Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 38

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 38
---
, each a “Floating
Rate Notes interest payment date”). However, if a Floating Rate Notes interest payment date would fall on a day that is not a business
day, other than the interest payment date that is also a redemption date or the date of maturity, the Floating Rate Notes interest payment
date will be postponed to the next succeeding day that is a business day and interest thereon will continue to accrue, except that if
the business day falls in the next succeeding calendar month, the applicable Floating Rate Notes interest payment date will be the immediately
preceding business day. In each such case, except for the Floating Rate Notes interest payment date falling on a redemption date or the
maturity date, the Floating Rate Notes Interest Periods and the Floating Rate Notes Reset Dates (as defined below) will be adjusted accordingly
to calculate the amount of interest payable on the Floating Rate Notes.

<div align='center'>S-28</div>

The Floating Rate Notes Interest Rate will be
reset on each Floating Rate Notes interest payment date (together with the initial Floating Rate Notes Reset Date, each a “Floating
Rate Notes Reset Date”). However, if any Floating Rate Notes Reset Date would otherwise be a day that is not a business day, that
Floating Rate Notes Reset Date will be postponed to the next succeeding day that is a business day, except that if the business day falls
in the next succeeding calendar month, the applicable Floating Rate Notes Reset Date will be the immediately preceding business day.

Interest will be paid to holders of record of
the Floating Rate Notes in respect of the principal amount thereof outstanding 15 calendar days preceding the relevant Floating Rate Notes
interest payment date, whether or not a business day. If the scheduled maturity date or date of redemption or repayment is not a business
day, we may pay interest and principal on the next succeeding business day, but interest on that payment will not accrue during the period
from and after the scheduled maturity date or date of redemption or repayment.

The first interest period will begin on and
include November , 2025 and will end on and exclude February , 2026. Thereafter, the interest
periods will be the periods from and including a Floating Rate Notes interest payment date to but excluding the immediately succeeding
Floating Rate Notes interest payment date (together with the initial interest period, each a “Floating Rate Notes Interest Period”).
However, the final Floating Rate Notes Interest Period will be the period from and including the Floating Rate Notes interest payment
date immediately preceding