Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 43

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 43
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), following consultation with its Independent Adviser, no later than three business days prior to the Floating Rate Notes Interest
Determination Date relating to the next Floating Rate Notes Interest Period (the “Determination Cut-off Date”) determines
the SOFR Benchmark Replacement for the purposes of determining the Floating Rate Notes Interest Rate for all future Floating Rate Notes
Interest Periods (subject to the subsequent operation of this section “— SOFR Discontinuation” during any other
future Floating Rate Notes Interest Periods), then such SOFR Benchmark Replacement shall be the SOFR Benchmark for all future Floating
Rate Notes Interest Periods (subject to the subsequent operation of this section during any other future Floating Rate Notes Interest
Period(s)).

<div align='center'>S-30</div>

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 Floating Rate Notes Interest Rate shall be determined using the SOFR Benchmark last displayed on
the relevant page prior to the relevant Floating Rate Notes Interest Determination Date. This paragraph shall apply to the relevant Floating
Rate Notes Interest Period only. Any subsequent Floating Rate Notes Interest Period(s) shall be subject to the subsequent operation of,
and adjustment as provided in, this section “— SOFR Discontinuation”.

Promptly following the determination of the SOFR
Benchmark Replacement as described in this section “— SOFR Discontinuation”, LBG (or its designee) shall give
notice thereof pursuant to this section to the Trustee, the Calculation Agent, any paying agents and the holders of the Floating Rate
Notes. For the avoidance of doubt, neither the Trustee, the Calculation Agent nor any paying agents shall have any responsibility for
making such determination.

Subject to receipt of notice pursuant to the
above paragraph, the Trustee, the Calculation Agent and any paying agents shall, at the direction and expense of LBG, effect such waivers
and consequential amendments to the terms and conditions of the Floating Rate Notes, the Indenture and any other document as LBG (or its
designee), following consultation with its Independent Adviser, determines may be required to give effect to any application of this section
“— SOFR Discontinuation”, including, but not limited to:

(i) changes
to the terms and conditions of the Floating Rate Notes which LBG (or its designee), following consultation with its Independent Adviser,
d