Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 77

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 77
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 1 Securities, Settlement Shares
and ADSs could become subject to this withholding tax or how intergovernmental agreements will address foreign passthru payments. Under
proposed Treasury regulations (the preamble to which specifies that taxpayers may rely on them pending finalization), no FATCA withholding
will apply prior to two years after the date on which final regulations on this issue are published. If withholding is required in respect
of this withholding tax, LBG will not be required to pay any additional amounts with respect to any amounts withheld.

Limitation on gross-up obligation under the Additional Tier 1 Securities.

LBG’s obligation to pay additional amounts
in respect of any withholding or deduction for or on account of United Kingdom taxes under the terms of the Additional Tier 1 Securities
applies only to payments of interest under the Additional Tier 1 Securities and not to payments of principal, and only to the extent LBG
has sufficient Distributable Items and is not subject to other restrictions on distribution. As such, LBG would not be required to pay
any additional amounts under the terms of the Additional Tier 1 Securities to the extent any withholding or deduction applied to payments
of principal or to the extent it did not have sufficient Distributable Items or other restrictions on distribution were to apply. Accordingly,
if any such withholding or deduction were to apply to any payments of principal under the Additional Tier 1 Securities, or LBG did not
have sufficient Distributable Items, or other restrictions on distribution were to apply, owners may receive less than the full amount
otherwise due under the Additional Tier 1 Securities and their fair market value may be adversely affected.

In a lawsuit for payment on the Additional Tier 1 Securities, holders of the Additional Tier 1 Securities may bear the currency exchange risk.

The Indenture is, and the Additional Tier 1 Securities
will be, governed by the laws of the State of New York, with certain limited exceptions. A New York state statute presently in effect
would require a New York state court hearing such a lawsuit to render its decision or award in sterling. The judgment entered on that
award, however, will be denominated in U.S. dollars and converted at the exchange rate prevailing on the date of entry of the judgment.
Consequently, subject to the limited remedies provided for in the terms of the Additional Tier 1 Securities (see the risk factor above
“—The Additional Tier 1 Securities do not contain events of default and the remedies available to holders of the Additional Tier 1 Securities are