Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 35

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 35
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 whether due to the particular circumstances of each holder of Subordinated Notes or otherwise,
such substituted or modified securities will be as favorable to each holder of Subordinated Notes in all respects.

Investors should be aware that the materialization
of any of the above risks (including those risks incorporated herein by reference) may adversely affect the value of the Notes.

<div align='center'>S-31

Use of Proceeds</div>

The net proceeds from the sale of the Notes, less
the underwriting compensation stated on the cover of this prospectus supplement and expenses payable by us estimated at $ ,
are estimated to be $ . These proceeds will be used for general corporate purposes.

<div align='center'>S-32

Capitalization
of the Group</div>

The Group’s capitalization and indebtedness
on a consolidated basis as at March 31, 2025 is set out in the report on Form 6-K dated May 1, 2025, which is incorporated by reference
herein. The amounts have been derived from the unaudited condensed consolidated financial statements as at and for the three months ended
March 31, 2025 prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.

<div align='center'>S-33

Description of
the Notes</div>

In this prospectus supplement, we refer to the Senior Notes and the Subordinated Notes collectively as the “Notes”. The following is a summary of certain terms of the Notes. It supplements the description of the general terms of the debt securities of any series we may issue contained in the accompanying prospectus under the heading “Description of Debt Securities”. If there is any inconsistency between the following summary and the description in the accompanying prospectus, the following summary governs.

Senior Fixed Rate Notes

The Senior Fixed Rate Notes will be issued in
an aggregate principal amount of $ and will mature on June , 2029.
The Senior Fixed Rate Notes bear interest at a fixed annual rate during the Senior Fixed Rate Notes initial fixed rate period and at a
reset annual rate during the Senior Fixed Rate Notes reset fixed rate period, each as described below.

During the Senior Fixed Rate Notes initial fixed
rate period, interest will accrue from June , 2025 on the Senior Fixed Rate Notes at a fixed rate of
% per annum. Interest accrued on the Senior Fixed Rate Notes during the Senior Fixed Rate Notes initial fixed rate period will be payable
semi-annually in arrears on June and December of each