Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 1

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 1
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 the 2031 Fixed Rate Notes, the “Fixed Rate Notes”)
will mature on November 4, 2036. The 2036 Fixed Rate Notes will bear interest from, and including, November 4, 2025 to, but excluding,
November 4, 2035 (the “2036 Fixed Rate Notes Reset Date”) at a fixed annual rate of 4.943%, payable semi-annually in arrear,
on May 4 and November 4 of each year, commencing on May 4, 2026. From, and including, the 2036 Fixed Rate Notes Reset Date, the 2036 Fixed
Rate Notes will bear interest at a fixed annual rate equal to the applicable U.S. Treasury Rate (as defined herein) as determined by the
Calculation Agent (as defined herein) on the 2036 Fixed Rate Notes Reset Determination Date (as defined herein), plus 0.970%, payable
semi-annually in arrear, on May 4, 2036 and November 4, 2036. We will have the option in our sole discretion (but subject to, if and to
the extent then required by the Relevant Regulator or the Loss Absorption Regulations, our giving notice to the Relevant Regulator and
the Relevant Regulator granting us permission) to redeem, in whole, but not in part, the 2036 Fixed Rate Notes on November 4, 2035 at
a redemption price equal to 100% of the principal amount of the 2036 Fixed Rate Notes being redeemed plus accrued and unpaid interest
thereon, if any, to, but excluding, November 4, 2035.

The senior callable floating rate notes due 2031
(the “Floating Rate Notes”, and, together with the Fixed Rate Notes, the “Senior Notes”) will mature on November
4, 2031. Interest on the Floating Rate Notes will be payable quarterly in arrear, on February 4, May 4, August 4 and November 4 of each
year, beginning on February 4, 2026. The interest rate payable on the Floating Rate Notes will accrue from, and including, November 4,
2025 at a floating rate equal to the sum of the SOFR Index Average, reset quarterly plus 1.100% per annum, subject to the Minimum Rate
(as defined herein). We will have the option in our sole discretion (but subject to, if and to