Disposal of 590,730,325 Shares in NatWest Group

-NOT FOR DISTRIBUTION IN OR TO THE UNITED STATES (OR for the account or benefit of, U.S. Persons), CANADA, AUSTRALIA, SOUTH AFRICA, JAPAN OR IN ANY OTHER JURISDICTION IN WHICH, OR TO PERSONS IN ANY JURISDICTION TO WHOM, SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW

19 March 2021

UK Government Investments Limited ("UKGI")

Disposal of 590,730,325 Shares in NatWest Group plc

UKGI announces the successful completion of the disposal of part of HM Treasury's shareholding in NatWest Group plc (the "Company"). The disposal was effected by way of an off-market purchase (the "Off-Market Purchase") by the Company of 590,730,325 ordinary shares in the Company with a nominal value of £1 each (the "Shares"), pursuant to a contract between the Company and HM Treasury signed on 7 February 2019 and most recently reapproved by the Company's shareholders at its Annual General Meeting on 29 April 2020 (the "Directed Buyback Contract").

The price paid by the Company for each Share was, in accordance with the Directed Buyback Contract, 190.50 pence, being the price at the close of trading yesterday on the main market for listed securities of London Stock Exchange plc.

As a result of the Off-Market Purchase, the shareholding of HM Treasury has reduced from 7,509,483,519 Shares, representing approximately 61.7% of the ordinary share capital of the Company, to 6,918,753,194 Shares, representing approximately 59.8% of the ordinary share capital after share cancellation and excluding treasury shares.

Settlement of the Off-Market Purchase will occur on 23 March 2021.

Goldman Sachs is acting as Privatisation Adviser. Freshfields Bruckhaus Deringer LLP is acting as legal counsel to UKGI in respect of English and US law.

Contacts:

UKGI Press Office: Frances Collier-Wright, +447971610050

Citigate Dewe Rogerson: Toby Moore, Jos Bieneman, Andrew Hey, +442076389571

This press release is for information purposes only and does not constitute or form a part of an offer to sell or a solicitation of an offer to purchase any security of the Company in the United States or in any other jurisdiction where such offer or solicitation is unlawful. The securities of the Company described in this press release have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or any applicable state or foreign securities laws and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act. There shall be no public offering of securities in the United States.