Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 111

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 111
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BG shall give notice thereof to the holders of the Additional Tier 1 Securities (a “Relevant Event Notice”),
with a copy to the Trustee, in accordance with “—Notice” below.

The Relevant Event Notice shall specify:

| (1) | the identity of the Acquirer; |

| (2) | whether the Relevant Event is a Qualifying Relevant Event or a Non-Qualifying Relevant Event; and |

| (3) | in the case of a Qualifying Relevant Event, the New Conversion Price. |

“Acquirer” means the person
which, following a Relevant Event, controls LBG.

“Approved Entity” means a body
corporate that is incorporated or established under the laws of an OECD member state and which, on the occurrence of the Relevant Event,
has in issue Relevant Shares.

“EEA Regulated Market” means
a market as defined by Article 4.1 (21) of Directive 2014/65/EU (as amended or superseded) of the European Parliament and of the Council
on markets in financial instruments.

“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.

<div align='center'>S-72</div>

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.

“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