Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 116

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 116
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 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     
 by multiplying the Conversion Price in force immediately prior to the Effective Date by the following fraction:                               |

<div align='center'>A + C</div>

where:

| A | is the number of Ordinary Shares in issue on the Effective Date; |

| B | is the number of Ordinary Shares which the aggregate consideration (if any) receivable for the Ordinary Shares issued by way of rights,        
 or for the Securities issued by way of rights, or for the options or warrants or other rights issued by way of rights and for the total        
 number of Ordinary Shares deliverable on the exercise thereof, would purchase at such Current Market Price per Ordinary Share on the Effective 
 Date; and                                                                                                                                      |

| C | is the number of Ordinary Shares to be issued or, as the case may be, the maximum number of Ordinary Shares which may be issued upon   
 exercise of such options, warrants or rights calculated as at the date of issue of such options, warrants or rights or upon conversion 
 or exchange or exercise