Commentary & Deal Flow

Reoffer: 7NC6: UKT+98bp / 99.736 / 5.553%
Benchmark: 7NC6: UKT 4.250% 07-Jun-32 @ 98.705 / HR 98%

Final Books £1.75bn+ (incl £60m JLM). Peak book £1.85bn+ (incl £65m JLM)

Launched: 7NC6: £750m @ UKT+98bp - Books £1.85bn+ (incl £65m JLM)
Book Update: Books £1.5bn+ (excl JLM)
IPTs: 7NC6: UKT+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
• Size: £750m
• Ranking: Senior Unsecured
• Tenor: 7NC6
• Settlement: 8-Jun-26 (T+5)
• Maturity Date: 8-Jun-33
• Optional Redemption Date: 8-Jun-32
• Reoffer: UKT+98bp / 99.736 / 5.553% ann.
• Benchmark: UKT 4.250% 07-Jun-32 @ 98.705 mid / HR 98%
• Initial Coupon: 5.500% 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 Benchmark Gilt Rate +98bps
• 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 / GBP 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
• ISIN/Common Code: XS3397151815 / 339715181
• Joint Lead Managers: Lloyds (B&D), BMO Capital Markets, Merrill Lynch International, Morgan Stanley and RBC Capital Markets
• 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. TOE 15:02 UKT | FTT 15:20 UKT
• 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 is 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.
• Note: PLEASE NOTE THAT £ PRICING IS VS MID GILTS AS PER ICMA GUIDELINES, BUT HEDGES WILL BE EXECUTED VS THE DM TRADER'S BID SIDE