Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 21

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 21
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 may affect market interest rates, including economic, financial, and political events,
such as the tightening of monetary policy, that are important in determining the existence, magnitude, and longevity of these risks and
their results. You should have a view as to the fixed interest rate on the Fixed Rate Notes and its level relative to market interest
rates before investing.

The interest rate on the Fixed Rate Notes
will reset on the reset date applicable to the series of Fixed Rate Notes.

The interest rate on the 2031 Fixed Rate Notes
will initially be % per annum from, and including, November , 2025 to, but
excluding, the 2031 Fixed Rate Notes Reset Date. From, and including, the 2031 Fixed Rate Notes Reset Date to, but excluding, November
, 2031, the interest rate on the 2031 Fixed Rate Notes will be equal to the applicable U.S. Treasury Rate as determined by the Calculation
Agent on the 2031 Fixed Rate Notes Reset Determination Date, plus % per annum.

The interest rate on the 2036 Fixed Rate Notes
will initially be % per annum from, and including, November , 2025 to, but
excluding, the 2036 Fixed Rate Notes Reset Date. From, and including, the 2036 Fixed Rate Notes Reset Date to, but excluding, November
, 2036, the interest rate on the 2036 Fixed Rate Notes will be equal to the applicable U.S. Treasury Rate as determined by the Calculation
Agent on the 2036 Fixed Rate Notes Reset Determination Date, plus % per annum.

<div align='center'>S-17</div>

As a result, the interest rate on a series of
Fixed Rate Notes following the applicable reset date may be less than its initial interest rate, which would affect the amount of any
interest payments under that series of Fixed Rate Notes and, by extension, could affect their market value.

The historical U.S. Treasury Rates are not an indication of future U.S. Treasury Rates.

In the past, U.S. Treasury Rates have experienced
significant fluctuations. You should note that historical levels, fluctuations and trends of U.S. Treasury Rates are not necessarily indicative
of future levels. Any historical upward or downward trend in U.S. Treasury Rates is not an indication that U.S. Treasury Rates are more
or less likely to increase or decrease at any time, and you should not take the historical U.S. Treasury Rates as an indication of future
rates.