Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 132

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 132
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 of the ordinary shares. If requested in writing by us,
the Depositary will, at our expense, arrange for the prompt transmittal or mailing of such notices, and any other reports or communications
made generally available to holders of the ordinary shares, to all holders of ADSs.

Amendment and Termination of the Deposit Agreement

The form of the ADRs and any provisions of the
deposit agreement may at any time and from time to time be amended by agreement between us and the Depositary, without the consent of
holders of ADSs, in any respect which we and the Depositary may deem necessary or advisable. Any amendment that imposes or increases any
fees or charges, other than taxes and other governmental charges, registration fees, transmission costs, delivery costs or other such
expenses, or that otherwise prejudices any substantial existing right of holders of outstanding ADSs, will not take effect as to outstanding
ADSs until thirty (30) days after notice of the amendment has been given to the record holders of those ADSs. Every holder of ADSs at
the time an amendment becomes effective will be deemed by continuing to hold the ADSs to consent and agree to the amendment and to be
bound by the deposit agreement or the ADR as amended. No amendment may impair the right of any holder of ADSs to surrender ADSs and receive
in return the ordinary shares represented by those ADSs.

<div align='center'>36</div>

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
divid