Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 57

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 57
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 terms
of other convertible securities. Accordingly, events in respect of which no adjustment to the Conversion Price is made may adversely affect
the value of the Additional Tier 1 Securities.

<div align='center'>S-43</div>

If a Relevant Event occurs, the Additional Tier
1 Securities may be convertible into shares in an entity other than LBG or may be converted into unlisted shares.

If a Qualifying Relevant Event occurs, then following
the Automatic Conversion, the Additional Tier 1 Securities shall become convertible or exchangeable into the share capital of the Acquirer
as more fully described under “Description of the Additional Tier 1 Securities—Conversion—Conversion upon the Occurrence of a Relevant Event” at the New Conversion Price. There can be no assurance as to the nature of any such Acquirer, or of the
risks associated with becoming an actual or potential shareholder in such Acquirer and accordingly a Qualifying Relevant Event may have
an adverse effect on the value of the Additional Tier 1 Securities.

In addition, LBG and the Acquirer have certain
discretion in determining whether a Qualifying Relevant Event has occurred. A Qualifying Relevant Event requires the New Conversion Condition
to be satisfied. For the New Conversion Condition to be satisfied, LBG and the Acquirer must, not later than seven calendar days following
the occurrence of a Relevant Event, enter into arrangements to the satisfaction of LBG for delivery of the Relevant Shares following the
Automatic Conversion. If LBG and the Acquirer are unable to enter into such arrangements within this timeframe, the New Conversion Condition
would not be satisfied.

If a Non-Qualifying Relevant Event occurs there
will be no automatic adjustment to the terms of the Additional Tier 1 Securities and the Additional Tier 1 Securities will remain convertible
into unlisted Ordinary Shares of LBG upon an Automatic Conversion. Unlisted Ordinary Shares may be more illiquid than listed Ordinary
Shares and may have little or no resale value. Accordingly, a Relevant Event that is not a Qualifying Relevant Event is likely to have
an adverse effect on the value of the Additional Tier 1 Securities.

Subject to certain conditions, including the
Solvency Condition and regulatory approvals, LBG may redeem the Additional Tier 1 Securities at LBG’s option on certain dates.

Subject to the Solvency Condition as described
under “Description of the Additional Tier 1 Securities—Payments—Solvency Condition” being satisfied both
immediately prior to and immediately following a redemption, notice being given to the