Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 148

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 148
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or more of the said five (5) dealing days (or, for the purposes of sub-paragraph (iv) under “—Conversion—Anti-dilution Adjustment of the Conversion Price” above, the said ten (10) consecutive dealing days) (disregarding for this purpose the proviso
to the definition of Volume Weighted Average Price), then the average of such Volume Weighted Average Prices which are available in that
five (5) (or ten (10)) dealing-day period shall be used (subject to a minimum of two such prices) and if only one, or no, such Volume
Weighted Average Price is available in the relevant period, the Current Market Price shall be determined in good faith by an Independent
Adviser.

“dealing day” means a day on
which the Relevant Stock Exchange or relevant stock exchange or securities market is open for business and on which Ordinary Shares, Securities,
options, warrants or other rights (as the case may be) may be dealt in (other than a day on which the Relevant Stock Exchange or relevant
stock exchange or securities market is scheduled to or does close prior to its regular weekday closing time).

<div align='center'>S-95</div>

“Exempt Newco Scheme” means
a Newco Scheme where, immediately after completion of the relevant Scheme of Arrangement, the ordinary shares or units or equivalent of
Newco (or depositary or other receipts or certificates representing ordinary shares or units or equivalent of Newco) are (i) admitted
to trading on the Relevant Stock Exchange or (ii) admitted to listing on such other Regulated Market as LBG or Newco may determine.

“Fair Market Value” means,
with respect to any property on any date, the fair market value of that property as determined by an Independent Adviser in good faith,
provided that (i) the Fair Market Value of a Cash Dividend shall be the amount of such Cash Dividend; (ii) the Fair Market Value of any
other cash amount shall be the amount of such cash; (iii) where Securities, options, warrants or other rights are publicly traded on a
stock exchange or securities market of adequate liquidity (as determined in good faith by an Independent Adviser), the Fair Market Value
(a) of such Securities shall equal the arithmetic mean of the daily Volume Weighted Average Prices of such Securities and (b) of such
options, warrants or other rights shall equal the arithmetic mean of the daily closing prices of such options,