Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 113

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 113
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 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'>S-76

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) other than (1) where any such Ordinary Shares       
 are or are to be issued instead of the whole or part of a Cash Dividend which the shareholders of LBG would or could otherwise have elected 
 to receive, (2) where the shareholders of LBG may elect to receive a Cash Dividend in lieu of such Ordinary Shares or (3) where any such    
 Ordinary Shares are or are expressed to be issued in lieu of a dividend (whether or not a Cash Dividend equivalent or amount is announced   
 or would otherwise be payable to the shareholders of LBG, whether at their election or otherwise), the Conversion Price shall be adjusted   
 by multiplying the Conversion Price in force immediately prior to such issue by the following fraction:                                     |

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

| where: |

| A | is the aggregate number of Ordinary Shares in issue immediately before such issue; and |

| B | is the aggregate number of Ordinary Shares in issue immediately after such issue. |

Such adjustment shall become effective
on the date of issue of such Ordinary Shares.

| (iii) | If and whenever LBG shall pay any Extraordinary Dividend to shareholders of LBG, the Conversion Price shall be adjusted by multiplying 
 the Conversion Price in force immediately prior to the Effective Date by the following fraction:                                       |

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

| where: |

| A | is the Current Market Price of one Ordinary Share on the Effective Date; and |

| B | is the portion of the aggregate Extraordinary Dividend attributable