Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 134

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 134
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 cash distributions or by directly billing investors or by charging the book-entry system accounts of participants for
them. The Depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.

The Depositary may convert currency itself or
through any of its affiliates and, in those cases, acts as principal for its own account and not as agent, advisor, broker or fiduciary
on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it will retain for its own account. The
revenue is based on, among other things, the difference between the exchange rate assigned to the currency conversion made under the deposit
agreement and the rate that the Depositary or its affiliate receives when buying or selling foreign currency for its own account. The
Depositary makes no representation that the exchange rate used or obtained in any currency conversion under the deposit agreement will
be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the most
favorable to ADS holders, subject to the Depositary’s obligation to act without negligence or bad faith. The methodology
used to determine exchange rates used in currency conversions is available upon request.

The holders of ADSs will be responsible for any
taxes or other governmental charges payable on their ADSs or on the ordinary shares. The Depositary may refuse to transfer ADSs or allow
withdrawal of the ordinary shares until such taxes or other charges are paid. The Depositary may apply payments owed to holders of ADSs
or sell deposited ordinary shares underlying such ADSs to pay any taxes owed and holders of ADSs will remain liable for any deficiency.
If the Depositary sells deposited ordinary shares, it will, if appropriate, reduce the number of ADSs to reflect the sale and pay to holders
of ADSs any proceeds, or send to holders of ADSs any property, remaining after it has paid the taxes.

Direct Registration System

ADSs not evidenced by ADRs shall be transferable
as uncertificated registered securities under the laws of the State of New York.

The Direct Registration System (“DRS”)
and Profile Modification System (“Profile”) will apply to uncertificated ADSs upon acceptance thereof to DRS by DTC. DRS is
the 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 owners entitled