Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 109

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 109
---
 shall determine to be appropriate, and LBG shall give notice to holders of the New Conversion
Price and of any such modifications and amendments in accordance with “—Notice” below.

In the case of a Qualifying Relevant Event:

| (1) | LBG shall, on or prior to the New Conversion Condition Effective Date, enter into such agreements and arrangements (which may include      
 supplemental indentures to the Indenture and amendments and modifications to the terms and conditions of the Additional Tier 1 Securities  
 and the Indenture) as may be required to ensure that, with effect from the New Conversion Condition Effective Date, the Additional Tier    
 1 Securities shall (following the occurrence of a Trigger Event) be convertible into, or exchangeable for, Relevant Shares of the Approved 
 Entity mutatis mutandis in accordance with, and subject to, the provisions under “—Automatic Conversion”                                   
 above and in accordance with the Indenture (as each may be so supplemented or amended) at the New Conversion Price;                        |

| (2) | LBG shall, where the Conversion Date falls on or after the New Conversion Condition Effective Date, procure the issue and/or delivery 
 of the relevant number of Relevant Shares mutatis mutandis in the manner provided under “—Automatic Conversion”                       
 above and in accordance with the Indenture (as each may be so supplemented or amended).                                               |

Within 10 days following the occurrence of a Relevant
Event, LBG shall give notice thereof to the holders of the Additional Tier 1 Securities (a “Relevant Event Notice”),
with a copy to the Trustee, in accordance with “—Notice” below.

The Relevant Event Notice shall be in a form acceptable
to the Clearing Systems and shall specify:

| (1) | the identity of the Acquirer; |

| (2) | whether the Relevant Event is a Qualifying Relevant Event or a Non-Qualifying Relevant Event; and |

| (3) | in the case of a Qualifying Relevant Event, the New Conversion Price. |

“Acquirer” means the person
which, following a Relevant Event, controls LBG.

“Approved Entity” means a body
corporate that is incorporated or established under the laws of an OECD member state and which, on the occurrence of the Relevant Event,
has in issue Relevant Shares.

“EEA Regulated Market” means
a market as defined by Article 4.1 (21) of Directive 2014/65/EU of the European