Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 123

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 123
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 or the Trustee,
(ii) agreed that effective upon, and following, the Automatic Conversion, no amount shall be due and payable to the holders and beneficial
owners of the Additional Tier 1 Securities and the liability of LBG 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 the 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 TIA, 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 a Trigger Event and/or any Automatic Conversion,
and (iv) authorized, directed and requested 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.

<div align='center'>S-79</div>

The procedures following the Automatic Conversion
set forth in this section are subject to change to reflect changes in clearing system practices.

Settlement Shares

The number of Settlement Shares to be issued to
the Settlement Share Depository on the Conversion Date will be determined by LBG by dividing the aggregate principal amount of the Additional
Tier 1 Securities outstanding immediately prior to the Automatic Conversion on the Conversion Date by the Conversion Price prevailing
on the Conversion Date. The number of Settlement Shares to be delivered to each holder shall be rounded down, if necessary, to the nearest
whole number of Settlement Shares. Fractions of Settlement Shares will not be delivered to the Settlement Share Depository following the
Automatic Conversion and no cash payment will be made in lieu thereof. The number of Settlement Shares to be held by the Settlement Share
Depository for the benefit of each holder shall be the number of Settlement Shares thus calculated divided by the Tradable Amount of the
book-entry interests in the Additional Tier 1 Securities held by such holder on the Conversion Date rounded down, if necessary, to the
nearest whole number of Settlement Shares.

The Settlement Shares issued upon Automatic Conversion
will be fully paid and