Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 118

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 118
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 or option scheme;                                             |

| D | on any adjustment, if the resultant Conversion Price has more decimal places than the initial Conversion Price, it shall be rounded             
 to the same number of decimal places as the initial Conversion Price. No adjustment shall be made to the Conversion Price where such adjustment 
 (rounded down if applicable) would be less than 1% of the Conversion Price then in effect. Any adjustment not required to be made, and/or       
 any amount by which the Conversion Price has been rounded down, shall be carried forward and taken into account in any subsequent adjustment,   
 and such subsequent adjustment shall be made on the basis that the adjustment not required to be made had been made at the relevant time        
 and/or, as the case may be, that the relevant rounding down had not been made;                                                                  |

| E | Notice of any adjustments to the Conversion Price shall be given by LBG to holders of the Additional Tier 1 Securities promptly after 
 the determination thereof in accordance with “—Notice” below; and                                                                     |

| F | any adjustment to the Conversion Price shall be subject to such Conversion Price not being less than the nominal value of an Ordinary 
 Share at such time (currently £0.10). LBG undertakes that it shall not take any action, and shall procure that no action is taken,    
 that would otherwise result in an adjustment to the Conversion Price to below such nominal value then in effect.                      |

References to “ordinary share capital”
has the meaning provided in Section 1119 of the Corporation Tax Act 2010 and “equity share capital” has the meaning
provided in Section 548 of the U.K. Companies Act.

References to any act or statute or any provision
of any act or statute shall be deemed also to refer to any statutory modification or re-enactment thereof or any statutory instrument,
order or regulation made thereunder or under such modification or re-enactment.

References to any issue or offer or grant to shareholders
“as a class” or “by way of rights” shall be taken to be references to an issue or offer or grant
to all or substantially all shareholders, as the case may be, other than shareholders, as the case may be, to whom, by reason of the laws
of any territory or requirements of any recognized regulatory body or any other stock exchange or securities market in any territory or
in connection with fractional entitlements, it is determined not to make such issue or offer or grant.

Conversion Procedures

On the Conversion Date, the Settlement