<SEC-DOCUMENT>0000950103-22-013774.txt : 20220808
<SEC-HEADER>0000950103-22-013774.hdr.sgml : 20220808
<ACCEPTANCE-DATETIME>20220808161244
ACCESSION NUMBER:		0000950103-22-013774
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220808
FILED AS OF DATE:		20220808
DATE AS OF CHANGE:		20220808

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NatWest Group plc
		CENTRAL INDEX KEY:			0000844150
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10306
		FILM NUMBER:		221144505

	BUSINESS ADDRESS:	
		STREET 1:		GOGARBURN
		STREET 2:		PO BOX 1000
		CITY:			EDINBURGH, SCOTLAND
		STATE:			X0
		ZIP:			EH12 1HQ
		BUSINESS PHONE:		441315568555

	MAIL ADDRESS:	
		STREET 1:		GOGARBURN
		STREET 2:		PO BOX 1000
		CITY:			EDINBURGH, SCOTLAND
		STATE:			X0
		ZIP:			EH12 1HQ

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYAL BANK OF SCOTLAND GROUP PLC
		DATE OF NAME CHANGE:	19950712
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp178455_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center"><B>Report of Foreign Private Issuer</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center"><B>Pursuant to Rule 13a-16 or 15d-16
of</B>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center"><B>the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">For August 8, 2022</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Commission File Number: 001-10306</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">NatWest Group plc</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Gogarburn, PO Box 1000</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Edinburgh EH12 1HQ</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">________________________________________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0">Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">Form 20-F __<U>X</U>__ &nbsp;&nbsp;Form 40-F _____</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0">Indicate by check mark whether the registrant by furnishing
the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">Yes _____ &nbsp;&nbsp;No __<U>X</U>__</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0">If &ldquo;Yes&rdquo; is marked, indicate below the file number
assigned to the registrant in connection with Rule 12g3-2(b): 82- _____</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 19pt 0pt 0; text-align: right">August 8, 2022</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 19pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NATWEST
GROUP PLC AND NATWEST MARKETS N.V. </B></FONT><B>&ndash; <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">PRICING OF SEPARATE CASH
TENDER OFFERS FOR CERTAIN OF THEIR RESPECTIVE OUTSTANDING NOTES</FONT></B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">NatWest Group plc (&ldquo;<B>NatWest Group</B>&rdquo;) and
NatWest Markets N.V. (&ldquo;<B>NWM N.V.</B>&rdquo;) (each an &ldquo;<B>Offeror</B>&rdquo; and, together, the &ldquo;<B>Offerors</B>&rdquo;)
are each today announcing, in respect of their previously announced separate tender offers to purchase for cash (with respect to the tender
offers launched by NatWest Group, the &ldquo;<B>NatWest Group Offer</B>&rdquo;, and with respect to the tender offers launched by NWM
N.V., the &ldquo;<B>NWM N.V. Offer</B>&rdquo;, and collectively, the &ldquo;<B>Offers</B>&rdquo;) any and all of certain series of their
respective U.S. dollar denominated notes set out in the table below (collectively, the &ldquo;<B>Notes</B>&rdquo;, and each a &ldquo;<B>Series</B>&rdquo;),
the relevant Reference Yield and the relevant Purchase Price for each series of Notes validly tendered and accepted for purchase in respect
of such Offers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">The NatWest Group Offer is being made on the terms and subject
to the conditions set out in NatWest Group&rsquo;s offer to purchase dated August 1, 2022 and the related Notice of Guaranteed Delivery
(the &ldquo;<B>NatWest Group Offer to Purchase</B>&rdquo;), and the NWM N.V. Offer is being made on the terms and subject to the conditions
set out in NWM N.V.&rsquo;s offer to purchase dated August 1, 2022 and the related Notice of Guaranteed Delivery (the &ldquo;<B>NWM N.V.
Offer to Purchase</B>&rdquo; and, together with the NatWest Group Offer to Purchase, the &ldquo;<B>Offers to Purchase</B>&rdquo;). Capitalized
terms with respect to the NatWest Group Offer not otherwise defined in this announcement have the same meaning as in the NatWest Group
Offer to Purchase and capitalized terms with respect to the NWM N.V. Offer not otherwise defined in this announcement have the same meaning
as in the NWM N.V. Offer to Purchase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><B><U>Pricing for the NatWest Group Offer:</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">The Reference Yield in respect of each Series of Notes listed
below was determined at 2:00 p.m., New York City time, today. The Purchase Price for each Series of Notes listed below is based on the
relevant Reference Yield plus the relevant Fixed Spread as set forth in the table below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 11%">
    <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Title of Security</P>
</TD>
    <TD STYLE="width: 10%">
    <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Issuer</P>
</TD>
    <TD STYLE="width: 15%">
    <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">ISIN/CUSIP</P>
</TD>
    <TD STYLE="width: 11%">
    <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Principal
    Amount Issued</P>
</TD>
    <TD STYLE="width: 11%">
    <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Principal
    Amount Outstanding</P>
</TD>
    <TD STYLE="width: 6%">
    <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Fixed Spread
    (bps)</P>
</TD>
    <TD STYLE="width: 11%">
    <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Reference
    U.S. Treasury Security</P>
</TD>
    <TD STYLE="width: 7%">
    <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Maturity</P>
</TD>
    <TD STYLE="width: 9%">
    <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Reference
    Yield</P>
</TD>
    <TD STYLE="width: 9%">
    <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.9pt; border-bottom: Black 0.5pt solid">Purchase
    Price</P>
</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.125% Subordinated Tier 2 Notes due 2022</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Royal Bank of Scotland Group plc <SUP>(1)</SUP></FONT></TD>
    <TD>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">US780099CE50 /</P>

