Company: LLOBF
Filing Date: 2025-06-06
Form Type: F-3ASR
Source: 0000950103-25-007096
Chunk: 37

Company: Lloyds Banking Group plc
Filing Date: 2025-06-06
Form: F-3ASR
Chunk 37
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 or capital security, as applicable, must rely exclusively on the rules or procedures of the depositary as the case
may be, and any agreement with any direct or indirect participant of the depositary, including Euroclear or Clearstream Luxembourg and
their participants, as applicable, or any other securities intermediary through which that person holds its interest, to receive or direct
the delivery of possession of any definitive security. The indentures permit us to determine at any time and in our sole discretion that
debt securities or capital securities, as applicable, shall no longer be represented by global securities. DTC has advised us that, under
its current practices, it would notify its participants of our request, but will only withdraw beneficial interests from the global securities
at the request of each DTC participant. We would issue definitive certificates in exchange for any such beneficial interests withdrawn.

Unless otherwise specified in the relevant prospectus
supplement, definitive debt securities and definitive capital securities will be issued in registered form only. To the extent permitted
by law, we, the trustee and any paying agent shall be entitled to treat the person in whose name any definitive security is registered
as its absolute owner.

Payments in respect of each series of definitive
securities and definitive capital securities will be made to the person in whose name such definitive securities are registered as it
appears in the register for that series of debt securities or capital securities, as applicable. Payments will be made in respect of the
debt securities or capital securities, as applicable, by check drawn on a bank in New York or, if the holder requests, by transfer to
the holder’s account in New York. Definitive securities should be presented to the paying agent for redemption.

If we issue definitive debt securities or capital
securities, as applicable, of a particular series in exchange for a particular global security, the depositary, as holder of that global
security, will surrender it against receipt of the definitive debt securities or capital securities, as applicable, cancel the book-entry
debt securities or capital securities, as applicable, of that series, and distribute the definitive debt securities or capital securities,
as applicable, of that series to the persons and in the amounts that the depositary specifies pursuant to the internal procedures of such
depositary.

If definitive securities are issued in the limited
circumstances described above, those securities (i) will be transferable only on the register for that series of debt securities or capital
securities, and (ii) may be transferred in whole