Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 86

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 86
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 Issue (expressed as
a percentage of its principal amount) equal to the Comparable Treasury Price for such Reset Date.

The U.S. Treasury Rate shall be calculated by
the Calculation Agent.

If the U.S. Treasury Rate cannot be determined,
for whatever reason, as described under (1) or (2) above, “U.S. Treasury Rate” means the rate in percentage per annum
as notified by the Calculation Agent to LBG equal to the yield on U.S. Treasury securities having a maturity of five years as set forth
in the most recently published statistical release designated “H.15” under the caption “Treasury Constant Maturities” (or any successor publication that is published weekly by the Board of Governors of the Federal Reserve System and
that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities” for the maturity of five years) on the last available date preceding the Reset Determination Date on which
such rate was set forth in such release (or any successor release).

“Comparable Treasury Issue”
means, with respect to any Reset Period, the U.S. Treasury security or securities selected by LBG with a maturity date on or about the
last day of such Reset 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 five years.

“Comparable Treasury Price”
means, with respect to any Reset Date, (i) the arithmetic average of the Reference Treasury Dealer Quotations for such Reset Date (calculated
by the Calculation Agent on the Reset Determination Date for such Reset Date), after excluding the highest and lowest such Reference Treasury
Dealer Quotations, or (ii) if fewer than five such Reference Treasury Dealer Quotations are received, the arithmetic average of all such
quotations, or (iii) if fewer than two such Reference Treasury Dealer Quotations are received, then such Reference Treasury Dealer Quotation
as quoted in writing to LBG by a Reference Treasury Dealer.

“Reference Treasury Dealer”
means, each of up to five banks selected by LBG, or the affiliates of such banks, which are primary U.S. Treasury securities dealers,
and their respective successors.

“Reference Treasury Dealer Quotations”
means with respect to each Reference Treasury Dealer and any Reset Date, the bid and offered prices obtained by LBG for the applicable
Comparable Treasury Issue, expressed in