Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 227

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 227
---
 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.

<div align='center'>35</div>

In connection with and in accordance with the
arrangements and procedures relating to DRS/Profile, the parties to the deposit agreement understand that the Depositary will not verify,
determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an ADS registered holder in requesting
registration of transfer and delivery described in the paragraph above has the actual authority to act on behalf of the ADS registered
holder (notwithstanding any requirements under the Uniform Commercial Code). In the deposit agreement, the parties agree that the Depositary’s
reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and in accordance with the deposit
agreement, shall not constitute negligence or bad faith on the part of the Depositary.

General

Neither the Depositary nor we nor any of the Depositary’s
or our directors, employees, agents or affiliates will be liable to ADS holders if prevented or forbidden or delayed by any present or
future law of any country or by any governmental or regulatory authority or stock exchange, any present or future provision of the Articles
of Association, any provision of any securities issued or distributed by us, or any act of God or war or terrorism or other circumstances
beyond our or its control in performing our or its obligations under the deposit agreement. The obligations of each of us and the Depositary
under the deposit agreement are expressly limited to performing our and its specified duties without negligence or bad faith.

The ADSs are transferable on the books of the
Depositary or its agent. However, the Depositary may close the transfer books as to ADSs at any time when it deems it expedient to do
so in connection with the performance of its duties or at our request. As a condition precedent to the execution and delivery, registration
of transfer, split-up, combination or surrender of any ADSs or withdrawal of any ordinary shares,