<SEC-DOCUMENT>0000950103-24-007486.txt : 20240531
<SEC-HEADER>0000950103-24-007486.hdr.sgml : 20240531
<ACCEPTANCE-DATETIME>20240531062438
ACCESSION NUMBER:		0000950103-24-007486
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20240531
FILED AS OF DATE:		20240531
DATE AS OF CHANGE:		20240531

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NatWest Group plc
		CENTRAL INDEX KEY:			0000844150
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		ORGANIZATION NAME:           	02 Finance
		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:		241007601

	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>dp212039_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

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

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

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


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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.2in 0pt 0; text-align: center">For 31 May 2024</P>

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This report on Form 6-K, except for any information contained on any
websites linked in this report, shall be deemed incorporated by reference into the company's Registration Statement on Form F-3 (File
No. 333-261837) and to be a part thereof from the date which it was filed, to the extent not superseded by documents or reports subsequently
filed or furnished.</P>

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


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">31 May 2024</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Off-market purchase of 392,448,233 ordinary shares from His Majesty&rsquo;s
Treasury (&ldquo;HM Treasury&rdquo;) </B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">NatWest Group plc
(the &ldquo;Company&rdquo;) has agreed with HM Treasury to make an off-market purchase (the &ldquo;Off-Market Purchase&rdquo;) of 392,448,233
ordinary shares in the Company with a nominal value of </FONT><FONT STYLE="font-size: 11pt">&pound;1.0769*</FONT> <FONT STYLE="font-size: 10pt">each
(&ldquo;Ordinary Shares&rdquo;) at a price of 316.2 pence per Ordinary Share, being the closing price of the Ordinary Shares on the London
Stock Exchange on 30 May 2024. The total consideration for the Off-Market Purchase will be &pound;1,240,921,312.75.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The purchased Ordinary Shares represent 4.50 per
cent of the Company&rsquo;s issued Ordinary Share capital (excluding treasury shares). The Off-Market Purchase is expected to settle on
4 June 2024.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A contract (the &ldquo;Directed Buyback Contract&rdquo;) between the
Company and HM Treasury was approved by the shareholders of the Company at a General Meeting held on 6 February 2019 and signed on 7 February
2019. Amendments to the Directed Buyback Contract were approved by the shareholders of the Company at a General Meeting held on 25 August
2022 and signed on 17 November 2022 and at the Annual General Meeting held on 23 April 2024 and signed on 07 May 2024. The authority from
shareholders to make off-market purchases of Ordinary Shares from HM Treasury (or its nominee) under the terms of the Directed Buyback
Contract was renewed at the Annual General Meeting on 23 April 2024.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company intends to cancel 222,448,233 of the
purchased Ordinary Shares and hold the remaining 170,000,000 Ordinary Shares in treasury. Holding Ordinary Shares as treasury shares gives
the Company the ability to cancel or re-issue such Ordinary Shares at a later date, quickly and cost effectively, and may provide the
Company with additional flexibility in the management of its capital base, including the allotment of Ordinary Shares in relation to its
employee share plans.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Under Chapter 11 of the Listing Rules, the Directed
Buyback Contract constitutes a related party transaction. However, the Off-Market Purchase is treated as a smaller related party transaction
under <U>LR 11.1.10 R.</U></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Upon settlement of the above transaction:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the Company will hold 301,835,417 of its Ordinary
Shares as treasury shares; </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the Company will have in issue 8,328,623,628 Ordinary
Shares (excluding treasury shares)** and 483,140 Cumulative Preference Shares of &pound;1; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">HM Treasury will hold approximately 22.5*** per
cent. of the Company&rsquo;s voting rights. </FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company continues to target CET1 ratio in the
range of 13-14%. The transaction is broadly TNAV per share neutral.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Paul Thwaite, CEO of Natwest Group commented: &ldquo;<I>This
transaction represents another important milestone for NatWest Group, building on recent momentum in the reduction of HM Treasury&rsquo;s
stake in the bank. We believe it is a positive use of capital for the bank and for our shareholders and represents further progress against
the ambition to return NatWest Group to full private ownership. Our focus remains on delivering for our customers which will, in turn,
deliver for our shareholders and the UK economy</I>.&rdquo;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #111111"><FONT STYLE="font-size: 8pt">*The
