Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 113

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 113
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, 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,
will be credited to the securities custody accounts of Euroclear and Clearstream Luxembourg participants on the business day following
the settlement date, for value on the settlement date. They will be credited either free of payment or against payment for value on the
settlement date.

Secondary Market Trading

Trading Between DTC Participants

Secondary market trading between DTC participants
will occur in the ordinary way in accordance with DTC’s rules. Secondary market trading will be settled using procedures applicable
to United States corporate debt obligations in DTC’s Same-Day Funds Settlement System for securities.

If payment is made in U.S. dollars, settlement
will be in same-day funds. If payment is made in a currency other than U.S. dollars, settlement will be free of payment. 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.

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Trading Between Euroclear and/or Clearstream Luxembourg Participants

We understand that secondary