Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 70

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 70
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“Commission’s Proposal”) for a Directive for a common FTT in Belgium, Estonia, Germany, Greece, Spain, France, Italy,
Austria, Portugal, Slovenia and Slovakia (excluding Estonia, the “participating Member States”). However, Estonia has since
stated that it will not participate. The Commission’s Proposal has very broad scope and could, if introduced, apply to certain dealings
in the Senior Notes (including secondary market transactions) in certain circumstances.

Under the Commission’s Proposal, the FTT
could apply in certain circumstances to persons both within and outside of the participating Member States. Generally, it would apply
to certain dealings in the Senior Notes where at least one party is a financial institution, and at least one party is established in
a participating Member State. A financial institution may be, or be deemed to be, “established” in a participating Member
State in a broad range of circumstances, including (a) by transacting with a person established in a participating Member State or (b)
where the financial instrument which is subject to the dealings is issued in a participating Member State.

The FTT proposal remains subject to negotiation
between the participating Member States and the scope and timing of any such tax is uncertain. Based on certain public statements, the
participating Member States are considering a proposal that would reduce the scope of the FTT and would only concern certain listed shares.
This proposal remains subject to change until final approval. Additional EU Member States may decide to participate. Prospective holders
of the Senior Notes are advised to seek their own professional advice in relation to the FTT.

<div align='center'>S-46

Underwriting</div>

We and the underwriters for the offering named
below (the “Underwriters”) have entered into an underwriting agreement and a pricing agreement with respect to the Senior
Notes. Subject to certain conditions, we have agreed to sell to the Underwriters and each Underwriter has severally, and not jointly,
agreed to purchase the respective principal amounts of the 2031 Fixed Rate Notes, the 2036 Fixed Rate Notes and the Floating Rate Notes
indicated opposite such Underwriter’s name in the following tables.

| Underwriters                
 for the Senior Notes        | Principal                       
 Amount of 2031 Fixed Rate Notes | Principal                       
 Amount of 2036 Fixed Rate Notes | Principal                     
 Amount of Floating Rate Notes |
|:----------------------------|:--------------------------------|:--------------------------------|:------------------------------|
| Barclays Capital Inc.       | $                               | $