Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 99

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 99
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 occurred if LBG determines that:

(1) as a result of a Tax Law Change, in making
any payments on the Additional Tier 1 Securities, LBG has paid or will or would on the next payment date be required to pay any Additional
Amounts to any holder pursuant to “—Additional Amounts” above and/or

(2) a Tax Law Change would:

| · | result in LBG not being entitled to claim a deduction in respect of any payments (or its corresponding funding costs as recognized       
 in its financial statements) in respect of the Additional Tier 1 Securities in computing its taxation liabilities or the amount or value 
 of such deduction to LBG would be materially reduced;                                                                                    |

| · | prevent the Additional Tier 1 Securities from being treated as loan relationships for United Kingdom tax purposes; |

| · | as a result of the Additional Tier 1 Securities being in issue, result in LBG not being able to have losses or deductions set against        
 the profits or gains, or profits or gains offset by the losses or deductions, of companies with which it is or would otherwise be so grouped 
 for applicable United Kingdom tax purposes (whether under the group relief system current as at the date of issue of the Additional Tier     
 1 Securities or any similar system or systems having like effect as may from time to time exist);                                            |

| · | result in a United Kingdom tax liability, or the receipt of income or profit which would be subject to United Kingdom tax, in respect  
 of a write-down of the principal amount of the Additional Tier 1 Securities or the conversion of the Additional Tier 1 Securities into 
 Settlement Shares (including, pursuant to the terms and conditions of the Additional Tier 1 Securities or as a result of the exercise  
 of any regulatory powers under the Banking Act 2009); or                                                                               |

| · | result in an Additional Tier 1 Security or any part thereof being treated as a derivative or an embedded derivative for United Kingdom 
 tax purposes,                                                                                                                          |

in each case, provided that LBG could not
avoid the foregoing in connection with the Additional Tier 1 Securities by taking measures reasonably available to it.

“Tax Law Change” means a change
in, or amendment to, the laws or regulations of the United Kingdom, or any political subdivision or authority therein or thereof, having
the power to tax, including any treaty to which the United Kingdom is a party, or any change in any generally published application or
interpretation of such laws, including a decision of any