Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 32

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 32
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 issued by the International Accounting Standards Board.

<div align='center'>S-25

Description of
the Senior Notes</div>

In this prospectus supplement, we refer to the 2031 Fixed Rate Notes and the 2036 Fixed Rate Notes collectively as the “Fixed Rate Notes” and to the Fixed Rate Notes and the Floating Rate Notes collectively as the “Senior Notes”. The following is a summary of certain terms of the Senior 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.

2031 Fixed Rate Notes

The 2031 Fixed Rate Notes will be issued in an
aggregate principal amount of $ and will mature on November ,
2031. The 2031 Fixed Rate Notes bear interest at a fixed annual rate during the initial fixed rate period and at a reset annual rate during
the reset fixed rate period, each as described below.

During the initial fixed rate period, interest
will accrue from November , 2025 on the 2031 Fixed Rate Notes at a fixed rate of
% per annum. Interest accrued on the Senior Notes during the initial fixed rate period will be payable semi-annually in arrear on May and
November of each year, commencing on May , 2026. We refer to each such interest
payment date during the initial fixed rate period as a “fixed rate interest payment date”.

During the reset fixed rate period, interest will
accrue on the 2031 Fixed Rate Notes at a fixed annual rate equal to the applicable U.S. Treasury Rate (as defined below) as determined
by the Calculation Agent (as defined herein) on the 2031 Fixed Rate Notes Reset Determination Date (as defined below), plus basis
points ( %). Interest accrued on the 2031 Fixed Rate Notes during the reset fixed rate
period will be payable semi-annually in arrear on May , 2031 and November , 2031. We refer
to each such interest payment date during the reset fixed rate period as a “2031 Fixed Rate Notes reset rate interest payment date”,
and together with the fixed rate interest payment dates, the “2031 Fixed Rate Notes interest payment dates”.

The “initial fixed rate period” is
from, and including, November , 2025 to, but excluding, November ,