Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 0

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 0
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Filed pursuant to Rule 424(b)(2)
Registration No. 333-287829

PROSPECTUS SUPPLEMENT
(to prospectus dated June 6, 2025)

<div align='center'>Lloyds Banking Group plc

$1,000,000,000 Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible Securities

(Callable September 27, 2035 and every five years thereafter)</div>

The $1,000,000,000 fixed rate reset additional
tier 1 perpetual subordinated contingent convertible securities (callable September 27, 2035 and every five years thereafter) (the “Additional Tier 1 Securities”) are perpetual securities with no maturity date. From and including November 3, 2025 (the “Issue Date”) to but excluding September 27, 2035 (the “First Reset Date”), interest will accrue on the Additional
Tier 1 Securities at an initial rate equal to 6.625% per annum. The First Reset Date and every fifth anniversary thereafter shall be a
“Reset Date”. From and including each Reset Date to but excluding the next succeeding Reset Date, interest will accrue
on the Additional Tier 1 Securities at a rate per annum calculated by the Calculation Agent on the relevant Reset Determination Date as
being equal to the sum of the applicable U.S. Treasury Rate and 2.681%, such sum being converted to a quarterly rate in accordance with
market convention (rounded to three decimal places, with 0.0005 rounded down). Subject to the conditions as described further below, we
will pay interest, if any, quarterly in arrear on March 27, June 27, September 27 and December 27 of each year, commencing on March 27,
2026 (long first interest period) (each, an “Interest Payment Date”). The regular record dates for the Additional Tier
1 Securities will be the fifteenth calendar day preceding each Interest Payment Date, whether or not such day is a Business Day (the “Record Date”).

We may redeem the Additional Tier 1 Securities
in whole, but not in part, at 100% of their principal amount, together with any accrued and unpaid interest on the Additional Tier 1 Securities,
excluding any interest which has been canceled or deemed to be canceled in accordance with the terms of the Additional Tier 1 Securities,
to, but excluding, the date fixed for redemption, (i) upon the occurrence of certain