Notice of Substitution of NatWest Markets Plc as issuer for NatWest Markets N.V.

to the holders of the

EUR100,000,000 Obbligazione Royal Top Inverse (ISIN: NL0009487453, Valoren: 11295668) (the "Notes")

30 May 2024

NOTICE IS HEREBY GIVEN that, with effect from 29 June 2024, NatWest Markets N.V (the "New Issuer") will be substituted in place of NatWest Markets Plc (the "Existing Issuer") as the principal debtor under, and issuer of, the Notes (the "Substitution"). In connection with the Substitution, NatWest Markets Plc will also guarantee the obligations of the New Issuer in respect of the Notes.

The Substitution has been undertaken pursuant to General Condition 8(a) of the Notes (as modified by the Final Terms dated 9 July 2010).

For further information, please contact:

Mark Anwender

NatWest Treasury DCM, Head of Documentation and Funding

Tel: +44 (0) 7385 366 760

Vasilis Tsagris
NatWest Markets N.V. Treasurer
Tel: +31 20 464 2699

This announcement is not, and does not constitute or form any part of, an offer to sell or the solicitation, invitation or recommendation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of the Notes or any other securities of the Existing Issuer or the New Issuer. The Notes have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state or other jurisdiction of the United States, and the securities may not be offered or sold in the United States or to, or for the account or benefit of, any "U.S. person" (within the meaning of Regulation S under the Securities Act) unless they have been registered under the Securities Act, or are offered or sold in a transaction exempt from, or not subject to, the registration requirements of the Securities Act and any other applicable U.S. state securities laws or local securities laws.

Legal Entity Identifiers:

NatWest Markets Plc - RR3QWICWWIPCS8A4S074

NatWest Markets N.V. - X3CZP3CK64YBHON1LE12