Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 48

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 48
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 other provision of this section
“— SOFR Discontinuation”, no SOFR Benchmark Replacement will be adopted, nor will the SOFR Benchmark Replacement
Adjustment (as applicable) be applied, nor will any other amendments to the terms and conditions of the Senior Floating Rate Notes be
made, if and to the extent that, in the determination of LBG , the same could reasonably be expected to result in the exclusion of the
Senior Floating Rate Notes (in whole or in part) from LBG’s and/or its subsidiaries’ minimum requirements for (A) own funds
and eligible liabilities and/or (B) loss absorbing capacity instruments, in each case as such minimum requirements are applicable to LBG
and/or its subsidiaries and as determined in accordance with, and pursuant to, the relevant Loss Absorption Regulations.

“Corresponding Tenor” with respect
to a SOFR Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustment)
as the applicable tenor for the then-current SOFR Benchmark;

<div align='center'>S-40</div>

“Independent Adviser” means an independent
financial institution of international repute or an independent financial adviser with appropriate expertise appointed by LBG under this
section “— SOFR Discontinuation”;

“ISDA” means the International Swaps
and Derivatives Association, Inc. or any successor;

“ISDA Definitions” means the 2006
ISDA Definitions, as published by ISDA, as amended, supplemented or replaced from time to time;

“ISDA Fallback Rate” means the rate
to be effective upon the occurrence of a SOFR Index Cessation Event according to (and as defined in) the ISDA Definitions, where such
rate may have been adjusted for an overnight tenor, but without giving effect to any additional spread adjustment to be applied according
to such ISDA Definitions;

“ISDA Spread Adjustment” means the
spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero)
that shall have been selected by ISDA as the spread adjustment that would apply to the ISDA Fallback Rate;

“Relevant Governmental Body” means
the Board of Governors of the Federal Reserve System and/or the NY Federal Reserve or a committee officially endorsed or convened by the
Board of Governors of the Federal Reserve System and/or the NY Federal Reserve, or any successor.

“SOFR Benchmark” means, initially,
the