Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 78

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 78
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 the laws of the United Kingdom, the United States and other
jurisdictions, ownership of the Additional Tier 1 Securities themselves (or the Settlement Shares) above certain levels may require the
holder of the voting Additional Tier 1 Securities to obtain regulatory approval or subject the holder to additional regulation.

Non-compliance with such disclosure and/or approval
requirements may lead to the incurrence by holders of substantial fines and/or suspension of voting rights associated with the Settlement
Shares. Each potential investor should consult its legal advisers as to the terms of the Additional Tier 1 Securities and the level of
holding it would have if it receives Settlement Shares following a Trigger Event.

<div align='center'>S-52</div>

A holder of an Additional Tier 1 Security may
be subject to taxes following the Automatic Conversion.

Neither LBG, nor any member of the Group will
pay any taxes or capital, stamp, issue and registration or transfer taxes or duties arising upon Automatic Conversion or that may arise
or be paid as a consequence of the issue and delivery of Settlement Shares to the Settlement Share Depository. A holder of an Additional
Tier 1 Security must pay any taxes and capital, stamp, issue and registration and transfer taxes or duties arising upon Automatic Conversion
in connection with the issue and delivery of the Settlement Shares to the Settlement Share Depository and such holder must pay all, if
any, such taxes or duties arising by reference to any disposal or deemed disposal of such holder’s Additional Tier 1 Security or
interest therein. Any taxes and capital, stamp, issue and registration and transfer taxes or duties arising on delivery or transfer of
Settlement Shares to a purchaser in any Settlement Shares Offer shall be payable by the relevant purchaser of those Settlement Shares.

You may be subject to U.S. tax upon adjustments
(or failure to make adjustments) to the Conversion Price even though you do not receive a corresponding cash distribution.

The Conversion Price is subject to adjustment
in certain circumstances, as described under “Description of Additional Tier 1 Securities —Conversion—Anti-dilution Adjustment of the Conversion Price”. If, as a result of adjustments (or failure to make adjustments), a U.S. investor’s
proportionate interest in LBG’s assets or earnings were deemed to be increased for U.S. federal income tax purposes, such U.S. investor
may be treated as having received a taxable distribution for these purposes, even though the U.S. investor had not received any cash or
property upon any such adjustment. See “Taxation