Company: LLOBF
Filing Date: 2025-06-10
Form Type: 424B2
Source: 0000950103-25-007181
Chunk: 155

Company: Lloyds Banking Group plc
Filing Date: 2025-06-10
Form: 424B2
Chunk 155
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Whenever we direct, the Depositary has agreed
to terminate the deposit agreement by mailing a termination notice to the record holders of all ADSs then outstanding at least ninety
(90) days before the date fixed in the notice of termination. The Depositary may likewise terminate the deposit agreement by mailing a
termination notice to us and the record holders of all ADSs then outstanding if at any time sixty (60) days shall have expired since the
Depositary delivered a written notice to us of its election to resign and a successor depositary shall not have been appointed and accepted
its appointment.

If any ADSs remain outstanding after the date
of any termination, the Depositary will then:

| · | discontinue the registration of transfers of ADSs; |

| · | suspend the distribution of dividends to holders of ADSs; and |

| · | not give any further notices or perform any further acts under the deposit agreement, except those listed below, with respect to those 
 ADSs.                                                                                                                                  |

The Depositary will, however, continue to collect
dividends and other distributions pertaining to the ordinary shares. It will also continue to sell rights and other property as provided
in the deposit agreement and deliver ordinary shares, together with any dividends or other distributions received with respect to them
and the net proceeds of the sale of any rights or other property, in exchange for ADSs surrendered to it.

At any time after the date of termination of the
deposit agreement, the Depositary may sell the ordinary shares then held. The Depositary will then hold uninvested the net proceeds of
any such sales, together with any other cash then held by it under the deposit agreement, unsegregated and without liability for interest,
for the pro rata benefit of the holders of ADSs that have not previously been surrendered.

Charges of the Depositary

The following charges shall be incurred by any
party depositing or withdrawing ordinary shares, or by any party surrendering ADSs or to whom ADSs are issued:

| $5.00 (or less) per 100 ADSs (or portion of 100 ADSs)                                                                                                                                      | Issuance of ADSs, including issuances resulting from a distribution                                                                               
 of shares or rights or other property.                                                                                                            
 Cancellation of ADSs for the purpose of withdrawal, including if                                                                                  
 the deposit agreement terminates.                                                                                                                 |
| $.02 (or less) per ADS                                                                                                                                                                     | Any cash distribution to ADS registered holders (including dividends).                                                                            |