<SEC-DOCUMENT>0000950103-24-007249.txt : 20240529
<SEC-HEADER>0000950103-24-007249.hdr.sgml : 20240529
<ACCEPTANCE-DATETIME>20240529162714
ACCESSION NUMBER:		0000950103-24-007249
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240529
DATE AS OF CHANGE:		20240529

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Lloyds Banking Group plc
		CENTRAL INDEX KEY:			0001160106
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-265452
		FILM NUMBER:		24998842

	BUSINESS ADDRESS:	
		STREET 1:		25 GRESHAM STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC2V 7HN
		BUSINESS PHONE:		44 0 20 7626 1500

	MAIL ADDRESS:	
		STREET 1:		25 GRESHAM STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC2V 7HN

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LLOYDS TSB GROUP PLC
		DATE OF NAME CHANGE:	20010926

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Lloyds Banking Group plc
		CENTRAL INDEX KEY:			0001160106
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		25 GRESHAM STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC2V 7HN
		BUSINESS PHONE:		44 0 20 7626 1500

	MAIL ADDRESS:	
		STREET 1:		25 GRESHAM STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC2V 7HN

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LLOYDS TSB GROUP PLC
		DATE OF NAME CHANGE:	20010926
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>dp211802_fwp.htm
<DESCRIPTION>FORM FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 2pt Times New Roman, Times, Serif">

