INFORMATION MEMORANDUM

NATWEST MARKETS PLC

as Issuer

€20,000,000,000

Euro-Commercial Paper Programme

This Programme has been rated by Fitch Ratings Limited, Moody’s Investors Service Limited

and S&P Global Ratings Europe Limited, UK Branch

NATWEST MARKETS

as Arranger

BNP PARIBAS

CITIGROUP

GOLDMAN SACHS INTERNATIONAL

NATWEST MARKETS

UBS INVESTMENT BANK

as Dealers

THE BANK OF NEW YORK MELLON, LONDON BRANCH

as Issue and Paying Agent

This Information Memorandum is dated 29 November 2018

Disclaimer clauses for Dealers, Issue and Paying Agent and Arranger

See the section entitled “Important Notice” on pages (i) to (iii) of this Information Memorandum.

IMPORTANT NOTICE

This information memorandum (together with any supplementary information memorandum and

information incorporated herein by reference, the “Information Memorandum”) contains summary

information provided by NatWest Markets Plc (in its capacity as issuer under the Programme, the

“Issuer”) in connection with a euro-commercial paper programme (the “Programme”) under which

the Issuer may issue and have outstanding at any time euro-commercial paper notes (the “Notes”)

up to a maximum aggregate amount of €20,000,000,000 or its equivalent in alternative currencies.

Under the Programme, the Issuer may issue Notes outside the United States pursuant to Regulation

S (“Regulation S”) of the U.S. Securities Act of 1933 (the “Securities Act”). The Issuer has,

pursuant to an amended and restated dealer agreement dated 29 November 2018 (the “Dealer

Agreement”), appointed NatWest Markets Plc as arranger of the Programme (in its capacity as

arranger of the Programme, the “Arranger”), appointed BNP Paribas, Citigroup Global Markets

Limited, Goldman Sachs International, NatWest Markets Plc, UBS AG, London Branch and UBS

Limited as dealers for the Notes (the “Dealers”) and authorised and requested the Dealers to

circulate this Information Memorandum in connection with the Programme on its behalf to

purchasers or potential purchasers of the Notes.

An application for a STEP label for this Programme will be made to the STEP Secretariat. Information

as to whether the STEP label has been granted for this Programme may be made available on the

STEP market website (initially www.stepmarket.org). This website is not sponsored by the Issuer

and the Issuer is not responsible for its content or availability.

Unless otherwise specified in this Information Memorandum, the expressions “STEP”, “STEP

Market Convention”, “STEP label”, “STEP Secretariat”, and “STEP market website” shall have

the meaning assigned to them in the Market Convention on Short-Term European Paper dated 19

May 2015 and adopted by the Euribor-ACI – The Financial Markets Association and the European

Money Markets Institute (as amended from time to time).

The Issuer has confirmed to the Arranger and the Dealers that the information contained or

incorporated by reference in this Information Memorandum is true and accurate in all material

respects and does not contain any misrepresentation which would make it misleading.

The Issuer, the Arranger and the Dealers do not accept any responsibility, express or implied, for

updating this Information Memorandum and neither the delivery of this Information Memorandum

nor any offer or sale made on the basis of the information in this Information Memorandum shall

under any circumstances create any implication that this Information Memorandum is accurate at

any time subsequent to the date thereof with respect to the Issuer or that there has been no change

in the business, financial condition or affairs of the Issuer since the date hereof.

No person is authorised by the Issuer to give any information or to make any representation not

contained in this Information Memorandum and any information or representation not contained

therein must not be relied upon as having been authorised.

Neither the Arranger nor any Dealer has independently verified the information contained in the

Information Memorandum. Accordingly, no representation or warranty or undertaking (express or

implied) is made, and no responsibility or liability is accepted by the Arranger or the Dealers as to

the authenticity, origin, validity, accuracy or completeness of, or any errors in or omissions from, any

information or statement contained in the Information Memorandum or in or from any accompanying

or subsequent material or presentation.

To the fullest extent permitted by law, none of the Dealers or the Arranger accepts any responsibility

for the contents of this Information Memorandum or for any other statement made or purported to

ii

be made by the Arranger or a Dealer or on its behalf in connection with the Issuer or the issue and

offering of the Notes. The Arranger and each Dealer accordingly disclaims all and any liability

whether arising in tort or contract or otherwise (save as referred to above) which it might otherwise

have in respect of this Information Memorandum or any such statement.

