Commentary & Deal Flow

Launched: 5yr: £1bn @ SONIA+47bp - Books £2.3bn+ (incl £100m JLM) pre rec
Book Update: Books £2bn+
Guidance: 5yr: SONIA+52a

• Issuer: National Westminster Bank Plc (Ticker: NWG)
• Issuer LEI: 213800IBT39XQ9C4CP71
• Guarantor: NatWest Covered Bonds Limited Liability Partnership
• Expected Issue Ratings: Aaa/AAA (Moody's/Fitch)
• Format: Reg S, Bearer, UK Regulated Covered Bond
• Currency: £
• Size: £1bn
• Pricing Date: 05-Jun-26
• Settlement Date: 17-Jun-26 (T+8)
• Maturity Date: 22-May-31 (soft bullet)
• Coupon: SONIA+47bps, Floating, Compounded Daily SONIA, 5 day lag, Quarterly, ACT/365F
• Reoffer Price: 100%
• Documentation: Issued under the Issuer’s €25bn Global Covered Bond Programme dated 27-Mar-26, as supplemented on 03-Jun-26
• Listing / Governing Law: London Stock Exchange's main market / English
• Denominations: GBP 100k + 1k
• ISIN / Common Code: XS3405659833 / 340565983
• Joint Lead Managers: BMO Capital Markets, NatWest (B&D), Santander, Standard Chartered Bank
• Fees: The Joint Lead Managers will be paid a fee in connection with the transaction. Details of the fee may be available to investors upon request
• Selling Restrictions: As per the Base Prospectus
• Target Market: Manufacturer target market (MIFID II product governance and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document / CCI disclosure document has been prepared as not available to retail in the EEA or in the UK
• Advertisement: The base prospectus, as supplemented, is available at https://investors.natwestgroup.com/fixed-income-investors/covered-bonds.aspx and the final terms, when published will be available at https://www.londonstockexchange.com/
• Timing: Books open, today’s business
• Books Subject: 12.00 UKT