Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 125

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 125
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, on any series of capital
securities (“Additional Amounts”) as may be necessary in order that the net amounts paid to the holders of the capital securities,
after such deduction or withholding, shall equal the respective amounts of interest, if any, which would have been payable in respect
of such capital securities had no such deduction or withholding been required. However, no such Additional Amounts will be payable with
respect to any capital security:

| · | held by or on behalf of any holder who is liable to such tax, duty, assessment or governmental charge in respect of such capital security 
 by reason of such holder having some connection with the United Kingdom other than the mere holding of such capital security;             |

| · | to, or to a third party on behalf of, a holder if such withholding or deduction may be avoided by complying with any statutory requirement 
 or by making a declaration of non-residence or other similar claim for exemption to any authority of or in the United Kingdom, unless      
 such holder proves that he is not entitled so to comply or to make such declaration or claim;                                              |

| · | to, or to a third party on behalf of, a holder that is a partnership, or a holder that is not the sole beneficial owner of the capital          
 security, or which holds the capital security in a fiduciary capacity, to the extent that any of the members of the partnership, the beneficial 
 owner or the settlor or beneficiary with respect to the fiduciary would not have been entitled to the payment of an additional amount           
 had each of the members of the partnership, the beneficial owner, settlor or beneficiary (as the case may be) received directly its beneficial  
 or distributive share of the payment;                                                                                                           |

| · | presented or surrendered for payment more than 30 days after the date payment became due or was provided for, except to the extent    
 that the Holder thereof would have been entitled to such Additional Amounts on presenting or surrendering the same for payment at the 
 expiry of such period of 30 days; or                                                                                                  |

| · | any combination of the above. |

Whenever this prospectus or the relevant prospectus
supplement mentions, in any context, the payment of interest on, or in respect of, any capital security of any series such mention shall
be deemed to include mention of the payment of Additional Amounts provided for in this “Additional Amounts” section to the
extent that, in such context, Additional Amounts are, were or would be