    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">780099CE5</P>
</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2,250,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,303,830,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">+40</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;1.625% U.S. Treasury due December 15, 2022 (ISIN: US912828YW42)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">December 15, 2022</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.769%</FONT></TD>
    <TD>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$1,010.05</P>

    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">per $1,000</P>
</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.100% Subordinated Tier 2 Notes due 2023</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Royal Bank of Scotland Group plc <SUP>(1)</SUP></FONT></TD>
    <TD>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">US780097AY76 /</P>

    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">780097AY7</P>
</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$465,426,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">+90</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.250% U.S. Treasury Security due June 15, 2023 (ISIN: US912828ZU76)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">June 10, 2023</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.252%</FONT></TD>
    <TD>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$1,015.73</P>

    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">per $1,000</P>
</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.000% Subordinated Tier 2 Notes due 2023</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Royal Bank of Scotland Group plc<SUP>(1)</SUP></FONT></TD>
    <TD>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">US780097AZ42 /</P>

    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">780097AZ4</P>
</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2,000,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,396,278,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">+125</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.000% U.S. Treasury Security due June 30, 2024 (ISIN: US91282CEX56)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">December 19, 2023</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.231%</FONT></TD>
    <TD>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$1,019.74</P>

    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">per $1,000</P>
</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.125% Subordinated Tier 2 Notes due 2024</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Royal Bank of Scotland Group plc<SUP>(1)</SUP></FONT></TD>
    <TD>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">US780099CH81 /</P>

    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">780099CH8</P>
</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2,250,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,241,175,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">+145</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.000% U.S. Treasury Security due June 30, 2024 (ISIN: US91282CEX56)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">May 28, 2024</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.231%</FONT></TD>
    <TD>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$1,007.51</P>

    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">per $1,000</P>
</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.875%<BR>
Senior Notes due 2023</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Royal Bank of Scotland Group plc<SUP>(1)</SUP></FONT></TD>
    <TD>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">US780097BD21</P>

    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">/ 780097BD2</P>
</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2,650,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2,650,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">+75</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.000% U.S. Treasury Security due June 30, 2024 (ISIN: US91282CEX56)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">September 12, 2023</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.231%</FONT></TD>
    <TD>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$998.85</P>

