Tender Offer - Maximum Acceptance Amount

Legal & General Group Plc

30 June 2026

 

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA OR IN OR INTO ANY OTHER JURISDICTION OR TO ANY OTHER PERSON WHERE OR TO WHOM IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT (SEE "OFFER AND DISTRIBUTION RESTRICTIONS" BELOW).

Legal & General Group Plc

(incorporated in England and Wales with limited liability, registered number 0141762)
(the "Offeror")

announces tender offers for the outstanding:

US$850,000,000 Fixed Rate Reset Subordinated Notes due 2047 (ISIN: XS1580239207)

issued by the Offeror

GBP350,000,000 5.875 per cent. Notes due December 2031 (ISIN: XS0121464779)

issued by Legal & General Finance PLC ("L&GF") and guaranteed by the Offeror

GBP200,000,000 5.875 per cent. Notes due April 2033 (ISIN: XS0145680426)

issued by L&GF and guaranteed by the Offeror

GBP40,000,000 Fixed Rate Notes due 20 April 2033 (ISIN: XS0126453843)

issued by L&GF and guaranteed by the Offeror

GBP10,000,000 Fixed Rate Notes due April 2041 (ISIN: XS0127393972)

issued by L&GF and guaranteed by the Offeror

30 June 2026

On 30 June 2026, Legal & General Group Plc announced separate invitations to eligible holders of the outstanding (i) US$850,000,000 Fixed Rate Reset Subordinated Notes due 2047 (ISIN: XS1580239207) (of which US$850,000,000 in aggregate nominal amount remains outstanding) (the "Tier 2 Notes"), (ii) GBP350,000,000 5.875 per cent. Notes due December 2031 (ISIN: XS0121464779) issued by L&GF and guaranteed by the Offeror (of which GBP350,000,000 in aggregate nominal amount remains outstanding) (the "2031 Notes"), (iii) GBP200,000,000 5.875 per cent. Notes due April 2033 (ISIN: XS0145680426) issued by L&GF and guaranteed by the Offeror (of which GBP200,000,000 in aggregate nominal amount remains outstanding) (the "GBP200m 2033 Notes"), (iv) GBP40,000,000 Fixed Rate Notes due 20 April 2033 (ISIN: XS0126453843) issued by L&GF and guaranteed by the Offeror (of which GBP40,000,000 in aggregate nominal amount remains outstanding) (the "GBP40m 2033 Notes"), and (v) GBP10,000,000 Fixed Rate Notes due April 2041 (ISIN: XS0127393972) issued by L&GF and guaranteed by the Offeror (of which GBP10,000,000 in aggregate nominal amount remains outstanding) (the "2041 Notes" and together with the 2031 Notes, the GBP200m 2033 Notes and the GBP40m 2033 Notes, the "GBP Notes", and the GBP Notes together with the Tier 2 Notes, the "Notes", and each series of Notes a "Series"), in each case to tender their outstanding Notes for purchase by the Offeror for cash up to the Maximum Acceptance Amount, on the terms and subject to the conditions as set out in the tender offer memorandum dated 30 June 2026 (the "Tender Offer Memorandum") prepared by the Offeror (each such invitation an "Offer" and, together, the "Offers").

The Offeror now announces the Maximum Acceptance Amount, which is applicable to the Offers for the Notes.

The Offers are being made on the terms and subject to the satisfaction (or waiver) of the New Financing Condition and the other conditions contained in the Tender Offer Memorandum, and are subject to the offer restrictions set out below and as more fully described in the Tender Offer Memorandum. Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

Following the pricing earlier today of the Offeror's proposed issuance of new sterling-denominated fixed rate reset perpetual restricted tier 1 contingent convertible notes (the "New Notes"), the Maximum Acceptance Amount (being the maximum aggregate nominal amount of Notes the Offeror currently proposes (subject to the satisfaction (or waiver) of the New Financing Condition on or prior to the Settlement Date) to accept for purchase pursuant to the relevant Offer(s) (converted into the Sterling Equivalent where applicable)) has been set by the Offeror at £500,000,000 in aggregate nominal amount of the relevant Notes. The Offeror reserves the right, in its sole discretion, to accept significantly more or significantly less than (or none of) such amount of Notes for purchase pursuant to the relevant Offers (the final aggregate nominal amount of such Notes accepted for purchase pursuant to such Offers (converted into the Sterling Equivalent where applicable) being the "Final Acceptance Amount").

The Offeror will determine the allocation of the Final Acceptance Amount between the Notes in its absolute discretion, and reserves the right to accept significantly more or significantly less (or none) of any Series as compared to another Series (the final aggregate nominal amount of any Series accepted for purchase pursuant to the relevant Offer being a "Series Acceptance Amount").

