Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 129

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 129
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 the holder.

An ADR holder may surrender its ADR to the Depositary
for the purpose of exchanging its ADR for uncertificated ADSs. The Depositary will cancel that ADR and will send the ADS registered holder
a statement confirming that the ADS registered holder is the registered holder of uncertificated ADSs. Alternatively, upon receipt by
the Depositary of a proper instruction from a registered holder of uncertificated ADSs requesting the exchange of uncertificated ADSs
for certificated ADSs, the Depositary will execute and deliver to the ADS registered holder an ADR evidencing those ADSs.

Ordinary shares that the Depositary believes have
been withdrawn from a restricted depositary receipt facility established or maintained by a depositary bank (including any such other
facility maintained by the Depositary) may be accepted for deposit only if those ordinary shares are not “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act, and the Depositary may, as a condition of accepting those ordinary shares
for deposit, require the person depositing those ordinary shares to provide the Depositary with a certificate to the foregoing effect.

Dividends and Other Distributions

The Depositary will distribute all cash dividends
or other cash distributions that it receives in respect of deposited ordinary shares to the holders of the ADSs, after payment of any
charges and fees provided for in the deposit agreement in proportion to their holdings of ADSs. The cash amount distributed will be reduced
by any amounts that the Depositary must withhold on account of taxes.

If we make a non-cash distribution in respect
of any deposited ordinary shares, the Depositary will distribute the property it receives to holders of the ADSs, after deduction or upon
payment of any taxes, charges and fees provided for in the deposit agreement, in proportion to their holdings of ADSs. If a distribution
that we make in respect of deposited ordinary shares consists of a dividend in, or free distribution of, ordinary shares, the Depositary
may, after consultation with us, and will, if we request so in writing, distribute to holders of the ADSs, in proportion to their holdings
of ADSs, additional ADSs representing the amount of ordinary shares received as such dividend or free distribution. If the Depositary
does not distribute additional ADSs, each ADS will from then forward also represent its proportional share of the additional ordinary
shares distributed in respect of the deposited ordinary shares before the dividend or free distribution.

If