<SEC-DOCUMENT>0000950103-25-006217.txt : 20250520
<SEC-HEADER>0000950103-25-006217.hdr.sgml : 20250520
<ACCEPTANCE-DATETIME>20250520082431
ACCESSION NUMBER:		0000950103-25-006217
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20250520
DATE AS OF CHANGE:		20250520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NatWest Group plc
		CENTRAL INDEX KEY:			0000844150
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		ORGANIZATION NAME:           	02 Finance
		EIN:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-284008
		FILM NUMBER:		25966303

	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>424B5
<SEQUENCE>1
<FILENAME>dp228993_424b5.htm
<DESCRIPTION>FORM 424B5
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red">The information in this preliminary prospectus supplement
is not complete and may be changed. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell these
securities nor do they seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: right"><B>Filed pursuant to Rule 424(b)(5)</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: right"><B>Registration No. 333-284008</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: center; color: red"><B>Subject to Completion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: center; color: red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: center; color: red"><B>Preliminary Prospectus
Supplement dated May 20, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: center; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: center; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"><B>PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"><B>(to prospectus dated December 23, 2024)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><IMG SRC="image_001.jpg" ALT="" STYLE="height: 111px; width: 85px"></B></P>

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

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NatWest Group plc</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">$</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="font-size: 14pt">% Senior Callable Fixed-to-Fixed Reset Rate Notes due 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Senior Callable Floating Rate Notes due 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
Senior Callable Fixed-to-Fixed Reset Rate Notes due 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(the &ldquo;Fixed Reset Rate Notes&rdquo;) will initially bear interest at a rate of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
per annum from (and including)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025 (the
&ldquo;Issue Date&rdquo;) to (but excluding)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(the &ldquo;Fixed Reset Rate Notes Interest Reset Date&rdquo;), and from (and including) the Fixed Reset Rate Notes Interest Reset Date
to (but excluding) maturity, at a rate per annum equal to the applicable U.S. Treasury Rate (as defined herein) as determined by the Calculation
Agent (as defined herein) on the Fixed Reset Rate Notes Reset Determination Date (as defined herein), plus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
%. Interest on the Fixed Reset Rate Notes will be paid semi-annually in arrear on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
each year, beginning on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025, to (and including) maturity. The
Fixed Reset Rate Notes will mature on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Callable Floating Rate Notes due
20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (the &ldquo;Floating Rate
Notes&rdquo; and, together with the Fixed Reset Rate Notes, the &ldquo;Senior Notes&rdquo;) will bear interest at a floating annual
rate equal to the Benchmark (initially, Compounded Daily SOFR) (each as defined herein)
plus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % per annum, accruing from (and including)
the Issue Date to (but excluding) maturity, paid quarterly in arrear
on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
each year, beginning on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025, to (and
including) maturity. The Floating Rate Notes will mature
on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes of each series will constitute
our direct, unconditional, unsecured and unsubordinated obligations, ranking <I>pari passu</I> without any preference among themselves,
and equally with all our other outstanding unsecured and unsubordinated obligations, present and future, except such obligations as are
preferred by operation of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may redeem the Senior Notes of a series at
our sole discretion, in whole but not in part, on the applicable Optional Redemption Date (as defined herein) for the Senior Notes of
such series, at 100% of their principal amount together with any accrued but unpaid interest to, but excluding, the date of redemption.
In addition, we may redeem the Senior Notes of a series at our sole discretion, 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. Any redemption or repurchase of the Senior Notes is
subject to the provisions described under &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-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Notwithstanding any other agreements, arrangements,
or understandings between us and any holder or beneficial owner of the Senior Notes, by its acquisition of 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 NatWest Group plc 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.&nbsp;&nbsp;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.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>By its acquisition of Senior Notes, each holder
(including each beneficial holder) of the Senior Notes, to the extent permitted by the Trust Indenture Act of 1939 as amended (the &ldquo;Trust
Indenture Act&rdquo;), waives any and all claims against The Bank of New York Mellon acting through its London Branch as trustee (the
&ldquo;Trustee&rdquo;) for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be
liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the UK bail-in
power by the relevant UK authority with respect to the Senior Notes. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>By its acquisition of Senior Notes, each holder
(including each beneficial holder) shall be deemed to have (i) consented to the exercise of any UK bail-in power which may be imposed
without any prior notice by the relevant UK authority of its decision to exercise such power with respect to the Senior Notes and (ii)
authorised, directed and requested The Depository Trust Company (&ldquo;DTC&rdquo;) and any direct participant in DTC or other intermediary
through which it holds such Senior Notes to take any and all necessary action, if required, to implement the exercise of any UK bail-in
power with respect to the Senior Notes as it may be imposed, without any further action or direction on the part of such holder.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>By its acquisition of Floating Rate Notes,
each holder (including each beneficial holder) of the Floating Rate Notes acknowledges, accepts, consents and agrees to be bound by our
or our designee&rsquo;s determination of a Benchmark Transition Event, a Benchmark Replacement Date, the Benchmark Replacement, the Benchmark
Replacement Adjustment, and any Benchmark Replacement Conforming Changes, including as may occur without any prior notice from us and
without the need for us to obtain any further consent from such noteholder.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to apply to list each series of Senior
Notes on the New York Stock Exchange in accordance with its rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Investing in the Senior Notes involves risks.&nbsp;&nbsp;See
</I>&ldquo;Risk Factors&rdquo; <I>beginning on page S-14 and as incorporated by reference herein.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Neither the U.S. Securities and Exchange Commission
(the &ldquo;SEC&rdquo;) nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy
of this prospectus supplement or the accompanying prospectus.&nbsp;&nbsp;Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Price to Public</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Underwriting<BR> Discount</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Proceeds to us (before expenses)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 61%; text-align: left">Per Fixed Reset Rate Note&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">%</TD><TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">%</TD><TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">%</TD><TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 1%">&nbsp;</TD>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total for Fixed Reset Rate Notes&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"></FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Per Floating Rate Note&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total for Floating Rate Notes&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 2.5pt"><B>Total&#9;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>$</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>$</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>$</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The initial prices to the public set forth above
do not include accrued interest, if any.&nbsp;&nbsp;Interest on the Senior Notes will accrue from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2025 and must be paid by the purchaser if the Senior Notes are delivered thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes will be issued in registered
form in denominations of $200,000 and integral multiples of $1,000 in excess thereof. We expect that the Senior Notes will be ready for
delivery through the book-entry facilities of DTC and its participants on or about&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="6" STYLE="vertical-align: top; text-align: center; text-indent: 0in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><I>Joint Bookrunners and Joint Lead Managers</I></P>

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

</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 20%"><B>BofA Securities</B></TD>
    <TD STYLE="text-align: center; width: 16%"><B>Goldman Sachs &amp; Co. LLC</B></TD>
    <TD STYLE="width: 16%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Jefferies</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="text-align: center; width: 16%"><B>Morgan Stanley</B></TD>
    <TD STYLE="text-align: center; width: 16%"><B>NatWest</B></TD>
    <TD STYLE="text-align: center; width: 16%"><B>TD Securities</B></TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B>Prospectus Supplement dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2025.<BR>
<BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>table
of contents</B></FONT></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 2.6in"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 0; text-align: right"><U>Page</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 0; text-align: right">&nbsp;</P>

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

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_001">ABOUT THIS PROSPECTUS SUPPLEMENT</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_001">S-ii</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_002">INCORPORATION OF INFORMATION BY REFERENCE</A></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_002">S-ii</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_003">FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_003">S-iv</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_004">IMPORTANT INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_004">S-iv</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_005">SUMMARY</A></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_005">S-1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_006">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_006">S-14</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_007">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_007">S-27</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_008">CAPITALIZATION OF THE GROUP</A></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_008">S-28</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_009">DESCRIPTION OF THE SENIOR NOTES</A></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_009">S-29</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_010">UK AND U.S. FEDERAL TAX CONSEQUENCES</A></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_010">S-45</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_011">UNDERWRITING/CONFLICTS OF INTEREST</A></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_011">S-48</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_012">LEGAL OPINIONS</A></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_012">S-54</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_013">EXPERTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_013">S-55</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B>Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_001">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_001">1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_002">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_002">1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_003">NATWEST GROUP PLC</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_003">1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_004">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_004">2</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_005">DESCRIPTION OF DEBT SECURITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_005">5</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_006">DESCRIPTION OF DOLLAR PREFERENCE SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_006">14</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_007">DESCRIPTION OF DOLLAR PREFERENCE SHARE AMERICAN DEPOSITARY SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_007">22</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_008">DESCRIPTION OF CONTINGENT CONVERTIBLE SECURITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_008">27</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_009">DESCRIPTION OF CERTAIN PROVISIONS RELATING TO DEBT SECURITIES AND CONTINGENT CONVERTIBLE SECURITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_009">33</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_010">DESCRIPTION OF ORDINARY SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_010">39</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_011">DESCRIPTION OF ORDINARY SHARE AMERICAN DEPOSITARY SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_011">45</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_012">DESCRIPTION OF RIGHTS TO SUBSCRIBE FOR ORDINARY SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_012">51</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_013">PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_013">51</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_014">EXPENSES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_014">52</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_015">LEGAL OPINIONS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_015">53</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_016">EXPERTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_016">53</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_017">ENFORCEMENT OF CIVIL LIABILITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_017">53</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_018">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_018">53</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_019">INCORPORATION OF DOCUMENTS BY REFERENCE</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_019">54</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_020">CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_020">54</A></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;&nbsp;</P>


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

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


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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>We have not, and the Underwriters have not,
authorised anyone to provide any information other than that contained or incorporated by reference in this prospectus supplement and
the accompanying prospectus or in any free writing prospectus prepared by us or on our behalf or to which we have referred you.&nbsp;&nbsp;We
and the Underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others
may give you.&nbsp;&nbsp;We are not, and the Underwriters are not, making an offer to sell these securities in any state or jurisdiction
where the offer or sale is not permitted.&nbsp;&nbsp;You should assume that the information contained in this prospectus supplement, the
accompanying prospectus and the documents incorporated by reference herein is accurate only as of their respective dates.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_001"></A>ABOUT THIS PROSPECTUS
SUPPLEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In this prospectus supplement, we use the following
terms:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;we&rdquo;, &ldquo;us&rdquo;, &ldquo;our&rdquo; and &ldquo;Issuer&rdquo; refer to NatWest Group plc;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;Group&rdquo; refers to NatWest Group plc together with its subsidiaries consolidated in accordance with International Financial
Reporting Standards, as issued by the International Accounting Standards Board;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;SEC&rdquo; refers to the U.S. Securities and Exchange Commission;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;Indenture&rdquo; refers to the Amended and Restated Indenture dated as of December 13, 2017 (the &ldquo;Base Indenture&rdquo;),
as amended and supplemented by the Seventh Supplemental Indenture dated as of August 19, 2020 and as amended and supplemented by a supplemental
indenture to be dated as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2025 (the &ldquo;Fifteenth Supplemental Indenture&rdquo;) governing the Senior Notes;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;pound sterling&rdquo;, &ldquo;pounds&rdquo;, &ldquo;sterling&rdquo;, &ldquo;pence&rdquo;, &ldquo;&pound;&rdquo; and &ldquo;p&rdquo;
refer to the currency of the United Kingdom;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;U.S. dollar&rdquo;, &ldquo;dollars&rdquo; and &ldquo;$&rdquo; refer to the currency of the United States; and</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;euro&rdquo; and &ldquo;&euro;&rdquo; refer to the currency of the member states of the European Union (&ldquo;EU&rdquo;) that
have adopted the single currency in accordance with the treaty establishing the European Community, as amended.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_002"></A>INCORPORATION OF
INFORMATION BY REFERENCE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are subject to the informational requirements
of the U.S. Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), and in accordance therewith, we file reports and other information with the SEC. The SEC&rsquo;s website,
at http://www.sec.gov, and our website, at http://www.natwestgroup.com, contain reports and other information in electronic form that
we have filed. Except for SEC filings incorporated by reference in this prospectus supplement and the accompanying prospectus, none of
the information on or that can be accessed through our website is part of this prospectus supplement or the accompanying prospectus. You
may also request a copy of any filings referred to below (other than exhibits not specifically incorporated by reference) at no cost,
by contacting us at 250 Bishopsgate, London, EC2M 4AA, United Kingdom, telephone +44 (0) 207 085 5143.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The SEC allows us to incorporate by reference
much of the information we file with them.&nbsp;&nbsp;This means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>documents incorporated by reference are considered part of this prospectus supplement;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we can disclose important information to you by referring you to these documents; and</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>information that we file with the SEC will automatically update and modify or supersede some of the information included or incorporated
by reference into this prospectus supplement.</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-indent: 0.25in">This means that you must look at all of the SEC
filings that we incorporate by reference to determine if any of the statements in this prospectus supplement or in any document previously
incorporated by reference have been modified or superseded.&nbsp;&nbsp;The accompanying prospectus lists documents that are incorporated
by reference into this prospectus supplement. In addition to the documents listed in the accompanying prospectus, we incorporate by reference
the following reports, except for any information contained on websites linked in such reports:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/844150/000110465925016029/nwg-20241231x20f.htm" STYLE="color: Blue; text-decoration: underline">our annual report on Form 20-F for the year ended December 31, 2024, filed with the SEC on February 21, 2025 (File No. 001-10306) (the &ldquo;2024 Annual Report&rdquo;);</A></TD></TR></TABLE>

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

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/844150/000095010325004821/dp227683_6k.htm" STYLE="color: Blue; text-decoration: underline">our interim report on Form 6-K containing an announcement relating to a directorate change filed with the SEC on April 14, 2025 (File No. 001-10306);</A> and</TD></TR></TABLE>

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

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/844150/000110465925043760/tm2513655d1_6k.htm" STYLE="color: Blue; text-decoration: underline">our interim report on Form 6-K for the three months ended March 31, 2025, filed with the SEC on May 2, 2025 (File No. 001-10306) (the &ldquo;Q1 2025 Interim Report&rdquo;).</A></TD></TR></TABLE>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We also incorporate by reference into this prospectus
supplement and accompanying prospectus any future documents we may file with the SEC under Section 13(a), 13(c), 14 or 15(d) of the Exchange
Act from the date of this prospectus supplement until the offering contemplated in this prospectus supplement is completed.&nbsp;&nbsp;Reports
on Form 6-K we may furnish to the SEC after the date of this prospectus supplement (or portions thereof) are incorporated by reference
in this prospectus supplement only to the extent that the report expressly states that it (or such portions) is incorporated by reference
in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_003"></A>FORWARD-LOOKING
STATEMENTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">From time to time, we may make statements, both
written and oral, regarding our assumptions, projections, expectations, intentions or beliefs about future events.&nbsp;&nbsp;These statements
constitute &ldquo;forward-looking statements&rdquo; for purposes of the Private Securities Litigation Reform Act of 1995.&nbsp;&nbsp;We
caution that these statements may and often do vary materially from actual results.&nbsp;&nbsp;Accordingly, we cannot assure you that
actual results will not differ materially from those expressed or implied by the forward-looking statements.&nbsp;&nbsp;These forward-looking
statements are subject to risks and uncertainties. You should read the sections entitled &ldquo;<I>Risk Factors</I>&rdquo; in this prospectus
supplement and in our 2024 Annual Report which is incorporated by reference herein, &ldquo;<I>Cautionary Statement on Forward-Looking
Statements</I>&rdquo; in the accompanying prospectus and &ldquo;<I>Forward Looking Statements</I>&rdquo; in our 2024 Annual Report and
Q1 2025 Interim Report which are incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any forward-looking statements made herein or
in the documents incorporated by reference herein speak only as of the date they are made. Except as required by the UK Financial Conduct
Authority (the &ldquo;FCA&rdquo;), any applicable stock exchange or any applicable law, we expressly disclaim any obligation or undertaking
to release publicly any updates or revisions to any forward-looking statement contained in this prospectus supplement or the documents
incorporated by reference herein to reflect any changes in expectations with regard thereto or any new information or any changes in events,
conditions or circumstances on which any such statement is based. The reader should, however, consult any additional disclosures that
we have made or may make in documents we have filed or may file with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_004"></A>IMPORTANT INFORMATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>PRIIPs Regulation / Prohibition of sales to
EEA retail investors</B> &ndash; The Senior Notes are not intended to be offered, sold or otherwise made available to and should not be
offered, sold or otherwise made available to any retail investor in the European Economic Area (&ldquo;EEA&rdquo;). For these purposes,
a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU
(as amended, &ldquo;MiFID II&rdquo;); or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended or superseded, the &ldquo;Insurance
Distribution Directive&rdquo;), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1)
of MiFID II. Consequently, no key information document required by Regulation (EU) No 1286/2014 (the &ldquo;PRIIPs Regulation&rdquo;)
for offering or selling the Senior Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore
offering or selling the Senior Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs
Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each person in a Member State of the EEA who receives
any communication in respect of, or who acquires any Senior Notes under, the offers to the public contemplated in this prospectus supplement,
or to whom the Senior Notes are otherwise made available, will be deemed to have represented, warranted, acknowledged and agreed to and
with each Underwriter and us that it and any person on whose behalf it acquires Senior Notes is not a &ldquo;retail investor&rdquo; as
defined above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>European Economic Area</B> &ndash; This prospectus
supplement has been prepared on the basis that any offer of the Senior Notes in any Member State of the EEA will be made pursuant to an
exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of the Senior Notes. The expression
Prospectus Regulation means Regulation (EU) 2017/1129 (as amended or superseded).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>UK MIFIR&nbsp;&nbsp;Product Governance Rules</B>
- Solely for the purposes of each manufacturer&rsquo;s product approval process, the target market assessment in respect of the Senior
Notes has led to the conclusion that: (i) the target market for the Senior Notes is only eligible counterparties, as defined in the FCA
Handbook Conduct of Business Sourcebook (&ldquo;COBS&rdquo;), and professional clients, as defined in Regulation (EU) No 600/2014 as it
forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (&ldquo;UK MiFIR&rdquo;); and (ii) all channels for distribution
of the Senior Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or
recommending the Senior Notes (a &ldquo;distributor&rdquo;) should take into consideration each manufacturer&rsquo;s target market assessment;
however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook (the &ldquo;UK MiFIR Product
Governance Rules&rdquo;) is responsible for undertaking its own target market assessment in respect of the Senior Notes (by either adopting
or refining each manufacturer&rsquo;s target market assessment) and determining appropriate distribution channels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>UK PRIIPs Regulation / Prohibition of sales
to United Kingdom retail investors</B>&nbsp;&nbsp;- The Senior Notes are not intended to be offered, sold or otherwise made available
to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom.&nbsp;&nbsp;For these purposes:
(a) the expression retail investor means a person who is one (or more) of the following: (i) a retail client, as defined in point (8)
of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as
amended (the &ldquo;EUWA&rdquo;); or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000,
as amended (the &ldquo;FSMA&rdquo;) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer
would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of
domestic law by virtue of the EUWA.&nbsp;&nbsp;Consequently, no key information document required by Regulation (EU) No 1286/2014 as it
forms part of domestic law by virtue of the EUWA (the &ldquo;UK PRIIPs Regulation&rdquo;) for offering or selling the Senior Notes or
otherwise making them available to retail investors in the United Kingdom has been prepared and therefore offering or selling the Senior
Notes or otherwise making them available to any retail investor in the United Kingdom&nbsp;&nbsp;may be unlawful under the UK PRIIPs Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each person in the United Kingdom who receives
any communication in respect of, or who acquires any Senior Notes under, the offers to the public contemplated in this prospectus supplement,
or to whom the Senior Notes are otherwise made available, will be deemed to have represented, warranted, acknowledged and agreed to and
with each Underwriter and us that it and any person on whose behalf it acquires Senior Notes is not a &ldquo;retail investor&rdquo; as
defined above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>United Kingdom</B> &ndash; This prospectus
supplement has been prepared on the basis that any offer of the Senior Notes in the United Kingdom will be made pursuant to an exemption
under the UK Prospectus Regulation from the requirement to publish a prospectus for offers of the Senior Notes. The expression UK Prospectus
Regulation means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_005"></A>SUMMARY</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The following is a summary of this prospectus
supplement and should be read as an introduction to, and in conjunction with, the remainder of this prospectus supplement, the accompanying
prospectus and any documents incorporated by reference herein and therein.&nbsp;&nbsp;You should base your investment decision on a consideration
of this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein, as a whole.&nbsp;&nbsp;Words
and expressions defined in &ldquo;Description of the Senior Notes&rdquo; below shall have the same meanings in this summary.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

<P STYLE="font: bold 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>
    <TD STYLE="vertical-align: top; width: 36%; font-size: 10pt; text-indent: 0in"><B>Issuer</B></TD>
    <TD STYLE="width: 64%; font-size: 10pt; text-indent: 0in">NatWest Group plc.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-indent: 0in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-indent: 0in"><B>Senior Notes</B></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;aggregate
    principal amount of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Senior Callable Fixed-to-Fixed Reset Rate Notes due 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (the &ldquo;Fixed Reset Rate Notes&rdquo;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;aggregate
    principal amount of Senior Callable Floating Rate Notes due 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (the &ldquo;Floating Rate Notes&rdquo;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">In this prospectus supplement, we refer to the Fixed
    Reset Rate Notes and the Floating Rate Notes collectively as the &ldquo;Senior Notes&rdquo;, and refer to each of the Fixed Reset Rate
    Notes and the Floating Rate Notes as a &ldquo;series&rdquo; of Senior Notes.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-indent: 0in"><B>Issue Date</B></TD>
    <TD STYLE="font-size: 10pt; text-indent: 0in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025 (the &ldquo;Issue Date&rdquo;). </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-indent: 0in"><B>TERMS SPECIFIC TO THE FIXED RESET RATE NOTES</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-indent: 0in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-indent: 0in"><B>Maturity</B></TD>
    <TD STYLE="font-size: 10pt; text-indent: 0in">We will repay the Fixed Reset Rate Notes at 100% of their principal amount together with any accrued and unpaid interest on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-indent: 0in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><B>Interest Rate</B></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">From (and including) the Issue Date to (but excluding)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (the &ldquo;Fixed Reset Rate Notes
    Interest Reset Date&rdquo;), interest on the Fixed Reset Rate Notes will be payable at a rate of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
    per annum.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">From (and including) the Fixed Reset Rate Notes Interest
    Reset Date to (but excluding) maturity (the &ldquo;Fixed Reset Rate Notes Reset Period&rdquo;), interest on the Fixed Reset Rate Notes
    will be payable at a rate per annum equal to the applicable U.S. Treasury Rate (as defined herein) as determined by the Calculation Agent
    (as defined herein) on the Fixed Reset Rate Notes Reset Determination Date (as defined herein), plus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    %.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-indent: 0in"><B>Interest Payment Dates</B></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.9pt">Interest on the Fixed Reset Rate Notes will
be payable semi-annually in arrear on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
each year, beginning on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2025 (each a &ldquo;Fixed Reset Rate Note Interest Payment Date&rdquo;).&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-indent: 0in"><B>Interest Reset Date </B></TD>
    <TD STYLE="font-size: 10pt; text-indent: 0in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (the &ldquo;Fixed Reset Rate Notes Interest Reset Date&rdquo;).</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-indent: 0in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-indent: 0in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-indent: 0in"><B>Reset Determination Date</B></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The second business day immediately preceding the
    Fixed Reset Rate Notes Interest Reset Date (the &ldquo;Fixed Reset Rate Notes Reset Determination Date&rdquo;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;business day&rdquo; means any day, other than
    Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorised or required by law or regulation
    to close in the City of New York or in the City of London.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P></TD></TR>
</TABLE>

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


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 36%; font-size: 10pt; text-indent: 0in"><B>U.S. Treasury Rate</B></TD>
    <TD STYLE="width: 64%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;U.S. Treasury Rate&rdquo; means, with respect
    to the Fixed Reset Rate Notes Interest Reset Date, the rate per annum equal to: (1) the average of the yields on actively traded U.S.
    Treasury securities adjusted to constant maturity, for one-year maturities, for the five business days immediately prior to the Fixed
    Reset Rate Notes Reset Determination Date and appearing under the caption &ldquo;Treasury constant maturities&rdquo; at 5:00 p.m. (New
    York City time) on the Fixed Reset Rate Notes Reset Determination Date in the applicable most recently published statistical release designated
    &ldquo;H.15 Daily Update&rdquo;, or any successor publication that is published by the Board of Governors of the Federal Reserve System
    that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity, under the caption &ldquo;Treasury Constant
    Maturities&rdquo;, for the maturity of one year; or (2) if such release (or any successor release) is not published during the week immediately
    prior to the Fixed Reset Rate Notes Reset Determination Date or does not contain such yields, the rate per annum equal to the semi-annual
    equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as
    a percentage of its principal amount) equal to the Comparable Treasury Price for the Fixed Reset Rate Notes Interest Reset Date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The U.S. Treasury Rate shall be determined by the
    Calculation Agent (as defined below).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If the U.S. Treasury Rate cannot be determined, for
    whatever reason, as described under (1) or (2) above, &ldquo;U.S. Treasury Rate&rdquo; means the rate in percentage per annum as notified
    by the Calculation Agent to us equal to the yield on U.S. Treasury securities having a maturity of one year as set forth in the most recently
    published statistical release designated &ldquo;H.15 Daily Update&rdquo; under the caption &ldquo;Treasury constant maturities&rdquo;
    (or any successor publication that is published weekly by the Board of Governors of the Federal Reserve System and that establishes yields
    on actively traded U.S. Treasury securities adjusted to constant maturity under the caption &ldquo;Treasury constant maturities&rdquo;
    for the maturity of one year) at 5:00 p.m. (New York City time) on the Fixed Reset Rate Notes Reset Determination Date on which such rate
    was set forth in such release (or any successor release).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;Comparable Treasury Issue&rdquo; means, with
    respect to the Fixed Reset Rate Notes Reset Period, the U.S. Treasury security or securities selected by us with a maturity date on or
    about the last day of the Fixed Reset Rate Notes Reset Period and that would be utilised, at the time of selection and in accordance with
    customary financial practice, in pricing new issues of corporate debt securities denominated in U.S. dollars and having a maturity of
    one year.&nbsp;&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;Comparable Treasury Price&rdquo; means, with
    respect to the Fixed Reset Rate Notes Interest Reset Date, (i) the arithmetic average of the Reference Treasury Dealer Quotations for
    the Fixed Reset Rate Notes Interest Reset Date (calculated on the Fixed Reset Rate Notes Reset Determination Date preceding the Fixed
    Reset Rate Notes Interest Reset Date), after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if fewer
    than five such Reference Treasury Dealer Quotations are received, the arithmetic average of all such quotations, or (iii) if fewer than
    two such Reference Treasury Dealer Quotations are received, then such Reference Treasury Dealer Quotation as quoted in writing to the
    Calculation Agent by a Reference Treasury Dealer.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;Reference Treasury Dealer&rdquo; means each
    of up to five banks selected by us (following, where practicable, consultation with the Calculation Agent), or the affiliates of such
    banks, which are (i) primary U.S. Treasury securities dealers, and their respective successors, or (ii) market makers in pricing corporate
    bond issues denominated in U.S. dollars.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;Reference Treasury Dealer Quotations&rdquo;
    means with respect to each Reference Treasury Dealer and the Fixed Reset Rate Notes Interest Reset Date, the arithmetic average, as determined
    by the Calculation Agent, of the bid and offered prices for the applicable Comparable Treasury Issue, expressed in each case as a percentage
    of its principal amount, at 11:00 a.m. (New York City time), on the Fixed Reset Rate Notes Reset Determination Date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P></TD></TR>
</TABLE>

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


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 36%; text-indent: 0in"><B>Regular Record Dates</B></TD>
    <TD STYLE="width: 64%; text-indent: 0in">The regular record dates for the Fixed Reset Rate Notes will be the 15<SUP>th</SUP> calendar day immediately preceding each Fixed Reset Rate Note Interest Payment Date, whether or not a business day.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0in"><B>TERMS SPECIFIC TO THE FLOATING RATE NOTES</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in"><B>Maturity</B></TD>
    <TD STYLE="text-indent: 0in">We will repay the Floating Rate Notes at 100% of their principal amount together with any accrued and unpaid interest on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><B>Interest Rate</B></TD>
    <TD STYLE="text-indent: 0in">From (and including) the Issue Date to (but excluding) maturity, the interest rate on the Floating Rate Notes will be equal to the Benchmark (initially, Compounded Daily SOFR) plus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % per annum (the &ldquo;Floating Rate Notes Margin&rdquo;), accruing from (and including) the Issue Date to (but excluding) maturity. The interest rate applicable to the Floating Rate Notes will be reset quarterly on each Floating Rate Notes Interest Reset Date (as defined below). </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in"><B>Interest Payment Dates</B></TD>
    <TD>Interest on the Floating Rate Notes will be payable quarterly in arrear
    on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
    each year, beginning
    on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025, to (and
    including) maturity (each, a &ldquo;Floating Rate Notes Interest Payment Date&rdquo; and, together with each Fixed Reset Rate Notes
    Interest Payment Date, each an &ldquo;Interest Payment Date&rdquo;).</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in"><B>Interest Reset Dates </B></TD>
    <TD STYLE="text-indent: 0in">In relation to the Floating Rate Notes,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of each year, beginning on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025 (each, a &ldquo;Floating Rate Notes Interest Reset Date&rdquo;).</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in"><B>Floating Rate Interest Periods</B></TD>
    <TD STYLE="text-indent: 0in">The period beginning on (and including) a Floating Rate Notes Interest Payment Date and ending on (but excluding) the next succeeding Floating Rate Notes Interest Payment Date; <I>provided</I> that the first floating rate interest period will begin on the Issue Date and will end on (but exclude) the first Floating Rate Notes Interest Payment Date (each, a &ldquo;Floating Rate Interest Period&rdquo;).</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 36%; text-indent: 0in"><B>Interest Determination Date</B></TD>
    <TD STYLE="width: 64%; text-indent: 0in">The date that is two USGS Business Days (as defined below) before each applicable Floating Rate Notes Interest Reset Date (the &ldquo;Floating Rate Notes Interest Determination Date&rdquo;).</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in"><B>Regular Record Dates</B></TD>
    <TD STYLE="text-indent: 0in">The regular record dates for the Floating Rate Notes will be the 15<SUP>th</SUP> calendar day immediately preceding each Floating Rate Notes Interest Payment Date, whether or not a business day. </TD></TR>

</TABLE>

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


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  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in; width: 36%"><B>Calculation of the Benchmark</B></TD>
    <TD STYLE="width: 64%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="background-color: white">The &ldquo;Benchmark&rdquo;
    means, initially, Compounded Daily SOFR;&nbsp;<I>provided</I>&nbsp;that if a Benchmark Transition Event and related Benchmark Replacement
    Date have occurred with respect to SOFR or the then-current Benchmark, then &ldquo;Benchmark&rdquo; means the applicable Benchmark Replacement.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="background-color: white">&ldquo;Compounded
    Daily SOFR&rdquo; means, in relation to a Floating Rate Interest Period, the rate of return of a daily compound interest investment (with
    SOFR as reference rate for the calculation of interest) during the related Observation Period and will be calculated by the Calculation
    Agent on the related Floating Rate Notes Interest Determination Date as follows:</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="background-color: white"><IMG SRC="image_002.jpg" ALT="Capture" STYLE="height: 45px; width: 152px"></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Where:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;d&rdquo; means, in relation to any Observation
    Period, the number of calendar days in such Observation Period;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;d0&rdquo; means, in relation to any Observation
    Period, the number of USGS Business Days in such Observation Period;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;i&rdquo; means, in relation to any Observation
    Period, a series of whole numbers from one to d0, each representing the relevant USGS Business Day in chronological order from (and including)
    the first USGS Business Day in such Observation Period;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;ni&rdquo; means, in relation to any USGS Business
    Day &ldquo;i&rdquo; in the relevant Observation Period, the number of calendar days from (and including) such USGS Business Day &ldquo;i&rdquo;
    up to (but excluding) the following USGS Business Day;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;Observation Period&rdquo; means, in respect
    of each Floating Rate Interest Period, the period from (and including) the date which is five USGS Business Days prior to the first day
    of such Floating Rate Interest Period to (but excluding) the date which is five USGS Business Days prior to the Floating Rate Notes Interest
    Payment Date for such Floating Rate Interest Period; <I>provided</I> that the first Observation Period shall commence on (and include)
    the date which is five USGS Business Days prior to the Issue Date;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;SOFR&rdquo; means, in relation to any day,
    the rate determined by the Calculation Agent in accordance with the following provisions:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(1) the daily Secured Overnight Financing
    Rate for trades made on such day available at or around the Reference Time on the NY Federal Reserve&rsquo;s Website; or</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(2) if the rate specified in (1) above
    is not available at or around the Reference Time for such day (and a Benchmark Transition Event and its related Benchmark Replacement
    Date have not occurred), the daily Secured Overnight Financing Rate in respect of the last USGS Business Day for which such rate was published
    on the NY Federal Reserve&rsquo;s Website;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;SOFRi&rdquo; means, in relation to any USGS
    Business Day &ldquo;i&rdquo; in the relevant Observation Period, SOFR in respect of such USGS Business Day; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;USGS Business Day&rdquo; means any day except
    for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association or any successor thereto (&ldquo;SIFMA&rdquo;)
    recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.</P>
</P></TD></TR>
</TABLE>

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


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 36%; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 64%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Notwithstanding clauses (1) and (2) of the definition
    of &ldquo;SOFR&rdquo; above, if we (in consultation, to the extent practicable, with the Calculation Agent) or our designee (in consultation
    with us) determine on or prior to the relevant Floating Rate Notes Interest Determination Date that a Benchmark Transition Event and related
    Benchmark Replacement Date have occurred with respect to SOFR, then the &ldquo;Benchmark Transition Provisions&rdquo; set forth below
    will thereafter apply to all determinations of the rate of interest payable on the Floating Rate Notes.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">In accordance with and subject to the Benchmark Transition
    Provisions, after a Benchmark Transition Event and related Benchmark Replacement Date have occurred, the amount of interest that will
    be payable for each Floating Rate Interest Period will be determined by reference to a rate per annum equal to the Benchmark Replacement
    plus the Floating Rate Notes Margin.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;designee&rdquo; means an affiliate or any
    other agent of, and selected by, NatWest Group plc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;NY Federal Reserve&rsquo;s Website&rdquo;
    means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org (or any successor website).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;Reference Time&rdquo; means (1) if the Benchmark
    is Compounded Daily SOFR, for each USGS Business Day, 3:00 p.m. (New York time) on the next succeeding USGS Business Day, and (2) if the
    Benchmark is not Compounded Daily SOFR, the time determined by us (in consultation, to the extent practicable, with the Calculation Agent)
    or our designee (in consultation with us) in accordance with the Benchmark Replacement Conforming Changes.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Benchmark Transition Provisions</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P></TD>
    <TD STYLE="font-size: 10pt; text-indent: 0in"><FONT STYLE="background-color: white">If we (in consultation, to the extent practicable, with the Calculation Agent) or our designee (in consultation with us) determine that a Benchmark Transition Event and related Benchmark Replacement Date have occurred prior to the applicable Reference Time in respect </FONT>of any determination of the Benchmark on any date, the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Floating Rate Notes in respect of such determination on such date and all determinations on all subsequent dates.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-indent: 0in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-indent: 0in"><I>Benchmark Replacement</I></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;Benchmark Replacement&rdquo; means the first
    alternative set forth in the order below that can be determined by us (in consultation, to the extent practicable, with the Calculation
    Agent) or our designee (in consultation with us) as of the Benchmark Replacement Date:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(1) the sum of: (a) the alternate rate of interest
    that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable
    Corresponding Tenor (if any) and (b) the Benchmark Replacement Adjustment;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(2) the sum of: (a) the ISDA Fallback Rate and (b)
    the Benchmark Replacement Adjustment; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(3) the sum of: (a) the alternate rate of interest
    that has been selected by us (in consultation, to the extent practicable, with the Calculation Agent) or our designee (in consultation
    with us) as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted
    rate of interest as a replacement for the then-current Benchmark for U.S. dollar- denominated floating rate notes at such time and (b)
    the Benchmark Replacement Adjustment.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;Corresponding Tenor&rdquo; with respect to
    a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustments)
    as the applicable tenor for the then-current Benchmark.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;Relevant Governmental Body&rdquo; means the
    Federal Reserve and/or the Federal Reserve Bank of New York (&ldquo;NY Federal Reserve&rdquo;), or a committee officially endorsed or
    convened by the Federal Reserve and/or the NY Federal Reserve or any successor thereto.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P></TD></TR>

</TABLE>

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


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 36%; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 64%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;Corresponding Tenor&rdquo; with respect to
    a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustments)
    as the applicable tenor for the then-current Benchmark.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;Relevant Governmental Body&rdquo; means the
    Federal Reserve and/or the Federal Reserve Bank of New York (&ldquo;NY Federal Reserve&rdquo;), or a committee officially endorsed or
    convened by the Federal Reserve and/or the NY Federal Reserve or any successor thereto.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-indent: 0in"><I>Benchmark Replacement Adjustment</I></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;Benchmark Replacement Adjustment&rdquo; means
    the first alternative set forth in the order below that can be determined by us (in consultation, to the extent practicable, with the
    Calculation Agent) or our designee (in consultation with us) as of the Benchmark Replacement Date:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(1) the spread adjustment (which may be a positive
    or negative value or zero) that has been (i) selected or recommended by the Relevant Governmental Body or (ii) determined by us (in consultation,
    to the extent practicable, with the Calculation Agent) or our designee (in consultation with us) in accordance with the method for calculating
    or determining such spread adjustment that has been selected or recommended by the Relevant Governmental Body, in each case for the applicable
    Unadjusted Benchmark Replacement;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(2) if the applicable Unadjusted Benchmark Replacement
    is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; or</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(3) the spread adjustment (which may be a positive
    or negative value or zero) that has been selected by us (in consultation, to the extent practicable, with the Calculation Agent) or our
    designee (in consultation with us) giving due consideration to industry-accepted spread adjustments (if any), or method for calculating
    or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement
    for U.S. dollar-denominated floating rate notes at such time.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;Unadjusted Benchmark Replacement&rdquo; means
    the Benchmark Replacement excluding the Benchmark Replacement Adjustment.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-indent: 0in"><I>Benchmark Replacement Conforming Changes</I></TD>
    <TD>In connection with the implementation of a Benchmark Replacement, we (in consultation, to the extent practicable, with the Calculation Agent) or our designee (in consultation with us) will have the right to make changes to (1) any Floating Rate Notes Interest Determination Date, Floating Rate Notes Interest Payment Date, Reference Time, business day convention or Floating Rate Interest Period, (2) the manner, timing and frequency of determining the rate and amounts of interest that are payable on the Floating Rate Notes and the conventions relating to such determination and calculations with respect to interest, (3) rounding conventions, (4) tenors and (5) any other terms or provisions of the Floating Rate Notes, in each case that we (in consultation, to the extent practicable, with the Calculation Agent) or our designee (in consultation with us) determine, from time to time, to be appropriate to reflect the determination and implementation of such Benchmark Replacement in a manner we consider to be substantially consistent with market practice (or, if we (in consultation, to the extent practicable, with the Calculation Agent) or our designee (in consultation with us) decide that implementation of any portion of such market practice is not administratively feasible or determine that no market practice for use of the Benchmark Replacement exists, in such other manner as we (in consultation, to the extent practicable, with the Calculation Agent) or our designee (in consultation with us) determine is appropriate (acting in good faith)) (the &ldquo;Benchmark Replacement Conforming Changes&rdquo;). Any Benchmark Replacement Conforming Changes will apply to the Floating Rate Notes for all future Floating Rate Interest Periods.</TD></TR>
</TABLE>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 36%; text-indent: 0in; font-size: 10pt"><I>Benchmark Transition Event</I></TD>
    <TD STYLE="width: 64%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;Benchmark Transition Event&rdquo; means the
    occurrence of one or more of the following events with respect to the then-current Benchmark:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(1) a public statement or publication of information
    by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark,
    permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will
    continue to provide the Benchmark;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(2) a public statement or publication of information
    by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency
    official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for
    the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which
    states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided
    that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(3) a public statement or publication of information
    by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 10pt"><I>Benchmark Replacement Date</I></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;Benchmark Replacement Date&rdquo; means the
    earliest to occur of the following events with respect to the then-current Benchmark:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(1) in the case of clause (1) or (2) of the definition
    of &ldquo;Benchmark Transition Event,&rdquo; the later of (a) the date of the public statement or publication of information referenced
    therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(2) in the case of clause (3) of the definition of
    &ldquo;Benchmark Transition Event,&rdquo; the date of the public statement or publication of information referenced therein.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">For the avoidance of doubt, if the event giving rise
    to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the
    Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 10pt"><I>ISDA Fallback Rate</I></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;ISDA Fallback Rate&rdquo; means the rate that
    would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date
    with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;ISDA Definitions&rdquo; means the 2006 ISDA
    Definitions published by the International Swaps and Derivatives Association, Inc. (&ldquo;ISDA&rdquo;) or any successor thereto, as amended
    or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;ISDA Fallback Adjustment&rdquo; means the
    spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA
    Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P></TD></TR>
  </TABLE>

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


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 36%; text-indent: 0in"><I>Notice of Benchmark Replacement</I></TD>
    <TD STYLE="width: 64%; text-indent: 0in">We will promptly give notice of the determination of the Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes to the Trustee, the Calculation Agent and the noteholders; <I>provided</I> that failure to provide such notice will have no impact on the effectiveness of, or otherwise invalidate, any such determination.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><I>Agreement with Respect to the Benchmark Replacement</I></TD>
    <TD>By its acquisition of the Floating Rate Notes, each noteholder (which, for these purposes, includes each beneficial owner) (i) will acknowledge, accept, consent and agree to be bound by our or our designee&rsquo;s determination of a Benchmark Transition Event, a Benchmark Replacement Date, the Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes, including as may occur without any prior notice from us and without the need for us to obtain any further consent from such noteholder, (ii) will waive any and all claims, in law and/or in equity, against the Trustee, the principal paying agent and the Calculation Agent or our designee for, agree not to initiate a suit against the Trustee, the principal paying agent and the Calculation Agent or our designee in respect of, and agree that none of the Trustee, the principal paying agent or the Calculation Agent or our designee will be liable for, the determination of or the failure to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes, and any losses suffered in connection therewith and (iii) will agree that none of the Trustee, the principal paying agent or the Calculation Agent or our designee will have any obligation to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes (including any adjustments thereto), including in the event of any failure by us to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0in"><B>TERMS APPLICABLE TO THE SENIOR NOTES</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in"><FONT STYLE="background-color: white"><B>Decisions and Determinations</B></FONT></TD>
    <TD STYLE="text-indent: 0in">All determinations, decisions, elections and any calculations made by us, the Calculation Agent or our designee (as applicable) for the purposes of calculating the applicable interest on the Senior Notes will be conclusive and binding on the noteholders, us and the Trustee, absent manifest error. If made by us, such determinations, decisions, elections and calculations will be made in consultation with the Calculation Agent, to the extent practicable. If made by our designee, such determinations, decisions, elections and calculations will be made after consulting with us, and our designees will not make any such determination, decision, election or calculation to which we object. Notwithstanding anything to the contrary in the Indenture or the Senior Notes, any determinations, decisions, calculations or elections made in accordance with this provision will become effective without consent from the noteholders or any other party. </TD></TR>
</TABLE>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 36%; text-indent: 0in; font-size: 10pt"></TD>
    <TD STYLE="width: 64%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">With respect to the Floating Rate Notes, any determination,
    decision or election relating to the Benchmark not made by the Calculation Agent will be made on the basis described above. The Calculation
    Agent shall have no liability for not making any such determination, decision or election. In addition, we may designate an entity (which
    may be our affiliate) to make any determination, decision or election that we have the right to make in connection with the determination
    of the Benchmark.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 10pt"><B>Noteholder&rsquo;s Waiver of Right to Set-Off</B></TD>
    <TD STYLE="text-indent: 0in; font-size: 10pt">By acquiring a Senior Note, each holder (and the Trustee acting on behalf of the holders) will be deemed to have waived to the fullest extent permitted by law any right of set-off, counterclaim or combination of accounts with respect to such Senior Note or the Indenture (or between our obligations under or in respect of any Senior Note and any liability owed by a holder) that they (or the Trustee acting on their behalf) might otherwise have against us, whether before or during our winding-up, liquidation or administration.&nbsp;&nbsp;Notwithstanding the above, if any such rights and claims of any such holder (or the Trustee acting on behalf of such holders) against us are discharged by set-off, such holder (or the Trustee acting on behalf of such holders) will immediately pay an amount equal to the amount of such discharge to us or, in the event of a winding-up, liquidation or administration, our liquidator or administrator (or other relevant insolvency official), as the case may be, to be held on trust for senior creditors, and until such time as payment is made will hold a sum equal to such amount on trust for senior creditors, and accordingly such discharge shall be deemed not to have taken place.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 10pt"><B>Ranking</B></TD>
    <TD STYLE="text-indent: 0in; font-size: 10pt">The Senior Notes of each series will constitute our direct, unconditional, unsecured and unsubordinated obligations ranking <I>pari passu</I> without any preference among themselves, and equally with all our other outstanding unsecured and unsubordinated obligations, present and future, except such obligations as are preferred by operation of law. </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 10pt"><B>Events of Default and Defaults; Limitation of Remedies</B></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Events of Default</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">An &ldquo;Event of Default&rdquo; with respect to
    the Senior Notes of a series shall only result if:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.4in">a
    court of competent jurisdiction makes an order for our winding up which is not successfully appealed within 30 days; or</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.4in">an
    effective shareholders&rsquo; resolution is validly adopted for our winding up,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">in each case other than under or in connection with
    a scheme of amalgamation or reconstruction not involving a bankruptcy or insolvency.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P></TD></TR>
  </TABLE>

