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

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 10
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 Additional Tier 1 Securities. Interest will only be due and payable on an Interest Payment Date to
the extent it is not canceled or deemed canceled in accordance with the provisions described herein. Any interest canceled or deemed canceled
(in each case, in whole or in part) in the circumstances described herein shall not be due and shall not accumulate or be payable at any
time thereafter, and holders and beneficial owners of the Additional Tier 1 Securities shall have no rights thereto or to receive any
additional interest or compensation as a result of such cancellation or deemed cancellation. LBG may use such canceled interest without
restriction.

<div align='center'>S-3</div>

If a Trigger Event occurs, then an Automatic Conversion
will occur on the Conversion Date, at which point all of our obligations under the Additional Tier 1 Securities shall be irrevocably and
automatically released in consideration of our issuance and delivery of the Settlement Shares to the Settlement Share Depository (or other
relevant recipient as described herein), and under no circumstances shall such released obligations be reinstated. The Settlement Shares
shall initially be registered in the name of the Settlement Share Depository (which shall hold the Settlement Shares on behalf of the
holders of the Additional Tier 1 Securities) or the relevant recipient in accordance with the terms of the Additional Tier 1 Securities.
As more fully described herein, we may elect, in our sole and absolute discretion that a Settlement Shares Offer be made by the Settlement
Share Depository (as defined below) to all or some of our existing shareholders. The realizable value of any Settlement Shares received
by a holder of the Additional Tier 1 Securities following an Automatic Conversion may be significantly less than the pounds sterling equivalent
of the initial Conversion Price (as defined herein) of $0.844 and holders of the Additional Tier 1 Securities could lose all or part of
their investment in the Additional Tier 1 Securities as a result of the Automatic Conversion.

By its purchase or acquisition of the Additional
Tier 1 Securities, each holder and beneficial owner shall be deemed to have (i) agreed to all of the terms and conditions of the Additional
Tier 1 Securities, including, without limitation, of those related to (x) Automatic Conversion following the Trigger Event and (y) the
appointment of the Settlement Share Depository, the issuance of the Settlement Shares to the Settlement Share Depository (or to the relevant
recipient in accordance with the terms of the Additional Tier 1 Securities) and the potential sale of the