Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 64

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 64
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 or part of the tax, levy,
impost, duty, charge or fee;

<div align='center'>S-48</div>

· the
deduction or withholding is imposed by reason of any agreement with the U.S. Internal Revenue Service in connection with Sections 1471-
1474 of the US Internal Revenue Code and the U.S. Treasury regulations thereunder (“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 or issued in any jurisdiction implementing, or relating to, FATCA or any intergovernmental agreement; or

· any
combination of the above items,

nor shall Senior Notes Additional Amounts be paid with respect to any
interest only on the Senior Notes 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 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 Senior Notes Additional Amounts, had it been the holder.

Whenever we refer in this prospectus supplement,
in any context, to the payment of interest on, or in respect of, any Senior Note, we mean to include the payment of Senior Notes Additional
Amounts to the extent that, in the context, Senior Notes Additional Amounts are, were or would be payable.

Waiver of Right to Set-Off

Subject to applicable law, no holder may exercise
or claim any right of set-off, counterclaim, combination of accounts, compensation or retention in respect of any amount owed to it by
LBG arising under or in connection with the Senior Notes. By accepting a Senior Note, each holder will be deemed to have waived any right
of set-off, counterclaim, combination of accounts, compensation or retention with respect to such Senior Note or the Senior Indenture
(or between our obligations under or in respect of any Senior Note and any liability owed by a holder or the Trustee to us) that they
might otherwise have against us, whether before or during our winding up. Notwithstanding the provisions of the foregoing sentence, if
any of the said rights and claims of any holder of any Senior Note against LBG is discharged by set-off, counterclaim, combination of