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


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 36%; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 64%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">There are no other Events of Default under the Senior
    Notes. If an Event of Default with respect to Senior Notes of a series occurs and is continuing, the Trustee or the holder or holders
    of at least 25% in aggregate principal amount of the outstanding Senior Notes of such series may declare the principal amount of, and
    any accrued but unpaid interest on such series of Senior Notes to be due and payable immediately in accordance with the terms of the Indenture.
    There are no other circumstances in which holders of Senior Notes or the Trustee may accelerate amounts to be paid in respect of the Senior
    Notes.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Defaults</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">A &ldquo;Default&rdquo; with respect to the Senior
    Notes of a series shall result if:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>any
    installment of interest in respect of the Senior Notes of such series is not paid on or before the relevant Interest Payment Date and
    such failure continues for 14 days; or</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>all
    or any part of the principal amount of the Senior Notes of such series is not paid when it otherwise becomes due and payable, whether
    upon redemption or otherwise, and such failure continues for 7 days.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If a Default occurs and is continuing with respect
    to a series of Senior Notes, the Trustee may commence a proceeding for our winding up, but the Trustee may not declare the principal amount
    of any outstanding Senior Notes of any series to be due and payable.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Notwithstanding any contrary provisions, nothing
    shall impair the right of a holder, absent the holder&rsquo;s consent, to sue for any payments due but unpaid with respect to any Senior
    Notes.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The provisions described under &ldquo;<I>Description
    of Debt Securities&mdash;Events of Default and Defaults; Limitation of Remedies</I>&rdquo; in the accompanying prospectus do not apply
    to the Senior Notes.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">For further details, see &ldquo;<I>Description of
    the Senior Notes&mdash;Events of Default and Defaults; Limitation of Remedies</I>&rdquo; and &ldquo;<I>Risk Factors&mdash;The Senior Notes
    contain very limited Defaults and Events of Default provisions, and the remedies available thereunder are limited</I>&rdquo;.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top; text-indent: 0in; font-size: 10pt"><B>Agreement with Respect to the Exercise of
UK Bail-in Power</B></TD>
    <TD STYLE="text-align: left; text-indent: 0in; font-size: 10pt; vertical-align: top">Notwithstanding any other agreements, arrangements, or understandings between us and any holder or beneficial owner of the Senior Notes, by its acquisition of 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 NatWest Group plc 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.&nbsp;&nbsp;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.</TD></TR>
  </TABLE>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 36%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 64%; text-indent: 0in">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 the Issuer 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 2009, as the same has been or may be amended from time to time (whether pursuant to the UK Financial Services (Banking Reform) Act 2013, secondary legislation or otherwise, the &ldquo;Banking Act&rdquo;), 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.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in"><B>Repayment of Principal and Payment of Interest After Exercise of UK Bail-in Power</B></TD>
    <TD STYLE="text-indent: 0in">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.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in"><B>Loss Absorption Disqualification Event Redemption</B></TD>
    <TD STYLE="text-indent: 0in">Subject to the provisions described under &ldquo;<I>Description of the Senior Notes&mdash;Notice of Redemption</I>&rdquo; and &ldquo;<I>Description of the Senior Notes&mdash;Conditions to Redemption and Repurchase</I>&rdquo;, we may redeem the Senior Notes of a series at our sole discretion, in whole but not in part, (i) in respect of the Fixed Reset Rate Notes, at any time, and (ii) in respect of the Floating Rate Notes, only on a Floating Rate Notes Interest Payment Date, in each case at 100% of their principal amount together with any accrued but unpaid interest to, but excluding, the date of redemption, in the event we determine a Loss Absorption Disqualification Event (as defined in this prospectus supplement) has occurred and is continuing. See &ldquo;<I>Description of the Senior Notes&mdash;Loss Absorption Disqualification Event Redemption&rdquo;</I> and &ldquo;<I>Risk Factors&mdash;We may redeem the Senior Notes of any series at our option in certain situations, including as a result of certain tax law changes or the occurrence of a Loss Absorption Disqualification Event or on the applicable Optional Redemption Date.&rdquo;</I></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in"><B>Optional Redemption</B></TD>
    <TD STYLE="text-indent: 0in">Subject to the provisions described under &ldquo;<I>Description of the Senior Notes&mdash;Notice of Redemption</I>&rdquo; and &ldquo;<I>Description of the Senior Notes&mdash;Conditions to Redemption and Repurchase</I>&rdquo;, we may redeem the Senior Notes of a series at our sole discretion, in whole but not in part, (i) on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in respect of the Fixed Reset Rate Notes (the &ldquo;Fixed Reset Rate Notes Optional Redemption Date&rdquo;) and (ii) on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in respect of the Floating Rate Notes (the &ldquo;Floating Rate Notes Optional Redemption Date&rdquo; and, together with the Fixed Reset Rate Notes Optional Redemption Date, each an &ldquo;Optional Redemption Date&rdquo;), in each case, at 100% of their principal amount together with any accrued but unpaid interest to, but excluding, the date of redemption. See &ldquo;<I>Risk Factors&mdash;We may redeem the Senior Notes of any series at our option in certain situations, including as a result of certain tax law changes or the occurrence of a Loss Absorption Disqualification Event or on the applicable Optional Redemption Date.</I>&rdquo;</TD></TR>
  </TABLE>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 36%; text-indent: 0in; font-size: 10pt"><B>Tax Redemption</B></TD>
    <TD STYLE="width: 64%; text-indent: 0in; font-size: 10pt">Subject to the provisions described under &ldquo;<I>Description of the Senior Notes&mdash;Notice of Redemption</I>&rdquo; and &ldquo;<I>Description of the Senior Notes&mdash;Conditions to Redemption and Repurchase</I>&rdquo;, in the event of certain tax law changes that require us to pay Additional Amounts (as defined herein) and other limited circumstances as described under &ldquo;<I>Description of the Senior Notes&mdash;Tax Redemption</I>&rdquo; in this prospectus supplement and &ldquo;<I>Description of Debt Securities&mdash;Redemption</I>&rdquo; in the accompanying prospectus, we may redeem the Senior Notes of a series, in whole but not in part, (i) in respect of the Fixed Reset Rate Notes, at any time, and (ii) in respect of the Floating Rate Notes, only on a Floating Rate Notes Interest Payment Date, in each case at 100% of their principal amount together with any accrued but unpaid interest to, but excluding, the date of redemption. See &ldquo;<I>Risk Factors&mdash;We may redeem the Senior Notes of any series at our option in certain situations, including as a result of certain tax law changes or the occurrence of a Loss Absorption Disqualification Event or on the applicable Optional Redemption Date.</I>&rdquo;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 10pt"><B>Conditions to Redemption and Repurchase</B></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Notwithstanding any other provision, we may only
    redeem the Senior Notes of any series prior to the relevant maturity date or repurchase the Senior Notes of a series (and give notice
    thereof to the holders of the Senior Notes of such series in the case of redemption) if we have obtained the prior consent of the PRA
    (as defined below), to the extent such consent is at the relevant time and in the relevant circumstances required by the Loss Absorption
    Regulations or applicable laws or regulations in effect in the United Kingdom, if at all (as defined in &ldquo;<I>Description of the Senior
    Notes</I>&rdquo;).&nbsp;&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&ldquo;PRA&rdquo; means the UK Prudential Regulation
    Authority and/or such other governmental authority in the United Kingdom having primary supervisory authority with respect to our business.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 10pt"><B>Book-Entry Issuance, Settlement and Clearance</B></TD>
    <TD STYLE="text-indent: 0in; font-size: 10pt">We will issue the Senior Notes in fully registered form in denominations of $200,000 and integral multiples of $1,000 in excess thereof.&nbsp;&nbsp;The Senior Notes of each series will be represented by one or more global securities registered in the name of a nominee of DTC.&nbsp;&nbsp;You will hold beneficial interests in the Senior Notes through DTC and its direct and indirect participants, including Euroclear and Clearstream Luxembourg, and DTC and its direct and indirect participants will record your beneficial interest on their books.&nbsp;&nbsp;We will not issue certificated notes except as described in the accompanying prospectus.&nbsp;&nbsp;Settlement of the Senior Notes will occur through DTC in same day funds.&nbsp;&nbsp;For information on DTC&rsquo;s book-entry system, see &ldquo;<I>Description of Certain Provisions Relating to Debt Securities and Contingent Convertible Securities&mdash;Form of Debt Securities; Book-Entry System</I>&rdquo; in the accompanying prospectus.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-size: 10pt"><B>Conflicts of Interest</B></TD>
    <TD STYLE="text-indent: 0in; font-size: 10pt">NatWest Markets Securities Inc., an affiliate of NatWest Group plc, is a Financial Industry Regulatory Authority (&ldquo;FINRA&rdquo;) member and an Underwriter (as defined herein) in this offering and has a &ldquo;conflict of interest&rdquo; within the meaning of FINRA Rule 5121.&nbsp;&nbsp;Accordingly, this offering will be made in compliance with the applicable provisions of FINRA Rule 5121.&nbsp;&nbsp;NatWest Markets Securities Inc. is not permitted to sell Senior Notes in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder.</TD></TR>
  </TABLE>

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

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


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 36%; text-indent: 0in"><B>CUSIP</B></TD>
    <TD STYLE="text-align: left; width: 64%; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for the Fixed Reset Rate Notes.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for the Floating Rate Notes.&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><B>ISIN</B></TD>
    <TD STYLE="text-align: left; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for the Fixed Reset Rate Notes.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for the Floating Rate Notes.&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><B>Listing and Trading</B></TD>
    <TD STYLE="text-indent: 0in">We intend to apply to list each series of Senior Notes on the New York Stock Exchange in accordance with its rules. </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><B>Trustee and Principal Paying Agent</B></TD>
    <TD STYLE="text-indent: 0in">The Bank of New York Mellon, 160 Queen Victoria Street, London, EC4V 4LA, United Kingdom, will act as the trustee and initial principal paying agent for the Senior Notes.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><B>Calculation Agent</B></TD>
    <TD STYLE="text-indent: 0in">National Westminster Bank Plc or a successor calculation agent appointed by us, pursuant to a calculation agent agreement expected to be entered into on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025, as may be amended, supplemented or superseded from time to time.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><B>Timing of Delivery</B></TD>
    <TD STYLE="text-indent: 0in">We currently expect delivery of the Senior Notes to occur on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;2025, 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. Exchange Act, trades in the secondary market generally are required to settle in one business day (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 one business day 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 of any series who wish to make such trades should consult their own advisors.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><B>Use of Proceeds</B></TD>
    <TD STYLE="text-indent: 0in">We intend to use the net proceeds of the offering to fund our general banking business. See &ldquo;<I>Use of Proceeds</I>&rdquo;.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><B>Governing Law</B></TD>
    <TD STYLE="text-indent: 0in">The Indenture and the Senior Notes are governed by, and construed in accordance with, the laws of the State of New York, except for the waiver of right to set-off provisions relating to the Senior Notes, which are governed by the laws of Scotland.</TD></TR>
  </TABLE>

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

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_006"></A>RISK FACTORS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Prospective investors should consider carefully
the risk factors incorporated by reference into this prospectus supplement and as set out below as well as the other information set out
elsewhere in this prospectus supplement (including any other documents incorporated by reference herein, including the 2024 Annual Report,
the Q1 2025 Interim Report and any risk factors included therein) and reach their own views prior to making any investment decision with
respect to the Senior Notes.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Set out below and incorporated by reference
herein are certain risk factors that, if they were to materialise, could have a material adverse effect on the business, operations, financial
condition or prospects of NatWest Group plc and cause NatWest Group plc&rsquo;s future results to be materially different from expected
results.&nbsp;&nbsp;NatWest Group plc has described only those risks that it considers to be material.&nbsp;&nbsp;There may be additional
risks that NatWest Group plc currently considers not to be material or of which it is not currently aware, and any of these risks could
have the effects set forth above.&nbsp;&nbsp;All of these factors are contingencies which may or may not occur and NatWest Group plc is
not in a position to express a view on the likelihood of any such contingency occurring.&nbsp;&nbsp;Investors should note that they bear
NatWest Group plc&rsquo;s solvency risk.&nbsp;&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Each of the risks highlighted could have a
material adverse effect on the amount of principal and interest which investors will receive in respect of the Senior Notes.&nbsp;&nbsp;In
addition, each of the highlighted risks could adversely affect the trading price of the Senior Notes or the rights of investors under
the Senior Notes and, as a result, investors could lose some or all of their investment.&nbsp;&nbsp;You should consult your own financial,
tax and legal advisers regarding the risks of an investment in the Senior Notes.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks relating to NatWest Group plc and the Group</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For a description of the risks associated with
NatWest Group plc and the Group, including certain risks associated with investments in NatWest Group plc&rsquo;s securities, please refer
to the &ldquo;<I>Risk Factors</I>&rdquo; section in our 2024 Annual Report, which is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks relating to the Senior Notes</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes contain very limited
Defaults and Events of Default provisions, and the remedies available thereunder are limited.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes contain very limited Defaults
and Events of Default provisions, and the remedies available thereunder are limited. The sole remedy available to the Trustee against
us in case of a &ldquo;Default&rdquo;, being the failure to pay principal or interest on the Senior Notes when it otherwise becomes due
and payable (following the expiration of a specified grace period), is that the Trustee may commence a proceeding for our winding up and/or
prove in our winding up. The Trustee may not, however, upon the occurrence of a Default, declare the principal amount of any outstanding
Senior Notes due and payable. While holders of the Senior Notes will similarly not be able to accelerate a repayment of the principal
amount of the Senior Notes upon the occurrence of a Default, such holders shall have the right to sue for any payments that are due but
unpaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An Event of Default will only occur if an order
is made for our winding up which is not successfully appealed within 30 days or upon a valid adoption by our shareholders of an effective
resolution for our winding up (in each case other than under or in connection with a scheme of amalgamation or reconstruction not involving
bankruptcy or insolvency). On the occurrence of such an Event of Default, the Trustee and the holders of the Senior Notes have only limited
enforcement remedies. If such an Event of Default with respect to the Senior Notes of a series occurs and is continuing, the Trustee or
the holders of at least 25% in aggregate principal amount of the outstanding Senior Notes of the relevant series may declare the principal
amount of, and any accrued but unpaid interest on, the Senior Notes of such relevant series to be due and payable immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, the Senior Notes are subject to bail-in
in the event the UK bail-in power is exercised. As a result, during such time as the Trustee is seeking to cause our winding up, your
claims in such winding up could be reduced to zero.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As such, the remedies available to holders of
Senior Notes are limited, which may make enforcement more difficult. <I>See &ldquo;Description of the Senior Notes&mdash;Events of Default
and Defaults; Limitation of Remedies&rdquo; </I>for further details.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>We may redeem the Senior Notes of a series
at our option in certain situations, including as a result of certain tax law changes or the occurrence of a Loss Absorption Disqualification
Event or on the applicable Optional Redemption Date.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may redeem the Senior Notes of a series at
our sole discretion in whole but not in part on the Optional Redemption Date for such series at 100% of their principal amount together
with any accrued but unpaid interest to, but excluding, the date of redemption as described under &ldquo;<I>Description of the Senior
Notes&mdash;Optional Redemption</I>&rdquo;. In addition, we may redeem the Senior Notes of a series at our sole discretion, in whole but
not in part, at their principal amount together with accrued but unpaid interest upon the occurrence of certain tax law changes or a Loss
Absorption Disqualification Event, as described in &ldquo;<I>Description of the Senior Notes&mdash;Tax Redemption</I>&rdquo; and &ldquo;<I>Description
of the Senior Notes&mdash;Loss Absorption Disqualification Event Redemption</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event we were to decide to exercise our
option to redeem the Senior Notes of a series in any of the circumstances described above, such redemption may be subject to meeting certain
conditions, which may include, among others, having given any required notice to the PRA (as defined below) and/or such other governmental
authority in the United Kingdom having primary supervisory authority with respect to our business and the PRA granting permission to such
redemption to the extent and in the manner required under the Loss Absorption Regulations (as defined in &ldquo;<I>Description of the
Senior Notes</I>&rdquo;) or applicable laws or regulation in effect in the United Kingdom, and compliance by us with any alternative or
additional pre-condition to redemption set out in the Loss Absorption Regulations and/or required by the PRA, regardless of whether such
redemption would be favourable to you or us. See &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-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, any decision by us as to whether
we will exercise our option to redeem the Senior Notes of a series will be taken at our absolute discretion and our decision may be influenced
by factors such as, but not limited to, the economic impact of exercising such option to redeem the Senior Notes of such series, any tax
consequences, the applicable regulatory capital requirements and the prevailing market conditions. With respect to a Loss Absorption Disqualification
Event, as the Loss Absorption Regulations continue to be implemented in the United Kingdom and may be subject to potential future amendments,
we are currently unable to predict whether the Senior Notes are likely to be fully or partially excluded from our or the Regulatory Group&rsquo;s
minimum requirements for (A) own funds and eligible liabilities and/or (B) loss absorbing capacity instruments, in each case as such minimum
requirements are applicable to us and/or the Regulatory Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You will not have the right to request the redemption
of any Senior Notes and should not invest in the Senior Notes in the expectations that we would exercise our option to redeem the Senior
Notes of any series. You should be aware that you may be required to bear the financial risks of an investment in the Senior Notes until
maturity.&nbsp;&nbsp;Our optional redemption on the relevant Optional Redemption Date or the perception that the Senior Notes of such
series may be redeemed in the circumstances noted above, may impact the market value of the Senior Notes of such series. Moreover, if
we redeem the Senior Notes of a series in any of the circumstances mentioned above, you may not be able to reinvest the redemption proceeds
in securities offering a comparable yield as the Senior Notes of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Regulatory actions in the event a bank or
investment firm in the Group is failing or likely to fail could materially adversely affect the value of the Senior Notes and your rights
thereunder.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The BRRD establishes an EU-wide framework for
the recovery and resolution of credit institutions and investment firms, their subsidiaries and certain holding companies. The BRRD requires
all EEA member states, which at the relevant time included the United Kingdom, to provide their relevant authorities with a set of tools
to intervene sufficiently early and quickly with respect to an institution which is failing or likely to fail so as to ensure the continuity
of the institution&rsquo;s critical financial and economic functions, while minimizing the impact of an institution&rsquo;s failure on
the broader economy and financial system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the United Kingdom, the majority of the requirements
of the BRRD have been implemented into national law in the Banking Act 2009, as the same has been or may be amended from time to time
(whether pursuant to the UK Financial Services (Banking Reform) Act 2013 (the &ldquo;Banking Reform Act 2013&rdquo;), secondary legislation
or otherwise, the &ldquo;Banking Act&rdquo;), other legislation and the UK Prudential Regulation Authority (the &ldquo;PRA&rdquo;) Rulebook.
The UK implementation of the BRRD included the introduction of the UK bail-in tool as of January 1, 2015. For more information on the
UK bail-in tool, see &ldquo;<I>&mdash;The relevant UK authority may exercise the UK bail-in tool in respect of NatWest Group plc and the
Senior Notes, which may result in holders of the Senior Notes losing some or all of their investment</I>&rdquo; and &ldquo;<I>&mdash;Under
the terms of the Senior Notes, you have agreed to be bound by the exercise of any UK bail-in power by the relevant UK authority</I>&rdquo;
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>The Banking Act confers substantial powers
on relevant UK authorities designed to enable them to take a range of actions in relation to UK banks or investment firms and certain
of their affiliates in the event a bank or investment firm in the same group is considered to be failing or likely to fail. The exercise
of any of these actions in relation to NatWest Group plc or any entity within the Group could materially adversely affect the value of
the Senior Notes.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the Banking Act, substantial powers are
granted to the Bank of England (or, in certain circumstances, HM Treasury), in consultation with the Prudential Regulation Authority,
the FCA and HM Treasury, as appropriate as part of a special resolution regime (the &ldquo;SRR&rdquo;). These powers enable the relevant
UK authority to implement resolution measures with respect to a UK bank or investment firm and certain of its affiliates (including, for
example, NatWest Group plc) (each a &ldquo;relevant entity&rdquo;) in circumstances in which the relevant UK authority is satisfied that
the resolution conditions are met. Under the applicable regulatory framework and pursuant to guidance issued by the Bank of England, governmental
financial support, if any is provided, would only be used as a last resort measure where a serious threat to financial stability cannot
be avoided by other measures (such as the stabilization options described below, including the UK bail-in power) and subject to the limitations
set out in the Banking Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Banking Act grants broad powers to the relevant
UK authorities and the application of such powers, or any suggestion of such application, could have a material adverse effect on the
value or trading liquidity of the Senior Notes or the rights of holders under the Senior Notes and could lead to holders of the Senior
Notes losing some or all of the value of their investment in the Senior Notes. These powers include the ability to (i) modify or cancel
contractual arrangements to which an entity in resolution is party, in certain circumstances; (ii) suspend or override the enforcement
provisions or termination rights that might be invoked by counterparties facing an entity in resolution, as a result of the exercise of
the resolution powers; and (iii) disapply or modify laws in the UK (with possible retrospective effect) to enable the powers under the
Banking Act to be used effectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The exercise of the stabilization options (described
below) or other powers conferred on the relevant UK authority under the Banking Act with respect to us, or any suggestion of any such
exercise, could have a material adverse effect on the value or trading liquidity of the Senior Notes or your rights under the Senior Notes
and could lead to holders of the Senior Notes losing some or all of the value of their investment in the Senior Notes. See also &ldquo;<I>&mdash;The
relevant UK authority may exercise the UK bail-in tool in respect of NatWest Group plc and the Senior Notes, which may result in holders
of the Senior Notes losing some or all of their investment</I>&rdquo; and &ldquo;<I>&mdash;Under the terms of the Senior Notes, you have
agreed to be bound by the exercise of any UK bail-in power by the relevant UK authority</I>&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>The SRR is designed to be triggered prior
to our insolvency and holders of the Senior Notes may not be able to anticipate the exercise of any resolution power (including the UK
bail-in tool) by the relevant UK authorities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The resolution powers conferred by the SRR are
intended to be used prior to the point at which any insolvency proceedings with respect to the relevant entity could have been initiated.
The purpose of the resolution powers is to address the situation where all or part of a business of a relevant entity has encountered,
or is likely to encounter, financial difficulties, giving rise to wider public interest concerns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although the Banking Act provides specific conditions
to the exercise of any resolution powers and, furthermore, the Bank of England&rsquo;s Approach to Resolution document published in December
2023 set out the objective elements for the Bank of England to apply in determining whether an institution is failing or likely to fail,
it is uncertain how the Bank of England would assess such conditions in any particular pre-insolvency scenario affecting us and/or other
members of the Group and in deciding whether to exercise a resolution power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Bank of England is also not required to
provide any advance notice to you of its decision to exercise any resolution power. Therefore, you may not be able to anticipate a
potential exercise of any such powers nor the potential effect of any exercise of such powers on us , the Group and the Senior
Notes. Furthermore, you may have only very limited rights, if any, to challenge and/or seek a suspension of any decision of the Bank
of England to exercise its resolution powers (including the bail-in tool) or to have that decision reviewed by a judicial or
administrative process or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>The relevant UK authority may exercise the
UK bail-in tool in respect of NatWest Group plc and the Senior Notes, which may result in holders of the Senior Notes losing some or all
of their investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The UK bail-in tool was introduced as an additional
power available to the Bank of England (as a relevant UK authority), to enable it to recapitalize a failed institution by allocating losses
to its shareholders and unsecured creditors (which would include holders of the Senior Notes) in a manner that (i) reflects the hierarchy
of capital instruments and otherwise ought to respect the hierarchy of claims in an ordinary insolvency and (ii) is consistent with shareholders
and creditors not receiving a less favourable treatment than they would have received in ordinary insolvency proceedings of the relevant
entity (known as the &ldquo;no creditor worse off&rdquo; safeguard). Certain liabilities are excluded from the scope of the UK bail-in
tool, such as insured deposits and liabilities that are secured. The Banking Act also grants the power for the relevant UK authority to
exclude any liability or class of liabilities on certain prescribed grounds (including financial stability grounds) and subject to specified
conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Where the conditions for resolution exist, the
Bank of England may use the bail-in tool (in combination with other resolution tools under the Banking Act) to, among other things, cancel
a liability or modify the terms of contracts for the purposes of reducing or deferring the liabilities of the relevant entity under resolution
and the power to convert a liability from one form or class to another. The exercise of such powers may result in the cancellation of
all, or a portion, of the principal amount of, interest on, or any other amounts payable on, the Senior Notes and/or the conversion of
all or a portion of the principal amount of, interest on, or any other amounts payable on, the Senior Notes into ordinary shares or other
securities or other obligations of NatWest Group plc or another person. In addition, the Bank of England may use the UK bail-in tool to,
among other things, replace or substitute NatWest Group plc as obligor in respect of the Senior Notes, modify the terms of the Senior
Notes (including altering the maturity (if any) and/or the amount of interest payable and/or imposing a temporary suspension on payments)
and discontinue the listing and admission to trading of each series of Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There remains uncertainty as to how the bail-in
powers may be exercised and how they would affect us and the Senior Notes. The determination that all or part of the principal amount
of the Senior Notes will be subject to loss absorption is likely to depend on a number of factors which may be outside of our control.
Moreover, as the final criteria that the relevant UK authority would consider in exercising any bail-in power provide it with considerable
discretion, holders of the Senior Notes may not be able to refer to publicly available criteria in order to anticipate a potential exercise
of any such power and consequently its potential effect on us, NatWest Group plc and the Senior Notes. The relevant UK authority is also
not required to provide any advance notice to holders of the Senior Notes of their decision to exercise any resolution power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Due to this inherent uncertainty, it will be difficult
to predict when, if at all, the exercise of the UK bail-in power may occur which would result in a principal write off or conversion to
equity. The uncertainty may adversely affect the value of an investment in the Senior Notes. Additionally, to the extent the UK bail-in
power is exercised to convert the Senior Notes into securities, any securities you receive upon conversion of your Senior Notes (whether
debt or equity) likely may not be listed for at least an extended period of time, if at all, or may be on the verge of being delisted
by the relevant exchange, including, for example, our American depositary receipts listed on the New York Stock Exchange or our ordinary
shares listed on the London Stock Exchange or otherwise.&nbsp;&nbsp;Moreover, the exercise of the UK bail-in power and/or other actions
implementing the UK bail-in power may require interests in the Senior Notes to be held or taken, as the case may be, through clearing
systems, intermediaries or persons other than DTC. Furthermore, the trustee may be unwilling to continue serving in its capacity as trustee
for the Senior Notes, subject to the terms of the Indenture. As a result, there may not be an active market for any securities you may
hold after the exercise of the UK bail-in power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a potential investor in the Senior Notes, you
should consider the risk that you may lose all of your investment, including the principal amount plus any accrued but unpaid interest
if the UK bail-in power is acted upon or that such Senior Notes may be converted into ordinary shares or other instruments of us or a
Group entity which may be of little value at the time of conversion and thereafter.&nbsp;&nbsp;In addition, trading behaviour, including
prices and volatility, may be affected by the prospect of bail-in and as a result the Senior Notes may not follow the trading behaviour
associated with other types of securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although the above represents the risks associated
with the UK bail-in power currently in force in the UK and applicable to our securities (including the Senior Notes), changes to the scope
of, or conditions for the exercise of the UK bail-in power may be introduced as a result of further developments, including those resulting
from the withdrawal of the UK from the EU. In addition, further political, legal or strategic developments may lead to structural changes
to the Group, including at the holding company level. Notwithstanding any such changes, we expect that our securities (including the Senior
Notes) would remain subject to the exercise of a form of bail-in power, either pursuant to the provisions of the Banking Act or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Under the terms of the Senior Notes, you
have agreed to be bound by the exercise of any UK bail-in power by the relevant UK authority.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the rules adopted in the UK transposing
Article 55 of the BRRD, including as those rules have been amended following the withdrawal of the UK from the EU, subject to limited
exceptions, unsecured liabilities of a financial institution governed by the laws of a country outside of the UK (which include the Senior
Notes, the terms of which are governed by New York Law) must contain a contractual acknowledgment whereby the holders recognize that such
liability may be subject to the UK bail-in power and agree to be bound by the exercise of those powers by the relevant UK authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result, and notwithstanding any other agreements,
arrangements, or understandings between us and any holder or beneficial owner of the Senior Notes, by its acquisition of 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 NatWest Group plc 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.&nbsp;&nbsp;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-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 NatWest Group plc 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.&nbsp;&nbsp;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-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any UK bail-in power may be exercised in such
a manner as to result in you and other holders of Senior Notes losing the value of all or a part of your investment in the Senior Notes
or receiving a different security from the Senior Notes, which may be worth significantly less than the Senior Notes and which may have
significantly fewer protections than those typically afforded to debt securities. Moreover, the relevant UK authority may exercise its
authority to implement the UK bail-in power without providing any advance notice to the holders of the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Neither a reduction or cancellation, in part or
in full, of the principal amount of or any interest on the Senior Notes, the conversion thereof into another security or obligation of
NatWest Group plc or another person, as a result of the exercise of the UK bail-in power by the relevant UK authority with respect of
the Senior Notes will of itself constitute a default or event of default under the terms of the Senior Notes or the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For more information, see &ldquo;<I>Description
of the Senior Notes&mdash;Agreement with Respect to the Exercise of UK Bail-in Power</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Holders&rsquo; rights may be limited in
respect of the exercise of the UK bail-in power by the relevant UK authority.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There may be limited protections, if any, that
will be available to holders of securities subject to the UK bail-in power (including the Senior Notes) and to the broader resolution
powers of the relevant UK authority. Although we expect, according to the principles of the Banking Act, that the relevant UK authority
would respect creditor hierarchies when exercising its UK bail-in power in respect of the Senior Notes and that the noteholders would
be treated <I>pari passu</I> with the claims of holders of all our senior unsecured instruments which in each case by law rank, or by
their terms are expressed to rank, <I>pari passu </I>with the Senior Notes at that time being subjected to the exercise of the UK bail-in
power, the rules provide for some exceptions to these principles which the relevant UK authority may choose to rely upon. In addition,
holders of securities will have a right to be compensated in the event of the exercise of the UK bail-in power with respect to the Senior
Notes, based on the principle that such investors should receive no less favourable treatment than they would have received had NatWest
Group plc entered into insolvency immediately before the initial exercise of the resolution powers pursuant to the UK bail-in power. However,
even in circumstances where a claim for compensation is established under the &ldquo;no creditor worse off&rdquo; safeguard in accordance
with a valuation performed after the resolution action has been taken, it is unlikely that such compensation would be equivalent to the
full losses incurred by the holders of the Senior Notes in the resolution and there can be no assurance that such holders would recover
such compensation promptly. In addition, due to the discretion afforded to the Bank of England, the claims of some creditors whose claims
would rank equally with yours may be excluded from being subject to the UK bail-in tool. The greater number of such excluded creditors
there are, the greater the potential impact of the UK bail-in tool on other creditors who have not been excluded (which may include you).
As the implementation of these provisions remains to be tested and may be further amended, there can be no certainty as to how these legal
protections or remedies would be implemented by the relevant UK authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Further, although the Bank of England&rsquo;s
resolution instrument with respect to the exercise of the UK bail-in tool must set out the provisions allowing for securities to be transferred,
cancelled or modified (or any combination of these), the resolution instrument may make any provision that the Bank of England considers
to be appropriate in exercising its specific powers. Such other provisions are expected to be specific and tailored to the circumstances
that have led to the exercise of the UK bail-in tool under the Banking Act and there is uncertainty as to the extent to which usual processes
and/or procedures under English law will be available to holders of securities (including the Senior Notes) or that the &ldquo;no creditor
worse off&rdquo; safeguard will be effective if such powers are exercised. Accordingly, you may have limited or circumscribed rights to
challenge any decision of the Bank of England or other relevant UK authority to exercise its UK bail-in power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Other changes in law may adversely affect
your rights as noteholders, including as a result of the UK&rsquo;s withdrawal from the European Union.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Changes in law after the date hereof may affect
your rights as a holder of Senior Notes as well as the market value of the Senior Notes. These changes may include changes in statutory,
tax and regulatory regimes during the life of the Senior Notes, or changes that could have a significant impact on the future legal entity
structure, business mix (including a potential exit of certain business activities) and management of the Group, and use of capital and
requirements for loss-absorbing capacity within the Group, which may have an adverse effect on an investment in the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In particular, any developments resulting from
the withdrawal of the UK from the EU, including regulatory divergence between the UK and the EU, may lead to significant changes to the
laws applicable in the UK, including the regulatory framework under which the Group operates and the bail-in regime discussed above, as
more particularly described in our 2024 Annual Report in the section entitled &ldquo;<I>Risk Factors &ndash; NatWest Group&rsquo;s businesses
are subject to substantial regulation and oversight, which are constantly evolving and may adversely affect NatWest Group</I>&rdquo;,
may adversely affect your rights under the Senior Notes. Further changes in law, including changes applicable to financial institutions
(including the Group) or changes in government policies may result from further political developments in the UK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, any change in tax law or regulation
may entitle us to redeem the Senior Notes of any series, in whole (but not in part), as more particularly described under &ldquo;<I>&mdash;Risks
Relating to the Senior Notes&mdash;We may redeem the Senior Notes of any series at our option in certain situations, including as a result
of certain tax law changes or the occurrence of a Loss Absorption Disqualification Event or on the applicable Optional Redemption Date.</I>&rdquo;
above and &ldquo;<I>Description of the Senior Notes&mdash;Tax Redemption</I>&rdquo; and &ldquo;<I>Description of the Senior Notes&mdash;Loss
Absorption Disqualification Event&rdquo;.&nbsp;&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Such legislative and regulatory uncertainty could
also affect the value the Senior Notes and therefore affect the trading price of the Senior Notes given the extent and impact on the Senior
Notes that one or more regulatory or legislative changes could have on the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The interest rate on the Fixed Reset
Rate Notes will reset on the Fixed Reset Rate Notes Interest Reset Date and the interest rate on the Floating Rate Notes will reset on
each Floating Rate Notes Interest Reset Date.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The interest rate on the Fixed Reset Rate Notes
will initially be&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % per annum from (and including)
the Issue Date to (but excluding) the Fixed Reset Rate Notes Interest Reset Date. From (and including) the Fixed Reset Rate Notes Interest
Reset Date to (but excluding) maturity, the interest rate on the Fixed Reset Rate Notes will be equal to the applicable U.S. Treasury
Rate as determined by the Calculation Agent on the Fixed Reset Rate Notes Reset Determination Date, plus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">From (and including) the Issue Date to (but excluding)
maturity, the interest rate on the Floating Rate Notes will be equal to the Benchmark (initially, Compounded Daily SOFR) plus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
% per annum, accruing from (and including) the Issue Date to (but excluding) maturity. The interest rate applicable to the Floating Rate
Notes will be reset quarterly on each Floating Rate Notes Interest Reset Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result, the interest rate on the Fixed Reset
Rate Notes following the Fixed Reset Rate Notes Interest Reset Date (if we do not redeem the Fixed Reset Rate Notes on the Fixed Reset
Rate Notes Optional Redemption Date) and on the Floating Rate Notes following each Floating Rate Notes Interest Reset Date may be less
than the initial interest rate, which would affect the amount of any interest payments under the Senior Notes and, by extension, could
affect their market value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-indent: 8.65pt">The Senior Notes are effectively
subordinated to our secured indebtedness.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-indent: 8.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes are unsecured and will be effectively
subordinated to all our existing and future secured indebtedness to the extent of the assets securing such indebtedness.&nbsp;&nbsp;The
Senior Notes are our obligations exclusively and are not guaranteed by any person, including any of our subsidiaries. By reason of such
subordination, in the event of our insolvency, bankruptcy, liquidation, reorganization, dissolution or winding up, our assets will be
available to pay the amounts due on the Senior Notes only after all our then existing secured indebtedness has been paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>The Senior Notes are not bank deposits and
are not insured or guaranteed by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund, or any other government agency.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes are our obligations but are not
bank deposits. In the event of our insolvency, the Senior Notes will rank equally with our other unsecured, unsubordinated obligations
and will not have the benefit of any insurance or guarantee of the Federal Deposit insurance Corporation, The Deposit Insurance Fund,
or any other government agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Our holding company structure may mean that
our rights to participate in assets of any of our subsidiaries upon its liquidation may be subject to prior claims of some or all of its
creditors, including when we have loaned or otherwise advanced the proceeds received from the issuance of the Senior Notes to such subsidiary.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a non-operating holding company and, as
such, our principal source of income is derived from our operating subsidiaries that hold the principal assets of the Group. As a separate
legal entity, we rely on, among other things, remittance of our subsidiaries&rsquo; loan interest payments and dividends in order to be
able to meet our obligations to you as they fall due. The ability of our subsidiaries and affiliates to pay dividends depends on the earnings
and financial condition of our subsidiaries and various business considerations.&nbsp;&nbsp;Statutory, contractual or other restrictions
may also limit our subsidiaries&rsquo; ability to pay dividends or make distributions, loans or advances to us.&nbsp;&nbsp;For these reasons,
we may not have access to any assets or cash flows of our subsidiaries to make payments on our Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, the Senior Notes are structurally
subordinated to all liabilities of our subsidiaries. This means that because we are a holding company, our rights to participate as a
shareholder in the assets of any subsidiary if it is liquidated will be subject to the prior claims of its creditors and any preference
shareholders, except to the extent that we may be a creditor with recognized claims ranking ahead of or <I>pari passu</I> with such prior
claims against the subsidiary. Certain of our subsidiaries have issued debt securities and/or have other indebtedness outstanding. For
example, the NatWest Markets Plc 2025 funding plan currently anticipates &pound;4 billion to &pound;5<SUP>&nbsp;&nbsp;</SUP>billion of
public benchmark issuance. If any of our subsidiaries were wound up, liquidated or dissolved (i) the noteholders would have no right to
proceed against the assets of such subsidiary and (ii) the liquidator of such subsidiary would first apply the assets of such subsidiary
to settle the claims of such subsidiary&rsquo;s creditors and/or preference shareholders (including holders of such subsidiary&rsquo;s
senior debt and tier 2 and tier 1 capital instruments (if any)) before we would be entitled to receive any distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The terms of the Senior Notes also do not constrain
how we make our investments in, or advance funds to, our subsidiaries, including the proceeds of issuances of debt securities, such as
the Senior Notes, and as to how we may restructure existing investments and funding in the future. The ranking of our claims in respect
of such investments and funding in the event of the liquidation of a subsidiary, and their treatment in resolution, will depend in part
on their form and structure and the types of claim that they give rise to. The purposes of such investments and funding, and any such
restructuring, may include, among other things, the provision of different amounts or types of capital or funding to particular subsidiaries,
including for the purposes of meeting regulatory requirements, such as the implementation of any MREL requirements (or any equivalent
requirements imposed by the PRA) in respect of such subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Further, in November 2016, the European Commission
proposed substantial amendments to the BRRD.&nbsp;&nbsp;The final consolidated text of the Commission&rsquo;s proposals (referred to as
the &ldquo;BRRD II&rdquo;) was endorsed by the Committee of Permanent Representatives on 15 February 2019 and adopted by the European
Council on 14 May 2019. The final legislative acts were published in the Official Journal on 7 June 2019 and entered into force on 27
June 2019. EU Member States were required to apply the transposed BRRD II measures no later than 28 December 2020 (with certain exceptions).&nbsp;&nbsp;BRRD
II covers multiple areas, including, inter alia: a revised MREL framework which aligns the existing MREL requirements in the BRRD with
the Financial Stability Board&rsquo;s total loss-absorbing capacity (&ldquo;TLAC&rdquo;) standard; and the integration of the minimum
TLAC standard into EU legislation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">During the transition period from the withdrawal
of the UK from the European Union and the European Economic Area on 31 January 2021 (&ldquo;Brexit"), the UK was required to implement
the majority of the BRRD II&nbsp;&nbsp;requirements. However, the UK had the discretion not to transpose those requirements in BRRD II
that did not require compliance by firms until after the end of the transition period and decided not to transpose certain provisions
with respect to MREL on the basis that the UK already has an MREL framework that applies the Financial Stability Board TLAC standard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Bank of England&rsquo;s November 2016 Statement
of Policy on the approach to setting MREL in the UK as updated by the June 2018 Statement of Policy and again by the December 2021 Statement
of Policy on the approach to setting MREL requires, consistent with the Financial Stability Board&rsquo;s (&ldquo;FSB&rdquo;) TLAC term sheet, instruments eligible for MREL issued by us to be structurally subordinated to senior liabilities
of our operating subsidiaries. The capital raised through issuances of MREL eligible liabilities by us would then be transferred downstream
to our material operating subsidiaries in the form of capital or another form of subordinated claim. In this way, MREL eligible instruments
issued by us will be structurally subordinated to senior liabilities of our operating companies, allowing losses from such operating companies
to be transferred to us. The December 2021 Statement of Policy follows a consultation that the Bank of England conducted earlier in 2021
which reviewed its approach to setting MREL. The Statement of Policy&nbsp;&nbsp;contains an overview of the Bank of England&rsquo;s revised
approach to setting MREL, including as regards resolution strategy thresholds, calibration of MREL, MREL eligibility and intragroup MREL
distribution. The revised Statement of Policy became effective on January 1, 2022. On October 15, 2024, the Bank of England published
a consultation paper on amending its approach to setting MREL. The proposals in the consultation paper are grouped around three themes:
(i) restating, with modifications, certain UK Capital Requirements Regulation TLAC provisions in the Bank of England&rsquo;s Statement
of Policy on the approach to setting MREL and other related changes; (ii) updates to the Bank of England&rsquo;s indicative thresholds
for setting a stabilisation power preferred resolution strategy; and (iii) revisions to reflect findings from the Resolvability Assessment
Framework and lessons from policy implementation. The consultation closed on January 24, 2025. Further changes to the Bank of England&rsquo;s
approach to setting MREL could result in increased funding requirements for us and/or our subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, the terms of some loans or investments
in capital instruments issued by our subsidiaries may contain contractual mechanisms that, upon the occurrence of a trigger related to
the prudential or financial condition of such subsidiary, would result in a write-down of the claim or a change in the ranking and type
of claim that we have against such subsidiary. Any changes in the legal or regulatory form or ranking of a loan or investment could also
affect its treatment in resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>We may issue securities pari passu with
the Senior Notes and/or secured debt.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There is no restriction under the Indenture on
the amount of securities that we may issue that rank <I>pari passu</I> with the Senior Notes. In particular, the FSB final standards for
TLAC requirements for global systemically important banks will apply to us as implemented in the United Kingdom through the MREL framework,
and our capital and funding issuance plans for 2025 focus on issuing between &pound;4 billion to &pound;5 billion of MREL-compliant senior
instruments in order to meet these requirements.&nbsp;&nbsp;Following the issuance of the Senior Notes, we may issue additional senior
debt instruments to replace some of our outstanding debt or to meet additional regulatory requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Furthermore, the terms of the Indenture permit
us (and our subsidiaries) to incur additional debt, including secured debt. The Senior Notes will be effectively subordinated to any secured
indebtedness or other liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The credit risk of NatWest Group plc, its credit
ratings, and its credit spreads may adversely affect the value of the Senior Notes prior to maturity and its ability to pay all amounts
due on the Senior Notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes are our senior unsecured debt
securities. As a result, your receipt of all payments of interest and principal on the Senior Notes is dependent on our ability to repay
our obligations on the applicable payment date.&nbsp;&nbsp;No assurance can be given as to what our financial condition will be at any
time during the term or on the relevant maturity date of the Senior Notes. Consequently, all payments on the Senior Notes will be subject
to the credit risk of NatWest Group plc and not that of any of our subsidiaries.&nbsp;&nbsp;Any actual or anticipated decline in NatWest
Group plc&rsquo;s credit ratings, changes in the market&rsquo;s view of its creditworthiness or any increase in its credit spreads charged
by the market for taking credit risk are likely to adversely affect the value of the Senior Notes prior to maturity and cause the liquidity
of the Senior Notes to decline significantly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our credit ratings are an assessment, by each
rating agency, of our ability to pay our obligations, including those under the Senior Notes. Any rating assigned to us or the Senior
Notes may be withdrawn entirely by a credit rating agency, may be suspended or may be lowered, if, in that credit rating agency&rsquo;s
judgment, circumstances relating to the basis of the rating so warrant. Ratings may be impacted by a number of factors which can change
over time, including the credit rating agency&rsquo;s assessment of: our strategy and management&rsquo;s capability; our financial condition
including in respect of capital, funding and liquidity; changes in the relative size of the loss-absorbing buffers protecting bondholders;
the competitive environment, and political and economic conditions in our key markets; the level of government support for the industries
in which we operate; the sovereign rating of the UK; and legal and regulatory frameworks affecting our legal structure, business activities
and the rights of our creditors. The credit rating agencies may also revise the ratings methodologies applicable to issuers within a particular
industry, or political or economic region. If credit rating agencies perceive there to be adverse changes in the factors affecting our
credit rating, including by virtue of changes to applicable ratings methodologies, the credit rating agencies may downgrade, suspend or
withdraw the ratings assigned to us or other Group entities. An improvement in our credit ratings will not necessarily increase the value
of the Senior Notes and will not reduce market risk and other investment risks related to the Senior Notes.&nbsp;&nbsp;Credit ratings
(i) do not reflect the risk that interest rates may rise, which may affect the values of the Senior Notes, which accrue interest at a
fixed rate, (ii) do not address the price, if any, at which the Senior Notes may be resold prior to maturity (which may be substantially
less than the original offering price of the Senior Notes), and (iii) are not recommendations to buy, sell or hold the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">An active trading market may not develop for
the Senior Notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There is no existing trading market for the Senior
Notes.&nbsp;&nbsp;We intend to apply for the listing of each series of Senior Notes on the New York Stock Exchange.&nbsp;&nbsp;There is,
however, no assurance that each series of Senior Notes will be accepted for listing or remain listed on the New York Stock Exchange and,
if listed, that an active trading market will develop or, if developed, that it will continue.&nbsp;&nbsp;We have been advised by the
Underwriters that the Underwriters intend to make a market in the Senior Notes, but they are not obligated to do so and may discontinue
market-making at any time without notice.&nbsp;&nbsp;No assurance can be given as to the liquidity of the trading markets for the Senior
Notes.&nbsp;&nbsp;If an active trading market does not develop or is not maintained, the market price and liquidity of the Senior Notes
may be adversely affected.&nbsp;&nbsp;In that case, holders of the Senior Notes may not be able to sell Senior Notes at a particular time
or may not be able to sell Senior Notes at a favourable price, or at all.&nbsp;&nbsp;The liquidity of any market for the Senior Notes
of a series will depend on a number of factors including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the number of holders of the Senior Notes of such series;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ratings published by major credit rating agencies;</TD></TR></TABLE>

