Company: LLOBF
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0000950103-25-013729
Chunk: 216

Company: Lloyds Banking Group plc
Filing Date: 2025-10-28
Form: 424B2
Chunk 216
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 class of shares; or                                                                              |

| · | the transfer is in favor of not more than four persons as the transferee. |

The directors shall refuse to register the transfer
of any share on which LBG has a lien. The Articles of Association otherwise contain no restrictions on the free transferability of fully
paid shares.

Subject to the statutes and the rules (as defined
in the Uncertificated Securities Regulations 2001), and apart from any class of wholly dematerialized security, the directors may determine
that any class of shares may be held in uncertificated form and that title to such shares may be transferred by means of an electronic
trading system or that shares of any class should cease to be so held and so transferred.

Disclosure of Holdings Exceeding Certain Percentages

In broad terms, the Disclosure and Transparency
Rules of the U.K. Financial Conduct Authority require LBG shareholders to notify LBG if the voting rights held by such LBG shareholders
(including by way of a certain financial instrument) reaches, exceeds or falls below three per cent, four per cent, five per cent, six
per cent, seven per cent, eight per cent, nine per cent, ten per cent and each one per cent threshold thereafter up to 100%. Under the
Disclosure and Transparency Rules, certain voting rights in LBG may be disregarded.

Pursuant to the Companies Act 2006, LBG may also
send a notice to any person whom LBG knows is, or has reasonable cause to believe that such person is, interested in LBG’s shares
or at any time during the three years immediately preceding the date on which such notice is issued to have been so interested, requiring
that person to confirm whether they have or had such an interest and if so provide details of that interest as required by the notice.

Under the Articles of Association and U.K. law,
if a person fails to comply with such a notice or provides information that is false in a material particular in respect of any shares
(the default shares), the LBG directors may serve a restriction notice on such a person. Such a restriction notice will state that the
default shares and, if the LBG directors determine, any other shares held by that person, shall not confer any right to attend or vote
at any general meeting of LBG.

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In respect of a person with a 0.25% or more interest
in the issued shares of the class in question