Company: LLOBF
Filing Date: 2025-06-06
Form Type: F-3ASR
Source: 0000950103-25-007096
Chunk: 34

Company: Lloyds Banking Group plc
Filing Date: 2025-06-06
Form: F-3ASR
Chunk 34
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 applicable to United States
corporate debt obligations in DTC’s Same-Day Funds Settlement System.

Debt securities and capital securities, as applicable,
will be credited to the securities custody accounts of these DTC participants against payment in same-day funds, for payments in U.S.
dollars, on the settlement date. For payments in a currency other than U.S. dollars, debt securities or capital securities, as applicable,
will be credited free of payment on the settlement date. 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.

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

Debt securities or capital securities, as applicable,
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.

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

A purchaser of debt securities or capital securities,
as applicable, that are held in the account of a DTC participant must send instructions to Euroclear or Clearstream Luxembourg at least
one business day