Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 157

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 157
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 created or organized in or under the laws of the United States, any state thereof
or the District of Columbia or (iii) an estate or trust the income of which is subject to U.S. federal income taxation regardless of its
source.

<div align='center'>S-97</div>

This discussion does not describe all of the tax
consequences that may be relevant to U.S. Holders in light of their particular circumstances, including any minimum tax consequences,
the potential application of the provisions of the Internal Revenue Code of 1986, as amended (the “Code”) known as
the Medicare contribution tax and tax consequence that may apply to U.S. Holders subject to special rules, such as:

| · | certain financial institutions; |

| · | dealers or electing traders in securities that use a mark-to-market method of tax accounting; |

| · | persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar; |

| · | tax-exempt entities; |

| · | persons that own or are deemed to own 10% or more of the voting power or value of our stock; |

| · | partnerships or other entities classified as partnerships for U.S. federal income tax purposes; or |

| · | persons holding the Additional Tier 1 Securities, Settlement Shares or ADSs in connection with a trade or business conducted outside 
 the United States.                                                                                                                   |

If a partnership holds an Additional Tier 1 Security,
Settlement Share or ADS, the U.S. federal income tax treatment of a partner generally will depend upon the status of the partner and the
activities of the partnership. Partnerships and their partners should consult their tax advisers regarding the tax consequences of owning
or disposing of an Additional Tier 1 Security, Settlement Share or ADS.

This discussion does not address the special tax
accounting rules set forth in Section 451(b) of the Code, which may require certain U.S. Holders that are accrual-method taxpayers to
conform their income inclusions to their financial statements and therefore recognize income on the Additional Tier 1 Securities possibly
earlier than as described below. U.S. Holders that are accrual-method taxpayers should consult their tax advisers concerning the application
of these rules in their particular situation.

Except as described below, this discussion assumes
that LBG was not, and will not become, a “passive foreign investment company” for U.S. federal income tax purposes (a “PFIC”)
for any taxable