Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 40

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 40
---
 Business Day as published by the NY Federal Reserve on the NY Federal Reserve’s Website
at the SOFR Determination Time;

“SOFR IndexEnd” means the SOFR Index
value on the date that is five U.S. Government Securities Business Days preceding the Floating Rate Notes interest payment date relating
to such Floating Rate Notes Interest Period (or in the final Floating Rate Notes Interest Period, preceding the maturity date) (such date
a “SOFR Index Determination Date”); and

“SOFR IndexStart” means the SOFR
Index value on the date that is five U.S. Government Securities Business Days preceding the first date of the relevant Floating Rate Notes
Interest Period (such date a “SOFR Index Determination Date”), and, for the initial Floating Rate Notes Interest Period, the
SOFR Index value on October 28, 2025.

Subject to the circumstances described under
“— SOFR Discontinuation” below, if the SOFR Index is not published on any relevant SOFR Index Determination Date
and a SOFR Benchmark Event and its related SOFR Benchmark Replacement Date has not occurred, the “SOFR Index Average” for
such Floating Rate Notes Interest Period shall be calculated by the Calculation Agent on the relevant Floating Rate Notes Interest Determination
Date 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:

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

“d” for any SOFR Observation
Period, means the number of U.S. Government Securities Business Days in the relevant SOFR Observation Period;

“i” means a series of whole numbers
from one to d, each representing the relevant U.S. Government Securities Business Days in chronological order from (and including)
the first U.S. Government Securities Business Day in the relevant SOFR Observation Period;

“n” for any U.S. Government
Securities Business Day “i” in the relevant SOFR Observation Period, means the number of calendar days from (and including)
such U.S. Government Securities Business Day “i” up to (but excluding) the following U.S. Government Securities Business Day
(“i+1”); and

“SOFR” for any U.S. Government
Securities Business Day “i” in the relevant SOFR Observation Period, is equal to SOFR in respect of