Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 136

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 136
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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 market trading between
Euroclear and/or Clearstream Luxembourg participants will occur in the ordinary way following the applicable rules and operating procedures
of Euroclear and Clearstream Luxembourg. Secondary market trading will be settled using procedures applicable to conventional Eurobonds
in registered form for securities.

Trading Between a DTC Seller and a Euroclear or Clearstream Luxembourg Purchaser

A purchaser of debt securities or capital securities,
as applicable, that are held in the account of a DTC participant must send instructions to Euroclear or Clearstream Luxembourg at least
one business day prior to settlement. The instructions will provide for the transfer of the debt securities or capital securities, as
applicable, from the selling DTC participant’s account to the account of the purchasing Euroclear or Clearstream Luxembourg participant.
Euroclear or Clearstream Luxembourg, as the case may be, will then instruct the common depositary for Euroclear and Clearstream Luxembourg
to receive the debt securities or capital securities, as applicable, either against payment or free of payment.

The interests in the debt securities or capital
securities, as applicable, will be credited to the respective clearing system. The clearing system will then credit the account of the
participant, following its usual procedures. Credit for the debt securities or capital securities, as applicable, will appear on the next
day, European time. Cash debit will be back-valued to, and the interest on the debt securities or capital securities, as applicable, will
accrue from, the value date