Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 50

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 50
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 alternate rate that has been selected by LBG, in consultation with the Independent Adviser, as the replacement for
the then-current SOFR Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate as a replacement
for the then-current SOFR Benchmark for U.S. dollar-denominated floating rate notes at such time and (b) the SOFR Benchmark Replacement
Adjustment;

<div align='center'>S-41</div>

“SOFR Benchmark Replacement Adjustment”
means the first alternative set forth in the order below that can be determined by LBG, following consultation with its Independent Adviser:

(a) the
spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero)
that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted SOFR Benchmark Replacement;

(b) if
the applicable Unadjusted SOFR Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Spread Adjustment;

(c) the
spread adjustment (which may be a positive or negative value or zero) determined by LBG, following consultation with its Independent Adviser,
giving due consideration to any industry accepted spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of the then-current SOFR Benchmark with the applicable Unadjusted SOFR Benchmark Replacement for U.S. dollar-denominated
floating rate notes at such time;

“SOFR Benchmark Replacement Date”
means the 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