Company: LLOBF
Filing Date: 2025-06-06
Form Type: F-3ASR
Source: 0000950103-25-007096
Chunk: 36

Company: Lloyds Banking Group plc
Filing Date: 2025-06-06
Form: F-3ASR
Chunk 36
---
 however, depend on each participant’s particular cost of funds.

Because the settlement will take place during
New York business hours, DTC participants will use their usual procedures to deliver debt securities or capital securities, as applicable,
to the depositary on behalf of Euroclear participants or Clearstream Luxembourg participants. The sale proceeds will be available to the
DTC seller on the settlement date. For DTC participants, then, a cross-market transaction will settle no differently than a trade between
two DTC participants.

Special Timing Considerations

Investors should be aware that they will only
be able to make and receive deliveries, payments and other communications involving the debt securities or capital securities, as applicable,
through Clearstream Luxembourg and Euroclear on days when those systems are open for business. Those systems may not be open for business
on days when banks, brokers and other institutions are open for business in the United States.

In 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'>27</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