Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 95

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 95
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1 Securities shall, by virtue of its holding of any Additional Tier 1 Securities,
be deemed to have waived all such rights of set-off, compensation, counterclaim, netting or retention. Notwithstanding the previous sentence,
if any amount owing to any holder of any Additional Tier 1 Security by LBG in respect of, or arising under or in connection with the Additional
Tier 1 Securities is discharged by set-off, such holder shall, subject to applicable law, immediately pay an amount equal to the amount
of such discharge to LBG (or, in the event of its winding-up or administration, the liquidator or, as appropriate, administrator of LBG)
and, until such time as payment is made, shall hold an amount equal to such amount in trust for LBG (or the liquidator or, as appropriate,
administrator of LBG) and accordingly any such discharge shall be deemed not to have taken place.

Additional Amounts

All payments of principal and/or interest
and/or any other amounts to holders of the Additional Tier 1 Securities by or on behalf of LBG in respect of the Additional Tier 1
Securities shall be made without withholding or deduction for or on account of any present or future tax, duty, assessment or
governmental charge of whatsoever nature imposed, levied, collected, withheld or assessed by or on behalf of the United Kingdom or
any authority thereof or therein having power to tax, unless such withholding or deduction is required by law. In that event, LBG
shall pay, to the extent it has sufficient Distributable Items, such additional amounts in respect of payments of interest (but not
in respect of payments of principal or any other amounts) (“Additional Amounts”) as will result (after such
withholding or deduction) in receipt by the holders of the Additional Tier 1 Securities of the sums of interest which would have
been received (in the absence of such withholding or deduction) by them in respect of their Additional Tier 1 Securities; except
that no such Additional Amounts shall be payable with respect to any Additional Tier 1 Security:

<div align='center'>S-66</div>

| (a) | held by or on behalf of any holder who is liable to such tax, duty, assessment or governmental charge in respect of such Additional    
 Tier 1 Security by reason of such holder having some connection with the United Kingdom other than the mere holding of such Additional 
 Tier 1 Security; or                                                                                                                    |

| (b) | to,