Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 108

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 108
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 assets or total risk exposure amount, as calculated by LBG in accordance
with the Applicable Regulations applicable to the Group as at such date.

Following the occurrence of the Trigger Event,
LBG shall deliver notice thereof to the Trustee and the holders of the Additional Tier 1 Securities (the “Conversion Trigger Notice”) in accordance with “—Notice” below and within five (5) Business Days (or such shorter period
as the Relevant Regulator may require) after the date on which such determination is made. The date on which the Conversion Trigger Notice
shall be deemed to have been given shall be the date on which it is dispatched by LBG to DTC (or if the Additional Tier 1 Securities are
held in definitive form, to the holders of the Additional Tier 1 Securities directly).

The determination as to whether a Trigger Event
has occurred shall be made by LBG, the Relevant Regulator or any agent appointed for such purpose by the Relevant Regulator. Any such
determination shall be binding on LBG, the Trustee and the holders and the beneficial owners of the Additional Tier 1 Securities. Upon
its determination that a Trigger Event has occurred, LBG shall immediately inform the Relevant Regulator of the occurrence of a Trigger
Event, and shall, prior to giving the Conversion Trigger Notice, deliver to the Trustee a certificate stating that the Trigger Event has
occurred, which the Trustee shall accept without any further enquiry as sufficient evidence of such matters, in which event such certificate
will be conclusive and binding on the Trustee and the holders and beneficial owners of the Additional Tier 1 Securities.

The Conversion Trigger Notice shall specify (i)
the CET1 Ratio, (ii) the Conversion Date, (iii) the then-prevailing Conversion Price (which Conversion Price shall remain subject to any
subsequent adjustment as set forth under “—Anti-dilution Adjustment of the Conversion Price” below up to the
Conversion Date), (iv) the contact details of any Settlement Share Depository, or, if LBG has been unable to appoint a Settlement Share
Depository, such other arrangements for the issuance and/or delivery of the Settlement Shares, ADSs or any Alternative Consideration to
the holders of the Additional Tier 1 Securities as it shall consider reasonable in the circumstances, and (v) that the Additional Tier
1 Securities shall remain in existence for the sole purpose of evidencing the holder’s right to receive Settlement Shares, ADSs
or the Alternative Consideration, as applicable