Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 31

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 31
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 Rate Notes Interest
Rate on the Senior Floating Rate Notes will apply. If a SOFR Benchmark Event (which, amongst other events, includes the permanent discontinuation
of the SOFR Benchmark or an announcement that the SOFR Benchmark will be permanently discontinued in the future) and its related SOFR
Benchmark Replacement Date (each as defined below) occurs, LBG (or its designee) may, at its sole discretion, appoint an Independent Adviser
(as defined below) as soon as reasonably practicable, to advise LBG (or its designee) in determining a SOFR Benchmark Replacement (as
defined below) to be used in place of the SOFR Benchmark.

If a SOFR Benchmark Replacement is determined
by LBG or its designee (in consultation with an Independent Adviser if LBG has appointed one), a SOFR Benchmark Replacement Adjustment
(as defined below) may be determined by LBG or its designee (in consultation with an Independent Adviser if LBG has appointed one) and
applied to such SOFR Benchmark Replacement.

<div align='center'>S-29</div>

Furthermore, if a SOFR Benchmark Replacement for
the SOFR Benchmark is determined by LBG or its designee (in consultation with an Independent Adviser if LBG has appointed one), LBG or
its designee may vary the terms and conditions of the Senior Floating Rate Notes, as necessary to ensure the proper operation of such
SOFR Benchmark Replacement and/or (in each case) the SOFR Benchmark Replacement Adjustment, without any requirement for consent or approval
of the holders of Senior Floating Rate Notes.

Any SOFR Benchmark Replacement will not be the
economic equivalent of the SOFR Benchmark and the use of any SOFR Benchmark Replacement (including with the application of a SOFR Benchmark
Replacement Adjustment) may result in the Senior Floating Rate Notes performing differently (which may include payment of a lower rate
of interest) than they would if the SOFR Benchmark were to continue to apply in its current form. Furthermore, the composition and characteristics
of the SOFR Benchmark Replacement may not be the same as those of the SOFR Benchmark. Each of the foregoing means that a SOFR Benchmark
Event may adversely affect the value of the Senior Floating Rate Notes, the return on the Senior Floating Rate Notes and the price at
which investors can sell such Senior Floating Rate Notes. If LBG has not appointed an Independent Adviser, LBG or its designee, acting
in its sole discretion, may still determine (