NatWest Markets Plc – Stabilisation Notice


Not for distribution, directly or indirectly, in or into the United
States or any jurisdiction in which such distribution would be unlawful.

Kingdom of Belgium
Pre-Stabilisation Notice

NatWest Markets Plc, (contact: Rom Balax, TEL: 020 7085 6268) hereby
gives notice that the Stabilising Manager(s) named below may stabilise
the offer of the following securities in accordance with Commission
Delegated Regulation EU/2016/1052 under the Market Abuse Directive

The securities:
Issuer:   Kingdom of Belgium
Guarantor (if any): n/a
Aggregate nominal amount: EUR
Description: 30y
Offer price: tbc
Other offer terms: tbc
Stabilising Manager(s): Société Générale (co-ordinating stabilisation manager)
Bank PLC
Crédit Agricole Corporate and Investment Bank
Morgan Securities plc

NatWest Markets Plc

Stabilisation venue: Brussels
Stabilisation period expected to start on: 29th January 2019
Stabilisation period expected to end no later than: For a maximum of 30 days after the proposed issue date of the
Existence, maximum size and conditions of use of over-allotment
The Stabilisation Manager(s) may over allot the securities in an
amount not exceeding 5% of the aggregate nominal amount stated above.

In connection with the offer of the above securities, the Stabilising
Manager(s) may over-allot the securities or effect transactions with a
view to supporting the market price of the securities at a level higher
than that which might otherwise prevail. However, there is no assurance
that the Stabilising Manager(s) will take any stabilisation action and
any stabilisation action, if begun, may cease at any time. Any
stabilisation action or over-allotment shall be conducted in accordance
with all applicable laws and rules.

This announcement is for information purposes only and does not
constitute an invitation or offer to underwrite, subscribe for or
otherwise acquire or dispose of any securities of the Issuer in any

This announcement is only directed at, and the offer of securities to
which it relates are only available to, persons outside the United
Kingdom and persons in the United Kingdom having professional experience
in matters related to investments or who are high net worth persons
within article 12(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 and must not be acted on or relied upon
by other persons in the United Kingdom.

In addition, if and to the extent that this announcement is communicated
in, or the offer of the securities is made in any EEA Member State that
has implemented Directive 2003/71/EC, as amended (together with any
applicable implementing measures in any Member State, the “Prospectus
Directive”) before the date of publication of a prospectus in relation
to the securities which has been approved by the competent authority in
that Member State in accordance with the Prospectus Directive (or, where
appropriate, has been approved by a competent authority in another
Member State and notified to the competent authority in that Member
State in accordance with the Prospectus Directive), this announcement
and the offer are only addressed to and directed at qualified investors
in that Member State within the meaning of the Prospectus Directive (or
who are other persons to whom the offer may lawfully be addressed) and
must not be acted on or relied on by other persons in that Member State.

This announcement is not an offer of securities for sale into the United
States. The securities have not been, and will not be, registered under
the United States Securities Act of 1933 and may not be offered or sold
in the United States absent registration or an exemption from
registration. There will be no public offer of securities in the United


NatWest Markets Plc
Rom Balax
TEL: 020 7085 6268

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