Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 36

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 36
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 year, commencing
on December , 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 basis points ( %).
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 , 2028 and June , 2029. We refer to each such Senior Fixed Rate
Notes interest payment date during the Senior Fixed Rate Notes reset fixed rate period as a “Senior Fixed Rate Notes reset rate
interest payment date”, and together with the Senior Fixed Rate Notes fixed rate interest payment dates, the “Senior Fixed
Rate Notes interest payment dates”.

The “Senior Fixed Rate Notes initial fixed
rate period” is from, and including, June , 2025 to, but excluding, June , 2028
(the “Senior Fixed Rate Notes Reset Date”) and the “Senior Fixed Rate Notes reset fixed rate period” starts from,
and including, the Senior Fixed Rate Notes Reset Date to, but excluding, June , 2029.

The “Senior Fixed Rate Notes Reset Determination
Date” will be on the second business day immediately preceding the Senior Fixed Rate Notes Reset Date.

Interest will be paid to holders of record of
the Senior Fixed Rate Notes in respect of the principal amount thereof outstanding 15 calendar days preceding the relevant Senior Fixed
Rate Notes interest payment date, whether or not a business day. 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.

Senior Fixed Rate Notes Initial Fixed Rate Period

Interest on the Senior Fixed Rate Notes during
the Senior Fixed Rate Notes initial fixed rate period 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