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 71%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 29%; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Filed pursuant to Rule 433<BR>
Dated May 29, 2024<BR>
Registration No. 333-265452</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="background-color: rgb(0,106,77); width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
    <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: white"><B>Lloyds Banking Group plc</B></P>
    <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: white"></P>
    <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: white"><B>USD 1,500,000,000 5.721% Senior
    Callable Fixed-to-Fixed Rate Notes due 2030</B></P>
    <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: white"></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>Pricing Term Sheet:</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 26%; border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Issuer (LEI number)</B></FONT></TD>
    <TD STYLE="width: 74%; border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lloyds Banking Group plc (549300PPXHEU2JF0AM85)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Status</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Senior, Unsecured</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Format</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SEC Registered Global Notes &ndash; Fixed-to-Fixed Rate</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Expected Issue Ratings*</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A3 (Moody&rsquo;s) / BBB+ (S&amp;P) / A (Fitch)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Principal Amount </B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">USD 1,500,000,000</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Denomination</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">USD 200,000 and integral multiples of USD 1,000 in excess thereof </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Pricing Date</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">May 29, 2024</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Expected Settlement / Issue Date**</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">June 5, 2024 (T+5)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Maturity Date</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">June 5, 2030 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Optional Redemption</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Issuer may redeem the Senior Notes in whole (but not in part) in its sole discretion on June 5, 2029</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Initial Interest</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.721% per annum, payable semi-annually in arrear</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Interest Payment Dates</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2.85pt 0pt 0">From, and including, June 5, 2024 to, but excluding, June
    5, 2029 (the &ldquo;Initial Fixed Rate Period&rdquo;), interest will be payable on the Senior Notes semi-annually in arrear on June 5
    and December 5 each year, beginning on December 5, 2024</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2.85pt 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2.85pt 0pt 0">From, and including, June 5, 2029 to, but excluding, June
    5, 2030 (the &ldquo;Reset Fixed Rate Period&rdquo;), interest will be payable on the Senior Notes semi-annually in arrear on December
    5, 2029 and June 5, 2030</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2.85pt 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reference Benchmark Treasury</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.625% due April 30, 2029</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reference Benchmark Treasury Price / Yield </B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99-28 &frac14; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">/</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.651%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reoffer Spread to Benchmark Treasury </B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">+107 bps</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fixed Rate Reoffer Yield</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.721%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Issue Price / Re-Offer Price </B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.000%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Redemption Price </B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.000%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Underwriting Commission</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>All-in Price</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99.750%</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net Proceeds to the Issuer before expenses</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">USD 1,496,250,000</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"><IMG SRC="image_015.jpg" ALT="">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 71%; font-size: 11pt">&nbsp;</TD><TD STYLE="width: 29%; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Filed pursuant to Rule 433<BR> Dated May 29, 2024<BR> Registration No. 333-265452</B></FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 26%; border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fixed Rate Period Day Count Fraction</B></FONT></TD>
    <TD STYLE="width: 74%; border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30/360</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Initial Fixed Rate Period Business Day Convention</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Following, Unadjusted</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 2.3in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Change of Fixed Rate of Interest after Optional Redemption Date</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reset Fixed Rate Period Interest</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1-yr U.S. Treasury Rate (as defined in the Preliminary Prospectus Supplement dated May 29, 2024) +107 bps during the Reset Fixed Rate Period </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reset Determination Date</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The second business day immediately preceding the Reset Date</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reset Date</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">June 5, 2029</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reset Fixed Rate Period Day Count Fraction</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30/360</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reset Fixed Rate Period Business Day Convention</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Following, Unadjusted</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Optional Redemption Notice Period</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At least five business days but no more than thirty business days prior to the Optional Redemption Date</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Business Days </B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Means any day, other than Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in the City of New York or in the City of London</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Joint Bookrunners</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Barclays Capital Inc., J.P. Morgan Securities LLC, Lloyds Securities Inc. (B&amp;D), Soci&eacute;t&eacute; G&eacute;n&eacute;rale and Standard Chartered Bank</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Expected Listing</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">New York Stock Exchange </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Governing Law</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Indenture and the Senior Notes are governed by, and construed in accordance with, the laws of the State of New York except that the provisions relating to the waiver of set-off are governed by and construed in accordance with Scots law.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>MREL Eligibility </B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Intended to qualify as MREL and all applicable eligibility conditions to be met</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Waiver of Set-Off </B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yes &ndash; set-off rights waived, as further described in the Preliminary Prospectus Supplement</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Events of Default</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Restricted</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Senior Notes Restricted Events of Default</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Capital Disqualification Event Call</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Loss Absorption Disqualification Event Redemption</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Issuer may, at its option (but subject to, if and to the extent then required by the Relevant Regulator (as defined in the Preliminary Prospectus Supplement) or the Loss Absorption Regulations (as defined in the Preliminary Prospectus Supplement), upon giving notice to the Relevant Regulator and the Relevant Regulator granting it permission), having given not less than 15 nor more than 30 days' notice to holders, redeem all but not some of the Senior Notes outstanding at any time at 100% of their principal amount together with any accrued but unpaid interest to the date of redemption, if immediately prior to the giving of the notice referred to above, it notifies the Trustee that a Loss Absorption Disqualification Event (as defined in the Preliminary Prospectus Supplement) has occurred (as further described under &ldquo;Description of the Senior Notes - Loss Absorption Disqualification Event Redemption&rdquo; in the Preliminary Prospectus Supplement).</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"><IMG SRC="image_015.jpg" ALT="">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 71%; font-size: 11pt">&nbsp;</TD><TD STYLE="width: 29%; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Filed pursuant to Rule 433<BR> Dated May 29, 2024<BR> Registration No. 333-265452</B></FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 26%; border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Agreement with Respect to the Exercise of U.K. Bail-in Power</B></FONT></TD>
