Commentary & Deal Flow

Reoffer: 4.75yr: MS+72bp / 99.999 / 3.646% | 10.75yr: MS+112bp / 99.999 / 4.270%
Benchmark: 4.75yr: OBL 2.5 16-Apr-31 @ 98.66 / B+84.6bp / HR 98% | 10.75yr: DBR 4 04-Jan-37 @ 107.62 / B+113.6bp / HR 92%

Tranche 1 (4.75yr): Final Books >€2.1bn. Peak book >€2.2bn (Pre-rec)
Tranche 2 (10.75yr Green): Final Books >€1.5bn. Peak book >€1.7bn

Launched:
4.75yr: €700m @ MS+72bp - Books >€2.2bn (Pre-rec)
10.75yr: €600m @ MS+112bp - Books > €1.6bn (Pre-rec)
Spread set at: 4.75yr: MS+72bp - Books > €1.9bn | 10.75yr: MS+112bp - Books > €1.7bn
IPTs: 4.75yr: MS+100-105a | 10.75yr: MS+140-145a

• Issuer: National Grid North America Inc
• Ticker: NGGLN
• Country: US
• Issuer LEI: 5Q3U0WRKWZZGRMPYFT08
• Issuer Ratings: Baa2 (stable outlook) / BBB (stable outlook) by Moody’s / S&P
• Expected Issue Ratings: Baa2 / BBB by Moody’s / S&P
• Format: RegS, Registered (NSS), Temporary Global Certificate exchangeable for a Permanent Global Certificate
• Settlement Date: 15-Jul-26 (T+5)
• Tenor:
• • 4.75-year
  • 10.75-year
• Size:
• • 4.75yr: €700m
  • 10.75yr: €600m
• Maturity Date:
• • 4.75yr: 15-Apr-31
  • 10.75yr: 15-Apr-37
• Re-offer:
• • 4.75yr: MS+72bps / 99.999 / 3.646%
  • 10.75yr: MS+112bps / 99.999 / 4.270%
• Coupon:
• • 4.75yr: 3.643%, FXD, Annual, Act/Act (ICMA) (short first)
  • 10.75yr: 4.268%, FXD, Annual, Act/Act (ICMA) (short first)
• Reference Benchmark:
• • 4.75yr: 84.6bps vs OBL 2.5 16-Apr-31 @98.66 / 2.800% / HR: 98% (ISIN: DE000BU25067)
  • 10.75yr: 113.6bps vs DBR 4 04-Jan-37 @107.62 / 3.135% / HR: 92% (ISIN: DE0001135275)
• MWC:
• • 4.75yr: B+15bps
  • 10.75yr: B+20bps
• TOE: 15:48 UKT
• Par Call:
• • 4.75yr: 3-month
  • 10.75yr: 3-month
• ISIN:
• • 4.75yr: XS3441767442
  • 10.75yr: XS3441768093
• Use of Proceeds:
• • 4.75yr: General Corporate Purposes
  • 10.75yr: An equivalent amount to the net proceeds will be applied by the Issuer to Eligible Projects in accordance with National Grid’s Green Financing Framework dated May 2025
• Denoms:
• • 4.75yr: €100k+1k
  • 10.75yr: €100k+1k
• Optional Redemption:
• • 4.75yr: MWC, Tax Call
  • 10.75yr: MWC, Tax Call
• Docs/Listing/Governing Law: Under the Issuer’s EUR 8 billion EMTN Programme dated 21-Aug-25 (the “Programme”) / London Stock Exchange (Main Market) / English Law
• Clearing: Euroclear / Clearstream, Luxembourg
• Selling restrictions: As per the Base Prospectus dated 21-Aug-25
• Joint Bookrunners: Bank of China, BNP Paribas, HSBC (B&D), ING, Lloyds
• Target Market: Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs key information document (KID) or UK CCI disclosure document has been prepared as not available to retail in EEA or the UK
• Advertisement: The Base Prospectus and any Supplements are available and the Final Terms, when published, will be available at: https://www.londonstockexchange.com
• FTT: 16:20 UKT