Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 35

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 35
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, the rate per annum equal to: (1) the arithmetic
average of the 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 2031 Fixed Rate Notes Reset Determination Date or the 2036 Fixed Rate
Notes Reset Determination Date, as applicable, and appearing under the caption “Treasury constant maturities” on the 2031
Fixed Rate Notes Reset Determination Date or the 2036 Fixed Rate Notes Reset Determination Date, as applicable, 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 “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 2031 Fixed Rate Notes Reset Determination Date or the 2036 Fixed Rate Notes Reset
Determination Date, as applicable, or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity
of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for the 2031 Fixed Rate Notes Reset Date or the 2036 Fixed Rate Notes Reset Date, as applicable.

<div align='center'>S-26</div>

If the U.S. Treasury Rate cannot be determined,
for whatever reason, as described under (1) or (2) above, “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