Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 70

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 70
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 U.S. Treasury
securities having a maturity of one year based on information appearing in the most recently published statistical release designated
“H.15 Daily Update” (or any successor publication by the Board of Governors of the Federal Reserve System and that establishes
yields on actively traded U.S. Treasury securities) as of 5:00 p.m. (New York City time) on the Subordinated Notes Reset Determination
Date.

“Subordinated Notes Comparable Treasury
Issue” means, with respect to the Subordinated Notes Reset Period, the U.S. Treasury security or securities selected by the Issuer
with a maturity date on or about the last day of the Subordinated Notes Reset Period and that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of corporate debt securities denominated in U.S. dollars and
having a maturity of one year.

“Subordinated Notes Comparable Treasury
Price” means (i) the arithmetic average of the Subordinated Notes Reference Treasury Dealer Quotations for the Subordinated Notes
Reset Date, received by the Issuer (calculated by the Calculation Agent on the Subordinated Notes Reset Determination Date preceding the
Subordinated Notes Reset Date), after excluding the highest and lowest such Subordinated Notes Reference Treasury Dealer Quotations, or
(ii) if fewer than five such Subordinated Notes Reference Treasury Dealer Quotations are received by the Issuer, the arithmetic average
of all such quotations, or (iii) if fewer than two such Subordinated Notes Reference Treasury Dealer Quotations are received by the Issuer,
then such Subordinated Notes Reference Treasury Dealer Quotation as quoted in writing to the Issuer by a Subordinated Notes Reference
Treasury Dealer.

“Subordinated Notes Reference Treasury Dealer”
means each of up to five banks selected by the Issuer, or the affiliates of such banks, which are (i) primary U.S. Treasury securities
dealers, and their respective successors, or (ii) market makers in pricing corporate bond issues denominated in U.S. dollars.

“Subordinated Notes Reference Treasury Dealer
Quotations” means, with respect to each Subordinated Notes Reference Treasury Dealer and the Subordinated Notes Reset Date, the
bid and offered prices obtained by LBG for the Subordinated Notes Comparable Treasury Issue, expressed in each case as a percentage of
its principal amount, at 11:00 a.m. (New York City time), on the Subordinated Notes Reset Determination Date.

All