Company: LLOBF
Filing Date: 2025-06-06
Form Type: F-3ASR
Source: 0000950103-25-007096
Chunk: 49

Company: Lloyds Banking Group plc
Filing Date: 2025-06-06
Form: F-3ASR
Chunk 49
---
 such delivery, delivery at the office of the Depositary to the person entitled
to such delivery of one or more ADRs evidencing ADSs registered in the name requested by that person. The term “surrender”,
when used with respect to ADSs, shall mean (A) one or more book-entry transfers of ADSs to the DTC account of the Depositary, (B) delivery
to the Depositary at its office of an instruction to surrender ADSs not evidenced by an ADR or (C) surrender to the Depositary at its
office of one or more ADRs evidencing ADSs.

Deposit and Withdrawal

The Depositary has agreed, subject to the terms
and conditions of the deposit agreement, that upon delivery to the Custodian of ordinary shares (or evidence of rights to receive ordinary
shares) in a form satisfactory to the Custodian, the Depositary will, upon payment of the fees, charges and taxes provided in the deposit
agreement, deliver to, or upon the written order of, the person or persons named in the notice of the Custodian delivered to the Depositary
or requested by the person depositing such shares with the Depositary, the number of ADSs issuable in respect of such deposit.

<div align='center'>34</div>

Upon surrender at the office of the Depositary
of ADSs for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of the fees, governmental charges
and taxes provided in the deposit agreement, and subject to the terms and conditions of the deposit agreement, our Articles of Association
and the Deposited Securities, the holder of such ADSs will be entitled to delivery, to him or upon his order, as permitted by applicable
law, of the amount of Deposited Securities at the time represented by such ADSs. The forwarding of share certificates, other securities,
property, cash and other documents of title for such delivery will be at the risk and expense of 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,