Commentary & Deal Flow

Reoffer: 3yr: MS+17bp / 99.847 / 3.054% 7yr: MS+33bp / 99.545 / 3.324%
Benchmark: 3yr: OBL 2.1 12-Apr-29 @ 98.34 / B+35.8bp (HR 103%) 7yr: DBR 2.3 15-Feb-33 @ 96.35 / B+42.4bp (HR 103%)

3yr: Final Books €4.2bn+ (incl. €405m JLM)
7yr: Final Books €2.4bn+ (incl. €325m JLM)

Launched:
3yr: €1.5bn @ MS+17bp - Book €4.2bn+ (incl. €405m JLM)
7yr: €500m @ MS+33bp - Book €2.4bn+ (incl. €325m JLM)

Book Update: Combined books in excess of €4.5bn (incl. €720m JLM), slight skew to 3yr
Guidance: 3yr: MS+23a 7yr: MS+39a

• Issuer: Lloyds Bank plc
• LEI: H7FNTJ4851HG0EXQ1Z70
• Ticker: LLOYDS
• Guarantor: Lloyds Bank Covered Bonds LLP
• Guarantor LEI: 213800FRI978XP6HTZ13
• Expected Issue Rating: Aaa (Moody's) / AAA (Fitch)
• Format: Reg S, Bearer, Covered Bond, ECBC Covered Bond Label compliant
• Size:
• • 3yr: €1.5bn
  • 7yr: €500m
• Settlement: 12-May-26 (T+5)
• Maturity Date:
• • 3yr: 12-May-29 (soft bullet)
  • 7yr: 12-May-33 (soft bullet)
• Coupon:
• • 3yr: 3.000% Fixed, Annual, ACT/ACT ICMA
  • 7yr: 3.250% Fixed, Annual, ACT/ACT ICMA
• Documentation: Lloyds Bank plc €60bn Global Covered Bond Programme base prospectus dated 7-Aug-25 as supplemented on 24-Oct-25, 27-Feb-26 and 30-Apr-26
• Listing/Law/Denoms: London (Main Market)/ English Law / 100k+1k
• Clearing: Euroclear, Clearstream
• ISIN/Common Code:
• • 3yr: XS3364763485 / 336476348
  • 7yr: XS3364763212 / 336476321
• Joint Lead Managers: Lloyds (B&D), Barclays, Commerzbank, Crédit Agricole CIB, Helaba and UBS Investment Bank
• Selling Restrictions: Reg S (Category 2), TEFRA D. No sales to EEA or UK retail
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU key information document (KID) has been prepared as not available to retail in the EEA. No disclosure document has been prepared as not available to retail in UK
• Timing: Priced, FTT 15:15 UKT / 16:15 CET. 3yr TOE: 14:51 UKT / 15:51 CET. 7yr TOE: 14:54 UKT / 15:54 CET
• 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 upon request
• Advertisement: The Base Prospectus and supplements are available at https://www.lloydsbankinggroup.com/investors/fixed-income-investors/covered-bonds/# and Final Terms, when published, will be available on the website of the London Stock Exchange: www.londonstockexchange.com.