Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 128

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 128
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 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 term “deliver”,
or its noun form, when used with respect to ADSs, shall mean (A) book-entry transfer of ADSs to an account at The Depository Trust Company,
or its successor, designated by the person entitled to such delivery, (B) registration of ADSs not evidenced by an ADR on the books of
the Depositary in the name requested by the person entitled to such delivery and mailing to that person of a statement confirming that
registration or (C) if requested by the person entitled to 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.

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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