Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 147

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 147
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 in whose name the definitive securities are registered as it appears in the register. Payments will be made in respect
of the Additional Tier 1 Securities by transfer to the holder’s account in New York. Definitive securities should be presented to
the paying agent for redemption.

If we issue definitive Additional Tier 1 Securities
in exchange for a Global Note, DTC, as holder of that Global Note, will surrender it against receipt of the definitive securities, cancel
the book-entry securities, and distribute the definitive securities to the persons and in the amounts that DTC specifies pursuant to its
internal procedures.

If definitive securities are issued in the limited
circumstances described above, those securities (i) will be transferable only on the register for the Additional Tier 1 Securities, and
(ii) may be transferred in whole or in part in denominations of any whole number of securities upon surrender of the definitive securities
certificates together with the form of transfer endorsed on it, duly completed and executed at the specified office of a paying agent.
If only part of a securities certificate is transferred, a new securities certificate representing the balance not transferred will be
issued to the transferor within three Business Days after the paying agent receives the certificate. The new certificate representing
the balance will be delivered to the transferor by uninsured post at the risk of the transferor, to the address of the transferor appearing
in the records of the paying agent. The new certificate representing the securities that were transferred will be sent to the transferee
within three Business Days after the paying agent receives the certificate transferred, by uninsured post at the risk of the holder entitled
to the securities represented by the certificate, to the address specified in the form of transfer.

Certain Defined Terms

In this “Description of the Additional Tier 1 Securities” the following terms have the following meanings:

“Current Market Price” means,
in respect of an Ordinary Share at a particular date, the average of the daily Volume Weighted Average Price of an Ordinary Share on each
of the five (5) consecutive dealing days (or, for the purposes of sub-paragraph (iv) under “—Conversion—Anti-dilution Adjustment of the Conversion Price” above, ten (10) consecutive dealing days) ending on the dealing day immediately preceding
such date; provided that, if at any time during the said five (5) (or ten (10)) dealing-day period the Volume Weighted Average Price shall
have been based on a price ex-dividend (or ex-any