The information contained in this Information Memorandum is not and should not be construed as a

recommendation by the Arranger, the Dealers or the Issuer that any recipient should purchase

Notes. Each such recipient must make and shall be deemed to have made its own independent

assessment and investigation of the financial condition, affairs and creditworthiness of the Issuer

and of the Programme as it may deem necessary and must base any investment decision upon

such independent assessment and investigation and not on this Information Memorandum (which

only contains a summarised description of the current activities of the Issuer and its subsidiaries

consolidated in accordance with International Financial Reporting Standards (the “NWM Group”)).

Neither the Arranger nor any Dealer undertakes to review the business or financial condition or

affairs of the Issuer during the life of the Programme, nor undertakes to advise any recipient of this

Information Memorandum of any information or change in such information coming to the Arranger’s

or any Dealer’s attention.

To the fullest extent permitted by law, neither the Arranger nor any of the Dealers accepts any liability

in relation to this Information Memorandum or its distribution by any other person. This Information

Memorandum does not, and is not intended to, constitute an offer or invitation to any person to

purchase Notes. The distribution of this Information Memorandum and the offering for sale of Notes

or any interest in such Notes or any rights in respect of such Notes, in certain jurisdictions, may be

restricted by law. Persons obtaining this Information Memorandum or any Notes or any interest in

such Notes or any rights in respect of such Notes are required by the Issuer, the Arranger and the

Dealers to inform themselves about and to observe any such restrictions. In particular, but without

limitation, such persons are required to comply with the restrictions on offers or sales of Notes and

on distribution of this Information Memorandum and other information in relation to the Notes and

the Issuer as set out under “Selling Restrictions” below.

THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES

ACT AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR

TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION

S) UNLESS AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE

SECURITIES ACT IS AVAILABLE AND IN ACCORDANCE WITH ALL APPLICABLE

SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER

JURISDICTION.

THE NOTES ARE BEING OFFERED AND SOLD OUTSIDE THE UNITED STATES TO NON-U.S.

PERSONS IN RELIANCE ON REGULATION S. FOR A DESCRIPTION OF THESE AND CERTAIN

FURTHER RESTRICTIONS ON OFFERS, SALES AND TRANSFERS OF NOTES AND

DISTRIBUTION OF THIS INFORMATION MEMORANDUM SEE “SELLING RESTRICTIONS”.

No application will be made at any time to list the Notes on any stock exchange. A communication

of an invitation or inducement to engage in investment activity (within the meaning of Section 21 of

the Financial Services and Markets Act 2000 (the “FSMA”)) received in connection with the issue or

sale of any Notes will only be made in circumstances in which Section 21(1) of the FSMA would not,

if the Issuer was not an authorised person, apply to the Issuer.

Singapore SFA Product Classification: In connection with Section 309B of the Securities and Futures

Act (Chapter 289) of Singapore (the “SFA”) and the Securities and Futures (Capital Markets

Products) Regulations 2018 of Singapore (the “CMP Regulations 2018”), unless otherwise specified

iii

before an offer of Notes, the Issuer has determined, and hereby notifies all relevant persons (as

defined in Section 309A(1) of the SFA), that the Notes are ‘prescribed capital markets products’ (as

defined in the CMP Regulations 2018) and Excluded Investment Products (as defined in MAS Notice

SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on

Recommendations on Investment Products).

Certain of the Dealers have, directly or indirectly through affiliates, provided investment and

commercial banking, financial advisory and other services to the Issuer and its affiliates from time

to time, for which they have received monetary compensation. Certain of the Dealers may from time

to time also enter into swap and other derivative transactions with the Issuer and its affiliates,

including in relation to the hedging of the Notes. In addition, certain of the Dealers and their affiliates

may in the future engage in investment banking, commercial banking, financial or other advisory

transactions with the Issuer or its affiliates.

MIFID II product governance / Professional investors and Eligible Counterparties only target

market – Solely for the purposes of the Issuer’s and any other manufacturer’s product approval process

in respect of a particular Note issue, the target market assessment in respect of any of the Notes to be

issued off this Programme has led to the conclusion that: (i) the target market for the Notes is eligible

counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended,

“MiFID II”); and (ii) all channels for distribution of the Notes to eligible counterparties and professional

clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a

"distributor") should take into consideration the Issuer’s and any other manufacturer’s target market

assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target

market assessment in respect of the Notes (by either adopting or refining the Issuer’s and any other

manufacturer’s target market assessment) and determining appropriate distribution channels. Solely

by virtue of appointment as Arranger or Dealer, as applicable, on this Programme, neither the

Arranger nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose

of EU Delegated Directive 2017/593.

