<SEC-DOCUMENT>0000950103-23-005274.txt : 20230403
<SEC-HEADER>0000950103-23-005274.hdr.sgml : 20230403
<ACCEPTANCE-DATETIME>20230403155931
ACCESSION NUMBER:		0000950103-23-005274
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230403
FILED AS OF DATE:		20230403
DATE AS OF CHANGE:		20230403

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:		23792505

	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>dp191794_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13A-16 OR 15D-16<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>April 3, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number 001-10306</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NatWest Group plc</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Gogarburn</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PO Box 1000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Edinburgh EH12 1HQ</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United Kingdom</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 20-F&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD>
    <TD STYLE="width: 50%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 40-F&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 50%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">No&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">If &quot;Yes&quot; is marked, indicate below the
file number assigned to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">the registrant in connection with Rule 12g3-2(b):
82-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION
IN OR INTO, OR TO ANY PERSON RESIDENT AND/OR LOCATED IN, ANY JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION IS UNLAWFUL
(SEE &ldquo;OFFER RESTRICTIONS&rdquo; BELOW). </B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>THIS ANNOUNCEMENT IS FOR INFORMATION
ONLY AND IS NOT AN OFFER TO PURCHASE OR A SOLICITATION OF AN OFFER TO SELL ANY SECURITIES.</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT=""></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 19pt 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">April 3,
2023</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 19pt 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NATWEST
GROUP PLC </B></FONT><B><FONT STYLE="font-size: 10pt">&ndash; <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">PRICING OF CASH
TENDER OFFER FOR ANY AND ALL OF ITS OUTSTANDING 5.125% SUBORDINATED TIER 2 NOTES DUE 2024</FONT></FONT></B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-size: 10pt">NatWest Group plc (the &ldquo;<B>Offeror</B>&rdquo;)
is announcing today, in respect of its previously announced tender offer to purchase for cash (the &ldquo;<B>Offer</B>&rdquo;) any and
all of its outstanding 5.125% Subordinated Tier 2 Notes due 2024 (the &ldquo;<B>Notes</B>&rdquo;), the Reference Yield and the Purchase
Price for Notes validly tendered and accepted for purchase in respect of the Offer.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-size: 10pt">The Offer is being made on
the terms and subject to the conditions set out in the offer to purchase dated March 27, 2023 and the related Notice of Guaranteed Delivery
(together, the &ldquo;<B>Offer to Purchase</B>&rdquo;). Capitalized terms not otherwise defined in this announcement have the same meaning
as in the Offer to Purchase.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-size: 10pt"><B>Pricing for the Offer</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-size: 10pt">The Reference Yield listed
below was determined at 2:00 p.m., New York City time, today. The Purchase Price listed below is based on the Reference Yield plus the
Fixed Spread as set forth in the table below:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">Title
of Security</FONT></P></TD>
    <TD><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">Issuer</FONT></P></TD>
    <TD><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">ISIN/CUSIP</FONT></P></TD>
    <TD><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">Principal
Amount Issued</FONT></P></TD>
    <TD><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">Principal
Amount Outstanding</FONT></P></TD>
    <TD><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">Maturity</FONT></P></TD>
    <TD><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">Fixed
Spread (bps)</FONT></P></TD>
    <TD COLSPAN="3"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">Reference
U.S. Treasury Security</FONT></P></TD>
    <TD COLSPAN="2"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">Reference
Yield</FONT></P></TD>
    <TD COLSPAN="2"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.9pt; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt">Purchase
Price</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.125% Subordinated
    Tier 2 Notes due 2024</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Royal
    Bank of Scotland Group plc<SUP>(1)</SUP></FONT></TD>
    <TD><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">US780099CH81
/</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">780099CH8</FONT></P></TD>
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,250,000,000</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$876,108,000</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">May 28,
    2024</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">+135</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.625%
    U.S. Treasury Security due February 28, 2025 (ISIN: US91282CGN56)</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.064%</FONT></TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">$996.76</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">per $1,000</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 11%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Now NatWest Group plc.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 11.8pt 0pt 0"><FONT STYLE="font-size: 10pt">The Offer will expire at 5:00
p.m., New York City time, on April 3, 2023, unless extended (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 Expiration
Deadline in order to be eligible to receive the Purchase Price. Notes validly tendered may be withdrawn at any time prior to the Withdrawal
Deadline, but not thereafter.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 11.8pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 11.8pt 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 11.8pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.85pt 0pt 0"><FONT STYLE="font-size: 10pt">In addition to the Purchase