    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">per $1,000</P>
</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 4.5pt">(1)</TD><TD>Currently NatWest Group plc.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><B><U>Pricing for the NWM N.V. Offer:</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7.8pt 0pt 0">The Reference Yield in respect of each Series of Notes listed
below was determined at 2:00 p.m., New York City time, today. The Purchase Price for each Series of Notes listed below is based on the
relevant Reference Yield plus the relevant Fixed Spread as set forth in the table below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7.8pt 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 11%">
    <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Title of Security</P>
</TD>
    <TD STYLE="width: 10%">
    <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Issuer</P>
</TD>
    <TD STYLE="width: 16%">
    <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">ISIN/CUSIP</P>
</TD>
    <TD STYLE="width: 10%">
    <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Principal
    Amount Issued</P>
</TD>
    <TD STYLE="width: 11%">
    <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Principal
    Amount Outstanding</P>
</TD>
    <TD STYLE="width: 6%">
    <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Fixed Spread
    (bps)</P>
</TD>
    <TD STYLE="width: 11%">
    <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Reference
    U.S. Treasury Security</P>
</TD>
    <TD STYLE="width: 7%">
    <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Maturity</P>
</TD>
    <TD STYLE="width: 9%">
    <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Reference
    Yield</P>
</TD>
    <TD STYLE="width: 9%">
    <P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Purchase Price</P>
</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.750% Subordinated Deposit Notes, Series B, due 2023</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NatWest Markets N.V.<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">US00077TAA25 / 00077TAA2</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$250,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$135,566,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">+75</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.125% U.S. Treasury Security due May 15, 2023 (ISIN: US912828ZP81)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">May 15, 2023</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.188%</FONT></TD>
    <TD>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$1,028.32</P>

    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">per $1,000</P>
</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.125% Subordinated Deposit Notes, Series B, due 2093</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NatWest Markets N.V.<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">US00077TAB08 / 00077TAB0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$150,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$150,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">+120</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.250% U.S. Treasury Security due February 15, 2052 (ISIN: US912810TD00)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Oct 15, 2093</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.037%</FONT></TD>
    <TD>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$1,647.06</P>

