Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 117

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 117
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 of the relevant Ordinary Shares or 
 Securities or options, warrants or rights, or otherwise in connection therewith; and                                                    |

| (v) | the consideration or price shall be determined as provided above on the basis of the consideration or price received, receivable,   
 paid or payable, regardless of whether all or part thereof is received, receivable, paid or payable by or to LBG or another entity. |

Notwithstanding the foregoing provisions:

| A | where the events or circumstances giving rise to any adjustment to the Conversion Price have resulted or will result in an adjustment     
 to the Conversion Price or where more than one event which gives rise to an adjustment to the Conversion Price occurs within such a short 
 period of time that, in the opinion of LBG, a modification to the adjustment provisions is required to give the intended result, such     
 modification shall be made as may be determined in good faith by an Independent Adviser to be in its opinion appropriate, including to    
 ensure that (i) an adjustment to the Conversion Price or the economic effect thereof shall not be taken into account more than once, (ii) 
 the economic effect of an Extraordinary Dividend is not taken into account more than once, and (iii) to reflect a redenomination of the   
 issued Ordinary Shares for the time being into a new currency;                                                                            |

| B | if any doubt shall arise as to whether an adjustment falls to be made to the Conversion Price or as to the appropriate adjustment              
 to the Conversion Price, LBG may at its discretion appoint an Independent Adviser and, following consultation between LBG and such Independent 
 Adviser, a written opinion of such Independent Adviser in respect thereof shall be conclusive                                                  
 and binding on LBG and the holders and beneficial owners of the Additional Tier 1 Securities, save in the case of manifest error;              |

<div align='center'>S-79</div>

| C | no adjustment will be made to the Conversion Price where Ordinary Shares or other Securities (including rights, warrants and options)    
 are issued, offered, exercised, allotted, purchased, appropriated, modified or granted to, or for the benefit of, employees or former    
 employees (including directors holding or formerly holding executive office or the personal service company of any such person) or their 
 spouses or relatives, in each case, of LBG or any of our Subsidiaries or any associated company or to a trustee or trustees to be held   
 for the benefit of any such person, in any such case pursuant to any share