Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 112

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 112
---
. |

| VWAPRS | means the average of the Volume Weighted Average Price of the Relevant Shares (translated, if necessary, into U.S. dollars at the          
 Prevailing Rate on the relevant dealing day) on each of the 10 dealing days ending on the dealing day prior to the date the Relevant Event 
 shall have occurred (and where references in the definition of “Volume Weighted Average Price” to “Ordinary Shares”                        
 shall be construed as a reference to the Relevant Shares and in the definition of “dealing day”, references to the “Relevant               
 Stock Exchange” shall be to the primary Regulated Market on which the Relevant Shares are then listed, admitted to trading or accepted     
 for dealing).                                                                                                                              |

| VWAPOS | is the average of the Volume Weighted Average Price of the Ordinary Shares (translated, if necessary, into U.S. dollars at the Prevailing 
 Rate on the relevant dealing day) on each of the 10 dealing days ending on the dealing day prior to the date the Relevant Event shall     
 have occurred.                                                                                                                            |

“Non-Qualifying Relevant Event”
means a Relevant Event that is not a Qualifying Relevant Event.

“Prevailing Rate” means, in
respect of any currencies on any day, the spot rate of exchange between the relevant currencies prevailing as at or about 12 noon (London
time) on that date as appearing on or derived from the Relevant Page or, if such a rate cannot be determined at such time, the rate prevailing
as at or about 12 noon (London time) on the immediately preceding day on which such rate can be so determined or, if such rate cannot
be so determined by reference to the Relevant Page, the rate determined in such other manner as an Independent Adviser of international
repute appointed by LBG shall in good faith prescribe.

“Qualifying Relevant Event”
means a Relevant Event where:

| (i) | the Acquirer is an Approved Entity; and |

| (ii) | the New Conversion Condition is satisfied. |

“Regulated Market” means an
EEA Regulated Market or another regulated, regularly operating, recognized stock exchange or securities market in an OECD member state
(including, without limitation, the main market of the London Stock Exchange).

A “Relevant Event” shall occur
if any person or persons acting in concert (as defined in the Takeover Code of the United Kingdom Panel on Takeovers and Mergers) acquires
control of LBG (other than as