If the Offeror decides to accept any validly tendered Notes for purchase pursuant to the relevant Offer and the aggregate nominal amount of the relevant Series validly tendered for purchase is greater than the relevant Series Acceptance Amount, the Offeror intends to accept (subject to the satisfaction or waiver of the New Financing Condition on or prior to the Settlement Date) such Notes (other than the GBP40m 2033 Notes and 2041 Notes) for purchase on a pro rata basis in the manner described in the Tender Offer Memorandum such that the aggregate nominal amount of such Series accepted for purchase pursuant to the relevant Offer is no greater than the relevant Series Acceptance Amount.

In the case of the GBP40m 2033 Notes and the 2041 Notes:

(a)        if the Offeror decides to accept any validly tendered GBP40m 2033 Notes for purchase pursuant to the relevant Offer, it will (subject to the satisfaction or waiver of the New Financing Condition on or prior to the Settlement Date) accept for purchase all of the GBP40m 2033 Notes that are validly tendered, and there will be no scaling of any tenders of GBP40m 2033 Notes for purchase pursuant to the relevant Offer; and

(b)        if the Offeror decides to accept any validly tendered 2041 Notes for purchase pursuant to the relevant Offer, it will (subject to the satisfaction or waiver of the New Financing Condition on or prior to the Settlement Date) accept for purchase all of the 2041 Notes that are validly tendered, and there will be no scaling of any tenders of 2041 Notes for purchase pursuant to the relevant Offer.

Noteholders are advised to read carefully the Tender Offer Memorandum for full details of, and information on the procedures for, participating in the Offers, and to carefully consider all of the information contained therein before making a decision whether to tender Notes pursuant to any Offer. Copies of the Tender Offer Memorandum are (subject to distribution restrictions) available from the Tender Agent as set out below.

None of the Dealer Managers (or their respective directors, officers, employees, agents, advisers or affiliates) has any role in relation to any part of any Offer made to Noteholders who are not Relevant Noteholders, where "Relevant Noteholder" means a Noteholder that is: (a) in a member state of the European Union (the "EU"), an "eligible counterparty" or a "professional client", each as defined in Directive No. 2014/65/EU on markets in financial instruments (as amended from time to time); (b) in the United Kingdom (the "UK"), an "eligible counterparty", as defined in the FCA Handbook Conduct of Business Sourcebook, or a "professional client" as defined in point (8) of Article 2(1) of Regulation (EU) No. 600/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018; or (c) in a jurisdiction outside of the EU and the UK, an institutional holder under applicable local law and not a retail holder.

Questions and requests for assistance in connection with (i) the Offers may be directed to (a) the Dealer Managers by Relevant Noteholders; and (b) the Offeror by Noteholders that are not Relevant Noteholders, and (ii) the delivery of Tender Instructions may be directed to the Tender Agent, the contact details for each of which are below.

THE OFFEROR
Legal & General Group Plc One Coleman Street London EC2R 5AA United Kingdom
THE DEALER MANAGERS (in respect of the Offers as made to Relevant Noteholders)
Banco Santander, S.A. Ciudad Grupo Santander, Edificio Encinar, Avenida de Cantabria s/n 28660, Boadilla del Monte, Madrid, Spain Email: [e-mail] Attention: Liability Management	Barclays Bank PLC 1 Churchill Place London E14 5HP United Kingdom Telephone: [phone] Email: [e-mail] Attention: Liability Management Group
BNP PARIBAS 16, boulevard des Italiens 75009 Paris France Telephone: [phone] Email: [e-mail] Attention: Liability Management Group	Citigroup Global Markets Limited Citigroup Centre Canada Square Canary Wharf London E14 5LB United Kingdom Telephone: [phone] Email: [e-mail] Attention: Liability Management Group
HSBC Bank plc 8 Canada Square London E14 5HQ United Kingdom Telephone: [phone] Email: [e-mail] Attention: Liability Management, DCM	J.P. Morgan Securities plc 25 Bank Street Canary Wharf London E14 5JP United Kingdom Telephone: [phone] Email: [e-mail] Attention: EMEA Liability Management Group
Merrill Lynch International 2 King Edward Street London EC1A 1HQ United Kingdom Telephone: [phone] Email: [e-mail] Attention: Liability Management Team
THE TENDER AGENT
Kroll Issuer Services Limited The News Building 3 London Bridge Street London SE1 9SG United Kingdom Telephone: [phone] Attention: Owen Morris Email: [e-mail] Offer Website:  https://deals.is.kroll.com/landg

This announcement is released by the Offeror and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"), encompassing information relating to the Offers described above. For the purposes of UK MAR and Article 2 of Commission Implementing Regulation (EU) No. 2016/1055 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, this announcement is made by Maria Alvarez-Scott, Group General Counsel at the Offeror.

