Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 31

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 31
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 reside outside of the United States. In addition, all or a substantial
portion of LBG’s assets are located outside of the United States. As a result, it may be difficult for holders of the Senior Notes
to effect service of process within the United States on such persons or to enforce judgments against them, including in any action based
on civil liabilities under the U.S. federal securities laws.

Limitation on our gross-up obligation under
the Senior Notes.

Our obligation to pay additional amounts in respect
of certain withholding taxes under the terms of the Senior Notes applies only to payments of interest due and paid under Senior Notes
and not to payments of principal. We will not be required to pay any additional amounts under the terms of the Senior Notes to the extent
any withholding or deduction applied to payments of principal. Accordingly, if any such withholding or deduction were to apply to any
payments of principal under the Senior Notes, you may receive less than the full amount due under the Senior Notes, and the market value
of the Senior Notes may be adversely affected.

Investors should be aware that the materialization
of any of the above risks (including those risks incorporated herein by reference) may adversely affect the value of each series of Senior
Notes.

<div align='center'>S-22

Use of Proceeds</div>

The net proceeds from the sale of the Senior Notes,
less the underwriting compensation stated on the cover of this prospectus supplement and expenses payable by us estimated at $615,668,
are estimated to be $3,040,509,332. These proceeds will be used for general corporate purposes.

<div align='center'>S-23

Capitalization
of the Group</div>

The Group’s capitalization and indebtedness
on a consolidated basis as at September 30, 2025 is set out in the report on Form 6-K dated October 23, 2025, which is incorporated by
reference herein. The amounts have been derived from the unaudited condensed consolidated financial statements as at September 30, 2025
prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.

<div align='center'>S-24

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