Company: LLOBF
Filing Date: 2025-06-06
Form Type: F-3ASR
Source: 0000950103-25-007096
Chunk: 85

Company: Lloyds Banking Group plc
Filing Date: 2025-06-06
Form: F-3ASR
Chunk 85
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 arrangements outside of the DTC system must be made between the DTC Participants involved.

Euroclear and Clearstream Luxembourg. We
understand that investors that hold debt securities through Euroclear or Clearstream Luxembourg accounts will follow the settlement procedures
that are applicable to conventional Eurobonds in registered form for securities.

Debt securities 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.

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.

<div align='center'>14</div>

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

A purchaser of debt securities 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 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 either against payment or free
of payment.

The interests in the debt securities 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 will appear on the next day, European time. Cash debit