Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 41

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 41
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 the value of the SOFR rates for each day during the relevant Senior Floating Rate Notes Interest Period as calculated
by the Calculation Agent as follows:

with the resulting percentage being rounded,
if necessary, to the nearest one hundred-thousandth of a percentage point, with 0.000005 being rounded upwards, where:

“d” for any SOFR Observation
Period, means the number of calendar days in the relevant SOFR Observation Period;

“SOFR Index” means the SOFR Index
in relation to any U.S. Government Securities Business Day as published by the NY Federal Reserve on the NY Federal Reserve’s Website
at the SOFR Determination Time;

“SOFR IndexEnd” means the SOFR Index
value on the date that is five U.S. Government Securities Business Days preceding the Senior Floating Rate Notes interest payment date
relating to such Senior Floating Rate Notes Interest Period (or in the final Senior Floating Rate Notes Interest Period, preceding the
maturity date) (such date a “SOFR Index Determination Date”); and

“SOFR IndexStart” means the SOFR
Index value on the date that is five U.S. Government Securities Business Days preceding the first date of the relevant Senior Floating
Rate Notes Interest Period (such date a “SOFR Index Determination Date”), and, for the initial Senior Floating Rate Notes
Interest Period, the SOFR Index value on June 10, 2025.

Subject to the circumstances described under
“— SOFR Discontinuation” below, if the SOFR Index is not published on any relevant SOFR Index Determination Date
and a SOFR Benchmark Event and its related SOFR Benchmark Replacement Date has not occurred, the “SOFR Index Average” for
such Senior Floating Rate Notes

Interest Period shall be calculated by the Calculation Agent on the
relevant Senior Floating Rate Notes Interest Determination Date as follows:

<div align='center'>S-37</div>

with the resulting percentage being rounded,
if necessary, to the nearest one hundred-thousandth of a percentage point, with 0.000005 being rounded upwards, where:

“d” for any SOFR Observation Period,
means the number of calendar days in the relevant SOFR Observation Period;

“d” for any SOFR Observation
Period, means the number of U.S. Government Securities Business Days in the relevant SOFR Observation Period;

“i” means a series of whole numbers
from one to d, each representing the relevant U.S. Government Securities Business Days in