Commentary & Deal Flow

Launched:
5yr: €500m @ MS+52bp - Books > €3.8bn (pre rec)
10yr: €500m @ MS+82bp - Books > €4.3bn (pre rec)

IPTs: 5yr: MS+90a 10yr: MS+120a

• Issuer: Rolls-Royce Holdings plc (Ticker: ROLLS; Country: GB)
• Issuer LEI: 213800EC7997ZBLZJH69
• Guarantor: Rolls-Royce plc
• Issuer Ratings: A3/BBB+/A- (Moody's/S&P/Fitch)
• Expected Issue Ratings: A3/A- (Moody's/Fitch)
• Status/Format: Senior, Unsecured, Reg S Bearer Note (New Global Note)
• Settlement Date: 20-May-26 (T+5)
• Size:
• • 5-year: €500m
  • 10-year: €500m
• Maturity Date:
• • 5-year: 20-May-31
  • 10-year: 20-May-36
• Coupon: Fixed, Annual, ACT/ACT (ICMA)
• ISIN / Common Code:
• • 5-year: XS3373513368 / 337351336
  • 10-year: XS3373513103 / 337351310
• Call Options:
• • 5-year: Make-whole Call (B+●bps), Clean-up Call (75% at Par), 1m Par Call, Tax Call
  • 10-year: Make-whole Call (B+●bps), Clean-up Call (75% at Par), 3m Par Call, Tax Call
• Use of Proceeds: General Corporate Purposes
• Denominations: €100k x 1k
• Documentation: Offering Circular dated 25-Mar-26 prepared by the Issuer in connection with its £5bn EMTN programme / London Stock Exchange ISM / English Law
• Target Market: Manufacturer target market (MiFID II product governance / UK MiFIR product governance rules) is MiFID II / UK MiFIR Professionals & Eligible Counterparties only (all distribution channels). No EU PRIIPs key information document (KID) or UK PRIIPs KID / CCI product summary has been prepared as not available to retail in EEA or the United Kingdom
• Selling Restrictions: US: Reg S, Cat 2, TEFRA D. EEA/UK/Japan/Singapore/Hong Kong/Switzerland In accordance with selling restrictions set out more fully in the Offering Circular
• Marketing: An investor presentation will be available at www.netroadshow.com| Entry code: ROLLS26 | Direct link: www.netroadshow.com/nrs/home/#!/?show=7d5d325a
• Joint Bookrunners: BNP Paribas, Crédit Agricole CIB, Goldman Sachs International, Lloyds (B&D), Santander, Société Générale
• Passive Bookrunners: SEB, SMBC
• Advertisement: The offering circular is available at https://www.rolls-royce.com/~/media/Files/R/Rolls-Royce/documents/investors/debt-securities/rr-emtn-u26-offering-circular.pdf and the pricing supplement, when published, will be available at https://www.rolls-royce.com/investors/debt-securities.aspx.
• Timing: Books open, today’s business
• Books Subject: 12.20 UKT / 13.20 CET