Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 98

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 98
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 losses or deductions set against        
 the profits or gains, or profits or gains offset by the losses or deductions, of companies with which it is or would otherwise be so grouped 
 for applicable United Kingdom tax purposes (whether under the group relief system current as at the date of issue of the Additional Tier     
 1 Securities or any similar system or systems having like effect as may from time to time exist);                                            |

| · | result in a United Kingdom tax liability, or the receipt of income or profit which would be subject to United Kingdom tax, in respect  
 of a write-down of the principal amount of the Additional Tier 1 Securities or the conversion of the Additional Tier 1 Securities into 
 Settlement Shares (including, pursuant to the terms and conditions of the Additional Tier 1 Securities or as a result of the exercise  
 of any regulatory powers under the Banking Act 2009); or                                                                               |

| · | result in an Additional Tier 1 Security or any part thereof being treated as a derivative or an embedded derivative for United Kingdom 
 tax purposes,                                                                                                                          |

in each case, provided that LBG could not
avoid the foregoing in connection with the Additional Tier 1 Securities by taking measures reasonably available to it.

“Tax Law Change” means a change
in, or amendment to, the laws or regulations of the United Kingdom, or any political subdivision or authority therein or thereof, having
the power to tax, including any treaty to which the United Kingdom is a party, or any change in any generally published application or
interpretation of such laws, including a decision of any court or tribunal, or any change in the generally published application or interpretation
of such laws by any relevant tax authority or any generally published pronouncement by any tax authority, which change, amendment or pronouncement
(x) (subject to (y)) becomes effective on or after the Issue Date, or (y) in the case of a change in law, if such change is enacted by
United Kingdom Act of Parliament or implemented by statutory instrument, on or after the Issue Date.

Notice of any redemption of the Additional Tier
1 Securities due to the occurrence of a Tax Event will be given to holders not less than 15 nor more than 30 calendar days prior to the
relevant redemption date in accordance with “—Conditions to Redemption, Purchase, Substitution or Variation”
and “—Notice” below, and to the Trustee at least five (5) Business Days prior to the date notice is sent to holders,
unless a shorter notice period shall be