Company: LLOBF
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0000950103-25-002401
Chunk: 221

Company: Lloyds Banking Group plc
Filing Date: 2025-02-25
Form: 424B2
Chunk 221
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 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 corporate trust 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 of
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been withdrawn from a restricted depositary receipt facility established or maintained by a depositary bank (including any such other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