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


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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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our financial performance;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the market for similar securities;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the interest of securities dealers in making a market in the Senior Notes of such series;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>prevailing interest rates; and</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the introduction of any financial transactions tax.</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-indent: 0.25in">Investors should be aware that the materialization
of any of the above risks may adversely affect the value of the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks relating to the Fixed Reset Rate Notes</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-indent: 8.65pt">The historical U.S. Treasury
Rates are not an indication of future U.S. Treasury Rates.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-indent: 8.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the past, U.S. Treasury Rates have experienced
significant fluctuations and are likely to fluctuate in the future, which could have an adverse effect on the market prices of the Senior
Notes. You should note that historical levels, fluctuations and trends of U.S. Treasury Rates are not necessarily indicative of future
levels. Any historical upward or downward trend in U.S. Treasury Rates is not an indication that U.S. Treasury Rates are more or less
likely to increase or decrease at any time, and you should not take the historical U.S. Treasury Rates as an indication of future rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks relating to the Floating Rate Notes</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><B><I>Historical levels
of SOFR are not an indication of its future levels and SOFR may be more volatile than other benchmark or market rates.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The NY Federal Reserve
began to publish SOFR in April 2018 and has published modelled, pre-publication estimates of SOFR going back to 2014. Such pre-publication
estimates inherently involve assumptions, estimates and approximations. Hypothetical or historical performance data and trends are not
indicative of, and have no bearing on, the potential performance of SOFR and therefore you should not rely on any such data or trends
as an indicator of future performance. Since the initial publication of SOFR, daily changes in the rate have, on occasion, been more volatile
than daily changes in comparable benchmark or market rates. As a result, the return on and value of SOFR-linked debt securities may fluctuate
more than floating rate debt securities that are linked to less volatile rates. The future performance of SOFR is impossible to predict,
and therefore no future performance of SOFR should be inferred from any hypothetical or historical data or trends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><B><I>Calculation of
Compounded Daily SOFR includes certain delays which will limit your ability to calculate accrued interest with respect to any period.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Because SOFR in respect
of a given day is not published until the USGS Business Day immediately following such day, it is not possible to calculate accrued interest
with respect to any period until after the end of such period, which may adversely affect your ability to trade the Floating Rate Notes
in the secondary market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Interest payments due
on the Floating Rate Notes in respect of each Floating Rate Interest Period will be determined only after the end of the related Observation
Period. Therefore, holders of the Floating Rate Notes will not know the amount of interest payable with respect to each Floating Rate
Interest Period until shortly prior to the related Floating Rate Notes Interest Payment Date. It may be difficult for investors to estimate
reliably the amounts of interest that will be payable on each such Floating Rate Notes Interest Payment Date at the beginning of or during
the relevant Floating Rate Interest Period, which could adversely impact the liquidity and trading price of the Floating Rate Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Because of the delay
between the end of an Observation Period and the related Floating Rate Notes Interest Payment Date, increases in the level of SOFR which
occur during such period will not be reflected in the interest payable on such Floating Rate Notes Interest Payment Date, and any such
increase will instead be reflected in the following Floating Rate Interest Period. In the case of the final Floating Rate Interest Period,
noteholders will not receive the benefit of any increase in the level of SOFR on any date occurring between the end of the related Observation
Period and the maturity date (or other date of redemption or repayment) of the Floating Rate Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition, compounded
Daily SOFR will not be the SOFR rate published on or for a particular day during such Floating Rate Interest Period or an average of SOFR
rates during such Floating Rate Interest Period. If the SOFR rate for a particular USGS Business Day during an Observation Period is negative,
the inclusion of such SOFR value in the calculation of Compounded Daily SOFR will reduce the interest rate and the interest payable for
such Floating Rate Interest Period; provided that in no event will the interest payable on the Floating Rate Notes be less than zero.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><B><I>SOFR may be modified
or discontinued by its administrator.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The NY Federal Reserve
(or a successor), as administrator of SOFR, may make methodological or other changes that could change the value of SOFR, including changes
related to the method by which SOFR is calculated, eligibility criteria applicable to the transactions used to calculate SOFR, or timing
related to the publication of SOFR (which may include withdrawing, suspending or discontinuing the calculation or dissemination of SOFR).
The NY Federal Reserve may make any or all of these changes in its sole discretion and without notice, and it has no obligation to consider
the interests of holders of the Floating Rate Notes in calculating, withdrawing, modifying, amending, suspending or discontinuing SOFR.
Because SOFR is published by the NY Federal Reserve based on data received from other sources, we have no control over its determination,
calculation or publication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">There can be no guarantee
that SOFR will not be modified or discontinued in a manner that is materially adverse to you. If the manner in which SOFR is calculated
is changed or if SOFR is discontinued, that change or discontinuance may result in a reduction or elimination of the amount of interest
payable on the Floating Rate Notes and a reduction in their trading prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><B><I>Uncertainty relating
to the regulation of benchmarks may adversely affect the value of the Floating Rate Notes.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">SOFR and other interest
rates or other types of rates and indices which are deemed to be &ldquo;benchmarks&rdquo; are the subject of ongoing national and international
regulatory discussions and proposals for reform. Some of these reforms are already effective, while others are still to be implemented.
Following the implementation of any such reforms, the manner of administration of benchmarks, including SOFR, may change, with the result
that they may perform differently than in the past, or the benchmark could be eliminated entirely, or there could be other consequences
that cannot be predicted. Any of the foregoing may have an adverse effect on the value of the Floating Rate Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><B><I>Interest on the
Floating Rate Notes will be calculated using the Benchmark Replacement if a Benchmark Transition Event occurs.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">To the extent SOFR is
discontinued or is no longer quoted, floating interest rates will be determined using the alternative methods described under &ldquo;<I>Description
of the Senior Notes&mdash;Interest&mdash;Floating Rate Notes&mdash;Benchmark Transition Provisions</I>&rdquo;. In particular, if we (in
consultation, to the extent practicable, with the Calculation Agent) or our designee (in consultation with us) determine that a Benchmark
Transition Event and related Benchmark Replacement Date have occurred, we (in consultation, to the extent practicable, with the Calculation
Agent) or our designee (in consultation with us) will use the Benchmark Replacement for the purposes of determining the floating interest
rates, as well as to make certain changes to the manner in which floating interest rates are calculated or determined (in consultation
with the Calculation Agent).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">This Benchmark Replacement
may result in interest payments that are lower than, or that do not otherwise correlate over time with, the payments that would have been
made on the Floating Rate Notes if SOFR was available in its current form. Additionally, if SOFR is no longer calculated or administered
and no Benchmark Replacement is calculated (including because the same costs and risks that may lead to the discontinuation or unavailability
of SOFR make the Benchmark Replacement impossible or impracticable to determine), the floating interest rate on the Floating Rate Notes
may accrue at the same rate as the immediately preceding Floating Rate Interest Period (or, in the case of the initial Floating Rate Interest
Period, the initial rate of interest which would have been applicable to the Floating Rate Notes for the first Floating Rate Interest
Period had the Floating Rate Notes been outstanding for a period equal in duration to the scheduled first Floating Rate Interest Period
but ending on (and excluding) the Issue Date (and applying the Floating Rate Notes Margin)), effectively converting the Floating Rate
Notes into fixed rate instruments. Due to the uncertainty concerning the availability of benchmark replacements, the relevant fallback
provisions may not operate as intended at the relevant time. Any of the foregoing may have an adverse effect on the value of the Floating
Rate Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><B><I>The rate of interest
on the Floating Rate Notes may be determined by reference to a Benchmark Replacement even if SOFR continues to be published.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If a Benchmark Transition
Event and related Benchmark Replacement Date occur with respect to SOFR, the rate of interest on the Floating Rate Notes will thereafter
be determined by reference to the Benchmark Replacement. A Benchmark Transition Event includes, among other things, a public statement
or publication of information by the regulatory supervisor for the administrator of SOFR announcing that SOFR is no longer representative.
The rate of interest on the Floating Rate Notes may therefore cease to be determined by reference to SOFR, and instead be determined by
reference to the Benchmark Replacement, even if SOFR continues to be published. Such rate may be lower than SOFR for so long as SOFR continues
to be published, and the value of and return on the Floating Rate Notes may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><B><I>Any Benchmark Replacement
will likely be a relatively new market index that may be altered or discontinued.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Benchmark Transition
Provisions specify a &ldquo;waterfall&rdquo; of alternative rates that may become the Benchmark Replacement. These alternative rates are
uncertain and no market convention currently exists, or may ever exist, for their determination. For example, the ISDA Fallback Rate,
which is the rate referenced in the ISDA Definitions that is to be effective upon the occurrence of an index cessation date with respect
to the Benchmark for the applicable tenor, has not been established as of the date hereof. Even after the ISDA Fallback Rate is initially
determined, ISDA Definitions and the ISDA Fallback Rate may change over time. Uncertainty surrounding the establishment of market conventions
related to the calculation of the ISDA Fallback Rate and other alternative rates, and whether any of the alternative rates is a suitable
replacement or successor for SOFR, may adversely affect the value of and return on your Floating Rate Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Benchmark Transition
Provisions provide for a Benchmark Replacement Adjustment to be added to the Unadjusted Benchmark Replacement in order to make the Unadjusted
Benchmark Replacement more comparable to SOFR. However, such adjustment will not necessarily make the Unadjusted Benchmark Replacement
equivalent to SOFR. In particular, the Benchmark Replacement Adjustment may be a&nbsp;one-time&nbsp;adjustment, so such adjustment above
the applicable Unadjusted Benchmark Rate Replacement may not respond to changes in unsecured bank credit risk or other market conditions
on a periodic basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Further, (i)&nbsp;any
failure of the Benchmark Replacement to gain market acceptance could adversely affect the Floating Rate Notes, (ii)&nbsp;the Benchmark
Replacement may have a very limited history and the future performance of the Benchmark Replacement may not be able to be predicted based
on historical performance, (iii)&nbsp;the secondary trading market for debt securities linked to the Benchmark Replacement may be limited
and (iv)&nbsp;the administrator of the Benchmark Replacement may make changes that could change the value of the Benchmark Replacement
or discontinue the Benchmark Replacement and would not have any obligation to consider the interests of noteholders in doing so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"><B><I>We (in consultation,
to the extent practicable, with the Calculation Agent) or our designee (after consulting with us) may make determinations with respect
to the Floating Rate Notes that could affect the value of and return on the Floating Rate Notes.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We (in consultation,
to the extent practicable, with the Calculation Agent) or our designee (in consultation with us) may make certain determinations with
respect to the Floating Rate Notes as further described in this prospectus supplement that may adversely affect the value of and return
on the Floating Rate Notes. In particular, if a Benchmark Transition Event and related Benchmark Replacement Date occur, we (in consultation,
to the extent practicable, with the Calculation Agent) or our designee (in consultation with us) will determine the Benchmark Replacement
and the Benchmark Replacement Adjustment and can make Benchmark Replacement Conforming Changes in connection with the implementation of
the applicable Benchmark Replacement as described below under &ldquo;<I>Description of the Senior Notes&mdash;Interest&mdash;Floating
Rate Notes&mdash;Benchmark Transition Provisions</I>&rdquo;. These determinations may require the exercise of discretion and the making
of subjective judgments (such as, for example, determining the occurrence or&nbsp;non-occurrence&nbsp;of a Benchmark Transition Event).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Benchmark Replacements
and Benchmark Replacement Adjustments may be selected or formulated by (i)&nbsp;the Relevant Governmental Body (such as the Alternative
Reference Rates Committee), (ii) ISDA, or (iii)&nbsp;in certain circumstances, us (or one of our affiliates). In addition, the Benchmark
Transition Provisions expressly authorize us (in consultation, to the extent practicable, with the Calculation Agent) or our designee
(in consultation with us) to make Benchmark Replacement Conforming Changes with respect to, among other things, the determination of Floating
Rate Interest Periods and the timing and frequency of determining rates and making payments of interest; in each case that we (in consultation,
to the extent practicable, with the Calculation Agent) or our designee (in consultation with us) determines, from time to time, to be
appropriate to reflect the determination and implementation of such Benchmark Replacement in a manner we consider to be substantially
consistent with market practice (or, if we (in consultation, to the extent practicable, with the Calculation Agent) or our designee (in
consultation with us) decide that implementation of any portion of such market practice is not administratively feasible or determines
that no market practice for use of the Benchmark Replacement exists, in such other manner as we (in consultation, to the extent practicable,
with the Calculation Agent) or our designee (in consultation with us) determines is appropriate (acting in good faith)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Any determination, decision
or election that may be made by us pursuant to the Benchmark Transition Provisions will, if made by us, be made in consultation with the
Calculation Agent (to the extent practicable) and, if made by our designee, be made after consulting with us and, in each case, will become
effective without consent from the holders of the Floating Rate Notes or any other party (see &ldquo;<I>Description of the Senior Notes&mdash;Interest&mdash;Floating
Rate Notes&mdash;Agreement with Respect to the Benchmark Replacement</I>&rdquo;). Any designee that we may appoint in connection with
these determinations may be our affiliate. When performing such functions, potential conflicts of interest may exist between us, our designee
or the Calculation Agent and holders of the Floating Rate Notes. All determinations by us (in consultation with the Calculation Agent,
to the extent practicable) or our designee (after consulting with us) will be conclusive for all purposes and binding on us and holders
of the Floating Rate Notes absent manifest error. In making these potentially subjective determinations, we, our designee or the Calculation
Agent may have economic interests that are adverse to your interests, and such determinations may adversely affect the value of and return
on the Floating Rate Notes. Because the Benchmark Replacement is uncertain, we (in consultation, to the extent practicable, with the Calculation
Agent) or our designee (in consultation with us) are likely to exercise more discretion in respect of calculating interest payable on
the Floating Rate Notes than would be the case in the absence of a Benchmark Transition Event and related Benchmark Replacement Date.
Neither they nor we will have any obligation to consider your interests as a noteholder in taking any action that might affect the value
of the Floating Rate Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The application of a
Benchmark Replacement and Benchmark Replacement Adjustment, and any implementation of Benchmark Replacement Conforming Changes, could
result in adverse consequences to the amount of interest payable on the Floating Rate Notes, which could adversely affect the return on,
value of and market for such Floating Rate Notes. Further, there is no assurance that the characteristics of any Benchmark Replacement
will be similar to the then-current Benchmark that it is replacing, or that any Benchmark Replacement will produce the economic equivalent
of the then-current Benchmark that it is replacing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>We or our affiliates may
publish research that could affect the market value of the Floating Rate Notes.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We or one or more of
our affiliates may, at present or in the future, publish research reports with respect to SOFR, movements in interest rates, or the transition
from interbank offered rates to alternative reference rates. This research is modified from time to time without notice and may express
opinions or provide recommendations that are inconsistent with purchasing or holding the Floating Rate Notes. Any of these activities
may affect the market value of the Floating Rate Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_007"></A>USE OF PROCEEDS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The net proceeds from the issue of the Senior
Notes are expected to amount to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;after
deduction of the underwriting discount and the other expenses incurred in connection with the issue of the Senior Notes.&nbsp;&nbsp;We
intend to use the net proceeds of the offering to fund our general banking business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_008"></A>CAPITALIZATION
OF THE GROUP</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table shows the Group&rsquo;s issued
and fully paid share capital, owners&rsquo; equity and indebtedness on an unaudited consolidated basis as at March 31, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As at March 31, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Actual</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As Adjusted<SUP>(1)</SUP>&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">&pound; million</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">&pound; million</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Share capital &ndash; allotted, called up and fully paid</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; text-indent: 0in; padding-left: 9.35pt">Ordinary shares of &pound;1.0769 <SUP>(2)</SUP>&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">8,972</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.35pt; padding-left: 9.35pt">Retained income and other reserves&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">32,619</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Owners&rsquo; equity&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">41,591</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Group indebtedness</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -0.35pt; padding-left: 9.35pt">Trading liabilities &ndash; debt securities in issue&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">259</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.35pt; padding-left: 9.35pt">Other financial liabilities &ndash; debt securities in issue&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,873</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.35pt; padding-left: 9.35pt">Subordinated liabilities&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,004</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total indebtedness&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">67,136</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total capitalisation and indebtedness&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">108,727</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
  </TABLE>



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

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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: 0.25in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 10pt">The &lsquo;As Adjusted&rsquo; column reflects the effects of the issue of the Senior Notes offered hereby.
Amounts shown have been converted from dollars to sterling at a rate of $</FONT>1.2913<FONT STYLE="font-size: 10pt">=&pound;1.00, the
rate used to translate assets and liabilities as at March 31, 2025. We make no representation that amounts have been or could have been
or could in the future be converted into dollars at that rate or any other rate.&nbsp;&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</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: 0.25in; text-align: left">(2)</TD><TD>Nominal value of Ordinary shares without rounding is &pound;1.076923076923077.</TD>
</TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under International Financial Reporting Standards,
certain preference shares are classified as debt and are included in subordinated liabilities in the table above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On May 9, 2025, NatWest Group plc issued &euro;1,250,000,000
3.240% Fixed to Floating Rate Reset Notes due May 2030 and &euro;1,250,000,000&nbsp;3.985% Fixed to Floating Rate Reset Notes due May
2036.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On May 12, 2025, NatWest Markets Plc issued &euro;1,000,000,000&nbsp;Floating
Rate Notes due May 2027.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On May 14, 2025, NatWest Group plc redeemed &pound;1,000,000,000
Fixed to Fixed Rate Notes due August 2030.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">NatWest Group plc and its subsidiaries regularly
consider various market funding options and accesses the debt capital markets in a variety of issuance formats, currencies and tenors,
including senior and subordinated notes, from time to time in connection with executing their funding plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other than as disclosed above, the information
contained in the table above has not changed materially since March 31, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_009"></A>DESCRIPTION OF
THE SENIOR NOTES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>In this prospectus supplement, we refer to
the $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
Senior Callable Fixed-to-Fixed Reset Rate Notes due 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
as the &ldquo;Fixed Reset Rate Notes&rdquo;, to the $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior
Callable Floating Rate Notes due 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as
the &ldquo;Floating Rate Notes&rdquo; and to the Fixed Reset Rate Notes and the Floating Rate Notes collectively as the &ldquo;Senior
Notes&rdquo;. The following is a summary of certain terms of the Senior Notes.&nbsp;&nbsp;It supplements the description of the general
terms of the debt securities we may issue contained in the accompanying prospectus under the heading &ldquo;Description of Debt Securities.&rdquo;&nbsp;&nbsp;If
there is any inconsistency between the following summary and the description in the accompanying prospectus, the following summary governs.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fixed Reset Rate Notes will be issued in an
aggregate principal amount of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
and, unless previously redeemed or repurchased (in the circumstances described in &ldquo;&mdash;<I>Tax Redemption</I>&rdquo;, &ldquo;&mdash;<I>Loss
Absorption Disqualification Event</I>&rdquo; and &ldquo;&mdash;<I>Optional Redemption</I>&rdquo; below), will mature on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Floating Rate Notes will be issued in an aggregate
principal amount of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and, unless previously
redeemed or repurchased (in the circumstances described in &ldquo;&mdash;<I>Tax Redemption</I>&rdquo;, &ldquo;&mdash;<I>Loss Absorption
Disqualification Event</I>&rdquo; and &ldquo;&mdash;<I>Optional Redemption</I>&rdquo; below), will mature on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes of each series will constitute
our direct, unconditional, unsecured and unsubordinated obligations ranking <I>pari passu</I>, without any preference among themselves,
and equally with all our other outstanding unsecured and unsubordinated obligations, present and future, except such obligations as are
preferred by operation of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each series of the Senior Notes will constitute
a separate series of debt securities issued under the Indenture. Book-entry interests in the Senior Notes will be issued in minimum denominations
of $200,000 and in integral multiples of $1,000 in excess thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The principal corporate trust office of the Trustee
in London, United Kingdom, is designated as the principal paying agent.&nbsp;&nbsp;We may at any time designate additional paying agents
or rescind the designation of paying agents or approve a change in the office through which any paying agent acts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will issue the Senior Notes in fully registered
form. The Senior Notes of each series will be represented by global securities registered in the name of a nominee of DTC.&nbsp;&nbsp;You
will hold a beneficial interest in the Senior Notes through the DTC and its participants.&nbsp;&nbsp;The Underwriters expect to deliver
the Senior Notes through the facilities of the DTC on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2025.&nbsp;&nbsp;For a more detailed summary of the form of the Senior Notes and settlement and clearance arrangements, you should read
&ldquo;<I>Description of Certain Provisions Relating to Debt Securities and Contingent Convertible Securities&mdash;Form of Debt Securities
and Contingent Convertible Securities; Book-Entry System</I>&rdquo; in the accompanying prospectus.&nbsp;&nbsp;Indirect holders trading
their beneficial interests in the Senior Notes through the DTC must trade in the DTC&rsquo;s same-day funds settlement system and pay
in immediately available funds.&nbsp;&nbsp;Secondary market trading through Euroclear and Clearstream, Luxembourg will occur in the ordinary
way following the applicable rules and operating procedures of Euroclear and Clearstream, Luxembourg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Definitive debt securities will only be issued
in limited circumstances described under &ldquo;<I>Description of Certain Provisions Relating to Debt Securities and Contingent Convertible
Securities&mdash;Form of Debt Securities and Contingent Convertible Securities; Book-Entry System</I>&rdquo; in the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Payment of principal of and interest on the Senior
Notes, so long as the Senior Notes are represented by global securities, will be made in immediately available funds.&nbsp;&nbsp;Beneficial
interests in the global securities will trade in the same-day funds settlement system of the DTC, and secondary market trading activity
in such interests will therefore settle in same-day funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may, without the consent of the holders of
the Senior Notes of any series, issue additional notes having the same ranking and same interest rate, maturity date, redemption terms
and other terms as the Senior Notes of a series described in this prospectus supplement except for the price to the public and Issue Date
and, if applicable, the initial interest payment date of such Senior Notes, provided however that if such additional notes have the same
CUSIP, ISIN and/or Common Code as the outstanding Senior Notes, such additional notes must be fungible with the outstanding Senior Notes
of the applicable series for U.S. federal income tax purposes.&nbsp;&nbsp;Any such additional notes, together with the Senior Notes of
the applicable series offered by this prospectus supplement, may constitute a single series of Senior Notes under the Indenture.&nbsp;&nbsp;There
is no limitation on the amount of notes or other debt securities that we may issue under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt"><B><I>Fixed Reset Rate Notes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fixed Reset Rate Notes will bear interest
from (and including) the Issue Date to (but excluding)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (the &ldquo;Fixed Reset Rate Notes
Interest Reset Date&rdquo;), at a rate of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% per annum, and
from (and including) the Fixed Reset Rate Notes Interest Reset Date to (but excluding) maturity (the &ldquo;Fixed Reset Rate Notes Reset
Period&rdquo;), at a rate per annum equal to the applicable U.S. Treasury Rate (as defined herein) as determined by the Calculation Agent
on the Fixed Reset Rate Notes Reset Determination Date (as defined herein), plus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
%. Interest on the Fixed Reset Rate Notes will be paid semi-annually in arrear on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
each year (each, a &ldquo;Fixed Reset Rate Notes Interest Payment Date&rdquo;), beginning on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2025, to (and including) maturity. The regular record dates for the Fixed Reset Rate Notes will be the 15<SUP>th</SUP> calendar day immediately
preceding each Fixed Reset Rate Notes Interest Payment Date, whether or not a business day.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The &ldquo;Fixed Reset Rate Notes Reset Determination
Date&rdquo; will be the second business day immediately preceding the Fixed Reset Rate Notes Interest Reset Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A &ldquo;business day&rdquo; means any day, other
than Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorised or required by law or
regulation to close in the City of New York or in the City of London.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Interest will be calculated on the basis of twelve
30-day months or, in the case of an incomplete month, the actual number of days elapsed, in each case assuming a 360-day year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All percentages resulting from any calculation
of any interest rate on the Fixed Reset Rate Notes will be rounded, if necessary, to the nearest one hundred thousandth of a percentage
point, with five one-millionths of a percentage point rounded upward, and all dollar amounts would be rounded to the nearest cent, with
one-half cent being rounded upward.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If any scheduled Fixed Reset Rate Notes Interest
Payment Date is not a business day, we will pay interest on the next day that is a business day, but interest on such payment will not
accrue during the period from and after such scheduled Fixed Reset Rate Notes Interest Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the scheduled maturity date or date of redemption
or repurchase (in the circumstances described in &ldquo;&mdash;<I>Tax Redemption</I>&rdquo;, &ldquo;&mdash;<I>Loss Absorption Disqualification
Event</I>&rdquo; and &ldquo;<I>&mdash;Optional Redemption</I>&rdquo; below) or repayment of the Fixed Reset Rate Notes is not a business
day, we may pay interest and principal, or make the payment then due, on the next succeeding business day, but interest on that payment
will not accrue during the period from and after the scheduled maturity date or date of redemption, repurchase or repayment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><U>Determination of the U.S. Treasury
Rate</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The U.S. Treasury Rate shall be determined by
the Calculation Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;U.S. Treasury Rate&rdquo; means, with respect
to the Fixed Reset Rate Notes Interest Reset Date, the rate per annum equal to: (1) the average of the yields on actively traded U.S.
Treasury securities adjusted to constant maturity, for one-year maturities, for the five business days immediately prior to the Fixed
Reset Rate Notes Reset Determination Date and appearing under the caption &ldquo;Treasury constant maturities&rdquo; at 5:00 p.m. (New
York City time) on the Fixed Reset Rate Notes Reset Determination Date in the applicable most recently published statistical release designated
&ldquo;H.15 Daily Update&rdquo;, or any successor publication that is published by the Board of Governors of the Federal Reserve System
that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity, under the caption &ldquo;Treasury Constant
Maturities&rdquo;, for the maturity of one year; or (2) if such release (or any successor release) is not published during the week immediately
prior to the Fixed Reset Rate Notes Reset Determination Date or does not contain such yields, the rate per annum equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the Comparable Treasury Price for the Fixed Reset Rate Notes Interest Reset Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the U.S. Treasury Rate cannot be determined,
for whatever reason, as described under (1) or (2) above, &ldquo;U.S. Treasury Rate&rdquo; means the rate in percentage per annum as notified
by the Calculation Agent to us equal to the yield on U.S. Treasury securities having a maturity of one year as set forth in the most recently
published statistical release designated &ldquo;H.15 Daily Update&rdquo; under the caption &ldquo;Treasury constant maturities&rdquo;
(or any successor publication that is published weekly by the Board of Governors of the Federal Reserve System and that establishes yields
on actively traded U.S. Treasury securities adjusted to constant maturity under the caption &ldquo;Treasury constant maturities&rdquo;
for the maturity of one year) at 5:00 p.m. (New York City time) on the Fixed Reset Rate Notes Reset Determination Date on which such rate
was set forth in such release (or any successor release).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Comparable Treasury Issue&rdquo; means,
with respect to the Fixed Reset Rate Notes Reset Period, the U.S. Treasury security or securities selected by us with a maturity date
on or about the last day of the Fixed Reset Rate Notes Reset Period and that would be utilised, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities denominated in U.S. dollars and having a maturity
of one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Comparable Treasury Price&rdquo; means,
with respect to the Fixed Reset Rate Notes Interest Reset Date, (i) the arithmetic average of the Reference Treasury Dealer Quotations
for the Fixed Reset Rate Notes Interest Reset Date (calculated on the Fixed Reset Rate Notes Reset Determination Date preceding the Fixed
Reset Rate Notes Interest Reset Date), after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if fewer
than five such Reference Treasury Dealer Quotations are received, the arithmetic average of all such quotations, or (iii) if fewer than
two such Reference Treasury Dealer Quotations are received, then such Reference Treasury Dealer Quotation as quoted in writing to the
Calculation Agent by a Reference Treasury Dealer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Reference Treasury Dealer&rdquo; means
each of up to five banks selected by us (following, where practicable, consultation with the Calculation Agent), or the affiliates of
such banks, which are (i) primary U.S. Treasury securities dealers, and their respective successors, or (ii) market makers in pricing
corporate bond issues denominated in U.S. dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Reference Treasury Dealer Quotations&rdquo;
means with respect to each Reference Treasury Dealer and the Fixed Reset Rate Notes Interest Reset Date, the arithmetic average, as determined
by the Calculation Agent, of the bid and offered prices for the applicable Comparable Treasury Issue, expressed in each case as a percentage
of its principal amount, at 11:00 a.m. (New York City time), on the Fixed Reset Rate Notes Reset Determination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Floating Rate Notes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In respect of the Floating
Rate Notes, from (and including) the Issue Date to (but excluding) maturity, the interest rate on the Floating Rate Notes will be equal
to the Benchmark (initially, Compounded Daily SOFR) plus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
% per annum (the &ldquo;Floating Rate Notes Margin&rdquo;), accruing from (and including) the Issue Date to (but excluding) maturity.
The interest rate applicable to the Floating Rate Notes will be reset quarterly on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
each year, beginning on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2025 (each, a &ldquo;Floating Rate Notes Interest Reset Date&rdquo;). The regular record dates for the Floating Rate Notes will be the
15<SUP>th</SUP> calendar day immediately preceding each Floating Rate Notes Interest Payment Date, whether or not a business day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Interest on the Floating
Rate Notes will be payable quarterly in arrear on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
each year, beginning on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2025 and ending on maturity (each, a &ldquo;Floating Rate Notes Interest Payment Date&rdquo; and, together with each Fixed Reset Rate
Notes Interest Payment Date, each an &ldquo;Interest Payment Date&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">Interest will be calculated on the basis of the
actual number of days in each interest period, assuming a 360-day year. An interest period will be the period beginning on (and including)
a Floating Rate Notes Interest Payment Date and ending on (but excluding) the next succeeding Floating Rate Notes Interest Payment Date;
<I>provided</I> that the first floating rate interest period of the Floating Rate Notes will begin on the Issue Date and will end on (but
exclude) the first Floating Rate Notes Interest Payment Date (each a &ldquo;Floating Rate Interest Period&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If any scheduled Floating Rate Notes Interest
Reset Date or Floating Rate Notes Interest Payment Date (other than the maturity date) is not a business day, such Floating Rate Notes
Interest Reset Date or Floating Rate Notes Interest Payment Date will be postponed to the next day that is a business day; <I>provided</I>
that if that business day falls in the next succeeding calendar month, such Floating Rate Notes Interest Reset Date or Floating Rate Notes
Interest Payment Date will be the immediately preceding business day. If any such Floating Rate Notes Interest Payment Date (other than
the maturity date) is postponed or brought forward as described above, the payment of interest due on such postponed or brought forward
Floating Rate Notes Interest Payment Date will include interest accrued to but excluding such postponed or brought forward Floating Rate
Notes Interest Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A &ldquo;business day&rdquo; means any day, other
than Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorised or required by law or
regulation to close in the City of New York or in the City of London.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the scheduled maturity date or date of redemption
or repurchase (in the circumstances described in &ldquo;&mdash;<I>Tax Redemption</I>&rdquo;, &ldquo;&mdash;<I>Loss Absorption Disqualification
Event</I>&rdquo;, &ldquo;&mdash;<I>Optional Redemption</I>&rdquo; and &ldquo;&mdash;<I>Repurchases</I>&rdquo; below) or repayment for
the Floating Rate Notes is not a business day, we may pay interest and principal on the next succeeding business day, but interest on
that payment will not accrue during the period from and after the scheduled maturity date or date of redemption, repurchase or repayment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All percentages resulting from any calculation
of any interest rate on the Floating Rate Notes will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point,
with five one-millionths of a percentage point rounded upward, and all dollar amounts would be rounded to the nearest cent, with one-half
cent being rounded upward.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The interest rate on the Floating Rate Notes will
in no event be higher than the maximum rate permitted by applicable law. In addition, when calculating Compounded Daily SOFR for any Floating
Rate Interest Period, if SOFR for a particular day during that Floating Rate Interest Period is negative, then the amount of interest
attributable to that day may be less than zero; <I>provided</I> that in no event will the amount of interest payable on the Floating Rate
Notes for any interest period be less than zero.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><U>Calculation of the Benchmark</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">The &ldquo;Benchmark&rdquo;
means, initially, Compounded Daily SOFR;&nbsp;<I>provided</I>&nbsp;that if a Benchmark Transition Event and related Benchmark Replacement
Date have occurred with respect to SOFR or the then-current Benchmark, then &ldquo;Benchmark&rdquo; means the applicable Benchmark Replacement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">&ldquo;Compounded
Daily SOFR&rdquo; means, in relation to a Floating Rate Interest Period, the rate of return of a daily compound interest investment (with
SOFR as reference rate for the calculation of interest) during the related Observation Period and will be calculated by the Calculation
Agent on the related Floating Rate Notes Interest Determination Date as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><FONT STYLE="background-color: white"><IMG SRC="image_003.jpg" ALT="Capture" STYLE="height: 45px; width: 152px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;d&rdquo; means, in relation to any Observation
Period, the number of calendar days in such Observation Period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;d0&rdquo; means, in relation to any Observation
Period, the number of USGS Business Days in such Observation Period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;i&rdquo; means, in relation to any Observation
Period, a series of whole numbers from one to d0, each representing the relevant USGS Business Day in chronological order from (and including)
the first USGS Business Day in such Observation Period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;ni&rdquo; means, in relation to any USGS
Business Day &ldquo;i&rdquo; in the relevant Observation Period, the number of calendar days from (and including) such USGS Business Day
&ldquo;i&rdquo; up to (but excluding) the following USGS Business Day;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Observation Period&rdquo; means, in respect
of each Floating Rate Interest Period, the period from (and including) the date which is five USGS Business Days prior to the first day
of such Floating Rate Interest Period to (but excluding) the date which is five USGS Business Days prior to the Floating Rate Notes Interest
Payment Date for such Floating Rate Interest Period; provided that the first Observation Period shall commence on (and include) the date
which is five USGS Business Days prior to the Issue Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;SOFR&rdquo; means, in relation to any day,
the rate determined by the Calculation Agent in accordance with the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(1) the daily Secured Overnight Financing
Rate for trades made on such day available at or around the Reference Time on the NY Federal Reserve&rsquo;s Website; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(2) if the rate specified in (1) above
is not available at or around the Reference Time for such day (and a Benchmark Transition Event and its related Benchmark Replacement
Date have not occurred), the daily Secured Overnight Financing Rate in respect of the last USGS Business Day for which such rate was published
on the NY Federal Reserve&rsquo;s Website;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;SOFRi&rdquo; means, in relation to any
USGS Business Day &ldquo;i&rdquo; in the relevant Observation Period, SOFR in respect of such USGS Business Day; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;USGS Business Day&rdquo; means any day
except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association or any successor thereto (&ldquo;SIFMA&rdquo;)
recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding clauses (1) and (2) of the definition
of &ldquo;SOFR&rdquo; above, if we (in consultation, to the extent practicable, with the Calculation Agent) or our designee (in consultation
with us) determine on or prior to the relevant Floating Rate Notes Interest Determination Date that a Benchmark Transition Event and related
Benchmark Replacement Date have occurred with respect to SOFR, then the &ldquo;Benchmark Transition Provisions&rdquo; set forth below
will thereafter apply to all determinations of the rate of interest payable on the Floating Rate Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In accordance with and subject to the Benchmark
Transition Provisions, after a Benchmark Transition Event and related Benchmark Replacement Date have occurred, the amount of interest
that will be payable for each Floating Rate Interest Period will be determined by reference to a rate per annum equal to the Benchmark
Replacement plus the applicable Floating Rate Notes Margin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Certain Definitions</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;designee&rdquo; means an affiliate or any
other agent of, and selected by, NatWest Group plc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Floating Rate Notes Interest Determination
Date&rdquo; means the date that is two USGS Business Days before each applicable Floating Rate Notes Interest Reset Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;NY Federal Reserve&rsquo;s Website&rdquo;
means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org (or any successor website).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Reference Time&rdquo; means (1) if the
Benchmark is Compounded Daily SOFR, for each USGS Business Day, 3:00 p.m. (New York time) on the next succeeding USGS Business Day, and
(2) if the Benchmark is not Compounded Daily SOFR, the time determined by us (in consultation, to the extent practicable, with the Calculation
Agent) or our designee (in consultation with us) in accordance with the Benchmark Replacement Conforming Changes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><U>Benchmark Transition Provisions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we (in consultation, to the extent practicable,
with the Calculation Agent) or our designee (in consultation with us) determine that a Benchmark Transition Event and related Benchmark
Replacement Date have occurred prior to the applicable Reference Time in respect of any determination of the Benchmark on any date, the
applicable Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Floating Rate Notes in respect
of such determination on such date and all determinations on all subsequent dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Benchmark Replacement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Benchmark Replacement&rdquo; means the
first alternative set forth in the order below that can be determined by us (in consultation, to the extent practicable, with the Calculation
Agent) or our designee (in consultation with us) as of the Benchmark Replacement Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(1) the sum of: (a) the alternate rate of interest
that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable
Corresponding Tenor (if any) and (b) the Benchmark Replacement Adjustment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(2) the sum of: (a) the ISDA Fallback Rate and
(b) the Benchmark Replacement Adjustment; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(3) the sum of: (a) the alternate rate of interest
that has been selected by us (in consultation, to the extent practicable, with the Calculation Agent) or our designee (in consultation
with us) as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted
rate of interest as a replacement for the then-current Benchmark for U.S. dollar- denominated floating rate notes at such time and (b)
the Benchmark Replacement Adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Corresponding Tenor&rdquo; with respect
to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustments)
as the applicable tenor for the then-current Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Relevant Governmental Body&rdquo; means
the Federal Reserve and/or the Federal Reserve Bank of New York (&ldquo;NY Federal Reserve&rdquo;), or a committee officially endorsed
or convened by the Federal Reserve and/or the NY Federal Reserve or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Benchmark Replacement Adjustment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Benchmark Replacement Adjustment&rdquo;
means the first alternative set forth in the order below that can be determined by us (in consultation, to the extent practicable, with
the Calculation Agent) or our designee (in consultation with us) as of the Benchmark Replacement Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(1) the spread adjustment (which may be a positive
or negative value or zero) that has been (i) selected or recommended by the Relevant Governmental Body or (ii) determined by us (in consultation,
to the extent practicable, with the Calculation Agent) or our designee (in consultation with us) in accordance with the method for calculating
or determining such spread adjustment that has been selected or recommended by the Relevant Governmental Body, in each case for the applicable
Unadjusted Benchmark Replacement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(2) if the applicable Unadjusted Benchmark Replacement
is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(3) the spread adjustment (which may be a positive
or negative value or zero) that has been selected by us (in consultation, to the extent practicable, with the Calculation Agent) or our
designee (in consultation with us) giving due consideration to industry-accepted spread adjustments (if any), or method for calculating
or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement
for U.S. dollar-denominated floating rate notes at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Unadjusted Benchmark Replacement&rdquo;
means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Benchmark Replacement Conforming Changes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with the implementation of a Benchmark
Replacement, we (in consultation, to the extent practicable, with the Calculation Agent) or our designee (in consultation with us) will
have the right to make changes to (1) any Floating Rate Notes Interest Determination Date, Floating Rate Notes Interest Payment Date,
Reference Time, business day convention or Floating Rate Interest Period, (2) the manner, timing and frequency of determining the rate
and amounts of interest that are payable on the Floating Rate Notes and the conventions relating to such determination and calculations
with respect to interest, (3) rounding conventions, (4) tenors and (5) any other terms or provisions of the Floating Rate Notes, in each
case that we (in consultation, to the extent practicable, with the Calculation Agent) or our designee (in consultation with us) determine,
from time to time, to be appropriate to reflect the determination and implementation of such Benchmark Replacement in a manner substantially
consistent with market practice (or, if we (in consultation, to the extent practicable, with the Calculation Agent) or our designee (in
consultation with us) decide that implementation of any portion of such market practice is not administratively feasible or determine
that no market practice for use of the Benchmark Replacement exists, in such other manner as we (in consultation, to the extent practicable,
with the Calculation Agent) or our designee (in consultation with us) determine is appropriate (acting in good faith)) (the &ldquo;Benchmark
Replacement Conforming Changes&rdquo;). Any Benchmark Replacement Conforming Changes will apply to the Floating Rate Notes for all future
Floating Rate Interest Periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Benchmark Transition Event</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Benchmark Transition Event&rdquo; means
the occurrence of one or more of the following events with respect to the then-current Benchmark:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(1) a public statement or publication of information
by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark,
permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will
continue to provide the Benchmark;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(2) a public statement or publication of information
by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency
official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for
the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which
states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided
that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(3) a public statement or publication of information
by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Benchmark Replacement Date</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Benchmark Replacement Date&rdquo; means
the earliest to occur of the following events with respect to the then-current Benchmark:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(1) in the case of clause (1) or (2) of the definition
of &ldquo;Benchmark Transition Event,&rdquo; the later of (a) the date of the public statement or publication of information referenced
therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(2) in the case of clause (3) of the definition
of &ldquo;Benchmark Transition Event,&rdquo; the date of the public statement or publication of information referenced therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the avoidance of doubt, if the event giving
rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination,
the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>ISDA Fallback Rate</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;ISDA Fallback Rate&rdquo; means the rate
that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation
date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;ISDA Definitions&rdquo; means the 2006
ISDA Definitions published by the International Swaps and Derivatives Association, Inc. (&ldquo;ISDA&rdquo;) or any successor thereto,
as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time
to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;ISDA Fallback Adjustment&rdquo; means the
spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA
Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Notice of Benchmark Replacement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will promptly give notice of the determination
of the Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes to the Trustee, the
Calculation Agent and the noteholders; <I>provided</I> that failure to provide such notice will have no impact on the effectiveness of,
or otherwise invalidate, any such determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Agreement with Respect
to the Benchmark Replacement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">By its acquisition of
the Floating Rate Notes, each noteholder (which, for these purposes, includes each beneficial owner) (i) will acknowledge, accept, consent
and agree to be bound by our or our designee&rsquo;s determination of a Benchmark Transition Event, a Benchmark Replacement Date, the
Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes, including as may occur without
any prior notice from us and without the need for us to obtain any further consent from such noteholder, (ii) will waive any and all claims,
in law and/or in equity, against the trustee, the principal paying agent and the Calculation Agent or our designee for, agree not to initiate
a suit against the trustee, the principal paying agent and the Calculation Agent or our designee in respect of, and agree that none of
the trustee, the principal paying agent or the Calculation Agent or our designee will be liable for, the determination of or the failure
to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment
and any Benchmark Replacement Conforming Changes, and any losses suffered in connection therewith and (iii) will agree that none of the
trustee, the principal paying agent or the Calculation Agent or our designee will have any obligation to determine any Benchmark Transition
Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming
Changes (including any adjustments thereto), including in the event of any failure by us to determine any Benchmark Transition Event,
any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming
Changes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding any other
provision of &ldquo;Benchmark Transition Provisions&rdquo; set forth above, no Benchmark Replacement will be adopted, nor will the applicable
Benchmark Replacement Adjustment be applied, nor will any Benchmark Replacement Conforming Changes be made, if in our determination, the
same could reasonably be expected to prejudice the qualification of the Floating Rate Notes as eligible liabilities or loss absorbing
capacity instruments for the purposes of the Loss Absorption Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Decisions and Determinations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All determinations, decisions,
elections and any calculations made by us, the Calculation Agent or our designee (as applicable) for the purposes of calculating the applicable
interest on the Senior Notes will be conclusive and binding on the noteholders, us and the Trustee, absent manifest error. If made by
us, such determinations, decisions, elections and calculations will be made in consultation with the Calculation Agent, to the extent
practicable. If made by our designee, such determinations, decisions, elections and calculations will be made after consulting with us,
and our designees will not make any such determination, decision, election or calculation to which we object. Notwithstanding anything
to the contrary in the Indenture or the Senior Notes, any determinations, decisions, calculations or elections made in accordance with
this provision will become effective without consent from the noteholders or any other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">With respect to the Floating
Rate Notes, any determination, decision or election relating to the Benchmark not made by the Calculation Agent will be made on the basis
described above. The Calculation Agent shall have no liability for not making any such determination, decision or election. In addition,
we may designate an entity (which may be our affiliate) to make any determination, decision or election that we have the right to make
in connection with the determination of the Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the provisions described under &ldquo;&mdash;<I>Notice
of Redemption</I>&rdquo; and &ldquo;&mdash;<I>Conditions to Redemption and Repurchase&rdquo; </I>below, we may redeem the Senior Notes
of a series, in whole but not in part, (i) in respect of the Fixed <I></I>Reset Rate Notes, at any time and (ii) in respect of the Floating
Rate Notes, only on a Floating Rate Notes Interest Payment Date, in each case in the event of certain changes in the tax laws of the
United Kingdom or any political subdivision or any authority thereof or therein having the power to tax and certain other limited circumstances.
The circumstances in which we may redeem the Senior Notes of a series and the applicable procedures are described further in the accompanying
prospectus under &ldquo;<I>Description of Debt Securities&mdash;Redemption</I>.&rdquo;</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; text-indent: 0.25in">In the event of such a redemption, the redemption
price of the Senior Notes of a series will be 100% of their principal amount together with any accrued but unpaid payments of interest
to, but excluding, the date of redemption. <FONT STYLE="background-color: white">If we elect to redeem the Senior Notes of a series, they
will cease to accrue interest from the redemption date, unless we fail to pay the redemption price on the redemption date.&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Loss Absorption Disqualification Event Redemption</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the provisions described under &ldquo;<I>&mdash;Notice
of Redemption</I>&rdquo; and &ldquo;<I>&mdash;Conditions to Redemption and Repurchase</I>&rdquo; below, we may redeem the Senior Notes
of a series at our sole discretion, in whole but not in part, (i) in respect of the Fixed Reset Rate Notes, at any time and (ii) in respect
of the Floating Rate Notes, only on a Floating Rate Notes Interest Payment Date, in each case at 100% of their principal amount together
with any accrued but unpaid interest to, but excluding, the date of redemption, in the event we determine a Loss Absorption Disqualification
Event has occurred and is continuing.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Before the publication of any notice of redemption
pursuant to a Loss Absorption Disqualification Event, we shall deliver to the Trustee a certificate signed by two authorised signatories
of NatWest Group plc stating that, in such signatories&rsquo; belief, the condition for redemption has occurred and is continuing as at
the date of the certificate, and the Trustee is entitled to conclusively rely on and shall accept such certificate as sufficient evidence
of such occurrence, in which event it shall be conclusive and binding on the holders of the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For these purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A &ldquo;<B>Loss Absorption Disqualification Event</B>&rdquo;
shall be deemed to have occurred if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>at the time that any Loss Absorption Regulation becomes effective, and as a result of such Loss Absorption Regulation becoming so
effective, in each case with respect to us and/or the Regulatory Group, on or after the issue date of the series of Senior Notes affected,
the Senior Notes of such series are or, in our opinion or in the opinion of the PRA are likely to be fully or partially excluded from
our and/or the Regulatory Group&rsquo;s (A) own funds and eligible liabilities and/or (B) loss absorbing capacity instruments; or</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>as a result of any amendment to, or change in, or replacement of, any Loss Absorption Regulation, or any change in the application
or official interpretation of any Loss Absorption Regulation, in any such case becoming effective on or after the issue date of the series
of Senior Notes affected, the Senior Notes of such series are or, in our opinion or in the opinion of the PRA are likely to be, fully
or partially excluded from our and/or the Regulatory Group&rsquo;s (A) own funds and eligible liabilities and/or (B) loss absorbing capacity
instruments,</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 0pt 0.5in">in each case as determined in accordance with, and pursuant
to, the relevant Loss Absorption Regulations as applicable to us and/or the Regulatory Group; <I>provided </I>that in the case of (i)
and (ii) above, a Loss Absorption Disqualification Event shall not occur where such exclusion of the relevant series of Senior Notes is
due to the remaining maturity of the relevant series of Senior Notes being less than any period prescribed by any applicable eligibility
criteria under the relevant Loss Absorption Regulations effective with respect to us and/or the Regulatory Group on the issue date of
the relevant series of Senior Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Loss Absorption Regulations</B>&rdquo;
means, at any time, the laws, regulations, requirements, guidelines, rules, standards and policies relating to minimum requirements for
own funds and eligible liabilities and/or loss absorbing capacity instruments of the United Kingdom, the PRA, the United Kingdom resolution
authority, the Financial Stability Board and/or of the European Parliament or of the Council of the European Union then in effect in the
United Kingdom including, without limitation to the generality of the foregoing, any delegated or implementing acts (such as regulatory
technical standards) adopted by the European Commission and any regulations, requirements, guidelines, rules, standards and policies relating
to requirements for own funds and eligible liabilities and/or loss absorbing capacity instruments adopted by the PRA and/or the United
Kingdom resolution authority from time to time (whether or not such regulations, requirements, guidelines, rules, standards or policies
are applied generally or specifically to us or to the Regulatory Group).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>PRA</B>&rdquo; means the UK Prudential
Regulation Authority and/or such other governmental authority in the United Kingdom having primary supervisory authority with respect
to the prudential regulation of our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Regulatory Group</B>&rdquo; means us,
our subsidiary undertakings, participations, participating interests and any subsidiary undertakings, participations or participating
interests held (directly or indirectly) by any of our subsidiary undertakings from time to time and any other undertakings from time to
time consolidated with us for regulatory purposes, in each case in accordance with the rules and guidance of the PRA then in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the provisions described under &ldquo;<I>&mdash;Notice
of Redemption</I>&rdquo; and &ldquo;<I>&mdash;Conditions to Redemption and Repurchase</I>&rdquo; below, we may redeem the Senior Notes
of a series at our sole discretion, in whole but not in part, (i) in respect of the Fixed Reset Rate Notes, on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (the &ldquo;Fixed Reset Rate Notes
Optional Redemption Date&rdquo;) and (ii) in respect of the Floating Rate Notes, on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (the &ldquo;Floating Rate Notes Optional
Redemption Date&rdquo; and, together with the Fixed Reset Rate Notes Optional Redemption Date, each an &ldquo;Optional Redemption Date&rdquo;),
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-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of Redemption</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we elect to redeem the Senior Notes of a series
at our option on the Optional Redemption Date for such series or due to the occurrence of a tax law change or a Loss Absorption Disqualification
Event, we will give holders of the Senior Notes of such series not less than fifteen (15) calendar days or more than thirty (30) calendar
days&rsquo; notice in accordance with &ldquo;&mdash;<I>Notices</I>&rdquo; below, and to the Trustee at least five (5) business days prior
to such date, unless a shorter notice period shall be satisfactory to the Trustee. Except as otherwise provided herein, such notice shall
be irrevocable but may be conditioned on the occurrence of any event or circumstance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any redemption notice will state:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the redemption date;</TD></TR></TABLE>

