Natwest Group PLC

Director's Dealing • Jan 13, 2026

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Final Terms dated 9 January 2026 NatWest Markets Plc

Legal entity identifier (LEI): RR3QWICWWIPCS8A4S074 Issue of €1,000,000,000 3.125 per cent. Notes due 13 January 2031 under the £25,000,000,000

Euro Medium Term Note Programme

MIFID II product governance / Professional investors and ECPs only target market – Solely for the purposes of each manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended, "MiFID II"); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a "distributor") should take into consideration the manufacturers' target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturers' target market assessment) and determining appropriate distribution channels.

UK MIFIR product governance / Professional investors and ECPs only target market – Solely for the purposes of each manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is only eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook, and professional clients, as defined in Regulation (EU) No. 600/2014 as it forms part of domestic law of the UK by virtue of the European Union (Withdrawal) Act 2018 ("EUWA"); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any distributor (as defined above) should take into consideration the manufacturers' target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturers' target market assessment) and determining appropriate distribution channels.

PART A – CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Terms and Conditions set forth in the Prospectus dated 5 December 2025 which constitutes a base prospectus for the purposes of Regulation (EU) 2017/1129 as it forms part of domestic law of the UK by virtue of the EUWA (the "Prospectus Regulation"). This document constitutes the Final Terms of the Notes described herein for the purposes of the Prospectus Regulation and must be read in conjunction with such Prospectus in order to obtain all the relevant information. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Prospectus. The Prospectus is available for viewing at https://www.rns-pdf.londonstockexchange.com/rns/4983K\_1-2025-12-5.pdf.

1. Issuer: NatWest Markets Plc

2. (i) Series Number: 136

(ii) Tranche Number: 1

(iii) Date on which the Notes will be consolidated and form a single Series: Not Applicable

1. Specified Currency or Euro ("€")

Currencies:

1. Aggregate Nominal Amount: €1,000,000,000

2. Issue Price: 99.777 per cent. of the Aggregate Nominal Amount

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1. (i) Specified €100,000 and integral multiples of €1,000 in excess thereof

Denominations: up to and including €199,000. No notes in definitive form

will be issued with a denomination above €199,000.

(ii) Calculation Amount: €1,000

1. (i) Issue Date: 13 January 2026

(ii) Interest 13 January 2026

Commencement Date:

1. Trade Date: 7 January 2026

2. Maturity Date: 13 January 2031

3. Interest Basis: 3.125 per cent. Fixed Rate

4. Redemption/Payment Basis: Subject to any purchase and cancellation or early redemption,

the Notes will be redeemed on the Maturity Date at 100 per

cent. of their nominal amount

1. Change of Interest Basis: Not Applicable

2. Issuer Call Option: Not Applicable

3. Date Board approval for Not Applicable

issuance of Notes obtained:

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

1. Fixed Rate Note Provisions: Applicable

(i) Rate(s) of Interest: 3.125 per cent. per annum payable in arrear on each Interest

Payment Date

(ii) Interest Payment 13 January in each year, from and including 13 January 2027,

Date(s): up to and including the Maturity Date

(iii) Fixed Coupon €31.25 per Calculation Amount

Amount:

(iv) Broken Amount(s): Not Applicable

(v) Day Count Fraction: Actual/Actual (ICMA)

(vi) Determination Dates: 13 January in each year

(vii) Business Day Following Business Day Convention (unadjusted)

Convention:

(viii) Business Centre(s): Not Applicable

1. Reset Note Provisions: Not Applicable

2. Floating Rate Note Provisions: Not Applicable

3. Zero Coupon Note Provisions: Not Applicable

PROVISIONS RELATING TO REDEMPTION

1. Notice periods for Condition Minimum period: 5 days

6(b):

Maximum period: 30 days

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1. Issuer Call: Not Applicable

2. Final Redemption Amount: €1,000 per Calculation Amount

3. Early Redemption Amount payable on redemption (a) for tax reasons or (b) on an event of

default:

1. Residual Call: Not Applicable

GENERAL PROVISIONS APPLICABLE TO THE NOTES

1. Form of Notes:

(a) Form: Bearer Notes:

Temporary Bearer Global Note exchangeable for a Permanent Bearer Global Note which is exchangeable for Definitive Bearer Notes only upon the occurrence of an

Exchange Event

€1,000 per Calculation Amount

(b) NGN: Yes

(c) CMU Notes: No

(d) CDS Notes: No

1. Additional Financial Centre(s): London

2. Talons for future Coupons to be attached to Definitive Bearer Notes (and dates on which such No

Talons mature):

1. Whether TEFRA D/TEFRA C TEFRA D

rules applicable or TEFRA

rules not applicable:

1. Relevant Benchmark: Not Applicable

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Signed on behalf of NatWest Markets Plc:

By: _________________________________________

Duly authorised

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PART B – OTHER INFORMATION

1. LISTING

(i) Admission to trading: Application has been made by the Issuer (or on its

behalf) for the Notes to be admitted to trading on the London Stock Exchange's regulated market

with effect from 13 January 2026

(ii) Estimate of total expenses £6,700

relating to admission to trading:

2. RATINGS

Ratings: The Notes to be issued are expected to be rated:

S&P Global Ratings UK Limited: A Moody's Investors Service Limited: A1

Fitch Ratings Limited: AA-

3. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

Save as discussed in "Subscription and Sale", so far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer.

4. REASONS FOR THE OFFER AND ESTIMATED NET AMOUNT OF PROCEEDS

Reasons for the offer: See "Use of Proceeds" in the Prospectus.

Estimated net proceeds: €995,270,000

1. YIELD

Indication of yield: 3.174 per cent. per annum

The yield is calculated at the Issue Date on the basis of the Issue Price. It is not an indication of

future yield.

6. OPERATIONAL INFORMATION

(i) ISIN: XS3270997011

(ii) Common Code: 327099701

(iii) CMU Instrument Number: Not Applicable

(iv) Clearing System: Euroclear Bank SA/NV and Clearstream Banking

Not Applicable

S.A.

(v) Any clearing system(s) other

than Euroclear Bank SA/NV and Clearstream Banking S.A. and the relevant identification

number(s):

(vi) Delivery: Delivery free of payment

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• (vii) Names and addresses of additional Paying Agent(s) / Registrar(s) (if any): Not Applicable
• (viii) Intended to be held in a manner which would allow Eurosystem eligibility: No

Whilst the designation is specified as "no" at the date of these Final Terms, should the Eurosystem eligibility criteria be amended in the future such that the Notes are capable of meeting them the Notes may then be deposited with one of the ICSDs as common safekeeper. Note that this does not necessarily mean that the Notes will then be recognised as eligible collateral for Eurosystem monetary policy and intra day credit operations by the Eurosystem at any time during their life. Such recognition will depend upon the European Central Bank being satisfied that Eurosystem eligibility criteria have been met.