nominal value of Ordinary Shares without rounding is &pound;1.076923076923077 per share</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #111111"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #111111"><FONT STYLE="font-size: 8pt">**This
number does not take into account any purchases of Ordinary Shares which (i) may have taken place but have not, at the date of this announcement,
settled under the Company&rsquo;s On Market Share Buyback Programme which commenced on 19 February 2024 (the &ldquo;Programme&rdquo;)
or (ii) may take place under the Programme between the date of this announcement and settlement of the Off-Market Purchase.&nbsp;</FONT></P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">*** This number is based on the Company&rsquo;s
most recent TR-1 notification of major shareholdings on 31 May 2024 in respect of HM Treasury&rsquo;s shareholding notification dated
30 May 2024 and does not take into account any sales executed by HM Treasury since the notification date.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">+ 44 (0)207 672 1758</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">+44 (0)131 523 4205</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Legal Entity Identifier: 2138005O9XJIJN4JPN90&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This document may include forward-looking statements
within the meaning of the United States Private Securities Litigation Reform Act of 1995, such as statements that include, without limitation,
the words &lsquo;expect&rsquo;, &lsquo;estimate&rsquo;, &lsquo;project&rsquo;, &lsquo;anticipate&rsquo;, &lsquo;commit&rsquo;, &lsquo;believe&rsquo;,
&lsquo;should&rsquo;, &lsquo;intend&rsquo;, &lsquo;will&rsquo;, &lsquo;plan&rsquo;, &lsquo;could&rsquo;, &lsquo;probability&rsquo;, &lsquo;risk&rsquo;,
&lsquo;Value-at-Risk (VaR)&rsquo;, &lsquo;target&rsquo;, &lsquo;goal&rsquo;, &lsquo;objective&rsquo;, &lsquo;may&rsquo;, &lsquo;endeavour&rsquo;,
&lsquo;outlook&rsquo;, &lsquo;optimistic&rsquo;, &lsquo;prospects&rsquo; and similar expressions or variations on these expressions. These
statements concern or may affect future matters, such as NatWest Group's future economic results, business plans and strategies.&nbsp;
In particular, this document may include forward-looking statements relating to NatWest Group plc in respect of, but not limited to: its
economic and political risks, its financial position, profitability and financial performance (including financial, capital, cost savings
and operational targets), the implementation of its strategy, its climate and sustainability-related targets, increasing competition from
incumbents, challengers and new entrants and disruptive technologies, its access to adequate sources of liquidity and funding, its regulatory
capital position and related requirements, its exposure to third party risks, its ongoing compliance with the UK ring-fencing regime and
ensuring operational continuity in resolution, its impairment losses and credit exposures under certain specified scenarios, substantial
regulation and oversight, ongoing legal, regulatory and governmental actions and investigations, and NatWest Group&rsquo;s exposure to
operational risk, conduct risk, cyber, data and IT risk, financial crime risk, key person risk and credit rating risk.&nbsp;Forward-looking
statements are subject to a number of risks and uncertainties that might cause actual results and performance to differ materially from
any expected future results or performance expressed or implied by the forward-looking statements. Factors that could cause or contribute
to differences in current expectations include, but are not limited to, future growth initiatives (including acquisitions, joint ventures
and strategic partnerships), the outcome of legal, regulatory and governmental actions and investigations, the level and extent of future
impairments and write-downs, legislative, political, fiscal and regulatory developments, accounting standards, competitive conditions,
technological developments, interest and exchange rate fluctuations, general economic and political conditions and the impact of climate-related
risks and the transitioning to a net zero economy. These and other factors, risks and uncertainties that may impact any forward-looking
statement or NatWest Group plc's actual results are discussed in NatWest Group plc's 2023 Annual Report on Form 20-F, NatWest Group plc&rsquo;s
Interim Management Statement for Q1 2024 on Form 6-K, and its other public filings. The forward-looking statements contained in this document
speak only as of the date of this document and NatWest Group plc does not assume or undertake any obligation or responsibility to update
any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise,
except to the extent legally required.</P>

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


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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 58%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">NATWEST GROUP plc (Registrant)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>Date:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;31 May 2024</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Mark Stevens </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 7%">Name:</TD>
    <TD STYLE="width: 47%">&nbsp;Mark Stevens</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>&nbsp;Assistant Secretary</TD></TR>
  </TABLE>

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