Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 76

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 76
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 the Settlement Share Depository. A holder of an Additional
Tier 1 Security must pay any taxes and capital, stamp, issue and registration and transfer taxes or duties arising upon Automatic Conversion
in connection with the issue and delivery of the Settlement Shares to the Settlement Share Depository and such holder must pay all, if
any, such taxes or duties arising by reference to any disposal or deemed disposal of such holder’s Additional Tier 1 Security or
interest therein. Any taxes and capital, stamp, issue and registration and transfer taxes or duties arising on delivery or transfer of
Settlement Shares to a purchaser in any Settlement Shares Offer shall be payable by the relevant purchaser of those Settlement Shares.

<div align='center'>S-53</div>

You may be subject to U.S. tax upon adjustments
(or failure to make adjustments) to the Conversion Price even though you do not receive a corresponding cash distribution.

The Conversion Price is subject to adjustment
in certain circumstances, as described under “Description of Additional Tier 1 Securities —Conversion—Anti-dilution Adjustment of the Conversion Price”. If, as a result of adjustments (or failure to make adjustments), a U.S. investor’s
proportionate interest in LBG’s assets or earnings were deemed to be increased for U.S. federal income tax purposes, such U.S. investor
may be treated as having received a taxable distribution for these purposes, even though the U.S. investor had not received any cash or
property upon any such adjustment. See “Taxation Considerations—Material U.S. Federal Income Tax Considerations—Taxation of the Additional Tier 1 Securities—Constructive Distributions.”

Potential FATCA withholding.

Under certain provisions of the U.S. Internal Revenue
Code of 1986, as amended, and Treasury regulations promulgated thereunder (commonly referred to as “FATCA”), as well
as certain intergovernmental agreements between the United States and certain other countries (including the U.K.) together with local
country implementing legislation, a 30% withholding tax may be imposed on payments on the Additional Tier 1 Securities, Settlement Shares
and ADSs if those payments are (i) treated as “foreign passthru payments”, and (ii) made to a non-U.S. person that does not
comply with the due diligence, reporting and certification requirements under FATCA. The term “foreign passthru payments”
is not defined yet, and therefore it is not clear whether or to what extent payments on the Additional Tier