RBSPF NatWest Group PLC (PK)

From (and including) the Issue Date to (but excluding) August 15, 2029 (the “Fixed Reset Rate Notes Reset Date”), interest on the Fixed Reset Rate Notes will be payable at a rate of 4.964% per annum.

From (and including) the Fixed Reset Rate Notes Reset Date to (but excluding) maturity, interest on the Fixed Reset Rate Notes will be payable at a rate per annum equal to the applicable U.S. Treasury Rate as determined by the Calculation Agent (both terms as defined in the Preliminary Prospectus Supplement) on the Fixed Reset Rate Notes Reset Determination Date, plus 1.220%.

The determination of the applicable U.S. Treasury Rate is subject to the provisions set forth under “Description of the Senior Notes—Interest—Fixed Reset Rate Notes—Determination of the U.S. Treasury Rate” in the Preliminary Prospectus Supplement.

SOFR as published at 3 pm New York Time

Observation method: Observation Period Shift

Interest Determination Date: The date that is two USGS Business Days (as defined in the Preliminary Prospectus Supplement) before each applicable Floating Rate Notes Interest Reset Date

Shift Period: Five USGS Business Days (as defined in the Preliminary Prospectus Supplement)

Calculation method: Compounded daily

The determination and calculation of the Benchmark (initially Compounded Daily SOFR) is subject to the provisions set forth under “Description of the Senior Notes—Interest—Floating Rate Notes—Calculation of the Benchmark” in the Preliminary Prospectus Supplement.

NWG may redeem the Senior Notes of any series at its sole discretion, in whole but not in part, (i) on August 15, 2029 in respect of the Fixed Reset Rate Notes and (ii) on November 15, 2027 in respect of the Floating Rate Notes, in each case, at 100% of their principal amount together with any accrued but unpaid interest to, but excluding, the date of redemption.

In addition, NWG may redeem the Senior Notes of any series, in whole but not in part, at 100% of their principal amount together with any accrued but unpaid interest to, but excluding, the date of redemption, upon the occurrence of certain tax or regulatory events as described in the Preliminary Prospectus Supplement and the accompanying prospectus.

Any redemption or repurchase of the Senior Notes of any series is subject to the provisions described under “Description of the Senior Notes—Tax Redemption”, “Description of the Senior Notes—Loss Absorption Disqualification Event Redemption” and “Description of the Senior Notes—Conditions to Redemption and Repurchase” in the Preliminary Prospectus Supplement.

The Senior Notes will not be redeemable at the option of the holders at any time.

Notwithstanding any other agreements, arrangements, or understandings between us and any holder or beneficial owner of any series of the Senior Notes, by its acquisition of any series of the Senior Notes, each holder and beneficial owner of any series of the Senior Notes acknowledges, accepts, agrees to be bound by and consents to the exercise of any UK bail-in power by the relevant UK authority which may result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on, the any series of the Senior Notes; (ii) the conversion of all, or a portion, of the principal amount of, or interest on, any series of the Senior Notes into ordinary shares or other securities or other obligations of NWG or another person; and/or (iii) the amendment or alteration of the maturity of any series of the Senior Notes, or amendment of the amount of interest due on any series of the Senior Notes, or the dates on which interest becomes payable, including by suspending payment for a temporary period; which UK bail-in power may be exercised by means of variation of the terms of any series of the Senior Notes solely to give effect to the exercise by the relevant UK authority of such UK bail-in power. Each holder and beneficial owner of any series of the Senior Notes further acknowledges and agrees that the rights of the holders and/or beneficial owners under any series of the Senior Notes are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any UK bail-in power by the relevant UK authority.

Citigroup Global Markets Inc.

Jefferies LLC

NatWest Markets Securities Inc.

Wells Fargo Securities, LLC

BMO Capital Markets Corp.

CIBC World Markets Corp.

Manufacturer target market (UK MiFIR/MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID)/UK PRIIPs KID has been prepared as not available to retail in EEA or UK.

This document is being distributed to, and is directed only at, persons in the United Kingdom in circumstances where section 21(1) of the Financial Services and Markets Act 2000 does not apply.

639057 AS7 for the Fixed Reset Rate Notes

639057 AR9 for the Floating Rate Notes

US639057AS70 for the Fixed Reset Rate Notes

US639057AR97 for the Floating Rate Notes