Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 84

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 84
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 lowest quotation (or, in the event of equality, one of the lowest). If only two
or three quotations are provided, the Reset Reference Rate will be determined by reference to the rounded arithmetic mean of the quotations
provided. If only one quotation is provided, the Reset Reference Rate will be determined by reference to the rounded quotation provided.
If no quotations are provided, the Reset Reference Rate shall be the Reset Reference Rate in respect of the immediately preceding Reset
Period or, in the case of the calculation of the first Reset Reference Rate, the Initial Interest Rate less the Margin, where:

| (i) | “Benchmark Gilt” means, in respect of the relevant Reset Period, such United Kingdom government security customarily                           
 used in the pricing of new issues having a maturity date on or about the next succeeding Reset Date as LBG (on the advice of an investment     
 bank of international repute) may determine to be appropriate following any guidance published by the International Capital Market Association 
 at the relevant time; and                                                                                                                      |

| (ii) | “dealing day” means a day on which the London Stock Exchange plc (or such other stock exchange on which the Benchmark 
 Gilt is at the relevant time listed) is ordinarily open for the trading of securities.                                |

<div align='center'>S-60</div>

All calculations of the Calculation Agent, in
the absence of manifest error, will be conclusive for all purposes and binding on LBG, the Calculation Agent, the Trustee, the Paying
Agent and on the holders of the Additional Tier 1 Securities.

All percentages resulting from any of the above
calculations will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a
percentage point rounded upwards (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)).

All pounds sterling amounts used in or resulting
from such calculations will be rounded to the nearest penny (with half a penny being rounded upwards).

Notwithstanding the foregoing, if any Reset Rate
of Interest determined for a Reset Period in accordance with the foregoing provisions would otherwise be lower than 0% per annum, the
Reset Rate of Interest for such Reset Period will be 0% per annum.

If any scheduled Interest Payment Date is not
a Business Day, we will pay interest on the next Business Day, but interest on that payment will not accrue during the period