    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">per $1,000</P>
</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 4.5pt">(1)&nbsp;&nbsp;&nbsp;</TD><TD>NatWest Markets N.V. (formerly known as ABN AMRO Bank N.V., of which ABN AMRO Bank N.V., New York Branch, was a part).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 11.8pt 0pt 0">Each Offer will expire at 5:00 p.m., New York City time,
on August 8, 2022, unless extended (in respect of each Offer, such date and time, as the same may be extended, the &ldquo;<B>Expiration
Deadline</B>&rdquo;) or earlier terminated. Holders must validly tender and not validly withdraw their Notes at or prior to the relevant
Expiration Deadline in order to be eligible to receive the relevant Purchase Price. Notes validly tendered may be withdrawn at any time
prior to the relevant Withdrawal Deadline, but not thereafter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 11.8pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.85pt 0pt 0">In addition to the relevant Purchase Price, holders of the
Notes accepted for purchase pursuant to the relevant Offer(s) will also receive, on the relevant Settlement Date, any accrued and unpaid
interest on each $1,000 principal amount of such Notes (rounded to the nearest cent) from, and including, the last interest payment date
up to, but not including, the relevant Settlement Date (&ldquo;<B>Accrued Interest</B>&rdquo;). Holders whose Notes are tendered and accepted
for purchase pursuant to the Guaranteed Delivery Procedures will not receive payment in respect of any interest for the period from and
including the relevant Settlement Date to the relevant Guaranteed Delivery Settlement Date. Accrued Interest for each $1,000 principal
amount of such Notes validly tendered and accepted for purchase will be rounded to the nearest $0.01, with $0.005 being rounded upwards,
in accordance with the conditions of such Notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.85pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Unless an Offer is extended, reopened
or earlier terminated, the Settlement Date in respect of each Offer is expected to be August 10, 2022 and the Guaranteed Delivery Settlement
Date in respect of each Offer is expected to be August 11, 2022. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>FURTHER INFORMATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copies of each Offer to Purchase are available at the following web
address: <FONT STYLE="color: Blue"><U>https://deals.is.kroll.com/natwest</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Requests for assistance or additional copies of an Offer to Purchase
may be directed to the Tender Agent and any questions regarding the terms of the Offer may be directed to the relevant Dealer Managers
listed below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Tender Agent in respect of each Offer</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; text-align: justify">Kroll Issuer Services Limited</TD>
    <TD STYLE="width: 53%; text-align: justify">Email: natwest@is.kroll.com</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Arlind Bytyqi / Jacek Kusion</TD>
    <TD STYLE="text-align: justify">Telephone: +44 20 7704 0880</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">NatWest Treasury Markets&#9;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; font-weight: bold; text-align: justify"><FONT STYLE="font-weight: normal">Scott Forrest</FONT></TD>
    <TD STYLE="width: 53%; font-weight: bold; text-align: justify"><FONT STYLE="font-weight: normal">Email: Scott.Forrest@Natwest.com</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Head of Treasury DCM</TD>
    <TD STYLE="text-align: justify">Telephone: +44 7747 455969</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Investor Relations</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%">Paul Pybus </TD>
    <TD STYLE="width: 53%">Email: paul.pybus@natwest.com</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Head of Debt Investor Relations </TD>
    <TD>Telephone: +44 776 916 1183</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>250 Bishopsgate</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>London EC2M 4AA </TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Global Arranger and Lead Dealer Manager in
respect of each Offer</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; text-align: justify">NatWest Markets</TD>
    <TD STYLE="width: 53%; text-align: justify">Telephone: +44 20 7678 5222 (UK)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Telephone: +1 203 897 6166 (U.S.)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Telephone: +1 866 884 2071 (U.S. Toll Free)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Email: liabilitymanagement@natwestmarkets.com</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Attn: Liability Management </TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Dealer Managers with respect to the NatWest
Group Offer </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; text-align: justify">Merrill Lynch International</TD>
    <TD STYLE="width: 53%; text-align: justify">Telephone: +44 207 996 5420 (Europe)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Telephone: +1 (980) 387-3907 (U.S.) </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Telephone: +1 (888) 292-0070 (U.S. Toll Free)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Email: DG.LM-EMEA@bofa.com</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Attn: Liability Management Group</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Morgan Stanley &amp; Co. LLC</TD>
