Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 125

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 125
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 terminate the Settlement Shares Offer at any time during the Settlement Shares
Offer Period. If LBG makes such an election, it will provide at least three (3) Business Days’ notice to the Trustee directly and
to the holders of the Additional Tier 1 Securities via DTC. The Settlement Share Depository may then, in its sole and absolute discretion,
take steps to deliver to holders of the Additional Tier 1 Securities the Settlement Shares or ADSs at a time that is earlier than the
time at which they would have otherwise received the Alternative Consideration had the Settlement Shares Offer been completed.

<div align='center'>S-80</div>

Upon expiry of the Settlement Shares Offer Period,
the Settlement Share Depository will provide notice to the holders of the Additional Tier 1 Securities in accordance with “—Notice”
below of the composition of the Alternative Consideration (and of the deductions to the cash component, if any, of the Alternative Consideration
(as set out in the definition of Alternative Consideration)) per $1,000 Tradable Amount of the Additional Tier 1 Securities. The Alternative
Consideration will be held by the Settlement Share Depository on behalf of the holders and beneficial owners of the Additional Tier 1
Securities and will be delivered to holders and beneficial owners of the Additional Tier 1 Securities pursuant to the procedures set forth
under “—Settlement Procedures” below.

The cash component of any Alternative Consideration
shall be payable by the Settlement Share Depository to the holders of the Additional Tier 1 Securities whether or not the Solvency Condition
is satisfied.

By its purchase or acquisition of the Additional
Tier 1 Securities, each holder and each beneficial owner of the Additional Tier 1 Securities acknowledges and agrees that if LBG elects,
in its sole and absolute discretion, that a Settlement Shares Offer be conducted by the Settlement Share Depository, such holder and beneficial
owner shall be deemed to have: (i) irrevocably consented to any Settlement Shares Offer and, notwithstanding that such Settlement Shares
are held by the Settlement Share Depository on behalf of the holders and beneficial owners of the Additional Tier 1 Securities, to the
Settlement Share Depository using the Settlement Shares delivered to it to settle any Settlement Shares Offer, (ii) irrevocably consented
to the transfer of the beneficial interest it holds in the Settlement Shares delivered upon Automatic Conversion to the Settlement Share
Depository or to one or more purchasers identified by the Settlement Share Depository in connection with