Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 153

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 153
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 any securities
including, without limitation, shares in the capital of LBG, or options, warrants or other rights to subscribe for or purchase or acquire
shares in the capital of LBG (and each a “Security”).

“Subsidiary” has the meaning
provided in Section 1159 of the Companies Act 2006.

“Tier 1 Capital” has the meaning
given to it by the Relevant Regulator from time to time.

“Tier 2 Capital” has the meaning
given to it by the Relevant Regulator from time to time.

“Volume Weighted Average Price”
means, in respect of an Ordinary Share or Security on any dealing day, the order book volume-weighted average price of an Ordinary Share
or Security published by or derived (in the case of an Ordinary Share) from the relevant Bloomberg page or (in the case of a Security
(other than Ordinary Shares), options, warrants or other rights) from the principal stock exchange or securities market on which such
Securities, options, warrants or other rights are then listed or quoted or dealt in, if any or, in any such case, such other source as
shall be determined in good faith to be appropriate by an Independent Adviser on such dealing day, provided that if on any such dealing
day such price is not available or cannot otherwise be determined as provided above, the Volume Weighted Average Price of an Ordinary
Share, Security, option, warrant or other right, as the case may be, in respect of such dealing day shall be the Volume Weighted Average
Price, determined as provided above, on the immediately preceding dealing day on which the same can be so determined or determined as
an Independent Adviser might otherwise determine in good faith to be appropriate.

<div align='center'>S-95</div>

<div align='center'>Certain U.K. and
U.S. Federal Tax Consequences</div>

General

The comments below are of a general nature and are not intended to be exhaustive. They assume that there will be no substitution of LBG or further issues of securities that will form a single series with the Additional Tier 1 Securities, and do not address the consequences of any such substitution or further issue (notwithstanding that such substitution or further issue may be permitted by the terms and conditions of the Additional Tier 1 Securities). Any holders who are in doubt as to their own tax position should consult their professional advisers.

U.K. Tax Consequences

The following is a summary at the date hereof of