Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 115

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 115
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 other than (1) where any such Ordinary Shares       
 are or are to be issued instead of the whole or part of a Cash Dividend which the shareholders of LBG would or could otherwise have elected 
 to receive, (2) where the shareholders of LBG may elect to receive a Cash Dividend in lieu of such Ordinary Shares or (3) where any such    
 Ordinary Shares are or are expressed to be issued in lieu of a dividend (whether or not a Cash Dividend equivalent or amount is announced   
 or would otherwise be payable to the shareholders of LBG, whether at their election or otherwise), the Conversion Price shall be adjusted   
 by multiplying the Conversion Price in force immediately prior to such issue by the following fraction:                                     |

<div align='center'>B</div>

| where: |

| A | is the aggregate number of Ordinary Shares in issue immediately before such issue; and |

| B | is the aggregate number of Ordinary Shares in issue immediately after such issue. |

Such adjustment shall become effective
on the date of issue of such Ordinary Shares.

| (iii) | If and whenever LBG shall pay any Extraordinary Dividend to shareholders of LBG, the Conversion Price shall be adjusted by multiplying 
 the Conversion Price in force immediately prior to the Effective Date by the following fraction:                                       |

<div align='center'>A</div>

| where: |

| A | is the Current Market Price of one Ordinary Share on the Effective Date; and |

| B | is the portion of the aggregate Extraordinary Dividend attributable to one Ordinary Share, with such portion being determined by dividing  
 the aggregate Extraordinary Dividend by the number of Ordinary Shares entitled to receive the relevant Extraordinary Dividend. If the      
 Extraordinary Dividend shall be expressed in a currency other than the Relevant Currency, it shall be converted into the Relevant Currency 
 at the Prevailing Rate on the relevant Effective Date.                                                                                     |

<div align='center'>S-75</div>

Such adjustment shall become effective on
the Effective Date.

“Effective Date” means, in
respect of this sub-paragraph (iii), (A) the first date on which the Ordinary Shares are traded ex-the Extraordinary Dividend on the Relevant
Stock Exchange or (B) if there is no Relevant Stock Exchange, the first date upon which the adjusted Conversion Price is capable of being
determined in accordance with this sub-paragraph (iii).

“Extraordinary Dividend” means
any Cash Dividend that is expressly declared by LBG to be a capital