Company: LLOBF
Filing Date: 2025-06-06
Form Type: F-3ASR
Source: 0000950103-25-007096
Chunk: 81

Company: Lloyds Banking Group plc
Filing Date: 2025-06-06
Form: F-3ASR
Chunk 81
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 across borders in the secondary market. Where payments
for securities we issue in global form will be made in U.S. dollars, these procedures can be used for cross-market transfers and the securities
will be cleared and settled on a delivery against payment basis. Cross-market transfers of securities that are not in global form may
be cleared and settled in accordance with other procedures that may be established among the clearing systems for these securities.

The debt securities may be accepted for clearance
by DTC, Euroclear and Clearstream Luxembourg.

Neither we nor the trustee nor any of our or their
agents has any responsibility for any aspect of the actions of DTC, Euroclear or Clearstream Luxembourg or any of their direct or indirect
participants. Neither we nor the trustee nor any of our or their agents has any responsibility for any aspect of the records kept by DTC,
Euroclear or Clearstream Luxembourg or any of their direct or indirect participants. Neither we nor the trustee nor any of our or their
agents supervise these systems in any way. This is also true for any other clearing system indicated in a prospectus supplement.

DTC, Euroclear or Clearstream Luxembourg and their
participants perform these clearance and settlement functions under agreements they have made with one another or with their customers.
Investors should be aware that DTC, Euroclear or Clearstream Luxembourg and their participants are not obligated to perform these procedures
and may modify them or discontinue them at any time.

The description of the clearing systems in this
section reflects our understanding of the rules and procedures of DTC, Euroclear or Clearstream Luxembourg as they are currently in effect.
Those systems could change their rules and procedures at any time.

So long as the depositary, or its nominee, is
the holder of a global security, the depositary or its nominee will be considered the sole holder of such global security for all purposes
under the indenture. Except as described below under the heading “—Issuance of Definitive Securities”, no participant,
indirect participant or other person will be entitled to have debt securities registered in its name, receive or be entitled to receive
physical delivery of debt securities in definitive form or be considered the owner or holder of the debt securities under the indenture.
Each person having an ownership or other interest in debt securities must rely on the procedures of the depositary, and, if a person is
not a participant in the depositary, must rely on the procedures of the participant or other securities intermediary through which that
person owns its interest