Commentary & Deal Flow

Launched: 7NC6: €750m @ MS+88bp - Books €2.3bn (excl. JLM)
Spread set at: 7NC6: MS+88bp
Book Update: Books €2bn+ (excl JLM)
IPTs: 7NC6: MS+115a

• Issuer: Lloyds Banking Group plc
• LEI: 549300PPXHEU2JF0AM85
• Ticker: LLOYDS
• Expected Issue Rating: A3/A-/A+ (Moody's/S&P/Fitch)
• Format: Senior, Unsecured / Reg S, Bearer, NGN
• Tenor: 7NC6 FXD
• Size: €750m
• Settlement: 13-May-26 (T+5)
• Maturity Date: 13-May-33
• Optional Redemption Date: 13-May-32
• ISIN: XS3373528127
• Books subject at: 12:45 UKT / 13:45 CET
• Benchmark: DBR 0 15-Feb-32 (DE0001102580)
• Initial Coupon: [•]% Fixed, Annual, ACT/ACT ICMA until the Optional Redemption Date
• Reset Coupon: If not redeemed at the Optional Redemption Date, Notes will reset to a fixed rate equal to the 1-year EUR Mid-Swap Rate +[•]bps
• Documentation: Lloyds Banking Group plc £25bn Euro Medium Term Note Programme base prospectus dated 23-Mar-26, as supplemented by the prospectus supplements dated 30-Apr-26
• Listing/Law/Denoms: London (Main Market)/ English Law / 100k+1k
• Clearing: Euroclear, Clearstream
• MREL Eligibility: Intended to qualify as MREL and all applicable eligibility conditions to be met
• Loss Absorption Disqualification Event Redemption: Applicable at par
• Joint Lead Managers: Citigroup, Goldman Sachs International, ING, Lloyds (B&D), Natixis
• Selling Restrictions: Reg S (Category 2), TEFRA D. No sales to EEA or UK retail
• Use of Proceeds: Proceeds will be used to finance and/or refinance eligible green assets as defined in Lloyds Banking Group's Sustainable Bond Framework dated 24-Apr-24
• 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: Books open, 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 upon request
• 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