Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 149

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 149
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 warrants or other rights,
in the case of (a) and (b), during the period of five (5) dealing days on the relevant stock exchange or securities market commencing
on such date (or, if later, the first such dealing day such Securities, options, warrants or other rights are publicly traded) or such
shorter period as such Securities, options, warrants or other rights are publicly traded; (iv) where Securities, options, warrants or
other rights are not publicly traded on a stock exchange or securities market of adequate liquidity (as aforesaid), the Fair Market Value
of such Securities, options, warrants or other rights shall be determined in good faith by an Independent Adviser, on the basis of a commonly
accepted market valuation method and taking account of such factors as it considers appropriate, including the market price per Ordinary
Share, the dividend yield of an Ordinary Share, the volatility of such market price, prevailing interest rates and the terms of such Securities,
options, warrants or other rights, including as to the expiry date and exercise price (if any) thereof. Such amounts shall, in the case
of (i) above, be translated into the Relevant Currency (if declared, announced, made, paid or payable in a currency other than the Relevant
Currency, and if the relevant dividend is payable at the option of LBG or a shareholder in any currency additional to the Relevant Currency,
the relevant dividend shall be treated as payable in the Relevant Currency) at the rate of exchange used to determine the amount payable
to shareholders who were paid or are to be paid or are entitled to be paid the Cash Dividend in the Relevant Currency; and, in any other
case, shall be translated into the Relevant Currency (if expressed in a currency other than the Relevant Currency) at the Prevailing Rate
on that date. In addition, in the case of (i) and (ii) above, the Fair Market Value shall be determined on a gross basis and disregarding
any withholding or deduction required to be made for or on account of tax, and disregarding any associated tax credit.

“Independent Adviser” means
an independent financial institution of international repute or an independent adviser of recognized standing and expertise appointed
by LBG at its own expense.

“Junior Securities” means (i)
any Ordinary Share or other securities of LBG ranking, or expressed to rank, junior to the Additional Tier 1 Securities in a Winding-up
or Administration Event occurring prior to a Trigger Event and