Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 66

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 66
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 to take any action which may conflict with applicable law, or which may be unjustly prejudicial
to the holders not taking part in the direction, or which could subject the Trustee to risk or for which it is not indemnified to its
satisfaction in its sole discretion.

<div align='center'>S-49</div>

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 Senior Notes
that acquire the Senior 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 Senior Notes that acquire the Senior 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 Senior Notes including in relation to the U.K. bail-in power.

Listing

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

Governing Law

The Senior Base Indenture, the Twenty-First Senior
Supplemental Indenture and the Senior Notes are governed by, and construed in accordance with, the laws of the State of New York, except
that, as the Senior Indenture specifies, the provisions relating to the waiver of set-off in the Senior Indenture are governed by and
construed in accordance with Scots law.

Subordinated Notes

The Subordinated Notes will be issued in an aggregate
principal amount of $ and will mature on June ,
2036. Interest will accrue on the Subordinated Notes from, and including, June , 2025 to, but excluding,
June , 2035 (the “Subordinated Notes Reset Date”), at a fixed rate of %
per annum (the “Subordinated Notes Initial Interest Rate”), payable semi-annually in arrears, on June and
December of each year, commencing on December , 2025, and from,
and including, the Subordinated Notes Reset Date to, but excluding, the maturity date (the “Subordinated Notes Reset Period”),
at a rate per annum calculated by the Calculation Agent on the Subordinated Notes Reset Determination Date (as defined below) as being
equal to the sum of the Subordinated Notes U.S. Treasury Rate (as defined below) and %,
such