Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 69

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 69
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 on foreign taxes eligible for credit is calculated
separately with respect to specific classes of income. The rules governing foreign tax credits are complex. If any U.K. taxes are imposed
on interest payments, U.S. holders should consult their tax advisers regarding their creditability or deductibility in their particular
circumstances (including any applicable limitations).

Sale, Exchange or Redemption. A
U.S. holder will, upon sale, exchange or redemption of a Senior Note, generally recognize capital gain or loss for U.S. federal income
tax purposes in an amount equal to the difference between the amount realized (not including amounts attributable to accrued interest,
which will be treated as ordinary interest income, as described in “– Interest” above) and the U.S. holder’s
tax basis in the Senior Note. A U.S. holder’s tax basis in a Senior Note generally will equal the cost of the Senior Note to the
U.S. holder. A U.S. holder’s gain or loss will generally be U.S. source capital gain or loss and will be treated as long-term capital
gain or loss if the Senior Note has been held for more than one year at the time of disposition. Long-term capital gains recognized by
non-corporate U.S. holders are generally eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations.

Backup Withholding and Information Reporting.
Information returns may be filed with the Internal Revenue Service in connection with payments on the Senior Notes and the proceeds from
a sale or other disposition of the Senior Notes. A U.S. holder may be subject to backup withholding on these payments and proceeds if
the U.S. holder fails to provide its taxpayer identification number and comply with certain certification procedures or otherwise establish
an exemption from backup withholding. The amount of any backup withholding from a payment to a U.S. holder will be allowed as a credit
against the U.S. holder’s U.S. federal income tax liability and may entitle the U.S. holder to a refund, provided that the required
information is timely furnished to the Internal Revenue Service.

<div align='center'>S-44</div>

Certain U.S. holders who are individuals and certain
specified entities may be required to report information relating to non-U.S. accounts through which the U.S. holders hold their Senior
Notes (or information regarding the Senior Notes if the Senior Notes are not held through any financial institution). U.S. holders should
consult their tax advisers regarding their reporting obligations with respect