Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 23

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 23
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 suspending or discontinuing the calculation or dissemination of SOFR).

The administrator has no obligation to consider
the interests of holders of the Floating Rate Notes when calculating, adjusting, converting, revising or discontinuing SOFR. Such changes,
alterations, discontinuation or suspension could, among other things, have the effect of reducing, increasing or otherwise affecting the
volatility of the published rate or level of the relevant SOFR Benchmark (as defined below) which could have a material adverse effect
on the trading price of and return on Floating Rate Notes referencing such SOFR Benchmark (including potential rates of interest thereon).

Interest on the Floating Rate Notes during the Floating Rate Notes Interest Period will be calculated using a SOFR Benchmark Replacement if a Benchmark Event occurs.

<div align='center'>S-18</div>

The relevant administrator may alter, discontinue
or suspend calculation or dissemination of SOFR, in which case a fallback method of determining the Floating Rate Notes Interest Rate
on the Floating Rate Notes will apply. If a SOFR Benchmark Event (which, amongst other events, includes the permanent discontinuation
of the SOFR Benchmark or an announcement that the SOFR Benchmark will be permanently discontinued in the future) and its related SOFR
Benchmark Replacement Date (each as defined below) occurs, LBG (or its designee) may, at its sole discretion, appoint an Independent Adviser
(as defined below) as soon as reasonably practicable, to advise LBG (or its designee) in determining a SOFR Benchmark Replacement (as
defined below) to be used in place of the SOFR Benchmark.

If a SOFR Benchmark Replacement is determined
by LBG or its designee (in consultation with an Independent Adviser if LBG has appointed one), a SOFR Benchmark Replacement Adjustment
(as defined below) may be determined by LBG or its designee (in consultation with an Independent Adviser if LBG has appointed one) and
applied to such SOFR Benchmark Replacement.

Furthermore, if a SOFR Benchmark Replacement for
the SOFR Benchmark is determined by LBG or its designee (in consultation with an Independent Adviser if LBG has appointed one), LBG or
its designee may vary the terms and conditions of the Floating Rate Notes, as necessary to ensure the proper operation of such SOFR Benchmark
Replacement and/or (in each case) the SOFR Benchmark Replacement Adjustment, without any requirement for consent or approval of the holders
of Floating Rate Notes.

Any SOFR Benchmark Replacement