<SEC-DOCUMENT>0000950103-23-003221.txt : 20230228
<SEC-HEADER>0000950103-23-003221.hdr.sgml : 20230228
<ACCEPTANCE-DATETIME>20230227190448
ACCESSION NUMBER:		0000950103-23-003221
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230228
DATE AS OF CHANGE:		20230227

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-261837
		FILM NUMBER:		23677490

	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

FILED BY:		

	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:		FWP

	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>FWP
<SEQUENCE>1
<FILENAME>dp189746_fwp.htm
<DESCRIPTION>FORM FWP
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  <TD STYLE="width: 50%">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Free Writing Prospectus dated February 27, 2023</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(to Prospectus dated January 11, 2022, and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Preliminary Prospectus Supplement dated February 27, 2023)</P>

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  <TD STYLE="width: 50%">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed pursuant to Rule 433</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration Statement No. 333-261837</P>

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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;<IMG SRC="image_001.jpg" ALT=""></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NatWest Group plc</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>TERMS AND CONDITIONS</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>$1,000,000,000 5.847% Senior Callable Fixed-to-Fixed
Reset Rate Notes due 2027</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>$1,000,000,000 6.016% Senior Callable Fixed-to-Fixed
Reset Rate Notes due 2034</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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 STYLE="padding: 3pt 6pt; border: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Issuer</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 6pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">NatWest Group plc (&ldquo;NWG&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Securities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">$1,000,000,000 5.847% Senior Callable Fixed-to-Fixed Reset Rate Notes due 2027 (the &ldquo;2027 Fixed Reset Rate Notes&rdquo;) and $1,000,000,000 6.016% Senior Callable Fixed-to-Fixed Reset Rate Notes due 2034 (the &ldquo;2034 Fixed Reset Rate Notes&rdquo; and, together with the 2027 Fixed Reset Rate Notes, the &ldquo;Senior Notes&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Ranking</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 6pt; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">The Senior Notes of each series will constitute NWG&rsquo;s direct, unconditional, unsecured and unsubordinated obligations ranking <I>pari passu</I> without any preference among themselves, and equally with all other outstanding unsecured and unsubordinated obligations of NWG, present and future, except such obligations as are preferred by operation of law.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Format</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 6pt; border-top: black 1pt solid; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">SEC-registered</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Specified Currency</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 6pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">USD</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; width: 29%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Tranche </B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; width: 36%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>2027 Fixed Reset Rate Notes</U></B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; width: 35%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>2034 Fixed Reset Rate Notes</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Issue Size</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">$1,000,000,000</FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">$1,000,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Trade Date</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">February 27, 2023 </FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">February 27, 2023 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Settlement Date</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">March 2, 2023 (T+3)</FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">March 2, 2023 (T+3)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Maturity</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">March 2, 2027 </FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">March 2, 2034 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 6pt; vertical-align: top; border-right: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Coupon</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From (and including) the Issue Date to (but excluding)
    March 2, 2026 (the &ldquo;2027 Fixed Reset Rate Notes Reset Date&rdquo;), interest on the 2027</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From (and including) the Issue Date to (but excluding)
    March 2, 2033 (the &ldquo;2034 Fixed Reset Rate Notes Reset Date&rdquo;), interest on the 2034</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
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  <TR>
    <TD STYLE="padding: 3pt 6pt; vertical-align: top; width: 29%; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 3pt 6pt; width: 36%; border-top: black 1pt solid; border-right: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fixed Reset Rate Notes will be payable at a rate
    of 5.847% per annum.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From (and including) the 2027 Fixed Reset Rate
    Notes Reset Date to (but excluding) maturity (the &ldquo;2027 Fixed Reset Rate Notes Reset Period&rdquo;), interest on the 2027 Fixed
    Reset Rate Notes will be payable at a rate per annum equal to the applicable U.S. Treasury Rate as determined by the Calculation Agent
