<SEC-DOCUMENT>0001654954-23-004340.txt : 20230404
<SEC-HEADER>0001654954-23-004340.hdr.sgml : 20230404
<ACCEPTANCE-DATETIME>20230404130743
ACCESSION NUMBER:		0001654954-23-004340
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230404
FILED AS OF DATE:		20230404
DATE AS OF CHANGE:		20230404

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:		23796231

	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>a3613v.htm
<DESCRIPTION>RESULTS OF CASH TENDER OFFER
<TEXT>
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FORM 6-K</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
SECURITIES AND EXCHANGE COMMISSION</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Washington D.C. 20549</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Report of Foreign Private Issuer</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Pursuant to Rule 13a-16 or 15d-16</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
of the Securities Exchange Act of 1934</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">For
April 04, 2023</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Commission
File Number: 001-10306</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">NatWest
Group plc</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">RBS,
Gogarburn, PO Box 1000</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Edinburgh
EH12 1HQ</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(Address
of principal executive offices)</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;Form
20-F <font style="text-decoration: underline">X</font> Form 40-F
___</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">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):_________</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">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):_________</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Yes ___
No <font style="text-decoration: underline">X</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If
"Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-
________</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 13px">
The following information was issued as&#xA0;Company announcements
in London, England and is furnished pursuant to General Instruction
B to the General Instructions to Form
6-K:</font><br></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font> <font style="color: #000000; font-family: Times New Roman; font-size: 4px"><br>
</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
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 "OFFER
RESTRICTIONS" BELOW).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
THIS ANNOUNCEMENT IS FOR INFORMATION ONLY AND IS NOT AN OFFER TO
PURCHASE OR A SOLICITATION OF AN OFFER TO SELL ANY
SECURITIES.</font></div>
<div style="text-align: right; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; margin-left: 612px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 19px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">April
4, 2023</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 14px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-size: 16px">NATWEST GROUP
PLC</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">-</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; font-size: 16px">RESULTS
OF THE</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; color: #000000; font-size: 16px">CASH</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; font-size: 16px">TENDER</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">OFFER</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; font-size: 16px">FOR</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; font-size: 16px">ANY
AND ALL OF ITS OUTSTANDING 5.125% SUBORDINATED TIER 2 NOTES DUE
2024</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 14px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">NatWest Group plc (the "</font><font style="font-weight: bold; color: #000000">Offeror</font><font style="color: #000000">") is announcing today the results of its
previously announced cash tender offer (the "</font><font style="font-weight: bold; color: #000000">Offer</font><font style="color: #000000">") for any and all of its outstanding 5.125%
Subordinated Tier 2 Notes due 2024 (the "</font><font style="font-weight: bold; color: #000000">Notes</font><font style="color: #000000">").</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 14px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">The Offer was made on the terms and subject to
the&#xA0;</font><font style="color: #000000; font-family: Times New Roman">conditions</font><font style="color: #000000">&#xA0;set
out in the offer to purchase&#xA0;</font><font style="color: #000000; font-family: Times New Roman">dated March
27</font><font style="color: #000000">, 2023 and the related Notice
of Guaranteed Delivery (the "</font><font style="font-weight: bold; color: #000000">Offer to
Purchase</font><font style="color: #000000">").
