Company: LLOBF
Filing Date: 2025-06-06
Form Type: F-3ASR
Source: 0000950103-25-007096
Chunk: 55

Company: Lloyds Banking Group plc
Filing Date: 2025-06-06
Form: F-3ASR
Chunk 55
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 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 thereto. Profile is a required feature of DRS which
allows a DTC participant, claiming to act on behalf of a registered holder of ADSs, to direct the Depositary to register a transfer of
those ADSs to DTC or its nominee and to deliver those ADSs to the DTC account of that DTC participant without receipt by the Depositary
of prior authorization from the ADS registered holder to register such transfer.

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In connection with and in accordance with the
arrangements and procedures