Lloyds Banking Group PLC — Capital/Financing Update 2015

May 20, 2015

Final Terms dated 18 May 2015

Lloyds Bank plc

Issue of USD 10,000,000 Callable Dual Range Accural Notes due May 2025 under the Global Medium Term Note Programme

PART A — CONTRACTUAL TERMS

These Final Terms constitute Issue Terms for the purposes of the Base General Conditions. Terms used herein shall be deemed to be defined as such for the purposes of the Base Conditions set forth in the Prospectus dated 9 April 2015 and the supplemental prospectus dated 11 May 2015 which together constitute a base prospectus for the purposes of the Prospectus Directive. This document constitutes the final terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with such Prospectus as so supplemented. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Prospectus as so supplemented. The Prospectus and the supplemental prospectus are available for viewing at www.londonstockexchange.com/exchange/news/market-news/market-news-home.html and copies may be obtained from Lloyds Bank plc, 25 Gresham Street, London EC2V 7HN.

The expression “Prospectus Directive” means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State) and includes any relevant implementing measure in the Relevant Member State and the expression “2010 PD Amending Directive” means Directive 2010/73/EU.

1 Issuer:	Lloyds Bank plc
2 (i) Series Number:	WMTN0158
(ii) Tranche Number:	1
3 Specified Currency	United States Dollar (“USD”)
4 Aggregate Nominal Amount
(i) Series:	USD 10,000,000
(ii) Tranche:	USD 10,000,000
5 Issue Price	100.00 per cent. of the Aggregate Nominal Amount
6 (i) Specified Denominations:	USD 1,000,000
(ii) Calculation Amount:	USD 1,000,000
7 (i) Issue Date:	20 May 2015
(ii) Trade Date:	6 May 2015
8 Maturity Date	20 May 2025
9 Business Day Convention	Modified Following Business Day Convention (Unadjusted)
10 Business Centre(s)	London and New York
11 Calculation Agent	Commerzbank Aktiengesellschaft
12 Alternative Currency Equivalent	Not Applicable
13 Synthetic Currency Asset Conditions	Not Applicable

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PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

14 Fixed Rate Note Provisions Not Applicable
15 Floating Rate Note Provisions Not Applicable
16 Zero Coupon Note Provisions Not Applicable
17 Index Linked Interest Provisions Not Applicable
18 Inflation Linked Interest Provisions Not Applicable
19 Currency Linked Interest Provisions Not Applicable
20 Commodity Linked Interest Provisions Not Applicable
21 Rate Linked Interest Provisions Applicable

(i) Range Accrual Reference Item: 1
(ii) Payment Date Extension: Not Applicable
(iii) Underlying Rate(s):
(a) Underlying Rate 1:
(I) Underlying Rate: USD LIBOR
(II) Weight: Not Applicable
(III) Underlying Rate Jurisdiction: London
(IV) ISDA Determination: Not Applicable
(V) Screen Rate Determination: Applicable
- Reference Rate: 3 month USD LIBOR
- Relevant Screen Page: Reuters Screen LIBOR01 Page
(VI) CMS Rate Determination: Not Applicable
(VII) Rates Variance Determination: Not Applicable
(iv) Underlying Rate Basket Level: Not Applicable
(v) Initial Setting Date: Not Applicable
(vi) Initial Averaging Dates: Not Applicable
(vii) Valuation Dates/Averaging Dates: Not Applicable
(viii) Observation Dates: In addition to the dates in Rate Linked Asset Condition 5.7, each Range Accrual Observation Date as stated in Coupon Payout Condition 11.1 (Definitions)
(ix) Valuation Time: Not Applicable
(x) Look-Back Provisions: Not Applicable
(xi) Range Accrual Reference Item: 2
(xii) Payment Date Extension: Not Applicable
(xiii) Underlying Rate (s)
(b) Underlying Rate 2:
(I) Underlying Rate: USD CMS Rate
(II) Weight: Not Applicable
(III) Underlying Rate Jurisdiction: New York City
(IV) ISDA Determination: Not Applicable

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(V) Screen Rate Determination: Not Applicable
(VI) CMS Rate Determination: Not Applicable
(VII) Rates Variance Determination: Applicable

Underlying Rate:
(A) ISDA Determination: Not Applicable
(B) Screen Rate Determination: Not Applicable
(C) CMS Rate Determination: Applicable
- CMS Currency: USD
- CMS Designated Maturity: 30 years
- CMS Screen Page: Reuters Screen ISDAFIX1 Page
- CMS Reference Time: 11 a.m. (New York time)
- CMS Determination Date: Each Range Accrual Observation Date
- CMS Business Centre(s): New York
- CMS Reference Banks Number: Five (5)
- CMS Relevant Interbank Market: New York City

