Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 87

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 87
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 of this discussion, a “U.S. holder” is a person that for U.S. federal income tax purposes is a beneficial owner of a Senior Note and (i) a citizen or individual resident of the United States, (ii) a corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or of 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.

This discussion does not describe all of the tax
consequences that may be relevant to U.S. holders in light of their particular circumstances or to U.S. holders subject to special rules,
such as:

· persons
who are resident in the United Kingdom for U.K. tax purposes or who are domiciled or deemed to be domiciled in the United Kingdom;

· certain
financial institutions;

· insurance
companies;

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

· persons
holding Notes as part of an integrated transaction;

· persons
whose functional currency is not the U.S. dollar;

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

· certain
persons connected with us; or

· persons
carrying on a trade in the United Kingdom through a permanent establishment in the United Kingdom or carrying on a trade, profession or
vocation in the United Kingdom through a branch or agency in the United Kingdom or otherwise holding Notes in connection with a trade
or business outside the United States.

If you are a partnership for U.S. federal income
tax purposes, the U.S. federal income tax treatment of your partners will generally depend on the status of the partners and your activities.
If you are a partnership holding Notes or a partner therein, you should consult your tax advisor as to your particular U.S. federal income
tax consequences of holding and disposing of the Notes.

The statements regarding U.K. and U.S. tax laws
and practices set out below, including those regarding the U.K./U.S. double taxation convention relating to income and capital gains (the
“Treaty”), are based on those laws, practices and the Treaty as of the date hereof. They are subject to changes in those laws,
practices and the Treaty, and any relevant judicial decision, after the date hereof, which may apply with retrospective effect. This summary
is not