Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 81

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 81
---
 Tier 1 Securities by making payments to or to the order of such depositary or its nominee for DTC for distribution to the
participants in DTC. A holder of a beneficial interest in a global note must rely on the procedures of DTC to receive payments under the
Additional Tier 1 Securities. We have no responsibility or liability for the records relating to, or payments made in respect of, beneficial
interests in the global note.

Holders of beneficial interests in the global
note will not have a direct right to vote in respect of the Additional Tier 1 Securities. Instead, such holders will be permitted to act
directly only to the extent that they are enabled in accordance with the procedures of DTC to appoint appropriate proxies.

Investors should be aware that the materialization
of any of the above risks (including those risks incorporated herein by reference) may adversely affect the value of the Additional Tier
1 Securities.

<div align='center'>S-54</div>

<div align='center'>Use of Proceeds</div>

The net proceeds from the sale of the Additional
Tier 1 Securities, less the underwriting compensation stated on the cover of this prospectus supplement and expenses payable by us estimated
at $444,592 are estimated to be $992,055,408. These proceeds will be used for general corporate purposes of the Group, including, without
limitation, to repurchase or refinance existing debt and/or existing capital securities.

<div align='center'>S-55</div>

<div align='center'>Capitalization
of the Group</div>

The Group’s capitalization and indebtedness
on a consolidated basis as at September 30, 2025 is set out in the report on Form 6-K dated October 23, 2025, which is incorporated by
reference herein. The amounts have been derived from the unaudited condensed consolidated financial statements as at September 30, 2025
prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.

<div align='center'>S-56</div>

<div align='center'>Description of
the Additional Tier 1 Securities</div>

The following is a summary of certain terms of the Additional Tier 1 Securities. It supplements the description of the general terms of the Capital Securities of any series we may issue contained in the accompanying prospectus under the heading “Description of Capital Securities” and “Description of Certain Provisions Relating to Debt Securities and Capital Securities”. If there is any