Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 73

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 73
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 prospectus for this purpose.

The aggregate initial offering price specified
on the cover of this prospectus supplement relates to the initial offering of the Senior Notes described in this prospectus supplement.
This amount does not include Senior Notes sold in market-making transactions. The latter include Senior Notes to be issued after the date
of this prospectus, as well as Senior Notes 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 Senior Note is being purchased in its original offering and sale, you may assume that you are purchasing your Senior Note in a market-making transaction.

Stabilization Transactions and Short Sales

In connection with the offering, the Underwriters
may purchase and sell Senior Notes 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
Senior Notes 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 Senior Notes 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 Senior Notes sold by or for the account of such Underwriter in stabilizing or short- covering transactions.

<div align='center'>S-47</div>

These activities by the Underwriters may stabilize,
maintain or otherwise affect the market price of the Senior Notes. As a result, the price of the Senior Notes 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.

The Underwriters and their respective affiliates
are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment
banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities.
In the ordinary