Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 46

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 46
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 Interest Period only. Any subsequent Senior Floating Rate Notes Interest Period(s) shall be subject to the
subsequent operation of, and adjustment as provided in, this section “— SOFR Discontinuation”.

Promptly following the determination of the SOFR
Benchmark Replacement as described in this section “— SOFR Discontinuation”, LBG (or its designee) shall give
notice thereof pursuant to this section to the Trustee, the Calculation Agent, any paying agents and the holders of the Senior Floating
Rate Notes. For the avoidance of doubt, neither the Trustee, the Calculation Agent nor any paying agents shall have any responsibility
for making such determination.

Subject to receipt of notice pursuant to the
above paragraph, the Trustee, the Calculation Agent and any paying agents shall, at the direction and expense of LBG, effect such waivers
and consequential amendments to the terms and conditions of the Senior Floating Rate Notes, the Indenture and any other document as LBG
(or its designee), following consultation with its Independent Adviser, determines may be required to give effect to any application of
this section “— SOFR Discontinuation”, including, but not limited to:

<div align='center'>S-39</div>

(i) changes
to the terms and conditions of the Senior Floating Rate Notes which LBG (or its designee), following consultation with its Independent
Adviser, determines may be required in order to follow market practice (determined according to factors including, but not limited to,
public statements, opinions and publications of industry bodies and organizations) in relation to such SOFR Benchmark Replacement, including,
but not limited to (A) the business day, business day convention, day count fraction, Senior Floating Rate Notes Interest Determination
Date and/or any relevant time applicable to the Senior Floating Rate Notes and (B) the method for determining the fallback to the
Senior Floating Rate Notes Interest Rate if such SOFR Benchmark Replacement is not available; and

(ii) any
other changes which LBG (or its designee), following consultation with its Independent Adviser, determines are reasonably necessary to
ensure the proper operation and comparability to the SOFR Benchmark of such SOFR Benchmark Replacement, which changes shall apply to the
Senior Floating Rate Notes for all future Senior Floating Rate Notes Interest Periods (subject to the subsequent operation of this section
“— SOFR Discontinuation”). None of the Trustee, the Calculation Agent or any paying agents shall be responsible
or liable for any determin