Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 115

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 115
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 by multiplying the Conversion Price in force immediately prior to the Effective Date by the following fraction:                               |

<div align='center'>A + C</div>

where:

| A | is the number of Ordinary Shares in issue on the Effective Date; |

| B | is the number of Ordinary Shares which the aggregate consideration (if any) receivable for the Ordinary Shares issued by way of rights,        
 or for the Securities issued by way of rights, or for the options or warrants or other rights issued by way of rights and for the total        
 number of Ordinary Shares deliverable on the exercise thereof, would purchase at such Current Market Price per Ordinary Share on the Effective 
 Date; and                                                                                                                                      |

| C | is the number of Ordinary Shares to be issued or, as the case may be, the maximum number of Ordinary Shares which may be issued upon   
 exercise of such options, warrants or rights calculated as at the date of issue of such options, warrants or rights or upon conversion 
 or exchange or exercise 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-78</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