Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 117

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 117
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 of rights of subscription or purchase in respect thereof at the initial conversion, exchange, subscription or  
 purchase price or rate,                                                                                                                |

provided that if, on the Effective Date,
such number of Ordinary Shares is to be determined by reference to the application of a formula or other variable feature or the occurrence
of any event at some subsequent time, then for the purposes of this sub-paragraph (iv), “C” shall be determined by the application
of such formula or variable feature or as if the relevant event occurs or had occurred as at the Effective Date and as if such conversion,
exchange, subscription, purchase or acquisition had taken place on the Specified Date.

Such adjustment shall become effective on the
Effective Date.

“Effective Date” means, in
respect of this sub-paragraph (iv), (A) the first date on which the Ordinary Shares are traded ex-rights, ex-options or ex-warrants 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 (iv).

<div align='center'>S-76</div>

For the purpose of any calculation of the consideration
receivable or price pursuant to sub-paragraph (iv), the following provisions shall apply:

| (i) | the aggregate consideration receivable or price for Ordinary Shares issued for cash shall be the amount of such cash; |

| (ii) | (x) the aggregate consideration receivable or price for Ordinary Shares to be issued or otherwise made available upon the conversion               
 or exchange of any Securities shall be deemed to be the consideration or price received or receivable for any such Securities and (y)              
 the aggregate consideration receivable or price for Ordinary Shares to be issued or otherwise made available upon the exercise of rights           
 of subscription attached to any Securities or upon the exercise of any options, warrants or rights shall be deemed to be that part (which          
 may be the whole) of the consideration or price received or receivable for such Securities or, as the case may be, for such options, warrants      
 or rights which are attributed by LBG to such rights of subscription or, as the case may be, such options, warrants or rights or, if no            
 part of such consideration or price is so attributed, the Fair Market Value of such rights of subscription or, as the case may be, such            
 options, warrants or rights as at the relevant Effective Date, plus in the case of each of (