    (both terms as defined in the prospectus supplement) on the 2027 Fixed Reset Rate Notes Reset Determination Date, plus 1.350%.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The determination of the applicable U.S. Treasury
    Rate is subject to the provisions set forth under <I>&ldquo;Description of the Senior Notes&mdash;Interest&mdash;Determination of the
    U.S. Treasury Rate</I>&rdquo; in the prospectus supplement.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD>
    <TD STYLE="padding: 3pt 6pt; width: 35%; border-top: black 1pt solid; border-right: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fixed Reset Rate Notes will be payable at a rate
    of 6.016% per annum.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From (and including) the 2034 Fixed Reset Rate
    Notes Reset Date to (but excluding) maturity (the &ldquo;2034 Fixed Reset Rate Notes Reset Period&rdquo;), interest on the 2034 Fixed
    Reset Rate Notes will be payable at a rate per annum equal to the applicable U.S. Treasury Rate as determined by the Calculation Agent
    (both terms as defined in the prospectus supplement) on the 2034 Fixed Reset Rate Notes Reset Determination Date, plus 2.100%.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The determination of the applicable U.S. Treasury
    Rate is subject to the provisions set forth under <I>&ldquo;Description of the Senior Notes&mdash;Interest&mdash;Determination of the
    U.S. Treasury Rate</I>&rdquo; in the prospectus supplement.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Interest Payment Dates</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Interest on the 2027 Fixed Reset Rate Notes will be payable semi-annually in arrear on March 2 and September 2 of each year, beginning on September 2, 2023</FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Interest on the 2034 Fixed Reset Rate Notes will be payable semi-annually in arrear on March 2 and September 2 of each year, beginning on September 2, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Reset Date</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">March 2, 2026</FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">March 2, 2033</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Reset Determination Date</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">The second business day immediately preceding the 2027 Fixed Reset Rate Notes Reset Date</FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">The second business day immediately preceding the 2034 Fixed Reset Rate Notes Reset Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Day Count Convention</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">30/360 (Following, unadjusted)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Business Days</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">New York and London</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>US Treasury Benchmark</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">4.000% due February 15, 2026</FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">3.500% due February 15, 2033</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>US Treasury Benchmark Yield</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">4.497%</FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">3.916%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Fixed Rate Spread to Benchmark Treasury</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">T+ 135bps</FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">T+ 210bps</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Re-offer Yield</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">5.847%</FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">6.016%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Issue Price</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">100.000%</FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">100.000%</FONT></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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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; width: 29%; border: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Gross Proceeds</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; width: 36%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">$1,000,000,000</FONT></TD>
    <TD STYLE="padding: 3pt 6pt; width: 35%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">$1,000,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>All-in Price</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">99.800%</FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">99.650%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Fees</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">0.200%</FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">0.350%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Net Proceeds (before expenses)</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">$998,000,000</FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">$996,500,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Redemption Price</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">100.000% of the principal amount of the 2027 Fixed Reset Rate Notes</FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">100.000% of the principal amount of the 2034 Fixed Reset Rate Notes</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Optional Redemption Date</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">March 2, 2026</FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">March 2, 2033</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Redemption</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NWG may redeem the Senior Notes of any series
    at its sole discretion, in whole but not in part, (i) on March 2, 2026 in respect of the 2027 Fixed Reset Rate Notes and (ii) on March
    2, 2033 in respect of the 2034 Fixed Reset Rate Notes, in each case, at 100% of their principal amount together with any accrued but unpaid
    interest to, but excluding, the date of redemption.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, NWG may redeem the Senior Notes of
