Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 39

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 39
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 the maturity date to but excluding the maturity date. The Floating Rate Notes interest determination date (“Floating
Rate Notes Interest Determination Date”) for each Floating Rate Interest Period will be on the fifth U.S. Government Securities
Business Day (as defined below) preceding the applicable Floating Rate Notes interest payment date. If a tax redemption or Loss Absorption
Disqualification Event redemption (see “Description of the Senior Notes—Tax Redemption” and “Description of the Senior Notes—Loss Absorption Disqualification Event Redemption” in this prospectus supplement) occurs, the Floating
Rate Notes Interest Determination Date will be on the fifth U.S. Government Securities Business Day preceding such tax redemption or Loss
Absorption Disqualification Event redemption date, as applicable. “U.S. Government Securities Business Day” means any day
except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income
departments of its members be closed for the entire day for purposes of trading in U.S. government securities.

Calculation of Floating Rate Notes Interest Rate

The Calculation Agent for the Floating Rate Notes
is The Bank of New York Mellon, London Branch or its successor appointed by LBG. The Calculation Agent will determine the Floating Rate
Notes Interest Rate for each Floating Rate Notes Interest Period by reference to the SOFR Index Average on the applicable Floating Rate
Notes Interest Determination Date. Promptly upon such determination, the Calculation Agent will notify LBG and the Trustee (as defined
below) of the applicable Floating Rate Notes Interest Rate. Upon the request of the holder of any Floating Rate Note, the Calculation
Agent will provide the Floating Rate Notes Interest Rate as determined for the most recent applicable Floating Rate Notes Interest Period.

Subject to the circumstances described under
“— SOFR Discontinuation” below, the “SOFR Index Average” for each Floating Rate Notes Interest Period
shall be equal to the value of the SOFR rates for each day during the relevant Floating Rate Notes Interest Period as calculated by the
Calculation Agent as follows:

with the resulting percentage being rounded,
if necessary, to the nearest one hundred-thousandth of a percentage point, with 0.000005 being rounded upwards, where:

<div align='center'>S-29</div>

“d” for any SOFR Observation
Period, means the number of calendar days in the relevant SOFR Observation Period;

“SOFR Index” means the SOFR Index
in relation to any U.S. Government Securities Business Day as published by