Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 39

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 39
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 highest and lowest such Senior Fixed Rate Notes Reference
Treasury Dealer Quotations, or (ii) if fewer than five such Senior Fixed Rate Notes Reference Treasury Dealer Quotations are received
by the Issuer, the arithmetic average of all such quotations, or (iii) if fewer than two such Senior Fixed Rate Notes Reference Treasury
Dealer Quotations are received by the Issuer, then such Senior Fixed Rate Notes Reference Treasury Dealer Quotation as quoted in writing
to the Issuer by a Senior Fixed Rate Notes Reference Treasury Dealer.

<div align='center'>S-35</div>

“Senior Fixed Rate Notes Reference Treasury
Dealer” means each of up to five banks selected by the Issuer, or the affiliates of such banks, which are (i) primary U.S. Treasury
securities dealers, and their respective successors, or (ii) market makers in pricing corporate bond issues denominated in U.S. dollars.

“Senior Fixed Rate Notes Reference Treasury
Dealer Quotations” means, with respect to each Senior Fixed Rate Notes Reference Treasury Dealer and the Senior Fixed Rate Notes
Reset Date, the bid and offered prices obtained by LBG for the Senior Fixed Rate Notes Comparable Treasury Issue, expressed in each case
as a percentage of its principal amount, at 11:00 a.m. (New York City time), on the Senior Fixed Rate Notes Reset Determination Date.

All calculations of the Calculation Agent, in
the absence of manifest error, will be conclusive for all purposes and binding on the Issuer, the Trustee, the paying agent and on the
holders of the Senior Notes.

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)) and all dollar amounts used
in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being rounded upwards).

The interest rate on the Senior Fixed Rate Notes
during the Senior Fixed Rate Notes reset fixed rate period will in no event be higher than the maximum rate permitted by law or lower
than 0.00% per annum.

Senior Floating Rate Notes

The Senior Floating Rate Notes will be issued
in an aggregate principal amount of $ and will mature on June , 2029. The Senior
Floating Rate Notes