Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 21

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 21
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the Subordinated Notes Reset Date to, but excluding, June 13, 2036, the interest rate on the Subordinated Notes will be at a rate per
annum calculated by the Calculation Agent on the Subordinated Notes Reset Determination Date as being equal to the sum of the Subordinated
Notes U.S. Treasury Rate and 1.600%.

As a result, the interest rate on the Senior Fixed
Rate Notes and Subordinated Notes following the applicable reset date may be less than its initial interest rate, which would affect the
amount of any interest payments under that series of Notes and, by extension, could affect their market value.

<div align='center'>S-24</div>

The historical U.S. Treasury rates are not an indication of future U.S. Treasury rates.

In the past, U.S. Treasury rates have experienced
significant fluctuations. You should note that historical levels, fluctuations and trends of U.S. Treasury rates are not necessarily indicative
of future levels. Any historical upward or downward trend in U.S. Treasury rates is not an indication that U.S. Treasury rates are more
or less likely to increase or decrease at any time, and you should not take the historical U.S. Treasury rates as an indication of future
rates.

Under the terms of the Notes, you have agreed
to be bound by the exercise of any U.K. bail-in power imposed by the relevant U.K. resolution authority. See “—Holders of
the Notes may be required to absorb losses in the event we become subject to recovery and resolution action.”

The Prudential Regulation Authority (the “PRA”)
requires that, subject to limited exceptions, unsecured liabilities of a relevant institution (such as LBG) governed by the laws of a
country outside of the U.K. (which include the Notes, the terms of which are governed by New York Law, except for the waiver of set-off
provisions which are governed by the laws of Scotland) must contain a contractual acknowledgment whereby the holders recognize that such
liability may be subject to the U.K. bail-in power and agree to be bound by the exercise of those powers by the relevant U.K. resolution
authority.

As a result, notwithstanding any other agreements,
arrangements, or understandings between us and any holder or beneficial owner of the Notes, by purchasing or acquiring the Notes, each
holder (including each beneficial owner) of the Notes acknowledges, accepts, agrees to be bound by and consents to the exercise