Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 43

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 43
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'>S-36</div>

The Additional Tier 1 Securities may be traded
with accrued interest, but under certain circumstances described above, such interest may be canceled and not paid on the relevant Interest
Payment Date.

The Additional Tier 1 Securities may trade, and/or
the prices for the Additional Tier 1 Securities may appear, on the Global Exchange Market of Euronext Dublin and in other trading systems
with accrued interest. If this occurs, purchasers of Additional Tier 1 Securities in the secondary market will pay a price that reflects
such accrued interest upon purchase of the Additional Tier 1 Securities. However, if a payment of interest on any Interest Payment Date
is canceled or deemed canceled (in each case, in whole or in part) as described herein and thus is not due and payable, purchasers of
such Additional Tier 1 Securities will not be entitled to that interest payment (or if LBG elects to make a payment of a portion, but
not all, of such interest payment, the portion of such interest payment not paid) on the relevant Interest Payment Date.

The interest rate on the Additional Tier 1 Securities
will be reset on each Reset Date, which may affect the market value of the Additional Tier 1 Securities.

The Additional Tier 1 Securities will initially
earn interest at a fixed rate of 7.500% per annum to, but
excluding, the First Reset Date. From, and including, the First Reset Date, however, and every Reset Date thereafter, the interest rate
will be reset to a rate per annum which will equal the aggregate of 3.436%
and the then-prevailing Reset Reference Rate (as defined under “Description of the Additional Tier 1 Securities—Payments—Definitions”).
This reset rate could be less than the initial interest rate and/or the interest rate that applies immediately prior to such Reset Date,
which could affect the amount of any interest payments under the Additional Tier 1 Securities and, in turn, the market value of an investment
in the Additional Tier 1 Securities.

Furthermore, investment in instruments which bear
a fixed rate of interest over an extended period involves the risk that if market interest rates subsequently increase above the rate
paid on the Additional Tier 1 Securities during such period, this may adversely affect the value of the Additional Tier 1 Securities.

LBG’s obligations under the Additional
Tier 1 Securities are subordinated and may be further subordinated upon a change in the regulatory classification of the Existing Preference
Shares or upon Automatic Conversion