Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 103

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 103
---
 governmental charge in respect of such capital security 
 by reason of such holder having some connection with the United Kingdom other than the mere holding of such capital security;             |

| · | to, or to a third party on behalf of, a holder if such withholding or deduction may be avoided by complying with any statutory requirement 
 or by making a declaration of non-residence or other similar claim for exemption to any authority of or in the United Kingdom, unless      
 such holder proves that he is not entitled so to comply or to make such declaration or claim;                                              |

| · | to, or to a third party on behalf of, a holder that is a partnership, or a holder that is not the sole beneficial owner of the capital          
 security, or which holds the capital security in a fiduciary capacity, to the extent that any of the members of the partnership, the beneficial 
 owner or the settlor or beneficiary with respect to the fiduciary would not have been entitled to the payment of an additional amount           
 had each of the members of the partnership, the beneficial owner, settlor or beneficiary (as the case may be) received directly its beneficial  
 or distributive share of the payment;                                                                                                           |

| · | presented or surrendered for payment more than 30 days after the date payment became due or was provided for, except to the extent    
 that the Holder thereof would have been entitled to such Additional Amounts on presenting or surrendering the same for payment at the 
 expiry of such period of 30 days; or                                                                                                  |

| · | any combination of the above. |

Whenever this prospectus or the relevant prospectus
supplement mentions, in any context, the payment of interest on, or in respect of, any capital security of any series such mention shall
be deemed to include mention of the payment of Additional Amounts provided for in this “Additional Amounts” section to the
extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to the provisions of this section
and as if express mention of the payment of Additional Amounts (if applicable) were made in any provisions hereof where such express mention
is not made.

Redemption

Any terms of the redemption of any series of capital
securities, whether at our option or upon the occurrence of certain events (including, but not be limited to, the occurrence of certain
tax or regulatory events), will be set forth in the relevant prospectus supplement.

Modification and Waiver

We and the trustee