    any series, in whole but not in part, at 100% of their principal amount together with any accrued but unpaid interest to, but excluding,
    the date of redemption, upon the occurrence of certain tax or regulatory events as described in this prospectus supplement and the accompanying
    prospectus.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any redemption or repurchase of the Senior Notes
    of any series is subject to the provisions described under &ldquo;<I>Description of the Senior Notes&mdash;Tax Redemption</I>&rdquo;,
    &ldquo;<I>Description of the Senior Notes&mdash;Loss Absorption Disqualification Event Redemption</I>&rdquo; and &ldquo;<I>Description
    of the Senior Notes&mdash;Conditions to Redemption and Repurchase</I>&rdquo;.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Senior Notes will not be redeemable at the
    option of the holders at any time.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Redemption and Repurchase Conditions</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding any other provision, NWG may only redeem a series of the Senior Notes prior to the relevant maturity date or repurchase such series of Senior Notes (and give notice thereof to the holders of such series of Senior Notes in the case of redemption) if we have obtained the prior consent of the PRA (as defined in the prospectus supplement), to the extent such consent is at the relevant time and in the relevant circumstances required (if at all) by the Loss Absorption Regulations (as defined in the prospectus supplement) or applicable laws or regulations in effect in the United Kingdom, if at all, as described in the prospectus supplement under &ldquo;<I>Description of the Senior Notes</I>&rdquo;.&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Events of Default</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">The Senior Notes contain very limited events of default provisions and the remedies available thereunder are limited, as described in the prospectus supplement under &ldquo;<I>Description of the Senior Notes&mdash;Events of Default and Defaults; Limitation of Remedies</I>.&rdquo;</FONT></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; width: 29%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Agreement with Respect to the Exercise of U.K. Bail-in Power</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; width: 71%; border-bottom: black 1pt solid; border-right: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding any other agreements, arrangements,
    or understandings between us and any holder or beneficial owner of any series of the Senior Notes, by its acquisition of any series of
    the Senior Notes, each holder and beneficial owner of any series of the Senior Notes acknowledges, accepts, agrees to be bound by and
    consents to the exercise of any UK bail-in power by the relevant UK authority which may result in (i) the reduction or cancellation of
    all, or a portion, of the principal amount of, or interest on, the any series of the Senior Notes; (ii) the conversion of all, or a portion,
    of the principal amount of, or interest on, any series of the Senior Notes into ordinary shares or other securities or other obligations
    of NWG or another person; and/or (iii) the amendment or alteration of the maturity of any series of the Senior Notes, or amendment of
    the amount of interest due on any series of the Senior Notes, or the dates on which interest becomes payable, including by suspending
    payment for a temporary period; which UK bail-in power may be exercised by means of variation of the terms of any series of the Senior
    Notes solely to give effect to the exercise by the relevant UK authority of such UK bail-in power. Each holder and beneficial owner of
    any series of the Senior Notes further acknowledges and agrees that the rights of the holders and/or beneficial owners under any series
    of the Senior Notes are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any UK bail-in power by
    the relevant UK authority.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For these purposes, a &ldquo;UK bail-in power&rdquo;
    is any write-down, conversion, transfer, modification or suspension power existing from time to time under any laws, regulations, rules
    or requirements relating to the resolution of banks, banking group companies, credit institutions and/or investment firms incorporated
    in the United Kingdom in effect and applicable in the United Kingdom to NWG or other members of the Group, including but not limited to
    any such laws, regulations, rules or requirements which are implemented, adopted or enacted within the context of a UK resolution regime
    under the Banking Act, pursuant to which any obligations of a bank, banking group company, credit institution or investment firm or any
    of its affiliates can be reduced, cancelled, modified, transferred and/or converted into shares or other securities or obligations of
    the obligor or any other person (or suspended for a temporary period) or pursuant to which any right in a contract governing such obligations
    may be deemed to have been exercised. A reference to the &ldquo;relevant UK authority&rdquo; is to any authority with the ability to exercise
