Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 115

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 115
---
 Luxembourg participants purchasing
debt securities or capital securities, as applicable, would incur overdraft charges for one business day (assuming they cleared the overdraft
as soon as the securities were credited to their accounts). However, any interest on the debt securities or capital securities, as applicable,
would accrue from the value date. Therefore, in many cases, the investment income on debt securities or capital securities, as applicable,
that is earned during that one-business day period may substantially reduce or offset the amount of the overdraft charges. This result
will, however, depend on each participant’s particular cost of funds.

Because the settlement will take place during
New York business hours, DTC participants will use their usual procedures to deliver debt securities or capital securities, as applicable,
to the depositary on behalf of Euroclear participants or Clearstream Luxembourg participants. The sale proceeds will be available to the
DTC seller on the settlement date. For DTC participants, then, a cross-market transaction will settle no differently than a trade between
two DTC participants.

Special Timing Considerations

Investors should be aware that they will only
be able to make and receive deliveries, payments and other communications involving the debt securities or capital securities, as applicable,
through Clearstream Luxembourg and Euroclear on days when those systems are open for business. Those systems may not be open for business
on days when banks, brokers and other institutions are open for business in the United States.

In addition, because of time-zone differences,
there may be problems with completing transactions involving Clearstream Luxembourg and Euroclear on the same business day as in the United
States. U.S. investors who wish to transfer their interests in the debt securities or capital securities, as applicable, or to receive
or make a payment or delivery of the debt securities or capital securities, as applicable, on a particular day, may find that the transactions
will not be performed until the next business day in Luxembourg or Brussels, depending on whether Clearstream Luxembourg or Euroclear
is used.

<div align='center'>27</div>

Issuance of Definitive Securities

So long as the depositary holds the global securities
of a particular series of debt securities or capital securities, as applicable, such global securities will not be exchangeable for definitive
securities of that series unless:

| · | the depositary notifies the trustee that it is unwilling or unable to continue to act as depositary for the debt securities or capital 
 securities, as applicable, or the depositary ceases to