the Settlement Share Depository and that the Additional Tier 1 Securities may continue
to be transferable until the Suspension Date.

Promptly following its receipt of the Conversion
Trigger Notice, pursuant to DTC’s procedures currently in effect, DTC will post the Conversion Trigger Notice to its Reorganization
Inquiry for Participants System.

Notwithstanding anything to the contrary, once
LBG has delivered a Conversion Trigger Notice following the occurrence of a Trigger Event, (i) subject to the right of holders and beneficial
owners of the Additional Tier 1 Securities relating to a breach of Performance Obligation in the event of a failure by LBG to issue and
deliver any Settlement Shares to the Settlement Share Depository on the Conversion Date, the Indenture shall impose no duties upon the
Trustee whatsoever with regard to an Automatic Conversion upon a Trigger Event and the holders and beneficial owners of the Additional
Tier 1 Securities shall have no rights whatsoever under the Indenture or the Additional Tier 1 Securities to instruct the Trustee to take
any action whatsoever, and (ii) as of the date of the Conversion Trigger Notice, except for any indemnity and/or security provided by
any holder or beneficial owner of the Additional Tier 1 Securities in such direction or related to such direction, any direction previously
given to the Trustee by any holder or beneficial owner of the Additional Tier 1 Securities shall cease automatically and shall be null
and void and of no further effect; except in each case of (i) and (ii) of this paragraph, with respect to any rights of holders and beneficial
owners of the Additional Tier 1 Securities with respect to any payments under the Additional Tier 1 Securities that were unconditionally
due and payable prior to the date of the Conversion Trigger Notice or unless the Trustee is instructed in writing by LBG to act otherwise.

<div align='center'>S-71</div>

Conversion upon the Occurrence of a Relevant Event

If a Qualifying Relevant Event occurs, the Additional
Tier 1 Securities shall, where the Conversion Date (if any) falls on or after the New Conversion Condition Effective Date, be converted
on such Conversion Date into, or exchangeable for, Relevant Shares of the Approved Entity, mutatis mutandis as provided under “—Automatic Conversion” above at a Conversion Price that shall be the New Conversion Price. Such conversion shall be effected by the delivery
by LBG of such number of Settlement Shares as set forth under “—Automatic Conversion” above to