Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 127

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 127
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 depositary offices of The Bank of New York Mellon in The City of New York and the offices of the Custodian in London. The principal executive office of the Depositary and its depositary office is currently located at 240 Greenwich Street, New York, NY 10286.

American Depositary Shares

The Bank of New York Mellon, as Depositary, will
register and deliver ADSs pursuant to the deposit agreement. Each ADS will represent four ordinary shares, or evidence of the right to
receive four ordinary shares, deposited with the Custodian and registered in the name of the Depositary or its nominee (such ordinary
shares, together with any additional ordinary shares at any time deposited or deemed deposited under the deposit agreement and any other
securities, cash or other property received by the Depositary or the Custodian in respect of such ordinary shares, the “Deposited
Securities”).

ADSs can be held either (A) directly (i) by having
an American Depositary Receipt (“ADR”), which is a certificate evidencing a specific number of ADSs, registered in the holder’s
name, or (ii) by having ADSs registered in the owner’s name in the Direct Registration System (“DRS”), or (B) indirectly
by holding a security entitlement in ADSs through a broker or other financial institution. A direct holder of an ADS is an ADS registered
holder. This description assumes that each holder is an ADS registered holder. Indirect holders of ADSs must rely on the procedures of
a broker or other financial institution to assert the rights of ADS registered holders described in this section, and such holders should
consult with their broker or financial institution to find out what those procedures are.

The DRS is a 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 registered holders of uncertificated ADSs. See “—Direct Registration System” below.

Holders of ADSs will not have shareholder rights.
Scottish law governs shareholder rights. The Depositary will be the holder of the ordinary shares represented by each investor’s
ADSs. As a registered holder of ADSs, each investor will have ADS registered holder rights as set forth in the deposit agreement. The
deposit agreement also sets forth the rights and obligations of us and of the Depositary. New York law governs the deposit agreement and
the ADSs.

In this section, the