Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 79

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 79
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 such common depositary or its nominee and, therefore, holders of the Additional Tier 1 Securities will have to rely on their procedures for transfer, payment and communication with us.

The Additional Tier 1 Securities will be represented
by one global certificate that will be deposited with a common depositary for Clearstream, Luxembourg and Euroclear and will be registered
in the name of such common depositary or its nominee. Except in certain limited circumstances described in the global certificate, holders
of the Additional Tier 1 Securities will not be entitled to receive Additional Tier 1 Securities in definitive form in exchange for interests
in the global certificate. While the Additional Tier 1 Securities are represented by the global certificate, holders of the Additional
Tier 1 Securities will be able to trade their beneficial interests only through Clearstream, Luxembourg and/or Euroclear.

We will discharge our payment obligations under
the Additional Tier 1 Securities by making payments to or to the order of such common depositary for Clearstream, Luxembourg and Euroclear
for distribution to the accountholders in Clearstream, Luxembourg and/or Euroclear. A holder of a beneficial interest in a global certificate
must rely on the procedures of Clearstream, Luxembourg and Euroclear, as applicable, to receive payments under the Additional Tier 1 Securities.
We have no responsibility or liability for the records relating to, or payments made in respect of, beneficial interests in the global
certificate.

Holders of beneficial interests in the global
certificate will not have a direct right to vote in respect of the Additional Tier 1 Securities. Instead, such holders will be permitted
to act directly only to the extent that they are enabled in accordance with the procedures of Clearstream, Luxembourg and Euroclear, as
applicable, to appoint appropriate proxies.

Trading in the Clearing Systems is subject to
minimum denomination requirements.

The Additional Tier 1 Securities will be issued
only in minimum denominations of £200,000 and integral multiples of £1,000 in excess thereof. It is possible that the Clearing
Systems may process trades which could result in amounts being held in denominations smaller than the minimum denominations. If Additional
Tier 1 Securities in definitive form are required to be issued in relation to such Additional Tier 1 Securities in accordance with the
provisions of the global certificate, a holder who does not have at least the minimum denomination of £200,000 or any integral
multiple of £1,000 in excess thereof in its account with the relevant Clearing System at the relevant