Natwest Group PLC — Capital/Financing Update 2021

May 5, 2021

NatWest Group plc

(the "Issuer")

NOTICE OF REDEMPTION

To the Noteholder of its U.S.\$350,000,000 Undated Floating Rate Primary Capital Notes (the "Notes") ISIN: GB0007547507 Common Code: 000754750

NOTICE IS HEREBY GIVEN, in accordance with the trust deed dated 11 December 1985 between the Issuer and The Law Debenture Corporation p.l.c. (the "Trust Deed") that pursuant to Conditions 4(a) and 12 and subject to Condition 2 of the terms and conditions of the Notes, all of the outstanding Notes shall be redeemed by the Issuer on 30 June 2021 (the "Redemption Date") at par, together with interest accrued to but excluding the Redemption Date and subsequently cancelled.

NOTICE IS HEREBY FURTHER GIVEN that interest on the redeemed Notes shall cease to accrue after the Redemption Date, unless, upon due presentation thereof, payment of principal together with accrued interest thereon is improperly withheld or refused. In such event interest will continue to accrue as provided in the Trust Deed.

Terms used but not defined herein shall have the meaning given to them in the Trust Deed.

Dated: 05 May 2021

NatWest Group plc

By:

Name: Donal Quaid Title: NatWest Group Treasurer