Natwest Group PLC

Major Shareholding Notification • Nov 22, 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 at tached ii:	NatWest Group plc 2138005O9XJIJN4JPN90
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
iii: Other (please specify)
3. Details of person subject to the notification obligation	iv
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 Treas ury
City and country of registered office (if applicable)	London, England
5. Date on which the threshold was crossed or reached vi:	21 November 2024
6. Date on which issuer notified (DD/MM/YYYY): 21 November 2024

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

	% of voting rights at tached to shares (to tal of 8. A)	% of voting rights through financial instru ments (total of 8.B 1 + 8.B 2)	Total of both in % (8.A + 8.B)	Total number of voting rights held in issuer (8.A + 8.B) vii
Resulting situation on the date on which threshold was crossed or reached	10.99%		10.99%	3,537,016,644
Position of previous notification (if applicable)	11.34%		11.34%

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

A: Voting rights attached to shares

Class/type of		Number of voting rights		ix	% of voting rights
shares ISIN code (if possible)		Direct (DTR5.1)			Indirect (DTR5.2.1)		Direct (DTR5.1)	Indirect (DTR5.2.1)
Ordinary Shares of £1.0769 each GB00BM8PJY71		3,537,016,644				10.99%
SUBTOTAL 8. A		3,537,016,644				10.99%
B 1: Financial Instruments				according to DTR5.3.1R (1) (a)
Type of financial in strument		Expiration date x	Exercise/	Conversion Period xi		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 DTR5.3.1R (1) (b)
Type of financial Expiration instrument date x			Exercise/ Conversion Pe riod 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) issuer xiii

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 entity x
(please add additional rows as necessary) xiv

Name xv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial in struments if it equals	Total of both if it equals or is higher than the notifiable threshold
------------	-------------------------------------------------------------------------------------	----------------------------------------------------------------------	--------------------------------------------------------------------------------

		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	10.99%		10.99%

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 information xvi

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 (10.99%), has been calculated following the disposal by HMT of 27,784,318 ordinary shares in NWG since its last TR-1 notification on 13 November 2024, 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	21 November 2024