Have some questions that you’ve just got to get answered? The chances are good we've already done it. Check the FAQ below:
For those who love detail - you can see the full development strategy here
For those of you who want the quick, simple to understand overview - read here.
Q: Will 3.5 be the LTS release for the 3.x series?
A: No. The strategies have been modified to not lock in a specific release as the LTS release of a series. Under the revised strategy, unless superseded with a newer minor release, there will be at least two years of support for the last minor release of a series. The concept of an LTS release is being eliminated in favor of this. For example, if 3.4 were to be the final minor release of the 3.x series, it would be supported for at least two years after its release.
Read more https://developer.joomla.org/news/587-faq-s-for-joomla-s-improved-release-cycle.html