Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 130

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 130
---
 Settlement Notice is received by the Settlement Share Depository on or before
the Notice Cut-off Date, the applicable Settlement Date and (ii) with respect to any Additional Tier 1 Security for which a Settlement
Notice is not received by the Settlement Share Depository on or before the Notice Cut-off Date, the Final Cancellation Date.

“Settlement Date” means:

(i) with
respect to any Additional Tier 1 Security in relation to which a Settlement Notice is received by the Settlement Share Depository on or
before the Notice Cut-off Date where LBG has not elected that the Settlement Share Depository will carry out a Settlement Shares Offer,
the date that is two (2) Business Days after the latest of (i) the Conversion Date, (ii) the date on which LBG announces that it will
not elect for the Settlement Share Depository to carry out a Settlement Shares Offer (or, if no such announcement is made, the last date
on which LBG is entitled to give a Settlement Shares Offer Notice), and (iii) the date on which the relevant Settlement Notice has been
received by the Settlement Share Depository;

(ii) with
respect to any Additional Tier 1 Security in relation to which a Settlement Notice is received by the Settlement Share Depository on or
before the Notice Cut-off Date where LBG has elected that the Settlement Share Depository will carry out a Settlement Shares Offer, the
date that is the later of (a) two (2) Business Days after the day on which the Settlement Shares Offer Period expires or is terminated
and (b) two (2) Business Days after the date on which such Settlement Notice has been so received by the Settlement Share Depository;
and

(iii) with
respect to any Additional Tier 1 Security in relation to which a Settlement Notice is not so received by the Settlement Share Depository
on or before the Notice Cut-off Date, the date on which the Settlement Share Depository delivers the relevant Settlement Shares, ADSs
or Alternative Consideration, as applicable, to holders and beneficial owners of the Additional Tier 1 Securities.

Agreement with Respect to the Exercise of U.K. Bail-in Power

Notwithstanding any other agreements, arrangements,
or understandings between us and any holder or beneficial owner of the Additional Tier 1 Securities, by purchasing or acquiring the Additional
Tier 1 Securities, each holder (including each beneficial owner) of the Additional Tier 1 Securities acknowledges, accepts, agrees to
be bound by and consents to the