Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 48

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 48
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 earliest to occur of the following events with respect to the then-current SOFR Benchmark (including the daily published component
used in the calculation thereof):

(1) in
the case of clause (1) or (2) of the definition of “SOFR Benchmark Event,” the later of (a) the date of the public
statement or publication of information referenced therein and (b) the date on which the administrator of the SOFR Benchmark permanently
or indefinitely ceases to provide the SOFR Benchmark (or such component); or

(2) in
the case of clause (3) of the definition of “SOFR Benchmark Event,” the date of the public statement or publication of
information referenced therein; and

“Unadjusted SOFR Benchmark Replacement”
means the SOFR Benchmark Replacement excluding the applicable SOFR Benchmark Replacement Adjustment.

General

The Senior Notes will constitute our direct, unconditional,
unsecured and unsubordinated obligations ranking pari passu and without any preference among themselves and at least pari passu,
with all of our other outstanding unsecured and unsubordinated obligations, present and future, subject to such exceptions as may be provided
by mandatory provisions of applicable law.

Each of the 2031 Fixed Rate Notes, the 2036 Fixed
Rate Notes and the Floating Rate Notes will constitute a separate series of senior debt securities issued under an indenture dated as
of July 6, 2010, as amended by the First Supplemental Indenture dated as of July 6, 2016 (the “Senior Indenture”) between
us as Issuer and The Bank of New York Mellon, acting through its London Branch, as trustee (the “Trustee”), as supplemented
by a Twenty-Second Supplemental Indenture to be dated as of November 4, 2025 (the “Twenty-Second Supplemental Indenture” and,
together with the Senior Indenture, the “Indenture”) between us as Issuer and the Trustee, The Bank of New York Mellon, London
Branch as paying agent and The Bank of New York Mellon SA/NV, Dublin Branch, as senior debt security registrar. Book-entry interests in
the Senior Notes will be issued in minimum denominations of $200,000 and in integral multiples of $1,000 in excess thereof.

<div align='center'>S-33</div>

The Bank of New York Mellon, London Branch is
designated as the paying agent. We may at any time designate additional paying agents or rescind