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

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the redemption price;</TD></TR></TABLE>

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

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>that, and subject to what conditions, the redemption price will become due and payable on the redemption date and that payments will
cease to accrue on such date;</TD></TR></TABLE>

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

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the place or places at which each holder may obtain payment of the redemption price; and</TD></TR></TABLE>

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

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the CUSIP, Common Code and/or ISIN number or numbers, if any, with respect to such series of Senior Notes.</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-indent: 0.25in">If we have elected to redeem the Senior Notes
of any series but prior to the payment of the redemption amount with respect to such redemption the relevant UK authority exercises its
UK bail-in power in respect of the relevant series of Senior Notes, the relevant redemption notice shall be automatically rescinded and
shall be of no force and effect, and no payment of the redemption amount will be due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conditions to Redemption and Repurchase</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding any other provision, we may only
redeem the Senior Notes of a series prior to the relevant maturity date or repurchase the Senior Notes of a series (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, to the extent
such consent is at the relevant time and in the relevant circumstances required (if at all) by the Loss Absorption Regulations or applicable
laws or regulations in effect in the United Kingdom.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agreement with Respect to the Exercise of UK Bail-in Power</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding any other agreements, arrangements,
or understandings between us and any holder or beneficial owner of the Senior Notes, by its acquisition of 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 NatWest Group plc 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.&nbsp;&nbsp;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-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 NatWest Group plc 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we have elected to redeem the Senior Notes
of any series but prior to the payment of the redemption amount with respect to such redemption the relevant UK authority exercises its
UK bail-in power with respect to the Senior Notes, the relevant redemption notices shall be automatically rescinded and shall be of no
force and effect, and no payment of the redemption amount will be due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The exercise of any UK bail-in power by the relevant
UK authority shall not constitute a default or Event of Default under the terms of the Senior Notes or the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, by its acquisition of Senior Notes,
each holder (including each beneficial holder) of the Senior Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 27pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD>acknowledges and agrees that the exercise of the UK bail-in power by the relevant UK authority with respect to the Senior Notes shall
not give rise to a Default or Event of Default for purposes of Section 315(b) (<I>Notice of Default</I>) and Section 315(c) (<I>Duties
of the Trustee in Case of Default</I>) of the Trust Indenture Act;</TD></TR></TABLE>

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


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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: 27pt"></TD><TD STYLE="width: 27pt">(ii)</TD><TD>to the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees not to initiate a suit
against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains
from taking, in either case in accordance with the exercise of the UK bail-in power by the relevant UK authority with respect to the Senior
Notes;</TD></TR></TABLE>

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

<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: 27pt"></TD><TD STYLE="width: 27pt">(iii)</TD><TD>agrees that, upon the exercise of any UK bail-in power by the relevant UK authority with respect to the Senior Notes,</TD></TR></TABLE>

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

<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: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>the Trustee shall not be required to take any further directions from holders of the Senior Notes under Section 5.12 <I>(Control by
Holders) </I>of the Indenture, which section authorises holders of a majority in aggregate outstanding principal amount of the Senior
Notes to direct certain actions relating to the Senior Notes, and</TD></TR></TABLE>

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

<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: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>the Indenture shall impose no duties upon the Trustee whatsoever with respect to the exercise of any UK bail-in power by the relevant
UK authority. Notwithstanding the foregoing, if, following the completion of the exercise of the UK bail-in power by the relevant UK authority
in respect of the Senior Notes, the Senior Notes remain outstanding (for example, if the exercise of the UK bail-in power results in only
a partial write-down of the principal of such Senior Notes), then the Trustee&rsquo;s duties under the Indenture shall remain applicable
with respect to the Senior Notes following such completion to the extent that we and the Trustee shall agree pursuant to a supplemental
indenture.</TD></TR></TABLE>

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

<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: 27pt"></TD><TD STYLE="width: 27pt">(iv)</TD><TD>shall be deemed to have (i) consented to the exercise of any UK bail-in power which may be imposed without any prior notice by the
relevant UK authority of its decision to exercise such power with respect to the Senior Notes and (ii) authorised, directed and requested
DTC and any direct participant in DTC or other intermediary through which it holds such Senior Notes to take any and all necessary action,
if required, to implement the exercise of any UK bail-in power with respect to the Senior Notes as it may be imposed, without any further
action or direction on the part of such holder.</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-indent: 0.25in">For a discussion of certain risk factors relating
to the UK bail-in power, see &ldquo;<I>Risk Factors&mdash;Risks relating to the Senior Notes</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the exercise of the UK bail-in power by the
relevant UK authority with respect to the Senior Notes, we shall provide a written notice to DTC as soon as practicable regarding such
exercise of the UK bail-in power for purposes of notifying holders of such occurrence. We shall also deliver a copy of such notice to
the Trustee for information purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Events of Default and Defaults; Limitation of Remedies</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Events of Default</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An &ldquo;Event of Default&rdquo; with respect
to the Senior Notes of a series shall only result if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a court of competent jurisdiction makes an order for our winding up which is not successfully appealed within 30 days; or</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an effective shareholders&rsquo; resolution is validly adopted for our winding up,</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-indent: 0.25in">in each case other than under or in connection
with a scheme of amalgamation or reconstruction not involving a bankruptcy or insolvency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There are no other Events of Default under the
Senior Notes. If an Event of Default with respect to Senior Notes of a series occurs and is continuing, the Trustee or the holder or holders
of at least 25% in aggregate principal amount of the outstanding Senior Notes of such series may declare the principal amount of, and
any accrued but unpaid interest on such series of Senior Notes to be due and payable immediately in accordance with the terms of the Indenture.
However, after this declaration but before the Trustee obtains a judgment or decree for payment of money due, the holder or holders of
a majority in aggregate principal amount of the outstanding Senior Notes of such series may rescind the declaration of acceleration and
its consequences, but only if all Events of Default have been remedied and all payments due, other than those due as a result of acceleration,
have been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There are no other circumstances in which holders
of Senior Notes or the Trustee may accelerate amounts to be paid in respect of the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Default</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A &ldquo;Default&rdquo; with respect to the Senior
Notes of a series shall result if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any installment of interest in respect of the Senior Notes of such series is not paid on or before the relevant Interest Payment Date
and such failure continues for 14 days; or</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>all or any part of the principal amount of the Senior Notes of such series is not paid when it otherwise becomes due and payable,
whether upon redemption or otherwise, and such failure continues for 7 days.</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-indent: 0.25in">If a Default occurs and is continuing, the Trustee
may commence a proceeding for our winding up, but the Trustee may not declare the principal amount of any outstanding Senior Notes of
any series to be due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">However and notwithstanding any other provisions,
a failure to make any payment on the Senior Notes of a series shall not be a Default if it is withheld or refused, upon independent counsel&rsquo;s
advice addressed to us and delivered to the Trustee, in order to comply with any applicable fiscal or other law or regulation or order
of any court of competent jurisdiction. In such case, the Trustee may require us to take any action which, upon such independent counsel&rsquo;s
advice delivered to the Trustee, is appropriate and reasonable in the circumstances (including proceedings for a court declaration), in
which case we shall immediately take and expeditiously proceed with the action and shall be bound by any final resolution resulting therefrom.
If any such action results in a determination that the relevant payment can be made without violating any applicable law, regulation or
order then the payment shall become due and payable on the expiration of the applicable 14-day or seven-day period after the Trustee gives
written notice to us informing us of such determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the occurrence of any Event of Default or
Default, we shall give prompt written notice to the Trustee.&nbsp;&nbsp;In accordance with the Indenture, the Trustee may proceed to protect
and enforce its rights and the rights of the holders of the Senior Notes whether in connection with any breach by us of our obligations
under the Senior Notes, the Indenture or otherwise, including by judicial proceedings, provided that we shall not, as a result of any
such action by the Trustee, be required to pay any amount representing or measured by reference to principal or interest on the Senior
Notes of any series prior to any date on which the principal of, or any interest on, the Senior Notes of any series would have otherwise
been payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other than the limited remedies specified above,
no remedy against us shall be available to the Trustee or the holders of the Senior Notes whether for the recovery of amounts owing in
respect of such Senior Notes or under the Indenture or in respect of any breach by us of our obligations under the Indenture or in respect
of the Senior Notes, except that the Trustee and the holders shall have such rights and powers as they are entitled to have under the
Trust Indenture Act of 1939, as amended (the &ldquo;Trust Indenture Act&rdquo;), including the Trustee&rsquo;s prior lien on any amounts
collected following a Default or Event of Default for payment of the Trustee&rsquo;s fees and expenses, and provided that any payments
on the Senior Notes are subject to the ranking provisions set forth in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding any contrary provisions, nothing
shall impair the right of a holder, absent the holder&rsquo;s consent, to sue for any payments due but unpaid with respect to the Senior
Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The provisions described under &ldquo;<I>Description
of Debt Securities&mdash;Events of Default and Defaults; Limitation of Remedies</I>&rdquo; in the accompanying prospectus do not apply
to the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Additional Amounts</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The government of the United Kingdom or any political
subdivision or any authority thereof or therein having the power to tax may require us to withhold or deduct amounts from payments on
the Senior Notes for taxes or other governmental charges.&nbsp;&nbsp;If such a withholding or deduction is required, we may be required,
subject to certain exceptions, to pay additional amounts such that the net amount paid to holders of the Senior Notes, after such deduction
or withholding, equals the amount that would have been payable had no such withholding or deduction been required (&ldquo;Additional Amounts&rdquo;).&nbsp;&nbsp;For
more information on Additional Amounts and the situations in which we must pay Additional Amounts, see &ldquo;<I>Description of Debt Securities&mdash;Additional
Amounts</I>&rdquo; in the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Whenever in this prospectus supplement there is
mentioned, in the context of the Senior Notes, the payment of the principal, premium, if any, or interest on or in respect of any Senior
Note, such mention shall be deemed to include mention of the payment of Additional Amounts referred to above and further described under
&ldquo;<I>Description of Debt Securities&mdash;Additional Amounts</I>&rdquo; in the accompanying prospectus, to the extent that, in such
context, Additional Amounts are, were or would be payable in respect thereof pursuant to the provisions of the Indenture and as if express
mention of the payment of Additional Amounts (if applicable) were made in any provisions hereof where such express mention is not made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Noteholder&rsquo;s Waiver of Right to Set-Off</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">By acquiring a Senior Note, each holder (and the
Trustee acting on behalf of the holders) will be deemed to have waived to the fullest extent permitted by law any right of set-off, counterclaim
or combination of accounts with respect to such Senior Note or the Indenture (or between our obligations under or in respect of any Senior
Note and any liability owed by a holder) that they (or the Trustee acting on their behalf) might otherwise have against us, whether before
or during our winding-up, liquidation or administration.&nbsp;&nbsp;Notwithstanding the above, if any such rights and claims of any such
holder (or the Trustee acting on behalf of such holders) against us are discharged by set-off, such holder (or the Trustee acting on behalf
of such holders) will immediately pay an amount equal to the amount of such discharge to us or, in the event of a winding-up, liquidation
or administration, our liquidator or administrator (or other relevant insolvency official), as the case may be, to be held on trust for
senior creditors, and until such time as payment is made will hold a sum equal to such amount on trust for senior creditors, and accordingly
such discharge shall be deemed not to have taken place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee; Direction of Trustee</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our obligations to indemnify the Trustee in accordance
with Section 6.07 (<I>Compensation and Reimbursement</I>) of the Indenture shall survive the exercise of the UK bail-in power by the relevant
UK authority with respect to the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">By its acquisition of Senior Notes, each holder
(including each beneficial holder) of the Senior Notes acknowledges and agrees that, upon the exercise of any UK bail-in power by the
relevant UK authority, (a) the Trustee shall not be required to take any further directions from holders of the Senior Notes under Section
5.12 (<I>Control by Holders</I>) of the Indenture, which authorises holders of a majority in aggregate outstanding principal amount of
the Senior Notes to direct certain actions relating to the Senior Notes, and (b) neither the Base Indenture nor the Fifteenth Supplemental
Indenture shall impose any duties upon the Trustee whatsoever with respect to the exercise of any UK bail-in power by the relevant UK
authority. Notwithstanding the foregoing, if, following the completion of the exercise of the UK bail-in power by the relevant UK authority,
the Senior Notes remain outstanding (for example, if the exercise of the UK bail-in power results in only a partial write-down of the
principal of the Senior Notes), then the Trustee&rsquo;s duties under the Indenture shall remain applicable with respect to the Senior
Notes following such completion to the extent that we and the Trustee shall agree pursuant to a supplemental indenture or an amendment
to the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition to the foregoing, the Trustee may
decline to act or accept direction from holders unless it receives written direction from holders representing a majority in aggregate
principal amount of the Senior Notes and security and/or indemnity satisfactory to the Trustee in its sole discretion. The Indenture shall
not be deemed to require the Trustee to take any action which may conflict with applicable law, or which may be unjustly prejudicial to
the holders not taking part in the direction, or which would subject the Trustee to undue risk or for which it is not indemnified to its
satisfaction in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Trustee makes no representations regarding,
and shall not be liable with respect to, the information set forth in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">See &ldquo;<I>&mdash;Events of Default and Defaults;
Limitation of Remedies</I>&rdquo; above for a description of the Trustee&rsquo;s procedures and remedies available in connection with
an Event of Default or Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All notices regarding a series of Senior Notes
will be deemed to be validly given if sent by first-class mail to the holders of the Senior Notes at their addresses recorded in the register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Until such time as any definitive securities are
issued, there may, so long as any Global Notes representing the Senior Notes are held in their entirety on behalf of DTC, be substituted
for such notice by first-class mail the delivery of the relevant notice to DTC for communication by them to the holders of the Senior
Notes, in accordance with DTC&rsquo;s applicable procedures. Neither the failure to give any notice to a particular holder, nor any defect
in a notice given to a particular holder, will affect the sufficiency of any notice given to another holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notices to be given by any holders of the Senior
Notes to the Trustee shall be in writing to the Trustee at its corporate trust office. While any of the Senior Notes are represented by
a Global Note, such notice may be given by any holder to the Trustee through DTC in such manner as DTC may approve for this purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subsequent Holders&rsquo; Agreement</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Holders of the Senior Notes that acquire the Senior
Notes in the secondary market shall be deemed to acknowledge, agree to be bound by and consent to the same provisions specified herein
to the same extent as the holders and beneficial owners of the Senior Notes that acquire the Senior Notes upon their initial issuance,
including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the Senior
Notes related to the UK bail-in power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes and the Indenture will be governed
by and construed in accordance with the laws of the State of New York, except that, as the Indenture specifies, the waiver of the right
to set-off by the holders and by the Trustee acting on behalf of the holders with respect to the Senior Notes will be governed by and
construed in accordance with the laws of Scotland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to apply for the listing of each series
of Senior Notes on the New York Stock Exchange in accordance with its rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 50; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_010"></A>UK AND U.S. FEDERAL
TAX CONSEQUENCES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a summary of material UK and
U.S. federal income tax consequences of the ownership and disposition of Senior Notes by a &ldquo;U.S. holder&rdquo; described below,
that is not connected with us for UK tax purposes, that holds the Senior Notes as capital assets and that purchases the Senior Notes of
any series in their initial offering at their &ldquo;issue price&rdquo;, which will be equal to the first price at which a substantial
amount of the Senior Notes of the relevant series is sold for money to the public (not including bond houses, brokers or similar persons
or organizations acting in the capacity of underwriters, placement agents or wholesalers).&nbsp;&nbsp;For purposes of this discussion,
a &ldquo;U.S. holder&rdquo; is a person eligible for the benefits of the UK-U.S. income tax treaty (the &ldquo;Treaty&rdquo;) that is,
for U.S. federal income tax purposes, a beneficial owner of the relevant Senior Notes and (i) a citizen or individual resident of the
United States, (ii) a corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created or organized
in or under the laws of the United States, any state thereof or the District of Columbia, or (iii) an estate or trust the income of which
is subject to U.S. federal income taxation regardless of its source.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This discussion does not describe all of the tax
consequences that may be relevant to U.S. holders in light of their particular circumstances, including any special tax accounting rules
set forth in Section 451 of the U.S. Internal Revenue Code of 1986, as amended, any minimum tax or Medicare contribution tax consequences,
as well as differing tax consequences that might apply to investors subject to special rules, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>persons who are resident in the UK or are temporary non-residents of the UK for UK tax purposes;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>certain financial institutions;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>insurance companies;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>dealers or traders in securities subject to a mark-to-market method of tax accounting with respect to the Senior Notes;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>persons holding Senior Notes as part of a hedge or other integrated transaction;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>persons whose functional currency is not the U.S. dollar;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>partnerships or other entities or arrangements classified as partnerships for U.S. federal income tax purposes; or</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>persons carrying on a trade in the UK through a permanent establishment in the UK or carrying on a trade, profession or vocation in
the UK through a branch or agency in the UK.</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-indent: 0.25in">If a partnership or other entity or arrangement
classified as a partnership for U.S. federal income tax purposes holds a Senior Note, the U.S. federal income tax treatment of a partner
generally will depend upon the status of the partner and the status and activities of the partnership.&nbsp;&nbsp;A partnership or partner
of a partnership holding a Senior Note should consult its tax advisor regarding the tax consequences of investing in the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The statements regarding UK and U.S. tax laws
and practices set out below, including those regarding the Treaty, are based on those laws, practices and conventions as of the date of
this prospectus supplement.&nbsp;&nbsp;They are subject to changes in those laws, practices and conventions, and any relevant judicial
decision which, in each case, may have retroactive effect. This summary is not exhaustive of all possible tax considerations that may
be relevant in the particular circumstances of each U.S. holder. In particular, this summary does not deal with the tax treatment of any
Senior Note on or following any exercise of the UK bail-in power.&nbsp;&nbsp;You should satisfy yourself as to the tax consequences in
your own particular circumstances of the acquisition, ownership and disposition of the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Payments of Interest</I>.&nbsp;&nbsp;Interest
that we pay on the Senior Notes will not be subject to withholding or deduction for or on account of UK tax, provided that the Senior
Notes are and remain listed on the New York Stock Exchange or some other &ldquo;recognized stock exchange&rdquo; within the meaning of
Section 1005 of the Income Tax Act 2007 or admitted to trading on a multilateral trading facility operated by a regulated recognized stock
exchange for the purposes of the &ldquo;quoted Eurobond&rdquo; exemption under Section 882 and Section 987 of the Income Tax Act 2007.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In all other cases, a sum on account of UK income
tax must generally be withheld at the basic rate (currently 20%), unless one of certain exceptions relating to the status of the holder
applies.&nbsp;&nbsp;In particular, certain U.S. holders will be entitled to receive payments free of withholding on account of UK income
tax under the Treaty and will under current HM Revenue &amp; Customs (&ldquo;HMRC&rdquo;) administrative procedures be able to make a
claim for the issuance of a direction by HMRC to this effect.&nbsp;&nbsp;However, such directions will be issued only on prior application
to the relevant tax authorities by the holder in question.&nbsp;&nbsp;If such a direction is not given, we will generally be required
to withhold tax, although a U.S. holder entitled to relief under the Treaty may subsequently claim the amount withheld from HMRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Payments of interest on the Senior Notes constitute
UK-source income for UK tax purposes and, as such, may be subject to UK tax by direct assessment, irrespective of the residence of the
holder.&nbsp;&nbsp;Where the payments are made without withholding on account of UK tax, the payments will not be assessed to UK tax if
you are not resident in the UK for tax purposes, except if you carry on a trade, profession or vocation in the UK through a UK branch
or agency, or in the case of a corporate U.S. holder, if you carry on a trade in the UK through a permanent establishment in the UK in
connection with which the payments are received or to which the Senior Notes are attributable, in which case (subject to exemptions for
payments received by certain categories of agent) tax may be levied on the UK branch or agency or permanent establishment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any person in the UK paying interest to, or receiving
interest on behalf of, certain other persons, may be required to provide information in relation to the payment (including the name and
address of the beneficial owner of the interest, whether or not resident in the UK) to HMRC.&nbsp;&nbsp;HMRC may communicate this information
to the tax authorities of other jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Disposal (Including Redemption)</I>.&nbsp;&nbsp;Subject
to the provisions set out in the next paragraph in relation to temporary non-residents, a U.S. holder will not, upon disposal (including
redemption) of a Senior Note, be liable for UK taxation on gains realized, unless at the relevant time the U.S. holder is resident for
tax purposes in the UK or carries on a trade, profession or vocation in the UK through a branch or agency in the UK or, in the case of
a corporate U.S. holder, if the U.S. holder carries on a trade in the UK through a permanent establishment in the UK and the Senior Note
was used in or for the purposes of the trade, profession or vocation or acquired for use and used by or held for the purposes of that
branch or agency or permanent establishment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A U.S. holder who is an individual and who has
ceased to be resident for tax purposes in the UK for a period of five years or less and who disposes of a Senior Note during that period
may be liable to UK tax on chargeable gains arising during the period of absence in respect of the disposal (including redemption), subject
to any available exemption or relief.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A U.S. holder who is an individual or other taxpayer
not subject to corporation tax will not, upon transfer or redemption of a Senior Note of any series, recognize any UK income tax charge
on accrued but unpaid payments of interest, unless the U.S. holder at any time in the relevant tax year was resident for tax purposes
in the UK or carried on a trade, profession or vocation in the UK through a branch or agency to which the Senior Note is attributable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Annual Tax Charges</I>.&nbsp;&nbsp;Corporate
U.S. holders who are not resident for tax purposes in the UK and who do not carry on a trade in the UK through a permanent establishment
in the UK to which the Senior Notes are attributable will not be liable to UK tax charges or relief by reference to fluctuations in exchange
rates or in respect of profits, gains and losses arising from the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Stamp Duty and Stamp Duty Reserve Tax</I>.&nbsp;&nbsp;The
following paragraphs are drafted on the basis, as is expected to be the case, that the Senior Notes are &ldquo;exempt loan capital&rdquo;
(that is, that section 79(4) of the Finance Act 1986 applies to the Senior Notes)<FONT STYLE="font-size: 12pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No UK stamp duty or UK stamp duty reserve tax
(&ldquo;SDRT&rdquo;) should arise on the issue or transfer of the Senior Notes into a clearance service or depositary receipt arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No UK stamp duty or UK SDRT should be payable
on the transfer of the Senior Notes within a clearance service or depositary receipt arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No UK stamp duty or UK SDRT should be payable
on the redemption of the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>General</I>. The Senior Notes of each series
should be treated as &ldquo;variable rate debt instruments&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Treatment of the Fixed Reset Rate Notes. </I>The
Fixed Reset Rate Notes should be treated as providing for stated interest at a single fixed rate followed by a &ldquo;qualified floating
rate&rdquo; (&ldquo;QFR&rdquo;) for U.S. federal income tax purposes. The following discussion assumes that this treatment will be respected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the U.S. Treasury regulations applicable
to variable rate debt instruments, in order to determine the amount of original issue discount (&ldquo;OID&rdquo;), if any, in respect
of the Fixed Reset Rate Notes, an equivalent fixed rate debt instrument must be constructed.&nbsp;&nbsp;The equivalent fixed rate debt
instrument is constructed in the following manner: (i) first, the initial fixed rate is converted to a QFR that would preserve the fair
market value of the Fixed Reset Rate Notes, and (ii) second, each QFR (including the QFR determined under clause (i) above) is converted
to a fixed rate substitute (which generally will be the value of that QFR as of the issue date of the Fixed Reset Rate Notes).&nbsp;&nbsp;Under
the applicable U.S. Treasury regulations, the Fixed Reset Rate Notes generally will be treated as providing for qualified stated interest
(&ldquo;QSI&rdquo;) at a rate equal to the lowest rate of interest in effect at any time under the equivalent fixed rate debt instrument,
and any interest under the equivalent fixed rate debt instrument in excess of that rate generally would be treated as part of the stated
redemption price at maturity and, therefore, as possibly giving rise to OID.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>OID on the Senior Notes. </I>Based on the application
of the above rules to the Fixed Reset Rate Notes and the expected pricing terms of the Fixed Reset Rate Notes, we do not expect the Fixed
Reset Rate Notes to be treated as issued with OID.&nbsp;&nbsp;We also do not expect the Floating Rate Notes to be issued with OID. The
remaining discussion assumes that none of the Senior Notes will have OID for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Stated Interest</I>.&nbsp;&nbsp;Stated interest
on a Senior Note (including any UK tax withheld) will be includable in income by a U.S. holder as ordinary interest income at the time
it accrues or is received in accordance with the U.S. holder&rsquo;s method of accounting for U.S. federal income tax purposes.&nbsp;&nbsp;Interest
income from the Senior Notes (including any UK tax withheld) will constitute foreign source income, which may be relevant to a U.S. holder
in calculating the U.S. holder&rsquo;s foreign tax credit limitation.&nbsp;&nbsp;The limitation on foreign taxes eligible for the credit
is calculated separately with respect to specific classes of income.&nbsp;&nbsp;The rules governing foreign tax credits are complex. If
any UK taxes are imposed on interest payments, U.S. holders should consult their tax advisers regarding their creditability or deductibility
in their particular circumstances (including any applicable limitations).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Sale, Exchange or Redemption</I>.&nbsp;&nbsp;A
U.S. holder will, upon the sale, exchange or redemption of a Senior Note, generally recognize capital gain or loss for U.S. federal income
tax purposes in an amount equal to the difference between the amount realized (not including amounts attributable to accrued interest,
which will be treated as a payment of interest, as described above) and the U.S. holder&rsquo;s tax basis in the Senior Note.&nbsp;&nbsp;A
U.S. holder&rsquo;s tax basis in a Senior Note generally will equal the cost of the Senior Note to the U.S. holder.&nbsp;&nbsp;Any gain
or loss will generally be U.S.-source capital gain or loss and will be long-term capital gain or loss if the Senior Note has been held
for more than one year at the time of disposition.&nbsp;&nbsp;Long-term capital gains recognized by non-corporate U.S. holders are generally
eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Backup Withholding and Information Reporting</I>.&nbsp;&nbsp;Information
returns may be filed with the Internal Revenue Service in connection with payments on the Senior Notes and the proceeds from a sale or
other disposition of the Senior Notes.&nbsp;&nbsp;A U.S. holder may be subject to U.S. backup withholding on these payments and proceeds
if the U.S. holder fails to provide its taxpayer identification number and comply with certain certification procedures or otherwise establish
an exemption from backup withholding.&nbsp;&nbsp;The amount of any backup withholding from a payment to a U.S. holder will be allowed
as a credit against the U.S. holder&rsquo;s U.S. federal income tax liability and may entitle the U.S. holder to a refund, provided that
the required information is timely furnished to the Internal Revenue Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain U.S. holders who are individuals (or certain
specified entities) may be required to report information relating to non-U.S. accounts through which the U.S. holders may hold their
Senior Notes (or information regarding the Senior Notes if the Senior Notes are not held through any financial institution).&nbsp;&nbsp;U.S.
holders should consult their tax advisors regarding their reporting obligations with respect to the Senior Notes. The failure to comply
with certain reporting obligations could result in the imposition of substantial penalties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_011"></A>UNDERWRITING/CONFLICTS
OF INTEREST</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We and the underwriters for the offering named
below (the &ldquo;Underwriters&rdquo;) have entered into an underwriting agreement and a pricing agreement with respect to the Senior
Notes.&nbsp;&nbsp;Subject to certain conditions, we have agreed to sell to the Underwriters and each Underwriter has severally and not
jointly agreed to purchase the respective principal amount of the Senior Notes indicated opposite such Underwriter&rsquo;s name in the
following table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Principal Amount of Fixed Reset Rate Notes</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Principal Amount of Floating Rate&nbsp;&nbsp;Notes</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><U>Underwriters</U></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-style: normal; font-weight: normal">BofA Securities, Inc.</FONT></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-style: normal; font-weight: normal">Goldman Sachs &amp; Co. LLC</FONT></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; width: 74%; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">Jefferies LLC&#9;</FONT></TD><TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 1%; text-align: left">$</TD><TD STYLE="font-weight: bold; width: 10%; text-align: right"></TD><TD STYLE="font-weight: bold; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">Morgan Stanley &amp; Co. LLC&#9;</FONT></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right"></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">NatWest Markets Securities
    Inc.</FONT> &#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-style: normal; font-weight: normal">TD Securities
    (USA) LLC&#9;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right"></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; font-weight: bold; padding-bottom: 2.5pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double; text-align: right"></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The underwriting agreement and the pricing agreement
provide that the obligations of the Underwriters are subject to certain conditions precedent and that the Underwriters have undertaken
to purchase all the Senior Notes offered by this prospectus supplement if any of these Senior Notes are purchased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes sold by the Underwriters to the
public will initially be offered at the initial public offering prices set forth on the cover of this prospectus supplement and may be
offered to certain dealers at such price less a concession not in excess of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
% of the principal amount of the Fixed Reset Rate Notes and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
% of the principal amount of the Floating Rate Notes. Any such securities dealers may resell any Senior Notes purchased from the Underwriters
to certain other brokers or dealers at a discount from the initial public offering price of up to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
of the principal amount of the Fixed Reset Rate Notes and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
of the principal amount of the Floating Rate Notes.&nbsp;&nbsp;If all the Senior Notes are not sold at the initial public offering prices,
the Underwriters may change the offering prices and the other selling terms. The offering of the Senior Notes by the Underwriters is subject
to receipt and acceptance and subject to the Underwriters&rsquo; right to reject any order in whole or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to apply for the listing of each series
of Senior Notes on the New York Stock Exchange.&nbsp;&nbsp;Each series of Senior Notes is a new issue of securities with no established
trading market.&nbsp;&nbsp;We have been advised by the Underwriters that the Underwriters intend to make a market in the Senior Notes,
but they are not obligated to do so and may discontinue market-making at any time without notice.&nbsp;&nbsp;No assurance can be given
as to the liquidity of the trading markets for the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes will settle through the facilities
of the DTC and its participants (including Euroclear and Clearstream Banking).&nbsp;&nbsp;The CUSIP number for the Fixed Reset Rate Notes
is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and the ISIN is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
The CUSIP number for the Floating Rate Notes is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
the ISIN is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain of the Underwriters may not be U.S. registered
broker-dealers and accordingly will not effect any sales within the United States except in compliance with applicable U.S. laws and regulations,
including the rules of FINRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We estimate that our total expenses for the offering,
excluding underwriting discount, will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have agreed to indemnify the several Underwriters
against certain liabilities, including liabilities under the US Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">It is expected that delivery of the Senior Notes
will be made against payment on or about the date specified in the last paragraph of the cover page of this prospectus supplement, 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. Exchange Act, trades in the secondary market generally are required to settle in one business day (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 one business day 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 of any series who wish to make such trades should
consult their own advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conflicts of Interest</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">NatWest Markets Securities Inc., an affiliate
of NatWest Group plc, is a FINRA member and an Underwriter in this offering, has a &ldquo;conflict of interest&rdquo; within the meaning
of FINRA Rule 5121.&nbsp;&nbsp;Accordingly, this offering will be made in compliance with the applicable provisions of FINRA Rule 5121.&nbsp;&nbsp;NatWest
Markets Securities Inc. is not permitted to sell the Senior Notes in this offering to an account over which it exercises discretionary
authority without the prior specific written approval of the account holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Some of the Underwriters and their affiliates
have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business
with us or our affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions. In
addition, in the ordinary course of their business activities, the Underwriters and their affiliates may make or hold a broad array of
investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank
loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities
and/or instruments of ours or our affiliates. Certain of the Underwriters or their affiliates that have a lending relationship with us
routinely hedge, and certain other of those Underwriters or their affiliates may hedge, their credit exposure to us consistent with their
customary risk management policies. Typically, such Underwriters and their affiliates may hedge such exposure by entering into transactions
which consist of either the purchase of credit default swaps or the creation of short positions in our securities, including potentially
the Senior Notes. Any such credit default swaps or short positions could adversely affect future trading prices of the Senior Notes. The
Underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect
of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such
securities and instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with the offering, the Underwriters
are not acting for anyone other than us and will not be responsible to anyone other than us for providing the protections afforded to
their clients nor for providing advice in relation to the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stabilization Transactions and Short Sales</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with the offering, the Underwriters
(or persons acting on their behalf) may over-allot the Senior Notes or effect transactions with a view to supporting the market price
of the Senior Notes during the stabilization period at a level higher than that which might otherwise prevail. However, stabilization
action may not necessarily occur. Any such stabilization action may begin on or after the date on which adequate public disclosure of
the terms of the offer of the Senior Notes is made, and, if begun, may be ended at any time, but it must end no later than 30 calendar
days after the date on which we received the proceeds of the issue, or no later than 60 calendar days after the date of allotment of the
Senior Notes, whichever is the earlier. Any stabilization action or over-allotment must be conducted by the relevant Underwriter (or persons
acting on their behalf) in accordance with all applicable laws and rules and will be undertaken at the offices of the relevant Underwriter
(or persons acting on their behalf) and on the New York Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These transactions may include short sales, stabilizing
transactions and purchases to cover positions created by short sales.&nbsp;&nbsp;Short sales involve the sale by the Underwriters of a
greater aggregate principal amount of Senior Notes than they are required to purchase from us in the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Underwriters may also impose a penalty bid.&nbsp;&nbsp;This
occurs when a particular Underwriter repays to the other Underwriters a portion of the underwriting discount received by it because the
other Underwriters have repurchased the Senior Notes sold by or for the account of such Underwriter in stabilizing or short-covering transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These activities by the Underwriters may stabilize,
maintain or otherwise affect the market price of the Senior Notes.&nbsp;&nbsp;As a result, the price of the Senior Notes may be higher
than the price that otherwise might exist in the open market.&nbsp;&nbsp;If these activities are commenced, they may be discontinued by
the Underwriters at any time and stabilizing transactions must be brought to an end after a limited period as set up above.&nbsp;&nbsp;These
transactions may be effected on the New York Stock Exchange, in the over-the-counter market or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">United Kingdom</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus supplement is for distribution
only to persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the &ldquo;Financial Promotion Order&rdquo;), (ii) are persons
falling within Article 49(2)(a) to (d) (&ldquo;high net worth companies, unincorporated associations etc.&rdquo;) of the Financial Promotion
Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity
(within the meaning of Section 21 of the UK Financial Services and Markets Act 2000 (as amended, &ldquo;FSMA&rdquo;)) in connection with
the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being
referred to as &ldquo;relevant persons&rdquo;). This prospectus supplement is directed only at relevant persons and must not be acted
on or relied on by persons who are not relevant persons. Any investment or investment activity to which this prospectus supplement relates
is available only to relevant persons and will be engaged in only with relevant persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes are not intended to be offered,
sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom.&nbsp;&nbsp;For
these purposes: (a) the expression retail investor means a person who is one (or more) of the following: (i) a retail client, as defined
in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal)
Act 2018 (&ldquo;EUWA&rdquo;); or (ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under
the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8)
of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA.&nbsp;&nbsp;Consequently, no key
information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the &ldquo;UK PRIIPs
Regulation&rdquo;) for offering or selling the Senior Notes or otherwise making them available to retail investors in the UK has been
prepared and therefore offering or selling the Senior Notes or otherwise making them available to any retail investor in the UK may be
unlawful under the UK PRIIPs Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each Underwriter has represented and agreed that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;it
has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to
engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of the
Senior Notes in circumstances in which Section 21(1) of the FSMA does not apply to us; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;it
has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Senior
Notes in, from or otherwise involving the United Kingdom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">PRIIPs Regulation / Prohibition of sales to
EEA retail investors</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus supplement has been prepared on
the basis that any offer of Senior Notes in any Member State of the European Economic Area will be made pursuant to an exemption under
the Prospectus Regulation from the requirement to publish a prospectus for offers of the Senior Notes. The expression &ldquo;Prospectus
Regulation&rdquo; means Regulation (EU) 2017/1129 (as amended or superseded).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each Underwriter, severally and not jointly, has
represented and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available
any Senior Notes which are the subject of the offering contemplated by this prospectus supplement in relation thereto to any retail investor
in the EEA.&nbsp;&nbsp;For the purposes of this provision,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">the expression &ldquo;retail investor&rdquo; means
a person who is one (or more) of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(i)&nbsp;&nbsp;&nbsp;a
retail client as defined in point (11) of Article 4(1) of MiFID II; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;a
customer within the meaning of the Insurance Distribution Directive, where that customer would not qualify as a professional client as
defined in point (10) of Article 4(1) of MiFID II.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Hong Kong</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each underwriter, severally and not jointly, has
acknowledged that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 22.5pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD>it has not offered or sold and will not offer or sell in Hong Kong, by means of any document, any Senior Notes other than (a) to &ldquo;professional
investors&rdquo; as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or
(b) in other circumstances which do not result in the document being a &ldquo;prospectus&rdquo; as defined in the Companies Ordinance
(Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance; and</TD></TR></TABLE>

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

<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: 22.5pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD>it has not issued or had in its possession for the purposes of issue, and will not issue or have in its possession for the purposes
of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the Senior Notes, which is directed
at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities
laws of Hong Kong<FONT STYLE="font-family: Times New Roman, Times, Serif">) other than with respect to </FONT>Senior Notes <FONT STYLE="font-family: Times New Roman, Times, Serif">which
are or are intended to be disposed of only to persons outside Hong Kong or only to &ldquo;professional investors&rdquo; as defined in
the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance.</FONT></TD></TR></TABLE>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Japan</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes have not been and will not be
registered under the Financial Instruments and Exchange Act of Japan (Law No. 25 of 1948, as amended; the &ldquo;FIEA&rdquo;). Accordingly,
each underwriter, severally and not jointly, has acknowledged that it has not offered or sold and will not offer or sell any Senior Notes,
directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (as defined under Item 5, Paragraph 1, Article 6
of the Foreign Exchange and Foreign Trade Control Act (Law No. 228 of 1949, as amended)), or to others for re-offering or resale, directly
or indirectly, in Japan or to, or for the benefit of, a resident of Japan, except pursuant to an exemption from the registration requirements
of, and otherwise in compliance with, the FIEA and any other applicable laws, regulations and ministerial guidelines of Japan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Singapore</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each underwriter, severally and not jointly, has
acknowledged that this prospectus supplement (together with the accompanying prospectus) has not been registered as a prospectus with
the Monetary Authority of Singapore. Accordingly, each underwriter, severally and not jointly, has acknowledged that it has not offered
or sold any Senior Notes or caused the Senior Notes to be made the subject of an invitation for subscription or purchase and will not
offer or sell such Senior Notes or cause the Senior Notes to be made the subject of an invitation for subscription or purchase, and has
not circulated or distributed, nor will it circulate or distribute, the prospectus supplement or any other document or material in connection
with the offer or sale, or invitation for subscription or purchase, of the Senior Notes, whether directly or indirectly, to any person
in Singapore other than (i) to an institutional investor (as defined in Section 4A of the Securities and Futures Act 2001 of Singapore,
as modified or amended from time to time (the &ldquo;SFA&rdquo;)) pursuant to Section 274 of the SFA or (ii) to an accredited investor
(as defined in Section 4A of the SFA) pursuant to and in accordance with the conditions specified in Section 275 of the SFA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Canada</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes may be sold only to purchasers
purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 <I>Prospectus
Exemptions</I> or subsection 73.3(1) of the <I>Securities Act</I> (Ontario), and are permitted clients, as defined in National Instrument
31-103 <I>Registration Requirements, Exemptions and Ongoing Registrant Obligations</I>.&nbsp;&nbsp;Any resale of the Senior Notes must
be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities
laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Securities legislation in certain provinces or
territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement (including any amendment
thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the
time limit prescribed by the securities legislation of the purchaser&rsquo;s province or territory.&nbsp;&nbsp;The purchaser should refer
to any applicable provisions of the securities legislation of the purchaser&rsquo;s province or territory for particulars of these rights
or consult with a legal advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to section 3A.3 of National Instrument
33-105 <I>Underwriting Conflicts</I> (&ldquo;NI 33-105&rdquo;), the Underwriters are not required to comply with the disclosure requirements
of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Switzerland</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus supplement and the accompanying
prospectus, as well as any other material relating to the Senior Notes which are the subject of the offering contemplated by this prospectus
supplement, do not constitute an issue prospectus pursuant to the Swiss Financial Services Act (&ldquo;FinSA&rdquo;). The Senior Notes
will not be listed on the SIX Swiss Exchange and, therefore, the documents relating to the Senior Notes, including, but not limited to,
this prospectus supplement, do not claim to comply with the FinSA. The Senior Notes are being offered in Switzerland by way of a private
placement, <I>i.e.</I>, to a small number of selected investors only, without any public offer and only to investors who do not purchase
the Senior Notes with the intention to distribute them to the public. The investors will be individually approached by us from time to
time. This prospectus supplement as well as any other material relating to the Senior Notes is personal and confidential and does not
constitute an offer to any other person. This prospectus supplement may only be used by those investors to whom it has been handed out
in connection with the offering described herein and may neither directly nor indirectly be distributed or made available to other persons
without our express consent. It may not be used in connection with any other offer and shall in particular not be copied and/or distributed
to the public in (or from) Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Taiwan</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes have not been and will not be
registered or filed with, or approved by, the Financial Supervisory Commission of the ROC and/or other regulatory authority of the ROC
pursuant to relevant securities laws and regulations and may not be sold, issued or offered within the ROC through a public offering or
in circumstances which constitute an offer within the meaning of the Securities and Exchange Act of the ROC or relevant laws and regulations
that requires a registration, filing or approval of the Financial Supervisory Commission of the ROC and/or other regulatory authority
of the ROC. No person or entity in the ROC has been authorized to offer or sell the Senior Notes in the ROC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Malaysia</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each Underwriter has acknowledged that no lodgement
of the relevant documents with the Securities Commission Malaysia (&ldquo;SC&rdquo;) has been or will be made and no approval from the
SC under the Capital Markets and Services Act 2007 of Malaysia (&ldquo;CMSA&rdquo;) has been or will be obtained and this prospectus supplement
has not been nor will it be registered with the SC as a prospectus under the CMSA for the offering or issuance of the Senior Notes on
the basis that the Senior Notes will be offered or sold exclusively to persons outside Malaysia. Accordingly, each Underwriter has acknowledged
that it has not offered or sold any Senior Notes or caused such Senior Notes to be made the subject of an invitation for subscription
or purchase nor will it offer or sell such Senior Notes or cause such Senior Notes to be made the subject of an invitation for subscription
or purchase, nor has it circulated or distributed, nor will it circulate or distribute, either this prospectus supplement or any other
document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Senior Notes, whether directly
or indirectly, to any person in Malaysia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>South Korea</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Senior Notes have not been and will not be
registered with the Financial Services Commission of Korea under the Financial Investment Services and Capital Markets Act of Korea. Accordingly,
the Senior Notes may not be offered, sold or delivered, directly or indirectly, in Korea or to, or for the account or benefit of, any
Korean resident (as such term is defined in the Foreign Exchange Transactions Act of Korea and the decree, rules and regulations promulgated
thereunder), except as otherwise permitted under applicable Korean laws and regulations. Furthermore, the Senior Notes may not be transferred,
re-offered or resold, directly or indirectly, in Korea or to any Korean resident (as such term is defined in the Foreign Exchange Transactions
Act of Korea and the decree, rules and regulations promulgated thereunder) for a period of one year from the date of issuance of the Senior
Notes, except as otherwise permitted by applicable Korean laws and regulations. The aggregate number of Senior Notes offered in Korea
and to Korean residents shall be less than 50, and by purchasing the Senior Notes, each noteholder will be deemed to represent, warrant
and agree that for a period of one year from the date of issuance of the Senior Notes, the Senior Notes may not be sub-divided or re-denominated
so as to result in increasing the aggregate number of such Senior Notes to 50 or more.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Other Jurisdictions outside the United States</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No action may be taken in any jurisdiction other
than the United States that would permit a public offering of the Senior Notes or the possession, circulation or distribution of this
prospectus supplement in any jurisdiction where action for that purpose is required. Accordingly, the Senior Notes may not be offered
or sold, directly or indirectly, and neither this prospectus supplement nor any other offering material or advertisements in connection
with the Senior Notes may be distributed or published in or from any country or jurisdiction, except under circumstances that will result
in compliance with any applicable rules and regulations of any such country or jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_012"></A>LEGAL OPINIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our U.S. counsel, Davis Polk &amp; Wardwell London
LLP, and U.S. counsel for the Underwriters, Milbank LLP, will pass upon certain United States legal matters relating to the Senior Notes.&nbsp;&nbsp;Our
Scottish solicitors, CMS Cameron McKenna Nabarro Olswang LLP, will pass upon certain matters of Scots law relating to the issue and sale
of the Senior Notes.&nbsp;&nbsp;Our English solicitors, Davis Polk &amp; Wardwell London LLP will pass upon certain tax matters of English
law relating to the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_013"></A>EXPERTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The consolidated financial statements of NatWest
Group plc (the &ldquo;Group&rdquo;) appearing in the Group&rsquo;s Annual Report (Form 20-F) for the year ended December 31, 2024, and
the effectiveness of the Group&rsquo;s internal control over financial reporting as of December 31, 2024 have been audited by Ernst &amp;
Young LLP, independent registered public accounting firm, as set forth in their reports thereon, included therein, and incorporated herein
by reference. Such consolidated financial statements and NatWest Group plc&rsquo;s management&rsquo;s assessment of the effectiveness
of internal control over financial reporting as of December 31, 2024, are incorporated herein by reference in reliance upon such reports
given on the authority of such firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"></P>

