Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 127

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 127
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, or, if the Settlement Shares are not a participating security in CREST or another clearing system,
the address to which the Settlement Shares (or the Settlement Share component, if any, of any Alternative Consideration) and/or cash (if
not expected to be delivered through the Clearing Systems) should be delivered, and (vi) such other details as may be required by the
Settlement Share Depository.

If the Additional Tier 1 Securities are held through
the Clearing Systems, the Settlement Notice must be given in accordance with the standard procedures of the relevant Clearing System and
in a form acceptable to such Clearing System and the Settlement Share Depository from time to time. If the Additional Tier 1 Securities
are in definitive form, the Settlement Notice must be delivered to the specified office of the Settlement Share Depository together with
the relevant Additional Tier 1 Security.

Subject as provided herein and provided the Settlement
Notice and the relevant Additional Tier 1 Securities, if applicable, are delivered on or before the Notice Cut-off Date, the Settlement
Share Depository shall deliver the relevant Alternative Consideration or Settlement Shares (rounded down to the nearest whole number of
Settlement Shares) to, or shall deposit such relevant Settlement Shares with the ADS Depository 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-84</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