Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 67

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 67
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 sum being converted to a semi-annual rate in accordance with market convention (rounded to three decimal places, with 0.0005 rounded
down) (the “Subordinated Notes Reset Rate of Interest”). Interest will be payable semi-annually in arrears on June and December of each year (each, an “Subordinated
Notes interest payment date”), commencing on December , 2025 to, and including, maturity.
Interest will be paid to holders of record of the Subordinated Notes as of 15 calendar days immediately preceding the related Subordinated
Notes interest payment date, whether or not a business day.

Interest on the Subordinated Notes will be calculated
on the basis of a 360-day year consisting of twelve 30-day months and, in the case of an incomplete month, on the basis of the actual
number of days elapsed in such period. If any scheduled Subordinated Notes interest payment date, redemption date or maturity date is
not a business day, we will pay interest on the next business day, but interest on that payment will not accrue during the period from
and after the scheduled Subordinated Notes interest payment date, redemption date or maturity date. If the scheduled maturity
date or date of redemption or repayment is not a business day, we may pay interest and principal on the next succeeding business day,
but interest on that payment will not accrue during the period from and after the scheduled maturity date or date of redemption or repayment.

All calculations of the Calculation Agent, in
the absence of manifest error, will be conclusive for all purposes and binding on LBG, the Calculation Agent, the Trustee, the Paying
Agent and on the holders of the Subordinated Notes.

All dollar amounts used in or resulting from such
calculations will be rounded to the nearest cent (with one half-cent being rounded upwards).

<div align='center'>S-50</div>

There shall be no Subordinated Notes Deferred
Payment Dates (as defined in the accompanying prospectus) in respect of the Subordinated Notes.

In this description of the Subordinated Notes,
the following expressions have the following meanings:

“Applicable Regulations” means, at
any time, the laws, regulations, requirements, guidelines and policies relating to capital adequacy and prudential supervision (including,
without limitation, as to leverage) then in effect in the United Kingdom including, without limitation to the generality of the foregoing
(and for so long as the same are applicable in the United Kingdom), any regulations, requirements,