Determination of Option Amount

National Westminster Bank Plc

12th January 2023

National Westminster Bank Plc (the "Issuer")

Determination of Option Amount

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

On 12th December 2022, the Issuer gave notice to the holders of the Notes of the upcoming redemption of all of the outstanding Notes on 19th January 2023.

In connection with the redemption of the Notes, the Issuer announces in this notice that the final Option Amount for the purposes of 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") is 236.8605 per cent of the nominal amount of the Notes.

Terms used but not defined in this notice have the meaning given to them in the Trust Deed.

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