Company: LLOBF
Filing Date: 2025-06-06
Form Type: F-3ASR
Source: 0000950103-25-007096
Chunk: 51

Company: Lloyds Banking Group plc
Filing Date: 2025-06-06
Form: F-3ASR
Chunk 51
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 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.

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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 
 provision of Scottish law and the Articles of Association or any similar document of ours, to instruct the Depositary as to the exercise    
 of any voting rights pertaining to the ordinary shares represented by their ADSs; and                                                       |

| · | a brief explanation of how they may give instructions. |

The Depositary has agreed that it will endeavor,
in so far as practical, to vote or cause to be voted the ordinary shares in accordance with any written non-discretionary instructions
of record holders of ADSs that it receives on or before the date set by the Depositary for that purpose. However, holders of ADSs may
not receive notice or otherwise learn of a meeting of holders of ordinary shares in time to instruct the Depositary prior to a cut-off
date the Depositary will set. The Depositary will not vote the ordinary shares except in accordance with such instructions.

Holders of ADSs will not be entitled to vote ordinary
shares directly.

Inspection of Transfer Books

The Depositary will, at its