Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 37

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 37
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 principal amount) equal to the Senior Fixed Rate Notes Comparable Treasury Price for the Senior
Fixed Rate Notes Reset Date.

If the Senior Fixed Rate Notes U.S. Treasury Rate
cannot be determined, for whatever reason, as described under (1) or (2) above, the “Senior Fixed Rate 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 Senior Fixed Rate Notes Reset Determination
Date.

“Senior Fixed Rate Notes Comparable Treasury
Issue” means, with respect to the Senior Fixed Rate Notes reset fixed rate period, the U.S. Treasury security or securities selected
by the Issuer with a maturity date on or about the last day of the Senior Fixed Rate Notes reset fixed rate 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.

“Senior Fixed Rate Notes Comparable Treasury
Price” means (i) the arithmetic average of the Senior Fixed Rate Notes Reference Treasury Dealer Quotations for the Senior Fixed
Rate Notes Reset Date, received by the Issuer (calculated by the Calculation Agent on the Senior Fixed Rate Notes Reset Determination
Date preceding the Senior Fixed Rate Notes Reset Date), after excluding the 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)