    a UK bail-in power.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Repayment of Principal and Payment of Interest After Exercise of U.K. Bail-in Power</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">No repayment of the principal amount of any series of the Senior Notes or payment of interest on any series of the Senior Notes shall become due and payable after the exercise of any UK bail-in power by the relevant UK authority unless, at the time that such repayment or payment, respectively, is scheduled to become due, such repayment or payment would be permitted to be made by us under the laws and regulations of the United Kingdom applicable to us and the Group.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Joint Bookrunners and Joint Lead Managers</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BofA Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goldman Sachs &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></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="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; width: 29%; border: black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 3pt 6pt; width: 71%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NatWest Markets Securities Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">UBS Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Wells Fargo Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Co-Managers</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BMO Capital Markets Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CIBC World Markets Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Denominations</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">$200,000 and integral multiples of $1,000 in excess thereof</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Listing</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">NWG intends to apply to list each of the series of the Senior Notes on the New York Stock Exchange in accordance with its rules.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Target Market</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Manufacturer target market (UK MiFIR) is eligible
    counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID)/ UK PRIIPs KID has
    been prepared as not available to retail in EEA or UK.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This document is being distributed to, and is directed only at, persons
    in</P>
    <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">the United Kingdom in circumstances where section 21(1) of the Financial
    Services and Markets Act 2000 does not apply.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Expected Security Ratings*</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A3 / BBB / A (Moody&rsquo;s / S&amp;P / Fitch)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Clearing and Settlement</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">DTC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>CUSIP</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">639057AJ7 for the 2027 Fixed Reset Rate Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">639057AH1 for the 2034 Fixed Reset Rate Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>ISIN</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US639057AJ71 for the 2027 Fixed Reset Rate Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US639057AH16 for the 2034 Fixed Reset Rate Notes</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Governing Law</B></FONT></TD>
    <TD STYLE="padding: 3pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">The Indenture and the Senior Notes of each series are governed by, and construed in accordance with, the laws of the State of New York.</FONT></TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>*</I></TD><TD><I>The security ratings above are not a recommendation to buy,
sell or hold the securities offered hereby. The ratings may be subject to revision or withdrawal at any time by Moody&rsquo;s, S&amp;P
or Fitch.</I></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Manufacturer target market
(UK MiFIR/MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs
key information document (KID) has been prepared as not available to retail in EEA or in the United Kingdom. No sales to retail clients
in the EEA or the United Kingdom, as defined under MiFID II or, in the United Kingdom, as defined in in point (8) of Article 2 of Regulation
(EU) No 2017/565 as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018.</I></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; text-align: justify; text-indent: 28.35pt"><I>The Issuer has filed
a registration statement (including a base prospectus) with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) for the offering
to which this free writing prospectus relates. Before you invest in this offering, you should read the base prospectus in that registration
statement and the prospectus supplement in respect of this offering and the other documents the Issuer has filed with the SEC for more
complete information about the Issuer and this offering. You may get these documents for </I></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>free by visiting EDGAR on the SEC website at
www.sec.gov. Alternatively, the Joint Bookrunners and Joint Lead Managers will arrange to send you the base prospectus and prospectus
supplement at no charge if you request it by calling BofA Securities, Inc. toll-free at 1-800-294-1322, calling Goldman Sachs &amp; Co.
LLC toll-free at 1-866-471-2526, calling J.P. Morgan Securities LLC at 1-212-834-4533, calling UBS Securities LLC toll-free at 1-888-827-7275,
Wells Fargo Securities, LLC toll-free at 1-800-645-3751 or calling NatWest Markets Securities Inc. toll-free at 1-800-231-5380.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt"><I>The Issuer currently
expects delivery of the Senior Notes of each series to occur on March 2, 2023, which will be the third business day following the date
of pricing of the Senior Notes of each series (such settlement cycle being referred to as &ldquo;T+3&rdquo;). Under Rule 15(c)6-1 of the
U.S. Securities Exchange Act of 1934, as amended (the &ldquo;U.S. Exchange Act&rdquo;), trades in the secondary market generally are required
to settle in two business days (as such term is used for purposes of Rule 15(c) 6-1 of the U.S. Exchange Act) unless the parties to any
such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Senior Notes of any series prior to the delivery of such
Senior Notes will be required, by virtue of the fact that the Senior Notes of each series initially will settle in T+3, to specify an
alternative settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of Senior Notes of any series who
wish to make such trades should consult their own advisors.</I></P>

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