Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 111

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 111
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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 a result of a Newco Scheme).

For the purposes of the definition of
“Relevant Event”, “control” means:

| (a) | the acquisition or holding of legal or beneficial ownership of more than 50% of the issued Ordinary Shares of LBG; or |

<div align='center'>S-75</div>

| (b) | the right to appoint and/or remove all or the majority of the members of the Board of Directors of LBG, whether obtained directly 
 or indirectly and whether obtained by ownership of share capital, contract or otherwise,                                          |

and “controlled” shall be construed
accordingly.

“Relevant Page” means the relevant
page on Bloomberg or such other information service provider that displays the relevant information.

“Relevant Shares” means ordinary
share capital of the Approved Entity that constitutes equity share capital or the equivalent (or depositary or other receipts representing
the same) which (a) is listed and admitted to trading on a Regulated Market and (b) is not share capital which, if the Additional Tier
1 Securities were to convert into such share capital in accordance with the conditions of the Additional Tier 1 Securities, would cause
a Relevant Tax Effect in circumstances where,