Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 83

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 83
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 Determination Date as being equal to the sum
of the Reset Reference Rate (as defined below) in respect of the relevant Reset Period (expressed as a rate per annum) and 3.436% (the
“Margin”), such sum being converted to a quarterly rate in accordance with market convention (rounded to three decimal
places, with 0.0005 rounded down) (each a “Reset Rate of Interest”). Subject to the provisions under “—Interest Cancellation”, “—Conversion—Automatic Conversion” and “—Ranking and Liquidation Distribution”, interest, if any, will be payable quarterly in arrear on March 27, June 27, September 27 and December 27 of
each year, commencing on June 27, 2025 (with a long first interest period) (each, an “Interest Payment Date”).

Definitions

“Reset Reference Banks” means
five leading gilt dealers in the principal interbank market relating to sterling selected by LBG; and

“Reset Reference Rate” means
in respect of the relevant Reset Period, the gross redemption yield (as calculated by the Calculation Agent on the basis of the percentage
rate determined by the Independent Adviser on the basis of the 5-year gilt yield quotations provided (upon request by or on behalf of
LBG) by the Reset Reference Banks or if such basis is no longer in customary market usage at such time, in accordance with generally accepted
market practice at such time) on a semi-annual compounding basis (converted to an annualized yield and rounded up (if necessary) to three
decimal places) of the Benchmark Gilt in respect of the relevant Reset Period, with the price of the Benchmark Gilt for the purpose of
determining the gross redemption yield being the arithmetic average rounded (if necessary) to the nearest 0.001 per cent (0.0005 per cent
being rounded upwards) of the bid and offered prices of such Benchmark Gilt quoted by the Reset Reference Banks at 11.00 a.m. (London
time) on the relevant Reset Determination Date on a dealing basis for settlement on the next following dealing day in London. Such quotations
shall be obtained by or on behalf of LBG and provided to the Calculation Agent. If at least four quotations are provided, the Reset Reference
Rate will be determined by reference to the rounded arithmetic mean of the quotations provided, eliminating the highest quotation (or,
in the event of equality, one of the highest) and the