Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 124

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 124
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 its purchase or acquisition of the Additional
Tier 1 Securities, each holder and each beneficial owner of the Additional Tier 1 Securities acknowledges and agrees that if LBG elects,
in its sole and absolute discretion, that a Settlement Shares Offer be conducted by the Settlement Share Depository, such holder and beneficial
owner shall be deemed to have: (i) irrevocably consented to any Settlement Shares Offer and, notwithstanding that such Settlement Shares
are held by the Settlement Share Depository on behalf of the holders and beneficial owners of the Additional Tier 1 Securities, to the
Settlement Share Depository using the Settlement Shares delivered to it to settle any Settlement Shares Offer, (ii) irrevocably consented
to the transfer of the beneficial interest it holds in the Settlement Shares delivered upon Automatic Conversion to the Settlement Share
Depository or to one or more purchasers identified by the Settlement Share Depository in connection with the Settlement Shares Offer,
(iii) irrevocably agreed that LBG and the Settlement Share Depository may take any and all actions necessary to conduct the Settlement
Shares Offer in accordance with the terms of the Additional Tier 1 Securities, (iv) irrevocably agreed that none of LBG, the Trustee or
the Settlement Share Depository shall, to the extent permitted by applicable law, incur any liability to the holders and beneficial owners
of the Additional Tier 1 Securities in respect of the Settlement Shares Offer (except for the obligations of the Settlement Share Depository
in respect of the holders of the Additional Tier 1 Securities’ entitlement to, and subsequent delivery of, any Alternative Consideration)
and (v) authorized, directed and required the Clearing Systems, any direct participant in the Clearing Systems or other intermediary through
which it holds the Additional Tier 1 Securities to take any and all necessary action to implement the Automatic Conversion (including,
without limitation, any Settlement Shares Offer).

Any Settlement Shares Offer shall be made subject to applicable laws and regulations in effect at the relevant time and shall be conducted, if at all, only to the extent that LBG, in its sole and absolute discretion, determines that the Settlement Shares Offer is appropriate and practicable.

Settlement Procedures

Delivery of the Settlement Shares, ADSs or Alternative
Consideration to the holders of the Additional Tier 1 Securities will be made in accordance with the following procedures. The procedures
set forth in this section are subject to change to reflect changes in clearing system practices.

It is expected that the Settlement Shares (