Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 47

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 47
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 cease to provide
the SOFR Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there
is no successor administrator that will continue to provide the SOFR Benchmark (or such component); or

<div align='center'>S-32</div>

(3) a
public statement or publication of information by the regulatory supervisor for the administrator of the SOFR Benchmark announcing that
the SOFR Benchmark is no longer representative;

“SOFR Benchmark Replacement” means
the first alternative set forth in the order below that can be determined by LBG, following consultation with its Independent Adviser:

(a) the
sum of (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement
for the then-current SOFR Benchmark for the applicable Corresponding Tenor and (b) the SOFR Benchmark Replacement Adjustment;

(b) the
sum of (a) the ISDA Fallback Rate and (b) the SOFR Benchmark Replacement Adjustment; or

(c) the
sum of (a) the alternate rate that has been selected by LBG, in consultation with the Independent Adviser, as the replacement for
the then-current SOFR Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate as a replacement
for the then-current SOFR Benchmark for U.S. dollar-denominated floating rate notes at such time and (b) the SOFR Benchmark Replacement
Adjustment;

“SOFR Benchmark Replacement Adjustment”
means the first alternative set forth in the order below that can be determined by LBG, following consultation with its Independent Adviser:

(a) the
spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero)
that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted SOFR Benchmark Replacement;

(b) if
the applicable Unadjusted SOFR Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Spread Adjustment;

(c) the
spread adjustment (which may be a positive or negative value or zero) determined by LBG, following consultation with its Independent Adviser,
giving due consideration to any industry accepted spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of the then-current SOFR Benchmark with the applicable Unadjusted SOFR Benchmark Replacement for U.S. dollar-denominated
floating rate notes at such time;

“SOFR Benchmark Replacement Date”
means the