Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 129

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 129
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itory on behalf of, the holder of the relevant
Additional Tier 1 Securities completing the relevant Settlement Notice or its nominee in accordance with the instructions given in such
Settlement Notice on the applicable Settlement Date.

Each Settlement Notice shall be irrevocable. Failure
to properly complete and deliver a Settlement Notice and the relevant Additional Tier 1 Securities, if applicable, may result in such
Settlement Notice being treated by the Settlement Share Depository as null and void. Any determination as to whether any Settlement Notice
has been properly completed and delivered shall be made by the Settlement Share Depository in its sole and absolute discretion and shall
be conclusive and binding on the relevant holder.

<div align='center'>S-82</div>

The Settlement Shares (and the Settlement Share
component, if any, of any Alternative Consideration) and ADSs will not be available for delivery (i) to, or to a nominee for, Euroclear
or Clearstream, Luxembourg or any other person providing a clearance service within the meaning of Section 96 of the Finance Act 1986
of the United Kingdom or (ii) to a person, or nominee or agent for a person, whose business is or includes issuing depository receipts
within the meaning of Section 93 of the Finance Act 1986 of the United Kingdom, in each case at any time prior to the “abolition
day” as defined in Section 111(1) of the Finance Act 1990 of the United Kingdom, or (iii) to the CREST account of such a person
described in (i) or (ii).

Failure to Deliver a Settlement Notice

If a Settlement Notice and the relevant Additional
Tier 1 Securities, if applicable, are not delivered to the Settlement Share Depository on or before the Notice Cut-off Date, the Settlement
Share Depository shall continue to hold the relevant Settlement Shares or Alternative Consideration until a Settlement Notice (and the
relevant Additional Tier 1 Securities, if applicable) is so delivered. However, the relevant Additional Tier 1 Securities shall be canceled
on the Final Cancellation Date and any holder of the Additional Tier 1 Securities delivering a Settlement Notice after the Notice Cut-off
Date will have to provide evidence of its entitlement to the relevant Settlement Shares, ADSs or Alternative Consideration satisfactory
to the Settlement Share Depository in its sole and absolute discretion in order to receive delivery of such Alternative Consideration,
Settlement Shares or ADSs (to be deposited with the ADS Depository on its