Commentary & Deal Flow

Launched: 3yr: US$1.5bn @ SOFR MS+40bp - Books US$2.2bn
Spread set at: 3yr: SOFR MS+40bp - Books over US$1.975bn
Book Update: Books in excess of US$1.8bn
Guidance: 3yr: SOFR MS+42a

• Issuer: Lloyds Bank plc
• Issuer LEI: H7FNTJ4851HG0EXQ1Z70
• Guarantor: Lloyds Bank Covered Bonds LLP
• Guarantor LEI: 213800FRI978XP6HTZ13
• Expected Issue Rating: Aaa/AAA (Moody's/Fitch)
• Format: Reg S, Bearer, UK Regulated Covered Bond
• Size: US$1.5bn
• Trade Date: 18-Aug-26
• Settle: 25-Aug-26 (T+5)
• Maturity: 25-Aug-29 (soft bullet)
• Coupon: [ ]% per annum, payable semi-annually in arrear
• Business Day Convention: Following, unadjusted
• Reoffer Price: 100%
• Documentation: Lloyds Bank plc €60bn Global Covered Bond Programme base prospectus dated 4-Aug-26 (the "Prospectus")
• Listing/Governing Law: LSE / English
• Denominations: US$200k + 1k
• ISIN/Common Code: XS3479603733 / 347960373
• Joint Lead Managers: Lloyds (B&D), BMO, RBCCM, TD Securities, UBS Investment Bank
• 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
• Selling Restrictions: Reg S (Category 2), TEFRA D. No sales to EEA or UK retail, as per the Global Covered Bond Programme
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No CCI disclosure document has been prepared as not available to retail in the UK. No EU PRIIPs key information document (KID) has been prepared as not available to retail in the EEA
• Schedule: Books open, today's business
• Books Subject: 12.30 UKT
• Advertisement: The Base Prospectus, as supplemented is available at https://www.lloydsbankinggroup.com/investors/fixed-income-investors/covered-bonds.html and Final Terms, when published, will be available on the website of the London Stock Exchange: www.londonstockexchange.com