Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 103

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 103
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      |
| Trustee and Paying Agent fees | $      |
| Legal fees and expenses       | $      |
| Total                         | $      |

All amounts are estimated except the SEC registration
fee.

<div align='center'>S-70

Legal Opinions</div>

Our United States counsel, Davis Polk & Wardwell
London LLP, will pass upon certain legal matters relating to the Notes under U.S. federal securities laws and New York law. Our Scottish
counsel, 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 and New York law legal matters for the underwriters.

<div align='center'>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.

<div align='center'>S-71</div>

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, update or change information contained, or incorporated by reference, in this prospectus. You should read this prospectus and
the applicable prospectus supplement carefully before you invest.

You should read both this prospectus and any prospectus
supplement, together with the additional information described under the headings “Where You Can Find More Information” and
“Incorporation of Documents by Reference”, before investing in our securities. The amount and price of the offered securities
will be determined at the time of the offering.

The debt securities and