Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 68

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 68
---
 yields on actively traded U.S. Treasury securities adjusted to constant
maturity for the maturity of one year (“Yields”), for the five consecutive business days immediately prior to the Subordinated
Notes Reset Determination Date, and appearing under the caption “Treasury constant maturities” on the Subordinated Notes Reset
Determination Date, as of 5:00 p.m. (New York City time), in the applicable most recently published statistical release designated “H.15
Daily Update”, or any successor publication that is published by the Board of Governors of the Federal Reserve System that establishes
yields on actively traded U.S. Treasury securities adjusted to constant maturity, under the caption “Treasury constant maturities”,
for the maturity of one year; provided that if the Yield is not available through such release (or successor publication) for any
relevant business day, then the arithmetic average will be determined based on the Yields for the remaining business days during the five
business day period described above (provided further that if the Yield is available for only a single business day during such five business
day period, the “Subordinated Notes U.S. Treasury Rate” will mean the single-day Yield for such day); or (2) if such release (or any successor release) is not published during
the week immediately prior to the Subordinated Notes Reset Determination Date or does not contain such yields, the rate per annum equal
to the semi-annual equivalent yield to maturity of the Subordinated Notes Comparable Treasury Issue, calculated using a price for the
Subordinated Notes Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Subordinated Notes Comparable
Treasury Price for the Subordinated Notes Reset Date.

<div align='center'>S-51</div>

If the Subordinated Notes U.S. Treasury Rate cannot
be determined, for whatever reason, as described under (1) or (2) above, the “Subordinated Notes U.S. Treasury Rate” means
the rate in percentage per annum as notified by the Calculation Agent to the Issuer equal to the last reported Yield on 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