Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 135

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 135
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clear 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.

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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

The distribution of debt securities and capital
securities will be cleared through one or more of the clearing systems that we have described above or any other clearing system that
is specified in the applicable prospectus supplement. Payment for debt securities and capital securities will be made on a delivery versus
payment or free delivery basis. These payment procedures will be more fully described in the applicable prospectus supplement.

Clearance and settlement procedures may vary from
one series of debt securities and capital securities, as applicable, to another according to the currency that is chosen for the specific
series of debt securities or capital securities. Customary clearance and settlement procedures are described below.

We will submit applications to the relevant system
or systems for the debt securities and capital securities to be accepted for clearance. The clearance numbers that are applicable to each
clearance system will be specified in the applicable prospectus supplement.

Clearance and Settlement Procedures

DTC. DTC participants that hold debt securities
or capital securities, as applicable, through DTC on behalf of investors will follow the settlement practices applicable to United States
corporate debt obligations in DTC’s Same-Day Funds Settlement System.

Debt securities and capital securities, as applicable,
will be credited to the securities custody accounts of these DTC participants against payment in same-day funds, for payments in U.S.
dollars, on the settlement date. For payments in a currency other than U.S. dollars, debt securities or capital securities, as applicable,
will be credited free of payment on the settlement date. If payment is made other than in U.S. dollars, separate payment arrangements
outside of the DTC system must be made between the DTC Participants involved.

Euroclear and Clearstream Luxembourg. We
understand that investors that hold debt securities or capital securities, as applicable, through Euroclear or Clearstream Luxembourg
accounts will follow the settlement procedures that are applicable to conventional Eurobonds in registered form for securities.

Debt securities or capital securities, as applicable,