Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 126

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 126
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 the Settlement Shares Offer,
(iii) irrevocably agreed that LBG and the Settlement Share Depository may take any and all actions necessary to conduct the Settlement
Shares Offer in accordance with the terms of the Additional Tier 1 Securities, (iv) irrevocably agreed that none of LBG, the Trustee or
the Settlement Share Depository shall, to the extent permitted by applicable law, incur any liability to the holders and beneficial owners
of the Additional Tier 1 Securities in respect of the Settlement Shares Offer (except for the obligations of the Settlement Share Depository
in respect of the holders of the Additional Tier 1 Securities’ entitlement to, and subsequent delivery of, any Alternative Consideration)
and (v) authorized, directed and required DTC, any direct participant in DTC or other intermediary through which it holds the Additional
Tier 1 Securities to take any and all necessary action to implement the Automatic Conversion (including, without limitation, any Settlement
Shares Offer).

Any Settlement Shares Offer shall be made subject to applicable laws and regulations in effect at the relevant time and shall be conducted, if at all, only to the extent that LBG, in its sole and absolute discretion, determines that the Settlement Shares Offer is appropriate and practicable.

Settlement Procedures

Delivery of the Settlement Shares, ADSs or Alternative
Consideration to the holders of the Additional Tier 1 Securities will be made in accordance with the following procedures. The procedures
set forth in this section are subject to change to reflect changes in clearing system practices.

It is expected that the Settlement Shares (or
the Settlement Share component, if any, of any Alternative Consideration) will be delivered to holders of the Additional Tier 1 Securities
in uncertificated form through the dematerialized securities trading system operated by Euroclear U.K. & Ireland Limited, known as
CREST, unless the Settlement Shares are not a participating security in CREST at the relevant time, in which case the Settlement Shares
(or the Settlement Share component, if any, of any Alternative Consideration) will either be delivered in the form of the relevant clearing
system in which the Settlement Shares are a participating security or in certificated form. It is expected that where the Settlement Shares
(or the Settlement Share component, if any, of any Alternative Consideration) are to be delivered through CREST or such other clearing
system in which such Settlement Shares are a participating security, they will be delivered to the account specified by the holder in
the relevant Settlement Notice