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

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

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0">NATWEST GROUP plc</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">DOLLAR PREFERENCE SHARES</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">CONTINGENT CONVERTIBLE SECURITIES</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">ORDINARY SHARES<BR>
RIGHTS TO SUBSCRIBE FOR ORDINARY SHARES<BR>
AMERICAN DEPOSITARY SHARES</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">By this prospectus we may offer from time to time,
together or separately, debt securities, including senior debt securities and subordinated debt securities, dollar preference shares (directly
or in the form of American depositary shares), contingent convertible securities, ordinary shares (directly or in the form of American
depositary shares) and rights to subscribe for ordinary shares (directly or in the form of American depositary shares). Our ordinary shares
are listed on the London Stock Exchange under the symbol &ldquo;NWG&rdquo;. Our American depositary shares, or ADSs, each representing
two ordinary shares (or a right to receive two ordinary shares), are listed on the New York Stock Exchange under the symbol &ldquo;NWG&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will provide the specific terms of these securities,
and the manner in which they will be offered, in one or more supplements to this prospectus. Any supplement may also add, update or change
information contained, or incorporated by reference, into this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You should carefully read this prospectus and
the applicable prospectus supplement, together with the additional information described under the headings &ldquo;Where You Can Find
More Information&rdquo; and &ldquo;Incorporation of Documents by Reference&rdquo;, before investing in our securities. The amount and
price of the offered securities will be determined at the time of the offering. We may sell these securities to or through underwriters,
and also to other purchasers or through agents. The names of the underwriters will be set forth in the accompanying prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Investing in our securities involves risks
that are described in the &ldquo;Risk Factors&rdquo; section beginning on page 2.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>The debt securities and the contingent convertible
securities may be subject to the exercise of the U.K. bail-in power by the relevant U.K. resolution authority as described herein and
in the applicable prospectus supplement for such debt securities or contingent convertible securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined that this prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>This prospectus may not be used to sell securities
unless it is accompanied by a prospectus supplement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">The date of this prospectus is
December 23, 2024.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

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


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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-variant: small-caps"><U>Page</U></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_001">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_001">1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_002">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_002">1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_003">NATWEST GROUP PLC</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_003">1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_004">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_004">2</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_005">DESCRIPTION OF DEBT SECURITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_005">5</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_006">DESCRIPTION OF DOLLAR PREFERENCE SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_006">14</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_007">DESCRIPTION OF DOLLAR PREFERENCE SHARE AMERICAN DEPOSITARY SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_007">22</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_008">DESCRIPTION OF CONTINGENT CONVERTIBLE SECURITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_008">27</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_009">DESCRIPTION OF CERTAIN PROVISIONS RELATING TO DEBT SECURITIES AND CONTINGENT CONVERTIBLE SECURITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_009">33</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_010">DESCRIPTION OF ORDINARY SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_010">39</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_011">DESCRIPTION OF ORDINARY SHARE AMERICAN DEPOSITARY SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_011">45</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_012">DESCRIPTION OF RIGHTS TO SUBSCRIBE FOR ORDINARY SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_012">51</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_013">PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_013">51</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_014">EXPENSES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_014">52</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_015">LEGAL OPINIONS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_015">53</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_016">EXPERTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_016">53</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_017">ENFORCEMENT OF CIVIL LIABILITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_017">53</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_018">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_018">53</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_019">INCORPORATION OF DOCUMENTS BY REFERENCE</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_019">54</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_020">CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_020">54</A></TD></TR>
</TABLE>

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

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

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




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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_001"></A>ABOUT THIS PROSPECTUS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus is part of a registration statement
on Form F-3 that we filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) using a &ldquo;shelf&rdquo; registration process.
Under this shelf registration process, we may from time to time sell any combination of the securities described in this prospectus in
one or more offerings in one or more foreign currencies or currency units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus provides you with a general description
of the debt securities, dollar preference shares, contingent convertible securities, ordinary shares, rights to subscribe for ordinary
shares and the American depositary shares, which we will refer to collectively as the &ldquo;securities&rdquo;. Each time we sell securities,
we will provide a prospectus supplement that will contain, among others, specific information about the terms of that offering and the
risks relating to that offering. The prospectus supplement will provide information regarding certain tax consequences of the purchase,
ownership and disposition of the offered securities. The prospectus supplement may also add to, update or change information contained
in this prospectus. If there is any inconsistency between the information in this prospectus and any prospectus supplement, you should
rely on the information in that prospectus supplement. We will file each prospectus supplement with the SEC. You should read both this
prospectus and the applicable prospectus supplement, together with the additional information described under the headings &ldquo;Where
You Can Find More Information&rdquo; and &ldquo;Incorporation of Documents by Reference&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The registration statement containing this prospectus,
including exhibits to the registration statement, provides additional information about us and the securities we may offer under this
prospectus. The registration statement can be read at the SEC&rsquo;s offices or obtained from the SEC&rsquo;s website mentioned under
the heading &ldquo;Where You Can Find More Information&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In this prospectus, the terms &ldquo;we&rdquo;,
&ldquo;our&rdquo; and &ldquo;us&rdquo; means NatWest Group plc and the term &ldquo;NatWest Group&rdquo; means NatWest Group plc and its
subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">NatWest Group plc publishes its consolidated financial
statements in pounds sterling (&ldquo;&pound;&rdquo; or &ldquo;sterling&rdquo;), the lawful currency of the United Kingdom. In this prospectus
and any prospectus supplement, references to &ldquo;dollars&rdquo; and &ldquo;$&rdquo; are to United States dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_002"></A>USE OF PROCEEDS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless we have disclosed a specific plan in the
accompanying prospectus supplement, we will use the net proceeds from the sale of the securities we may offer by this prospectus for general
corporate purposes. NatWest Group has raised capital in various markets from time to time and we expect to continue to raise capital in
such markets and at such times as we consider appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_003"></A>NATWEST GROUP PLC</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">NatWest Group plc is a public limited company
incorporated in Scotland with registration number SC045551. NatWest Group plc was incorporated under Scots law on March 25, 1968. NatWest
Group plc is the holding company of a large banking and financial services group. Headquartered in Edinburgh, NatWest Group plc operates
primarily in the United Kingdom through a network of branches, local banks and non-bank subsidiaries. NatWest Group&rsquo;s main operating
companies include National Westminster Bank Plc, NatWest Markets Plc, The Royal Bank of Scotland plc and Coutts &amp; Co. NatWest Group
has a diversified customer base and provides a wide range of products and services to personal, commercial and large corporate and institutional
customers. At September 30, 2024, His Majesty&rsquo;s Treasury&rsquo;s (&ldquo;HM Treasury&rdquo;) percentage of total voting rights held
in NatWest Group plc was 16.92%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">NatWest Group plc&rsquo;s registered office is
36 St Andrew Square, Edinburgh EH2 2YB, Scotland and its principal place of business is 250 Bishopsgate, London, EC2M 4AA, United Kingdom,
telephone +44 (0) 207 085 5143.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You can find a more detailed description of NatWest
Group&rsquo;s business in our annual report on Form 20-F for the year ended December 31, 2023, filed with the SEC on February 23, 2024
(the &ldquo;2023 Annual Report&rdquo;), which is incorporated by reference in this prospectus, or similar subsequent filings incorporated by
reference in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><A NAME="a_004"></A>RISK
FACTORS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white"><I>Investing
in the securities offered using this prospectus involves risk. You should consider carefully the risks described below, together with
the risks described in the documents incorporated by reference into this prospectus and any risk factors included in the prospectus supplement,
before you decide to buy our securities. If any of these risks actually occur, our business, financial condition and results of operations
could suffer, and the trading price and liquidity of the securities offered using this prospectus could decline, in which case you may
lose all or part of your investment.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white"><I>Additional
risks, if any, specific to a potential offering of class of securities issued under this prospectus will be set out in the applicable
prospectus supplement. Terms relating to debt securities or contingent convertible securities used but not defined in these risk factors
have the meaning ascribed thereto in the relevant indenture in respect of these securities.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks relating to NatWest Group plc and NatWest Group</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For a description of the risks associated with
NatWest Group plc and NatWest Group, including certain risks associated with investments in NatWest Group plc&rsquo;s securities, please
refer to the &ldquo;<I>Risk Factors</I>&rdquo; section in our 2023 Annual Report and the &ldquo;<I>NatWest Group plc Summary Risk Factors</I>&rdquo;
section in our interim report on Form 6-K for the six months ended June 30, 2024, filed with the SEC on July 26, 2024 (the &ldquo;H1 Interim
Report&rdquo;), which are incorporated by reference in this prospectus or similar sections in subsequent filings incorporated by reference
in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks relating to NatWest Group plc&rsquo;s Shares Generally</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">NatWest Group plc&rsquo;s shares (including
ordinary shares, dollar preference shares and rights to receive ordinary shares) and American depositary shares may experience volatility
which will negatively affect your investment.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In recent years major stock markets have experienced
varying degrees of price and trading volume fluctuations. These fluctuations have sometimes been, and may again be, unrelated or disproportionate
to the operating performance of the relevant companies. There could be significant fluctuations in the price of our shares and ADSs, even
if our operating results meet the expectations of the investment community. In addition, the following factors, among others, could cause
the market price of our shares and ADSs to fluctuate significantly:</P>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>announcements by NatWest Group or its competitors relating to operating results, earnings, acquisitions or joint ventures, capital
commitments or spending;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in financial estimates or investment recommendations by securities analysts;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in market valuations of other peer banks;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in interest rates;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>adverse economic performance or recession in the countries or markets in which we operate; or</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>disruptions in trading on major stock markets.</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; background-color: white">As a result of these and other factors, you
may be unable to sell your shares and ADSs at or above the price you purchased at due to fluctuations in the market price.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may be unable to recover in civil
proceedings for U.S. securities laws violations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">NatWest Group plc is incorporated under the
laws of Scotland. Substantially all of our directors and officers, and the experts named in this prospectus, reside outside the United
States, principally in the United Kingdom. All or a substantial portion of our assets, and the assets of such persons, are located outside
the United States. Therefore, you may not be able to effect service of process within the United States upon us or these persons so that
you may</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">enforce judgments of U.S. courts against us
or these persons based on the civil liability provisions of the U.S. federal securities laws.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks relating to the Debt Securities and Contingent Convertible
Securities Generally</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The debt securities and contingent
convertible securities contain very limited Defaults and Events of Default provisions, and the remedies available thereunder are limited.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The debt securities and contingent convertible
securities contain very limited Defaults and Events of Default provisions, and the remedies available thereunder are limited. The sole
remedy available to the Trustee against the Issuer in case of a &ldquo;Default&rdquo;, being the failure to pay principal or interest
on the debt securities or contingent convertible securities when it otherwise becomes due and payable (following the expiration of a specified
grace period), is that the Trustee may commence a proceeding for our winding up and/or prove in our winding up. The Trustee may not, however,
upon the occurrence of a Default, declare the principal amount of any outstanding debt securities or contingent convertible securities
due and payable. While holders of the debt securities or contingent convertible securities will similarly not be able to accelerate a
repayment of the principal amount of the debt securities or contingent convertible securities upon the occurrence of a Default, such holders
shall have the right to sue for any payments that are due but unpaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An Event of Default will only occur if an order
is made for our winding up which is not successfully appealed within 30 days or upon a valid adoption by our shareholders of an effective
resolution for our winding up (in each case other than under or in connection with a scheme of amalgamation or reconstruction not involving
bankruptcy or insolvency). On the occurrence of such an Event of Default, the Trustee and the holders of the debt securities or contingent
convertible securities have only limited enforcement remedies. If such an Event of Default with respect to the debt securities or contingent
convertible securities occurs and is continuing, the Trustee or the holders of at least 25% in aggregate principal amount of the outstanding
debt securities or contingent convertible securities may declare the principal amount of, and any accrued but unpaid interest on, the
debt securities or contingent convertible securities to be due and payable immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the occurrence of an Event of Default,
the debt securities and contingent convertible securities are subject to bail-in in the event the U.K. bail-in power is exercised. As
a result, during such time as the Trustee is seeking to cause our winding up, your claims in such winding up could be reduced to zero.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>The Banking Act confers substantial powers
on relevant UK authorities designed to enable them to take a range of actions in relation to UK banks or investment firms and certain
of their affiliates in the event a bank or investment firm in the same group is considered to be failing or likely to fail. The exercise
of any of these actions in relation to NatWest Group plc or any entity within NatWest Group could materially adversely affect the value
of the debt securities and contingent convertible securities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the Banking Act, substantial powers are
granted to the Bank of England (or, in certain circumstances, HM Treasury), in consultation with the Prudential Regulation Authority (&ldquo;PRA&rdquo;),
the Financial Conduct Authority and HM Treasury, as appropriate as part of a special resolution regime (the &ldquo;SRR&rdquo;). These
powers enable the relevant UK authority to implement resolution measures with respect to a UK bank or investment firm and certain of its
affiliates (including, for example, NatWest Group plc) (each a &ldquo;relevant entity&rdquo;) in circumstances in which the relevant UK
authority is satisfied that the resolution conditions are met. Under the applicable regulatory framework and pursuant to guidance issued
by the Bank of England, governmental financial support, if any is provided, would only be used as a last resort measure where a serious
threat to financial stability cannot be avoided by other measures (such as the stabilization options described below, including the UK
bail-in power) and subject to the limitations set out in the Banking Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Banking Act grants broad powers to the relevant
UK authorities and the application of such powers, or any suggestion of such application, could have a material adverse effect on the
value or trading liquidity of the debt securities and contingent convertible securities or the rights of holders under the debt securities
and contingent convertible securities and could lead to holders of the debt securities and contingent convertible securities losing some
or all of the value of their investment in the debt securities and contingent convertible securities. These powers include the ability
to (i) modify or cancel contractual arrangements to which an entity in resolution is party, in certain circumstances; (ii) suspend or
override the enforcement provisions or termination rights that might be invoked by counterparties facing an entity in resolution, as a
result of the exercise of the resolution powers; and (iii)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">disapply or modify laws in the UK (with possible retrospective effect)
to enable the powers under the Banking Act to be used effectively.</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; text-indent: 0.25in">The exercise of the stabilization options or other
powers conferred on the relevant UK authority under the Banking Act with respect to us, or any suggestion of any such exercise, could
have a material adverse effect on the value or trading liquidity of the debt securities and contingent convertible securities or your
rights under the debt securities and contingent convertible securities and could lead to holders of the debt securities and contingent
convertible securities losing some or all of the value of their investment in the debt securities and contingent convertible securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Additional Risks Relating to Subordinated Debt
Securities Generally</B></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-indent: 4.85pt">NatWest Group&rsquo;s obligations
under the subordinated debt securities are subordinated</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-indent: 4.85pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.3pt"><FONT STYLE="font-style: normal; font-weight: normal">The
obligations of NatWest Group plc under the subordinated debt securities will be unsecured and subordinated and will rank junior in priority
of payment to the current and future claims of NatWest Group plc&rsquo;s creditors, other than claims in respect of any liability that
ranks, or is expressed to rank, junior to or </FONT><FONT STYLE="font-weight: normal">pari passu <FONT STYLE="font-style: normal">with
the subordinated debt securities. We expect from time to time to incur additional indebtedness or other obligations that will constitute
senior indebtedness, and the indenture governing the subordinated debt securities does not contain any provisions restricting our ability
to incur senior indebtedness or the amount thereof. Although the subordinated debt securities may pay a higher rate of interest than comparable
notes which are not so subordinated, there is a risk that an investor in such subordinated debt securities will lose all or some of its
investment if NatWest Group plc becomes insolvent since the assets of NatWest Group plc would be available to pay such amounts only after
all the senior creditors of NatWest Group have been paid in full. </FONT></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.3pt"><FONT STYLE="font-style: normal; font-weight: normal">On
December 19, 2018, the Banks and Building Societies (Priorities on Insolvency) Order 2018 (the &ldquo;Order&rdquo;), came into effect.
The Order implements certain amendments to the BRRD in the U.K. as regards the ranking of unsecured debt instruments in insolvency hierarchy.
Specifically, the Order inserts a new section in the U.K. Insolvency Act 1986 as may be amended from time to time (including, without
limitation, by the Order) (the &ldquo;Insolvency Act&rdquo;) that splits a financial institution&rsquo;s non-preferential debts into classes,
and provides that ordinary non-preferential debts will rank ahead of secondary non-preferential debts and tertiary non-preferential debts.
The subordinated debt securities would constitute tertiary non-preferential debts under the Insolvency Act, and therefore both ordinary
and secondary non-preferential debts would continue to rank ahead of claims in respect of the subordinated debt securities. Although the
Order was subsequently repealed by the Financial Services and Markets Act 2023, the relevant amendments to the Insolvency Act remain in
force.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Additional Risks Relating to the Contingent
Convertible Securities Generally</B></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"><B><I>The contingent convertible securities are
complex financial instruments that involve a high degree of risk and may not be a suitable investment for all investors.</I></B></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: 13.5pt">The contingent convertible
securities are complex financial instruments that involve a high degree of risk. As a result, an investment in the contingent convertible
securities will involve certain increased risks compared to other categories of securities. Each potential investor of the contingent
convertible securities must determine the suitability (either alone or with the help of a financial adviser) of that investment in light
of its own circumstances. In particular, each potential investor should:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<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: 13.5pt"></TD><TD STYLE="width: 18pt">(i)</TD><TD STYLE="text-align: justify">have sufficient knowledge and experience to make a meaningful evaluation of the contingent convertible
securities, the merits and risks of investing in the contingent convertible securities and the information contained or incorporated by
reference in this prospectus supplement or any applicable supplement to this prospectus supplement;</TD></TR></TABLE>

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

<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: 13.5pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD STYLE="text-align: justify">have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular
financial situation, an investment in the contingent convertible securities and the impact such investment will have on its overall investment
portfolio;</TD></TR></TABLE>

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

<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: 13.5pt"></TD><TD STYLE="width: 18pt">(iii)</TD><TD STYLE="text-align: justify">have sufficient financial resources and liquidity to bear all of the risks of an investment in the contingent
convertible securities, including where the currency for principal or interest payments, i.e., US dollars, is different from the currency
in which such potential investor&rsquo;s financial activities are principally denominated </TD></TR></TABLE>

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

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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: 13.5pt"></TD><TD STYLE="width: 18pt">&nbsp;</TD><TD STYLE="text-align: justify"> and the possibility that the entire principal
amount of the contingent convertible securities could be lost, including following the exercise by the relevant UK resolution authority
of any resolution powers;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD STYLE="text-align: justify">understand thoroughly the terms of the contingent convertible securities, such as the provisions governing
cancellation of interest, and be familiar with the behaviour of any relevant indices and financial markets and the resolution regime applicable
to NatWest Group, including the possibility that the contingent convertible securities may become subject to write-down or conversion
if the resolution powers or UK bail in powers are exercised;</TD></TR></TABLE>

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

<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: 13.5pt"></TD><TD STYLE="width: 18pt">(v)</TD><TD STYLE="text-align: justify">be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic,
interest rate and other factors that may affect its investment and its ability to bear the applicable risks; and</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in">(vi)</TD><TD STYLE="text-align: justify">understand the accounting, legal, regulatory and tax implications of a purchase, and the holding and disposal
of an interest in the contingent convertible securities.</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: 13.5pt">Sophisticated investors generally
do not purchase complex financial instruments that bear a high degree of risk as stand-alone investments. They purchase such financial
instruments as a way to enhance yield with an understood, measured, appropriate addition of risk to their overall portfolios. A potential
investor should not invest in the contingent convertible securities unless it has the knowledge and expertise (either alone or with a
financial advisor) to evaluate how the contingent convertible securities will perform under changing conditions and the impact this investment
will have on the potential investor&rsquo;s overall investment portfolio. Prior to making an investment decision, potential investors
should consider carefully, in light of their own financial circumstances and investment objectives, all the information contained in this
prospectus supplement and the base prospectus or incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The contingent convertible securities have no scheduled
maturity and no fixed redemption date and you do not have the right to cause the contingent convertible securities to be redeemed or otherwise
accelerate the repayment of the principal amount of the contingent convertible securities except in very limited circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The contingent convertible securities are perpetual
securities and have no fixed maturity date or fixed redemption date and holders and beneficial owners of the contingent convertible securities
may not request any redemption of the contingent convertible securities at any time. Although under certain circumstances we may redeem
the contingent convertible securities, we are under no obligation to do so and you have no right to call for their redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There is no right of acceleration in the case
of any non-payment of principal of, or interest on, the contingent convertible securities or in the case of a failure by us to perform
any other covenant under the contingent convertible securities or under the indenture governing the contingent convertible securities.
Accordingly, we are not required to make any repayment of the principal amount of Notes at any time or under any circumstances other than
in certain situations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_005"></A>DESCRIPTION OF
DEBT SECURITIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The following is a summary of the general terms
that will apply to any senior debt securities and subordinated debt securities that may be offered by NatWest Group plc. Consequently,
when we refer to &ldquo;debt securities&rdquo; in this prospectus, we mean the senior debt securities and the subordinated debt securities
that may be issued by NatWest Group plc. The term &ldquo;debt securities&rdquo; does not include the &ldquo;contingent convertible securities&rdquo;
described under &ldquo;Description of Contingent Convertible Securities&rdquo;.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Each time that we issue debt securities, we
will file a prospectus supplement with the SEC, which you should read carefully. The prospectus supplement will summarize specific terms
of your security and may contain additional terms of those debt securities to those described in this
prospectus or terms that differ from those described in this prospectus. The terms presented here, together with the terms contained in
the prospectus supplement, will be a description of the material terms of the debt securities, but if there is any inconsistency between
the terms presented here and those in the prospectus supplement, those in the prospectus supplement will apply and will replace those
presented here. Therefore, the statements we make below in this section may not apply <I>to your debt security. You should also read the indentures under
which we will issue the debt securities, which we have filed with the SEC as exhibits to the registration statement of which this prospectus
is a part.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Senior debt securities will be issued by NatWest
Group plc under the senior debt indenture as supplemented by supplemental indentures as required. Subordinated debt securities will be
issued by NatWest Group plc under the subordinated debt indenture as supplemented by supplemental indentures as required. Each indenture
is a contract between us and The Bank of New York Mellon, as trustee. None of the indentures limit our ability to incur additional indebtedness,
including additional senior indebtedness. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The summary below does not describe every aspect
of the indentures or the debt securities and is subject to and qualified in its entirety by reference to all the provisions of the indentures.
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The debt securities are not deposits and are not
insured or guaranteed by the U.S. Federal Deposit Insurance Corporation or any other government agency of the United States or the United
Kingdom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The indentures do not limit the amount of debt
securities that we may issue. We may issue debt securities in one or more series. The relevant prospectus supplement for any particular
series of debt securities will describe the terms of the offered debt securities, including some or all of the following terms:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether they are senior debt securities or subordinated debt securities;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>with respect to the subordinated debt securities, whether the payment of interest can be deferred, whether the payment of principal
can be deferred, the subordination terms, the redemption terms and the events of default applicable to each series of the subordinated
debt securities;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>their specific designation, authorized denomination and aggregate principal amount;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the price or prices at which they will be issued;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether such debt securities will be dated debt securities with a specified maturity date or undated debt securities with no specified
maturity date;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the annual interest rate or rates, or how to calculate the interest rate or rates;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the date or dates from which interest, if any, will accrue or the method, if any, by which such date or dates will be determined;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the times and places at which any interest payments are payable;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the terms of any mandatory or optional redemption, including the amount of any premium;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any modifications or additions to the events of default with respect to the debt securities offered;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any provisions relating to conversion or exchange for other securities issued by us;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the currency or currencies in which they are denominated and in which we will make any payments;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any index used to determine the amount of any payments on the debt securities;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any restrictions that apply to the offer, sale and delivery of the debt securities and the exchange of debt securities of one form
for debt securities of another form;</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether and under what circumstances, if other than those described in this prospectus, we will pay additional amounts on the debt
securities following certain developments with respect to withholding tax or information reporting laws and whether, and on what terms,
if other than those described in this prospectus, we may redeem the debt securities following those developments;</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-top: 0pt; margin-bottom: 0pt"></P>


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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the terms of any mandatory or optional exchange; and</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any listing on a securities exchange.</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-indent: 0.25in">In addition, the prospectus supplement will describe
the material U.S. federal and U.K. tax considerations that apply to any particular series of debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Debt securities may bear interest at a fixed rate,
a floating rate or a combination thereof. We will sell any subordinated debt securities that bear no interest, or that bear interest at
a rate that at the time of issuance is below the prevailing market rate, at a discount to their stated principal amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Holders of debt securities shall have no voting
rights except those described under the heading &ldquo; &ndash;Modification and Waiver&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>If we issue senior debt securities designed
to count towards the EU minimum requirements for own funds and eligible liabilities framework, the terms (including the events of default
and redemption options) of those securities in particular may differ from those described in this prospectus and will be set out in the
relevant prospectus supplement. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>If we issue subordinated debt securities that
qualify as Tier 2 capital or other capital for regulatory purposes, the payment, subordination, redemption, events of default and other
terms may vary from those described in this prospectus and will be set forth in the relevant prospectus supplement.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will make any payments of interest and principal,
on any particular series of debt securities on the dates and, in the case of payments of interest, at the rate or rates, that we set out
in, or that are determined by the method of calculation described in, the relevant prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Subordinated Debt Securities</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement provides
otherwise, if we do not make a payment on a series of subordinated debt securities on any payment date, our obligation to make such payment
shall be deferred and such failure to make a payment does not create a default under the applicable subordinated debt indenture. The relevant
prospectus supplement will set forth the terms on which the payment of interest and principal on the subordinated debt securities can
be deferred and any other terms relating to payments on subordinated debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Senior Debt Securities</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement provides
otherwise, senior debt securities constitute our direct, unconditional, unsecured and unsubordinated obligations ranking pari passu, without
any preference among themselves, with all of our other outstanding unsecured and unsubordinated obligations, present and future, except
such obligations as are preferred by operation of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Subordinated Debt Securities</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we issue subordinated debt securities, the
applicable prospectus supplement relating to the subordinated debt securities will include a description of the subordination provisions
that apply to the subordinated debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement provides
otherwise, in a winding-up or qualifying administration, all payments on any series of subordinated debt securities will be subordinate
to, and subject in right of payment to the prior payment in full of, all claims of all of our creditors other than claims in respect of
any liability that is, or is expressed to be, subordinated, whether only in the event of a winding-up,
qualifying administration or otherwise, to the claims of all or any of our creditors, in the manner provided in the applicable subordinated
debt indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">General</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a consequence of these subordination provisions,
if winding-up proceedings or a qualifying administration should occur, each holder of subordinated debt securities may recover less ratably
than the holders of our unsubordinated liabilities (including holders of senior debt securities). If, in any winding-up or qualifying
administration, the amount payable on any series of debt securities and any claims ranking equally with that series are not paid in full,
those debt securities and other claims ranking equally will share ratably in any distribution of our assets in a winding-up or a qualifying
administration in proportion to the respective amounts to which they are entitled. If any holder is entitled to any recovery with respect
to the debt securities in any winding-up, liquidation or qualifying administration, the holder might not be entitled in those proceedings
to a recovery in U.S. dollars and might be entitled only to a recovery in pounds sterling or any other lawful currency of the United Kingdom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, because NatWest Group plc is a holding
company, its rights to participate in the assets of any subsidiary as a shareholder if such subsidiary is liquidated will be subject to
the prior claims of such subsidiary&rsquo;s creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All amounts to be paid by us on any series of
debt securities will be paid without deduction or withholding for, or on account of, any and all present and future income, stamp and
other taxes, levies, imposts, duties, charges, fees, deductions or withholdings now or hereafter imposed, levied, collected, withheld
or assessed by or on behalf of the United Kingdom or any political subdivision or any authority thereof or therein having the power to
tax (the &ldquo;U.K. Taxing Jurisdiction&rdquo;), unless such deduction or withholding is required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise specified in the relevant prospectus
supplement, if deduction or withholding of any such taxes, levies, imposts, duties, charges, fees, deductions or withholdings shall at
any time be required by the U.K. Taxing Jurisdiction, we will pay such additional amounts with respect to the principal of, premium, if
any, and interest, if any, on any series of debt securities (&ldquo;Additional Amounts&rdquo;) as may be necessary in order that the net
amounts paid to the holders of the debt securities of the particular series, after such deduction or withholding, shall equal the amounts
of such payments which would have been payable in respect of such debt securities had no such deduction or withholding been required;
provided, however, that the foregoing will not apply to any such tax, levy, impost, duty, charge, fee, deduction or withholding that would
not have been payable or due but for the fact that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(i) the holder or the beneficial owner of the
debt security is a domiciliary, national or resident of, or engaging in business or maintaining a permanent establishment or physically
present in, the U.K. Taxing Jurisdiction or otherwise has some connection with the U.K. Taxing Jurisdiction other than the mere holding
or ownership of a debt security, or the collection of the payment on any debt security of the relevant series,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(ii) except in the case of a winding-up of us
in the United Kingdom, the relevant debt security is presented (where presentation is required) for payment in the United Kingdom,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(iii) the relevant debt security is presented
(where presentation is required) for payment more than 30 days after the date payment became due or was provided for, whichever is later,
except to the extent that the holder would have been entitled to such Additional Amount on presenting (where presentation is required)
the debt security for payment at the close of such 30 day period,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(iv) the holder or the beneficial owner of the
relevant debt security or the payment on such debt security failed to comply with a request by us or our liquidator or other authorized
person addressed to the holder (x) to provide information concerning the nationality, residence or identity of the holder or such beneficial
owner or (y) to make any declaration or other similar claim to satisfy any requirement, which in the case of (x) or (y), is required or
imposed by a statute, treaty, regulation or administrative practice of the U.K. Taxing Jurisdiction as a precondition to exemption or
relief from all or part of such deduction or withholding,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(v) the withholding or deduction is required to
be made pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended, any agreement with the U.S. Treasury
entered into with respect thereto, any U.S. Treasury regulation issued thereunder or any other official interpretations or guidance issued
with respect thereto; any intergovernmental agreement entered into with
respect thereto, or any law, regulation, or other official interpretation or guidance promulgated pursuant to such an intergovernmental
agreement, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(vi) any combination of subclauses (i) through
(v) above,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">nor shall Additional Amounts be paid with respect to a payment on the
debt security to any holder who is a fiduciary or partnership or person other than the sole beneficial owner of such payment to the extent
such payment would be required by the laws of the U.K. Taxing Jurisdiction to be included in the income for tax purposes of a beneficiary
or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such
Additional Amounts, had it been the holder.</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; text-indent: 0.25in">As used in this &ldquo;Additional Amounts&rdquo;
section, the term &ldquo;payment&rdquo; means, in the context of senior debt securities and subordinated debt securities, payments of
principal of, premium, if any, and interest, if any, on such securities. Whenever in this prospectus or any prospectus supplement there
is mentioned, in the context of senior debt securities or subordinated debt securities, the payment of the principal, premium, if any,
or interest, if any, on, or in respect of, any such security of any series, such mention shall be deemed to include mention of the payment
of Additional Amounts provided for in this &ldquo;Additional Amounts&rdquo; section to the extent that, in such context, Additional Amounts
are, were or would be payable in respect thereof pursuant to the provisions of this section and as if express mention of the payment of
Additional Amounts (if applicable) were made in any provisions hereof where such express mention is not made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement provides
otherwise, we will have the option to redeem the debt securities of any series as a whole upon (i) not less than 15 business days, and
not more than 30 calendar days&rsquo; notice in respect of the senior debt securities, or (ii) not less than 15 days, and not more than
30 days&rsquo; notice in respect of our subordinated debt securities, to each holder of debt securities, on any payment date, at a redemption
price equal to 100% of their principal amount together with any accrued but unpaid payments of interest, if any (including any deferred
amounts in the case of subordinated debt securities), to the redemption date, or, in the case of discount securities, their accreted face
amount, together with any accrued interest, if, at any time, we determine that as a result of a change in or amendment to the laws or
regulations of a U.K. Taxing Jurisdiction, including any treaty to which it is a party, or a change in an official application or interpretation
of those laws or regulations, including a decision of any court or tribunal, which becomes effective on or after the date specified in
the terms of the debt securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in making any payments on the particular series of debt securities, we have paid or will or would on the next payment date be required
to pay Additional Amounts;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>payments on the next payment date in respect of any of the series of debt securities would be treated as &ldquo;distributions&rdquo;
within the meaning of Section 1000 of the Corporation Tax Act 2010 of the United Kingdom (or any statutory modification or re-enactment
thereof for the time being); or</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>on the next payment date we would not be entitled to claim a deduction in respect of the payments in computing our U.K. taxation liabilities,
or the value of the deduction to us would be materially reduced.</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-indent: 0.25in">In each case we shall be required, before we give a notice of redemption, to deliver to the trustee a written legal opinion of independent English counsel of
recognized standing, selected by us, in a form satisfactory to the trustee confirming that we are entitled to exercise our right of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The relevant prospectus supplement will specify
whether or not we may redeem the debt securities of any series, in whole or in part, at our option, including any conditions to our right
to exercise such option, in any other circumstances and, if so, the prices and any premium at which and the dates on which we may do so.
Any notice of redemption of debt securities of any series will state, among other items:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the redemption date;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the amount of debt securities to be redeemed if less than all of the series is to be redeemed;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the redemption price;</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>that, and subject to what conditions, the redemption price will become due and payable on the redemption date and that payments will
cease to accrue on such date;</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-top: 0pt; margin-bottom: 0pt"></P>


