Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 109

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 109
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URITIES AND CAPITAL SECURITIES</div>

Form of Debt Securities and Capital Securities; Book-Entry System

General

Unless the relevant prospectus supplement states
otherwise, the debt securities and capital securities shall initially be represented by one or more global securities in registered form,
without coupons attached, and will be deposited with or on behalf of one or more depositaries, including, without limitation, The Depository
Trust Company (“DTC”), Euroclear Bank SA/NV (“Euroclear”) and/or Clearstream Banking, S.A. (“Clearstream
Luxembourg”), and will be registered in the name of such depositary or its nominee. Unless and until the debt securities or capital
securities, as applicable, are exchanged in whole or in part for other securities under the terms of the applicable indenture or the global
securities are exchanged for definitive securities, the global securities may not be transferred except as a whole by the depositary to
a nominee or a successor of the depositary.

Special procedures to facilitate clearance and
settlement have been established among these clearing systems to trade securities across borders in the secondary market. Where payments
for securities we issue in global form will be made in U.S. dollars, these procedures can be used for cross-market transfers and the securities
will be cleared and settled on a delivery against payment basis. Cross-market transfers of securities that are not in global form may
be cleared and settled in accordance with other procedures that may be established among the clearing systems for these securities.

The debt securities and capital securities may
be accepted for clearance by DTC, Euroclear and Clearstream Luxembourg.

Neither we nor the trustee nor any of our or their
agents has any responsibility for any aspect of the actions of DTC, Euroclear or Clearstream Luxembourg or any of their direct or indirect
participants. Neither we nor the trustee nor any of our or their agents has any responsibility for any aspect of the records kept by DTC,
Euroclear or Clearstream Luxembourg or any of their direct or indirect participants. Neither we nor the trustee nor any of our or their
agents supervise these systems in any way. This is also true for any other clearing system indicated in a prospectus supplement.

DTC, Euroclear or Clearstream Luxembourg and their
participants perform these clearance and settlement functions under agreements they have made with one another or with their customers.
Investors should be aware that DTC, Euroclear or Clearstream Luxembourg and their participants are not obligated to perform these procedures
and may modify them or dis