Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 14

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 14
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 Issue (expressed as a percentage of its principal amount) equal to the Subordinated Notes Comparable Treasury Price for the Subordinated Notes Reset Date. |

<div align='center'>S-14</div>

| If the Subordinated Notes U.S. Treasury Rate cannot be determined,                                                                          
 for whatever reason, as described under (1) or (2) above, the “Subordinated Notes U.S. Treasury Rate” means the rate in percentage          
 per annum as notified by the Calculation Agent to the Issuer equal to the last reported Yield on U.S. Treasury securities having a maturity 
 of one year based on information appearing in the most recently published statistical release designated “H.15 Daily Update”                
 (or any successor publication by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded U.S.   
 Treasury securities) as of 5:00 p.m. (New York City time) on the Subordinated Notes Reset Determination Date.                               
 The Subordinated Notes U.S. Treasury Rate shall be determined by the                                                                        
 Calculation Agent (as defined herein).                                                                                                      
 “Subordinated Notes Comparable Treasury Issue” means, with                                                                                  
 respect to the Subordinated Notes Reset Period, the U.S. Treasury security or securities selected by the Issuer with a maturity date on     
 or about the last day of the Subordinated Notes Reset Period and that would be utilized, at the time of selection and in accordance with    
 customary financial practice, in pricing new issues of corporate debt securities denominated in U.S. dollars and having a maturity of       
 one year.                                                                                                                                   
 “Subordinated Notes Comparable Treasury Price” means (i)                                                                                    
 the arithmetic average of the Subordinated Notes Reference Treasury Dealer Quotations for the Subordinated Notes Reset Date (calculated     
 by the Calculation Agent on the Subordinated Notes Reset Determination Date preceding the Subordinated Notes Reset Date), after excluding   
 the highest and lowest such Subordinated Notes Reference Treasury Dealer Quotations received by the Issuer, or (ii) if fewer than five      
 such Subordinated Notes Reference Treasury Dealer Quotations are received by the Issuer, the arithmetic average of all such quotations,     
 or (iii) if fewer than two such Subordinated Notes Reference Treasury Dealer Quotations are received by the Issuer, then such Subordinated  
 Notes Reference Treasury Dealer Quotation as quoted in writing to the Issuer by a Subordinated Notes Reference Treasury Dealer.             
 “Subordinated Notes Reference Treasury Dealer” means each                                                                                   
 of up to five banks