Commentary & Deal Flow

Final Books £1.2bn+ (excl JLM). Peak book £1.95bn+ (excl JLM)

Launched: 10NC5: £500m @ UKT+147bp - Books £1.95bn+ (excl JLM)
Book Update: Books £1.5bn+ (excl JLM)
IPTs: 10NC5: UKT+170a

• Issuer: Lloyds Banking Group plc (LEI#: 549300PPXHEU2JF0AM85)
• Ticker: LLOYDS
• Securities: Fixed Rate Reset Dated Subordinated Tier 2 notes (the “Notes”)
• Form: Reg S, Bearer, NGN
• Expected Issue Rating: Baa1/BBB+/A- (Moody's/S&P/Fitch)
• Size: £500m
• Tenor: Long 10NC5
• Settlement Date: 16-Apr-26 (T+5)
• Maturity Date: 16-Sep-36
• Reset Date: 16-Sep-31
• Benchmark: UKT 0.250% due 31-Jul-31 / HR 110%
• Hedge Deadline: 14:00 UKT
• Initial Coupon: [•]% Fixed, ACT/ACT ICMA until the Reset Date (short first coupon)
• Reset Coupon: If not redeemed at the Reset Date, Notes will reset to a fixed rate equal to the Benchmark Gilt Rate +[•]bps
• Documentation: Lloyds Banking Group plc £25bn EMTN Programme prospectus dated 23-Mar-26
• Listing: London Stock Exchange (Main Market)
• Clearing: Euroclear, Clearstream
• MREL Eligibility: Intended to qualify as MREL and all applicable eligibility conditions to be met
• Optional Redemption: The Issuer may redeem the Tier 2 Notes in whole (but not in part) in its sole discretion on 16-Sep-31
• Tax Event Redemption: If at any time a Tax Event has occurred, the Issuer may, subject to the conditions described in the Prospectus, redeem the Notes in whole, but not in part, at any time at 100% of their principal amount, together with any Accrued Interest
• Capital Disqualification Event Redemption: If at any time a Capital Disqualification Event has occurred, the Issuer may, subject to the conditions described in the Prospectus, redeem the Notes in whole, but not in part, at any time at 100% of their principal amount, together with any Accrued Interest
• Substitution or Variation: If a Tax Event or a Capital Disqualification Event has occurred, the Issuer may, subject to the conditions described in the Prospectus, at any time either substitute all (but not some only) of the Notes for, or vary the terms of the Notes so that they remain or, as appropriate, become, Compliant Securities
• Denomination: £100,000 and integral multiples of £1,000 in excess thereof
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU or UK PRIIPs key information document (KID) has been prepared as not available to retail in the EEA or in the UK
• Joint Lead Managers: BofA Securities, Citigroup, ING, Lloyds (B&D) and RBC Capital Markets
• Selling Restrictions: Reg S (Category 2), TEFRA D. No sales to EEA or UK retail
• Governing Law: The Notes and the Indenture are governed by English Law except that the provisions relating to subordination and the waiver of set-off are governed by and construed in accordance with Scots Law
• ISIN / Common Code: XS3317581752 / 331758175
• Timing: Today’s business
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available on request to investors participating in the transaction
• Advertisement: The Base Prospectus and supplements are available at https://www.lloydsbankinggroup.com/investors/fixed-income-investors/unsecured-funding/# and Final Terms, when published, will be available on the website of the London Stock Exchange: www.londonstockexchange.com.