Covered Bond Programme - Novation of Account Bank

National Westminster Bank Plc

(Incorporated under the laws of England and Wales with limited liability under the Companies Acts 1948 to 1980, registered number 00929027)

€25,000,000,000 Global Covered Bond Programme

Unconditionally and irrevocably guaranteed as to payments of interest and principal by

NatWest Covered Bonds Limited Liability Partnership

(a limited liability partnership incorporated in England and Wales)

(the Programme)

Novation of the Account Bank role under the Programme

The Bank Account Agreement relating to the Programme has, by way of a deed of novation, been novated by Societe Generale, London branch to National Westminster Bank Plc (NWB) (as Account Bank). The Deposit Account and the Transaction Account have been established at NWB and an amended and restated Bank Account Agreement has been entered into by, amongst others, NWB and Natwest Covered Bonds Limited Liability Partnership.

A copy of the Bank Account Agreement (as amended and restated) is available for inspection at the offices of the Issuer and from the specified office of the Principal Paying Agent.  A copy of the Bank Account Agreement will also be available on the Issuer's website at http://www.investors.rbs.com/covered_bonds in due course.

For further information, please contact:

Scott Forrest

Head of Treasury DCM

Tel: +44 (0)7747 455969

DISCLAIMER - INTENDED ADDRESSEES

This announcement is a communication to the market. Nothing in this announcement constitutes an offer of securities for sale in the United States or any other jurisdiction. This announcement does not constitute a prospectus or a prospectus equivalent document.

This announcement has been delivered to you on the basis that you are a person into whose possession this announcement may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you authorised to, deliver this announcement to any other person. The distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction.

Your right to access this service is conditional upon complying with the above requirement.

Legal Entity Identifier

National Westminster Bank Plc - 213800IBT39XQ9C4CP71