Underlying Rate:
(A) ISDA Determination: Not Applicable
(B) Screen Rate Determination: Not Applicable
(C) CMS Rate Determination: Applicable
- CMS Currency: USD
- CMS Designated Maturity: 2 years
- CMS Screen Page: Reuters Screen ISDAFIX1 Page
- CMS Reference Time: 11 a.m. (New York time)
- CMS Determination Date: Each Range Accrual Observation Date
- CMS Business Centre(s): New York
- CMS Reference Banks Number: Five (5)
- CMS Relevant Interbank Market: New York City

(xiv) Underlying Rate Basket Level: Not Applicable
(xv) Initial Setting Date: Not Applicable
(xvi) Initial Averaging Dates: Not Applicable
(xvii) Valuation Dates/Averaging Dates: Not Applicable
(xviii) Observation Dates: In addition to the dates in Rate Linked Asset

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Condition 5.7, each Range Accrual Observation Date as stated in Coupon Payout Condition 11.1 (Definitions)

(xix) Valuation Time: Not Applicable
(xx) Look-Back Provisions: Not Applicable

22 Multi-Asset Basket Linked Interest Provisions: Not Applicable
23 Structured Floating Rate Coupon: Not Applicable
24 Inverse Floating Rate Coupon: Not Applicable
25 Fixed Rate Step-Up/Step-Down Coupon: Not Applicable
26 Fixed to Floating Coupon: Not Applicable
27 Floating to Fixed Coupon: Not Applicable
28 Fixed to Floating Switchable Coupon: Not Applicable
29 Floating to Fixed Switchable Coupon: Not Applicable
30 Fixed Rate Range Accrual Coupon: Not Applicable
31 Floating Rate Range Accrual Coupon: Not Applicable
32 Fixed Rate Dual Range Accrual Coupon: Not Applicable
33 Floating Rate Dual Range Accrual Coupon: Applicable

(i) Interest Commencement Date: Issue Date
(ii) Interest Period Date(s): Each Interest Payment Date
(iii) Interest Payment Date(s): 20 February, 20 May, 20 August and 20 November in each year, from and including 20 August 2015 to and including the Maturity Date
(iv) Fixed Rate Period Start Date: Not Applicable
(v) Fixed Rate Period End Date: Not Applicable
(vi) Fixed Rate of Interest: Interest Accrual Period: Fixed Rate of Interest: Not Applicable
(vii) Full Coupon Barrier: Not Applicable
(viii) Range Accrual Observation Period: Each Floating Rate Interest Accrual Period
(ix) Range Accrual Observation Dates: Each calendar day in each Range Accrual Observation Period
(x) Range Accrual Observation Period Cut-Off Date: Five (5) London and New York Business Days prior to the last day in each Range Accrual Observation Period
(xi) Range Accrual Observation Time: 11 a.m. (New York time)
(xii) Range Accrual Reference Item1: The Underlying Rate as specified in paragraph 21 above
(xiii) Range Accrual Reference Item2: The Underlying Rate as specified in paragraph 21 above
(xiv) Range Accrual Barrier Provisions: Range Accrual Barrier Power: Upper Barrier₁: Lower Barrier₂: Upper Barrier₃:

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| All Interest Accrual
Periods falling in the
period from and including
the Issue Date to but
excluding the Maturity
Date | | Not
Applicable | 5.50 per cent | 0.00 per cent | Not Applicable |
| --- | --- | --- | --- | --- | --- |
| (xv) Lower Barrier Criterion_{1}: | | Not Applicable | | | |
| (xvi) Upper Barrier Criterion_{1}: | | Less/Equal | | | |
| (xvii) Lower Barrier Criterion_{2}: | | Excess/Equal | | | |
| (xviii) Upper Barrier Criterion_{2}: | | Not Applicable | | | |
| (xix) Range Accrual Common
Scheduled Trading Days: | | Not Applicable | | | |
| (xx) Range Accrual Individual
Disrupted Days: | | Not Applicable | | | |
| (xxi) Range Accrual Common
Disrupted Days: | | Not Applicable | | | |
| (xxii) Business Day Convention: | | Modified Following Business Day Convention
(Unadjusted) | | | |
| (xxiii) Party responsible for calculating
the interest due (if not the
Calculation Agent): | | Not Applicable | | | |
| (xxiv) Relevant Rate: | | | | | |
| (a) ISDA Determination: | | Not Applicable | | | |
| (b) Screen Rate Determination: | | Applicable | | | |
| - Reference Rate: | | 3 month USD LIBOR | | | |
| - Valuation Date(s): | | Two London Business Days prior to the first day of each
Range Accrual Observation Period | | | |
| - Relevant Screen Page: | | Reuters Screen LIBOR01 Page | | | |
| (c) CMS Rate Determination: | | Not Applicable | | | |
| (d) Rates Variance Determination: | | Not Applicable | | | |
| (xxv) Day Count Fraction: | | 30/360 | | | |
| (xxvi) Leverage: | | Not Applicable | | | |
| (xxvii) Margin: | | Applicable | | | |
| | | Interest Accrual
Period: | Margin: | | |
| | | All Interest Accrual
Periods falling in
the period from and
including the Issue
Date to but
excluding the
Maturity Date | + 2.40 per cent. | | |
| (xxviii) Cap: | | Not Applicable | | | |
| (xxix) Floor: | | Not Applicable | | | |

