Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 171

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 171
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KT) Module of the Dubai Financial Services Authority (the “DFSA”)
Rulebook; and

(b) made
only to persons who meet the Professional Client criteria set out in Rule 2.3.3 of the Conduct of Business Module of the DFSA Rulebook.

Expenses of the Offering

We estimate that our total expenses for the offering,
excluding underwriting commissions, will be approximately $
, as follows:

| Fees                          | Amount   |
| SEC registration fee          | £114,825 |
| Trustee and Paying Agent fees | £3,954   |
| Legal fees and expenses       | £201,629 |
| Total                         | £320,408 |

All amounts are estimated except the SEC registration
fee.

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Legal Opinions</div>

Our U.S. counsel, Davis Polk & Wardwell London
LLP, will pass upon certain United States legal matters relating to the validity of the Additional Tier 1 Securities. Our Scottish solicitors,
CMS Cameron McKenna Nabarro Olswang LLP, will pass upon certain matters relating to Scots law. Allen Overy Shearman Sterling LLP, United
States counsel for the Underwriters, will pass upon certain United States legal matters for the Underwriters.

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Experts</div>

The consolidated financial statements of Lloyds
Banking Group plc as at December 31, 2024 and 2023 and for each of the three years in the period ended December 31, 2024, incorporated
by reference in this prospectus supplement by reference to Lloyds Banking Group plc’s Annual Report on Form 20-F for the year ended
December 31, 2024, and the effectiveness of Lloyds Banking Group plc’s internal control over financial reporting have been audited
by Deloitte LLP, an independent registered public accounting firm, as stated in their reports. Such consolidated financial statements
are incorporated by reference in reliance upon the reports of such firm, given their authority as experts in accounting and auditing.

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PROSPECTUS

LLOYDS BANKING GROUP plc
DEBT SECURITIES
CAPITAL SECURITIES
ORDINARY SHARES
AMERICAN DEPOSITARY SHARES

We will provide the specific terms of these securities,
and the manner in which they will be offered, in one or more prospectus supplements to this prospectus. Any prospectus supplement may
also add