Commentary & Deal Flow

Reoffer: 5yr: MS+52bp / 99.593 / 3.465% 10yr: MS+82bp / 99.439 / 3.944%
Benchmark: 5yr: OBL 2.5 16-Apr-31 @ 98.532 / B+64.5bp (HR: 100%) 10yr: DBR 2.9 15-Feb-36 @ 98.284 / B+83.9bp (HR: 99%)

5yr: Final Books €2.6bn. Peak book > €3.8bn (pre rec)
10yr: Final Books €3bn. Peak book > €4.3bn (pre rec)

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 (stb) / BBB+ (stb) / A- (stb) by Moody’s / S&P / Fitch
• Expected Issue Ratings: A3 / A- by Moody’s / Fitch
• Status/Format: Senior, Unsecured, Reg S Bearer Note (New Global Note)
• Settlement Date: 20-May-26 (T+5)
• Size and Currency:
• • 5-year: €500m
  • 10-year: €500m
• Maturity Date:
• • 5-year: 20-May-31
  • 10-year: 20-May-36
• Re-offer:
• • 5-year: MS+52bps / 99.593 / 3.465%
  • 10-year: MS+82bps / 99.439 / 3.944%
• Benchmark:
• • 5-year: 64.5bps vs OBL 2.5 16-Apr-31 @98.532 / 2.820% (HR: 100%)
  • 10-year: 83.9bps vs DBR 2.9 15-Feb-36 @98.284 / 3.105% (HR: 99%)
• Coupon:
• • 5-year: 3.375% Fixed, Annual, ACT/ACT (ICMA)
  • 10-year: 3.875% Fixed, Annual, ACT/ACT (ICMA)
• ISIN / Common Code:
• • 5-year: XS3373513368 / 337351336
  • 10-year: XS3373513103 / 337351310
• Call Options:
• • 5-year: Make-whole Call (B+10bps), Clean-up Call (75% at Par), 1m Par Call, Tax Call
  • 10-year: Make-whole Call (B+15bps), 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: TOE 5y : 16:05 UKT TOE 10y: 16.06 UKT | FTT: 16.30 UKT