Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 65

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 65
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 market shall be deemed to acknowledge, agree to be bound by and consent to the same provisions
specified herein to the same extent as the holders and beneficial owners of the Senior Notes that acquire the Senior Notes upon their
initial issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms
of the Senior Notes including in relation to the U.K. bail-in power.

Listing

We intend to apply for the listing of each series
of Senior Notes on the New York Stock Exchange in accordance with its rules.

Governing Law

The Senior Base Indenture, the Twenty-First Senior
Supplemental Indenture and the Senior Notes are governed by, and construed in accordance with, the laws of the State of New York, except
that, as the Senior Indenture specifies, the provisions relating to the waiver of set-off in the Senior Indenture are governed by and
construed in accordance with Scots law.

Subordinated Notes

The Subordinated Notes will be issued in an aggregate
principal amount of $1,250,000,000 and will mature on June 13, 2036. Interest will accrue on the Subordinated Notes from, and including,
June 13, 2025 to, but excluding, June 13, 2035 (the “Subordinated Notes Reset Date”), at a fixed rate of 6.068% per annum
(the “Subordinated Notes Initial Interest Rate”), payable semi-annually in arrears, on June 13 and December 13 of each year,
commencing on December 13, 2025, and from, and including, the Subordinated Notes Reset Date to, but excluding, the maturity date (the
“Subordinated Notes Reset Period”), at a rate per annum calculated by the Calculation Agent on the Subordinated Notes Reset
Determination Date (as defined below) as being equal to the sum of the Subordinated Notes U.S. Treasury Rate (as defined below) and 1.600%,
such sum being converted to a semi-annual rate in accordance with market convention (rounded to three decimal places, with 0.0005 rounded
down) (the “Subordinated Notes Reset Rate of Interest”). Interest will be payable semi-annually in arrears on June 13 and
December 13 of each year (each, an “Subordinated Notes interest payment date”), commencing on December 13, 2025 to, and
including