NATN.L Regulatory News (NATN)

National Westminster Bank Plc

12th December 2022

National Westminster Bank Plc (the "Issuer")

Notice of Redemption

in respect of its

£200,000,000 11.5 per cent. Undated Subordinated Notes convertible into 200,000,000 8.392 per cent. Non-Cumulative Preference Shares of £1 each

(the "Notes")ISIN: XS0041078535 and GB0006210255

The Issuer has given notice to holders of the Notes of the upcoming redemption of all of the outstanding Notes on 19th January 2023 (the "Redemption Date"). The amount of the Notes currently outstanding is £30,952,000.

The Notes are being redeemed pursuant to Condition 6(a) (Early Redemption at the Bank's Option prior to 17 December 2052) of the trust deed dated 17 December 1992 between the Issuer and the Trustee constituting the Notes (the "Trust Deed") at the Option Amount, together with any unpaid interest accrued to but excluding the Redemption Date. The Issuer has notified the holders pursuant to the terms of the Notes.

The Option Amount will be determined on 12th January 2023 (the "Determination Date"), being the fifth London business day prior to the Redemption Date. Based on indicative prices for the Benchmark Gilt determined as at 10 a.m. London time on 12th December 2022, the Option Amount would have been 244.6 per cent of the nominal amount of the Notes. Because the actual Option Amount will only be finally determined on the Determination Date, in accordance with the Conditions, Noteholders should be aware that the indicative price specified above is for guidance only, and the amount payable upon redemption of the Notes could change materially between the date of this notice and the date on which the Option Amount is formally determined. The final Option Amount will be published via the Regulatory News Service of the London Stock Exchange on or shortly following the Determination Date.

NatWest Group estimates the impact of the redemption will be an overall charge to the Net Interest Income in NatWest Group's Q4 2022 results of approximately £45million, with the final charge dependent on the Option Amount determined on the Determination Date.

The Issuer will request the United Kingdom Financial Conduct Authority to remove the Notes from the Official List with effect from the Redemption Date and will request that the Notes cease to be traded on the main market of the London Stock Exchange.

Terms used but not defined herein shall have the meaning given to them in the Trust Deed

To view the notice, please click on the link below.

http://www.rns-pdf.londonstockexchange.com/rns/4220J_1-2022-12-12.pdf

For further information, please contact:

This announcement contains information that qualified or may have qualified as inside information for NatWest Group plc, for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR) as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.