Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 165

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 165
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 initial offering price specified
on the cover of this prospectus supplement relates to the initial offering of the Additional Tier 1 Securities described in this prospectus
supplement. This amount does not include Additional Tier 1 Securities sold in market-making transactions. The latter include Additional
Tier 1 Securities to be issued after the date of this prospectus supplement, as well as Additional Tier 1 Securities previously issued.

We do not expect to receive any direct proceeds
from market-making transactions. We do not expect that Lloyds Securities Inc. or any other affiliate that engages in these transactions
will pay any direct proceeds from its market-making resales to us.

Information about the trade and settlement dates,
as well as the purchase price, for a market-making transaction will be provided to the purchaser in a separate confirmation of sale.

Unless we or any agent inform you in your confirmation of sale that your Additional Tier 1 Security is being purchased in its original offering and sale, you may assume that you are purchasing your Additional Tier 1 Security in a market-making transaction.

Stabilization Transactions and Short Sales

In connection with the offering, the Underwriters
may purchase and sell Additional Tier 1 Securities in the open market. These transactions may include short sales, stabilizing transactions
and purchases to cover positions created by short sales. Short sales involve the sale by the Underwriters of a greater aggregate principal
amount of Additional Tier 1 Securities than they are required to purchase from us in the offering. Stabilizing transactions consist of
certain bids or purchases made for the purpose of preventing or retarding a decline in the market price of the Additional Tier 1 Securities
while the offering is in progress.

The Underwriters may also impose a penalty bid.
This occurs when a particular Underwriter repays to the Underwriters a portion of the underwriting discount received by it because the
Underwriters have repurchased Additional Tier 1 Securities sold by or for the account of such Underwriter in stabilizing or short-covering
transactions.

<div align='center'>S-102</div>

These activities by the Underwriters may stabilize,
maintain or otherwise affect the market price of the Additional Tier 1 Securities. As a result, the price of the Additional Tier 1 Securities
may be higher than the price that otherwise might exist in the open market. If these activities are commenced, they may be discontinued
by the Underwriters at any time. Underwriters are under no obligation to stabilize.

The Underwriters and their respective affiliates
are full service