Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 30

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 30
---
 SOFR Index in March 2020, and has published modeled, pre-publication estimates
of SOFR going back to 2014. Such pre-publication estimates inherently involve assumptions, estimates and approximations. The future performance
of SOFR may therefore be difficult to predict based on the limited historical or hypothetical performance data and trends. The level of
SOFR during the term of the Senior Floating Rate Notes may bear little or no relation to the historical level of SOFR. Prior observed
patterns, if any, in the behavior of market variables and their relation to SOFR such as correlations, may change in the future. Investors
should therefore not rely on any historical changes or trends in SOFR as an indicator of the future performance of SOFR. Since the initial
publication of SOFR, daily changes in the rate have, on occasion, been more volatile than daily changes in other benchmark or market rates.
As a result, the return on and value of SOFR-based notes, such as the Senior Floating Rate Notes, may fluctuate more than floating rate
debt securities that are linked to less volatile rates.

The administrator of SOFR may make changes that could change the value of SOFR or may discontinue SOFR

The Federal Reserve Bank of New York (or a successor),
as administrator of SOFR, may make methodological or other changes that could change the value of SOFR, including changes related to the
method by which SOFR is calculated, eligibility criteria applicable to the transactions used to calculate SOFR, or timing related to the
publication of SOFR (which may include withdrawing, suspending or discontinuing the calculation or dissemination of SOFR).

The administrator has no obligation to consider
the interests of holders of the Senior Floating Rate Notes when calculating, adjusting, converting, revising or discontinuing SOFR. Such
changes, alterations, discontinuation or suspension could, among other things, have the effect of reducing, increasing or otherwise affecting
the volatility of the published rate or level of the relevant SOFR Benchmark (as defined below) which could have a material adverse effect
on the trading price of and return on Senior Floating Rate Notes referencing such SOFR Benchmark (including potential rates of interest
thereon).

Interest on the Senior Floating Rate Notes during the Senior Floating Rate Notes Interest Period will be calculated using a SOFR Benchmark Replacement if a Benchmark Event occurs.

The relevant administrator may alter, discontinue
or suspend calculation or dissemination of SOFR, in which case a fallback method of determining the Senior Floating