LEI Number: 213800JH9QQWHLO99821

Disclaimer

This announcement must be read in conjunction with the Tender Offer Memorandum. This announcement and the Tender Offer Memorandum contain important information which should be read carefully before any decision is made with respect to the Offers. If any Noteholder is in any doubt as to the contents of this announcement and/or the Tender Offer Memorandum, or is unsure of the impact of the Offers or the action it should take, it is recommended to seek its own financial, legal and other advice, including in respect of any financial, accounting, regulatory, legal and tax consequences, immediately from its broker, bank, solicitor, accountant or other independent financial, tax or legal adviser. Noteholders should consult with their own advisers as needed to assist them in making an investment decision and to advise them whether they are legally permitted to tender Notes for cash. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee or intermediary must contact such entity if it wishes to tender such Notes pursuant to the Offers.

The Dealer Managers are acting exclusively for the Offeror and no one else in connection with the arrangements described in this announcement and the Tender Offer Memorandum and will not be responsible to any Noteholder for providing any protections which would be afforded to clients of the Dealer Managers or for providing advice in relation to the Offers. None of the Offeror, the Dealer Managers or the Tender Agent (or any director, officer, employee, agent, adviser or affiliate of any such person) has made or will make any assessment of the merits and risks of the Offers or of the impact of the Offers on the interests of the Noteholders, either as a class or as individuals, and none of them makes any representation or recommendation whatsoever regarding the Offers, or any recommendation as to whether Noteholders should tender Notes in the Offers. None of the Offeror, the Dealer Managers or the Tender Agent (or any of their respective directors, officers, employees, agents or affiliates) is providing Noteholders with any legal, business, tax, investment or other advice in this announcement and/or the Tender Offer Memorandum, and none of the Offeror, the Dealer Managers or the Tender Agent (or any of their respective directors, officers, employees, agents, advisers or affiliates) will have any liability or responsibility in respect thereof.

Offer and Distribution Restrictions

The distribution of this announcement and/or the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement and/or the Tender Offer Memorandum come(s) are required by each of the Offeror, the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions. Nothing in this announcement nor the Tender Offer Memorandum constitutes an offer to buy or a solicitation of an offer to sell Notes (and tenders of Notes in the Offers will not be accepted from any Noteholders) in any circumstances in which such offer or solicitation is unlawful. In those jurisdictions where the securities, blue sky or other laws require an Offer to be made by a licensed broker or dealer and any Dealer Manager or any of the Dealer Managers' respective affiliates is such a licensed broker or dealer in any such jurisdiction, such Offer shall be deemed to be made by such Dealer Manager or such affiliate, as the case may be, on behalf of the Offeror in such jurisdiction (but only to any Noteholder that is a Relevant Noteholder).

Nothing in this announcement and/or the Tender Offer Memorandum or the electronic transmission hereof or thereof constitutes an offer to sell or the solicitation of an offer to buy the New Notes in the United States or any other jurisdiction. No action has been or will be taken in any jurisdiction in relation to the New Notes that would permit a public offering of securities. The minimum denomination of the New Notes will be GBP200,000.

In addition to the representations referred to below in respect of the United States, each Noteholder participating in the Offers will also be deemed to give certain representations in respect of the other jurisdictions referred to below and generally as set out in "Procedures for Participating in the Offers" in the Tender Offer Memorandum. Any tender of Notes for purchase pursuant to the Offers from a Noteholder that is unable to make these representations will not be accepted. Each of the Offeror, each Dealer Manager and the Tender Agent reserves the right, in its absolute discretion, to investigate, in relation to any tender of Notes for purchase pursuant to the Offers, whether any such representation given by a Noteholder is correct and, if such investigation is undertaken and as a result the Offeror determines (for any reason) that such representation is not correct, such tender shall not be accepted.

United States

The Offers are not being made, and will not be made, directly or indirectly in or into, or by use of the mails of, or by any means or instrumentality of interstate or foreign commerce of or of any facilities of a national securities exchange of, the United States. This includes, but is not limited to, facsimile transmission, electronic mail, telex, telephone, the internet and other forms of electronic communication. The Notes may not be tendered in the Offers by any such use, means, instrumentality or facility from or within the United States or by persons located or resident in the United States. Accordingly, copies of this announcement, the Tender Offer Memorandum and any other documents or materials relating to the Offers are not being, and must not be, directly or indirectly mailed or otherwise transmitted, distributed or forwarded (including, without limitation, by custodians, nominees or trustees) in or into the United States or to any persons located or resident in the United States. Any purported tender of Notes in any of the Offers resulting directly or indirectly from a violation of these restrictions will be invalid and any purported tender of Notes made by a person located in the United States or any agent, fiduciary or other intermediary acting on a non-discretionary basis for a principal giving instructions from within the United States will be invalid and will not be accepted.

