Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 44

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 44
---
etermines 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, Floating Rate Notes Interest Determination Date and/or any
relevant time applicable to the Floating Rate Notes and (B) the method for determining the fallback to the 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
Floating Rate Notes for all future 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 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 LBG (or its designee) or any of the parties to the Indenture or Calculation Agent Agreement (if required).

By its acquisition of the Floating Rate Notes,
each holder and beneficial owner of the Floating Rate Notes and each subsequent holder and beneficial owner acknowledges, accepts, agrees
to be bound by, and consents to, LBG’s (or its designee’s) determination of the SOFR Benchmark Replacement, as contemplated
by this section “— SOFR Discontinuation”, and to any amendment or alteration of the terms and conditions of the
Floating Rate Notes, including an amendment of the amount of interest due on the Floating Rate Notes, as may be required in order to give
effect to this section “— SOFR Discontinuation”, without the need for any further consent