Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 147

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 147
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 dates on which the Ordinary Shares shall have been based on a price cum-dividend (or cum- any other entitlement) shall, for     
 the purposes of this definition, be deemed to be the amount thereof reduced by an amount equal to the Fair Market Value of any such dividend 
 or entitlement per Ordinary Share as at the date of first public announcement relating to such dividend or entitlement, in any such case,    
 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; or                                                                                                                |

| (ii) | if the Ordinary Shares to be issued and delivered do rank for the Dividend (or entitlement) in question, the Volume Weighted Average    
 Price on the dates on which the Ordinary Shares shall have been based on a price ex-dividend (or ex- any other entitlement) shall, for  
 the purposes of this definition, be deemed to be the amount thereof increased by an amount equal to the Fair Market Value of any such   
 dividend or entitlement per Ordinary Share as at the date of first public announcement relating to such dividend or entitlement, in any 
 such case, 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,                                                                                                 |

and provided further that, if on each 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) dealing days) the Volume Weighted Average Price shall have been based on a price cum-dividend (or cum-any other
entitlement) in respect of a dividend (or other entitlement) which has been declared or announced but the Ordinary Shares to be issued
and delivered do not rank for that dividend (or other entitlement), the Volume Weighted Average Price on each of such dates shall, for
the purposes of this definition, be deemed to be the amount thereof reduced by an amount equal to the Fair Market Value of any such dividend
or entitlement per Ordinary Share as at the date of first public announcement relating to such dividend or entitlement, in any such case,
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, and provided further that, if the Volume Weighted Average Price of an Ordinary Share is not available on one