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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the place or places at which each holder may obtain payment of the redemption price; and</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the CUSIP, Common Code and/or ISIN number or numbers, if any, with respect to debt securities</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-indent: 0.25in">In the case of a partial redemption, the trustee
shall select the debt securities to be redeemed in any manner which it deems fair and appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We or any of our subsidiaries may at any time
and from time to time purchase debt securities of any series in the open market or by tender or by private agreement, if applicable law
allows and if, in the case of the subordinated debt securities, certain other conditions which may be specified in the applicable prospectus
supplement are satisfied. Any debt securities of any series that we purchase beneficially for our own account, other than in connection
with dealing in securities, will be treated as cancelled and will no longer be issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under existing U.K. PRA requirements, we may not
make any redemption or repurchase of certain debt securities beneficially for our own account unless, among other things, we give prior
notice to the PRA and, in certain circumstances, it grants permission, in each case to the extent required at the relevant time and in
the relevant circumstances. The PRA may impose conditions on any redemption or repurchase all of which will be set out in the prospectus
supplement and supplemental indenture with respect to any series of debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Modification and Waiver</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We and the trustee may make certain modifications
and amendments of the applicable indenture with respect to any series of debt securities without the consent of the holders of the debt
securities. We may make other modifications and amendments with the consent of the holder or holders of not less than a majority in aggregate
outstanding principal amount of the debt securities of the series outstanding under the indenture that are affected by the modification
or amendment, voting as one class. However, we may not make any modification or amendment without the consent of the holder of each debt
security affected that would:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change the stated maturity of the principal amount of any debt security;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduce the principal amount of, the interest rates of, or any premium payable upon the redemption of, any debt security;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change our (or any successor&rsquo;s) obligation to pay Additional Amounts;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change the currency of payment;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>impair the right to institute suit for the enforcement of any payment due and payable;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduce the percentage in aggregate principal amount of outstanding debt securities of the series necessary to modify or amend the
indenture or to waive compliance with certain provisions of the relevant indenture and any Senior Debt Security Event of Default, Subordinated
Debt Security Event of Default or Subordinated Debt Security Default (as such terms are defined below and described in the relevant prospectus
supplement);</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>modify the subordination provisions or the terms of our obligations in respect of the due and punctual payment of the amounts due
and payable on the debt securities in a manner adverse to the holders; or</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>modify the above requirements.</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-indent: 0.25in">In addition, variations in the terms and conditions
of debt securities of any series, including modifications relating to subordination, redemption, a Senior Debt Security Event of Default,
Subordinated Debt Security Event of Default or Subordinated Debt Security Default (as those terms are defined under the heading &ldquo;Event
of Default and Defaults; Limitations of Remedies&rdquo; below), as described in the relevant prospectus supplement, may require the non-objection
from, or consent of, the PRA or its successor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Events of Default and Defaults; Limitation of Remedies</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Senior Debt Security Event of Default</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement provides
otherwise, a &ldquo;Senior Debt Security Event of Default&rdquo; with respect to any series of senior debt securities shall result if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we do not pay any principal or interest on any senior debt securities of that series within 14 days from the due date for payment
and the principal or interest has not been duly paid within a further 14 days following written notice from the trustee or from holders
of 25% in outstanding principal amount of the senior debt securities of that series to us requiring the payment to be made. It shall not,
however, be a Senior Debt Security Event of Default if during the 14 days after the notice, we satisfy the trustee that such sums were
not paid in order to comply with a law, regulation or order of any court of competent jurisdiction. Where there is doubt as to the validity
or applicability of any such law, regulation or order, it shall not be a Senior Debt Security Event of Default if we act on the advice
given to us during the 14 day period by independent legal advisers approved by the trustee; or</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we breach any covenant or warranty of the senior debt indenture (other than as stated above with respect to payments when due) and
that breach has not been remedied within 60 days of receipt of a written notice from the trustee certifying that in its opinion the breach
is materially prejudicial to the interests of the holders of the senior debt securities of that series and requiring the breach to be
remedied or from holders of at least 25% in outstanding principal amount of the senior debt securities of that series requiring the breach
to be remedied; or</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>either a court of competent jurisdiction issues an order which is not successfully appealed within 30 days, or an effective shareholders&rsquo;
resolution is validly adopted, for our winding-up (other than under or in connection with a scheme of reconstruction, merger or amalgamation
not involving bankruptcy or insolvency).</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-indent: 0.25in">If a Senior Debt Security Event of Default occurs
and is continuing, the trustee or the holders of at least 25% in outstanding principal amount of the senior debt securities of that series
may at their discretion declare the senior debt securities of that series to be due and repayable immediately (and the senior debt securities
of that series shall thereby become due and repayable) at their outstanding principal amount (or at such other repayment amount as may
be specified in or determined in accordance with the relevant prospectus supplement) together with accrued interest, if any, as provided
in the prospectus supplement. The trustee may at its discretion and without further notice institute such proceedings as it may think
suitable, against us to enforce payment. Subject to the indenture provisions for the indemnification of the trustee and the securities
administrator, as the case may be, the holder(s) of a majority in aggregate principal amount of the outstanding senior debt securities
of any series shall have the right to direct the time, method and place of conducting any proceeding in the name or and on the behalf
of the trustee for any remedy available to the trustee or exercising any trust or power conferred on the trustee with respect to the series.
However, this direction must not be in conflict with any rule of law or the senior debt indenture, and must not be unjustly prejudicial
to the holder(s) of any senior debt securities of that series not taking part in the direction, and determined by the trustee. The trustee
may also take any other action consistent with the direction that it deems proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding any contrary provisions, nothing
shall impair the right of a holder, absent the holder&rsquo;s consent, to sue for any payments due but unpaid with respect to the senior
debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement provides
otherwise, by accepting a senior debt security, each holder will be deemed to have waived any right of set-off, counterclaim or combination
of accounts with respect to the senior debt securities or the applicable indenture that they might otherwise have against us, whether
before or during our winding-up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Subordinated Debt Securities Event of Default</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement provides
otherwise, a &ldquo;Subordinated Debt Security Event of Default&rdquo; with respect to any series of subordinated debt securities shall
result if either a court of competent jurisdiction issues an order which is not successfully appealed within 30 days, or an effective
shareholders&rsquo; resolution is validly adopted, for our winding-up (other than under or in connection with a scheme of amalgamation
or reconstruction not involving our bankruptcy or insolvency).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a Subordinated Debt Security Event of Default
occurs and is continuing, the trustee or the holders of at least 25% in aggregate principal amount of the outstanding subordinated debt
securities of each series may declare to be due and payable immediately in accordance with the terms of the applicable indenture the principal
amount of, and any accrued but unpaid payments (or, in the case of discount securities, the accreted face amount, together with any accrued
interest), including any deferred interest. However, after this declaration but before the trustee obtains a judgment or decree for payment
of money due, the holder or holders of a majority in aggregate principal amount of the outstanding subordinated debt securities of the
series may rescind the declaration of accelerations and its consequences, but only if all Subordinated Debt Security Events of Default
have been remedied or waived and all payments due, other than those due as a result of acceleration, have been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Subordinated Debt Securities Defaults</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition to Subordinated Debt Security Events
of Default, the subordinated debt indenture also separately provides for &ldquo;Subordinated Debt Security Defaults&rdquo;. The relevant
prospectus supplement with respect to any series of subordinated debt securities shall set out what events, if any, shall be considered
Subordinated Debt Security Defaults. The indenture permits the issuance of subordinated debt securities in one or more series and whether
a Subordinated Debt Security Default has occurred is determined on a series-by-series basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement provides
otherwise, if a Subordinated Debt Security Default occurs and is continuing, the trustee may commence a proceeding in Scotland (but not
elsewhere) for our winding-up, but the trustee may not declare the principal amount of any outstanding subordinated debt security due
and payable. The relevant prospectus supplement will set forth further actions provided in the subordinated debt securities indenture
relating to the rights of holders in connection with the occurrence of a Subordinated Debt Security Default, if any, that may be taken
by the trustee upon the occurrence of a Subordinated Debt Security Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement provides
otherwise, by accepting a subordinated debt security each holder and the trustee will be deemed to have waived any right of set-off, counterclaim
or combination of accounts with respect to the subordinated debt securities or the indenture (or between our obligations under or in respect
of any subordinated debt security and any liability owed by a holder or the trustee to us) that they might otherwise have against us,
whether before or during our winding-up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Events of Default and Defaults - General</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The holder or holders of not less than a majority
in aggregate principal amount of the outstanding debt securities of any series may waive any past Senior Debt Security Event of Default,
Subordinated Debt Security Event of Default or Subordinated Debt Security Default with respect to the series, except a Senior Debt Security
Event of Default, Subordinated Debt Security Event of Default or Subordinated Debt Security Default, in respect of the payment of interest,
if any, or principal of (or premium, if any) or payments on any debt security or a covenant or provision of the applicable indenture which
cannot be modified or amended without the consent of each holder of debt securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to exceptions, the trustee may, without
the consent of the holders, waive or authorize a Senior Debt Security Event of Default if, in the opinion of the trustee, the Senior Debt
Security Event of Default would not be materially prejudicial to the interests of the holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the provisions of the applicable indenture
relating to the duties of the trustee, if a Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated
Debt Security Default occurs and is continuing with respect to the debt securities of any series, the trustee will be under no obligation
to any holder or holders of the debt securities of the series, unless they have offered reasonable indemnity to the trustee. Subject to
the indenture provisions for the indemnification of the trustee, the holder or holders of a majority in aggregate principal amount of
the outstanding debt securities of any series shall have the right to direct the time, method and place of conducting any proceeding for
any remedy available to the trustee or exercising any trust or power conferred on the trustee with respect to the series, if the direction
is not in conflict with any rule of law or with the applicable indenture and the trustee does not determine that the action would be unjustly
prejudicial to the holder or holders of any debt securities of any series not taking part in that direction. The trustee may take any
other action that it deems proper which is not inconsistent with that direction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The indentures provide that the trustee will,
within 90 days after the occurrence of a Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated
Debt Security Default with respect to the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">debt securities of any series, give to each holder of the debt securities
of the affected series notice of the Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated
Debt Security Default known to it, unless the Senior Debt Security Event of Default, Subordinated Debt Security Event of Default or Subordinated
Debt Security Default has been cured or waived. However, the trustee shall be protected in withholding notice if it determines in good
faith that withholding notice is in the interest of the holders.</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; text-indent: 0.25in">We are required to furnish to the trustee annually
a statement as to our compliance with all conditions and covenants under the indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consolidation, Merger and Sale of Assets; Assumption</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may, without the consent of the holders of
any of the debt securities, consolidate with, merge into or transfer or lease our assets substantially as an entirety to any person, provided
that any successor corporation formed by any consolidation or amalgamation, or any transferee or lessee of our assets, is a company organized
under the laws of any part of the United Kingdom that assumes, by a supplemental indenture, our obligations on the debt securities and
under the applicable indenture, and we procure the delivery of a customary officer&rsquo;s certificate and legal opinion providing that
the conditions precedent to the transaction have been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to applicable law and regulation, any
of our wholly-owned subsidiaries may assume our obligations under the debt securities of any series without the consent of any holder,
provided that certain conditions are satisfied, including that under certain indentures we unconditionally guarantee the obligations of
the subsidiary under the debt securities of that series. If we do and the other relevant conditions for such assumption are satisfied,
all of our direct obligations under the debt securities of the series and the applicable indenture shall immediately be discharged. Any
Additional Amounts under the debt securities of the series will be payable in respect of taxes imposed by the jurisdiction in which the
assuming subsidiary is incorporated, subject to exceptions equivalent to those that apply to any obligation to pay Additional Amounts
in respect of taxes imposed by the U.K. Taxing Jurisdiction, rather than taxes imposed by the U.K. Taxing Jurisdiction. The subsidiary
that assumes our obligations will also be entitled to redeem the debt securities of the relevant series in the circumstances described
in &ldquo;&ndash;Redemption&rdquo; above with respect to any change or amendment to, or change in the application or official interpretation
of, the laws or regulations (including any treaty) of the assuming subsidiary&rsquo;s jurisdiction of incorporation which occurs after
the date of the assumption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>An assumption of our obligations under the
debt securities of any series might be deemed for U.S. federal income tax purposes to be an exchange of those debt securities for new
debt securities by each beneficial owner, resulting in a recognition of taxable gain or loss for U.S. federal income tax purposes and
possibly certain other adverse tax consequences. You should consult your tax advisor regarding the U.S. federal, state and local income
tax consequences of an assumption.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The debt securities and the indentures will be
governed by and construed in accordance with the laws of the State of New York, except that, as the indentures specify, the subordination
provisions and the waiver of the right to set-off by the holders and by the Trustee acting on behalf of the holders of each series of
subordinated debt securities will be governed by and construed in accordance with the laws of Scotland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All notices to holders of registered debt securities
shall be validly given if in writing and mailed, first-class postage prepaid, to them at their respective addresses in the register maintained
by the trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Until such time as any definitive securities are
issued, there may, so long as any global securities in registered form representing the debt securities are held in their entirety on
behalf of DTC, be substituted for such notice by first-class mail the delivery of the relevant notice to DTC for communication by them
to the holders of the debt securities, in accordance with DTC&rsquo;s applicable procedures. Neither the failure to give any notice to
a particular holder, nor any defect in a notice given to a particular holder, will affect the sufficiency of any notice given to another
holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notices to be given by any holders of the debt
securities to the trustee shall be in writing to the trustee at its corporate trust office. While any of the debt securities are represented
by a global securities in registered form, such notice may be given by any holder to the trustee through DTC in such manner as DTC may
approve for this purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trustees and Securities Administrator</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Bank of New York Mellon, acting through its
London Branch, 160 Queen Victoria Street, London EC4V 4LA, is the trustee under the indentures with respect to the debt securities. The
trustee shall have and be subject to all the duties and responsibilities specified with respect to an indenture trustee under the Trust
Indenture Act of 1939 (the &ldquo;TIA&rdquo;). Subject to the provisions of the TIA, the trustees are under no obligation to exercise
any of the powers vested in them by the indentures at the request of any holder of notes, unless offered reasonable indemnity by the holder
against the costs, expense and liabilities which might be incurred thereby. We and certain of our subsidiaries maintain deposit accounts
and conduct other banking transactions with The Bank of New York Mellon in the ordinary course of our business. The Bank of New York Mellon
is also the book-entry depositary and paying agent with respect to our debt securities. The Bank of New York Mellon is the depositary
with respect to the ADSs representing certain of our preference shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consent to Service of Process</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We irrevocably designate CT Corporation System
as our authorized agent for service of process in any legal action or proceeding arising out of or relating to the indentures or any debt
securities brought in any federal or state court in The City of New York, New York and we irrevocably submit to the jurisdiction of those
courts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_006"></A>DESCRIPTION OF
DOLLAR PREFERENCE SHARES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The following is a summary of the general terms
of the dollar preference shares of any series. Each time that we issue dollar preference shares, we will file a prospectus supplement
with the SEC, which you should read carefully. The prospectus supplement will designate the terms of the dollar preference shares of the
particular series, which are set out in the resolutions establishing the series that our board of directors or an authorized committee
thereof (referred to in this section as the board of directors) adopt. These terms may amend, supplement or be different from those summarized
below, and if so the applicable prospectus supplement will state that, and the description of the dollar preference shares of that series
contained in the prospectus supplement will apply. You should also read our Articles of Association, which we have filed with the SEC
as an exhibit to the registration statement of which this prospectus is a part. You should read the summary of the general terms of the
ADR deposit agreement under which Dollar Preference Share American Depositary Receipts (&ldquo;Dollar Preference Share ADRs&rdquo;) evidencing
American Depositary Shares (&ldquo;Dollar Preference Share ADSs&rdquo;) that may represent dollar preference shares may be issued, under
the heading &ldquo;Description of Dollar Preference Share American Depositary Shares&rdquo;.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>If we issue dollar preference shares that qualify
as capital for regulatory purposes, the terms of such dollar preference shares may vary from those described in this prospectus and will
be set forth in the relevant prospectus supplement.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The summary below does not describe every aspect
of the dollar preference shares of any series and is subject to and qualified in its entirety by reference to all the provisions of the
resolutions establishing the series, our Articles of Association and the ADR deposit agreement.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under our Articles of Association, our board of
directors is authorized to provide for the issuance of dollar preference shares, in one or more series, with the dividend rights, liquidation
value per share, redemption provisions, voting rights and other rights, preferences, privileges, limitations and restrictions that are
set forth in resolutions providing for their issue adopted by our board of directors. Our board of directors may only provide for the
issuance of dollar preference shares of any series if a resolution of our shareholders has authorized the allotment of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The dollar preference shares of any series will
have the dividend rights, rights upon liquidation, redemption provisions and voting rights described below, unless the relevant prospectus
supplement provides otherwise. You should read the prospectus supplement for the specific terms of any series, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the number of shares offered, the number of shares offered in the form of Dollar Preference Share ADSs and the number of dollar preference
shares represented by each Dollar Preference Share ADS;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the public offering price of the series;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the liquidation value per share of that series;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the dividend rate, or the method of calculating it;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the place where we will pay dividends;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the dates on which dividends will be payable;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the circumstances under which dividends may not be payable;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>voting rights;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the restrictions applicable to the sale and delivery of the dollar preference shares;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether and under what circumstances we will pay additional amounts on the dollar preference shares in the event of certain developments
with respect to withholding tax or information reporting laws;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any redemption, conversion or exchange provisions;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any listing on a securities exchange; and</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other rights, preferences, privileges, limitations and restrictions relating to the series.</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-indent: 0.25in">The prospectus supplement will also describe material
U.S. and U.K. tax considerations that apply to any particular series of dollar preference shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The dollar preference shares of any series will
rank junior as to dividends to any cumulative preference shares, equally as to dividends with any other non-cumulative preference shares,
any exchange preference shares and any sterling preference shares, equally as to repayment of capital on a winding-up or liquidation with
any other non-cumulative preference shares, any exchange preference shares, any sterling preference shares and any cumulative preference
shares and, unless the resolutions of our board of directors establishing any series of dollar preference shares specify otherwise and
the related prospectus supplement so states, will rank equally in all respects with the dollar preference shares of each other series
and any other of our shares which are expressed to rank equally with them. The preferential rights to dividends of the holders of the
cumulative preference shares are cumulative whereas the preferential rights to dividends of the holders of any series of dollar preference
shares, any series of exchange preference shares, any euro preference shares, and any sterling preference shares will be or are non-cumulative.
Holders of dollar preference shares will have no pre-emptive rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The dollar preference shares will rank in priority
to our ordinary shares as regards the right to receive dividends and rights to repayment of capital if we are wound up or liquidated,
whether or not voluntarily.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There are no restrictions under our Articles of
Association or under Scots law as currently in effect that limit the right of non-resident or foreign owners, as such, to acquire dollar
preference shares of any series freely or, when entitled to vote dollar preference shares of a particular series, to vote those dollar
preference shares. There are currently no English or Scots laws, decrees, or regulations that would prevent the remittance of dividends
or other payments on the dollar preference shares of any series to non-resident holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Non-cumulative preferential dividends on each
series of dollar preference shares will be payable at the rate or rates and on the dates set out in the relevant prospectus supplement
and will accrue from their date of issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to our Articles of Association, our board
of directors may resolve prior to the issue and allotment of any series of dollar preference shares that full dividends on such series
of dollar preference shares in respect of a particular dividend payment date will not be declared and paid if,
(i) in its sole and absolute discretion, the board of directors resolves prior to the relevant dividend payment date that such dividend
(or part thereof) shall not be paid or (ii) in the opinion of the board of directors, payment of a dividend would breach or cause a breach
of the capital adequacy requirements of the PRA that apply at that time to us and/or any of our subsidiaries, or subject to the next following
paragraph, our distributable profits, after the payment in full, or the setting aside of a sum to provide for the payment in full, of
all dividends stated to be payable on or before the relevant dividend payment date on the cumulative preference shares (and any arrears
of dividends thereon), are insufficient to cover the payment in full of dividends on that series of dollar preference shares and dividends
on any of our other preference shares stated to be payable on the same date as the dividends on that series and ranking equally as to
dividends with the dollar preference shares of that series. The U.K. Companies Act 2006 defines &ldquo;distributable profits&rdquo; as,
in general terms, and subject to adjustment, accumulated realized profits less accumulated realized losses.</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; text-indent: 0.25in">Unless the applicable prospectus supplement states
otherwise, if dividends are to be paid but our distributable profits are, in the opinion of the board of directors, insufficient to enable
payment in full of dividends on any series of dollar preference shares on any dividend payment date and also the payment in full of all
other dividends stated to be payable on such date on any other non-cumulative preference shares and any of our other share capital expressed
to rank <I>pari passu</I> therewith as regards participation in profits, after payment in full, or the setting aside of a sum to cover
the payment in full, of all dividends stated to be payable on or before such date on any cumulative preference share, then the board of
directors shall (subject always to sub-clauses (i) and (ii) of the preceding paragraph) declare and pay dividends to the extent of the
available distributable profits, (if any) on a pro rata basis so that (subject as aforesaid) the amount of dividends declared per share
on the dollar preference shares of the series and the dividends stated to be payable on such date on any other non-cumulative preference
shares and any of our other share capital expressed to rank <I>pari passu</I> therewith as regards distribution of profits will bear to
each other the same ratio that accrued dividends per share on the dollar preference shares of the series and other non-cumulative preference
shares, and any of our other share capital expressed to rank <I>pari passu</I> therewith as regards participation in profits, bear to
each other.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dividends on the cumulative preference shares,
including any arrears, are payable in priority to any dividends on any series of dollar preference shares, and as a result, we may not
pay any dividend on any series of dollar preference shares unless we have declared and paid in full dividends on the cumulative preference
shares, including any arrears.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we have not declared and paid in full the dividend
stated to be payable on any series of dollar preference shares on the most recent dividend payment date, or if we have not set aside a
sum to provide for payment in full, in either case for the reasons set out in sub-clause (ii) of the second paragraph of this section,
we may not declare or pay any dividends upon any of our other share capital (other than the cumulative preference shares) and we may not
set aside any sum to pay such dividends, unless, on the date of declaration, we set aside an amount equal to the dividend for the then-current
dividend period payable on that series of dollar preference shares to provide for the payment in full of the dividend on that series of
dollar preference shares on the next dividend payment date. If we have not declared and paid in full any dividend payable on any series
of dollar preference shares on any dividend payment date, or if we have not set aside a sum to provide for payment in full, in either
case for the reasons set out in sub-clause (ii) of the second paragraph of this section, we may not redeem, purchase or otherwise acquire
for any consideration any of our other share capital and may not set aside any sum or establish any sinking fund to redeem, purchase or
otherwise acquire them, until we have declared and paid in full dividends on that series of dollar preference shares in respect of successive
dividend periods singly or together aggregating no less than 12 months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the extent that any dividend on any dollar
preference share to which sub-clause (i) of the second paragraph of this section applies is, on any occasion, not declared and paid by
reason of the exercise of the board of directors&rsquo; discretion referred to in sub-clause (i) of the second paragraph of this section,
holders of such dollar preference shares shall have no claim in respect of such non-payment. In addition, such non-payment shall not prevent
or restrict (a) the declaration and payment of dividends on any other series of dollar preference shares or on any of our non-cumulative
preference shares expressed to rank <I>pari passu</I> with our dollar preference shares, (b) the setting aside of sums for the payment
of dividends referred to in (a), (c) except as set forth in the following paragraph, the redemption, purchase or other acquisition of
our shares by us, or (d) except as set forth in the following paragraph, the setting aside of sums, or the establishment of sinking funds,
for any such redemption, purchase or other acquisition by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we have not declared and paid in full the dividend
stated to be payable on any series of dollar preference shares as a result of the board of directors&rsquo; discretion referred to in
sub-clause (i) of the second paragraph of this section, then we may not redeem, purchase or otherwise acquire for any consideration any
of our share capital ranking after such dollar preference shares, and may not set aside any sum nor establish any sinking fund for the
redemption, purchase or other acquisition thereof, until such time as we have declared and paid in full dividends on such series of dollar
preference shares in respect of successive dividend periods singly or together aggregating no less than 12 months. In addition, no dividend
may be declared or paid on any of our share capital ranking after such dollar preference shares as to dividends until such time as the
dividend stated to be payable on the dollar preference shares to which the discretion in sub-clause (i) of the second paragraph of this
section applies in respect of a dividend period has been declared and paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No series of dollar preference shares rank after
any other series of preference shares with which it is expressed to rank <I>pari passu</I> as regards participation in profits, by reason
only of the board of directors&rsquo; discretion referred to in sub-clause (i) of the second paragraph of this section, or any dividend
on that series not being paid by virtue of such discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dividends on the dollar preference shares of any
series will be non-cumulative. If the board of directors does not pay a dividend or any part of a dividend when due on a dividend payment
date in respect of any series of dollar preference shares because it is not required to do so, then holders of dollar preference shares
of the applicable series will have no claim in respect of the non-payment and we will have no obligation to pay the dividend accrued for
the dividend period or to pay any interest on the dividend, whether or not dividends on the dollar preference shares of the series are
declared for any future dividend period. The holders of the dollar preference shares of any series will have no right to participate in
our profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any dividend which has remained unclaimed for
12 years from the date of declaration shall be forfeited and shall revert to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will calculate the amount of dividends payable
on the dollar preference shares of any series for each dividend period using the method determined by the board of directors before the
shares are issued, except for any dividend period shorter than a full dividend period, for which the amount of dividend payable will be
calculated on the basis of twelve 30-day months, a 360-day year and the actual number of days elapsed in the period, unless the applicable
prospectus supplement states otherwise. Payments of less than $0.01 will be rounded upwards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dividends declared on the dollar preference shares
of any series will be payable to the Dollar Preference Share ADR depositary or the record holders as they appear on the register on the
appropriate record dates, which will be the number of days before the relevant dividend payment dates that the board of directors determines
before the allotment of the particular series. If applicable fiscal or other laws and regulations permit, each payment will be made, in
the case of dollar preference shares of any series in bearer form, by dollar check drawn on, or by transfer to a dollar account maintained
by the payee with, a bank in London or in The City of New York or, in the case of dollar preference shares of any series in registered
form, by dollar check drawn on a bank in London or in The City of New York and mailed to the record holder at the holder&rsquo;s address
as it appears on the register for the dollar preference shares. If any date on which dividends are payable on the dollar preference shares
of any series is not a business day, then we will pay the dividend on the next business day, without any interest or other payment in
respect of the delay, unless it falls in the next calendar month, in which case we will make the payment on the preceding business day.
A &ldquo;business day&rdquo; is any day on which banks are open for business, and foreign exchange dealings may be conducted, in London
and The City of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we are wound up or liquidated, whether or not
voluntarily, the holders of the dollar preference shares of each series will be entitled to receive out of our surplus assets available
for distribution to shareholders, after payment of arrears (if any) of dividends on the cumulative preference shares up to the date of
payment, equally with our cumulative preference shares, any other series of non-cumulative preference shares then outstanding, and all
of our other shares ranking equally with that series of dollar preference shares as regards participation in our surplus assets, a distribution
in U.S. dollars per dollar preference share equal to the liquidation value per share, together with an amount equal to dividends for the
then current dividend period accrued to the date of payment, before any distribution or payment may be made to holders of our ordinary
shares or any other class of our shares ranking after the dollar preference shares of that series. If the assets available for distribution
are insufficient to pay in full the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">amounts payable with respect to the dollar preference shares of that
series and any of our other preference shares ranking equally as to any such distribution with those dollar preference shares, the holders
of those dollar preference shares and other preference shares will share ratably in any distribution of our surplus assets in proportion
to the full respective preferential amounts to which they are entitled. After payment of the full amount of the liquidation distribution
to which they are entitled, the holders of the dollar preference shares will have no right or claim to any of our surplus assets and will
not be entitled to any further participation in surplus assets. If the holders of the dollar preference shares are entitled to any recovery
with respect to the dollar preference shares in any winding-up or liquidation, they might not be entitled in such proceedings to a recovery
in U.S. dollars and might be entitled only to a recovery in pounds sterling or any other lawful currency of the United Kingdom.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement specifies
otherwise, we may redeem the dollar preference shares of each series, at our option, in whole or in part from time to time, on any date
no earlier than five years and one day after they are issued, in accordance with the notice period and at the redemption prices set forth
in the prospectus supplement plus the dividends otherwise payable for the then-current dividend period accrued to the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each notice of redemption will specify:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the redemption date;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the particular dollar preference shares of the series to be redeemed;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the redemption price, specifying the amount of the accrued but unpaid dividend per share to be included and stating that dividends
shall cease to accrue on redemption; and</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the place or places where holders may surrender documents of title and obtain payment of the redemption price.</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-indent: 0.25in">Our Articles of Association provide that no defect
in the notice of redemption or in the giving of the notice will affect the validity of the redemption proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If fewer than all of the outstanding dollar preference
shares of a series are to be redeemed, our Articles of Association provide that, for the purposes of determining the particular dollar
preference shares to be redeemed, we shall cause a drawing to be made in the presence of our independent auditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If certain limitations contained in our Articles
of Association, the special rights of any of our shares, and the provisions of applicable law permit (including, without limitation, the
U.S. federal securities laws), we may, at any time or from time to time, purchase outstanding dollar preference shares of any series by
tender in the open market, or by private agreement, in each case upon the terms and conditions that the board of directors shall determine.
Any dollar preference shares of any series that we purchase for our own account will pursuant to applicable law be treated as cancelled
and will no longer be issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under existing PRA requirements, we may not redeem
or purchase any dollar preference shares unless we give prior notice to the PRA and, in certain circumstances, it (i) consents in advance
and (ii) at the time when the notice of redemption is given and immediately following such redemption, we are or will be (as the case
may be) in compliance with our capital adequacy requirements as provided in the regulations relating to capital adequacy then in effect
of the PRA. The PRA may impose conditions on any redemption or purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The holders of the dollar preference shares of
any series will not be entitled to receive notice of, attend or vote at any general meeting of our shareholders except as provided by
applicable law or as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If any resolution is proposed for adoption by
our shareholders varying or abrogating any of the rights attaching to the dollar preference shares of a particular series or proposing
that we be wound up, the holders of the outstanding dollar preference shares will be entitled to receive notice of and to attend the general
meeting of shareholders at which the resolution is to be proposed and will be entitled to speak and vote on that resolution, but not on
any other</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">resolution. In addition, if, before any general meeting of shareholders,
we have failed to pay in full the dividend payable on the dollar preference shares of a particular series for a number of dividend periods
specified in the relevant prospectus supplement, the holders of the dollar preference shares of that series shall be entitled to receive
notice of, attend, speak and vote at that meeting on all matters. In these circumstances only, the rights of the holders of dollar preference
shares of that series to vote shall continue until we have resumed the payment in full of dividends on the dollar preference shares of
that series for the number of dividend periods specified in the prospectus supplement. Holders of any series of dollar preference shares
shall be entitled to receive notice of, attend, speak and vote at general meetings in other circumstances if the board of directors determines,
as specified in the prospectus supplement.</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; text-indent: 0.25in">Whenever holders of dollar preference shares are
entitled to vote at a general meeting of shareholders, on a show of hands each holder present in person, and each proxy for a holder,
shall have one vote and on a poll each holder present in person or by proxy shall have the number of votes for each dollar preference
share of the relevant series that the board of directors determines, as specified in the relevant prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Articles of Association provide that all resolutions
shall be decided on a show of hands unless, either before or on the declaration of the result of the vote taken on a show of hands, a
poll is demanded by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the chairman of the meeting;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>not less than three shareholders present in person or by proxy;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Dollar Preference Share ADR depositary;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a shareholder or shareholders, including holders of any series of dollar preference shares entitled to vote on the resolution, present
in person or by proxy who represent at least 10% of the total voting rights of all shareholders entitled to vote on the resolution; or</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a shareholder or shareholders present in person or by proxy and holding shares conferring a right to vote at the meeting on which
an aggregate sum has been paid up equal to not less than 10% of the total sum paid up on all shares conferring that right.</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-indent: 0.25in">The holders, including holders of any series of
dollar preference shares at a time when they have voting rights as a result of our having failed to pay dividends on the series for the
number of dividend periods specified in the applicable prospectus supplement, of not less than 10% of the paid up capital that at the
relevant date carries the right of voting at our general meetings are entitled to require our board of directors to convene a general
meeting. In addition, the holders of any series of dollar preference shares may have the right to vote separately as a class in certain
circumstances as described below under the heading &ldquo;&ndash;Variation of Rights&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At September 30, 2024, we had 8,593,749,917 ordinary
shares outstanding, including 288,594,075 ordinary shares held in treasury.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The dollar preference shares of any series will,
when issued, be fully paid and, as such, will not be subject to a call for any additional payment. For each dollar preference share of
each series issued, an amount equal to its nominal value will be credited to our issued share capital account and an amount equal to the
difference between its issue price and its nominal value will be credited to our share premium account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The dollar preference shares of each series will
be represented by a single certificate. If in registered form, the certificate will be issued to the Dollar Preference Share ADR depositary
and if in bearer form the certificate will be deposited with the Dollar Preference Share ADR depositary under the Dollar Preference Share
ADR deposit agreement. We may consider the Dollar Preference Share ADR depositary to be the holder and absolute owner of any series of
dollar preference shares represented by the certificate so deposited for all purposes. Unless the relevant prospectus supplement specifies
otherwise, dollar preference shares of any series withdrawn from deposit under the Dollar Preference Share ADR deposit agreement will
be evidenced by share certificates in registered form without dividend coupons. If a Dollar Preference Share ADR holder elects to receive
share certificates in registered form, the share certificates will be delivered at the time of withdrawal. Unless the prospectus supplement
specifies otherwise, the dollar preference shares of any series may not be withdrawn from deposit in bearer form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Title to dollar preference shares of any series
in registered form will pass by transfer and registration on the register for the dollar preference shares of the series. Title to dollar
preference shares of any series in bearer form, or to any dividend coupons appertaining to them, will pass by delivery of the relevant
bearer share warrants or dividend coupons. If our Articles of Association and the limitations described in the following paragraph and
in any relevant prospectus supplement permit, dollar preference shares of a particular series in bearer form will be exchangeable for
the same number of dollar preference shares of the series in registered form upon surrender of the relevant bearer share warrants and
all unmatured dividend coupons, if any, appertaining to them. Unless the prospectus supplement specifies otherwise, dollar preference
shares of any series in registered form will not be exchangeable, in whole or in part, for dollar preference shares of such series in
bearer form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each exchange or registration of transfer of dollar
preference shares of any series in registered form will be effected by entry on the register for the dollar preference shares of the series
kept by our registrar at its office in the United Kingdom. Any exchange or registration of transfer will be effected without charge to
the person requesting the exchange or registration, but the requesting person will be required to pay any related taxes, stamp duties
or other governmental charges. The exchange of dollar preference shares of any series in bearer form for the dollar preference shares
of such series in registered form will also be subject to applicable U.K. tax laws and regulations in effect at the time of the exchange.
No exchange will be made unless any resulting taxes, stamp duties or other governmental charges have been paid to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Variation of Rights</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If applicable law permits, the rights attached
to any series of dollar preference shares may be varied or abrogated only with the written consent of the holders of 75% of the issued
dollar preference shares of that series or with the sanction of a special resolution passed at a separate class meeting of the holders
of the outstanding dollar preference shares of that series. A special resolution will be adopted if passed by a majority of 75% of those
holders voting in person or by proxy at the meeting. The quorum required for any such class meeting will be two persons holding or representing
by proxy at least one-third in nominal amount of the outstanding dollar preference shares of the particular series affected, except at
any adjourned meeting, where any two holders present in person or by proxy will constitute a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The written consent of the holders of 75% of the
issued dollar preference shares of a particular series or the sanction of a special resolution passed at a separate class meeting of holders
of the outstanding dollar preference shares of the series will be required if our directors propose to authorize, create or increase the
amount of any shares of any class or any security convertible into shares of any class ranking as regards rights to participate in our
profits or assets, other than if we redeem or purchase the shares, in priority to the series of dollar preference shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we have paid the most recent dividend payable
on the dollar preference shares of a particular series in full, the rights attached to that series will not be deemed to be varied by
the creation or issue of any further series of dollar preference shares or of any sterling preference shares or of any other further shares
ranking equally as regards participation in our profits or assets with or junior to the dollar preference shares of that series, whether
carrying identical rights or different rights in any respect, including as to dividend, premium on a return of capital, redemption or
conversion or denominated in dollars or any other currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notices of Meetings</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will cause a notice of any meeting at which
holders of dollar preference shares of a particular series are entitled to vote to be mailed to each record holder of dollar preference
shares of that series. Each such notice will state:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the date of the meeting;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a description of any resolution to be proposed for adoption at the meeting on which those holders are entitled to vote; and</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>instructions for the delivery of proxies.</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-indent: 0.25in">A holder of dollar preference shares of any series
in registered form who is not registered with an address in the United Kingdom and who has not supplied an address within the United Kingdom
to us for the purpose of service of notices is not entitled to receive notices of meetings. For a description of notices that we will
give to the Dollar</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Preference Share ADR depositary and that the Dollar Preference Share
ADR depositary will give to Dollar Preference Share ADR holders, you should see &ldquo;Where You Can Find More Information&rdquo;.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The creation and issuance of the dollar preference
shares of any series and the rights attached to them shall be governed by and construed in accordance with Scots law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registrar and Paying Agent</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The relevant prospectus supplement will specify
who will act as registrar and paying agent for the dollar preference shares of each series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_007"></A>DESCRIPTION OF
DOLLAR PREFERENCE SHARE AMERICAN DEPOSITARY SHARES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The following is a summary of the general terms
and provisions of the Dollar Preference Share ADR deposit agreement under which the Dollar Preference Share ADRs may be issued. The Dollar
Preference Share ADR deposit agreement is among us, The Bank of New York Mellon, as depositary, and all holders from time to time of Dollar
Preference Share ADRs issued under it. This summary does not purport to be complete. You should read the Dollar Preference Share ADR deposit
agreement, which we have filed with the SEC as an exhibit to the registration statement of which this prospectus is a part. You may also
read the Dollar Preference Share ADR deposit agreement at the principal offices of The Bank of New York Mellon in The City of New York
and London.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">American Depositary Receipts</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dollar Preference Share ADRs will evidence American
depositary shares (&ldquo;Dollar Preference Share ADSs&rdquo;) of a particular series, which will represent dollar preference shares of
a corresponding series. Unless the relevant prospectus supplement specifies otherwise, each Dollar Preference Share ADS will represent
one dollar preference share, or evidence of rights to secure one dollar preference share, deposited with the Dollar Preference Share ADR
depositary or the London branch of The Bank of New York Mellon, as custodian. A Dollar Preference Share ADR may evidence any number of
Dollar Preference Share ADSs of the corresponding series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deposit and Withdrawal of Deposited Securities</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon receipt of dollar preference shares of a
particular series or evidence of rights to receive dollar preference shares, and subject to the terms of the Dollar Preference Share ADR
deposit agreement, the Dollar Preference Share ADR depositary will execute and deliver at its principal office, which is presently located
at 240 Greenwich Street, New York, NY 10286, to the person or persons specified by the depositor in writing upon payment of the fees,
charges and taxes provided in the Dollar Preference Share ADR deposit agreement, a Dollar Preference Share ADR or Dollar Preference Share
ADRs registered in the name of that person or persons evidencing the number of Dollar Preference Share ADSs of the series corresponding
to the dollar preference shares of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon surrender of Dollar Preference Share ADRs
at the principal office of the Dollar Preference Share ADR depositary and upon payment of the taxes, charges and fees provided in the
Dollar Preference Share ADR deposit agreement and subject to the terms of the Dollar Preference Share ADR deposit agreement, a Dollar
Preference Share ADR holder is entitled to delivery to or upon its order, at the principal office of the Dollar Preference Share ADR depositary
or at the office of the custodian in London, of dollar preference shares of the relevant series in registered form in respect of the deposited
dollar preference shares and any other documents of title evidenced by the surrendered Dollar Preference Share ADRs. The forwarding of
share certificates and other documents of title for delivery at the principal office of the Dollar Preference Share ADR depositary will
be at the risk and expense of the Dollar Preference Share ADR holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividends and Other Distributions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Dollar Preference Share ADR depositary will
distribute all cash dividends or other cash distributions that it receives in respect of deposited dollar preference shares of a particular
series to Dollar Preference Share ADR holders in proportion to their holdings of Dollar Preference Share ADSs of the series representing
the dollar preference shares. The cash amount distributed will be reduced by any amounts that we or the Dollar Preference Share ADR depositary
must withhold on account of taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we make any distribution other than in cash
in respect of any deposited dollar preference shares of a particular series, the Dollar Preference Share ADR depositary will distribute
the property received by it to Dollar Preference Share ADR holders in proportion to their holdings of Dollar Preference Share ADSs of
the series representing the dollar preference shares. If a distribution that we make in respect of deposited dollar preference shares
of a particular series consists of a dividend in, or free distribution of, dollar preference shares of that series, the Dollar Preference
Share ADR depositary may, if we approve, and will, if we request, distribute to Dollar Preference Share ADR holders, in proportion to
their holdings of Dollar Preference Share ADSs of the series representing the dollar preference shares, additional Dollar Preference Share
ADRs for an aggregate number of Dollar Preference Share ADSs of that series received as the dividend or free distribution. If the Dollar
Preference Share ADR depositary does not distribute additional Dollar Preference Share ADRs, each Dollar Preference Share ADS of that
series will from then also represent the additional dollar preference shares of the corresponding series distributed in respect of the
deposited dollar preference shares before the dividend or free distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the Dollar Preference Share ADR depositary
determines that any distribution in property, other than cash or dollar preference shares of a particular series, cannot be made proportionately
among Dollar Preference Share ADR holders or if for any other reason, including any requirement that we or the Dollar Preference Share
ADR depositary withhold an amount on account of taxes, the Dollar Preference Share ADR depositary deems that such a distribution is not
feasible, the Dollar Preference Share ADR depositary may dispose of all or a portion of the property in the amounts and in the manner,
including by public or private sale, that it deems equitable and practicable, and it will distribute the net proceeds of any such sale
or the balance of any such property after deduction of any taxes that we or the Dollar Preference Share ADR depositary must withhold to
Dollar Preference Share ADR holders as in the case of a distribution received in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redemption of Dollar Preference Share ADSs</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we redeem any dollar preference shares of a
particular series, the Dollar Preference Share ADR depositary will redeem, from the amounts that it receives from the redemption of deposited
dollar preference shares, a number of Dollar Preference Share ADSs of the series representing those dollar preference shares which corresponds
to the number of deposited dollar preference shares. The Dollar Preference Share ADS redemption price will correspond to the redemption
price per share payable with respect to the redeemed dollar preference shares. If we redeem less than all of the outstanding dollar preference
shares of a particular series, the Dollar Preference Share ADR depositary will select the Dollar Preference Share ADSs of the corresponding
series to be redeemed, either by lot or in proportion to the number of dollar preference shares represented. We must give our notice of
redemption in respect of the dollar preference shares of a particular series to the Dollar Preference Share ADR depositary before the
redemption date and the Dollar Preference Share ADR depositary will promptly deliver the notice to all holders of Dollar Preference Share
ADRs of the corresponding series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Whenever any dividend or other distribution becomes
payable or shall be made in respect of dollar preference shares of a particular series, or any dollar preference shares of a particular
series are to be redeemed, or the Dollar Preference Share ADR depositary receives notice of any meeting at which holders of dollar preference
shares of a particular series are entitled to vote, the Dollar Preference Share ADR depositary will fix a record date for the determination
of the Dollar Preference Share ADR holders who are entitled to receive the dividend, distribution, amount in respect of redemption of
Dollar Preference Share ADSs of the corresponding series, or the net proceeds of their sale, or to give instructions for the exercise
of voting rights at the meeting, subject to the provisions of the Dollar Preference Share ADR deposit agreement. Such record date will
be as close in time as practicable to the record date for the dollar preference shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Voting of the Underlying Deposited Securities</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon receipt of notice of any meeting at which
holders of dollar preference shares of a particular series are entitled to vote, the Dollar Preference Share ADR depositary will, as soon
as practicable thereafter, send to the record holders of Dollar Preference Share ADRs of the corresponding series a notice which shall
contain:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>summary of the notice of meeting;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a statement that the record holders of Dollar Preference Share ADRs at the close of business on a specified record date are entitled
under the Dollar Preference Share ADR deposit agreement, if applicable laws and regulations and our Articles of Association permit, to
instruct the Dollar Preference Share ADR depositary as to the exercise of the voting rights pertaining to the dollar preference shares
of the series represented by their Dollar Preference Share ADSs; and</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a brief statement of how they may give instructions, including an express indication that they may instruct the Dollar Preference
Share ADR depositary to give a discretionary proxy to a designated member or members of our board of directors.</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-indent: 0.25in">The Dollar Preference Share ADR depositary has
agreed that it will try, if practicable, to vote or cause to be voted the dollar preference shares in accordance with any written nondiscretionary
instructions of record holders of Dollar Preference Share ADRs that it receives on or before the date set by the Dollar Preference Share
ADR depositary. The Dollar Preference Share ADR depositary has agreed not to vote the dollar preference shares except in accordance with
written instructions from the record holders of Dollar Preference Share ADRs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inspection of Transfer Books</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Dollar Preference Share ADR depositary will
keep books, at its transfer office in The City of New York, for the registration and transfer of Dollar Preference Share ADRs that at
all reasonable times will be open for inspection by Dollar Preference Share ADR holders. However, this inspection may not be for the purpose
of communicating with Dollar Preference Share ADR holders in the interest of a business or object other than our business or a matter
related to the Dollar Preference Share ADR deposit agreement or the Dollar Preference Share ADRs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reports and Notices</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Dollar Preference Share ADR depositary will
make available at its principal office for inspection by Dollar Preference Share ADR holders any reports and communications received from
us that are both received by the Dollar Preference Share ADR depositary as the holder of dollar preference shares of the applicable corresponding
series and made generally available to the holders of those dollar preference shares by us, including our annual report and accounts.
The Dollar Preference Share ADR depositary will also send copies of those reports to Dollar Preference Share ADR holders when furnished
by us as provided in the Dollar Preference Share ADR deposit agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On or before the first date on which we give notice,
by publication or otherwise, of any meeting at which holders of the dollar preference shares of a particular series are entitled to vote,
or of any reconvening of any such adjourned meeting of holders, or of the taking of any action in respect of any cash or other distributions
on or any redemption of dollar preference shares of a particular series, we shall transmit to the Dollar Preference Share ADR depositary
a copy of the notice in the form given or to be given to holders of the dollar preference shares. The Dollar Preference Share ADR depositary
will, at our expense, arrange for the prompt transmittal by the custodian to the Dollar Preference Share ADR depositary of such notices,
and, if we request in writing, arrange for the mailing, at our expense, of copies to all holders of Dollar Preference Share ADRs evidencing
Dollar Preference Share ADSs of the corresponding series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amendment and Termination of the Dollar Preference Share ADR Deposit
Agreement</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The form of the Dollar Preference Share ADRs evidencing
Dollar Preference Share ADSs of a particular series and any provisions of the Dollar Preference Share ADR deposit agreement relating to
those Dollar Preference Share ADRs may at any time and from time to time be amended by agreement between us and the Dollar Preference
Share ADR depositary in any respect which we may deem necessary or desirable. Any amendment that imposes or increases any fees or charges,
other than taxes and other governmental charges, or that otherwise prejudices any substantial existing right of holders of outstanding
Dollar Preference Share ADRs evidencing Dollar Preference Share ADSs of a particular series, will not take effect as to any Dollar Preference
Share ADRs until 30 days after notice of the amendment has been given to the record holders of those Dollar Preference Share ADRs. Every
holder of any Dollar Preference Share ADR at the time an amendment becomes effective, if it has been given notice, will be deemed by continuing
to hold the Dollar Preference Share ADR to consent and agree to the amendment and to be bound by the Dollar Preference Share ADR deposit
agreement or the Dollar Preference Share ADR as amended. In no event may any amendment impair the right of any holder of Dollar Preference
Share ADRs to surrender Dollar Preference Share ADRs and receive in return the dollar preference shares of the corresponding series and
other property represented by the Dollar Preference Share ADRs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Whenever we direct, the Dollar Preference Share
ADR depositary has agreed to terminate the Dollar Preference Share ADR deposit agreement as to dollar preference shares of any and all
series and the deposited securities, Dollar Preference Share ADSs and Dollar Preference Share ADRs of all corresponding series by mailing
a termination notice to the record holders of all those outstanding Dollar Preference Share ADRs at least 30 days before the date fixed
in the notice for termination. The Dollar Preference Share ADR depositary may likewise terminate the Dollar Preference Share ADR deposit
agreement as to dollar preference shares of any and all series and the deposited securities, Dollar Preference Share ADSs and Dollar Preference
Share ADRs of all corresponding series by mailing a termination notice to us and the record holders of all those outstanding Dollar Preference
Share ADRs at any time 60 days after it has delivered to us a written notice of its election to resign, if a successor depositary has
not been appointed and accepted its appointment as provided in the Dollar Preference Share ADR deposit agreement. If any Dollar Preference
Share ADRs evidencing Dollar Preference Share ADSs of a particular series remain outstanding after the date of any termination, the Dollar
Preference Share ADR depositary will then discontinue the registration</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">of transfers of those Dollar Preference Share ADRs, will suspend the
distribution of dividends to holders and will not give any further notices or perform any further acts under the Dollar Preference Share
ADR deposit agreement with respect to those Dollar Preference Share ADRs, except that it will continue to collect dividends and other
distributions pertaining to the dollar preference shares of the corresponding series and any other property represented by those Dollar
Preference Share ADRs, and will continue the delivery of dollar preference shares of the corresponding series, together with any dividends
or other distributions received with respect to them and the net proceeds of the sale of any property, in exchange for Dollar Preference
Share ADRs surrendered to it. At any time after two years from the date of termination of the Dollar Preference Share ADR deposit agreement
as to Dollar Preference Share ADRs evidencing Dollar Preference Share ADSs of a particular series, the Dollar Preference Share ADR depositary
may sell the dollar preference shares of the corresponding series and any other property represented by those Dollar Preference Share
ADRs and may hold the net proceeds, together with any other cash then held by it under the Dollar Preference Share ADR deposit agreement
in respect of those Dollar Preference Share ADRs, without liability for interest, for the ratable benefit of the holders of Dollar Preference
Share ADRs that have not previously been surrendered.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Charges of Dollar Preference Share ADR Depositary</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Dollar Preference Share ADR depositary will
charge the party to whom it delivers Dollar Preference Share ADRs against deposits, and the party surrendering Dollar Preference Share
ADRs for delivery of dollar preference shares of a particular series or other deposited securities, property and cash, $5 for each 100,
or fraction of 100, ADSs evidenced by the Dollar Preference Share ADRs issued or surrendered. We will pay all other charges of the Dollar
Preference Share ADR depositary and those of any registrar, co-transfer agent and co-registrar under the Dollar Preference Share ADR deposit
agreement, but, unless the relevant prospectus supplement with respect to a particular series of dollar preference shares or securities
convertible into or exchangeable for dollar preference shares of any series states otherwise, we will not pay:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>taxes, including U.K. stamp duty or U.K. stamp duty reserve tax, and other governmental charges;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any applicable share transfer or registration fees on deposits or withdrawals of dollar preference shares;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>cable, telex, facsimile transmission and delivery charges which the Dollar Preference Share ADR deposit agreement provides are at
the expense of the holders of Dollar Preference Share ADRs or persons depositing or withdrawing dollar preference shares of any series;
or</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>expenses incurred or paid by the Dollar Preference Share ADR depositary in any conversion of foreign currency into dollars.</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-indent: 0.25in">You will be responsible for any taxes or other
governmental charges payable on your Dollar Preference Share ADRs or on the deposited securities underlying your Dollar Preference Share
ADRs (including U.K. stamp duty or U.K. stamp duty reserve tax, but not stamp duty reserve tax arising on issue of the securities underlying
your Dollar Preference Share ADRs). The Dollar Preference Share ADR depositary may refuse to transfer your Dollar Preference Share ADRs
or allow you to withdraw the deposited securities underlying your Dollar Preference Share ADRs until such taxes or other charges are paid.
The Dollar Preference Share ADR depositary may withhold any dividends or other distributions, or may sell for the account of the holder
any part or all of the deposited securities evidenced by the Dollar Preference Share ADR, and may apply dividends or other distributions
or the proceeds of any sale in payment of the tax or other governmental charge, with the Dollar Preference Share ADR holder remaining
liable for any deficiency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Neither the Dollar Preference Share ADR depositary
nor we will be liable to Dollar Preference Share ADR holders if prevented or forbidden or delayed by any present or future law of any
country or by any governmental authority, or by reason of any provision, present or future, of our Memorandum or Articles of Association,
or any act of God or war or other circumstances beyond our control in performing our obligations under the Dollar Preference Share ADR
deposit agreement. The obligations of both of us under the Dollar Preference Share ADR deposit agreement are expressly limited to performing
our duties without gross negligence or bad faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If any Dollar Preference Share ADSs of a particular
series are listed on one or more stock exchanges in the United States, the Dollar Preference Share ADR depositary will act as registrar
or, if we request or with our approval, appoint a registrar or one or more co-registrars, for registration of the Dollar Preference Share
ADRs evidencing the Dollar Preference Share ADSs in accordance with any exchange requirements. The registrars or co-registrars may be
removed and a substitute or substitutes appointed by the Dollar Preference Share ADR depositary if we request or with our approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Dollar Preference Share ADRs evidencing Dollar
Preference Share ADSs of any series are transferable on the books of the Dollar Preference Share ADR depositary. However, the Dollar Preference
Share ADR depositary may close the transfer books as to Dollar Preference Share ADRs evidencing Dollar Preference Share ADSs of a particular
series at any time or from time to time when it deems it expedient to do so in connection with the performance of its duties or if we
request. As a condition precedent to the execution and delivery, registration of transfer, split-up, combination or surrender of any Dollar
Preference Share ADR evidencing Dollar Preference Share ADSs of a particular series, or transfer and withdrawal of dollar preference shares
of the corresponding series, the Dollar Preference Share ADR depositary or the custodian may require the person presenting the Dollar
Preference Share ADR or depositing the dollar preference shares to pay a sum sufficient to reimburse it for any related tax or other governmental
charge and any share transfer or registration fee and any applicable fees payable as provided in the Dollar Preference Share ADR deposit
agreement, and the Dollar Preference Share ADR depositary may withhold any dividends or other distributions, or may sell for the account
of the holder any part or all of the dollar preference shares evidenced by the Dollar Preference Share ADR, and may apply dividends or
other distributions or the proceeds of any sale in payment of the tax or other governmental charge, with the Dollar Preference Share ADR
holder remaining liable for any deficiency. Any person presenting dollar preference shares of any series for deposit or any holder of
a Dollar Preference Share ADR may be required from time to time to furnish the Dollar Preference Share ADR depositary or the custodian
with proof of citizenship or residence, exchange control approval, information relating to the registration on our books or registers
or those maintained for us by the registrar for the dollar preference shares of that series, or other information, to execute certificates
and to make representations and warranties that the Dollar Preference Share ADR depositary or the custodian deems necessary or proper.
Until those requirements have been satisfied, the Dollar Preference Share ADR depositary may withhold the delivery or registration of
transfer of any Dollar Preference Share ADR or the distribution of any dividend or other distribution or proceeds of any sale or distribution.
The delivery, transfer and surrender of Dollar Preference Share ADRs of any series generally may be suspended during any period when the
transfer books of the Dollar Preference Share ADR depositary are closed or if we or the Dollar Preference Share ADR depositary deem necessary
or advisable at any time or from time to time because of any requirement of law or of any government or governmental authority, body or
commission, or under any provision of the Dollar Preference Share ADR deposit agreement or for any other reason, subject to the provisions
of the following sentence. The surrender of outstanding Dollar Preference Share ADRs of any series and withdrawal of deposited securities
may only be suspended as a result of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>temporary delays caused by closing our transfer books or those of the Dollar Preference Share ADR depositary or the deposit of dollar
preference shares of the corresponding series in connection with voting at a shareholders&rsquo; meeting or the payment of dividends;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the non-payment of fees, taxes and similar charges; and</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>compliance with any U.S. or foreign laws or governmental regulations relating to the Dollar Preference Share ADRs of the series or
to the withdrawal of the deposited securities.</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-indent: 0.25in">The Dollar Preference Share ADR deposit agreement
and the Dollar Preference Share ADRs are governed by and construed in accordance with New York law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_008"></A>DESCRIPTION OF
CONTINGENT CONVERTIBLE SECURITIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The following is a summary of the general terms
that will apply to any contingent convertible securities that may be offered by us.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Each time that we issue contingent convertible
securities, we will file a prospectus supplement with the SEC, which you should read carefully. The prospectus supplement will summarize
specific terms of your security and may contain additional terms of those contingent convertible securities to those described in this
prospectus or terms that differ from those described in this prospectus. The terms presented here, together with the terms contained in
the prospectus supplement, will be a description of the material terms of the contingent convertible securities, but if there is any inconsistency
between the terms presented here and those in the prospectus supplement, those in the prospectus supplement will apply and will replace
those presented here. Therefore, the statements we make below in this section may not apply to your contingent convertible security. Contingent
convertible securities will be issued by us under an indenture. The indenture is a contract between us and The Bank of New York Mellon,
as trustee. The indenture does not limit our ability to incur additional indebtedness, including the issuance of further contingent convertible
securities. You should also read the indenture and any related supplemental indenture establishing such contingent convertible securities,
which we have filed with the SEC as an exhibit to the registration statement of which this prospectus is a part.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The summary below does not describe every aspect
of the indenture or the contingent convertible securities and is subject to and qualified in its entirety by reference to all the provisions
of the indenture. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Contingent convertible securities means our subordinated
convertible debt securities mandatorily convertible into our ordinary shares on the occurrence of certain events. The contingent convertible
securities are not deposits and are not insured or guaranteed by the U.S. Federal Deposit Insurance Corporation or any other government
agency of the United States or the United Kingdom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may issue contingent convertible securities
in one or more series. The relevant prospectus supplement for any particular series of contingent convertible securities will describe
the terms of the offered contingent convertible securities, including some or all of the following terms:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the specific designation, authorized denomination and aggregate principal amount of the contingent convertible securities;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether such contingent convertible securities will be dated contingent convertible securities with a specified maturity date or undated
contingent convertible securities with no specified maturity date;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the annual interest rate or rates, or how to calculate the interest rate or rates;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the date or dates from which interest, if any, will accrue or the method, if any, by which such date or dates will be determined;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the payment of interest can be deferred or cancelled, whether the payment of principal can be deferred and the subordination
terms;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the price or prices at which they will be issued;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the terms on which the contingent convertible securities may or are required to convert into ordinary shares of NatWest Group plc
and any specific terms relating to the conversion or exchange feature, including upon the occurrence of certain events relating to our
financial condition;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether payments are subject to certain conditions that relate to our financial condition, including our capital ratios;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the times and places at which any interest payments are payable;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the terms and conditions of any mandatory or optional redemption, including the amount of any premium;</TD></TR></TABLE>

