Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 132

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 132
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stream 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 discontinue them at any time.

The description of the clearing systems in this
section reflects our understanding of the rules and procedures of DTC, Euroclear or Clearstream Luxembourg as they are currently in effect.
Those systems could change their rules and procedures at any time.

So long as the depositary, or its nominee, is
the holder of a global security, the depositary or its nominee will be considered the sole holder of such global security for all purposes
under the indentures. Except as described below under the heading “—Issuance of Definitive Securities”, no participant,
indirect participant or other person will be entitled to have debt securities or capital securities, as applicable, registered in its
name, receive or be entitled to receive physical delivery of debt securities or capital securities, as applicable, in definitive form
or be considered the owner or holder of the debt securities or capital securities, as applicable, under the indentures. Each person having
an ownership or other interest in debt securities or capital securities, as applicable, must rely on the procedures of the depositary,
and, if a person is not a participant in the depositary, must rely on the procedures of the participant or other securities intermediary
through which that person owns its interest to exercise any rights and obligations of a holder under the indentures, the debt securities
or capital securities, as applicable.

Payments on Global Securities

Payments of any amounts in respect of any global
securities will be made by the trustee to the depositary. Payments will be made to beneficial owners of debt securities or capital securities,
as applicable, in accordance with the rules and procedures of the depositary or its direct and indirect participants, as applicable. We,
the trustee and any of our and their agents will not have any responsibility or liability for any aspect of the records of any securities
intermediary in the chain of intermediaries between the depositary and any beneficial owner of an interest in a global security, or the
failure