    <TD>Telephone: +44 20 7677 5040 (Europe)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Telephone: +1 212 761 1057 (U.S.)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Telephone: +1 800 624 1808 (U.S. Toll Free)</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 53%">Email: liabilitymanagement@morganstanley.com</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Attn: Liability Management (in the U.S.)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Attn: Liability Management Group (in Europe)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Wells Fargo Securities, LLC</TD>
    <TD>Telephone: +44 (0) 203 942 9680 (Europe)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Telephone: +1 (704) 410-4756 (U.S.)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Telephone: +1 (866) 309-6316 (U.S. Toll Free)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Email: LiabilityManagement@wellsfargo.com</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Attn: Liability Management Group</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Dealer Managers with respect to the NWM N.V.
Offer</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; text-align: justify">BofA Securities Europe SA</TD>
    <TD STYLE="width: 53%; text-align: justify">Telephone: +33 1 877 01057 (Europe)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Telephone: +1 (980) 387-3907 (U.S.)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Telephone: +1 (888) 292-0070 (U.S. Toll Free)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Email: DG.LM-EMEA@bofa.com</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Attn: Liability Management Group</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Morgan Stanley &amp; Co. LLC</TD>
    <TD>Telephone: +44 20 7677 5040 (Europe)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Telephone: +1 212 761 1057 (U.S.)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Telephone: +1 800 624 1808 (U.S. Toll Free)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Email: liabilitymanagement@morganstanley.com</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Attn: Liability Management (in the U.S.)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Attn: Liability Management Group (in Europe)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Wells Fargo Securities, LLC</TD>
    <TD>Telephone: +44 (0) 203 942 9680 (Europe)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Telephone: +1 (704) 410-4756 (U.S.)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Telephone: +1 (866) 309-6316 (U.S. Toll Free)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Email: LiabilityManagement@wellsfargo.com</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Attn: Liability Management Group</TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">DISCLAIMER</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.15pt 0pt 0">This announcement and each Offer to Purchase (including the
documents incorporated by reference therein) contain important information which should be read carefully before any decision is made
with respect to the relevant Offer. If you are in any doubt as to the contents of this announcement or the relevant Offer to Purchase
or the action you should take, you are recommended to seek your own financial and legal advice, including as to any tax consequences,
immediately from your stockbroker, bank manager, solicitor, accountant or other independent financial or legal adviser. Any individual
or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.15pt 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.15pt 0pt 0">nominee or intermediary must contact such entity if it wishes
to participate in the Offers. None of the Offerors, the Dealer Managers, the Tender Agent, the fiscal agent or the trustee (as applicable)
with respect to the Notes (or any of their respective directors, employees or affiliates) make any recommendation as to whether holders
should tender Notes pursuant to the Offers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.15pt 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">OFFER RESTRICTIONS</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>European Economic Area (&ldquo;EEA&rdquo;)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">The communication of this announcement, the Offers
to Purchase and any other documents or materials relating to the Offers do not constitute an offer of securities to the public for the
purposes of Regulation (EU) 2017/1129 (as amended, the &ldquo;Prospectus Regulation&rdquo;) and accordingly the requirement to produce
a prospectus under the Prospectus Regulation does not apply to the Offers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>United Kingdom</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">The communication of this announcement, the Offers to Purchase
and any other documents or materials relating to the Offers are not being made, and such documents and/or materials have not been approved,
by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000 (the &ldquo;FSMA&rdquo;). Accordingly,
this announcement, the Offers to Purchase and such other documents and/or materials are not being distributed to, and must not be passed
on to, the general public in the United Kingdom. The communication of the Offers to Purchase and such other documents and/or materials
is exempt from the restriction on financial promotions under section 21 of the FSMA on the basis that they are only being distributed
to and are only directed at persons to whom they can lawfully be circulated outside the United Kingdom or to: (i) persons in the United
Kingdom having professional experience in matters relating to investments falling within the definition of investment professionals (as
defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the &ldquo;Order&rdquo;));
(ii) persons falling within Article 43 of the Order; or (iii) any other persons to whom the relevant Offer to Purchase and such other
documents and/or materials may otherwise lawfully be communicated under the Order (all such persons together being referred to as &ldquo;relevant
