Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 82

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 82
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 deposited with a common depositary for Clearstream Banking, S.A. (“Clearstream, Luxembourg”) and Euroclear Bank SA/NV
(“Euroclear” and, together with Clearstream, Luxembourg, the “Clearing Systems”) and registered in the name of
such common depositary or its nominee. You will hold a beneficial interest in the Additional Tier 1 Securities through Clearstream, Luxembourg
and Euroclear and their respective direct and indirect participants and such direct and indirect participants will record your beneficial
interest on their books. LBG expects to deliver the Additional Tier 1 Securities through the facilities of Clearstream, Luxembourg and
Euroclear on February 27, 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”.

Secondary market trading will occur in the ordinary
way following the applicable rules and clearing system operating procedures of Clearstream, Luxembourg and Euroclear, as the case may
be. 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 Certificates, will be
made in immediately available funds. Beneficial interests in the Global Certificates will trade in the same-day funds settlement system
of Clearstream, Luxembourg and Euroclear, as the case may be, 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-59</div>

Payments

Interest Rate

From and including February 27, 2025 (the “Issue Date”) to but excluding June 27, 2030 (the “First Reset Date”), interest will accrue on the Additional Tier
1 Securities at an initial rate equal to 7.500% per annum (the “Initial Interest Rate”). The First Reset Date and
every fifth anniversary thereafter shall be a “Reset Date”. From and including each Reset Date to but excluding the
next succeeding Reset Date (each such period, a “Reset Period”) the interest will accrue on the Additional Tier 1
Securities at a rate per annum calculated by the Calculation Agent on the relevant Reset