Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 20

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 20
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ing us permission) redeem the Subordinated Notes at any time in whole (but not in part) upon the occurrence of certain tax changes
as described in this prospectus supplement and the accompanying prospectus.

Holders cannot require us to redeem a series
of Notes early.

Holders have no right to require us to redeem
a series of Notes prior to the maturity date therefor.

Because the Senior Fixed Rate Notes and Subordinated Notes accrue interest at a fixed rate, the amount of interest payable on the Senior Fixed Rate Notes and Subordinated Notes on each Senior Fixed Rate Notes interest payment date, with respect to the Senior Fixed Rate Notes, and each Subordinated Notes interest payment date, with respect to the Subordinated Notes, may be below market interest rates.

Because interest payable on the Senior Fixed Rate
Notes and Subordinated Notes accrues at a fixed rate, there can be no guarantee that the interest you will receive on one or more of the
Senior Fixed Rate Notes interest payment dates and Subordinated Notes interest payment dates, as applicable, will be equal to or greater
than the market interest rates on such dates. LBG does not have any control over a number of factors that may affect market interest rates,
including economic, financial, and political events, such as the tightening of monetary policy, that are important in determining the
existence, magnitude, and longevity of these risks and their results. You should have a view as to the fixed interest rates on the Senior
Fixed Rate Notes and Subordinated Notes and their levels relative to market interest rates before investing.

The interest rate on the Senior Fixed
Rate Notes and Subordinated Notes will reset on the reset date applicable to the series of Notes.

The interest rate on the Senior Fixed Rate Notes
will initially be 4.818% per annum from, and including, June 13, 2025 to, but excluding, the Senior Fixed Rate Notes Reset Date. From,
and including, the Senior Fixed Rate Notes Reset Date to, but excluding, June 13, 2029, the interest rate on the Senior Fixed Rate Notes
will be equal to the Senior Fixed Rate Notes U.S. Treasury Rate as determined by the Calculation Agent on the Senior Fixed Rate Notes
Reset Determination Date, plus 0.830% per annum.

The interest rate on the Subordinated Notes will
initially be 6.068% per annum from, and including, June 13, 2025 to, but excluding, the Subordinated Notes Reset Date. From, and including