NatWest : Notification of major holdings

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer andto 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-			NatWest Group plc
tachedii:
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
Other (please specify)iii:
3. Details of person subject to the notification obligationiv
Name					The Commissioners of Her 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 Her Majesty's Treasury
City and country of registered office (if applicable)		London, England
5. Date on which the threshold was crossed or		13 January 2022
reachedvi:
6. Date on which issuer notified (DD/MM/YYYY):		13 January 2022
7. Total positions of person(s) subject to the notification obligation
		% of voting rights at-	% of voting rights		Total number of
		through financial instru-	Total of both in %
		tached to shares (to-	voting rights of is-
			ments	(8.A + 8.B)
		tal of 8. A)		suervii
		(total of 8.B 1 + 8.B 2)
Resulting situation
on the date on which	51.98%				51.98%	45,150,112,260
threshold was
crossed or reached
Position of previous
notification (if		52.96%				52.96%
applicable)
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8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii

A: Voting rights attached to shares

Class/type of	Number of voting rightsix	% of voting rights
shares
ISIN code (if possible)	Direct	Indirect	Direct	Indirect
(Art 9 of Directive	(Art 10 of Directive	(Art 9 of Directive	(Art 10 of Directive
	2004/109/EC) (DTR5.1)	2004/109/EC)	2004/109/EC) (DTR5.1)	2004/109/EC)
		(DTR5.2.1)		(DTR5.2.1)
Ordinary Shares of £1	23,470,427,920		51.98%
each GB00B7T77214

SUBTOTAL 8. A

23,470,427,920

51.98%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

			Number of voting rights
Type of financial in-	Expiration	Exercise/	that may be acquired if	% of voting rights
strument	datex	Conversion Periodxi	the instrument is
			exercised/converted.

SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial	Expiration	Exercise/	Physical or	Number of
Conversion Pe-	cash	% of voting rights
instrument	datex	voting rights
riod xi	settlementxii

SUBTOTAL 8.B.2

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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) issuerxiii

Fullchain 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 entityxivx (please add additional rows as necessary)

% of voting rights if it

equals or is higher

Namexvthan the notifiable threshold

• of voting rights through financial in- struments if it equals or is higher than the notifiable threshold

Total of both if it

equals or is higher than the notifiable threshold

UK Government Investments Limited, a company wholly-owned by Her 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 Her Majesty's Treasury).

The Solicitor for the Affairs of Her Majesty's Treasury is acting as nominee for The Commissioners of Her Majesty's Treasury.

The Commissioners of Her	51.98%		51.98%
Majesty's Treasury

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 informationxvi

The Solicitor for the Affairs of Her Majesty's Treasury is acting as nominee for The Commissioners of Her Majesty's Treasury (HMT).

The percentage of voting rights held by HMT in NatWest Group plc (NWG), as shown on this form (51.98%), has been calculated following the disposal by HMT of 170,414,984 ordinary shares in NWG since its last TR-1 notification on 8 November 2021.

This calculation does not take into account any shares repurchased by NWG under its share buyback programme since the last Total Voting Rights announcement on 31 December 2021. The percentage of voting rights held by HMT could move up or down going forward depending on the number of shares repurchased by NWG and the progress of sales under HMT's trading plan announced on 22 July 2021.

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Place of completion	London, England
Date of completion	13 January 2022

Legal Entity Identifier: 2138005O9XJIJN4JPN90

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