Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 119

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 119
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 adjustment to the Conversion Price or the economic effect thereof shall not be taken into account more than once, (ii) 
 the economic effect of an Extraordinary Dividend is not taken into account more than once, and (iii) to reflect a redenomination of the   
 issued Ordinary Shares for the time being into a new currency;                                                                            |

<div align='center'>S-77</div>

| B | if any doubt shall arise as to whether an adjustment falls to be made to the Conversion Price or as to the appropriate adjustment               
 to the Conversion Price, LBG may at its discretion appoint an Independent Adviser and, following consultation between LBG and such Independent  
 Adviser, a written opinion of such Independent Adviser in respect thereof shall be conclusive and binding on LBG and the holders and beneficial 
 owners of the Additional Tier 1 Securities, save in the case of manifest error;                                                                 |

| C | no adjustment will be made to the Conversion Price where Ordinary Shares or other Securities (including rights, warrants and options)    
 are issued, offered, exercised, allotted, purchased, appropriated, modified or granted to, or for the benefit of, employees or former    
 employees (including directors holding or formerly holding executive office or the personal service company of any such person) or their 
 spouses or relatives, in each case, of LBG or any of our Subsidiaries or any associated company or to a trustee or trustees to be held   
 for the benefit of any such person, in any such case pursuant to any share 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”