Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 96

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 96
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 Kingdom.

In addition, LBG is a holding company and as such the principal sources of its income are from operating subsidiaries which also hold the principal assets of the Group. As a result, LBG is dependent on the remittance of profits and other funds from its subsidiaries to meet its obligations, including its obligations in respect of the Additional Tier 1 Securities. LBG’s right to participate in the assets of its subsidiaries if such subsidiaries are liquidated will generally be subject to the prior claims of such subsidiaries’ creditors.

Waiver of Set-Off

Subject to applicable law, no holder or beneficial
owner of the Additional Tier 1 Securities may exercise, claim or plead any right of set-off, compensation, counterclaim, netting or retention
in respect of any amount owed to it by LBG arising under, or in respect of, or in connection with, the Additional Tier 1 Securities and
each holder and each beneficial owner of the Additional Tier 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 Distrib