persons&rdquo;). This announcement and the Offers to Purchase and such documents and/or materials are directed only at relevant persons
and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement
and the Offers to Purchase relate is available only to relevant persons and will be engaged in only with relevant persons.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">The communication of this announcement, the Offers to Purchase
and any other documents or materials relating to the Offers do not constitute an offer of securities to the public for the purposes of
s of Regulation (EU) 2017/1129 (as amended) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal)
Act 2018 (EUWA) (the &ldquo;<B>UK Prospectus Regulation</B>&rdquo;) and accordingly the requirement to produce a prospectus under the
UK Prospectus Regulation does not apply to the Offers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><B>Belgium (in respect of the NatWest Group Offer only)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">Neither this announcement (in so far as it relates to the
NatWest Group Offer), the NatWest Group Offer to Purchase nor any other documents or materials relating to the NatWest Group Offer have
been submitted to or will be submitted for approval or recognition to the Financial Services and Markets Authority (<I>Autorit&eacute;
des services et march&eacute;s financiers / Autoriteit voor financi&euml;le diensten en markten</I>) and, accordingly, the NatWest Group
Offer may not be made in Belgium by way of a public offering, as defined in Articles 3 and 6 of the Belgian Law of April 1, 2007 on public
takeover bids as amended or replaced from time to time. Accordingly, the NatWest Group Offer may not be advertised and the NatWest Group
Offer will not be extended, and neither this announcement, the NatWest Group Offer to Purchase nor any other documents or materials relating
to the NatWest Group Offer (including any memorandum, information circular, brochure or any similar documents) have been or shall be distributed</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">or made available, directly or indirectly, to any person in
Belgium other than &ldquo;qualified investors&rdquo; in the sense of Article 2(e) of the Prospectus Regulation, acting on their own account.
This announcement (in so far as it relates to the NatWest Group Offer) and the NatWest Group Offer to Purchase have been issued only for
the personal use of the above qualified investors and exclusively for the purpose of the NatWest Group Offer. Accordingly, the information
contained in this announcement (in so far as it relates to the NatWest Group Offer) and the NatWest Group Offer to Purchase may not be
used for any other purpose or disclosed to any other person in Belgium.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><B>France</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">This announcement, the Offers to Purchase and any other documents
or offering materials relating to the Offers may not be distributed in the Republic of France except to qualified investors (<I>investisseurs
qualifi&eacute;s</I>) as defined in Article 2(e) of the Prospectus Regulation. This announcement and the Offers to Purchase have not been
and will not be submitted for clearance to the <I>Autorit&eacute; des march&eacute;s financiers</I>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><B>Italy</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">None of the Offers, this announcement, the Offers to Purchase
or any other documents or materials relating to the Offers has been or will be submitted to the clearance procedure of the <I>Commissione
Nazionale per le Societ&agrave; e la Borsa </I>(&ldquo;CONSOB&rdquo;), pursuant to applicable Italian laws and regulations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">The Offers are being carried out in the Republic of Italy
(&ldquo;Italy&rdquo;) as an exempted offer pursuant to article 101-bis, paragraph 3-bis of the Legislative Decree No. 58 of February 24,
1998, as amended (the &ldquo;Financial Services Act&rdquo;) and article 35-bis, paragraph 4 of CONSOB Regulation No. 11971 of May 14,
1999, as amended (the &ldquo;Issuers&rsquo; Regulation&rdquo;). The Offers are also being carried out in compliance with article 35-bis,
paragraph 7 of the Issuers&rsquo; Regulation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">Holders or beneficial owners of the Notes located in Italy
can tender the Notes through authorized persons (such as investment firms, banks or financial intermediaries permitted to conduct such
activities in Italy in accordance with the Financial Services Act, CONSOB Regulation No. 20307 of February 15, 2018, as amended from time
to time, and Legislative Decree No. 385 of September 1, 1993, as amended) and in compliance with applicable laws and regulations or with
requirements imposed by CONSOB or any other Italian authority.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">Each intermediary must comply with the applicable laws and
regulations concerning information duties <I>vis-&agrave;-vis</I> its clients in connection with the Notes and the Offers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">General</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">The Offers do not constitute an offer to buy or the solicitation
of an offer to sell Notes (and offers to sell will not be accepted from the holders) in any circumstances in which such offer or solicitation
is unlawful. In those jurisdictions where the securities or other laws require the Offers to be made by a licensed broker or dealer or
similar and any of the Dealer Managers or any of the Dealer Manager&rsquo;s respective affiliates is such a licensed broker or dealer
in that jurisdiction, the Offers shall be deemed to be made by such Dealer Manager or affiliate, as the case may be, on behalf of the