    <TD STYLE="width: 74%; border-bottom: #D9D9D9 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Notwithstanding any other agreements,
    arrangements, or understandings between us and any holder or beneficial owner of the Senior Notes, by purchasing or acquiring the Senior
    Notes, each holder (including each beneficial owner) of the Senior Notes acknowledges, accepts, agrees to be bound by&nbsp;and consents
    to the exercise of any U.K. bail-in power (as defined below) by the relevant U.K. resolution authority that may result in (i) the reduction
    or cancellation of all, or a portion, of the principal amount of, or interest on, the Senior Notes; (ii) the conversion of all, or a portion,
    of the principal amount of, or interest on, the Senior Notes into shares or other securities or other obligations of Lloyds Banking Group
    plc or another person (and the issue to or conferral on the holder of such shares, securities or obligations, including by means of amendment,
    modification or variation of the terms of the Senior Notes); and/or (iii) the amendment or alteration of the maturity of the Senior Notes,
    or amendment of the amount of interest due on the Senior Notes, or the dates on which interest becomes payable, including by suspending
    payment for a temporary period; any U.K. bail-in power may be exercised by means of variation of the terms of the Senior Notes solely
    to give effect to the exercise by the relevant U.K. resolution authority of such U.K. bail-in power. With respect to (i), (ii) and (iii)
    above, references to principal and interest shall include payments of principal and interest that have become due and payable (including
    principal that has become due and payable at the maturity date), but which have not been paid, prior to the exercise of any U.K. bail-in
    power. Each holder and each beneficial owner of the Senior Notes further acknowledges and agrees that the rights of the holders and/or
    beneficial owners under the Senior Notes are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any
    U.K. bail-in power by the relevant U.K. resolution authority.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">For these purposes, a &ldquo;U.K.
    bail-in power&rdquo; is any write-down, conversion, transfer, modification, moratorium and/or suspension power existing from time to time
    under any laws, regulations, rules or requirements relating to the resolution of financial holding companies, mixed financial holding
    companies, banks, banking group companies, credit institutions and/or investment firms incorporated in the United Kingdom in effect and
    applicable in the United Kingdom to Lloyds Banking Group plc or other members of the Group, including but not limited to any such laws,
    regulations, rules or requirements which are implemented, adopted or enacted in the United Kingdom within the context of&nbsp;the U.K.
    resolution regime under the Banking Act 2009 as the same has been or may be amended from time to time (whether pursuant to the U.K. Financial
    Services (Banking Reform) Act 2013, secondary legislation or otherwise) (the &ldquo;Banking Act&rdquo;) and/or the Loss Absorption Regulations,
    pursuant to which obligations of a bank, banking group company, credit institution or investment firm or any of its affiliates can be
    reduced, canceled, modified, transferred and/or converted into shares or other securities or obligations of the obligor or any other person
    (or suspended for a temporary period) or pursuant to which any right in a contract governing such obligations may be deemed to have been
    exercised. A reference to the &ldquo;relevant U.K. resolution authority&rdquo; is to any authority with the ability to exercise a U.K.
    bail-in power.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Repayment of Principal and Payment of Interest After Exercise of U.K. Bail-in Power</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No repayment of the principal amount of the Senior Notes or payment of interest on the Senior Notes shall become due and payable after the exercise of any U.K. bail-in power by the relevant U.K. resolution authority unless, at the time that such repayment or payment, respectively, is scheduled to become due, such repayment or payment would be permitted to be made by Lloyds Banking Group plc under the laws and regulations of the United Kingdom applicable to Lloyds Banking Group plc or other members of the Group.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ISIN</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US53944YBA01</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CUSIP</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53944Y BA0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Singapore SFA Product Classification</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Solely for the purposes of its obligations pursuant to Sections 309B(1)(a) and 309B(1)(c) of the Securities and Futures Act 2001 of Singapore, as modified or amended from time to time (the &ldquo;SFA&rdquo;), we have determined, and hereby notify all relevant persons (as defined in Section 309A(1) of the SFA) that the Senior Notes are &ldquo;prescribed capital markets products&rdquo; (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore) and &ldquo;Excluded Investment Products&rdquo; (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Target Market</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">UK MIFIR professionals/ECPs-only/No UK PRIIPs KID&ndash; Manufacturer
    target market (UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No UK
    PRIIPs key information document (KID) has been prepared as not available to retail in UK.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">MiFID II professionals/ECPs-only/No EU PRIIPs KID&ndash; Manufacturer
    target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU
    PRIIPs key information document (KID) has been prepared as not available to retail in EEA</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"><IMG SRC="image_015.jpg" ALT="">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 71%; font-size: 11pt">&nbsp;</TD><TD STYLE="width: 29%; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Filed pursuant to Rule 433<BR> Dated May 29, 2024<BR> Registration No. 333-265452</B></FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>*Note:&nbsp;A securities rating is not a recommendation to buy, sell
or hold securities.&nbsp;&nbsp;Ratings may be subject to revision or withdrawal at any time, and each rating should be evaluated independently
of any other rating.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Lloyds Banking Group plc has filed a registration statement (including
a Preliminary Prospectus Supplement) with the SEC for the offering to which this communication relates. Before you invest, you should
read the Preliminary Prospectus Supplement in that registration statement and other documents Lloyds Banking Group plc has filed with
the SEC for more complete information about Lloyds Banking Group plc and this offering. You may get these documents for free by visiting
EDGAR on the SEC Web site at www.sec.gov. Alternatively, Lloyds Banking Group plc and any underwriter or any dealer participating in the
offering will arrange to send you the Preliminary Prospectus Supplement if you request it by calling Barclays Capital Inc. at 1-888-603-5847,
J.P. Morgan Securities LLC at (212) 834-4533, Lloyds Securities Inc. at 1-212-930-5039, Societe Generale at 1-888-603-5847, or Standard
Chartered Bank at +44-2078-855739.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>**We currently expect delivery of the Senior Notes to occur on or
about June 5, 2024, which will be the fifth business day following the pricing of the Senior Notes (such settlement cycle being referred
to as &ldquo;T+5&rdquo;). Under Rule 15c6-1 of the U.S. Securities Exchange Act of 1934, as amended, trades in the secondary market generally
are required to settle in one Business Day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who
wish to trade Senior Notes on the date of pricing or the next four Business Days will be required, by virtue of the fact that the Senior
Notes initially will settle in T+5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement.
Purchasers of Senior Notes who wish to trade Senior Notes on the date of pricing or the next four succeeding Business Days should consult
their own advisors. </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Any legends, disclaimers or other notices that may appear below are
not applicable to this communication and should be disregarded. Such legends, disclaimers or other notices have been automatically generated
as a result of this communication having been sent via Bloomberg or another email system.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"><IMG SRC="image_015.jpg" ALT="">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_015.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_015.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  B )$# 2(  A$! Q$!_\0
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MHH **** "BBB@ HHHH **** "BBN)\;>/D\*ZA9Z?':S7-W=+NCBACWLW)&
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MN61I9+6XCXD4,3DJ1M."<$%A7I50265M+=PW<D$;7$((CE*_,@/7!]Z!&/\
M9?%/_03T[_P&;_XJBM^B@ HHHH **** "BBB@ HHHH **** "BBB@ I" 001
MD&BB@#GO!EO#;Z"T,,4<<2W$H"(H"CYO04O@RWAM=%EAMX8X8ENI<)&H51SZ
/"BB@#H:*** "BBB@#__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
