Commentary & Deal Flow

Spread set at: 5yr: SOFR+95bp - Books in excess of US$1.25bn+
IPTs: 5yr: SOFR+115a - Books in excess of US$750m

• Issuer: NatWest Markets Plc
• Issuer LEI: RR3QWICWWIPCS8A4S074
• Expected Ratings: A1/A/AA (Moody's/S&P/Fitch)
• Ranking: Senior, unsecured, unsubordinated
• Non-MREL Eligible
• Format: Bearer, New Global Note (NGN)
• Restrictions: Reg S, Cat 2, TEFRA D and per the Base Prospectus
• Size: US$ Benchmark (expect US$500m)
• Coupon: SOFR+[●]bps Quarterly, Act/360
• Business Days: New York, London
• Maturity: 24-Aug-31
• Settlement: 24-Aug-26 (T+5)
• Documentation: Issued under the Issuer's £25bn EMTN programme dated 5-Dec-25 and supplemented on 13-Feb-26, 1-May-26 and 14-May-26, 31-Jul-26, and 3-Aug-26
• List/Denoms/Law: London / US$200k+US$1k / English law
• Joint Lead Managers: NatWest (B&D), Standard Chartered Bank
• ISIN: XS3478143004
• Schedule: Books open, today's business
• Books Subject: 10.30am UKT
• 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.