Notice of Redemption

Notice of Redemption

NatWest Markets Plc (formerly known as The Royal Bank of Scotland plc) (the "Issuer")

The holders of the £200,000,000 9½ per cent. Undated Subordinated Bonds guaranteed on a subordinated basis by The Royal Bank of Scotland Group plc (ISIN Code: XS0045071932 (the "Notes")) have been notified by the Issuer of the upcoming redemption of the Notes on 12 August 2018. The amount of the Notes currently outstanding is £103,583,000.

Terms used but not defined herein shall have the meaning given to them in the notice of redemption. The Notes are being redeemed pursuant to Condition 4(b) (Optional Redemption) of the Notes at par, together with interest accrued to the Redemption Date and all Arrears of Interest. The Issuer has notified the holders pursuant to the terms of the Notes.

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

http://www.rns-pdf.londonstockexchange.com/rns/9198R_1-2018-6-19.pdf

For further information, please contact:

Scott Forrest

Head of RBS Debt Capital Markets & Capital Strategy

Tel: +44 (0) 20 7678 5313

Legal Entity Identifier: RR3QWICWWIPCS8A4S074