Tax

No comment is made or advice given by the Issuer, the Arranger or any Dealer in respect of taxation

matters relating to the Notes and each investor is advised to consult its own professional adviser.

Interpretation

In this Information Memorandum, references to “euro” and “€” refer to the single currency of

participating member states of the European Union; references to “Sterling” and “£” are to pounds

sterling; references to “U.S. Dollars” and “U.S.$” are to United States dollars; and references to

“JPY” and “¥” are to Japanese Yen.

Where this Information Memorandum refers to the provisions of any other document, such reference

should not be relied upon and the document must be referred to for its full effect.

The hyperlinks included in this Information Memorandum are included for information purposes only

and the websites and their content are not incorporated into, and do not form part of, this Information

Memorandum.

Documents Incorporated by Reference

The most recently published annual audited consolidated financial statements and unaudited interim

consolidated financial statements of the Issuer and any subsequently published audited

consolidated financial statements or unaudited interim consolidated financial statements of the

Issuer shall be deemed to be incorporated in, and to form part of, this Information Memorandum.

iv

Any statement contained in this Information Memorandum or in a document incorporated by

reference into this Information Memorandum shall be deemed to be modified or superseded to the

extent that a statement contained in any subsequent document which is incorporated by reference

into this Information Memorandum modifies or supersedes such statement (whether expressly, by

implication or otherwise). Any statement so modified or superseded shall not be deemed, except as

so modified or superseded, to constitute a part of this Information Memorandum.

Except as provided above, no other information, including information on the websites of the Issuer,

is incorporated by reference into this Information Memorandum.

Each Dealer will, following receipt of such documentation from the Issuer, provide to each person to

whom a copy of this Information Memorandum has been delivered, upon request of such person, a

copy of any or all the documents incorporated herein by reference unless such documents have

been modified or superseded as specified above. Written requests for such documents should be

directed to the relevant Dealer at its office as set out at the end of this Information Memorandum.

Table of Contents

Contents Page

Description of the Programme ....................................................................................................... 1

Description of the Issuer ................................................................................................................ 5

Certification of Information for the Programme ........................................................................... 8

Information Concerning the Issuer’s Request for a STEP Label................................................ 9

Selling Restrictions ....................................................................................................................... 10

Form of Multicurrency Global Note ............................................................................................. 14

Form of Multicurrency Definitive Note ........................................................................................ 28

1

Description of the Programme

Name of the

Programme:

NatWest Markets Plc Euro Commercial Paper Programme.

Type of Programme: Euro Commercial Paper Programme.

Name of the Issuer: NatWest Markets Plc.

Type of Issuer: Monetary financial institution.

Purpose of the

Programme:

Short term funding programme.

Programme size

(ceiling):

The outstanding principal amount of the Notes will not exceed

€20,000,000,000 (or its equivalent in other currencies) at any time (the

“Maximum Amount”). The Maximum Amount may be increased from time to

time in accordance with the Dealer Agreement.

Characteristics and

Form of the Notes:

The Notes will be in bearer form. The Notes will initially be in global form

(“Global Notes”). A Global Note will be exchangeable into definitive notes

(“Definitive Notes”) only in the limited circumstances set out in that Global

Note.

On or before the issue date in respect of any Notes (the “relevant Issue

Date”), if the relevant Global Note indicates that it is intended to be a new

global note (“New Global Note”), the Global Note will be delivered to a

Common Safekeeper (as defined below) for the Relevant Clearing Systems

(as defined below). If the relevant Global Note indicates that it is not a New

Global Note, the Global Note will be deposited with a common depositary for

the Relevant Clearing Systems (as defined below). The interests of individual

holders in each Global Note that is a New Global Note will be represented by

the records of the Relevant Clearing Systems.

