Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 85

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 85
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 or which could subject the Trustee to risk or for which it is not indemnified
to its satisfaction in its sole discretion.

The Trustee makes no representations regarding,
and shall not be liable with respect to, the information set forth in this prospectus supplement.

Subsequent Holders’ Agreement

Holders and beneficial owners of the Subordinated
Notes that acquire the Subordinated Notes in the secondary market shall be deemed to acknowledge, agree to be bound by and consent to
the same provisions specified herein to the same extent as the holders and beneficial owners of the Subordinated Notes that acquire the
Subordinated Notes upon their initial issuance, including, without limitation, with respect to the acknowledgement and agreement to be
bound by and consent to the terms of the Subordinated Notes including in relation to the U.K. bail-in power.

Listing

We intend to apply for the listing of the Subordinated
Notes on the New York Stock Exchange in accordance with its rules.

Governing Law

The Subordinated Base Indenture, the Eleventh
Subordinated Supplemental Indenture and the Subordinated Notes are governed by, and construed in accordance with, the laws of the State
of New York, except for the subordination and waiver of set-off provisions relating to the Subordinated Notes, which are governed by,
and construed in accordance with, the laws of Scotland.

<div align='center'>S-60

Certain U.K. and
U.S. Federal Tax Consequences</div>

The following is a summary of the material U.K. and U.S. federal tax consequences of the ownership and disposition of the Notes by a “U.S. holder” described below that is not connected with us for relevant tax purposes, that holds the Notes as capital assets and that purchases them as part of the initial offering of the Notes at their “issue price”, which for any series of Notes will be equal to the first price to the public (not including bond houses, brokers or similar persons or organizations acting in the capacity of underwriters, placement agents or wholesalers) at which a substantial amount of the Notes of that series is sold for money. For purposes of this discussion, a “U.S. holder” is a person that for U.S. federal income tax purposes is a beneficial owner of a Senior Note and (i) a citizen or individual resident of the United States, (ii) a corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United