Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 131

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 131
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 any other capital, issue, transfer, registration,
financial transaction or documentary tax that may arise or be paid in connection with the issue and delivery of Settlement Shares to the
Settlement Share Depository pursuant to the Settlement Shares Offer), (ii) if some but not all of such Settlement Shares to be issued
and delivered upon Automatic Conversion are sold in the Settlement Shares Offer, (x) 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 any other capital, issue,
transfer, registration, financial transaction or documentary tax that may arise or be paid in connection with the delivery of Settlement
Shares to the Settlement Share Depository pursuant to the Settlement Shares Offer) and (y) the pro rata share of such Settlement
Shares not sold pursuant to the Settlement Shares Offer attributable to such Additional Tier 1 Security rounded down to the nearest whole
number of Settlement Shares and (iii) if no Settlement Shares are sold in the Settlement Shares Offer, the relevant number of Settlement
Shares that would have been received had LBG not elected that the Settlement Share Depository should carry out a Settlement Shares Offer;

<div align='center'>S-83</div>

“Cancellation Date” means (i)
with respect to any Additional Tier 1 Security for which a 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