Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 124

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 124
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 non-assessable and will in all respects rank pari passu with the Ordinary Shares in issue on the Conversion
Date, except in any such case for any right excluded by mandatory provisions of applicable law, and provided that any Settlement Shares
so issued will not rank for (or, as the case may be, the relevant holder shall not be entitled to receive) any rights, the Record Date
for entitlement to which falls prior to the Conversion Date. For as long as the Settlement Shares are held by the Settlement Share Depository,
each holder of the Additional Tier 1 Securities shall be entitled to direct the Settlement Share Depository to exercise on its behalf
all rights of an ordinary shareholder (including voting rights and rights to receive dividends) except that holders shall not be able
to sell or otherwise transfer such Settlement Shares unless and until such time as they have been delivered to holders in accordance with
“—Settlement Procedures” below.

Settlement Shares Offer

Within ten (10) Business Days following the Conversion
Date, LBG may, in its sole and absolute discretion, elect that the Settlement Share Depository (or an agent on its behalf) make an offer
of, in LBG’s sole and absolute discretion, all or some of the Settlement Shares to, at LBG’s sole and absolute discretion,
all or some of LBG’s ordinary shareholders upon Automatic Conversion, such offer to be at a cash price per Settlement Share that
will be no less than the Conversion Price (translated from U.S. dollars into pounds sterling at the then-prevailing rate as determined
by LBG in its sole discretion) (the “Settlement Shares Offer”). Such election shall be made through the delivery of
a “Settlement Shares Offer Notice” to the Trustee directly and to the holders of the Additional Tier 1 Securities in
accordance with “—Notice” below. If so elected, the Settlement Shares Offer Notice shall specify (i) the period
of time for which the Settlement Shares Offer shall be made (the “Settlement Shares Offer Period”), which shall end
no later than forty (40) Business Days after the delivery of the Settlement Shares Offer Notice, and (ii) the date on which DTC shall
suspend all clearance and settlement of transactions in the Additional Tier 1 Securities in accordance with its rules and procedures (the
“Suspension Date”), as specified in the Conversion Trigger Notice.

LBG reserves the right, in its sole and absolute
discretion, to elect that the Settlement Share Depository