Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 49

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 49
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) the
spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero)
that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted SOFR Benchmark Replacement;

(b) if
the applicable Unadjusted SOFR Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Spread Adjustment;

(c) the
spread adjustment (which may be a positive or negative value or zero) determined by LBG, following consultation with its Independent Adviser,
giving due consideration to any industry accepted spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of the then-current SOFR Benchmark with the applicable Unadjusted SOFR Benchmark Replacement for U.S. dollar-denominated
floating rate notes at such time;

“SOFR Benchmark Replacement Date”
means the earliest to occur of the following events with respect to the then-current SOFR Benchmark (including the daily published component
used in the calculation thereof):

(1) in
the case of clause (1) or (2) of the definition of “SOFR Benchmark Event,” the later of (a) the date of the public
statement or publication of information referenced therein and (b) the date on which the administrator of the SOFR Benchmark permanently
or indefinitely ceases to provide the SOFR Benchmark (or such component); or

(2) in
the case of clause (3) of the definition of “SOFR Benchmark Event,” the date of the public statement or publication of
information referenced therein; and

“Unadjusted SOFR Benchmark Replacement”
means the SOFR Benchmark Replacement excluding the applicable SOFR Benchmark Replacement Adjustment.

General

The Senior Notes will constitute our direct, unconditional,
unsecured and unsubordinated obligations ranking pari passu and without any preference among themselves and at least pari passu,
with all of our other outstanding unsecured and unsubordinated obligations, present and future, subject to such exceptions as may be provided
by mandatory provisions of applicable law.

Each series of Senior Notes will constitute a
separate series of senior debt securities issued under an indenture dated as of July 6, 2010, as amended by the First Supplemental Indenture
dated as of July 6, 2016 (the “Senior Base Indenture”) between us as Issuer and The Bank of New York Mellon, acting through
its London Branch, as trustee (the “Trustee”), as supplemented by a Twenty-First Senior Supplemental Indent