Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 67

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 67
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 for such subsidiary. Accordingly, certain of the loans to, and investments
made by LBG in such subsidiary, may contain contractual mechanisms that, upon the occurrence of a trigger related to the prudential or
financial condition of the Group or such subsidiary, would automatically result in a write-down or conversion into equity of such loans
and investments.

<div align='center'>S-46</div>

In the event of a Newco Scheme (as defined in
“Description of the Additional Tier 1 Securities” below), LBG may without the consent of holders of the Additional
Tier 1 Securities, at its option, procure that Newco is substituted under any one or more series of Additional Tier 1 Securities as the
issuer of such series. If such a substitution occurs the claims of holders of the Additional Tier 1 Securities will be structurally subordinated
to the creditors of the subsidiaries of Newco, including the remaining creditors of LBG.

Following the Automatic Conversion, the Additional
Tier 1 Securities will remain in existence until the applicable Cancellation Date for the sole purpose of evidencing the holder’s
right to receive Settlement Shares, ADSs or Alternative Consideration, as applicable, from the Settlement Share Depository and the rights
of the holders of the Additional Tier 1 Securities will be limited accordingly.

Following the Automatic Conversion, the Additional
Tier 1 Securities will remain in existence until the applicable Cancellation Date for the sole purpose of evidencing the holder’s
right to receive Settlement Shares, ADSs or Alternative Consideration, as applicable. All obligations of LBG under the Additional Tier
1 Securities shall be irrevocably and automatically released in consideration of LBG’s issuance and delivery of the Settlement Shares
to the Settlement Share Depository on the Conversion Date, and under no circumstances shall such released obligations be reinstated. The
Additional Tier 1 Securities shall be canceled on the applicable Cancellation Date.

Although LBG currently expects that beneficial
interests in the Additional Tier 1 Securities will be transferrable between the Conversion Date and the Suspension Date, there is no guarantee
that an active trading market will exist for the Additional Tier 1 Securities following the Automatic Conversion. Accordingly, the price
received for the sale of any beneficial interest under an Additional Tier 1 Security during this period may not reflect the market price
of such Additional Tier 1 Security or the Settlement Shares. Furthermore, transfers of beneficial interests in the Additional Tier 1 Securities
may be restricted following the Conversion Date, for