Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 78

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 78
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 losses or deductions set against the profits         
 or gains, or profits or gains offset by the losses or deductions, of companies with which it is or would otherwise be so grouped for applicable 
 United Kingdom tax purposes (whether under the group relief system current as of the Issue Date or any similar system or systems having         
 like effect as may from time to time exist);                                                                                                    |

| · | result in a United Kingdom tax liability, or the receipt of income or profit which would be subject to United Kingdom tax, in respect          
 of a write-down of the principal amount of the Subordinated Notes or the conversion of the Subordinated Notes into shares or other obligations 
 of LBG (including pursuant to the terms and conditions of the Subordinated Notes or as a result of the exercise of any regulatory powers       
 under the Banking Act); or                                                                                                                     |

| · | result in a Subordinated Note or any part thereof being treated as a derivative or an embedded derivative for United Kingdom tax purposes, |

in each case, provided that, LBG could not avoid the foregoing
in connection with the Subordinated Notes by taking measures reasonably available to it.

“Tax Law Change” means a change in,
or amendment to, the laws or regulations of the United Kingdom, or any political subdivision or authority therein or thereof, having the
power to tax, including any treaty to which the United Kingdom is a party, or any change in any generally published application or interpretation
of such laws, including a decision of any court or tribunal, or any change in the generally published application or interpretation of
such laws by any relevant tax authority or any generally published pronouncement by any tax authority, which change, amendment or pronouncement
(x) (subject to (y)) becomes effective on or after the Issue Date, or (y) in the case of a change in law, if such change is enacted by
United Kingdom Act of Parliament or implemented by statutory instrument, on or after the Issue Date.

Notice of any redemption of the Subordinated Notes
due to the occurrence of a Tax Event will be given to holders not less than 15 nor more than 30 calendar days prior to the relevant redemption
date in accordance with “—Conditions to Redemption, Purchase, Substitution or Variation” below, and to the Trustee
at least five (5) business days prior to the date notice is sent to holders, unless a shorter notice period shall be satisfactory to the
Trustee.

<div align='center'>S-56</div>

Prior to the giving of any