“Common Safekeeper” means, in respect of any Global Note which is a New

Global Note, the common safekeeper which is appointed by the Relevant

Clearing Systems in respect of such New Global Note or, if such Global Note

is a New Global Note intended to be held in a manner that would allow

eligibility for collateral purposes in credit operations of the central banking

system for the euro (the “Eurosystem”), the common safekeeper which is

appointed for the Issuer and eligible to hold such Global Note for the purpose

of the requirements relating to collateral for Eurosystem monetary and intra-

day credit operations. If the Common Safekeeper as at the relevant Issue

Date ceases to be so eligible after the relevant Issue Date, the relevant Notes

will no longer qualify for Eurosystem eligibility unless a new common

safekeeper is appointed who is so eligible.

Yield Basis: The Notes may be issued at a discount or may bear fixed or floating rate

interest or on such other terms as may be indicated in the relevant Note.

Currencies of issue

of the Notes:

Notes may be denominated in euro, U.S. Dollars, Japanese Yen, Sterling or

any other currency subject to compliance with any applicable legal and

regulatory requirements.

2

Maturity of the

Notes:

The tenor of the Notes shall be not less than one day or more than 364 days

from and including the date of issue, subject to compliance with any applicable

legal and regulatory requirements.

Minimum Issuance

Amount:

For so long as the Short-Term European Paper (“STEP”) label is applied to

the Programme, Notes will be issued in denominations of at least €100,000

(or its equivalent).

Minimum

Denomination of the

Notes:

The initial minimum denominations for Notes are €500,000, if the Notes are

denominated in euro, or U.S.$500,000, if the Notes are denominated in U.S.

dollars, or, if the Notes are denominated in other currencies, the equivalent in

that currency of €500,000, such amount to be determined by the rate of

exchange at the date of issuance. Minimum denominations may be changed

from time to time, subject in each case to compliance with all applicable legal

and regulatory requirements and provided that (a) the equivalent of that

denomination in Sterling is not less than £100,000 and (b) the equivalent of

that denomination in euro as at the Issue Date is at least €100,000.

For the purposes of calculating the equivalent in any currency of £100,000,

the applicable rate of exchange is that applied on the Issue Date of the

relevant Notes or, if appropriate, the date that such issuance is agreed.

Redemption: The Notes will be redeemed as specified in the Notes.

Status of the Notes: The Notes will be unsecured obligations of the Issuer ranking pari passu with

all present and future unsecured and unsubordinated indebtedness of the

Issuer, other than obligations preferred by mandatory provisions of law.

Governing Law that

applies to the Notes:

The Notes, and all non-contractual obligations arising out of or in connection

with the Notes, will be governed by and construed in accordance with English

law.

Listing: The Notes will not be listed on any stock exchange.

Settlement System: The Notes will be settled through Euroclear Bank SA/NV, Clearstream

Banking S.A. and/or such other securities clearance and/or settlement

system(s) which:

(i) complies, as of the relevant Issue Date, with the Market Convention

on Short-Term European Paper dated 19 May 2015 and adopted by

the Euribor-ACI - The Financial Markets Association and the

European Money Markets Institute (as amended from time to time)

(the “STEP Market Convention”); and

(ii) provided the relevant Global Note is intended to be held in a manner

that would allow Eurosystem eligibility, is authorised to hold securities

as eligible collateral for Eurosystem monetary policy and intra-day

credit operations,

in each case as agreed between the Issuer and the relevant Dealer(s)

(together, the “Relevant Clearing Systems”).

3

If after the relevant Issue Date, any such system ceases (i) to comply with the

STEP Market Convention as contemplated above and/or (ii) (in the case of a

Global Note intended to be held in a manner that would allow Eurosystem

eligibility) to be so authorised, the Issuer and the Arranger and/or the relevant

Dealer(s) may agree that the relevant Notes may be settled through such

other system(s) that is/are so authorised, as the case may be.

Accountholders in the Relevant Clearing Systems will, in respect of Global

Notes, have the benefit of a Deed of Covenant dated 29 November 2018 (as

may be amended, supplemented, novated or restated from time to time),

copies of which may be inspected during normal business hours at the

specified office of the Issue and Paying Agent. Definitive Notes (if any are

printed) will be available in London for collection upon presentation and

surrender of the Global Note to the Issue and Paying Agent.

Ratings of the

Programme:

Rated.

Notes issued under the Programme have been assigned a rating by Moody's

Investors Service Limited which can be viewed at www.moodys.com.

Notes issued under the Programme have been assigned a rating by S&P

Global Ratings Europe Limited, UK Branch which can be viewed at

www.standardandpoors.com.

