Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 146

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 146
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’ accounts. This eliminates the need for physical movement
of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies,
clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation
(“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation,
all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to DTC system is also
available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that
clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly. DTC has a Standard &
Poor’s rating of AA+. The DTC rules applicable to its participants are on file with the SEC. More information about DTC can be found
at www.dtcc.com.

Issuance of Definitive Securities

So long as DTC holds Global Notes in respect of
the Additional Tier 1 Securities, such Global Notes will not be exchangeable for definitive securities unless:

<div align='center'>S-91</div>

| · | DTC notifies the Trustee that it is unwilling or unable to continue to act as depositary for the Additional Tier 1 Securities or DTC 
 ceases to be a clearing agency registered under the Exchange Act; or                                                                 |

| · | a Winding-up or Administration Event occurs. |

Each person having an ownership or other interest
in the Additional Tier 1 Securities must rely exclusively on the rules or procedures of DTC and any agreement with any direct or indirect
participant of DTC or any other securities intermediary through which that person holds its interest, to receive or direct the delivery
of possession of any definitive security. DTC has advised us that, under its current practices, it would notify its participants of our
request, but will only withdraw beneficial interests from the Global Notes at the request of each DTC participant. We would issue definitive
certificates in exchange for any such beneficial interests withdrawn.

Definitive Additional Tier 1 Securities will be
issued in registered form only. To the extent permitted by law, we, the Trustee and any paying agent shall be entitled to treat the person
in whose name any definitive security is registered as its absolute owner.

Payments in respect of definitive securities will
be made to the person