Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 22

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 22
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 have a view as to the fixed interest rates on the Senior
Fixed Rate Notes and Subordinated Notes and their levels relative to market interest rates before investing.

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

The interest rate on the Senior Fixed Rate Notes
will initially be % per annum from, and including, June , 2025 to, but excluding,
the Senior Fixed Rate Notes Reset Date. From, and including, the Senior Fixed Rate Notes Reset Date to, but excluding, June
, 2029, the interest rate on the Senior Fixed Rate Notes will be equal to the Senior Fixed Rate Notes U.S. Treasury Rate as determined
by the Calculation Agent on the Senior Fixed Rate Notes Reset Determination Date, plus % per annum.

The interest rate on the Subordinated Notes will
initially be % per annum from, and including, June ,
2025 to, but excluding, the Subordinated Notes Reset Date. From, and including, the Subordinated Notes Reset Date to, but excluding, June ,
2036, the interest rate on the Subordinated Notes will be at a rate per annum calculated by the Calculation Agent on the Subordinated
Notes Reset Determination Date as being equal to the sum of the Subordinated Notes U.S. Treasury Rate and %.

As a result, the interest rate on the Senior Fixed
Rate Notes and Subordinated 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 Notes and, by extension, could affect their market value.

<div align='center'>S-24</div>

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.

Under the terms of the Notes, you have agreed
to be bound by the exercise of any U.K. bail-in power imposed by the relevant U.K. resolution authority. See “—Holders of
the Notes may be required to absorb losses in the event we