<SEC-DOCUMENT>0000950103-23-008671.txt : 20230608
<SEC-HEADER>0000950103-23-008671.hdr.sgml : 20230608
<ACCEPTANCE-DATETIME>20230608170554
ACCESSION NUMBER:		0000950103-23-008671
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230608
DATE AS OF CHANGE:		20230608

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:		231002802

	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>dp195169_fwp.htm
<DESCRIPTION>FORM FWP
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Free Writing Prospectus dated June 8, 2023</FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-size: 10pt">Filed pursuant to Rule 433</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(to Prospectus dated January 11, 2022, and</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Registration Statement No. 333-261837</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Preliminary Prospectus Supplement dated June 8, 2023)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 100px; width: 75px"></P>

<P STYLE="font: 12pt 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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$1,250,000,000 5.808% Senior Callable Fixed-to-Fixed
Reset Rate Notes due 2029</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; border: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Issuer</B></FONT></TD>
    <TD STYLE="width: 71%; 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="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 STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">$1,250,000,000 5.808% Senior Callable Fixed-to-Fixed Reset Rate Notes due 2029 (the &ldquo;Senior Notes&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Ranking</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">The Senior Notes 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="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 STYLE="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="border: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Specified Currency</B></FONT></TD>
    <TD STYLE="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="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="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">$1,250,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">June 8, 2023 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">June 13, 2023 (T+3)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">September 13, 2029 </FONT></TD></TR>
  <TR>
    <TD STYLE="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="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)
    September 13, 2028 (the &ldquo;Reset Date&rdquo;), interest on the Senior Notes will be payable at a rate of 5.808% 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 Reset Date to (but excluding)
    maturity (the &ldquo;Reset Period&rdquo;), interest on the Senior 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 preliminary prospectus supplement) on the Reset Determination
    Date, plus 1.950%.</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 preliminary prospectus supplement.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; border: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Interest Payment Dates</B></FONT></TD>
    <TD STYLE="width: 71%; 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 Senior Notes will be payable semi-annually in arrear on March 13 and September 13 of each year, beginning on September 13, 2023 (short first coupon)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">September 13, 2028</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="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 Reset Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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 STYLE="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="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 STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">New York and London&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">3.625% due May 31, 2028</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">3.858%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">T+195bps</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">5.808%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">100.000%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Gross Proceeds</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">$1,250,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">99.750%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">0.250%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">$1,246,875,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="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 Senior Notes</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">September 13, 2028</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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</B></FONT></TD>
    <TD STYLE="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 at its sole discretion,
    in whole but not in part, on September 13, 2028 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,
    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 the preliminary 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
    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 </I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  </TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; border: black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="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"><I>Notes&mdash;Conditions to Redemption and Repurchase</I>&rdquo;
    in the preliminary prospectus supplement.</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="border-right: black 1pt solid; border-left: black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Redemption and Repurchase Conditions</B></FONT></TD>
    <TD STYLE="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 the Senior Notes prior to the maturity date or repurchase the Senior Notes (and give notice thereof to the holders of Senior Notes in the case of redemption) if we have obtained the prior consent of the PRA (as defined in the preliminary 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;. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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 STYLE="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 preliminary prospectus supplement under &ldquo;<I>Description of the Senior Notes&mdash;Events of Default and Defaults; Limitation of Remedies</I>.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="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">Notwithstanding any other agreements, arrangements,
    or understandings between us and any holder or beneficial owner of the Senior Notes, by its acquisition of the Senior Notes, each holder
    and beneficial owner 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 Senior Notes; (ii) the conversion of all, or a portion, of the principal amount of, or interest on, 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 the Senior Notes, or amendment of the amount of interest due on 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
    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 the Senior Notes further acknowledges and agrees that the rights of the holders and/or beneficial owners under 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</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="5" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 71%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="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 the Senior Notes or payment of interest on 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="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="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">Citigroup Global Markets 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">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">Morgan Stanley &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">TD Securities (USA) LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="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">CIBC World 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">Scotia Capital (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="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="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="border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">NWG intends to apply to list the Senior Notes on the New York Stock Exchange in accordance with its rules.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Target Market</B></FONT></TD>
    <TD STYLE="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; text-align: justify">This document is being distributed to, and
is directed only at, persons in 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; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">A3 / BBB+ / A (Moody&rsquo;s / S&amp;P / Fitch)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="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="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="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">639057 AK4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">US639057AK45</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">The Indenture and the Senior Notes are governed by, and construed in accordance with, the laws of the State of New York.</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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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><I>*</I></TD><TD STYLE="text-align: justify"><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="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: 0pt 0; text-align: justify; text-indent: 0.5in"><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 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 Citigroup Global Markets Inc. toll-free at 1-800-831-9146, calling Goldman Sachs
&amp; Co. LLC toll-free at 1-866-471-2526, calling NatWest Markets Securities Inc. toll-free at 1-800-231-5380, calling Morgan Stanley
&amp; Co. LLC toll-free at 1-866-718-1649 or calling TD Securities (USA) LLC toll-free at 1-855-495-9846.</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 currently
expects delivery of the Senior Notes to occur on June 13, 2023, which will be the third business day following the date of pricing of
the Senior Notes (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 prior to the delivery of such Senior Notes will be required, by virtue
of the fact that the Senior Notes 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 who wish to make such trades should consult their own advisors.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt"><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: 28.35pt">&nbsp;</P>

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