Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 45

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 45
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— SOFR Discontinuation”.

If LBG (or its designee) has not appointed an
Independent Adviser in accordance with this section “— SOFR Discontinuation”, LBG (or its designee) may still
make any determinations and/or any amendments contemplated by and in accordance with this section “— SOFR Discontinuation”
(with the relevant provisions in this section applying mutatis mutandis to allow such determinations or amendments to be made by
LBG (or its designee) without consultation with an Independent Adviser). Any determination, decision or election that may be made by LBG
(or its designee) pursuant to this section “— SOFR Discontinuation”, including any determination with respect
to tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain
from taking any action or any selection, will be conclusive and binding absent manifest error, will be made in LBG’s (or its designee’s)
sole discretion, and, notwithstanding anything to the contrary in the documentation relating to the Senior Floating Rate Notes, shall
become effective without consent from the holders of the Senior Floating Rate Notes or any other party.

Subject to the paragraph below, if LBG (or its
designee), following consultation with its Independent Adviser, no later than three business days prior to the Senior Floating Rate Notes
Interest Determination Date relating to the next Senior Floating Rate Notes Interest Period (the “Determination Cut-off Date”)
determines the SOFR Benchmark Replacement for the purposes of determining the Senior Floating Rate Notes Interest Rate for all future
Senior Floating Rate Notes Interest Periods (subject to the subsequent operation of this section “— SOFR Discontinuation”
during any other future Senior Floating Rate Notes Interest Periods), then such SOFR Benchmark Replacement shall be the SOFR Benchmark
for all future Senior Floating Rate Notes Interest Periods (subject to the subsequent operation of this section during any other future
Senior Floating Rate Notes Interest Period(s)).

Notwithstanding the above paragraph, if LBG (or
its designee), following consultation with its Independent Adviser, determines prior to the Determination Cut-off Date that no SOFR Benchmark
Replacement exists then the relevant Senior Floating Rate Notes Interest Rate shall be determined using the SOFR Benchmark last displayed
on the relevant page prior to the relevant Senior Floating Rate Notes Interest Determination Date. This paragraph shall apply to the relevant
Senior Floating Rate Notes