Price, holders of the Notes accepted for purchase pursuant to the Offer will also receive, on the 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 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 Settlement Date to the 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.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.85pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-weight: normal">Unless the Offer
is extended, reopened or earlier terminated, the Settlement Date is expected to be April 5, 2023, and the Guaranteed Delivery Settlement
Date is expected to be April 6, 2023. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Offer Conditions</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.85pt 0pt 0"><FONT STYLE="font-size: 10pt">The Offer is not conditional
upon any minimum amount of Notes being tendered. However, the Offer is conditional upon the satisfaction or waiver of certain conditions
described in the Offer to Purchase.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.85pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Withdrawal Rights</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Notes tendered pursuant to the Offer
may be withdrawn at any time before the Withdrawal Deadline. In addition, if the Offer is extended, the Withdrawal Deadline will be extended
to the earlier of (i) the Expiration Deadline (as extended) and (ii) the 10th Business Day after the commencement of the Offer (the &ldquo;<B>Commencement
Date</B>&rdquo;). Notes tendered pursuant to the Offer may also be withdrawn at any time after the 60th Business Day after the Commencement
Date if, for any reason, the Offer has not been consummated within 60 Business Days of the Commencement Date. If the Offer is terminated
without any Notes being purchased thereunder, the Notes tendered pursuant thereto will be promptly returned to the tendering holders.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-size: 10pt">The relevant deadline
set by DTC or any intermediary for the submission of Tender Instructions may be earlier than the deadlines set out herein.</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.2pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>FURTHER INFORMATION</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Copies of the Offer to Purchase are available
at the following web address: <FONT STYLE="color: Blue"><U>https://deals.is.kroll.com/natwest</U></FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Requests for assistance or additional
copies of the Offer to Purchase may be directed to the Tender Agent and any questions regarding the terms of the Offer may be directed
to the Dealer Managers listed below:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; font-weight: bold; text-align: justify">Tender Agent</TD>
    <TD STYLE="width: 63%; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Kroll Issuer Services Limited</TD>
    <TD STYLE="text-align: justify">Email: natwest@is.kroll.com</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Owen Morris</TD>
    <TD STYLE="text-align: justify">Telephone: +44 20 7704 0880</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 STYLE="font-weight: bold; text-align: justify">NatWest Treasury Markets</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-weight: normal">Scott Forrest</FONT></TD>
    <TD STYLE="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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify">Investor Relations</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Paul Pybus </TD>
    <TD>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>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify">Global Arranger and Lead Dealer Manager</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">NatWest Markets Securities Inc.</TD>
    <TD STYLE="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>
  <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 STYLE="text-align: justify"><B>Dealer Manager</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">TD Securities (USA) LLC</TD>
    <TD STYLE="text-align: justify">Telephone: +1 212 827 2842 (U.S.) </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Telephone: +1 866 584 2096 (U.S. Toll Free) </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Email: <FONT STYLE="color: Blue"><U>LM@tdsecurities.com</U></FONT></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: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 249.05pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">DISCLAIMER</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.15pt 0pt 0"><FONT STYLE="font-size: 10pt">This announcement and the
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 Offer. If you are in any doubt as to the contents of this announcement or the 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 nominee or intermediary must
contact such entity if it wishes to participate in the Offer. None of the Offeror, the Dealer Managers, the Tender 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 Offer.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.15pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">OFFER RESTRICTIONS</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>European Economic Area (&ldquo;EEA&rdquo;)</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">The communication of
this announcement, the Offer to Purchase and any other documents or materials relating to the Offer does 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 Offer.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>United Kingdom</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">The communication of this announcement,
the Offer to Purchase and any other documents or materials relating to the Offer 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 Offer 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 Offer 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 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 Offer 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 Offer to Purchase relate is available only to relevant persons and will be engaged in only with relevant persons.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">The communication of this announcement,
