Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 34

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 34
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2036 Fixed Rate Notes Reset Date.

Interest will be paid to holders of record of
each series of Fixed Rate Notes in respect of the principal amount thereof outstanding 15 calendar days preceding the relevant Fixed Rate
Notes interest payment date, whether or not a business day. If the scheduled maturity date or date of redemption or repayment is not a
business day, we may pay interest and principal on the next succeeding business day, but interest on that payment will not accrue during
the period from and after the scheduled maturity date or date of redemption or repayment.

Initial Fixed Rate Period

Interest on the Fixed Rate Notes during the initial
fixed rate period will be calculated on the basis of a 360-day year consisting of twelve 30-day months and, in the case of an incomplete
month, on the basis of the actual number of days elapsed in such period. If any scheduled fixed rate interest payment date, redemption
date or maturity date is not a business day, we will pay interest and principal, as applicable, on the next business day, but interest
on that payment will not accrue during the period from and after such scheduled fixed rate interest payment date, redemption date or maturity
date.

Reset Fixed Rate Period

Interest on the Fixed Rate Notes during the reset
fixed rate period will be calculated on the basis of a 360-day year consisting of twelve 30-day months and, in the case of an incomplete
month, on the basis of the actual number of days elapsed in such period. The interest rate for the 2031 Fixed Rate Notes during the reset
fixed rate period will be reset on the 2031 Fixed Rate Notes Reset Date. The interest rate for the 2036 Fixed Rate Notes during the reset
fixed rate period will be reset on the 2036 Fixed Rate Notes Reset Date. If any scheduled reset rate interest payment date, redemption
date or maturity date is not a business day, we will pay interest and principal, as applicable, on the next business day, but interest
on that payment will not accrue during the period from and after such scheduled reset rate interest payment date, redemption date or maturity
date.

Determination of the U.S. Treasury Rate

The U.S. Treasury Rate shall be determined by
The Bank of New York Mellon, London Branch as calculation agent (the “Calculation Agent”).

“U.S. Treasury Rate” means, with respect
to the 2031 Fixed Rate Notes Reset Date or the 2036 Fixed Rate Notes Reset Date, as applicable