Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 156

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 156
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 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:

<div align='center'>S-99</div>

| · | 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 year. See “Passive Foreign Investment Company (PFIC) Considerations” below.

This discussion is based on the Code, administrative
pronouncements, judicial decisions, and final, temporary and proposed Treasury regulations, all as of the date hereof, any of which is
subject to change, possibly with retroactive effect. This summary is not exhaustive of all possible tax considerations that may be relevant
in the particular circumstances of a U.S. Holder