relevant Offeror in such jurisdiction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">Each holder participating in the Offers will be deemed to
give certain representations in respect of the jurisdictions referred to above and generally as set out in the relevant Offer to Purchase.
Any tender of Notes pursuant to an Offer to Purchase from a holder that is unable to make these representations will be rejected. Each
of the Offerors, the Dealer Managers and Kroll Issuer Services Limited reserves the right, in its absolute discretion (and without prejudice
to the relevant holder&rsquo;s responsibility for the representations made by it), to investigate in relation to any tender of Notes,
whether any such representation given by a holder is correct and, if such investigation is undertaken and as a result the relevant Offeror
determines (for any reason) that such representation is not correct, such offer to sell will</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">be rejected.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">Each Offeror and their respective affiliates expressly reserve
the right at any time or from time to time following completion or termination of the Offers made by it, to purchase or exchange or offer
to purchase or exchange Notes or to issue an invitation to submit offers to sell Notes (including, without limitation, those tendered
pursuant to the relevant Offer(s) but not accepted for purchase by it) through open market purchases, privately negotiated transactions,
tender offers, exchange offers or otherwise, in each case on terms that may be more or less favorable than those contemplated by the relevant
Offer(s). In addition, each Offeror also reserves the right to issue new debt securities from time to time, including during the term
of the Offers made by it.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">THIS ANNOUNCEMENT CONTAINS INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED
AS INSIDE INFORMATION FOR NATWEST GROUP PLC, FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (MAR) AS IT FORMS
PART OF DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. THIS ANNOUNCEMENT IS MADE BY ALEXANDER HOLCROFT, HEAD OF INVESTOR
RELATIONS FOR NATWEST GROUP PLC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">THIS ANNOUNCEMENT CONTAINS INFORMATION
THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION FOR NatWest Markets N.V., FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE
REGULATION (EU) 596/2014 (MAR). FOR THE PURPOSES OF MAR AND ARTICLE 2 OF COMMISSION IMPLEMENTING REGULATION (EU) 2016/1055, THIS ANNOUNCEMENT
IS MADE BY Vasileios TSAGRIS, TREASURER OF NatWest Markets N.V.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Legal Entity Identifiers</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NatWest Group plc</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2138005O9XJIJN4JPN90</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NatWest Markets N.V.</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">X3CZP3CK64YBHON1LE12</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">From time to time, the Offerors may make statements, both
written and oral, regarding our assumptions, projections, expectations, intentions or beliefs about future events. These statements constitute
&ldquo;forward-looking statements&rdquo;. The Offerors caution that these statements may and often do vary materially from actual results.
Accordingly, the Offerors cannot assure you that actual results will not differ materially from those expressed or implied by the forward-looking
statements. You should read the sections entitled &ldquo;<I>Risk Factors</I>&rdquo; in the relevant Offer to Purchase, in the Annual Report
and H1 2022 Interim Report of the relevant Offeror which is incorporated by reference therein and &ldquo;<I>Forward-Looking Statements</I>&rdquo;
in the Annual Report and H1 2022 Interim Report of the relevant Offeror, which is incorporated by reference in the relevant Offer to Purchase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">Any forward-looking statements made herein or in the documents
incorporated by reference herein speak only as of the date they are made. Except as required by the U.K. Financial Conduct Authority (the
&ldquo;FCA&rdquo;) or the Dutch Authority for the Financial Markets (the &ldquo;AFM&rdquo;), as applicable, any applicable stock exchange
or any applicable law, the Offerors expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any
forward-looking statement contained in the relevant Offer to Purchase or the documents incorporated by reference herein to reflect any
changes in expectations with regard thereto or any new information or any changes in events, conditions or circumstances on which any
such statement is based. The reader should, however, (i) with respect to NatWest Group consult any additional disclosures that NatWest
Group has made or may make in documents that NatWest Group has filed or may file with the U.S. Securities and Exchange Commission and
(ii) with respect to NWM N.V. consult any additional disclosures that NWM N.V. has made or may make in documents that NWM N.V. has filed
or may file with the AFM.<BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Signatures</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 27pt">Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">NATWEST GROUP plc (Registrant)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Date:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;August 8, 2022</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid">/s/ Dearbhla Kelly</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:</TD>
    <TD>&nbsp;Dearbhla Kelly </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>&nbsp;Assistant Secretary</TD></TR>
  </TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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