Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 65

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 65
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 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 Senior 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 Senior 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 (including any measures which may be announced at
the U.K. Autumn Budget scheduled to be delivered on November 26, 2025), which may apply with retrospective effect. This summary is not
exhaustive of all possible tax considerations that may be relevant in the particular circumstances of each U.S. holder, including any
special tax accounting rules under Section 451 of the U.S. Internal Revenue Code of 1986, as amended and any minimum tax or Medicare contribution
tax consequences. Furthermore, this summary does not deal with the tax treatment of the Senior Notes following an exercise of U.K. bail-in
power, nor does it address any U.S. state or local tax consequences or any federal tax considerations other than U.S. federal income tax
considerations. You should satisfy yourself as to the tax consequences of the acquisition, ownership and disposition of the Senior Notes.

<div align='center'>S-42</div>

United Kingdom

Payments. Interest that we pay on the Senior
Notes will be made without withholding for or deduction of U.K. income tax, provided that the Senior Notes are and remain listed on a
“recognised stock exchange” within the meaning of Section 1005 of the Income Tax Act 2007 (the “Act”). The New
York Stock Exchange is currently a recognised stock exchange for these purposes. The Senior Notes will be treated as listed on the New
York Stock Exchange if they are officially listed in the United States in accordance with provisions corresponding to those generally
applicable in the United Kingdom and EEA states and are admitted to trading on the New York Stock Exchange.

In all other cases, an amount on account