Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 156

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 156
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; one of the qualifying 
 cases is where a provision is included solely because of a need to comply with a regulatory or other legal requirement; and              |

| · | any provision for the holder to receive anything other than interest or principal is limited to 
 conversion events in qualifying cases.                                                          |

LBG has made a valid hybrid capital election in respect of the Additional Tier 1 Securities, in accordance with the provisions of section 475C of the Corporation Tax Act 2009 and the Additional Tier 1 Securities are not being issued in consequence of, or otherwise in connection with, any arrangements, the main purpose, or one of the main purposes of which, is to secure a tax advantage for any person. Consequently, LBG believes that the HCI rules should apply to the Additional Tier 1 Securities such that they would benefit from exemption from all stamp taxes applicable to the issuance or transfer of the Additional Tier 1 Securities.

No United Kingdom stamp duty or SDRT will be payable by a holder on a cash redemption of the Additional Tier 1 Securities in accordance with the terms and conditions of the Additional Tier 1 Securities.

No liability to United Kingdom stamp duty or SDRT will generally arise for a holder on the redemption of the Additional Tier 1 Securities, and the issue of any Ordinary Shares, under a Conversion of the Additional Tier 1 Securities into Ordinary Shares, in accordance with the terms and conditions of the Additional Tier 1 Securities. United Kingdom stamp duty and SDRT may be payable in relation to a Settlement Shares Offer.

The above description of the United Kingdom stamp duty and SDRT position does not deal with the issue, transfer or agreement to transfer of any Relevant Shares of an Approved Entity.

Material U.S. Federal Income Tax Considerations

The following are material U.S. federal income
tax consequences of the ownership and disposition of the Additional Tier 1 Securities to a U.S. Holder described below that purchases
the Additional Tier 1 Securities in their initial offering at their issue price and will hold the Additional Tier 1 Securities and any
Settlement Shares or ADSs representing Settlement Shares as capital assets. For purposes of this discussion, a “U.S. Holder”
is a person that is, for U.S. federal income tax purposes, a beneficial owner of an Additional Tier 1 Security, Settlement Share or ADS
representing a Settlement Share 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,