Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 82

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 82
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 inconsistency between the following summary and the description in the accompanying prospectus, the following summary governs.

General

The following is a summary of certain terms of
the Fixed Rate Reset Additional Tier 1 Securities offered hereby (referred to herein as the “Additional Tier 1 Securities”).
The summary set forth below does not purport to be complete and is subject to, and qualified in its entirety by reference to, the Capital
Securities Indenture dated as of March 6, 2014 (the “Base Indenture”), between us as issuer and The Bank of New York
Mellon, acting through its London Branch as trustee (the “Trustee”), as supplemented by a Tenth Supplemental Indenture
which we expect to be dated as of the Issue Date (the “Tenth Supplemental Indenture” and, together with the Base Indenture,
the “Indenture”), under which the Additional Tier 1 Securities are to be issued.

The Additional Tier 1 Securities and the Indenture
are governed by, and shall be construed in accordance with, the laws of the State of New York, except for the subordination and waiver
of set-off provisions which are governed by, and shall be construed in accordance with, Scots law. The terms of the Additional Tier 1
Securities include those stated in the Indenture and those terms made part of the Indenture by reference to the U.S. Trust Indenture Act
of 1939, as amended (the “TIA”). The Bank of New York Mellon, acting through its London Branch, will serve as Trustee
under the Indenture and will initially act as Paying Agent, and The Bank of New York Mellon, London Branch, will act as calculation agent
(the “Calculation Agent”) for the Additional Tier 1 Securities. The Bank of New York Mellon SA/NV, Dublin Branch will act as registrar for the Additional Tier 1 Securities.

The Additional Tier 1 Securities will constitute
our direct, unsecured, unguaranteed and subordinated obligations and will rank pari passu without any preference among themselves.

The Additional Tier 1 Securities will be issued
in an aggregate principal amount of up to $1,000,000,000. We will issue the Additional Tier 1 Securities in fully registered form in denominations
of $200,000 and in integral multiples of $1,000 thereafter (the denomination of each book-entry interest being the “Tradable Amount