Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 208

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 208
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 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'>24</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 be a clearing agency registered under the Exchange Act;

·we are wound up and we fail to make a payment on the debt securities or capital securities, as applicable, when due; or

·at any time we determine at our option and in our sole discretion that the global securities of a particular series of debt securities
or capital securities should be exchanged for definitive debt securities or capital securities, as applicable, of that series in registered
form.

Each person having an ownership or other interest
in a debt security or capital security, as applicable, must rely exclusively on the rules or procedures of the depositary as the case
may be, and any agreement with any direct or indirect participant of the depositary, including Euroclear or Clearstream Luxembourg and
their participants, as applicable, or any other securities intermediary through which that person holds its interest, to receive or direct
the delivery of possession of any definitive security. The indentures permit us to determine at any time and in our sole discretion that
debt securities or capital securities, as applicable, shall no longer be represented by global securities. 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 securities
at the request of each DTC participant. We would issue definitive certificates in exchange for any such beneficial interests withdrawn.

Unless otherwise specified in the relevant prospectus
supplement, definitive debt securities and definitive capital securities will be issued