Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 120

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 120
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 below; and                                                                     |

| F | any adjustment to the Conversion Price shall be subject to such Conversion Price not being less than the U.S. dollar equivalent of     
 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 Shares
shall be issued and delivered by LBG to the Settlement Share Depository (or as otherwise provided by the Indenture and the Additional
Tier 1 Securities) on terms permitting a Settlement Shares Offer and, provided the Settlement Shares are so issued and delivered, no holder
or beneficial owner of the Additional Tier 1 Securities will have any rights against LBG with respect to the repayment of the principal
amount of the Additional Tier 1 Securities or the payment of interest or any other amount on or in respect of such Additional Tier 1 Securities,
which liabilities of LBG shall be automatically released. Accordingly, the principal amount of the Additional Tier 1 Securities shall
equal zero at all times thereafter. Any interest in respect of an interest period ending on any Interest Payment Date falling between
the Trigger Event and the Conversion Date shall be deemed to have been canceled upon the occurrence of such Trigger Event and shall not
be due and payable.

Provided that L