Company: LLOBF
Filing Date: 2025-06-06
Form Type: F-3ASR
Source: 0000950103-25-007096
Chunk: 48

Company: Lloyds Banking Group plc
Filing Date: 2025-06-06
Form: F-3ASR
Chunk 48
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 the Custodian and registered in the name of the Depositary or its nominee (such ordinary
shares, together with any additional ordinary shares at any time deposited or deemed deposited under the deposit agreement and any other
securities, cash or other property received by the Depositary or the Custodian in respect of such ordinary shares, the “Deposited
Securities”).

ADSs can be held either (A) directly (i) by having
an American Depositary Receipt (“ADR”), which is a certificate evidencing a specific number of ADSs, registered in the holder’s
name, or (ii) by having ADSs registered in the owner’s name in the Direct Registration System (“DRS”), or (B) indirectly
by holding a security entitlement in ADSs through a broker or other financial institution. A direct holder of an ADS is an ADS registered
holder. This description assumes that each holder is an ADS registered holder. Indirect holders of ADSs must rely on the procedures of
a broker or other financial institution to assert the rights of ADS registered holders described in this section, and such holders should
consult with their broker or financial institution to find out what those procedures are.

The DRS is a system administered by DTC pursuant
to which the depositary may register the ownership of uncertificated ADSs, which ownership shall be evidenced by periodic statements sent
by the depositary to the registered holders of uncertificated ADSs. See “—Direct Registration System” below.

Holders of ADSs will not have shareholder rights.
Scottish law governs shareholder rights. The Depositary will be the holder of the ordinary shares represented by each investor’s
ADSs. As a registered holder of ADSs, each investor will have ADS registered holder rights as set forth in the deposit agreement. The
deposit agreement also sets forth the rights and obligations of us and of the Depositary. New York law governs the deposit agreement and
the ADSs.

In this section, the term “deliver”,
or its noun form, when used with respect to ADSs, shall mean (A) book-entry transfer of ADSs to an account at The Depository Trust Company,
or its successor, designated by the person entitled to such delivery, (B) registration of ADSs not evidenced by an ADR on the books of
the Depositary in the name requested by the person entitled to such delivery and mailing to that person of a statement confirming that
registration or (C) if requested by the person entitled to