Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 22

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 22
---
Uncertainty relating to the regulation of benchmarks may adversely affect the value of the Floating Rate Notes.

SOFR and other interest rates or other types of
rates and indices which are deemed to be “benchmarks” are the subject of ongoing national and international regulatory discussions
and proposals for reform. Some of these reforms are already effective, while others are still to be implemented. For example, these reforms
have resulted in the cessation of certain benchmarks, including the sterling London Interbank Offered Rate (“LIBOR”) and the
cessation of U.S. dollar LIBOR at the end of June 2023. As of September 30, 2024, all remaining synthetic LIBOR settings were published
for the last time and LIBOR came to an end. Following the implementation of any such reforms, the manner of administration of benchmarks,
including SOFR, may change, with the result that they may perform differently than in the past, or the benchmark could be eliminated entirely,
or there could be other consequences that cannot be predicted. Any of the foregoing may have an adverse effect on the value of the Floating
Rate Notes.

Historical levels of SOFR are not an indication of its future levels.

The Federal Reserve Bank of New York began
to publish SOFR (in its current form) in April 2018 and the SOFR Index in March 2020, and has published modeled, pre-publication estimates
of SOFR going back to 2014. Such pre-publication estimates inherently involve assumptions, estimates and approximations. The future performance
of SOFR may therefore be difficult to predict based on the limited historical or hypothetical performance data and trends. The level of
SOFR during the term of the Floating Rate Notes may bear little or no relation to the historical level of SOFR. Prior observed patterns,
if any, in the behavior of market variables and their relation to SOFR such as correlations, may change in the future. Investors should
therefore not rely on any historical changes or trends in SOFR as an indicator of the future performance of SOFR. Since the initial publication
of SOFR, daily changes in the rate have, on occasion, been more volatile than daily changes in other benchmark or market rates. As a result,
the return on and value of SOFR-based notes, such as the Floating Rate Notes, may fluctuate more than floating rate debt securities that
are linked to less volatile rates.

The administrator of SOFR may make changes that could change the value of SOFR or may discontinue