Neither this announcement nor the Tender Offer Memorandum is an offer of securities for sale in the United States or to U.S. persons (as defined in Regulation S under the Securities Act (each a "U.S. Person")). Securities may not be offered or sold in the United States absent registration under, or an exemption from the registration requirements of, the Securities Act. The New Notes have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, U.S. Persons.

Each Noteholder participating in an Offer will represent that it is not located in the United States and is not participating in such Offer from the United States, or it is acting on a non-discretionary basis for a principal located outside the United States that is not giving an order to participate in such Offer from the United States. For the purposes of this and the above two paragraphs, "United States" means the United States of America, its territories and possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands), any state of the United States of America and the District of Columbia.

Italy

None of the Offers, this announcement, the Tender Offer Memorandum or any other document or materials relating to the Offers have been or will be submitted to the clearance procedures of the Commissione Nazionale per le Società e la Borsa ("CONSOB") pursuant to Italian laws and regulations. Each Offer is being carried out in the Republic of Italy ("Italy") as an exempted offer pursuant to article 101-bis, paragraph 3-bis of the Legislative Decree No. 58 of 24 February 1998, as amended (the "Financial Services Act") and article 35-bis, paragraph 4 of CONSOB Regulation No. 11971 of 14 May 1999, as amended. Noteholders or beneficial owners of the Notes that are located in Italy can tender some or all of their Notes for purchase in the Offers through authorised persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with the Financial Services Act, CONSOB Regulation No. 20307 of 15 February 2018, as amended from time to time, and Legislative Decree No. 385 of 1 September 1993, as amended) and in compliance with applicable laws and regulations or with requirements imposed by CONSOB or any other Italian authority.

Each intermediary must comply with the applicable laws and regulations concerning information duties vis-à-vis its clients in connection with the Notes and/or the Offers.

United Kingdom

The communication of this announcement, the Tender Offer Memorandum and any other documents or materials relating to the Offers is not being made, and such documents and/or materials have not been approved, by an authorised person for the purposes of section 21 of the Financial Services and Markets Act 2000. Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials as a financial promotion is only being made to, and may only be acted upon by, those persons in the United Kingdom falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Financial Promotion Order")) or persons who are within Article 43 of the Financial Promotion Order or any other persons to whom it may otherwise lawfully be made under the Financial Promotion Order.

France

The Offers are not being made, directly or indirectly, to the public in the Republic of France ("France"). This announcement, the Tender Offer Memorandum and any other document or material relating to the Offers may be distributed in France only to qualified investors (investisseurs qualifiés) as defined in Article 2(e) of Regulation (EU) No. 2017/1129. None of this announcement, the Tender Offer Memorandum or any other such document or material has been or will be submitted for clearance to, nor approved by, the Autorité des marchés financiers.

Belgium

The Offers are not being made, and will not be made or advertised, directly or indirectly, to any individual in Belgium qualifying as a consumer within the meaning of Article I.1 of the Belgian Code of Economic Law, as amended from time to time (a "Belgian Consumer") and this announcement, the Tender Offer Memorandum or any other documents or materials relating to the Offers have not been and shall not be distributed, directly or indirectly, in Belgium to Belgian Consumers.

None of this announcement, the Tender Offer Memorandum or any other documents or materials relating to the Offers has been notified or submitted to or will be submitted for approval or recognition to the Belgian Financial Services and Markets Authority (Autoriteit voor financiële diensten en markten/Autorité des services marchés financiers) and, accordingly, the Offers may not be made in Belgium by way of a public offering, as defined in Articles 3 and 6 of the Belgian Law of 1 April 2007 on public takeover bids as amended or replaced from time to time. Accordingly, the Offers may not be advertised and the Offers will not be extended, and none of this announcement, the Tender Offer Memorandum or any other documents or materials relating to the Offers (including any memorandum, information circular, brochure or any similar documents) has been or shall be distributed or made available, directly or indirectly, to any person in Belgium other than "qualified investors" in the sense of Article 10 of the Belgian Law of 16 June 2006 on the public offer of placement instruments and the admission to trading of placement instruments on regulated markets, acting on their own account. Insofar as Belgium is concerned, this announcement and the Tender Offer Memorandum have been issued only for the personal use of the above qualified investors and exclusively for the purpose of the Offers. Accordingly, the information contained in this announcement and the Tender Offer Memorandum may not be used for any other purpose or disclosed to any other person in Belgium.

 

END