Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 36

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 36
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 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 2031 Fixed Rate Notes Reset Determination Date or the 2036 Fixed Rate Notes Reset Determination
Date, as applicable.

<div align='center'>S-27</div>

“Comparable Treasury Issue” means,
with respect to the applicable 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 applicable 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.

“Comparable Treasury Price” means,
with respect to the 2031 Fixed Rate Notes Reset Date or the 2036 Fixed Rate Notes Reset Date, respectively, (i) the arithmetic average
of the Reference Treasury Dealer Quotations for the 2031 Fixed Rate Notes Reset Date or the 2036 Fixed Rate Notes Reset Date, as applicable,
received by the Issuer (calculated by the Calculation Agent on the 2031 Fixed Rate Notes Reset Determination Date preceding the 2031 Fixed
Rate Notes Reset Date or the 2036 Fixed Rate Notes Reset Determination Date preceding the 2036 Fixed Rate Notes Reset Date, as applicable),
after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if fewer than five such Reference Treasury Dealer
Quotations are received by the Issuer, the arithmetic average of all such quotations, or (iii) if fewer than two such Reference Treasury
Dealer Quotations are received by the Issuer, then such Reference Treasury Dealer Quotation as quoted in writing to the Issuer by a Reference
Treasury Dealer.

“Reference Treasury Dealer” means
each of up to five banks selected by the Issuer, or the affiliates of such banks, which are (i) primary U.S. Treasury securities dealers,
and their respective successors, or (ii) market makers in pricing corporate bond issues denominated in U.S. dollars.

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and the 2031 Fixed Rate Notes Reset Date and