Company: LLOBF
Filing Date: 2025-06-11
Form Type: 424B2
Source: 0000950103-25-007252
Chunk: 146

Company: Lloyds Banking Group plc
Filing Date: 2025-06-11
Form: 424B2
Chunk 146
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 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 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