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


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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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any modifications or additions to the events of default with respect to the contingent convertible securities offered;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the terms and conditions, if any, under which we may elect to substitute or vary the terms of the contingent convertible securities;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the currency or currencies in which they are denominated and in which we will make any payments;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any index used to determine the amount of any payments on the contingent convertible securities;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any restrictions that apply to the offer, sale and delivery of the contingent convertible securities;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether and under what circumstances, if other than those described in this prospectus, we will pay additional amounts on the contingent
convertible securities following certain developments with respect to withholding tax or information reporting laws and whether, and on
what terms, if other than those described in this prospectus, we may redeem the contingent convertible securities following those developments;
and</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any listing on a securities exchange.</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-indent: 0.25in">In addition, the prospectus supplement will describe
the material U.S. federal and U.K. tax considerations that apply to any particular series of contingent convertible securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Contingent convertible securities may bear interest
at a fixed rate, a floating rate or a combination thereof. We may sell any contingent convertible securities that bear no interest, or
that bear interest at a rate that at the time of issuance is below the prevailing market rate, at a discount to their stated principal
amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Holders of contingent convertible securities shall
have no voting rights except those described under the heading &ldquo;&ndash;Modification and Waiver&rdquo; below, unless and until such
contingent convertible securities are converted into our ordinary shares, in which case holders will have the voting rights described
under &ldquo;Description of Ordinary Shares&ndash;Share Capital&ndash;Voting Rights&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>If we issue subordinated contingent convertible
securities that qualify as Additional Tier 1 or Tier 2 capital or other capital for regulatory purposes, the payment, subordination, redemption,
events of default and other terms may vary from those described in this prospectus and will be set forth in the relevant prospectus supplement.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will make any payments of interest and principal,
on any particular series of contingent convertible securities on the dates and, in the case of payments of interest, at the rate or rates,
that we set out in, or that are determined by the method of calculation described in, the relevant prospectus supplement. The relevant
prospectus supplement may provide that we are not obligated to make payments of principal or interest on any scheduled payment date, that
interest payments may be cancelled or deemed cancelled, in whole or in part, and that any such cancellation or deemed cancellation will
not create a default or an event of default under the contingent convertible securities indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each contingent convertible security will constitute
our direct, unsecured and subordinated obligations, ranking equally without any preference among themselves. The rights and claims of
the holders of any series of contingent convertible securities will be subordinated as described in the relevant prospectus supplement
with respect to such series. The relevant prospectus supplement will set forth the nature of the subordinated ranking of each series of
contingent convertible securities relative to the debt and equity issued by us, including to what extent the contingent convertible securities
may rank junior in right of payment to our other obligations or in any other manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any terms of the redemption of any series of contingent
convertible securities, whether at our option or upon the occurrence of certain events (including, but not be limited to, the occurrence
of certain tax or regulatory events), will be set forth in the relevant prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Events of Default; Limitation of Remedies</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Events of Default</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The relevant prospectus supplement with respect
to any series of contingent convertible securities shall set out what events, if any, shall be considered Events of Defaults and what
remedies, if any, that may be available to holders. The indenture permits the issuance of contingent convertible securities in one or
more series and whether an Event of Default, if applicable, has occurred is determined on a series-by-series basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an Event of Default provided for in a supplemental
indenture for any series of contingent convertible securities, occurs and is continuing, the trustee or the holders of at least 25% in
aggregate principal amount of the outstanding contingent convertible securities of each series may declare the principal amount, together
with accrued interest (if any) and Additional Amounts (if any), payable on such contingent convertible securities, of all the contingent
convertible securities of that series to be due and payable immediately, by a notice in writing to us, and upon such declaration such
amount shall become immediately due and payable. However, after this declaration but before the trustee obtains a judgment or decree for
payment of money due, the holder or holders of a majority in aggregate principal amount of the outstanding contingent convertible securities
of the series may rescind the declaration of acceleration and its consequences, but only if all Events of Default have been remedied or
waived and all payments due, other than those due as a result of acceleration, have been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement provides
otherwise, by accepting a contingent convertible security, each holder and the trustee (acting on behalf of the holders) will be deemed
to have waived any right of set-off, counterclaim or combination of accounts with respect to the contingent convertible security or the
indenture (or between our obligations under or in respect of any contingent convertible security and any liability owed by a holder to
us) that they (or the trustee acting on their behalf) might otherwise have against us, whether before or during our winding-up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Events of Default - General</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The holder or holders of not less than a majority
in aggregate principal amount of the outstanding contingent convertible securities of any series may waive any past Event of Default with
respect to the series, except an Event of Default in respect of the payment of interest, if any, or principal of (or premium, if any)
or payments on any contingent convertible security or a covenant or provision of the indenture which cannot be modified or amended without
the consent of the holder of each contingent convertible securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon any such waiver, such Event of Default will
cease to exist, and any such Event of Default with respect to any series arising therefrom will be deemed to have been cured and not to
have occurred; provided that no such waiver will extend to any subsequent or other Event of Default or impair any right consequent thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the indenture provisions for the indemnification
of the trustee and the provisions of any supplemental indenture establishing any series of contingent convertible securities, the holder
or holders of a majority in aggregate principal amount of the outstanding contingent convertible securities of any series shall have the
right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust
or power conferred on the trustee with respect to the series, if the direction is not in conflict with any rule of law or with the indenture
and the trustee does not determine that the action would be unjustly prejudicial to the holder or holders of any contingent convertible
securities of any series not taking part in that direction. The trustee may take any other action that it deems proper which is not inconsistent
with that direction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The indenture provides that the trustee will,
within 90 days after the occurrence of an Event of Default with respect to the contingent convertible securities of any series, give to
each holder of the contingent convertible securities of the affected series notice of the Event of Default known to it, unless the Event
of Default has been cured or waived. However, the trustee shall be protected in withholding notice if it determines in good faith that
withholding notice is in the interest of the holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are required to furnish to the trustee annually
a statement as to our compliance with all conditions and covenants under the indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Additional Amounts</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise specified in the relevant prospectus
supplement, all amounts of principal, premium, if any, and interest, if any, on any series of contingent convertible securities will be
paid by us without deduction or withholding for, or on account of, any and all present and future income, stamp and other taxes, levies,
imposts, duties, charges, fees, deductions or withholdings now or hereafter imposed, levied, collected, withheld or assessed by or on
behalf of the United Kingdom or any political subdivision or any authority thereof or therein having the power to tax (the &ldquo;U.K.
Taxing Jurisdiction&rdquo;), unless such deduction or withholding is required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise specified in the relevant prospectus
supplement, if deduction or withholding of any such taxes, levies, imposts, duties, charges, fees, deductions or withholdings shall at
any time be required by the U.K. Taxing Jurisdiction, we will pay such additional amounts in respect of, payments of the principal amount
of, premium, if any, and interest, if any, on any series of contingent convertible securities (&ldquo;Additional Amounts&rdquo;) as may
be necessary in order that the net amounts paid to the holders of the contingent convertible securities, after such deduction or withholding,
shall equal the respective amounts of principal, premium, if any, and interest, if any, which would have been payable in respect of such
contingent convertible securities had no such deduction or withholding been required; provided, however, that the foregoing will not apply
to any such tax, levy, impost, duty, charge, fee, deduction or withholding that would not have been payable or due but for the fact that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(i) the holder or the beneficial owner
of the contingent convertible security is a domiciliary, national or resident of, or engaging in business or maintaining a permanent establishment
or physically present in, the U.K. Taxing Jurisdiction or otherwise has some connection with the U.K. Taxing Jurisdiction other than the
mere holding or ownership of a contingent convertible security, or the collection of any payment of (or in respect of) principal of, premium,
if any, or interest, if any, on any contingent convertible security of the relevant series,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(ii) except in the case of a winding-up
of us in the United Kingdom, the relevant contingent convertible security is presented (where presentation is required) for payment in
the United Kingdom,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(iii) the relevant contingent convertible
security is presented (where presentation is required) for payment more than 30 days after the date payment became due or was provided
for, whichever is later, except to the extent that the holder would have been entitled to such Additional Amount on presenting (where
presentation is required) the contingent convertible security for payment at the close of such 30 day period,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(iv) the holder or the beneficial owner
of the relevant contingent convertible security or the beneficial owner of any payment of (or in respect of) principal of, premium, if
any, or interest, if any, on such contingent convertible security failed to comply with a request by us or our liquidator or other authorized
person addressed to the holder (x) to provide information concerning the nationality, residence or identity of the holder or such beneficial
owner or (y) to make any declaration or other similar claim, which in the case of (x) or (y), is required or imposed by a statute, treaty,
regulation or administrative practice of the U.K. Taxing Jurisdiction as a precondition to exemption or relief from all or part of such
deduction or withholding,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(v) the withholding or deduction is
required to be made pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended, any agreement with the
U.S. Treasury entered into with respect thereto, any U.S. Treasury regulation issued thereunder or any other official interpretations
or guidance issued with respect thereto; any intergovernmental agreement entered into with respect thereto, or any law, regulation, or
other official interpretation or guidance promulgated pursuant to such an intergovernmental agreement, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(vi) any combination of subclauses
(i) through (v) above,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">nor shall Additional Amounts be paid with respect to a payment of principal
of, premium, if any, or interest, if any, on the contingent convertible security to any holder who is a fiduciary or partnership or person
other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the U.K. Taxing Jurisdiction
to be included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership
or a beneficial owner who would not have been entitled to such Additional Amounts, had it been the holder.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Whenever in this prospectus or any prospectus
supplement there is mentioned, in any context, the payment of the principal of, premium, if any, or interest, if any, and any other payments
on, or in respect of, any contingent convertible security of any series such mention shall be deemed to include mention of the payment
of Additional Amounts provided for in this &ldquo;Additional Amounts&rdquo; section to the extent that, in such context, Additional Amounts
are, were or would be payable in respect thereof pursuant to the provisions of this section and as if express mention of the payment of
Additional Amounts (if applicable) were made in any provisions hereof where such express mention is not made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Limitation on Suits</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No holder of contingent convertible securities
will be entitled to proceed directly against us, except as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to any further limitations provided in
the relevant prospectus supplement and supplemental indenture establishing any series of contingent convertible securities, before a holder
of the contingent convertible securities may bypass the trustee and bring its own lawsuit or other formal legal action or take other steps
to enforce its rights or protect its interests relating to the contingent convertible securities, the following must occur:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The holder must give the trustee written notice that a continuing Event of Default has occurred and remains uncured.</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The holders of not less than 25% in outstanding principal amount of the contingent convertible securities of the relevant series must
make a written request that the trustee institute proceedings because of the Event of Default, and the holder must offer indemnity satisfactory
to the trustee in its sole discretion against the cost and other liabilities incurred in connection with such request.</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The trustee must not have taken action for 60 days after receipt of the above notice and offer of security or indemnity, and the trustee
must not have received an inconsistent direction from the majority in principal amount of all outstanding contingent convertible securities
of the relevant series during that period.</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-indent: 0.25in">Notwithstanding any other provision of the contingent
convertible indenture or the contingent convertible securities, the right of any holder of contingent convertible securities to receive
payment of the principal of (and premium, if any, on), and interest on, the contingent convertible securities, on or after the due dates
thereof or to institute suit for the enforcement of any such payment on or after such respective dates, will not be impaired or affected
without the consent of such holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Modification and Waiver</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We and the trustee may make certain modifications
and amendments to the applicable indenture with respect to any series of contingent convertible securities without the consent of the
holders of such contingent convertible securities. Other modifications and amendments may be made to the applicable indenture with the
consent of not less than a majority in aggregate outstanding principal amount of the contingent convertible securities of the series outstanding
under the indenture that are affected by the modification or amendment, voting as one class. However, no modifications or amendments may
be made without the consent of the holder of each contingent convertible security affected that would:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change the stated maturity, if any, of any principal amount of any contingent convertible security;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change the terms of any contingent convertible security to include a stated maturity date;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduce the principal amount of, the interest rates of, or the payments with respect to any contingent convertible security, other
than as permitted under the applicable indenture;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change our (or any successor&rsquo;s) obligation to pay Additional Amounts;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change the currency of payment;</TD></TR></TABLE>

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


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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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduce the percentage in aggregate principal amount of outstanding contingent convertible securities of the series necessary to modify
or amend the applicable indenture or to waive compliance with certain provisions of the applicable indenture;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>impair the right to institute suit for the enforcement of any payment due and payable;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>modify the subordination provisions or the terms of our obligations in respect of the payment of amounts due and payable on the contingent
convertible securities in a manner adverse to the holders, in each case other than as permitted under the applicable indenture; or</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>modify the above requirements.</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-indent: 0.25in">In addition to the permitted amendments described
in the preceding paragraph, we and the trustee may amend or supplement the applicable indenture or the contingent convertible securities
without the consent of any holders of the contingent convertible securities to conform the provisions of the applicable indenture to this
&ldquo;<I>Description of Contingent Convertible Securities</I>&rdquo; section in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, unless the relevant prospectus supplement
provides otherwise, any variations in the terms and conditions of the contingent convertible securities of any series, including modifications
relating to the subordination or redemption provisions of such contingent convertible securities, can only be made in accordance with
the rules and requirements of the PRA, as and to the extent applicable from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consolidation, Merger and Sale of Assets; Assumption</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may, without the consent of the holders of
any of the contingent convertible securities, consolidate with, merge into or transfer or lease our assets substantially as an entirety
to any person, provided that any successor corporation formed by any consolidation or amalgamation, or any transferee or lessee of our
assets, is a company organized under the laws of any part of the United Kingdom that assumes, by a supplemental indenture, our obligations
on the contingent convertible securities and under the applicable indenture, and we procure the delivery of a customary officer&rsquo;s
certificate and legal opinion providing that the conditions precedent to the transaction have been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to applicable law and regulation (including,
if and to the extent required at such time by the applicable regulatory capital rules, regulations or standards, the prior consent of
the PRA), a holding company of us or any of our wholly-owned subsidiaries may assume our obligations under the contingent convertible
securities of any series without the consent of any holder, provided that certain conditions are satisfied. If the conditions set out
in the contingent convertible securities indenture are satisfied, all of our direct payment obligations under the contingent convertible
securities of the series and the applicable indenture shall immediately be discharged. Any Additional Amounts under the contingent convertible
securities of the series will be payable in respect of taxes imposed by the jurisdiction in which the assuming holding company or wholly-owned
subsidiary is organized or tax resident, subject to exceptions equivalent to those that apply to any obligation to pay Additional Amounts
in respect of taxes imposed by the U.K. Taxing Jurisdiction, rather than taxes imposed by the U.K. Taxing Jurisdiction. The holding company
or wholly-owned subsidiary, as the case may be, that assumes our obligations will also be entitled to redeem the contingent convertible
securities of the relevant series in the circumstances described in &ldquo;&ndash;Redemption&rdquo; above or in the supplemental indenture
with respect to the particular series of contingent convertible securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>An assumption of our obligations under the
contingent convertible securities of any series might be deemed for U.S. federal income tax purposes to be an exchange of those contingent
convertibles securities for new contingent convertible securities by each beneficial owner, resulting in a recognition of taxable gain
or loss for U.S. federal income tax purposes and possibly certain other adverse tax consequences. You should consult your tax advisor
regarding the U.S. federal, state and local income tax consequences of an assumption.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The contingent convertible securities and the
indenture will be governed by and construed in accordance with the laws of the State of New York and the Trust Indenture Act, except that,
as the indenture specifies, the subordination provisions and the waiver of the right to set-off by the holders and by the Trustee acting
on behalf of the holders of each series of contingent convertible securities will be governed by and construed in accordance with the
laws of Scotland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All notices to holders of registered contingent
convertible securities shall be validly given if in writing and mailed, first-class postage prepaid, to them at their respective addresses
in the register maintained by the trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Bank of New York Mellon, acting through its
London Branch, 160 Queen Victoria Street, London EC4V 4LA, is the trustee under the indenture with respect to the contingent convertible
securities. The trustee shall have and be subject to all the duties and responsibilities specified with respect to an indenture trustee
under the Trust Indenture Act of 1939 (&ldquo;TIA&rdquo;). Subject to the provisions of the TIA, the trustee is under no obligation to
exercise any of the powers vested in it by the indenture at the request of any holder of contingent convertible securities, unless offered
reasonable indemnity by the holder against the costs, expense and liabilities which might be incurred thereby. We and certain of our subsidiaries
maintain deposit accounts and conduct other banking transactions with The Bank of New York Mellon in the ordinary course of our business.
The Bank of New York Mellon is also the book-entry depositary and paying agent with respect to our contingent convertible securities.
The Bank of New York Mellon is the depositary with respect to the American Depositary Shares representing certain of our preference shares
and our ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consent to Service of Process</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the indenture, we irrevocably designate
CT Corporation System as our authorized agent for service of process in any legal action or proceeding arising out of or relating to the
indentures or any contingent convertible securities brought in any federal or state court in The City of New York, New York and we irrevocably
submit to the jurisdiction of those courts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_009"></A>DESCRIPTION OF
CERTAIN PROVISIONS RELATING TO DEBT SECURITIES AND<BR>
CONTINGENT CONVERTIBLE SECURITIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Agreement with Respect to the Exercise of U.K. Bail-in Power</B></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; text-indent: 0.25in">The senior debt securities indenture contains,
and NatWest Group plc expects that any supplemental indenture to the senior debt securities indenture, subordinated debt securities indenture
and contingent convertible securities indenture, as required, will contain, in respect of the securities governed thereby, certain provisions
substantially to the following effect. In addition, such provisions will be more fully set out in the relevant supplemental indenture
and summarized in the relevant prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The securities may be subject to the exercise
of the U.K. bail-in power by the relevant U.K. resolution authority. As more fully set out in the relevant prospectus supplement, if the
U.K. bail-in power applies to the securities of a series, by its acquisition of the securities, each holder of such securities will be
bound by (a) the effect of the exercise of any U.K. bail-in power by the relevant U.K. resolution authority and (b) the variation of the
terms of securities or the relevant indenture, if necessary, to give effect to the exercise of any U.K. bail-in power by the relevant
U.K. resolution authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The exercise of any U.K. bail-in power by the
relevant U.K. resolution authority shall not constitute a default or an Event of Default under the terms of the securities or the indentures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 NatWest Group plc or other members of the NatWest Group, including
but not limited to any such laws, regulations, rules or requirements which are implemented, adopted or enacted within the context of the
UK resolution regime under the Banking Act 2009, as the same has been or may be amended from time to time (whether pursuant to the UK
Financial Services (Banking Reform) Act 2013 (the &ldquo;Banking Reform Act 2013&rdquo;), secondary legislation or otherwise, the &ldquo;Banking
Act&rdquo;), 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</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; text-indent: 0.25in">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-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Form of Debt Securities and Contingent Convertible Securities;
Book-Entry System</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the relevant prospectus supplement states
otherwise, the debt securities and contingent convertible securities shall initially be represented by one or more global securities in
registered form, without coupons attached, and will be deposited with or on behalf of one or more depositary identified in the applicable
prospectus supplement, including, without limitation, The Depository Trust Company (&ldquo;DTC&rdquo;), Euroclear Bank SA/NV (&ldquo;Euroclear
Bank&rdquo;), as operator of the Euroclear System (&ldquo;Euroclear&rdquo;) and/or Clearstream Banking, S.A. (&ldquo;Clearstream Luxembourg&rdquo;),
and will be registered in the name of such depositary or its nominee. Unless and until the debt securities or contingent convertible securities,
as applicable, are exchanged in whole or in part for other securities that we issue or the global securities are exchanged for definitive
securities, the global securities may not be transferred except as a whole by the depositary to a nominee or a successor of the depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Special procedures to facilitate clearance and
settlement have been established among these clearing systems to trade securities across borders in the secondary market. Where payments
for securities we issue in global form will be made in U.S. dollars, these procedures can be used for cross-market transfers and the securities
will be cleared and settled on a delivery against payment basis. Cross-market transfers of securities that are not in global form may
be cleared and settled in accordance with other procedures that may be established among the clearing systems for these securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The debt securities and contingent convertible
securities may be accepted for clearance by DTC, Euroclear and Clearstream Luxembourg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The laws of some states may require that certain
investors in securities take physical delivery of their securities in definitive form. Those laws may impair the ability of investors
to own interests in book-entry securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Neither we nor the trustee nor any of our or its
agents has any responsibility for any aspect of the actions of DTC, Clearstream Luxembourg or Euroclear or any of their direct or indirect
participants. Neither we nor the trustee nor any of our or its agents has any responsibility for any aspect of the records kept by DTC,
Clearstream Luxembourg or Euroclear or any of their direct or indirect participants. Neither we nor the trustee nor any of our or its
agents supervise these systems in any way. This is also true for any other clearing system indicated in a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">DTC, Clearstream Luxembourg, Euroclear and their
participants perform these clearance and settlement functions under agreements they have made with one another or with their customers.
Investors should be aware that DTC, Clearstream Luxembourg, Euroclear and their participants are not obligated to perform these procedures
and may modify them or discontinue them at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The description of the clearing systems in this
section reflects our understanding of the rules and procedures of DTC, Clearstream Luxembourg and Euroclear as they are currently in effect.
Those systems could change their rules and procedures at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">So long as the depositary, or its nominee, is
the holder of a global security, the depositary or its nominee will be considered the sole holder of such global security for all purposes
under the indentures. Except as described below under the heading &ldquo;&ndash;Issuance of Definitive Securities&rdquo;, no participant,
indirect participant or other person will be entitled to have debt securities or contingent convertible securities, as applicable, registered
in its name, receive or be entitled to receive physical delivery of debt securities or contingent convertible securities, as applicable,
in definitive form or be considered the owner or holder of the debt securities or contingent convertible securities, as applicable, under
the indentures. Each person having an ownership or other interest in debt securities or contingent convertible securities, as applicable,
must rely on the procedures of the depositary, and, if a person is not a participant in the depositary, must rely on the procedures of
the participant or other securities intermediary through which that person owns its interest to exercise any rights and obligations of
a holder under the indentures, the debt securities or the contingent convertible securities, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Clearing Systems</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">DTC, Euroclear and Clearstream Luxembourg have
advised us as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>DTC</I>. DTC, the world&rsquo;s largest securities
depository, is a limited-purpose trust company organized under the New York Banking Law, a &ldquo;banking organization&rdquo; within the
meaning of the New York Banking Law, a member of the Federal Reserve System, a &ldquo;clearing corporation&rdquo; within the meaning of
the New York Uniform Commercial Code, and a &ldquo;clearing agency&rdquo; registered pursuant to the provisions of Section 17A of the
Exchange Act. DTC holds securities deposited with it by its participants and facilitates the settlement of transactions among its participants
in such securities through electronic computerized book-entry changes in accounts of the participants, thereby eliminating the need for
physical movement of securities certificates. Direct participants include both U.S. and non-U.S. securities brokers and dealers, banks,
trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust &amp;
Clearing Corporation (&ldquo;DTCC&rdquo;). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income
Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access
to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and
clearing corporations that clear through or maintain a custodial relationship with a direct participant, either directly or indirectly.
The DTC rules applicable to its participants are on file with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Euroclear</I>. Euroclear holds securities for
its participants and clears and settles transactions between its participants through simultaneous electronic book-entry delivery against
payment, thus eliminating the need for physical movement of certificates. Euroclear provides various other services, including safekeeping,
administration, clearance and settlement and securities lending and borrowing, and interfaces with domestic markets in several countries.
Euroclear is operated by Euroclear Bank, under contract with Euroclear plc, a U.K. corporation. Euroclear Bank conducts all operations,
and all Euroclear securities clearance accounts and Euroclear cash accounts are accounts with Euroclear Bank, not Euroclear plc. Euroclear
plc establishes policy for Euroclear on behalf of Euroclear participants. Euroclear participants include banks (including central banks),
securities brokers and dealers and other professional financial intermediaries and may include any underwriters for the debt securities
or contingent convertible securities, as applicable. Indirect access to Euroclear is also available to other firms that clear through
or maintain a custodial relationship with a Euroclear participant, either directly or indirectly. Euroclear is an indirect participant
in DTC. Securities clearance accounts and cash accounts with Euroclear are governed by the Terms and Conditions Governing Use of Euroclear
and the related Operating Procedures of the Euroclear System (collectively, the &ldquo;Euroclear Terms and Conditions&rdquo;) and applicable
law. The Euroclear Terms and Conditions govern transfers of securities and cash within Euroclear, withdrawals of securities and cash from
Euroclear, and receipts of payments with respect to securities in Euroclear.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Clearstream Luxembourg</I>. Clearstream Luxembourg
is incorporated under the laws of The Grand Duchy of Luxembourg as a soci&eacute;t&eacute; anonyme and is subject to regulation by the
Luxembourg Commission for the Supervision of the Financial Sector (<I>Commission de Surveillance du Secteur Financier</I>). Clearstream
Luxembourg is owned by Deutsche B&ouml;rse AG, a publicly traded company. Clearstream Luxembourg holds securities for its participants
and facilitates the clearance and settlement of securities transactions among its participants through electronic book-entry changes in
accounts of its participants, thereby eliminating the need for physical movement of certificates. Clearstream Luxembourg provides other
services to its participants, including safekeeping, administration, clearance and settlement of internationally traded securities and
securities lending and borrowing. Clearstream Luxembourg interfaces with domestic markets in several countries. Clearstream Luxembourg&rsquo;s
customers include worldwide securities brokers and dealers, banks, trust companies and clearing corporations and may include professional
financial intermediaries. Its U.S. customers are limited to securities brokers, dealers and banks. Indirect access to the Clearstream
Luxembourg system is also available to others that clear through Clearstream Luxembourg customers or that have custodial relationships
with its customers, such as banks, brokers, dealers and trust companies. Clearstream Luxembourg is an indirect participant in DTC. Clearstream
Luxembourg has established an electronic bridge with Euroclear to facilitate settlement of trades between Clearstream Luxembourg and Euroclear.
Distributions with respect to the securities held beneficially through Clearstream Luxembourg are credited to cash accounts of Clearstream
Luxembourg customers in accordance with its rules and procedures, to the extent received by Clearstream Luxembourg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Other Clearing Systems</I>. We may choose any
other clearing system for a particular series of securities. The clearance and settlement procedures for the clearing system we choose
will be described in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payments on the Global Security</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Payments of any amounts in respect of any global
securities will be made by the trustee to the depositary. Payments will be made to beneficial owners of debt securities or contingent
convertible securities, as applicable, in accordance with the rules and procedures of the depositary or its direct and indirect participants,
as applicable. Neither we nor the trustee nor any of our agents will have any responsibility or liability for any aspect of the records
of any securities intermediary in the chain of intermediaries between the depositary and any beneficial owner of an interest in a global
security, or the failure of the depositary or any intermediary to pass through to any beneficial owner any payments that we make to the
depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The distribution of debt securities and contingent
convertible securities will be cleared through one or more of the clearing systems that we have described above or any other clearing
system that is specified in the applicable prospectus supplement. Payment for debt securities and contingent convertible securities will
be made on a delivery versus payment or free delivery basis. These payment procedures will be more fully described in the applicable prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Clearance and settlement procedures may vary from
one series of debt securities and contingent convertible securities, as applicable, to another according to the currency that is chosen
for the specific series of debt securities or contingent convertible securities. Customary clearance and settlement procedures are described
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will submit applications to the relevant system
or systems for the debt securities and contingent convertible securities to be accepted for clearance. The clearance numbers that are
applicable to each clearance system will be specified in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Clearance and Settlement Procedures - DTC</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">DTC participants that hold debt securities or
contingent convertible securities, as applicable, through DTC on behalf of investors will follow the settlement practices applicable to
United States corporate debt obligations in DTC&rsquo;s Same-Day Funds Settlement System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Debt securities and contingent convertible securities,
as applicable, will be credited to the securities custody accounts of these DTC participants against payment in same-day funds, for payments
in U.S. dollars, on the settlement date. For payments in a currency other than U.S. dollars, debt securities or contingent convertible
securities, as applicable, will be credited free of payment on the settlement date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Clearance and Settlement Procedures - Euroclear and Clearstream
Luxembourg</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We understand that investors that hold debt securities
or contingent convertible securities, as applicable, through Euroclear or Clearstream Luxembourg accounts will follow the settlement procedures
that are applicable to conventional Eurobonds in registered form for securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Debt securities or contingent convertible securities,
as applicable, will be credited to the securities custody accounts of Euroclear and Clearstream Luxembourg participants on the business
day following the settlement date, for value on the settlement date. They will be credited either free of payment or against payment for
value on the settlement date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Secondary Market Trading</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Trading Between DTC Participants</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Secondary market trading between DTC participants
will occur in the ordinary way in accordance with DTC&rsquo;s rules. Secondary market trading will be settled using procedures applicable
to United States corporate debt obligations in DTC&rsquo;s Same-Day Funds Settlement System for securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If payment is made in U.S. dollars, settlement
will be in same-day funds. If payment is made in a currency other than U.S. dollars, settlement will be free of payment. If payment is
made other than in U.S. dollars, separate payment arrangements outside of the DTC system must be made between the DTC participants involved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Trading Between Euroclear and/or Clearstream
Luxembourg Participants</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We understand that secondary market trading between
Euroclear and/or Clearstream Luxembourg participants will occur in the ordinary way following the applicable rules and operating procedures
of Euroclear and Clearstream Luxembourg. Secondary market trading will be settled using procedures applicable to conventional Eurobonds
in registered form for securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Trading Between a DTC Seller and a Euroclear
or Clearstream Luxembourg Purchaser</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A purchaser of debt securities or contingent convertible
securities, as applicable, that are held in the account of a DTC participant must send instructions to Euroclear or Clearstream Luxembourg
at least one business day prior to settlement. The instructions will provide for the transfer of the debt securities or contingent convertible
securities, as applicable, from the selling DTC participant&rsquo;s account to the account of the purchasing Euroclear or Clearstream
Luxembourg participant. Euroclear or Clearstream Luxembourg, as the case may be, will then instruct the common depositary for Euroclear
and Clearstream Luxembourg to receive the debt securities or contingent convertible securities, as applicable, either against payment
or free of payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The interests in the debt securities or contingent
convertible securities, as applicable, will be credited to the respective clearing system. The clearing system will then credit the account
of the participant, following its usual procedures. Credit for the debt securities or contingent convertible securities, as applicable,
will appear on the next day, European time. Cash debit will be back-valued to, and the interest on the debt securities or contingent convertible
securities, as applicable, will accrue from, the value date, which would be the preceding day, when settlement occurs in New York. If
the trade fails and settlement is not completed on the intended date, the Euroclear or Clearstream Luxembourg cash debit will be valued
as of the actual settlement date instead.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Euroclear participants or Clearstream Luxembourg
participants will need the funds necessary to process same-day funds settlement. The most direct means of doing this is to pre-position
funds for settlement, either from cash or from existing lines of credit, as for any settlement occurring within Euroclear or Clearstream
Luxembourg. Under this approach, participants may take on credit exposure to Euroclear or Clearstream Luxembourg until the debt securities
or contingent convertible securities, as applicable, are credited to their accounts one business day later.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As an alternative, if Euroclear or Clearstream
Luxembourg has extended a line of credit to them, participants can choose not to pre-position funds and will instead allow that credit
line to be drawn upon to finance settlement. Under this procedure, Euroclear participants or Clearstream Luxembourg participants purchasing
debt securities or contingent convertible securities, as applicable, would incur overdraft charges for one business day (assuming they
cleared the overdraft as soon as the securities were credited to their accounts). However, any interest on the debt securities or contingent
convertible securities, as applicable, would accrue from the value date. Therefore, in many cases, the investment income on debt securities
or contingent convertible securities, as applicable, that is earned during that one-business day period may substantially reduce or offset
the amount of the overdraft charges. This result will, however, depend on each participant&rsquo;s particular cost of funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because the settlement will take place during
New York business hours, DTC participants will use their usual procedures to deliver debt securities or contingent convertible securities,
as applicable, to the depositary on behalf of Euroclear participants or Clearstream Luxembourg participants. The sale proceeds will be
available to the DTC seller on the settlement date. For the DTC participants, then, a cross-market transaction will settle no differently
than a trade between two DTC participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Special Timing Considerations</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Investors should be aware that they will only
be able to make and receive deliveries, payments and other communications involving the debt securities or contingent convertible securities,
as applicable, through Clearstream Luxembourg and Euroclear on days when those systems are open for business. Those systems may not be
open for business on days when banks, brokers and other institutions are open for business in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, because of time-zone differences,
there may be problems with completing transactions involving Clearstream Luxembourg and Euroclear on the same business day as in the United
States. U.S. investors who wish to transfer their interests in the debt securities or contingent convertible securities, as applicable,
or to receive or make a payment or delivery of the debt securities or contingent convertible securities, as applicable, on a particular</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">day, may find that the transactions will not be performed until the
next business day in Luxembourg or Brussels, depending on whether Clearstream Luxembourg or Euroclear is used.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Issuance of Definitive Securities</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">So long as the depositary holds the global securities
of a particular series of debt securities or contingent convertible securities, as applicable, such global securities will not be exchangeable
for definitive securities of that series unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the depositary notifies the trustee that it is unwilling or unable to continue to act as depositary for the debt securities or contingent
convertible securities, as applicable, or the depositary ceases to be a clearing agency registered under the Exchange Act;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we are wound up and we fail to make a payment on the debt securities or contingent convertible securities, as applicable, when due;
or</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>at any time we determine at our option and in our sole discretion that the global securities of a particular series of debt securities
or contingent convertible securities should be exchanged for definitive debt securities or contingent convertible securities, as applicable,
of that series in registered form.</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-indent: 0.25in">Each person having an ownership or other interest
in a debt security or contingent convertible security, as applicable, must rely exclusively on the rules or procedures of the depositary
as the case may be, and any agreement with any direct or indirect participant of the depositary, including Euroclear or Clearstream Luxembourg
and their participants, as applicable, or any other securities intermediary through which that person holds its interest, to receive or
direct the delivery of possession of any definitive security. The indentures permit us to determine at any time and in our sole discretion
that debt securities or contingent convertible securities, as applicable, shall no longer be represented by global securities. DTC has
advised us that, under its current practices, it would notify its participants of our request, but will only withdraw beneficial interests
from the global securities at the request of each DTC participant. We would issue definitive certificates in exchange for any such beneficial
interests withdrawn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise specified in the relevant prospectus
supplement, definitive debt securities and definitive contingent convertible securities will be issued in registered form only. To the
extent permitted by law, we, the trustee and any paying agent shall be entitled to treat the person in whose name any definitive security
is registered as its absolute owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Payments in respect of each series of definitive
securities and definitive contingent convertible securities will be made to the person in whose name such definitive securities are registered
as it appears in the register for that series of debt securities or contingent convertible securities, as applicable. Payments will be
made in respect of the debt securities or contingent convertible securities, as applicable, by check drawn on a bank in New York or, if
the holder requests, by transfer to the holder&rsquo;s account in New York. Definitive securities should be presented to the paying agent
for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we issue definitive debt securities or contingent
convertible securities, as applicable, of a particular series in exchange for a particular global security, the depositary, as holder
of that global security, will surrender it against receipt of the definitive debt securities or contingent convertible securities, as
applicable, cancel the book-entry debt securities or contingent convertible securities, as applicable, of that series, and distribute
the definitive debt securities or contingent convertible securities, as applicable, of that series to the persons and in the amounts that
the depositary specifies pursuant to the internal procedures of such depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If definitive securities are issued in the limited
circumstances described above, those securities may be transferred in whole or in part in denominations of any whole number of securities
upon surrender of the definitive securities certificates together with the form of transfer endorsed on it, duly completed and executed
at the specified office of a paying agent. If only part of a securities certificate is transferred, a new securities certificate representing
the balance not transferred will be issued to the transferor within three business days after the paying agent receives the certificate.
The new certificate representing the balance will be delivered to the transferor by uninsured post at the risk of the transferor, to the
address of the transferor appearing in the records of the paying agent. The new certificate representing the securities that were transferred
will be sent to the transferee within three business days</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">after the paying agent receives the certificate transferred, by uninsured
post at the risk of the holder entitled to the securities represented by the certificate, to the address specified in the form of transfer.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_010"></A>DESCRIPTION OF
ORDINARY SHARES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a summary of the material terms
of the NatWest Group plc ordinary shares of nominal value of &pound;1.076923076923077 per share, as set forth in our articles of association
and the material provisions of U.K. law. This description is a summary and does not purport to be complete. You are encouraged to read
our articles of association, which are filed as an exhibit to the registration statement of which this prospectus is a part. Our ordinary
shares may be offered in ordinary share or American depository share form. Our ADSs are described in the Form of Amended and Restated
Deposit Agreement on Form F-6 filed with the SEC on October 6, 2020 and below under the caption &ldquo;<I>Description of Ordinary Share
American Depositary Shares</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As at September 30, 2024, our allotted, called
up and fully paid share capital was as follows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Class
of Share&nbsp;</P></TD>
    <TD STYLE="width: 27%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">number<BR>
(in thousands)&nbsp;</P></TD>
    <TD STYLE="width: 25%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">amount<BR>
(in &pound;m)&nbsp;</P></TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom; font-size: 10pt">Ordinary shares of &pound;1.0769 <SUP>(1)</SUP></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right">8,593,750</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right">9,255</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font-size: 10pt">Cumulative preference shares of &pound;1</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right">483</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right">0.5</TD></TR>
  </TABLE>

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


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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->





