Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 114

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 114
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 initial Conversion Price
is equivalent to a price of £0.633, translated into U.S. dollars at an exchange rate of £1.000=$1.333, and rounded down to
3 decimal places.

In addition to or as an alternative to any Settlement Shares Offer, LBG may (but is not obliged to) procure that a share sale facility is established by the Settlement Share Depository or another third party following a Trigger Event to enable holders of the Additional Tier 1 Securities (at their option) to sell any Settlement Shares which they are entitled to receive from the Settlement Share Depository. If such a share sale facility is established, LBG would also expect to provide a preferential allocation to existing shareholders of LBG, where in LBG’s sole discretion it considers it practicable to do so and subject to applicable laws and regulations.

Anti-dilution Adjustment of the Conversion Price

References to the Conversion Price and Ordinary
Shares below shall be deemed to include any New Conversion Price and any Relevant Shares, such that any New Conversion Price shall be
subject to price adjustments upon the occurrence of the events below, subject to any modifications as an Independent Adviser shall determine
to be appropriate.

Upon the occurrence of any of the events described
below, the Conversion Price shall be adjusted as follows:

<div align='center'>S-74</div>

| (i) | If and whenever there shall be a consolidation, reclassification, redesignation or subdivision in relation to the Ordinary Shares        
 which alters the number of Ordinary Shares in issue, the Conversion Price shall be adjusted by multiplying the Conversion Price in force 
 immediately prior to such consolidation, reclassification, redesignation or subdivision by the following fraction:                       |

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

| where: |

| A | is the aggregate number of Ordinary Shares in issue immediately before such consolidation, reclassification, redesignation or subdivision, 
 as the case may be; and                                                                                                                    |

| B | is the aggregate number of Ordinary Shares in issue immediately after, and as a result of, such consolidation, reclassification, redesignation 
 or subdivision, as the case may be.                                                                                                            |

Such adjustment shall become effective on
the date the consolidation, reclassification, redesignation or subdivision, as the case may be, takes effect.

| (ii) | If and whenever LBG shall issue any Ordinary Shares to shareholders as a class credited as fully paid by way of capitalization of           
 profits or reserves (including any share premium account or capital redemption reserve)