Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 38

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 38
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 average will be determined based on the Yields for the remaining
business days during the five business day period described above (provided further that if the Yield is available for only a single business
day during such five business day period, the “Senior Fixed Rate Notes U.S. Treasury Rate” will mean the single-day Yield
for such day); or (2) if such release (or any successor release) is not published during the week immediately prior to the Senior Fixed
Rate Notes Reset Determination Date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity
of the Senior Fixed Rate Notes Comparable Treasury Issue, calculated using a price for the Senior Fixed Rate Notes Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Senior Fixed Rate Notes Comparable Treasury Price for the Senior
Fixed Rate Notes Reset Date.

If the Senior Fixed Rate Notes U.S. Treasury Rate
cannot be determined, for whatever reason, as described under (1) or (2) above, the “Senior Fixed Rate Notes U.S. Treasury Rate”
means the rate in percentage per annum as notified by the Calculation Agent to the Issuer equal to the last reported Yield on U.S. Treasury
securities having a maturity of one year based on information appearing in the most recently published statistical release designated
“H.15 Daily Update” (or any successor publication by the Board of Governors of the Federal Reserve System and that establishes
yields on actively traded U.S. Treasury securities) as of 5:00 p.m. (New York City time) on the Senior Fixed Rate Notes Reset Determination
Date.

“Senior Fixed Rate Notes Comparable Treasury
Issue” means, with respect to the Senior Fixed Rate Notes reset fixed rate period, the U.S. Treasury security or securities selected
by the Issuer with a maturity date on or about the last day of the Senior Fixed Rate Notes reset fixed rate 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 one year.

“Senior Fixed Rate Notes Comparable Treasury
Price” means (i) the arithmetic average of the Senior Fixed Rate Notes Reference Treasury Dealer Quotations for the Senior Fixed
Rate Notes Reset Date, received by the Issuer (calculated by the Calculation Agent on the Senior Fixed Rate Notes Reset Determination
Date preceding the Senior Fixed Rate Notes Reset Date), after excluding the