Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 37

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 37
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 for the applicable Comparable Treasury Issue, expressed in each case as a percentage of its
principal amount, at 11:00 a.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.

All calculations of the Calculation Agent, in
the absence of manifest error, will be conclusive for all purposes and binding on the Issuer, the Trustee, the paying agent and on the
holders of the Senior Notes.

All percentages resulting from any of the above
calculations will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a
percentage point rounded upwards (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)) and all dollar amounts used
in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being rounded upwards).

The interest rate on each series of Fixed Rate
Notes during the reset fixed rate period will in no event be higher than the maximum rate permitted by law or lower than 0.00% per annum.

Floating Rate Notes

The Floating Rate Notes will be issued in
an aggregate principal amount of $300,000,000 and will mature on November 4, 2031. The Floating Rate Notes bear interest at a floating
rate from November 4, 2025, as described below.

The Floating Rate Notes Interest Rate will
be equal to the sum of (A) the SOFR Index Average (as defined below), as determined, with respect to each Floating Rate Notes Interest
Period (as defined below), on the applicable Floating Rate Notes Interest Determination Date (as defined below), and (B) 1.100% per annum,
providedthat the Floating Rate Notes Interest Rate with respect to any Floating Rate Notes Interest Period shall be subject to
a minimum rate per annumof 0.00% (the “Minimum Rate”), calculated on the basis of a 360-day year and the actual number
of days elapsed.

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

The first Floating Rate Notes interest payment
date (as defined below) will fall on February 4, 2026. Thereafter, interest on the Floating Rate Notes will be paid quarterly in arrear
on February 4, May 4, August 4 and November 4 of