the Offer to Purchase and any other documents or materials relating to the Offer does 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 Offer.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt"><B>Belgium</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">Neither this announcement,
the Offer to Purchase nor any other documents or materials relating to the 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 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 Offer may not be advertised and the Offer will not be extended, and neither this announcement, the Offer to Purchase nor any other
documents or materials relating to the Offer (including any memorandum, information circular, brochure or any similar documents) have
been or shall be distributed 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 and the Offer to Purchase have
been issued only for the personal use of the above qualified investors and exclusively for the purpose of the Offer. Accordingly, the
information contained in this announcement and the Offer to Purchase may not be used for any other purpose or disclosed to any other
person in Belgium.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt"><B>France</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">This announcement, the Offer
to Purchase and any other documents or offering materials relating to the Offer 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 Offer to Purchase have not been and will not be submitted for clearance to the <I>Autorit&eacute; des march&eacute;s financiers</I>.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt"><B>Italy</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">None of the Offer, this announcement,
the Offer to Purchase or any other documents or materials relating to the Offer 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.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">The Offer is 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 Offer is also being carried out in compliance
with article 35-bis, paragraph 7 of the Issuers&rsquo; Regulation.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">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 Offer.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">General</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">The Offer does 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 Offer 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 Offer shall be deemed to be made by such Dealer Manager or affiliate, as the
case may be, on behalf of the Offeror in such jurisdiction.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">Each holder participating in
the Offer will be deemed to give certain representations in respect of the jurisdictions referred to above and generally as set out in
the Offer to Purchase. Any tender of Notes pursuant to the Offer to Purchase from a holder that is unable to make these representations
will be rejected. Each of the Offeror, 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 Offeror determines (for any reason) that such representation is not correct, such offer to sell will be rejected.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">The Offeror and its respective
affiliates expressly reserve the right at any time or from time to time following completion or termination of the Offer, 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 Offer but not accepted for purchase) 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
Offer. In addition, the Offeror also reserves the right to issue new debt securities from time to time, including during the term of
the Offer.&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Legal Entity Identifier</B></FONT></TD>
    <TD STYLE="font-size: 11pt; width: 70%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NatWest Group plc</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2138005O9XJIJN4JPN90</FONT></TD></TR>
  </TABLE>
<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">FORWARD-LOOKING STATEMENTS</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">From time to time, the Offeror
may make statements, both written and oral, regarding its assumptions, projections, expectations, intentions or beliefs about future
events. These statements constitute &ldquo;forward-looking statements&rdquo;. The Offeror cautions that these statements may and often
do vary materially from actual results. Accordingly, the Offeror 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 Offer to Purchase and in the Annual Report of the Offeror on Form 20-F which is incorporated by reference therein, and in the
section entitled &ldquo;<I>Forward-Looking Statements</I>&rdquo; in the Annual Report of the Offeror on Form 20-F, which is incorporated
by reference in the Offer to Purchase.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">Any forward-looking statements
made herein, the Offer to Purchase or in the documents incorporated by reference therein speak only as of the date they are made. Except
as required by the U.K. Financial Conduct Authority, any applicable stock exchange or any applicable law, the Offeror expressly disclaims
any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein, in the
Offer to Purchase or the documents incorporated by reference therein 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,
consult any additional disclosures that the Offeror has made or may make in documents that the Offeror has filed or may file with the
U.S. Securities and Exchange Commission.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.5pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SIGNATURE</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf by the undersigned, thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 238.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 238.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>NatWest Group plc</B><BR> (Registrant)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 10pt">Date: April 3, 2023</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">By: &#9;</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">/s/ Dearbhla Kelly</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><B>Dearbhla Kelly</B></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Assistant Secretary</B></FONT></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></B></FONT></TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0"></P>

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