Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 2

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 2
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 of each year, commencing on December , 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 herein) and %, 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 and
December of each year, commencing on December , 2025
to, and including, maturity. We will have the option in our sole discretion (but subject to, if and to the extent then required by the
Relevant Regulator or the Applicable Regulations, our giving notice to the Relevant Regulator and the Relevant Regulator granting us permission)
to redeem the Subordinated Notes, in whole, but not in part, on June , 2035 at a redemption price equal to 100%
of the principal amount of the Subordinated Notes being redeemed plus accrued and unpaid interest thereon, if any, to, but excluding June ,
2035.

In addition to our option to redeem the Subordinated
Notes, we may (subject to, if and to the extent then required by the Relevant Regulator or the Applicable Regulations, our giving notice
to the Relevant Regulator and the Relevant Regulator granting us permission) also redeem the Subordinated Notes, in whole but not in part,
at any time at 100% of their principal amount plus accrued and unpaid interest thereon, if any, (i) upon the occurrence of certain tax
events or (ii) upon the occurrence of certain regulatory events, subject to the conditions described in this prospectus supplement and
the accompanying prospectus. See “Description of the Notes—Subordinated Notes—Conditions to Redemption, Purchase, Substitution or Variation”.

The Notes will be issued in denominations of $200,000
and in integral multiples of $1,000 in excess thereof.

The Senior Notes will constitute our direct, unconditional,
unsecured and unsubordinated obligations ranking pari passu and without any preference among themselves and at least pari passu
with all of our other outstanding unsecured and unsubordinated obligations, present