Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 34

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 34
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, 2025, which is incorporated by reference
herein. The amounts have been derived from the unaudited condensed consolidated financial statements as at and for the three months ended
March 31, 2025 prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.

<div align='center'>S-33

Description of
the Notes</div>

In this prospectus supplement, we refer to the Senior Notes and the Subordinated Notes collectively as the “Notes”. The following is a summary of certain terms of the Notes. It supplements the description of the general terms of the debt securities of any series we may issue contained in the accompanying prospectus under the heading “Description of Debt Securities”. If there is any inconsistency between the following summary and the description in the accompanying prospectus, the following summary governs.

Senior Fixed Rate Notes

The Senior Fixed Rate Notes will be issued in
an aggregate principal amount of $1,250,000,000 and will mature on June 13, 2029. The Senior Fixed Rate Notes bear interest at a fixed
annual rate during the Senior Fixed Rate Notes initial fixed rate period and at a reset annual rate during the Senior Fixed Rate Notes
reset fixed rate period, each as described below.

During the Senior Fixed Rate Notes initial fixed
rate period, interest will accrue from June 13, 2025 on the Senior Fixed Rate Notes at a fixed rate of 4.818% per annum. Interest accrued
on the Senior Fixed Rate Notes during the Senior Fixed Rate Notes initial fixed rate period will be payable semi-annually in arrears on
June 13 and December 13 of each year, commencing on December 13, 2025. We refer to each such interest payment date during the Senior Fixed
Rate Notes initial fixed rate period as a “Senior Fixed Rate Notes fixed rate interest payment date”.

During the Senior Fixed Rate Notes reset fixed
rate period, interest will accrue on the Senior Fixed Rate Notes at a fixed annual rate equal to the Senior Fixed Rate Notes U.S. Treasury
Rate (as defined below) as determined by the Calculation Agent (as defined herein) on the Senior Notes Fixed Rate Reset Determination
Date (as defined below), plus 83 basis points (0.830%). Interest accrued on the Senior Fixed Rate Notes during the Senior Fixed
Rate Notes reset fixed rate period will be payable semi-annually in arrears on December 13, 2028 and June 13,