Company: LLOBF
Filing Date: 2025-10-29
Form Type: 424B2
Source: 0000950103-25-013799
Chunk: 122

Company: Lloyds Banking Group plc
Filing Date: 2025-10-29
Form: 424B2
Chunk 122
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’s preference shares shall be as the directors determine on allotment.

LBG may, subject to applicable law and to the
Articles of Association, issue redeemable shares and redeem the same. LBG has issued certain preference shares which are redeemable. In
general, subject to applicable law and the approval of the U.K. Prudential Regulation Authority, some of these shares are redeemable by
LBG on a specified date and in some cases, thereafter on relevant dividend payment dates. Others are redeemable at any time during a specified
period and following the occurrence of specified regulatory events.

Under the Articles of Association and the Companies
Act 2006, the liability of shareholders is limited to the amount (if any) for the time being unpaid on the shares held by that shareholder.

Variation of Rights and Alteration of Capital

Subject to the provisions of the Companies Act
2006, the Uncertificated Securities Regulations 2001 and every other statute for the time being in force or any judgment or order of any
court of competent jurisdiction concerning companies and affecting LBG (the statutes), the rights attached to any class of shares for
the time being in issue may be varied or abrogated with the consent in writing of the holders of not less than three-quarters in nominal
value of the issued shares of that class or with the sanction of a special resolution passed at a separate meeting of the holders of shares
of that class. At any such separate meeting, the provisions of the Articles of Association relating to general meetings will apply, but
the necessary quorum at any such meeting will be two persons holding or representing by proxy at least one-third in nominal value of the
issued shares of that class (except at an adjourned meeting, at which the quorum shall be any holder of shares of the class, present in
person or by proxy) and any such person may demand a poll and every such holder shall on a poll have one vote for every share of the class
held by such holder.

Any special rights attached to any class of shares
having preferential rights will not be deemed to be varied by: (i) the creation or issue of further shares ranking in some or all respects
equally to such class (but not in priority thereto); or (ii) the purchase or redemption by LBG of its own shares.

As a matter of U.K. law, LBG may, by ordinary
resolution, increase its share capital, consolidate and divide all or any of its shares