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(xxx) Snowball Interest Amount: Not Applicable

34 Digital Coupon Not Applicable
35 Inflation-Linked Coupon Not Applicable
36 Inflation Protected Coupon Not Applicable
37 Performance Coupon Not Applicable
38 Annualised Performance Coupon Not Applicable

PROVISIONS RELATING TO REDEMPTION

39 Put/Call Options Call Option
40 Call Option Applicable

(i) Optional Redemption Date(s): Each Interest Payment Date falling on the 20 February, 20 May, 20 August and 20 November of each year, from and including 20 May 2016 to and including 20 February 2025

(ii) Optional Redemption Amount(s): USD 1,000,000 per Calculation Amount

(iii) If redeemable in part:

(a) Minimum Redemption Amount: Not Applicable
(b) Maximum Redemption Amount: Not Applicable

(iv) Call Option Business Centre(s): London and New York
(v) Notice period: A minimum of five (5) London and New York Business Days prior to each Optional Redemption Date

41 Put Option Not Applicable
42 Target Auto Redemption Not Applicable
43 Autocall Not Applicable
44 Final Redemption Amount USD 1,000,000 per Calculation Amount
45 Early Redemption Amount
Early Redemption Amount(s): Par

46 Unwind Costs: Applicable
47 Expenses Not Applicable
48 Index Linked Redemption Provisions Not Applicable
49 Inflation Protected Redemption Provisions Not Applicable
50 Currency Linked Redemption Provisions Not Applicable
51 Commodity Linked Redemption Provisions Not Applicable
52 Rate Linked Redemption Provisions Not Applicable
53 Multi-Asset Basket Linked Redemption Provisions Not Applicable

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PART B — OTHER INFORMATION

1 LISTING AND ADMISSION TO TRADING

(i) Listing and admission to trading: Application is expected to be made by the Issuer (or on its behalf) for the Notes to be listed on the Official List of the UK Listing Authority and to be admitted to trading on the regulated market of the London Stock Exchange with effect from 20 May 2015

(ii) Estimate of total expenses related to admission to trading: £300 plus VAT

2 RATING

Ratings: The Notes to be issued have not been rated.

3 INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

“Save as discussed in “Selling Restrictions”, so far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer.”

4 REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES

(i) Reasons for the offer: Please refer to the section titled “Use of Proceeds” in the Base Prospectus

(ii) Estimated net proceeds: Not Applicable

(iii) Estimated total expenses: Not Applicable

5 HISTORIC INTEREST RATES

Details of historic CMS rates and USD LIBOR can be obtained from Reuters.

6 OPERATIONAL INFORMATION

ISIN Code: XS1232527215

Common Code: 123252721

Swiss Securities Number Not Applicable
(Valorennummer):

WKN Number (Wertpapierkennnummer): A1Z1FG

Any clearing system(s) other than Not Applicable
Euroclear Bank S.A./N.V. and
Clearstream Banking, société anonyme
and the relevant identification number(s):

Delivery: Delivery against payment

Names and addresses of additional Paying Not Applicable
Agent(s) (if any):

7 INDEX DISCLAIMER

Not Applicable

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54 Performance Redemption Not Applicable
55 Performance Plus Downside Redemption Not Applicable
56 Performance Plus Conditional Downside Redemption Not Applicable
57 Absolute Performance Redemption Not Applicable
58 Reverse Convertible Redemption Not Applicable
59 Reverse Convertible Plus Conditional Downside Redemption Not Applicable
60 Inflation Protected Redemption Not Applicable
61 Dual Currency Redemption Not Applicable

GENERAL PROVISIONS APPLICABLE TO THE NOTES

62 Form of Notes Bearer Notes - Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Notes in the limited circumstances specified in the Permanent Global Note
63 New Global Note No
64 Additional Disruption Events Not Applicable
65 Talons for future Coupons or Receipts to be attached to Definitive Notes (and dates on which such Talons mature) Not Applicable
66 Details relating to Instalment Notes: amount of each instalment, date on which each payment is to be made Not Applicable

DISTRIBUTION

67 U.S. Selling Restrictions Reg S Category 2; TEFRA D
68 Additional Selling Restrictions Not Applicable

LISTING AND ADMISSION TO TRADING APPLICATION

These Final Terms comprise the final terms required for issue and admission to trading of the Notes described herein pursuant to the Global Medium Term Note Programme of Lloyds Bank plc.

Signed on behalf of the Issuer:

By:
Duly authorised