Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 77

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 77
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 credit rating is not a recommendation to buy, sell or hold securities and may be revised
or withdrawn by the Rating Agency at any time.

Holders may be obliged to make a take-over bid
following a Trigger Event if they take delivery of Settlement Shares.

Upon the occurrence of a Trigger Event, holders
receiving Settlement Shares from the Settlement Share Depository may have to make a take-over bid addressed to the shareholders of LBG
pursuant to the rules of The City Code on Takeovers and Mergers implementing the Takeovers Directive (2004/25/EC) by means of Part 28
of the United Kingdom Companies Act if their aggregate holdings in LBG exceed 30% of the voting rights in LBG as a result of the Automatic
Conversion of the Additional Tier 1 Securities into Settlement Shares.

Holders of the Additional Tier 1 Securities
may find it difficult to enforce civil liabilities against LBG or LBG’s directors or officers.

LBG is incorporated as a public limited company
and is registered in Scotland and LBG’s directors and officers reside outside of the United States. In addition, all or a substantial
portion of LBG’s assets are located outside of the United States. As a result, it may be difficult for holders of the Additional
Tier 1 Securities to effect service of process within the United States on such persons or to enforce judgments against them, including
in any action based on civil liabilities under the U.S. federal securities laws.

Holders may be subject to disclosure obligations
and/or may need approval by the Relevant Regulator.

As the Additional Tier 1 Securities are mandatorily
convertible into Settlement Shares following a Trigger Event, an investment in the Additional Tier 1 Securities may result in holders
of the Additional Tier 1 Securities, following such Automatic Conversion, having to comply with certain disclosure and/or approval requirements
pursuant to laws and regulations applicable in the United Kingdom. For example, pursuant to Chapter 5 of the Disclosure Rules and Transparency
Rules Sourcebook of the FCA Handbook, LBG (and the FCA) must be notified by a person when the percentage of voting rights in LBG controlled
by that person (together with its concert parties), by virtue of direct or indirect holdings of shares aggregated with direct or indirect
holdings of certain financial instruments, reaches or crosses 3% and every percentage point thereafter.

Furthermore, as Settlement Shares are Ordinary
Shares of a parent undertaking of a number of regulated group entities, under