Natwest Group PLC

Major Shareholding Notification • Sep 20, 2022

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)ⁱ

1a. Identity of the issuer or the underlying issuer
of existing shares to which voting rights are
attachedii:

NatWest Group plc

1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an "X")

An acquisition or disposal of voting rights x

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligationiv

Name	The Commissioners of His Majesty's Treasury
City and country of registered office (if applicable)	London, England

4. Full name of shareholder(s) (if different from 3.)^v

Name	The Solicitor for the Affairs of His Majesty's Treasury
City and country of registered office (if applicable)	London, England
5. Date on which the threshold was crossed or reachedvi:	15 September 2022
6. Date on which issuer notified (DD/MM/YYYY):	16 September 2022

7. Total positions of person(s) subject to the notification obligation

	% of voting rights attached to shares (total of 8. A)	% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)	Total of both in % (8.A + 8.B)	Total number of voting rights of issuervii
Resulting situation on the date on which threshold was crossed or reached	46.91%		46.91%	38,653,308,232
Position of previous notification (if applicable)	47.99%		47.99%

8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii

Class/type of	Number of voting rightsix					% of voting rights
shares ISIN code (if possible)		Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)		Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)	Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)
Ordinary Shares of £1 each GB00B7T77214		18,130,821,908			46.91%
SUBTOTAL 8. A			18,130,821,908			46.91%
B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument	Expiration datex	Exercise/ Conversion Periodxi		Number of voting rights that may be acquired if the instrument is exercised/converted.		% of voting rights
			SUBTOTAL 8. B 1
B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument	Expiration datex	Period xi	Exercise/ Physical or Conversion cash settlementxii			Number of voting rights	% of voting rights
				SUBTOTAL 8.B.2

Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)
Namexv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold

UK Government Investments Limited, a company wholly-owned by His Majesty's Treasury, is entitled to exercise control over the voting rights which are the subject of this notification (pursuant to certain management arrangements agreed with His Majesty's Treasury).

The Solicitor for the Affairs of His Majesty's Treasury is acting as nominee for The Commissioners of His Majesty's Treasury.

The Commissioners of His Majesty's Treasury	46.91%	46.91%

10. In case of proxy voting, please identify:
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held

11. Additional informationxvi

The Solicitor for the Affairs of His Majesty's Treasury is acting as nominee for The Commissioners of His Majesty's Treasury (HMT).

The percentage of voting rights held by HMT in NatWest Group plc (NWG), as shown on this form (46.91%), has been calculated following the disposal by HMT of ordinary shares in NWG since its last TR-1 notification on 11 August 2022, under HMT's trading plan announced on 22 July 2021 and extended on 22 June 2022.

Place of completion	London, England
Date of completion	16 September 2022

Legal Entity Identifier: 2138005O9XJIJN4JPN90