Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 130

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 130
---

may, after consultation with us, and will, if we request so in writing, distribute to holders of the ADSs, in proportion to their holdings
of ADSs, additional ADSs representing the amount of ordinary shares received as such dividend or free distribution. If the Depositary
does not distribute additional ADSs, each ADS will from then forward also represent its proportional share of the additional ordinary
shares distributed in respect of the deposited ordinary shares before the dividend or free distribution.

If the Depositary determines that any distribution
of property, other than cash or ordinary shares, cannot be made proportionately among ADS holders or if for any other reason, including
any requirement that we or the Depositary withhold an amount on account of taxes or other governmental charges, the Depositary deems that
such a distribution is not feasible, the Depositary may dispose of all or part of the property in any manner, including by public or private
sale, that it deems equitable and practicable. The Depositary will then distribute the net proceeds of any such sale (net of any fees
and expenses of the Depositary provided for in the deposit agreement) to ADS holders as in the case of a distribution received in cash.

Record Date

Whenever any cash dividend or other cash distribution
becomes payable or any distribution other than cash shall be made, or whenever rights shall be issued with respect to the deposited ordinary
shares, or whenever the Depositary causes a change in the number of ordinary shares represented by each ADS or receives notice of any
meeting of holders of ordinary shares, the Depositary will fix a record date, which shall be as close as possible to the corresponding
record date set by us, for the determination of the ADS holders who are entitled to receive the dividend distribution, distribution of
rights or the net proceeds of the sale of ordinary shares as the case may be, or to give instructions for the exercise of voting rights
at the meeting, subject to the provisions of the deposit agreement.

<div align='center'>35</div>

Voting of the Underlying Deposited Securities

When the Depositary receives notice of any meeting
of holders of ordinary shares, it will, if we request, as soon as practicable thereafter, mail to the record holders of ADSs a notice
including:

| · | the information contained in the notice of meeting provided by us; |

| · | a statement that the record holders of ADSs at the close of business on a specified record date will be entitled, subject to any applicable