Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013683
Chunk: 135

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 135
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 transferable
as uncertificated registered securities under the laws of the State of New York.

The Direct Registration System (“DRS”)
and Profile Modification System (“Profile”) will apply to uncertificated ADSs upon acceptance thereof to DRS by DTC. DRS is
the system administered by DTC pursuant to which the Depositary may register the 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'>38</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 respective 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.