NatWest Group plc Commences Cash Tender Offers for Certain of its Outstanding Notes

LONDON, March 23, 2021

The Offers are being made on the terms and subject to the conditions set out in the offer to purchase dated March 23, 2021 (the "Offer to Purchase") and the related Notice of Guaranteed Delivery (together, the "Offer Documents"). Capitalized terms not otherwise defined in this announcement have the same meaning as in the Offer to Purchase.

Purpose of the Offers

The Offeror is providing the holders of the Notes with an opportunity to have their Notes repurchased while maintaining a responsible approach to the management of the Offeror's capital position. The Offeror will continue to meet all of its capital requirements irrespective of the outcome of the Offers.

Terms of the Offers

The Offeror is offering to purchase for cash, on the terms and conditions described in the Offer to Purchase any and all of the outstanding Notes set out in the table below.

Title of Security ARIVA.DE Börsen-Geflüster Kurse NatWest Group Plc. ADR 7,80 $ +0,78%	Issuer	ISIN/CUSIP	Principal Amount Issued	Principal Amount Outstanding(1)	Fixed Spread (bps)	Reference U.S. Treasury Security	First Call Date	Maturity	Bloomberg Reference Page	Purchase Price(2)
6.425% Non-Cumulative Trust Preferred Securities ("Trust Securities")	RBS Capital Trust II	US74927PAA75 74927PAA7	$650,000,000	$137,685,000	+55	1.125% U.S. Treasury Security due February 15, 2031	January 3, 2034	N/A	FIT1	To be determined as described herein
7.648% Dollar Perpetual Regulatory tier One Securities, Series 1 ("PROs")	The Royal Bank of Scotland Group plc(3)	US780097AH44 780097AH4	$1,200,000,000	$130,205,000	+85	1.125% U.S. Treasury Security due February 15,  2031	September 30, 2031	N/A	FIT1	To be determined as described herein
6.125% Subordinated Tier 2 Notes due 2022 ("2022 Notes")	The Royal Bank of Scotland Group plc (3)	US780099CE50 780099CE5	$2,250,000,000	$1,615,576,000	+65	0.125% U.S. Treasury Security due February 28, 2023	N/A	December 15, 2022	FIT1	To be determined as described herein
6.100% Subordinated Tier 2 Notes due 2023 ("2023 Notes I")	The Royal Bank of Scotland Group plc(3)	US780097AY76 780097AY7	$1,000,000,000	$544,194,000	+80	0.125% U.S. Treasury Security due February 28,  2023	N/A	June 10, 2023	FIT1	To be determined as described herein
6.000% Subordinated 'Tier 2 Notes due 2023 ("2023 Notes II")	The Royal Bank of Scotland Group plc(3)	US780097AZ42 780097AZ4	$2,000,000,000	$2,000,000,000	+90	0.125% U.S. Treasury Security due February 28,  2023	N/A	December 19, 2023	FIT1	To be determined as described herein
5.125% Subordinated Tier 2 Notes due 2024 ("2024 Notes")	The Royal Bank of Scotland Group plc(3)	US780099CH81 780099CH8	$2,250,000,000	$2,250,000,000	+95	0.250% U.S. Treasury Security due March 15,  2024	N/A	May 28, 2024	FIT1	To be determined as described herein

(1)    Excluding $512,315,000 principal amount of 6.425% Non-Cumulative Trust Preferred Securities, which are held by the Offeror as of the date of this Offer to Purchase and are deemed not to be outstanding.
(2)    Per $1,000 principal amount of the Notes (as defined herein) validly tendered and accepted for purchase.
(3)    Currently NatWest Group plc.

The Trust Securities, the PROs and Tier 2 Notes are collectively referred to as the "Notes" and each, a "Series".

The Offers will expire at 5:00 p.m., New York City time, on March 29, 2021, unless extended (such date and time, as the same may be extended, the "Expiration Deadline") or earlier terminated.

Purchase Price; Accrued Interest

Purchase Price

The Purchase Price for each $1,000 principal amount of the relevant Series validly tendered and not validly withdrawn at or prior to the Expiration Deadline received by the Tender Agent at or prior to the Expiration Time or the Guaranteed Delivery Date, as the case may be, and accepted for purchase by the Offeror will be equal to an amount (rounded to the nearest $0.01) that would reflect, as of the Settlement Date, a yield to the maturity date (in the case of Tier 2 Notes) or the First Call Date (in the case of the Trust Securities and PROs) of such Series of Notes equal to the sum of (i) the Reference Yield for such Series of Notes, plus (ii) the Fixed Spread set forth in the table above. Specifically, the Purchase Price will equal (i) the value of all remaining payments of principal and interest on the relevant Series of Notes up to and including the scheduled maturity (in the case of the Tier 2 Notes) or the First Call Date (in the case of the Trust Securities and PROs, assuming all outstanding Notes were redeemed at their nominal amount on such date) of the relevant Series, discounted to the Settlement Date (as defined in the Offer to Purchase), at a discount rate equal to (x) the relevant Reference Yield (as defined in the Offer to Purchase) plus (y) the relevant Fixed Spread, minus (ii) Accrued Interest (in the case of the Tier 2 Notes and PROs) or Accrued Distribution (in the case of the Trust Securities).

Accrued Interest

In addition to the Purchase Price, holders of the PROs and Tier 2 Notes accepted for purchase pursuant to the Offers will also receive accrued and unpaid interest on each $1,000 principal amount of such Notes (rounded to the nearest $0.01) from, and including, the last interest payment date up to, but not including, the Settlement Date (as defined below) (the "Accrued Interest"). Holders whose Notes are tendered and accepted for purchase pursuant to the Guaranteed Delivery Procedures will not receive payment in respect of any interest for the period from and including the Settlement Date to the Guaranteed Delivery Settlement Date. Accrued Interest for each $1,000 principal amount of such Notes validly tendered and accepted for purchase will be rounded to the nearest $0.01, with $0.005 being rounded upwards, in accordance with the conditions of such Notes.

Accrued Distribution

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