Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 112

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 112
---
 access to Euroclear is also available to other firms that clear through
or maintain a custodial relationship with a Euroclear participant, either directly or indirectly. Euroclear is an indirect participant
in DTC. Securities clearance accounts and cash accounts with Euroclear are governed by the Terms and Conditions Governing Use of Euroclear
and the related Operating Procedures of the Euroclear System (collectively, the “Euroclear Terms and Conditions”), and applicable
law. The Euroclear Terms and Conditions govern transfers of securities and cash within Euroclear, withdrawals of securities and cash from
Euroclear, and receipts of payments with respect to securities in Euroclear.

Clearstream Luxembourg. Clearstream Luxembourg
is incorporated under the laws of The Grand Duchy of Luxembourg as a société anonymeand is subject to regulation
by the Luxembourg Commission for the Supervision of the Financial Sector (Commission de Surveillance du Secteur Financier). Clearstream
Luxembourg is owned by Deutsche Börse AG, a publicly traded company. Clearstream Luxembourg holds securities for its participants
and facilitates the clearance and settlement of securities transactions among its participants through electronic book-entry 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. Clearstream Luxembourg is an indirect participant in DTC. Clearstream Luxembourg has established
an electronic bridge with Euroclear to facilitate settlement of trades between Clearstream Luxembourg and Euroclear. Distributions with
respect to the securities held beneficially through Clearstream Luxembourg are credited to cash accounts of Clearstream Luxembourg customers
in accordance with its rules and procedures, to the extent received by Clearstream Luxembourg.

<div align='center'>25</div>

Other Clearing Systems. We may choose any
other clearing system for a particular series of securities. The clearance and settlement procedures for the clearing system we choose
will be described in the applicable prospectus supplement.

Primary Distribution