Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 96

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 96
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 or to a third party on behalf of, a holder if such withholding or deduction may be avoided by such holder 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; or                                                                                                                                 |

| (c) | presented or surrendered for payment (where presentation or surrender is required) more than 30 days after the Relevant Date 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                                                                                                  |

| (d) | where the deduction or withholding is imposed by reason of Sections 1471-1474 of the U.S. Internal Revenue Code and the U.S. Treasury          
 regulations thereunder or any agreement with the U.S. Internal Revenue Service in connection with these sections or regulations (“FATCA”),     
 any intergovernmental agreement between the United States and the United Kingdom or any other jurisdiction with respect to FATCA, or any       
 law, regulation or other official guidance enacted in any jurisdiction implementing, or relating to, FATCA or any intergovernmental agreement; 
 or                                                                                                                                             |

| (e) | any combination of the above items, |

nor shall Additional Amounts be paid with respect
to any interest payment on the Additional Tier 1 Securities to any holder who is a fiduciary or partnership or any person other than the
sole beneficial owner of such payment to the extent such payment would be required by the laws of any U.K. taxing jurisdiction to be included
in the income for tax purposes of a beneficiary or partner or settlor with respect to such fiduciary or a member of such partnership or
a beneficial owner who would not have been entitled to such Additional Amounts with respect to interest on the Additional Tier 1 Securities,
had it been the holder.

See also “ — Availability of Distributable Items”, “—Agreement to Interest Cancellation” and “—Notice of Interest Cancellation”
above.

Redemption, Purchase, Variation and Substitution

The Additional Tier 1 Securities are perpetual
securities in respect of which there is no fixed redemption date or maturity date.

Holders may not require any redemption of the
Additional Tier 1 Securities at any time.

Optional Redemption

The Additional Tier 1 Securities will, subject
to the satisfaction of the conditions described under “—Conditions to Redemption, Purchase, Substitution or Variation”
below, be redeem