Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 42

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 42
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 Rate” above, if a SOFR Benchmark Event and its related SOFR Benchmark
Replacement Date occurs when any Floating Rate Notes Interest Rate (or any component part thereof) remains to be determined by reference
to the SOFR Benchmark in respect of the Floating Rate Notes, then LBG (or its designee) may, at its sole discretion, appoint and consult
with an Independent Adviser, as soon as reasonably practicable, with a view to LBG (or its designee) determining a SOFR Benchmark Replacement
and the applicable SOFR Benchmark Replacement Adjustment Spread and any other amendments to the terms of the Floating Rate Notes, in accordance
with the provisions below.

In the absence of fraud, LBG (or its designee)
and any Independent Adviser appointed pursuant to this section “— SOFR Discontinuation”, as applicable, shall
have no liability whatsoever to LBG, the Trustee (as defined below), the Calculation Agent, any paying agent or the holders of the Floating
Rate Notes for any determination made by it or for any advice given to LBG (or its designee) in connection with any determination made
by LBG (or its designee) pursuant to this section “— SOFR Discontinuation”.

If LBG (or its designee) has not appointed an
Independent Adviser in accordance with this section “— SOFR Discontinuation”, LBG (or its designee) may still
make any determinations and/or any amendments contemplated by and in accordance with this section “— SOFR Discontinuation”
(with the relevant provisions in this section applying mutatis mutandis to allow such determinations or amendments to be made by
LBG (or its designee) without consultation with an Independent Adviser). Any determination, decision or election that may be made by LBG
(or its designee) pursuant to this section “— SOFR Discontinuation”, including any determination with respect
to tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain
from taking any action or any selection, will be conclusive and binding absent manifest error, will be made in LBG’s (or its designee’s)
sole discretion, and, notwithstanding anything to the contrary in the documentation relating to the Floating Rate Notes, shall become
effective without consent from the holders of the Floating Rate Notes or any other party.

Subject to the paragraph below, if LBG (or its
designee