Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 106

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 106
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 a default for any purpose
nor shall it affect the rescission of the original notice of redemption, substitution or variation (as the case may be)).

<div align='center'>S-69</div>

Further, no notice of redemption, substitution
or variation shall be given following a determination that a Trigger Event has occurred.

Conversion

Automatic Conversion

Upon the occurrence of the Trigger Event, all
of LBG’s obligations under the Additional Tier 1 Securities shall be irrevocably and automatically released on the Conversion Date
(and under no circumstances shall LBG’s released obligations be reinstated) in consideration of the issuance by LBG of Ordinary
Shares credited as fully paid (the “Settlement Shares”) at the Conversion Price and in accordance with the terms set
forth herein (the “Automatic Conversion”). The Settlement Shares shall be issued and delivered to the Settlement Share
Depository (as defined below) on the Conversion Date. Furthermore, in the event of the Automatic Conversion of the Additional Tier 1 Securities
upon the occurrence of a Trigger Event, any accrued but unpaid interest on the Additional Tier 1 Securities up to (and including) the
Conversion Date shall be canceled upon the occurrence of such Trigger Event and shall not become due and payable at any time.

The Additional Tier 1 Securities are not convertible
at the option of the holders at any time. Automatic Conversion shall not constitute a default under the Additional Tier 1 Securities.

If LBG has been unable to appoint a Settlement
Share Depository, it shall make such other arrangements for the issuance and delivery of the Settlement Shares or of the Alternative Consideration,
as applicable, to the holders and beneficial owners of the Additional Tier 1 Securities as it shall consider reasonable in the circumstances,
which may include issuing and delivering the Settlement Shares to another independent nominee or to the holders and beneficial owners
of the Additional Tier 1 Securities directly, which issuance and delivery shall be in consideration for the irrevocable and automatic
release of all of LBG’s obligations under the Additional Tier 1 Securities as if the Settlement Shares had been issued and delivered
to the Settlement Share Depository, and, in which case, where the context so admits, references in the Additional Tier 1 Securities and
the Indenture to the issue and delivery of Settlement Shares to the Settlement Share Depository shall be construed accordingly and apply
mutatis mutandis.

The “Conversion Date” shall
be the date specified in the Conversion Trigger Notice and shall occur without delay upon the occurrence