Company: LLOBF
Filing Date: 2025-06-06
Form Type: F-3ASR
Source: 0000950103-25-007096
Chunk: 44

Company: Lloyds Banking Group plc
Filing Date: 2025-06-06
Form: F-3ASR
Chunk 44
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 determined by the directors),
such portion may be distributed to a charitable organization at the directors’ discretion.

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Subject to the provisions of the statutes, LBG
may, by special resolution, reduce its share capital, any capital redemption reserve, share premium account or other undistributable reserve
in any way.

Transfer of Shares

All transfers of shares which are in certificated
form may be effected by transfer in writing in any usual or common form or in any other form acceptable to the directors and must be executed
by or on behalf of the transferor and, except in the case of fully paid shares, by or on behalf of the transferee. The transferor will
be deemed to remain the holder of the shares transferred until the name of the transferee is entered in the register of members of LBG
in respect thereof. All transfers of shares which are in uncertificated form may be effected by means of a relevant system, unless the
Uncertificated Securities Regulations 2001 provide otherwise.

The directors may, in the case of shares in certificated
form, in their absolute discretion and without assigning any reason therefor, refuse to register any transfer of shares (not being fully
paid shares) provided that, where any such shares are admitted to the Official List of the U.K. Financial Conduct Authority, such discretion
may not be exercised in such a way as to prevent dealings in the shares of that class from taking place on an open and proper basis. The
directors may also decline to register a transfer unless:

| · | the instrument of transfer and the lodging of such instrument complies with the requirements of the Articles of Association and the 
 transfer is in respect of only one 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