Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 75

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 75
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 company
and is registered in Scotland and LBG’s directors and officers reside outside of the United States. In addition, all or a substantial
portion of LBG’s assets are located outside of the United States. As a result, it may be difficult for holders of the Additional
Tier 1 Securities to effect service of process within the United States on such persons or to enforce judgments against them, including
in any action based on civil liabilities under the U.S. federal securities laws.

Holders may be subject to disclosure obligations
and/or may need approval by the Relevant Regulator.

As the Additional Tier 1 Securities are mandatorily
convertible into Settlement Shares following a Trigger Event, an investment in the Additional Tier 1 Securities may result in holders
of the Additional Tier 1 Securities, following such Automatic Conversion, having to comply with certain disclosure and/or approval requirements
pursuant to laws and regulations applicable in the United Kingdom. For example, pursuant to Chapter 5 of the Disclosure Rules and Transparency
Rules Sourcebook of the FCA Handbook, LBG (and the FCA) must be notified by a person when the percentage of voting rights in LBG controlled
by that person (together with its concert parties), by virtue of direct or indirect holdings of shares aggregated with direct or indirect
holdings of certain financial instruments, reaches or crosses 3% and every percentage point thereafter.

Furthermore, as Settlement Shares are Ordinary
Shares of a parent undertaking of a number of regulated group entities, under the laws of the United Kingdom, the United States and other
jurisdictions, ownership of the Additional Tier 1 Securities themselves (or the Settlement Shares) above certain levels may require the
holder of the voting Additional Tier 1 Securities to obtain regulatory approval or subject the holder to additional regulation.

Non-compliance with such disclosure and/or approval
requirements may lead to the incurrence by holders of substantial fines and/or suspension of voting rights associated with the Settlement
Shares. Each potential investor should consult its legal advisers as to the terms of the Additional Tier 1 Securities and the level of
holding it would have if it receives Settlement Shares following a Trigger Event.

A holder of an Additional Tier 1 Security may
be subject to taxes following the Automatic Conversion.

Neither LBG, nor any member of the Group will
pay any taxes or capital, stamp, issue and registration or transfer taxes or duties arising upon Automatic Conversion or that may arise
or be paid as a consequence of the issue and delivery of Settlement Shares to