Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 110

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 110
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 Parliament and of the Council on markets in financial
instruments (as amended or superseded).

“Governmental Entity” means
(i) the United Kingdom government, (ii) an agency of the United Kingdom government or (iii) a person or entity (other than a body corporate)
controlled by the United Kingdom government or any such agency referred to in (ii). If LBG is then organized in another jurisdiction,
the references to “United Kingdom government” shall be read as references to the government of such other jurisdiction.

The “New Conversion Condition”
shall be satisfied if by not later than seven calendar days following the occurrence of a Relevant Event where the Acquirer is an Approved
Entity, LBG shall have entered into arrangements to our satisfaction with the Approved Entity pursuant to which the Approved Entity irrevocably
undertakes to the Trustee, for the benefit of the holders and beneficial owners of the Additional Tier 1 Securities, to deliver the Relevant
Shares to the Settlement Share Depository upon Automatic Conversion.

<div align='center'>S-74</div>

“New Conversion Condition Effective Date”
means the date with effect from which the New Conversion Condition shall have been satisfied.

“New Conversion Price” means
the amount determined by LBG in accordance with the following formula:

| NCP = ECP × | VWAPRS 
 VWAPOS |

where:

| NCP | is the New Conversion Price. |

| ECP | is the Conversion Price in effect on the dealing day immediately prior to the New Conversion Condition Effective Date. |

| VWAPRS | means the average of the Volume Weighted Average Price of the Relevant Shares on each of the 10 dealing days ending on the dealing 
 day prior to the date the Relevant Event shall have occurred (and where references in the definition of “Volume Weighted Average   
 Price” to “Ordinary Shares” shall be construed as a reference to the Relevant Shares and in the definition of “dealing             
 day”, references to the “Relevant Stock Exchange” shall be to the primary Regulated Market on which the Relevant Shares            
 are then listed, admitted to trading or accepted for dealing).                                                                     |

| VWAPOS | is the average of the Volume Weighted Average Price of the Ordinary Shares on each of the 10 dealing days ending on the dealing day 
 prior to the date the Relevant Event shall have occurred.                                                                           |

“Non-Qualifying Relevant Event”
means a Relevant Event that is not a Qualifying Relevant Event.

“Prevailing Rate” means, in