Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 80

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 80
---
: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment
Products).

United Arab Emirates (excluding the Dubai International
Financial Centre)

Each Underwriter has severally, and not jointly,
represented and agreed that the Senior Notes have not been and will not be offered, sold or publicly promoted or advertised by it in the
United Arab Emirates (excluding the Dubai International Financial Centre) other than in compliance with any laws applicable in the United
Arab Emirates (excluding the Dubai International Financial Centre) governing the issue, offering and sale of securities.

Dubai International Financial Centre

Each Underwriter has severally, and not jointly,
represented and agreed that it has not offered and will not offer the Senior Notes to any person in the Dubai International Financial
Centre unless such offer is:

(a) an
“Exempt Offer” in accordance with the Markets Rules (MKT) Module of the Dubai Financial Services Authority (the “DFSA”)
Rulebook; and

(b) made
only to persons who meet the Professional Client criteria set out in Rule 2.3.3 of the Conduct of Business Module of the DFSA Rulebook.

Expenses of the Offering

We estimate that our total expenses for the offering,
excluding the underwriting discounts, will be approximately $ , as follows:

| Fees                          | Amount |
|:------------------------------|:-------|
| SEC registration fee          | $      |
| Trustee and Paying Agent fees | $      |
| Legal fees and expenses       | $      |
| Total                         | $      |

All amounts are estimated except the SEC registration
fee.

<div align='center'>S-52

Legal Opinions</div>

Our United States counsel, Davis Polk & Wardwell
London LLP, will pass upon certain legal matters relating to the Senior Notes under U.S. federal securities laws and New York law. Our
Scottish counsel, CMS Cameron McKenna Nabarro Olswang LLP, will pass upon certain matters relating to Scots law. Allen Overy Shearman
Sterling LLP, United States counsel for the underwriters, will pass upon certain United States and New York law legal matters for the
underwriters.

<div align='center'>Experts</div>

The consolidated financial statements of Lloyds
Banking Group plc as at December 31, 2024 and 2023 and for each of the three years in the period ended December 31, 2024, incorporated
by reference in this prospectus supplement by reference