Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 32

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 32
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 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 $1,500,000,000 and will mature on November 4, 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 4, 2025 on the 2031 Fixed Rate Notes at a fixed rate of 4.425% per annum. Interest accrued on the Senior Notes
during the initial fixed rate period will be payable semi-annually in arrear on May 4 and November 4 of each year, commencing on May 4,
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 82
basis points (0.820%). Interest accrued on the 2031 Fixed Rate Notes during the reset fixed rate period will be payable semi-annually
in arrear on May 4, 2031 and November 4, 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 4, 2025 to, but excluding, November 4, 2030 (the “2031 Fixed Rate Notes Reset Date”) and the
“reset fixed rate period” starts from, and including, the 2031 Fixed Rate Notes Reset Date to, but excluding, November 4,
2031.

The