Company: LLOBF
Filing Date: 2025-06-06
Form Type: F-3ASR
Source: 0000950103-25-007096
Chunk: 87

Company: Lloyds Banking Group plc
Filing Date: 2025-06-06
Form: F-3ASR
Chunk 87
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 the same business day as in the United
States. U.S. investors who wish to transfer their interests in the debt securities or to receive or make a payment or delivery of the
debt securities 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.

Issuance of Definitive Securities

So long as the depositary holds the global securities
of a particular series of debt securities, 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 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 when due; or |

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

Each person having an ownership or other interest
in a debt security 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 indenture permits us to determine at any time and in our sole discretion that debt securities 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in exchange for any such beneficial interests withdrawn.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 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 each series of definitive
securities will be made to the person in whose name such definitive securities are registered as it appears in the register for that series
of