Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 45

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 45
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 responsibility
for making such determination.

Subject to receipt of notice pursuant to the
above paragraph, the Trustee, the Calculation Agent and any paying agents shall, at the direction and expense of LBG, effect such waivers
and consequential amendments to the terms and conditions of the Senior Floating Rate Notes, the Indenture and any other document as LBG
(or its designee), following consultation with its Independent Adviser, determines may be required to give effect to any application of
this section “— SOFR Discontinuation”, including, but not limited to:

<div align='center'>S-39</div>

(i) changes
to the terms and conditions of the Senior Floating Rate Notes which LBG (or its designee), following consultation with its Independent
Adviser, determines may be required in order to follow market practice (determined according to factors including, but not limited to,
public statements, opinions and publications of industry bodies and organizations) in relation to such SOFR Benchmark Replacement, including,
but not limited to (A) the business day, business day convention, day count fraction, Senior Floating Rate Notes Interest Determination
Date and/or any relevant time applicable to the Senior Floating Rate Notes and (B) the method for determining the fallback to the
Senior Floating Rate Notes Interest Rate if such SOFR Benchmark Replacement is not available; and

(ii) any
other changes which LBG (or its designee), following consultation with its Independent Adviser, determines are reasonably necessary to
ensure the proper operation and comparability to the SOFR Benchmark of such SOFR Benchmark Replacement, which changes shall apply to the
Senior Floating Rate Notes for all future Senior Floating Rate Notes Interest Periods (subject to the subsequent operation of this section
“— SOFR Discontinuation”). None of the Trustee, the Calculation Agent or any paying agents shall be responsible
or liable for any determinations, decisions or elections made by LBG (or its designee) with respect to any waivers or consequential amendments
to be effected pursuant to this section “— SOFR Discontinuation” or any other changes and shall be entitled to
rely conclusively on any certifications provided to each of them in this regard.

No consent of the holders of the Senior Floating
Rate Notes shall be required in connection with effecting the relevant SOFR Benchmark Replacement as described in this section or such
other relevant adjustments pursuant to this section, including for the execution of, or amendment to, any documents or the taking of other
steps by