Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 145

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 145
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changes in accounts of its participants, thereby eliminating the need for physical movement of certificates.

Clearstream, Luxembourg provides to its participants,
among other things, services for safekeeping, administration, clearance and settlement of internationally traded securities and securities
lending and borrowing. Clearstream, Luxembourg interfaces with domestic markets in several countries.

Clearstream, Luxembourg’s customers include
worldwide securities brokers and dealers, banks, trust companies and clearing corporations and may include professional financial intermediaries.
Its U.S. customers are limited to securities brokers, dealers and banks. Indirect access to the Clearstream, Luxembourg system is also
available to others that clear through Clearstream, Luxembourg customers or that have custodial relationships with its customers, such
as banks, brokers, dealers and trust companies.

Issuance of Definitive Securities

So long as a Clearing System or its common depositary
or the common depositary’s nominee holds Global Certificates in respect of the Additional Tier 1 Securities, such Global Certificates
will not be exchangeable for definitive securities unless:

| · | such Clearing System notifies the Trustee that it is unwilling or unable to continue to act as depositary for the Additional Tier 
 1 Securities or such Clearing System ceases to be a clearing agency registered under the Exchange Act; or                         |

| · | a Winding-up or Administration Event occurs. |

Each person having an ownership or other interest
in the Additional Tier 1 Securities must rely exclusively on the rules or procedures of the relevant Clearing System, and any agreement
with any direct or indirect participant of such Clearing System or any other securities intermediary through which that person holds its
interest, to receive or direct the delivery of possession of any definitive security.

Definitive Additional Tier 1 Securities will be
issued in registered form only. To the extent permitted by law, we, the Trustee and any paying agent shall be entitled to treat the person
in whose name any definitive security is registered as its absolute owner.

Payments in respect of definitive securities will
be made to the person in whose name the definitive securities are registered as it appears in the register. Payments will be made in respect
of the Additional Tier 1 Securities by transfer to the holder’s account in London. Definitive securities should be presented to
the paying agent for redemption.

If we issue definitive Additional Tier 1 Securities
in exchange for Global Certificates, the Clearing System, as holder of that global security, will surrender it against receipt of the