Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 104

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 104
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 places where the Additional Tier 1 Securities are to be surrendered for payment of the redemption price; and |

| · | the Common Code and/or ISIN number or numbers, if any, with respect to the Additional Tier 1 Securities. |

If LBG has elected to redeem, substitute or vary
the Additional Tier 1 Securities in accordance with the provisions described in this prospectus, but in each case such conditions have
not been satisfied on the applicable date for redemption, substitution or variation (as applicable), the notice of redemption, substitution
or variation (as the case may be) shall be automatically rescinded and shall have no force and effect and no such redemption, substitution
or variation shall occur.

In addition, if LBG has elected to redeem, substitute
or vary the Additional Tier 1 Securities and:

(i) (in
the case of redemption only) the Solvency Condition is not (or, if payment were made, would not be) satisfied in respect of the relevant
payment on the date scheduled for redemption; or

(ii) (in
any case) prior to the redemption, substitution or variation a Trigger Event occurs,

the relevant notice of redemption, substitution
or variation (as the case may be) shall be automatically rescinded and shall be of no force and effect, no such redemption, substitution
or variation shall occur and LBG shall give notice thereof to the holders in accordance with “—Notice” below,
and to the Trustee, as soon as reasonably practicable (but failure to give such notice shall not constitute a default for any purpose
nor shall it affect the rescission of the original notice of redemption, substitution or variation (as the case may be)).

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

Further, no notice of redemption, substitution
or variation shall be given following a determination that a Trigger Event has occurred.

Conversion

Automatic Conversion

Upon the occurrence of the Trigger Event, all
of LBG’s obligations under the Additional Tier 1 Securities shall be irrevocably and automatically released on the Conversion Date
(and under no circumstances shall LBG’s released obligations be reinstated) in consideration of the issuance by LBG of Ordinary
Shares credited as fully paid (the “Settlement Shares”) at the Conversion Price and in accordance with the terms set
forth herein (the “Automatic Conversion”). The Settlement Shares shall be issued and delivered to the Settlement Share
Depository (as defined below) on the Conversion Date. Furthermore, in the event of