Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 130

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 130
---
 behalf). LBG shall have no liability to any holder or beneficial
owner of the Additional Tier 1 Securities for any loss resulting from such holder not receiving any Alternative Consideration, Settlement
Shares or ADSs or from any delay in the receipt thereof, in each case as a result of such holder failing to duly submit a Settlement Notice
and the relevant Additional Tier 1 Securities, if applicable, on a timely basis or at all.

Delivery of ADSs

In respect of Settlement Shares for which holders
elect to be converted into ADSs as specified in the Settlement Notice, the Settlement Share Depository shall deposit with the ADS Depository,
the number of Settlement Shares to be issued upon Automatic Conversion of the Additional Tier 1 Securities, and the ADS Depository shall
issue the corresponding number of ADSs to such holder (per the ADS-to-Ordinary Share ratio in effect on the Conversion Date). Once deposited,
the ADS Depository shall be entitled to the economic rights of a holder of the Settlement Shares for the purposes of any dividend entitlement
and otherwise on behalf of the ADS holders, and the holder will become the record holder of the related ADSs for all purposes under the
ADS deposit agreement. However, the issuance of the ADSs by the ADS Depository may be delayed until the depositary bank or the custodian
receives confirmation that all required approvals have been given and that the Settlement Shares have been duly transferred to the custodian
and that all applicable depositary fees and payments have been paid to the ADS Depository. For further information on the ADSs or the
ADS deposit agreement, see “Description of American Depositary Shares”.

For the purposes of these provisions:

“ADS Depository” means The
Bank of New York Mellon, as the depositary under the Amended and Restated Deposit Agreement between LBG and The Bank of New York Mellon.

“Alternative Consideration”
means, in respect of each Additional Tier 1 Security and as determined by LBG (i) if all of the Settlement Shares to be issued and delivered
following Automatic Conversion are sold in the Settlement Shares Offer, the pro rata share of the cash proceeds from the sale of
such Settlement Shares attributable to such Additional Tier 1 Security translated from pounds sterling into U.S. dollars at a then-prevailing
exchange rate as determined by the Settlement Share Depository (less the pro rata share of any foreign exchange transaction costs
and an amount equal to the pro rata share of any stamp duty, stamp duty reserve tax, or