Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 42

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 42
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 to the SOFR Index Average on the applicable
Senior Floating Rate Notes Interest Determination Date. Promptly upon such determination, the Calculation Agent will notify LBG and the
Trustee (as defined below) of the applicable Senior Floating Rate Notes Interest Rate. Upon the request of the holder of any Senior Floating
Rate Note, the Calculation Agent will provide the Senior Floating Rate Notes Interest Rate as determined for the most recent applicable
Senior Floating Rate Notes Interest Period.

Subject to the circumstances described under
“— SOFR Discontinuation” below, the “SOFR Index Average” for each Senior Floating Rate Notes Interest
Period shall be equal to the value of the SOFR rates for each day during the relevant Senior Floating Rate Notes Interest Period as calculated
by the Calculation Agent 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;

“SOFR Index” means the SOFR Index
in relation to any U.S. Government Securities 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 Senior Floating Rate Notes interest payment date
relating to such Senior Floating Rate Notes Interest Period (or in the final Senior 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 Senior Floating
Rate Notes Interest Period (such date a “SOFR Index Determination Date”), and, for the initial Senior Floating Rate Notes
Interest Period, the SOFR Index value on June , 2025.

<div align='center'>S-37</div>

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 Senior Floating Rate Notes Interest Period shall be calculated by the Calculation Agent on the relevant Senior