Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 43

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 43
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; and

“SOFR Observation Period” means,
in respect of each Senior Floating Rate Notes Interest Period, the period from (and including) the fifth U.S. Government Securities Business
Day preceding the first date in such Senior Floating Rate Notes Interest Period to (but excluding) the fifth U.S. Government Securities
Business Day preceding the Senior Floating Rate Notes interest payment date (or in the final Senior Floating Rate Notes Interest Period,
preceding the maturity date) for such Senior Floating Rate Notes Interest Period.

<div align='center'>S-38</div>

SOFR Discontinuation

Notwithstanding the provisions described under
“—Calculation of Senior Floating Rate Notes Interest Rate” above, if a SOFR Benchmark Event and its related SOFR
Benchmark Replacement Date occurs when any Senior Floating Rate Notes Interest Rate (or any component part thereof) remains to be determined
by reference to the SOFR Benchmark in respect of the Senior Floating Rate Notes, then LBG (or its designee) may, at its sole discretion,
appoint and consult with an Independent Adviser, as soon as reasonably practicable, with a view to LBG (or its designee) determining a
SOFR Benchmark Replacement and the applicable SOFR Benchmark Replacement Adjustment Spread and any other amendments to the terms of the
Senior Floating Rate Notes, in accordance with the provisions below.

In the absence of fraud, LBG (or its designee)
and any Independent Adviser appointed pursuant to this section “— SOFR Discontinuation”, as applicable, shall
have no liability whatsoever to LBG, the Trustee (as defined below), the Calculation Agent, any paying agent or the holders of the Senior
Floating Rate Notes for any determination made by it or for any advice given to LBG (or its designee) in connection with any determination
made by LBG (or its designee) pursuant to this section “— SOFR Discontinuation”.

If LBG (or its designee) has not appointed an
Independent Adviser in accordance with this section “— SOFR Discontinuation”, LBG (or its designee) may still
make any determinations and/or any amendments contemplated by and in accordance with this section “— SOFR Discontinuation”
(with the relevant provisions in this section applying mutatis mutandis to allow such determinations or amendments to be made by
LBG (or its designee) without consultation with an Independent Adviser). Any determination, decision or election that may be made by LBG