Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 85

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 85
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 Day, we will pay interest on the next Business Day, but interest on that payment will not accrue during the period from and
after the scheduled Interest Payment Date. If any scheduled redemption date is not a Business Day, we may pay interest, if any, and principal
on the next succeeding Business Day, but interest on that payment will not accrue during the period from and after any scheduled redemption
date.

Interest shall be calculated by the Calculation
Agent on the basis of the 30/360 day count fraction (and rounding the resulting figure to the nearest cent (half a cent being rounded
upwards)). For this purpose “30/360” means, in respect of any period, the number of days in the relevant period, from and
including the first day in such period to but excluding the last day in such period, such number of days being calculated on the basis
of a 360 day year consisting of 12 months of 30 days each, and, in the case of an incomplete month, the actual number of days elapsed,
from (and including) the first day in such period to (but excluding) the last day in such period.

The term “Business Day” means
any day (other than a Saturday, a Sunday or a public holiday) on which commercial banks and foreign exchange markets are open for business
in both London, England, and in New York City.

The term “Reset Determination Date”
means the second Business Day immediately preceding the relevant Reset Date.

<div align='center'>S-58</div>

Determination of Subsequent Interest Rate

“U.S. Treasury Rate” means,
with respect to any Reset Date from which such rate applies, the rate per annum equal to: (1) the yield, which represents the average
for the week immediately prior to the Reset Determination Date for such Reset Date, appearing in the most recently published statistical
release designated “H.15”, 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 five years; or (2) if such release (or any successor release) is not published during
the week immediately prior to the Reset Determination Date 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