Natwest Group PLC

Major Shareholding Notification • Jun 5, 2024

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:			31 May 2024
6. Date on which issuer notified		(DD/MM/YYYY):	4 June 2024
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 in struments (total of 8.B 1 + 8.B 2)		Total of both in % (8.A + 8.B)	Total number of voting rights of issuer vii
Resulting situation on the date on which threshold was crossed or reached	22.15%			22.15%	33,310,026,564
Position of previous notification (if applicable)	25.98%			25.98%

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

A: Voting rights attached to shares

Class/type of shares ISIN code (if possible)	Number of voting rights	ix	% of voting rights
	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 £1.0769 each GB00BM8PJY71	7,377,864,044		22.15%
SUBTOTAL 8. A	7,377,864,044		22.15%

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 date x	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 date x	Exercise/ Conversion Period xi	Physical or cash settlement xii	Number of voting rights	% of voting rights
			SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an "X")
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii
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 Total of both if it through financial in equals or is higher struments if it equals than the notifiable or is higher than the threshold 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	22.15%		22.15%

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 (22.15%), has been calculated following the disposal by HMT of 422,296,449 ordinary shares in NWG since its last TR-1 notification on 31 May 2024, including the directed buyback of 392,448,233 shares by NWG from HMT on 31 May 2024, and is based on the Total Voting Rights announcement on 4 June 2024.

The percentage of voting rights held by HMT could move up or down going forward depending on the number of shares repurchased by NWG and the progress of sales under HMT's trading plan announced on 22 July 2021 and most recently extended on 3 April 2023.

Place of completion	London, England
Date of completion	4 June 2024
Legal Entity Identifier: 2138005O9XJIJN4JPN90

Legal-65021284/3 170976-0005 4