Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 114

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 114
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 to one Ordinary Share, with such portion being determined by dividing  
 the aggregate Extraordinary Dividend by the number of Ordinary Shares entitled to receive the relevant Extraordinary Dividend. If the      
 Extraordinary Dividend shall be expressed in a currency other than the Relevant Currency, it shall be converted into the Relevant Currency 
 at the Prevailing Rate on the relevant Effective Date.                                                                                     |

Such adjustment shall become effective on
the Effective Date.

<div align='center'>S-77</div>

“Effective Date” means, in
respect of this sub-paragraph (iii), (A) the first date on which the Ordinary Shares are traded ex-the Extraordinary Dividend on the Relevant
Stock Exchange or (B) if there is no Relevant Stock Exchange, the first date upon which the adjusted Conversion Price is capable of being
determined in accordance with this sub-paragraph (iii).

“Extraordinary Dividend” means
any Cash Dividend that is expressly declared by LBG to be a capital distribution, extraordinary dividend, extraordinary distribution,
special dividend, special distribution or return of value to its shareholders as a class or any analogous or similar term, in which case
the Extraordinary Dividend shall be such Cash Dividend.

“Cash Dividend” means any dividend
or distribution in respect of the Ordinary Shares which is to be paid or made to LBG’s shareholders as a class in cash (in whatever
currency) and however described and whether payable out of share premium account, profits, retained earnings or any other capital or revenue
reserve or account, and including a distribution or payment to LBG’s shareholders upon or in connection with a reduction of capital.

| (iv) | If and whenever LBG shall issue Ordinary Shares to its shareholders as a class by way of rights or LBG or any member of the Group             
 or (at the direction or request or pursuant to arrangements with LBG or any member of the Group) any other company, person or entity shall    
 issue or grant to shareholders as a class by way of rights, any options, warrants or other rights to subscribe for or purchase Ordinary       
 Shares, or any Securities which by their terms of issue carry (directly or indirectly) rights of conversion into, or exchange or subscription 
 for, any Ordinary Shares (or shall grant any such rights in respect of existing Securities so issued), in each case at a price per Ordinary   
 Share which is less than 95% of the Current Market Price per Ordinary Share on the Effective Date, the Conversion Price shall be adjusted