Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 113

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 113
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 a result of a Newco Scheme).

<div align='center'>S-73</div>

For the purposes of the definition of
“Relevant Event”, “control” means:

| (a) | the acquisition or holding of legal or beneficial ownership of more than 50% of the issued Ordinary Shares of LBG; or |

| (b) | the right to appoint and/or remove all or the majority of the members of the Board of Directors of LBG, whether obtained directly 
 or indirectly and whether obtained by ownership of share capital, contract or otherwise,                                          |

and “controlled” shall be construed
accordingly.

“Relevant Page” means the relevant
page on Bloomberg or such other information service provider that displays the relevant information.

“Relevant Shares” means ordinary
share capital of the Approved Entity that constitutes equity share capital or the equivalent (or depositary or other receipts representing
the same) which (a) is listed and admitted to trading on a Regulated Market and (b) is not share capital which, if the Additional Tier
1 Securities were to convert into such share capital in accordance with the conditions of the Additional Tier 1 Securities, would cause
a Relevant Tax Effect in circumstances where, if the Additional Tier 1 Securities were instead to convert into Ordinary Shares, such conversion
into Ordinary Shares would not cause a Relevant Tax Effect.

“Relevant Tax Effect” means
a circumstance, as at the Issue Date or at any time thereafter, that the Additional Tier 1 Securities fall outside the definition of “hybrid
capital instrument” in Section 475C of the Corporation Tax Act 2009.

No Change to the Terms on Non-Qualifying Relevant Event

If a Non-Qualifying Relevant Event occurs (including
if the Acquirer is a Governmental Entity), there is no provision for any automatic adjustment to the terms of the Additional Tier 1 Securities
whether in the manner provided for above in respect of a Qualifying Relevant Event, or at all, and therefore the provisions above under
“—Automatic Conversion” shall continue to apply and references herein to “Settlement Shares” and
“Ordinary Shares” will continue to refer to ordinary shares of LBG.

Conversion Price

The conversion price per Ordinary Share in respect
of the Additional Tier 1 Securities shall be $0.844, subject to the adjustments described under “—Anti-dilution Adjustment of the Conversion Price” below (the “Conversion Price”). As of October 27, 2025, the