Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 149

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 149
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 Market Value of any such dividend
or entitlement per Ordinary Share as at the date of first public announcement relating to such dividend or entitlement, in any such case,
determined on a gross basis and disregarding any withholding or deduction required to be made for or on account of tax, and disregarding
any associated tax credit, and provided further that, if the Volume Weighted Average Price of an Ordinary Share is not available on one
or more of the said five (5) dealing days (or, for the purposes of sub-paragraph (iv) under “—Conversion—Anti-dilution Adjustment of the Conversion Price” above, the said ten (10) dealing days) (disregarding for this purpose the proviso to the
definition of Volume Weighted Average Price), then the average of such Volume Weighted Average Prices which are available in that five
(5) (or ten (10)) dealing-day period shall be used (subject to a minimum of two such prices) and if only one, or no, such Volume Weighted
Average Price is available in the relevant period, the Current Market Price shall be determined in good faith by an Independent Adviser.

“dealing day” means a day on
which the Relevant Stock Exchange or relevant stock exchange or securities market is open for business and on which Ordinary Shares, Securities,
options, warrants or other rights (as the case may be) may be dealt in (other than a day on which the Relevant Stock Exchange or relevant
stock exchange or securities market is scheduled to or does close prior to its regular weekday closing time).

“Exempt Newco Scheme” means
a Newco Scheme where, immediately after completion of the relevant Scheme of Arrangement, the ordinary shares or units or equivalent of
Newco (or depositary or other receipts or certificates representing ordinary shares or units or equivalent of Newco) are (i) admitted
to trading on the Relevant Stock Exchange or (ii) admitted to listing on such other Regulated Market as LBG or Newco may determine.

“Fair Market Value” means,
with respect to any property on any date, the fair market value of that property as determined by an Independent Adviser in good faith,
provided that (i) the Fair Market Value of a Cash Dividend shall be the amount of such Cash Dividend; (ii) the Fair Market Value of any
other cash amount shall be the amount of such cash; (iii) where Securities, options, warrants or other rights are publicly traded on a
stock