Commentary & Deal Flow

Final book €1.8bn+. Peak book €2.25bn+ (incl. €60m JLM)

Launched: 3yr: €1.25bn @ MS+45bp - Books closed €2.1bn+ (incl. €10m JLM, pre-rec)
Spread set at: 3yr: MS+45bp - Books €2.25bn+ (incl. €60m JLM)
Book Update: Books €2bn+ (incl. €60m JLM)
IPTs: 3yr: MS+70a

• Issuer: NatWest Markets Plc
• Issuer LEI: RR3QWICWWIPCS8A4S074
• Expected Ratings: A1/A/AA (Moody's/S&P/Fitch)
• Ranking: Senior Unsecured
• Settlement: 30-Jun-26 (T+5)
• Maturity: 30-Jun-29
• Size: €1.25bn
• Spread: MS+45bps
• Coupon: [●]% Fixed, Annual, ACT/ACT ICMA
• Reference Benchmark: OBL 2.1 29-Apr-29 / HR 106%
• Hedge Deadline: 14:55 UKT
• Business Days: TARGET2, London
• Documentation: Issued under the Issuer’s £25bn EMTN programme dated 05-Dec-25 and supplemented on 13-Feb-26, 01-May-26 and 14-May-26
• List/Denoms/Law: London / €100k+€1k / English law
• Format: Bearer, New Global Note (NGN)
• Restrictions: Reg S, Cat 2, TEFRA D and per the Base Prospectus. Sales into Italy permitted.
• 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 to investors on request from your usual sales contact.
• 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 and (when published) Final Terms are available on the website of the London Stock Exchange: www.londonstockexchange.com.
• Joint Lead Managers: BBVA, ING, NatWest (B&D), SMBC, Societe Generale, UniCredit
• ISIN: XS3423992232
• Timing: Today’s business
• Books Subject: 12:20 UKT