Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 45

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 45
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 Rate Notes. The Trustee shall be entitled to rely on this deemed consent in connection with any supplemental indenture or
amendment which may be necessary to give effect to the SOFR Benchmark Replacement or any application of this section “— SOFR Discontinuation”.

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 waives any and all claims
in law and/or equity against the Trustee, the Calculation Agent and any paying agent for, agrees not to initiate a suit against the Trustee,
the Calculation Agent and any paying agent in respect of, and agrees that neither the Trustee, the Calculation Agent nor any paying agent
will be liable for, any action that the Trustee, the Calculation Agent or any paying agent, as the case may be, takes, or abstains from
taking, in each case in accordance with this section “— SOFR Discontinuation” or any losses suffered in connection
therewith.

<div align='center'>S-32</div>

Notwithstanding any other provision of this section
“— SOFR Discontinuation”, no SOFR Benchmark Replacement will be adopted, nor will the SOFR Benchmark Replacement
Adjustment (as applicable) be applied, nor will any other amendments to the terms and conditions of the Floating Rate Notes be made, if
and to the extent that, in the determination of LBG , the same could reasonably be expected to result in the exclusion of the Floating
Rate Notes (in whole or in part) from LBG’s and/or its subsidiaries’ minimum requirements for (A) own funds and eligible liabilities
and/or (B) loss absorbing capacity instruments, in each case as such minimum requirements are applicable to LBG and/or its subsidiaries
and as determined in accordance with, and pursuant to, the relevant Loss Absorption Regulations.

“Corresponding Tenor” with respect
to a SOFR Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustment)
as the applicable tenor for the then-current SOFR Benchmark;

“Independent Adviser” means an independent
financial institution of international repute or an independent financial adviser with appropriate expertise appointed by LBG under this
section “— SOFR Discontinuation”;

“ISDA” means the International Swaps
and Derivatives Association, Inc. or any successor;

“ISDA Definitions” means the 2006
ISDA Definitions, as published by IS