<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: 0.25in">(1)</TD><TD>Nominal value without rounding is &pound;1.076923076923077. There is no authorised share capital under NatWest Group plc&rsquo;s constitution.
The directors had authority granted at the 2024 Annual General Meeting to issue up to &pound;944.8 million nominal of ordinary shares
other than by pre-emption to existing shareholders.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to any special rights or restrictions
provided by the articles of association attaching to any shares or class of shares, on a show of hands every member who is present in
person or by proxy shall have one vote (except that a proxy who is appointed by more than one member has one vote for and one vote against
if the proxy has been instructed by one or more members to vote for the resolution and by one or more members to vote against the resolution),
and on a poll every member who is present in person or by proxy shall have one vote for each 25 pence in nominal amount of shares held
by him. Voting rights may not be exercised by a member who has been served with a restriction notice after failure to provide us with
information concerning interests in shares to be provided under U.K. law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Holders of non-cumulative preference shares are
not entitled to attend or vote at any general meeting unless the business of the meeting includes the consideration of a resolution for
the winding-up of NatWest Group plc or any resolution directly varying or abrogating the rights attached to any such shares and then in
such case only to speak to and vote upon any such resolution. However, holders have the right to vote in respect of any matter when the
dividend payable on their shares has not been declared in full for such number of dividend periods as the directors shall determine prior
to the allotment thereof. Whenever a holder is entitled to vote at a general meeting, on a show of hands every shareholder who is present
in person has one vote and, on a poll, every such holder who is present in person or by proxy shall have such number of votes as may be
determined by the directors prior to allotment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Board must call an annual general meeting
in each period of six months beginning with the day following our accounting reference date. Other general meetings may be called by the
directors whenever they think fit. The directors must also convene a meeting upon the request of shareholders holding not less than 5%
of our paid-up capital carrying voting rights at general meetings of shareholders. A request for a general meeting of shareholders must
state the general nature of the business to be dealt with at the meeting, and must be signed by the requesting shareholders and deposited
at our registered office or an address specified by us for the purpose. If our directors fail to give notice of such meeting to shareholders
within 21 days from receipt of notice (the meeting in question to be held on a date not more than 28 days after the date of the notice
convening the meeting), the shareholders that requested the general meeting, or any of them representing more than one-half of the total
voting rights of all shareholders that requested the meeting, may themselves convene a meeting, but any meeting so convened shall not</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">be held after the expiration of three months. Any such meeting must
be convened in the same manner, as nearly as possible, as that in which meetings are to be convened by our directors.</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; text-indent: 0.25in">We must give at least 21 days&rsquo; notice of
a general meeting but, in the case of any general meeting other than an annual general meeting, the Companies Act 2006 (the &ldquo;2006
Act&rdquo;) allows us to use a shorter notice period of 14 days provided that certain conditions are met, including the passing of an
appropriate resolution at an annual general meeting. Notice shall be given to the auditors and to every member of NatWest Group plc, other
than those who are not entitled to receive such notice under the provisions of the articles of association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may not hold an annual or general meeting at
short notice other than in relation to a general meeting that is adjourned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The notice calling a general meeting must specify
the place, day and time of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attendance at Shareholders&rsquo; Meetings; Proxies and Votes
by Mail</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In general, all shareholders (subject to restrictions
for holders of non-cumulative preference shares as set out above) who have properly registered their shares may participate in general
meetings. Shareholders may attend, speak and vote in person or by proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In order to attend or vote at any general meeting,
a person must be entered on the register of members by the time, being not more than 48 hours before the meeting, specified in the notice
of the general meeting (as described below under &ldquo;&ndash;Quorum&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A shareholder may appoint a proxy in writing or
by electronic communication. The appointment of a proxy must be delivered to or received by us at the address specified for that purpose
not later than 48 hours before the time appointed for the holding of the meeting. A proxy need not be a member of NatWest Group plc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The articles of association state that no business
other than the appointment of a chairman of the meeting shall be transacted at any general meeting unless a quorum is present. A quorum
for the purposes of a general meeting is five shareholders present in person and entitled to vote at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a quorum is not present at a general meeting
within 15 minutes of the time appointed for the meeting (or such longer time not exceeding one hour as the chairman of the meeting may
determine), the meeting shall be adjourned to either the day and time specified in the notice convening the meeting for such purpose or
(if not specified) such time as the chairman of the meeting may determine. In the event of the latter, not less than seven days&rsquo;
notice of the adjourned meeting (or such longer notice as may be required by statute) shall be given. If a quorum is not present at the
adjourned meeting within 15 minutes of the time appointed, the members present in person or by proxy and entitled to vote at the meeting
shall constitute a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Votes Required for Shareholder Action</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An ordinary resolution must receive more than
50% of the votes cast to be passed. A special resolution must receive at least 75% of the votes cast in order to be passed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Financial Statements and Other Communications with Shareholders</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not less than 21 days before the date of an annual
general meeting, we must send a copy of every balance sheet and profit and loss account which is to be laid before a general meeting,
and a copy of the Director&rsquo;s and Auditors&rsquo; reports, to every member of NatWest Group plc and every person who is entitled
to receive notice of the meeting. Alternatively, such persons can elect to receive only a copy of NatWest Group plc&rsquo;s strategic
report or can elect to view the aforementioned documents on our website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the provisions of the 2006 Act and
Clause 123 of the Articles, we may, by ordinary resolution, declare dividends on ordinary shares save that no dividend shall be payable
except out of profits available for distribution, or in excess of the amount recommended by the Board or in contravention of the special
rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">attaching to any share. Any dividend which has remained unclaimed for
12 years from the date of declaration shall be forfeited and shall revert to us.</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; text-indent: 0.25in">We may cease sending dividend warrants and cheques
by post or otherwise to a member if such instruments have been returned undelivered to, or left uncashed by, that member on at least two
consecutive occasions, or, following one such occasion, reasonable enquiries have failed to establish any new address or account of the
registered holder. We may resume sending warrants and cheques if the holder requests such recommencement in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Preference shares</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each cumulative preference share confers the right
to a fixed cumulative preferential dividend payable half-yearly. Each non-cumulative preference share confers the right to a preferential
dividend (not exceeding a specified amount) payable in the currency of the relevant share. The rate of such dividend and the date of payment
thereof, together with the terms and conditions of the dividend, are as may be determined by the directors prior to allotment. Cumulative
preference share dividends are paid in priority to any dividend on any other class of share. The non-cumulative preference shares rank
for dividend after the cumulative preference shares but rank <I>pari passu</I> with each other and any shares expressed to rank, in terms
of participation in our profits, in some or all respects <I>pari passu</I> therewith and otherwise in priority to dividends payable on
the ordinary shares and any of our other share capital. The directors may resolve prior to the issue and allotment of any series of non-cumulative
preference shares that full dividends in respect of a particular dividend payment date will not be declared and paid if, (i) in their
sole and absolute discretion, the directors resolve prior to the relevant dividend payment date that such dividend (or part thereof) shall
not be paid and/or (ii) in the opinion of the directors, payment of a dividend would cause a breach of the UK Prudential Regulation Authority&rsquo;s
capital adequacy requirements applicable to us or our subsidiaries, or subject to the next following paragraph, insufficient distributable
profits are available to cover the payment in full of all dividends after having paid any dividends payable on any of the cumulative preference
shares. If dividends will be paid but, in the opinion of the directors, insufficient distributable profits are available to cover the
payment in full of dividends after having paid any dividends payable on any of the cumulative preference shares, dividends will be declared
by the directors, pro rata on the non-cumulative preference shares to the extent of the available distributable profits. The non-cumulative
preference shares will carry no further rights to participate in our profits and if, and to the extent, any dividend or part of any dividend
is on any occasion not paid for any of the reasons described above, holders of non-cumulative preference shares will have no claim in
respect of such non-payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If any dividend is not payable for the reasons
described in clause (ii) of the third paragraph of this subsection, the directors may pay a special dividend not exceeding U.S.$0.01,
&pound;0.01 or &euro;0.01 (depending on the currency of the relevant preference share) per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the dividend payable on any series of non-cumulative
preference shares on the most recent payment date is not paid in full, or if a sum is not set aside to provide for such payment in full,
in either case for the reasons set forth in clause (ii) of the third paragraph of this subsection, no dividends may be declared on any
of our other share capital and no sum may be set aside for the payment of a dividend on any of our other share capital (in each case other
than the cumulative preference shares), unless, on the date of declaration, an amount equal to the dividend payable in respect of the
then current dividend period for such series of non-cumulative preference shares is set aside for payment in full on the next dividend
payment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If any dividend payable on the non-cumulative
preference shares is not paid in full or if a sum is not set aside to provide for such payment in full (in either case for the reasons
set forth in clause (ii) of the third paragraph of this subsection), we may not redeem or purchase or otherwise acquire any of our other
share capital and may not set aside any sum nor establish any sinking fund for its redemption, purchase or other such acquisition, until
such time as dividends have been declared and paid in full in respect of successive dividend periods together aggregating not less than
12 months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The non-payment of any dividend (in full or in
part) by reason of the exercise of the directors&rsquo; discretion referred to in clause (i) of the third paragraph of this subsection,
shall not prevent or restrict (a) the declaration and payment of dividends on any other series of non-cumulative preference shares or
on any non-cumulative preference shares expressed to rank <I>pari passu</I> with the non-cumulative preference shares, (b) the setting
aside of sums for the payment of such dividends, (c) except as set forth in the following paragraph, the redemption, purchase or other</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">acquisition of our shares by us, or (d) except as set forth in the
following paragraph, the setting aside of sums, or the establishment of sinking funds, for any such redemption, purchase or other acquisition
by us.</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; text-indent: 0.25in">If dividends are not declared and paid in full
on any series of non-cumulative preference shares as a result of the directors&rsquo; discretion referred to in clause (i) of the third
paragraph of this subsection, then we may not redeem, purchase or otherwise acquire for any consideration any of our share capital ranking
after such preference shares, and may not set aside any sum nor establish any sinking fund for the redemption, purchase or other acquisition
thereof, until such time we have declared and paid in full dividends on such series of non-cumulative preference shares in respect of
successive dividend periods together aggregating no less than 12 months. In addition, no dividend may be declared or paid on any of our
share capital ranking after such preference shares until the dividend in respect of a particular dividend payment date payable on the
preference shares to which the directors&rsquo; discretion in clause (i) of the third paragraph of this subsection applies has been declared
and paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to existing class rights of shareholders,
new preference shares can be issued with such rights and restrictions as the directors may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Changes in Share Capital and Variation of Share Rights</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the provisions of the 2006 Act and
without prejudice to any rights attached to any existing shares or class of shares, any share may be issued with such rights or restrictions
as we may by ordinary resolution determine or, subject to and in default of such determination, as the Board shall determine. Subject
to the provisions of the 2006 Act, we may issue shares which are, or at our option or the holder are liable, to be redeemed. Subject to
the provisions of the 2006 Act and the Articles, unissued shares are at the disposal of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may by ordinary resolution: increase our share
capital; consolidate and divide all or any of our share capital into shares of larger amount than our existing shares; subject to the
provisions of the 2006 Act, subdivide our shares, or any of them, into shares of smaller amount than is fixed by the Memorandum; or cancel
any shares which have not been taken or agreed to be taken by any person and diminish the amount of our share capital by the amount of
the shares so cancelled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the provisions of the 2006 Act, if
at any time our capital is divided into different classes of shares, the rights attached to any class of shares may (unless further conditions
are provided by the terms of issue of the shares of that class) be varied or abrogated, whether or not we are being wound up, either with
the consent in writing of the holders of three-quarters in-nominal value of the issued shares of the class or with the sanction of a special
resolution passed at a separate general meeting of holders of the shares of the class (but not otherwise). To any such separate general
meeting the provision of the Articles relating to general meetings will apply, save that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(i) if at any adjourned meeting of such holders
a quorum as defined above is not present, two people who hold shares of the class, or their proxies, are a quorum; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(ii) any such holder present in person or by proxy
may demand a poll. The rights attaching to any class of shares having preferential rights are not, unless otherwise expressly provided
by the terms of issue thereof, deemed to be varied by the creation or issue of further shares ranking, as regards participation in our
profits or assets, <I>pari passu</I> therewith, but in no respect in priority thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pre-emption Rights</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under U.K. law, if we issue specific kinds of
additional securities, current shareholders will have pre-emption rights to those securities on a pro rata basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The shareholders may, by way of a special resolution,
grant authority to the directors to allot shares as if the pre-emption rights did not apply. This authority may be either specific or
general and may not exceed a period of five years. If the directors wish to seek authority to disapply the pre-emption rights in relation
to a specific allotment, the directors must produce a statement that is circulated to shareholders detailing their reasons for seeking
the disapplication of such pre-emption rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Form, Holding and Transfer of Shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Shares may be held in either certificated or uncertificated
form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Certificated Shares</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Shares held in certificated form are evidenced
by a certificate and a register of shareholders is maintained by our registrar. Any member may transfer all or any of his certificated
shares by an instrument of transfer in any usual form or a form approved by the directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Title to certificated shares is evidenced by entry
in the register of our members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The directors may decline to register any transfer
of a certificated share unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(i) the instrument of transfer is lodged at the
specified place and accompanied by the certificate for the shares to which it relates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(ii) the instrument of transfer is in respect
of only one class of share; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(iii) in the case of a transfer to joint holders,
the number of joint holders to whom the share is to be transferred does not exceed four.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Uncertificated Shares</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">NatWest Group plc shares held in uncertificated
form are held through CREST (computerised settlement system to facilitate the transfer of title to shares in uncertificated form operated
by Euroclear UK).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to any applicable restrictions in the
articles of association, any member may transfer all or any of his uncertificated shares by means of a relevant system in the manner provided
for in the Uncertificated Securities Regulations 2001 and the rules of the relevant system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Title to uncertificated shares is evidenced by
entry in the operator register maintained by Euroclear UK (which forms part of the register of our members).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The directors may decline to register the transfer
of an uncertificated share in accordance with the Uncertificated Securities Regulations 2001, and, in the case of jointly held shares,
where the share is to be transferred to more than four joint holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No fee is payable for the registration of transfers
of either certificated of uncertificated shares, although there may be U.K. stamp duty and SDRT consequences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If NatWest Group plc is liquidated, the liquidator
may, with the authority of a special resolution, divide among the members in specie or kind the whole or any part of the assets of NatWest
Group plc. The liquidator may determine how such division is to be carried out as between members or classes of members. No member shall
be compelled to accept any assets on which there is a liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Cumulative preference shares</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event of a return of capital on a winding-up
or otherwise, the holders of cumulative preference shares are entitled to receive out of our surplus assets available for distribution
amongst the members (i) in priority to the holders of the non-cumulative preference shares and any other shares ranking <I>pari passu</I>
therewith, the arrears of any fixed dividends including the amount of any dividend due for a payment after the date of commencement of
any winding-up or liquidation but which is payable in respect of a half-year period ending on or before such date and (ii) <I>pari passu</I>
with the holders of the non-cumulative preference shares and any other shares ranking <I>pari passu</I> therewith, the amount paid up
or credited as paid up on such shares together with any premium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Non-cumulative preference shares</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">Each
non-cumulative preference share will confer on a winding up or liquidation (except (unless otherwise provided by the terms of issue) a
redemption or purchase by us of any shares in our capital), the right to receive out of our surplus assets available for distribution
amongst the members after payment of the arrears (if any) of the cumulative dividend on the cumulative preference shares and in priority
to the holders of the ordinary shares,</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">repayment of the amount paid up or credited as paid
up on the non-cumulative preference shares together with any premium paid on issue pari passu with the holders of the cumulative preference
shares and together with an amount equal to accrued and unpaid dividends.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Non-voting deferred shares</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On a winding-up or other return of our capital,
holders of non-voting deferred shares are entitled only to payment of the amounts paid up on the non-voting deferred shares, after repayment
to the holders of ordinary shares of the nominal amount paid up on the ordinary shares held by them and payment of &pound;100,000 on each
ordinary share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">General</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On our winding-up, the liquidator may, with the
authority of any extraordinary resolution and any other sanction required by the Insolvency Act 1986 and subject to the rights attaching
to any class of shares after payment of all liabilities, including the payment to holders of preference shares, divide amongst the members
in specie or kind the whole or any part of our assets or vest the whole or any part of the assets in trustees upon such trusts for the
benefit of the members and may determine the scope and terms of those trusts. No member shall be compelled to accept any assets on which
there is a liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Disclosure of Holdings Exceeding Certain Percentages</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Disclosure and Transparency Rules require
each shareholder to notify us if the voting rights held by him (including by way of certain financial instrument) reaches, exceeds or
falls below 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100%. Under the Disclosure and Transparency Rules,
certain voting rights in NatWest Group plc may be disregarded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the 2006 Act, we may also send a notice
to any person whom we know or believes to be interested in our shares requiring that person to confirm whether he has such an interest
and if so details of that interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the articles of association and U.K. law,
if a person fails to comply with such a notice or provides information that is false in a material particular in respect of any shares
(the &ldquo;default shares&rdquo;), the Directors may serve a restriction notice on such person. Such a restriction notice will state
that the default shares and, if the Directors determine, any other shares held by that person, shall not confer any right to attend or
vote at any general meeting of NatWest Group plc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In respect of a person with a 0.25% or more interest
in our issued ordinary share capital, the Directors may direct in the restriction notice that, subject to certain exceptions, no transfers
of shares held by such person (in certificated or uncertificated form) shall be registered and that any dividends or other payments on
the shares shall be retained by us pending receipt by us of the information requested by the Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Purchase of Shares by NatWest Group plc</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to U.K. law (which includes a requirement
to obtain shareholder authority), and to any rights conferred on the holders of any class of shares and to any requirements imposed by
the London Stock Exchange, we may purchase any of our own shares. The directors are not obliged to select the shares to be purchased rateably
or in any other particular manner as between the holders of shares of the same class or different classes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Convertible preference shares carry the right
to convert into ordinary shares if they have not been the subject of a notice of redemption from us, on or before a specified date determined
by the Directors. The right to convert will be exercisable by service of a conversion notice on us within a specified period. We will
use reasonable endeavours to arrange the sale, on behalf of convertible preference shareholders who have submitted a conversion notice,
of the ordinary shares which result from such conversion and to pay to them the proceeds of such sale so that they receive net proceeds
equal to the nominal value of the convertible preference shares which were the subject of the conversion notice and any premium at which
such shares were issued, provided that ordinary shares will not be sold at below a benchmark price (as determined prior to the issue of
the relevant convertible preference shares by the Directors).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lien and Forfeiture</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have a lien on every partly paid share for
all amounts payable to us in respect of that share. The Directors may call any monies unpaid on shares and may sell shares on which calls
or amounts payable under the terms of issues are not duly paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ownership of Shares by Non-U.S. Persons</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There are no provisions in the articles of association
that restrict non-resident or foreign shareholders from holding NatWest Group plc shares or from exercising voting rights attaching to
NatWest Group plc shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We shall be entitled to sell, at the best price
reasonably obtainable, the shares of a member or the shares to which a person is entitled by transmission if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(i) during a period of 12 years ending on date
of advertising our intention to sell such shares at least three cash dividends in respect of such shares have become payable but all dividends
or other moneys payable remain unclaimed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(ii) we have inserted advertisements in one daily
newspaper with a national circulation in the United Kingdom, one Scottish daily newspaper and one newspaper circulating in the area of
the last known address of the member or other person giving notice of our intention to sell the shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(iii) during the period referred to in sub-paragraph
(i) above and the period of three months following the publication of the advertisements referred to in sub-paragraph (ii) above, we receive
no indication of the whereabouts or existence of the member or other person; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(iv) if the shares are listed on the London Stock
Exchange, we give notice to the London Stock Exchange of its intention to sell the shares prior to publication of the advertisements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The net proceeds of such sale shall belong to
us, which shall be obliged to account to the former member or other person previously entitled to the shares for an amount equal to the
proceeds as a creditor of NatWest Group plc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_011"></A>DESCRIPTION OF
ORDINARY SHARE AMERICAN DEPOSITARY SHARES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Bank of New York Mellon, as the depositary,
will register and deliver ordinary share ADSs, each representing two NatWest Group plc ordinary shares (or a right to receive two NatWest
Group plc ordinary shares) deposited with the London branch of The Bank of New York Mellon, as custodian. Each ordinary share ADS will
also represent any other securities, cash or other property which may be held by the depositary. The depositary&rsquo;s principal executive
office and its corporate trust office at which the register will be administered is located at 240 Greenwich Street, New York 10286.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may hold ordinary share ADSs either (i) directly
(a) by having an ordinary share ADR, which is a certificate evidencing a specific number of ordinary share ADSs, registered in your name,
or (b) by holding ordinary share ADSs in the Direct Registration System, or (ii) indirectly through your broker or other financial institution.
If you hold ordinary share ADSs directly, you are an ordinary share ADS holder. This description assumes you hold your ordinary share
ADSs directly. If you hold the ordinary share ADSs indirectly, you must rely on the procedures of your broker or other financial institution
to assert the rights of ordinary share ADS holders described in this section. You should consult with your broker or financial institution
to find out what those procedures are.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Direct Registration System, or DRS, is a system
administered by DTC that facilitates interchange between registered holding of uncertificated securities and holding of security entitlements
in those securities through DTC and DTC participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As an ordinary share ADS holder, we will not treat
you as one of our shareholders and you will not have shareholder rights. United Kingdom law governs shareholder rights. The depositary
will be the holder of the shares underlying your ordinary share ADSs. As a holder of ordinary share ADSs, you will have ordinary share
ADS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">holder rights. The ordinary share ADS deposit agreement among NatWest
Group plc, the depositary and you, as an ordinary share ADS holder, and the beneficial owners of ordinary share ADSs sets out ordinary
share ADS holder rights as well as the rights and obligations of the depositary. New York law governs the ordinary share ADS deposit agreement
and the ordinary share ADSs.</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; text-indent: 0.25in">NatWest Group plc may from time to time request
owners of ordinary share ADSs to provide information as to (a) the capacity in which such owners own or owned ordinary share ADSs, (b)
the identity of any other persons then or previously having a beneficial interest in such ordinary share ADSs and the nature of such interest
and various other matters and (c) any other matter where disclosure of such matter is required for compliance with applicable laws and
regulations or the articles of association or similar document of NatWest Group plc. Each owner of ordinary share ADSs agrees to provide
any information requested by NatWest Group plc or the depositary pursuant to the ordinary share ADS deposit agreement. Each holder consents
to the disclosure by the depositary and the owner or any other holder through which it holds ADSs, directly or indirectly, of all information
responsive to a request made pursuant to the deposit agreement relating to that holder that is known to that owner or other holder. The
depositary agrees to comply with reasonable written instructions received from time to time from NatWest Group plc requesting that the
depositary forward any such requests to the owners of ordinary share ADSs and to forward to NatWest Group plc any such requests received
by the depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a summary of the material provisions
of the ordinary share ADS deposit agreement. For more complete information, you should read the entire ordinary share ADS deposit agreement
and the form of American depositary receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividends and Other Distributions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The depositary has agreed to pay to you the cash
dividends or other distributions it or the custodian receives on ordinary shares or other deposited securities, after deducting its fees
and expenses. You will receive these distributions in proportion to the number of NatWest Group plc ordinary shares your ordinary share
ADSs represent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Cash</I>. The depositary will convert any cash dividend or other cash distribution we pay on the NatWest Group plc ordinary shares
into U.S. dollars, if it can do so on a reasonable basis and can transfer the U.S. dollars to the United States. If that is not possible
or if any government approval is needed and cannot be obtained, the ordinary share ADS deposit agreement allows the depositary to distribute
the foreign currency only to those ordinary share ADS holders to whom it is possible to do so. It will hold the foreign currency it cannot
convert for the account of the ordinary share ADS holders who have not been paid. It will not invest the foreign currency and it will
not be liable for any interest. Before making a distribution, any withholding taxes, or other governmental charges that must be paid,
will be deducted. The depositary will distribute only whole U.S. dollars and cents and will round fractional cents to the nearest whole
cent. If the exchange rates fluctuate during a time when the depositary cannot convert the foreign currency, you may lose some or all
of the value of the distribution.</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Shares</I>. The depositary may distribute additional ordinary share ADSs representing any shares we distribute as a dividend or
free distribution. The depositary will only distribute whole ordinary share ADSs. It will sell shares which would require it to deliver
a fractional ordinary share ADS and distribute the net proceeds in the same way as it does with cash. If the depositary does not distribute
additional ordinary share ADSs, the outstanding ordinary share ADSs will also represent the new shares. The depositary may sell a portion
of the distributed shares sufficient to pay its fees and expenses in connection with that distribution.</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Rights to purchase additional shares</I>. If we offer holders of our securities any rights to subscribe for additional shares or
any other rights, the depositary may, after consultation with NatWest Group plc, make these rights available to you. If the depositary
decides it is not legal and practical to make the rights available but that it is practical to sell the rights, the depositary will use
reasonable efforts to sell the rights and distribute the proceeds in the same way as it does with cash. The depositary will allow rights
that are not distributed or sold to lapse. In that case, you will receive no value for them.</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-indent: 0.25in">If the depositary makes rights available to you,
it will exercise the rights and purchase the shares on your behalf. The depositary will then deposit the shares and deliver ordinary share
ADSs to you. It will only exercise rights if you pay it the exercise price and any other charges the rights require you to pay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">U.S. securities laws may restrict transfers and
cancellation of the ordinary share ADSs represented by shares purchased upon exercise of rights. For example, you may not be able to trade
these ordinary share ADSs freely in the United States. In this case, the depositary may deliver restricted depositary shares that have
the same terms as the ordinary share ADSs described in this section except for changes needed to put the necessary restrictions in place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Other Distributions</I>. After consultation with NatWest Group plc to the extent practicable, the depositary will send to you anything
else NatWest Group plc distributes on deposited securities by any means it thinks is legal, fair and practical. If it cannot make the
distribution in that way, the depositary has a choice. It may, after consultation with NatWest Group plc to the extent practicable, decide
to sell what we distributed and distribute the net proceeds, in the same way as it does with cash. Or, it may decide to hold what we distributed,
in which case ordinary share ADSs will also represent the newly distributed property. However, the depositary is not required to distribute
any securities (other than ordinary share ADSs) to you unless it receives reasonably satisfactory evidence from us that it is legal to
make that distribution. The depositary may sell a portion of the distributed securities or property sufficient to pay its fees and expenses
in connection with that distribution.</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-indent: 0.25in">The depositary is not responsible if it decides
that it is unlawful or impractical to make a distribution available to any ordinary share ADS holders. We have no obligation to register
ordinary share ADSs, shares, rights or other securities under the Securities Act. We also have no obligation to take any other action
to permit the distribution of ordinary share ADSs, shares, rights or anything else to ordinary share ADS holders. This means that you
may not receive the distributions we make on our shares or any value for them if it is illegal or impractical for NatWest Group plc to
make them available to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deposit, Withdrawal and Cancellation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The depositary will deliver ordinary share ADSs
if you or your broker deposit shares or evidence of rights to receive shares with the custodian. Upon payment of its fees and expenses
and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees and including a U.K. SDRT charge on the value of the
ordinary shares so deposited, the depositary will register the appropriate number of ordinary share ADSs in the names you request and
will deliver the ordinary share ADSs to or upon the order of the person or persons that made the deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may surrender your ordinary share ADSs at
the depositary&rsquo;s corporate trust office. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes
or stock transfer taxes or fees, the depositary will deliver the shares and any other deposited securities underlying the ordinary share
ADSs to you or a person you designate at the office of the custodian. Or, at your request, risk and expense, the depositary will deliver
the deposited securities at its corporate trust office, if feasible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may surrender your ordinary share ADR to the
depositary for the purpose of exchanging your ordinary share ADR for uncertificated ordinary share ADSs. The depositary will cancel that
ordinary share ADR and will send you a statement confirming that you are the owner of uncertificated ordinary share ADSs. Alternatively,
upon receipt by the depositary of a proper instruction from a holder of uncertificated ordinary share ADSs requesting the exchange of
uncertificated ordinary share ADSs for certificated ordinary share ADSs, the depositary will execute and deliver to you an ordinary share
ADR evidencing those ordinary share ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may instruct the depositary to vote the number
of deposited shares your ordinary share ADSs represent. The depositary will notify you of shareholders&rsquo; meetings and arrange to
deliver our voting materials to you if we ask it to. Those materials will describe the matters to be voted on and explain how you may
instruct the depositary how to vote. For instructions to be valid, they much reach the depositary by a date set by the depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Otherwise, you won&rsquo;t be able to exercise
your right to vote unless you withdraw the shares. However, you may not know about the meeting enough in advance to withdraw the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The depositary shall not vote or attempt to exercise
the right to vote that attaches to the deposited shares other than in accordance with the instructions given by the owners and received
by the depositary, subject to the laws of the United Kingdom and our articles of association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We cannot assure you that you will receive the
voting materials in time to ensure that you can instruct the depositary to vote your shares. In addition, the depositary and its agents
are not responsible if they fail to carry out voting instructions or for the manner of carrying out voting instructions. This means that
you may not be able to exercise your right to vote and there may be nothing you can do if your shares are not voted as you requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In order to give you a reasonable opportunity
to instruct the depositary as to the exercise of voting rights relating to Deposited Securities (as defined in the ordinary share ADS
deposit agreement), if we request the depositary to act, we will try to give the depositary notice of any such meeting and details concerning
the matters to be voted upon and copies of materials to be made available to holders of shares in connection with the meeting not less
than 45 days in advance of the meeting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fees and Expenses</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="text-align: left; width: 49%; text-indent: 0in; vertical-align: bottom"><B>For:</B></TD>
    <TD STYLE="text-align: left; width: 2%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 49%; text-indent: 0in; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Persons
depositing or withdrawing shares must pay:&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
        <P STYLE="margin-left: 0.2in; margin-top: -11pt; margin-bottom: 0pt">Issuance of ordinary share ADSs, including issuances resulting from a distribution of shares or rights or other property</P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
        <P STYLE="margin-left: 0.2in; margin-top: -11pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&nbsp;</FONT>$5.00 (or less) per 100 ordinary share ADSs (or portion of 100 ordinary share ADSs)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
        <P STYLE="margin-left: 0.2in; margin-top: -11pt; margin-bottom: 0pt">Cancellation of ordinary share ADSs for the purpose of withdrawal, including if the ordinary share ADS deposit agreement terminates</P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
        <P STYLE="margin-left: 0.2in; margin-top: -11pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&nbsp;</FONT>$5.00 (or less) per 100 ordinary share ADSs (or portion of 100 ordinary share ADSs)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
        <P STYLE="margin-left: 0.2in; margin-top: -11pt; margin-bottom: 0pt">Any cash distribution to you</P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
        <P STYLE="margin-left: 0.2in; margin-top: -11pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&nbsp;</FONT>$0.02 (or less) per ordinary share ADS</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
        <P STYLE="margin-left: 0.2in; margin-top: -11pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&nbsp;</FONT>Distribution of securities distributed to holders of deposited securities which are distributed by the depositary to holders</P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
        <P STYLE="margin-left: 0.2in; margin-top: -11pt; margin-bottom: 0pt">A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ordinary share ADSs</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
        <P STYLE="margin-left: 0.2in; margin-top: -11pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&nbsp;</FONT>Depositary services</P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
        <P STYLE="margin-left: 0.2in; margin-top: -11pt; margin-bottom: 0pt">$0.02 (or less) per ordinary share ADSs per annum</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
        <P STYLE="margin-left: 0.2in; margin-top: -11pt; margin-bottom: 0pt">Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares</P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
        <P STYLE="margin-left: 0.2in; margin-top: -11pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&nbsp;</FONT>Registration or transfer fees</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
        <P STYLE="margin-left: 0.2in; margin-top: -11pt; margin-bottom: 0pt">Cable, telex and facsimile transmissions (when expressly provided in the ordinary share ADS deposit agreement)</P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
        <P STYLE="margin-left: 0.2in; margin-top: -11pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&nbsp;</FONT>Expenses of the depositary</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
        <P STYLE="margin-left: 0.2in; margin-top: -11pt; margin-bottom: 0pt">Converting foreign currency to U.S. dollars</P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
        <P STYLE="margin-left: 0.2in; margin-top: -11pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&nbsp;</FONT>Expenses of the depositary</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
        <P STYLE="margin-left: 0.2in; margin-top: -11pt; margin-bottom: 0pt">As necessary</P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
        <P STYLE="margin-left: 0.2in; margin-top: -11pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&nbsp;</FONT>Taxes and other governmental charges the depositary or the custodian have to pay on any ordinary share ADS or share underlying an ordinary share ADS, for example, stock transfer taxes, stamp duty or withholding taxes</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
        <P STYLE="margin-left: 0.2in; margin-top: -11pt; margin-bottom: 0pt">As necessary</P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT></P>
        <P STYLE="margin-left: 0.2in; margin-top: -11pt; margin-bottom: 0pt">Any charges incurred by the depositary or its agents for servicing the deposited securities</P></TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Taxes</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You will be responsible for any taxes or other
governmental charges payable on your ordinary share ADSs or on the deposited securities represented by any of your ordinary share ADSs.
The depositary may refuse to register any transfer of your ordinary share ADSs or allow you to withdraw the deposited securities represented
by your ordinary share ADSs until such taxes or other charges are paid. It may apply payments owed to you or sell deposited securities
represented by your ordinary share ADSs to pay any taxes owed and you will remain liable for any deficiency. If the depositary sells deposited
securities, it will, if appropriate, reduce the number of ordinary share ADSs to reflect the sale and pay to you any proceeds, or send
to you any property, remaining after it has paid the taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reclassifications, Recapitalizations and Mergers</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change the nominal or par value of our shares&#9;</TD></TR></TABLE>

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


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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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reclassify, split up or consolidate any of the deposited securities&#9;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>distribute securities on the shares that are not distributed to you&#9;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>recapitalize, reorganize, merge, liquidate, sell all or substantially all of our assets, or take any similar action&#9;</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">then the cash, shares or other securities received by the depositary
will become deposited securities. Each ordinary share ADS will automatically represent its equal share of the new deposited securities.
The depositary may, and will if we ask it to, distribute some or all of the cash, shares or other securities it received. It may also
deliver new ordinary share ADRs or ask you to surrender your outstanding ordinary share ADRs in exchange for new ordinary share ADRs identifying
the new deposited securities.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amendment and Termination</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may agree with the depositary to amend the
ordinary share ADS deposit agreement and the ordinary share ADRs without your consent for any reason. If an amendment adds or increases
fees or charges, except for taxes and other governmental charges or expenses of the depositary for registration fees, facsimile costs,
delivery charges or similar items, or prejudices a substantial right of ordinary share ADS holders, it will not become effective for outstanding
ordinary share ADSs until 30 days after the depositary notifies ordinary share ADS holders of the amendment. At the time an amendment
becomes effective, you are considered, by continuing to hold your ordinary share ADSs, to agree to the amendment and to be bound by the
ordinary share ADRs and the ordinary share ADS deposit agreement as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The depositary will terminate the ordinary share
ADS deposit agreement at our direction by mailing notice of termination to the ordinary share ADS holders then outstanding at least 30
days prior to the date fixed in such notice for such termination. The depositary may also terminate the ordinary share ADS deposit agreement
by mailing notice of termination to us and the ordinary share ADS holders then outstanding if 60 days have passed since the depositary
told us it wants to resign but a successor depositary has not been appointed and accepted its appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After termination, the depositary and its agents
will do the following under the ordinary share ADS deposit agreement but nothing else: collect distributions on the deposited securities,
sell rights and other property, and deliver shares and other deposited securities upon cancellation of ordinary share ADSs. Four months
after termination, the depositary may sell any remaining deposited securities by public or private sale. After that, the depositary will
hold the money it received on the sale, as well as any other cash it is holding under the ordinary share ADS deposit agreement for the
pro rata benefit of the ordinary share ADS holders that have not surrendered their ordinary share ADSs. It will not invest the money and
has no liability for interest. The depositary&rsquo;s only obligations will be to account for the money and other cash. After termination
our only obligations will be to indemnify the depositary and to pay fees and expenses of the depositary that we agreed to pay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Limitations on Obligations and Liability</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The ordinary share ADS deposit agreement expressly
limits our obligations and the obligations of the depositary. It also limits our liability and the liability of the depositary. We and
the depositary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>are only obligated to take the actions specifically set forth in the ordinary share ADS deposit agreement without negligence or bad
faith;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>are not liable if we are or it is prevented or delayed by law or circumstances beyond our control from performing our or its obligations
under the ordinary share ADS deposit agreement;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>are not liable if we or it exercises, or fails to exercise, discretion permitted under the ordinary share ADS deposit agreement;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>have no obligation to become involved in a lawsuit or other proceeding related to the ordinary share ADSs or the ordinary share ADS
deposit agreement on your behalf or on behalf of any other person; and</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>may rely upon any documents we believe or it believes in good faith to be genuine and to have been signed or presented by the proper
person.</TD></TR></TABLE>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the ordinary share ADS deposit agreement, we
and the depositary agree to indemnify each other under certain circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Requirements for Depositary Actions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Before the depositary will deliver or register
a transfer of an ordinary share ADS, make a distribution on an ordinary share ADS, or permit withdrawal of shares, the depositary may
require:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>payment of stock transfer or other taxes or other governmental charges and transfer or registration fees charged by third parties
for the transfer of any shares or other deposited securities;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>satisfactory proof of the identity and genuineness of any signature or other information it deems necessary; and</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>compliance with regulations it may establish, from time to time, consistent with the ordinary share ADS deposit agreement, including
presentation of transfer documents.</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-indent: 0.25in">The depositary may refuse to deliver ordinary
share ADSs or register transfers of ordinary share ADSs generally when the transfer books of the depositary or our transfer books are
closed or at any time if the depositary or we think it advisable to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your Right to Receive the Shares Underlying your Ordinary Share
ADRs</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You have the right to cancel your ordinary share
ADSs and withdraw the underlying shares at any time except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>When temporary delays arise because: (i) the depositary has closed its transfer books or we have closed our transfer books; (ii) the
transfer of shares is blocked to permit voting at a shareholders&rsquo; meeting; or (iii) we are paying a dividend on our shares.</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>When you owe money to pay fees, taxes and similar charges.</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>When it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to ordinary share
ADSs or to the withdrawal of shares or other deposited securities.</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-indent: 0.25in">This right of withdrawal may not be limited by
any other provision of the ordinary share ADS deposit agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Direct Registration System</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the ordinary share ADS deposit agreement, all
parties to the ordinary share ADS deposit agreement acknowledge that the DRS and Profile Modification System, or Profile, will apply to
ordinary share ADSs upon acceptance thereof to DRS by the DTC. DRS is the system administered by DTC that facilitates interchange between
registered holding of uncertificated securities and holding of security entitlements in those securities through DTC and a DTC participant.
Profile is a required feature of DRS which allows a DTC participant, claiming to act on behalf of an ordinary share ADS holder, to direct
the depositary to register a transfer of those ordinary share ADSs to DTC or its nominee and to deliver those ordinary share ADSs to the
DTC account of that DTC participant without receipt by the depositary of prior authorization from the ordinary share ADS holder to register
such transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with and in accordance with the
arrangements and procedures relating to DRS/Profile, the parties to the ordinary share ADS deposit agreement understand that the depositary
will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an ordinary share
ADS holder in requesting registration of transfer and delivery described in the paragraph above has the actual authority to act on behalf
of the ordinary share ADS holder (notwithstanding any requirements under the Uniform Commercial Code). In the ordinary share ADS deposit
agreement, the parties agree that the depositary&rsquo;s reliance on and compliance with instructions received by the depositary through
the DRS/Profile System and in accordance with the ordinary share ADS deposit agreement, shall not constitute negligence or bad faith on
the part of the depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_012"></A>DESCRIPTION OF
RIGHTS TO SUBSCRIBE FOR ORDINARY SHARES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may issue rights to subscribe for our ordinary
shares (including in the form of ADSs). The applicable prospectus supplement will describe the specific terms relating to such subscription
rights and the terms of the offering, including, where applicable, some or all of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the title of the subscription rights;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the exercise price for the subscription rights;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the aggregate number of subscription rights issued;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a discussion of the material U.S. federal, U.K. or other income tax considerations, as well as considerations under the U.S. Employee
Retirement Income Security Act of 1974, as amended (&ldquo;ERISA&rdquo;), applicable to the issuance of ordinary shares together with
statutory subscription rights or the exercise of the subscription rights;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other terms of the subscription rights, including terms, procedures and limitations relating to the exercise of the subscription
rights;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the terms of the ordinary shares corresponding to the subscription rights;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>information regarding the trading of subscription rights, including the stock exchanges, if any, on which the subscription rights
will be listed;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the record date, if any, to determine who is entitled to the subscription rights and the ex-rights date;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the period during which the subscription rights may be exercised;</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the extent to which the offering includes a contractual over-subscription privilege with respect to unsubscribed securities; and</TD></TR></TABLE>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the material terms of any standby underwriting arrangement we enter into in connection with the offering.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_013"></A>PLAN OF DISTRIBUTION
(CONFLICTS OF INTEREST)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may sell relevant securities to or through
underwriters or dealers and also may sell all or part of such securities directly to other purchasers or through agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The distribution of the securities may be effected
from time to time in one or more transactions at a fixed price or prices, which may be changed, or at market prices prevailing at the
time of sale, at prices related to such prevailing market prices or at negotiated prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with the sale of securities, we
may compensate underwriters in the form of discounts, concessions or commissions or in any other way that the applicable prospectus supplement
describes. Underwriters may sell securities to or through dealers, and the dealers may receive compensation in the form of discounts,
concessions or commissions from the underwriters and/or commissions from the purchasers for whom they may act as agents. Underwriters,
dealers and agents that participate in the distribution of securities may be deemed to be underwriters, and any discounts or commissions
that we pay them and any profit on the resale of securities by them may be deemed to be underwriting discounts and commissions, under
the Securities Act. Any such underwriter or agent will be identified, and any such compensation that we pay will be described, in the
prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under agreements which we may enter into, we may
be required to indemnify underwriters, dealers and agents who participate in the distribution of securities against certain liabilities,
including liabilities under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each new series of debt securities, dollar preference
shares and contingent convertible securities will be a new issue of securities with no established trading market. If securities of a
particular series are not listed on a U.S. national securities exchange, certain broker-dealers may make a market in those securities,
but will not be obligated to do so and may discontinue any market making at any time without notice. We cannot give any assurance that
any broker-dealer will make a market in securities of any series or as to the liquidity of the trading market for those securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conflicts of Interest</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the extent an initial offering of the securities
will be distributed by an affiliate of ours, each such offering of securities will be conducted in compliance with the requirements of
FINRA Rule 5121 of the Financial Industry Regulatory Authority, Inc. (&ldquo;FINRA&rdquo;) regarding a FINRA member firm&rsquo;s distribution
of securities of an affiliate and related conflicts of interest. No underwriter, selling agent or dealer utilized in the initial offering
of securities who is an affiliate of ours will confirm sales to accounts over which it exercises discretionary authority without the prior
specific written approval of its customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Following the initial distribution of any of these
securities, affiliates of ours may offer and sell these securities in the course of their businesses as broker-dealers. Such affiliates
may act as principals or agents in these transactions and may make any sales at varying prices related to prevailing market prices at
the time of sale or otherwise. Such affiliates may also use this prospectus in connection with these transactions. None of our affiliates
is obligated to make a market in any of these securities and may discontinue any market-making activities at any time without notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Underwriting discounts and commissions on securities
sold in the initial distribution will not exceed 8% of the offering proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any underwriter, selling agent or dealer utilized
in the initial offering of securities will not confirm sales to accounts over which it exercises discretionary authority without the prior
specific written approval of its customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delayed Delivery Arrangements</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If so indicated in the prospectus supplement,
we may authorize underwriters or other persons acting as their agents to solicit offers by certain institutions to purchase dollar preference
shares, debt securities or contingent convertible securities from them pursuant to contracts providing for payment and delivery on a future
date. Institutions with which such contracts may be made include commercial and savings banks, insurance companies, pension funds, investment
companies, educational and charitable institutions and others, but in all cases such institutions must be approved by us. The obligations
of any purchaser under any such contract will be subject to the condition that the purchase of the offered securities shall not at the
time of delivery be prohibited under the laws of the jurisdiction to which such purchaser is subject. The underwriters and such other
agents will not have any responsibility in respect of the validity or performance of such contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_014"></A>expenses</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">The following
is a statement of the expenses (all of which are estimated), other than any underwriting discounts and commissions and expenses reimbursed
by or to us, to be incurred in connection with a distribution of securities registered under this registration statement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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="width: 50%; text-indent: 0in">Securities and Exchange Commission registration fee</TD>
    <TD STYLE="width: 50%; text-align: right; text-indent: 0in">$*(1)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Legal fees and expenses</TD>
    <TD STYLE="text-align: right; text-indent: 0in">$*</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Accountants&rsquo; fees and expenses</TD>
    <TD STYLE="text-align: right; text-indent: 0in">$*</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Trustee fees and expenses</TD>
    <TD STYLE="text-align: right; text-indent: 0in">$*</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white">Miscellaneous</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">$*</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="background-color: white"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">$*</TD></TR>
  </TABLE>

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

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

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>


<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: 0.25in">(1)</TD><TD>The registrant is registering an indeterminate amount of securities and is deferring payment of the registration fee in accordance
with Rules 456(b) and 457(n) under the Securities Act of 1933, as amended.</TD></TR></TABLE>

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

<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: 0.25in">*</TD><TD>To be provided by a prospectus supplement or as an exhibit to a Report on Form 6-K that is incorporated by reference into this registration
statement.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_015"></A>LEGAL OPINIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our United States counsel, Davis Polk &amp; Wardwell
London LLP, London, United Kingdom will pass upon certain legal matters relating to the securities. Our Scottish solicitors, CMS Cameron
McKenna Nabarro Olswang LLP, will pass upon the validity of the securities under Scots law and certain matters of Scots law relating to
the subordination provisions of the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_016"></A>EXPERTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The consolidated financial statements of
NatWest Group plc appearing in NatWest Group plc&rsquo;s Annual Report (Form 20-F) for the year ended December 31, 2023 (the
&ldquo;2023 20-F&rdquo;), and the effectiveness of NatWest Group plc&rsquo;s internal control over financial reporting as of
December 31, 2023, have been audited by Ernst &amp; Young LLP, independent registered public accounting firm, as set forth in their
reports thereon included therein, and incorporated herein by reference. Such consolidated financial statements and NatWest Group plc
management's assessment of the effectiveness of internal control over financial reporting as of December 31, 2023 are, and audited
consolidated financial statements and NatWest Group plc management&rsquo;s assessment of internal control over financial reporting
to be included in subsequently filed documents will be, incorporated herein in reliance upon the reports of Ernst &amp; Young LLP
pertaining to such financial statements and the effectiveness of our internal control over financial reporting as of the respective
dates (to the extent covered by consents filed with the Securities and Exchange Commission) given on the authority of such firm as
experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_017"></A>ENFORCEMENT OF
CIVIL LIABILITIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a public limited company incorporated and
registered in Scotland, United Kingdom. Many of our directors and executive officers, and certain experts named in this prospectus, reside
outside of the United States. All or a substantial portion of our assets and the assets of those non-resident persons are located outside
of the United States. As a result, it may not be possible for investors to effect service of process within the United States upon us
or those persons or to enforce against them judgments obtained in U.S. courts predicated upon civil liability provisions of the federal
securities laws of the United States. We have been advised by our Scottish solicitors, CMS Cameron McKenna Nabarro Olswang LLP (as to
Scots law) that, both in original actions and in actions for the enforcement of judgments of U.S. courts, there is doubt as to whether
civil liabilities predicated solely upon the U.S. federal securities laws are enforceable in Scotland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_018"></A>WHERE YOU CAN FIND
MORE INFORMATION</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are subject to the informational requirements
of the U.S. Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), and in accordance therewith, we file reports
and other information with the SEC. The SEC&rsquo;s website, at http://www.sec.gov, and our website, at https://www.natwestgroup.com/,
contain reports and other information in electronic form that we have filed. Except for SEC filings incorporated by reference herein,
none of the information on or that can be accessed through our website is part of this prospectus. You may also request a copy of any
filings incorporated by reference herein at no cost, by contacting us at 250 Bishopsgate, London, EC2M 4AA, United Kingdom, telephone
+44 (0) 207 085 5143.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will provide the trustee for any debt securities
and contingent convertible securities and the ADR depositary for any rights to subscribe for ordinary shares, ordinary shares and dollar
preference shares with our annual reports, which will include a description of operations and our annual audited consolidated financial
statements. We will also provide any trustee or ADR depositary with interim reports that will include unaudited interim summary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">consolidated financial information. We will be deemed to have delivered
such reports to the trustee or ADR depositary if we have filed such reports with the SEC via the EDGAR filing system (or any successor
thereto) and such reports are publicly available.</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; text-indent: 0.25in">In addition, we will provide the trustee or the
ADR depositary with all notices of meetings at which holders of debt securities, contingent convertible securities, rights to subscribe
for ordinary shares, ordinary shares or dollar preference shares are entitled to vote, and all other reports and communications that are
made generally available to holders of debt securities, contingent convertible securities, rights to subscribe for ordinary shares, ordinary
shares or dollar preference shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus is part of a registration statement
that we filed with the SEC. As exhibits to the registration statement, we have also filed or incorporated by reference the indentures,
the underwriting agreements, the ADR deposit agreement as well as various other documents listed in the exhibit index. Statements contained
in this prospectus as to the contents of any contract or other document referred to in this prospectus are not necessarily complete, and
in each instance reference is made to the copy of such contract or other document filed as an exhibit to the registration statement, each
such statement being qualified in all respects by such reference. For further information, you should refer to the registration statement.
You can obtain the full registration statement from the SEC or from us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_019"></A>INCORPORATION OF
DOCUMENTS BY REFERENCE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The SEC allows us to &ldquo;incorporate by reference&rdquo;
the information that we file with the SEC. This permits us to disclose important information to you by referring to these filed documents.
Any information referred to in this way is considered part of this prospectus, and any information that we file with the SEC after the
date of this prospectus will automatically be deemed to update and supersede this information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We incorporate by reference the following reports,
except for any information contained on websites linked in such reports:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/844150/000110465924026968/nwg-20231231x20f.htm" STYLE="color: Blue; text-decoration: underline">our annual report on Form 20-F for the year ended December 31, 2023, filed with the SEC on February 23, 2024 (File No. 001-10306);</A></TD></TR></TABLE>

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

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/844150/000110465924052450/tm2412276d1_6k.htm" STYLE="color: Blue; text-decoration: underline">our interim report on Form 6-K for the three months ended March 31, 2024, filed with the SEC on April 26, 2024 (File No. 001-10306)</A>;</TD></TR></TABLE>

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

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/844150/000110465924082886/nwg-20240630x6k.htm" STYLE="color: Blue; text-decoration: underline">our interim report on Form 6-K for the six months ended June 30, 2024, filed with the SEC on July 26, 2024 (File No. 001-10306); and</A></TD></TR></TABLE>

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

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/844150/000110465924111283/tm2424386d1_6k.htm" STYLE="color: Blue; text-decoration: underline">our interim report on Form 6-K for the nine months ended and as at September 30, 2024, filed with the SEC on October 25, 2024 (File No. 001-10306)</A>.</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-indent: 0.25in">We also incorporate by reference all subsequent
annual reports of NatWest Group plc filed on Form 20-F and any future filings made with the SEC under Sections 13(a), 13(c), 14 or 15(d)
of the Exchange Act and certain reports on Form 6-K, if they state that they are incorporated by reference into this prospectus, that
we furnish to the SEC after the date of this prospectus and until we or any underwriters sell all of the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_020"></A>CAUTIONARY STATEMENT
ON FORWARD-LOOKING STATEMENTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain sections in this prospectus contain &lsquo;forward-looking
statements&rsquo; as that term is defined in the United States Private Securities Litigation Reform Act of 1995, such as statements that
include 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. In particular, this prospectus includes forward-looking targets and guidance relating to financial performance measures,
such as income growth, operating expense, RoTE, ROE, discretionary capital distribution targets, impairment loss rates, balance sheet
reduction, including the reduction of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWAs, CET1 ratio (and key drivers of the CET1 ratio including timing,
impact and details), Pillar 2 and other regulatory buffer requirements and MREL and non-financial performance measures, such as NatWest
Group&rsquo;s initial area of focus, climate and sustainability-related performance ambitions, targets and metrics, including in relation
to initiatives to transition to a net zero economy, Climate and Sustainable Funding and Financing (CSFF) and financed emissions.</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; text-indent: 0.25in">In addition, this prospectus includes forward-looking
statements relating, but not limited to: implementation of NatWest Group&rsquo;s strategy (including in relation to: cost-controlling
measures, the Commercial &amp; Institutional segment and achieving a number of various targets within the relevant timeframe); the timing
and outcome of litigation and government and regulatory investigations; direct and on-market buy-backs; funding plans and credit risk
profile; managing its capital position; liquidity ratio; portfolios; net interest margin and drivers related thereto; lending and income
growth, product share and growth in target segments; impairments and write-downs; restructuring and remediation costs and charges; NatWest
Group&rsquo;s exposure to political risk, economic assumptions and risk, climate, environmental and sustainability risk, operational risk,
conduct risk, financial crime risk, cyber, data and IT risk and credit rating risk and to various types of market risk, including interest
rate risk, foreign exchange rate risk and commodity and equity price risk; customer experience, including our Net Promoter Score; employee
engagement and gender balance in leadership positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These statements are based on current plans, expectations,
estimates, targets and projections, and are subject to significant inherent risks, uncertainties and other factors, both external and
relating to NatWest Group&rsquo;s strategy or operations, which may result in NatWest Group being unable to achieve the current plans,
expectations, estimates, targets, projections and other anticipated outcomes expressed or implied by such forward-looking statements.
In addition, certain of these disclosures are dependent on choices relying on key model characteristics and assumptions and are subject
to various limitations, including assumptions and estimates made by management. By their nature, certain of these disclosures are only
estimates and, as a result, actual future results, gains or losses could differ materially from those that have been estimated. Accordingly,
undue reliance should not be placed on these statements. The forward-looking statements contained in this prospectus speak only as of
the date we make them and we expressly disclaim any obligation or undertaking to update or revise any forward-looking statements contained
herein, whether to reflect any change in our expectations with regard thereto, any change in events, conditions or circumstances on which
any such statement is based, or otherwise, except to the extent legally required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other factors could also adversely affect our
results or the accuracy of forward-looking statements in this prospectus, and you should not consider the factors discussed here or in
our Annual Report on Form 20-F for the year ended December 31, 2023 or any of its interim reports filed on Form 6-K incorporated by reference
herein, to be a complete set of all potential risks or uncertainties. We have economic, financial market, credit, legal and other specialists
who monitor economic and market conditions and government policies and actions. However, because it is difficult to predict with accuracy
any changes in economic or market conditions or in governmental policies and actions, it is difficult for us to anticipate the effects
that such changes could have on our financial performance and business operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The forward-looking statements made in this prospectus
speak only as of the date of this prospectus. We do not intend to publicly update or revise these forward-looking statements to reflect
events or circumstances after the date of this prospectus, and we do not assume any responsibility to do so. You should, however, consult
any further disclosures of a forward-looking nature we made in other documents filed with the SEC that are incorporated by reference into
this prospectus. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We caution you that a large number of important
factors could adversely affect our results or our ability to implement our strategy, cause us to fail to meet our targets, predictions,
expectations and other anticipated outcomes or affect the accuracy of forward-looking statements described in this prospectus. These factors
include, but are not limited to, those set forth in the risk factors and the other uncertainties described in NatWest Group plc&rsquo;s
Annual Report on Form 20-F and its other filings with the US Securities and Exchange Commission. The principal risks and uncertainties
that could adversely affect NatWest Group&rsquo;s future results, its financial condition and/or prospects and cause them to be materially
different from what is forecast or expected, include, but are not limited to: economic and political risk (including in respect of: political
and economic risks and uncertainty in the UK and global markets, including due to GDP growth, inflation and interest rates, political
uncertainty and instability, supply chain disruption and geopolitical tensions and armed conflict); changes in foreign currency exchange
rates; uncertainty</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">regarding the effects of Brexit; and HM Treasury&rsquo;s ownership
as the largest shareholder of NatWest Group plc); strategic risk (including in respect of the implementation of NatWest Group&rsquo;s
strategy; future acquisitions and divestments (including the phased withdrawal from ROI), and the transfer of its Western European corporate
portfolio); financial resilience risk (including in respect of: NatWest Group&rsquo;s ability to meet targets and to make discretionary
capital distributions; the competitive environment; counterparty and borrower risk; liquidity and funding risks; prudential regulatory
requirements for capital and MREL; reductions in the credit ratings; the requirements of regulatory stress tests; model risk; sensitivity
to accounting policies, judgements, estimates and assumptions (and the economic, climate, competitive and other forward looking information
affecting those judgements, estimates and assumptions); changes in applicable accounting standards; the value or effectiveness of credit
protection; the adequacy of NatWest Group&rsquo;s future assessments by the Prudential Regulation Authority and the Bank of England; and
the application of UK statutory stabilisation or resolution powers); climate and sustainability risk (including in respect of: risks relating
to climate-related and sustainability-related risks; both the execution and reputational risk relating to NatWest Group&rsquo;s climate
change-related strategy, ambitions, targets and transition plan; climate and sustainability-related data and model risk; the failure to
implement climate change resilient governance, systems, controls and procedures; increasing levels of climate, environmental, human rights
and sustainability-related regulation and oversight; increasing anti-greenwashing regulations; climate, environmental and sustainability-related
litigation, enforcement proceedings investigations and conduct risk; and reductions in ESG ratings); operational and IT resilience risk
(including in respect of: operational risks (including reliance on third party suppliers); cyberattacks; the accuracy and effective use
of data; complex IT systems; attracting, retaining and developing diverse senior management and skilled personnel; NatWest Group&rsquo;s
risk management framework; and reputational risk); and legal, regulatory and conduct risk (including in respect of: the impact of substantial
regulation and oversight; the outcome of legal, regulatory and governmental actions, investigations and remedial undertakings; and changes
in tax legislation or failure to generate future taxable profits).</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><IMG SRC="image_004.jpg" ALT="" STYLE="height: 111px; width: 85px"></B></P>

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

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NatWest Group plc</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">$</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="font-size: 14pt">% Senior Callable Fixed-to-Fixed Reset Rate Notes due 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Senior Callable Floating Rate Notes due 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

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


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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->





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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PROSPECTUS SUPPLEMENT</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(to prospectus dated December 23, 2024)</P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->





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



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="6" STYLE="vertical-align: top; text-align: center; text-indent: 0in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><I>Joint Bookrunners and Joint Lead Managers</I></P>

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

</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; text-align: center"><B>BofA Securities</B></TD>
    <TD STYLE="width: 16%; text-align: center"><B>Goldman Sachs &amp; Co. LLC</B></TD>
    <TD STYLE="width: 16%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Jefferies</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 16%; text-align: center"><B>Morgan Stanley</B></TD>
    <TD STYLE="width: 16%; text-align: center"><B>NatWest</B></TD>
    <TD STYLE="width: 16%; text-align: center"><B>TD Securities</B></TD>
    </TR>
</TABLE>

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


<!-- Field: Page; Sequence: 121; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
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