Capitalized&#xA0;</font><font style="color: #000000; font-family: Times New Roman">terms</font><font style="color: #000000">&#xA0;not
otherwise&#xA0;</font><font style="color: #000000; font-family: Times New Roman">defined</font><font style="color: #000000">&#xA0;in
this&#xA0;</font><font style="color: #000000; font-family: Times New Roman">announcement</font><font style="color: #000000">&#xA0;have
the same meaning as in the Offer to Purchase.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 14px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Results of the Offer</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 14px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">The Tender Agent informed the Offeror that
$339,732,000 in aggregate principal amount of the Notes were
validly tendered and not validly withdrawn by 5:00 p.m., New York
City time, on April 3, 2023 (the "</font><font style="font-weight: bold; color: #000000">Expiration
Deadline</font><font style="color: #000000">"), as more fully set
forth in the table below. The Offeror has accepted all Notes that
were validly tendered and not validly withdrawn prior to the
Expiration Deadline. As of the Expiration Deadline, no Notes were
tendered using the Guaranteed Delivery
Procedures.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 14px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
Offeror estimates that the impact on its Q2 2023 results will be de
minimis.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 14px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">With
respect to the Offer, the table below sets forth, among other
things, the principal amount of Notes validly tendered and not
validly withdrawn at or prior to the Expiration
Deadline:</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td style="vertical-align: bottom; width: 15%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Title of Security</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="width: 2%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000">Issuer</font><font style="font-size: 70%; vertical-align: top; color: #000000">(1)</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="width: 2%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
ISIN/CUSIP</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="width: 2%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Principal Amount Outstanding</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="width: 2%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Aggregate Principal Amount Tendered Excluding Notes Tendered Using
Guaranteed Delivery Procedures</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="width: 2%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 15%; border-bottom: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
<div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000">Purchase Price</font><font style="font-size: 70%; vertical-align: top; color: #000000">(2)</font></font></div>
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&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
5.125% Subordinated Tier 2 Notes due 2024</font></div>
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<div><font>&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
The Royal Bank of Scotland Group plc</font><font style="font-size: 70%; vertical-align: top; color: #000000">(1)</font></font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
US780099CH81 /</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
780099CH8</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$876,108,000</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
$339,732,000</font></div>
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<div><font>&#xA0;</font></div>
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<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font>
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">$996.76</font>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font><font>&#xA0;&#xA0;</font></div>
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<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)&#xA0;&#xA0;&#xA0;
Now NatWest Group plc.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)&#xA0;&#xA0;&#xA0;
Per $1,000 principal amount of the Notes validly tendered and
accepted for purchase.</font></div>
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&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The Settlement Date is expected to be April 5, 2023 and the
Guaranteed Delivery Settlement Date is expected to be April 6,
2023. For the avoidance of doubt, Holders whose Notes are tendered
and purchased pursuant to the Guaranteed Delivery Procedures will
not receive payment in respect of any interest or any distribution,
as the case may be, for the period from and including the
Settlement Date to the Guaranteed Delivery Settlement
Date.</font></div>
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&#xA0;</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
FURTHER&#xA0;INFORMATION</font></div>
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&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Kroll Issuer Services Limited acted as tender agent with respect to
the Offer. NatWest Markets Securities Inc., an affiliate of the
Offeror, acted as Global Arranger and Lead Dealer Manager with
respect to the Offer. TD Securities (USA) LLC (together with
NatWest Markets Securities Inc.) acted as Dealer Manager with
respect to the Offer.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Questions regarding the Offer should be directed to NatWest Markets
Securities Inc. at +44 20 7678 5222 (UK), +1 203 897 6166 (U.S.) or
+1 866 884 2071 (U.S. Toll Free) and TD Securities (USA) LLC at +1
212 827 2842 (U.S.) or +1 866 584 2096 (U.S. Toll
Free).</font></div>
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&#xA0;</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
FORWARD-LOOKING&#xA0;STATEMENTS</font></div>
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&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
From time to time, the Offeror may make statements, both written
and oral, regarding its assumptions, projections, expectations,
intentions or beliefs about future events.&#xA0; These statements
constitute "forward-looking statements". 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 "</font><font style="font-style: italic; color: #000000">Risk
Factors</font><font style="color: #000000">" 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 "</font><font style="font-style: italic; color: #000000">Forward-Looking
Statements</font><font style="color: #000000">" in the Annual
Report of the Offeror on Form 20-F, which is incorporated by
reference in the Offer to Purchase.</font></font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
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></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Legal Entity Identifier</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">NatWest
Group plc</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">2138005O9XJIJN4JPN90</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Date:&#xA0;04
April 2023</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">NATWEST
GROUP plc (Registrant)</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">By: /s/
Jan Cargill</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Name:
Jan Cargill</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Title:
Chief Governance Officer and Company Secretary</font></div>
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