Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 21

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 21
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2031 Fixed Rate Notes
will initially be 4.425% per annum from, and including, November 4, 2025 to, but excluding, the 2031 Fixed Rate Notes Reset Date. From,
and including, the 2031 Fixed Rate Notes Reset Date to, but excluding, November 4, 2031, the interest rate on the 2031 Fixed Rate Notes
will be equal to the applicable U.S. Treasury Rate as determined by the Calculation Agent on the 2031 Fixed Rate Notes Reset Determination
Date, plus 0.820% per annum.

The interest rate on the 2036 Fixed Rate Notes
will initially be 4.943% per annum from, and including, November 4, 2025 to, but excluding, the 2036 Fixed Rate Notes Reset Date. From,
and including, the 2036 Fixed Rate Notes Reset Date to, but excluding, November 4, 2036, the interest rate on the 2036 Fixed Rate Notes
will be equal to the applicable U.S. Treasury Rate as determined by the Calculation Agent on the 2036 Fixed Rate Notes Reset Determination
Date, plus 0.970% per annum.

<div align='center'>S-17</div>

As a result, the interest rate on a series of
Fixed Rate 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 Fixed Rate Notes and, by extension, could affect their market value.

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.

Uncertainty relating to the regulation of benchmarks may adversely affect the value of the Floating Rate Notes.

SOFR and other interest rates or other types of
rates and indices which are deemed to be “benchmarks” are the subject of ongoing national and international regulatory discussions
and proposals for reform. Some of these reforms are already effective, while others are still to be implemented. For example, these reforms