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

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 25
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 Tier 1 Securities will be subject
to Automatic Conversion following the occurrence of a Trigger Event, in which case the Additional Tier 1 Securities will be converted
into Settlement Shares.

A Trigger Event shall occur if on any date LBG,
the Prudential Regulation Authority (“PRA”), or the then relevant regulatory body with primary responsibility for the
prudential supervision of LBG and the Group (the “Relevant Regulator”) or any agent appointed for such purpose by the
Relevant Regulator determines that LBG’s CET1 Ratio (which will be calculated on a consolidated and fully loaded basis) is less
than 7.00%.

Upon the occurrence of the Automatic Conversion
following a Trigger Event (each as defined under “Description of the Additional Tier 1 Securities—Conversion—Automatic Conversion”), the Additional Tier 1 Securities will be converted into Settlement Shares on the Conversion Date. All of LBG’s
obligations under the Additional Tier 1 Securities shall be irrevocably and automatically released in consideration of LBG’s issuance
of the Settlement Shares to the Settlement Share Depository. Under no circumstances shall such released obligations be reinstated. As
a result, you could lose all or part of the value of your investment in the Additional Tier 1 Securities, as, following the Automatic
Conversion, you will receive only (i) the Settlement Shares or American Depositary Shares (“ADSs”) (if LBG does not
elect that a Settlement Shares Offer be made), or (ii) the Alternative Consideration, which shall be composed of Settlement Shares, ADSs
and/or cash depending on the results of the Settlement Shares Offer (if LBG elects that a Settlement Shares Offer be made) and the value
of any Settlement Shares, ADSs and/or cash received upon Automatic Conversion may be significantly below the principal amount of the Additional
Tier 1 Securities you hold. Although the market value of the Settlement Shares or ADSs you receive, if any, could over time
increase in value, at the time the Settlement Shares are issued, the Conversion Price may not reflect the market price of the Ordinary
Shares, which could be significantly lower than the Conversion Price. Further, you may not receive any Settlement Shares or ADSs, if all
the Settlement Shares are sold pursuant to a Settlement Shares Offer. The amount of any cash component of Alternative Consideration payable
to you following a Settlement Shares Offer will be calculated after deduction of taxes, duties and certain other charges incurred in connection
with the Settlement