Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 83

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 83
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” of such book-entry interest). Prior to the Automatic Conversion (as defined below), the aggregate Tradable Amount of
the book-entry interests in each Additional Tier 1 Security shall be equal to such Additional Tier 1 Security’s principal amount.
Following the Automatic Conversion, the principal amount of each Additional Tier 1 Security shall be zero (as described below under “—Conversion—Conversion Procedures”).

Upon issuance, the Additional Tier 1 Securities
will be represented by one or more fully registered global notes (“Global Notes”). Each such Global Note will be deposited
with, or on behalf of, The Depository Trust Company (the “DTC”). You will hold a beneficial interest in the Additional
Tier 1 Securities through DTC and its participants. LBG expects to deliver the Additional Tier 1 Securities through the facilities of
DTC on November 3, 2025. For a more detailed summary of the form of the Additional Tier 1 Securities and settlement and clearance
arrangements, see “—Form of Additional Tier 1 Securities, Clearance and Settlement”.

Indirect holders trading their beneficial interests
in the Additional Tier 1 Securities through DTC must trade in DTC’s same-day funds settlement system and pay in immediately available
funds. Secondary market trading will occur in the ordinary way following the applicable rules and clearing system operating procedures
of DTC, including those of its indirect participants, Euroclear Bank SA/NV (“Euroclear”) and Clearstream Banking S.A.
(“Clearstream, Luxembourg”). Definitive securities will only be issued in limited circumstances described under “—Form of Additional Tier 1 Securities, Clearance and Settlement”.

Payment of principal of and interest, if any,
on the Additional Tier 1 Securities, so long as the Additional Tier 1 Securities are represented by the Global Notes, will be made in
immediately available funds. Beneficial interests in the Global Notes will trade in the same-day funds settlement system of DTC, and secondary
market trading activity in such interests will therefore settle in same-day funds. LBG currently expects such trading and settlement to
continue in the period between the Conversion Date and the Suspension Date (each as defined below).

<div align='center'>S-57</div>

Payments

Interest Rate

From and including November 3, 2025 (the “Issue Date”) to but excluding September 27, 2035 (the “First Reset Date”), interest will accrue on the Additional
Tier 1 Securities at an initial rate equal to