Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 40

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 40
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 bear interest at a floating rate from June , 2025, as described below.

The Senior Floating Rate Notes Interest Rate
will be equal to the sum of (A) the SOFR Index Average (as defined below), as determined, with respect to each Senior Floating Rate
Notes Interest Period (as defined below), on the applicable Senior Floating Rate Notes Interest Determination Date (as defined below),
and (B) % per annum, providedthat the Senior Floating Rate Notes Interest Rate with respect
to any Senior Floating Rate Notes Interest Period shall be subject to a minimum rate per annumof 0.00% (the “Minimum Rate”),
calculated on the basis of a 360-day year and the actual number of days elapsed.

The first Senior Floating Rate Notes interest
payment date (as defined below) will fall on September , 2025. Thereafter, interest on the Senior Floating Rate
Notes will be paid quarterly in arrears on March , June , September and
December of each year (together with the first Senior Floating Rate Notes interest payment date, each a “Senior
Floating Rate Notes interest payment date”). However, if a Senior Floating Rate Notes interest payment date would fall on a day
that is not a business day, other than the interest payment date that is also a redemption date or the date of maturity, the Senior Floating
Rate Notes interest payment date will be postponed to the next succeeding day that is a business day and interest thereon will continue
to accrue, except that if the business day falls in the next succeeding calendar month, the applicable Senior Floating Rate Notes interest
payment date will be the immediately preceding business day. In each such case, except for the Senior Floating Rate Notes interest payment
date falling on a redemption date or the maturity date, the Senior Floating Rate Notes Interest Periods and the Senior Floating Rate Notes
Reset Dates (as defined below) will be adjusted accordingly to calculate the amount of interest payable on the Senior Floating Rate Notes.

The Senior Floating Rate Notes Interest Rate will
be reset on each Senior Floating Rate Notes interest payment date (together with the initial Senior Floating Rate Notes Reset Date, each
a “Senior Floating Rate Notes Reset Date”). However, if any Senior Floating Rate Notes Reset Date would otherwise be a day
that is not a business day, that Senior Floating Rate Notes Reset Date will be postponed to the next succeeding day that is a business
day, except that if the business day falls in the next succeeding calendar month, the applicable Senior Floating Rate Notes