Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 80

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 80
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 time may not receive its
entitlement of Additional Tier 1 Securities in definitive form unless and until such time as its holding satisfies the requirement of
the minimum denomination of £200,000 or any integral multiple of £1,000 in excess thereof.

<div align='center'>S-55</div>

Investors should be aware that the materialization
of any of the above risks (including those risks incorporated herein by reference) may adversely affect the value of the Additional Tier
1 Securities.

<div align='center'>S-56

Use of Proceeds</div>

The net proceeds from the sale of the Additional
Tier 1 Securities, less the underwriting compensation stated on the cover of this prospectus supplement and expenses payable by us estimated
at £320,408 are estimated to be £744,054,592. These proceeds will be used for general corporate purposes of the Group, including,
without limitation, to repurchase or refinance existing debt and/or existing capital securities.

<div align='center'>S-57

Capitalization
of the Group</div>

The Group’s capitalization and indebtedness
on a consolidated basis as at December 31, 2024 is set out in the report on Form 6-K dated December 31, 2024, which is incorporated by
reference herein. The amounts have been derived from the audited consolidated financial statements as at December 31, 2024 prepared in
accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.

<div align='center'>S-58

Description of
the Additional Tier 1 Securities</div>

The following is a summary of certain terms of the Additional Tier 1 Securities. It supplements the description of the general terms of the Capital Securities of any series we may issue contained in the accompanying prospectus under the heading “Description of Capital Securities” and “Description of Certain Provisions Relating to Debt Securities and Capital Securities”. If there is any inconsistency between the following summary and the description in the accompanying prospectus, the following summary governs.

General

The following is a summary of certain terms of
the Fixed Rate Reset Additional Tier 1 Securities offered hereby (referred to herein as the “Additional Tier 1 Securities”).
The summary set forth below does not purport to be complete and is subject to, and qualified in its entirety by reference to, the Capital
Securities Indenture dated as of March 6, 2014 (the “Base Indenture”), between us