Commentary & Deal Flow

Reoffer: Long 5yr: MS+87bp / 99.652 / 4.328%
Benchmark: Long 5yr: DBR 0 15-Feb-32 @ 84.55 / B+112.2bp

Tranche 1 (Long 5yr): Final Books north of €640m. Peak book north of €1.6bn (pre-rec)

Launched: Long 5yr: €500m @ MS+87bp - Books north of €1.6bn (pre-rec)
IPTs: Long 5yr: MS+115/120bp

• Issuer: National Gas Transmission PLC
• Ticker: NGTRAN
• Country: GB
• LEI: FPCHGTHKVH9ZWXS7S453
• Issuer Ratings: Baa1/BBB+ (Moody's/Fitch)
• Expected Issue Ratings: Baa1/A- (Moody's/Fitch)
• Rating Split: Issuer: Baa1/BBB+ (Moody's/Fitch), Issue: Baa1/A- (Moody's/Fitch)
• Format: Senior Unsecured, Reg S (Cat 2) Bearer Notes, NGN, TEFRA D
• Size: €500m
• Tenor: Long 5yr
• Pricing Date: 20-Oct-26
• Settlement Date: 27-Oct-26 (T+5)
• Maturity Date: 27-Mar-32
• Reoffer: MS+87bp / 99.652 / 4.328%
• Coupon: 4.25% (Annual, Act/Act ICMA), subject to short first coupon
• Benchmark: 112.2bp vs DBR 0 15-Feb-32 @ 84.55 / 3.206% (HR: 108%)
• Par Call: 3-month
• Make-Whole Call: +20bp
• Redemption Amount: 100%
• Put Option: Restructuring Event (as defined in the Base Prospectus (as defined below)) Put only at a price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the date of redemption
• Other: English Law
• Listing: London Stock Exchange (Main Market)
• ISIN: XS3548854176
• Common Code: 354885417
• Documentation: EMTN Programme; Base Prospectus dated 16-Dec-25, as supplemented on 23-Jul-26
• Denominations: €100k + €1k
• Use of Proceeds: To refinance existing debt and for general corporate purposes
• Clearing System: Euroclear / Clearstream, Luxembourg
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs KID or UK CCI disclosure document has been prepared as not available to retail in the EEA or the United Kingdom
• Selling Restrictions: As per the Base Prospectus (US: Reg S, Cat 2, TEFRA D)
• Joint Active Bookrunners: BNP Paribas (B&D), HSBC, IMI - Intesa Sanpaolo and Mizuho
• Passive Bookrunners: ABN AMRO, Bank of China
• TOE / FTT: TOE: 14.12 UKT / FTT: 15:00 UKT
• Hedge Deadline: 14:10 UKT
• Marketing: https://dealroadshow.finsight.com and enter the deal entry code: NGT26 (not case-sensitive)
• Advertisement: The Base Prospectus is available and the Final Terms, when published, will be available at: https://www.londonstockexchange.com
• Schedule: Books open, today’s business
• Timing: Today's business
• Books Subject: 12.45 UKT
• Stabilisation: Applicable, stabilisation regulations apply, including FCA/ICMA