Notes issued under the Programme have been assigned a rating by Fitch

Ratings Limited which can be viewed at www.fitchratings.com.

Ratings can come under review by rating agencies. Investors are invited to

refer to the websites of the relevant rating agencies in order to have access

to the latest rating.

A rating is not a recommendation to buy, sell or hold securities and may be

subject to suspension, reduction or withdrawal at any time by the relevant

rating agency.

Guarantor: No

Issue and Paying

Agent:

The Bank of New York Mellon, London Branch

Sub-Paying Agent: The Bank of New York Mellon SA/NV, Luxembourg Branch

Arranger: NatWest Markets Plc

Dealers: BNP Paribas, Citigroup Global Markets Limited, Goldman Sachs

International, NatWest Markets Plc, UBS AG, London Branch and UBS

Limited.

Selling Restrictions: Offers and sales of Notes and the distribution of this Information

Memorandum and other information relating to the Issuer and the Notes are

subject to certain restrictions, details of which are set out under “Selling

Restrictions” below.

Taxation: Subject to the limitations and exceptions set out in the Notes, all payments

under the Notes will be made free and clear of withholding for any taxes

imposed by the United Kingdom.

4

Contact Details: Contact: NWMT STM Markets

e-mail: ecp@natwestmarkets.com

Tel: +44 20 3361 7027

Additional

information on the

Programme:

Although Notes issued in New Global Note format are intended to be held in

a manner which will allow Eurosystem eligibility this does not mean that such

Notes will necessarily be recognised as eligible collateral for Eurosystem

monetary policy and intra-day credit operations by the Eurosystem either

upon issue or at any or all times during their life. Such recognition will depend

upon satisfaction of the Eurosystem eligibility criteria referred to in the

paragraph above.

Independent

auditors of the

Issuers, who have

audited the

accounts of the

Issuers’ Annual

Reports:

Ernst & Young LLP

25 Churchill Place

Canary Wharf

London

E14 5EY

5

Description of the Issuer

Legal name

NatWest Markets Plc.

Legal form/status

The Issuer is a public limited company incorporated in Scotland under Scots law.

Date of incorporation/establishment

The Issuer was incorporated on 31 October 1984.

Registered office or equivalent

NatWest Markets Plc

36 St Andrew Square

Edinburgh EH2 2YB

Scotland

Registration number, place of registration

The Issuer is registered in Scotland under Registration Number SC090312.

Issuer’s mission

Article 161 of the Issuer’s Articles of Association (adopted on 28 April 2010) provides that nothing in

the Issuer’s Articles of Association shall constitute a restriction on the objects of the Issuer to do (or

to omit to do) any act and, in accordance with Section 31(1) of the Companies Act 2006, the Issuer’s

objects are unrestricted.

Brief description of current activities

The Issuer is a wholly-owned subsidiary of The Royal Bank of Scotland Group plc (“RBSG” and,

together with its subsidiaries consolidated in accordance with International Financial Reporting

Standards, the “RBSG Group”), a banking and financial services group. The Issuer provides

corporate and institutional customers with financing and risk management solutions, with a focus on

rates, currencies and financing products.

Capital or equivalent

The amount of the Issuer’s issued share capital as at 31 December 2017 was as follows:

Allotted, called up and fully paid

31 December 2017

£m

(audited)

Ordinary shares of £1 6,609

6

Under International Financial Reporting Standards (“IFRS”), certain preference shares included in

the tables above are classified as debt and are included in subordinated liabilities in the balance

sheet.

On 2 July 2018, the Issuer announced the reduction of its share capital and cancellation of its share

premium account and capital redemption reserve – for further details, please see the announcement

entitled "Capital reduction - notice of completion", which was published via the regulatory news

service of the London Stock Exchange plc on 2 July 2018 (a copy of which can be obtained from

the website of RBSG at http://www.investors.rbs.com/regulatory-news/company-

announcements.aspx).

List of main shareholders

The Issuer is a wholly-owned subsidiary of RBSG.

Listing of the shares of the Issuer

The shares of the Issuer are unlisted.

Composition of governing bodies and supervisory bodies

As of 29 November 2018, the following are on the Board of Directors of the Issuer:

Frank Dangeard Chairman and Non-Executive Director

Chris Marks Chief Executive Officer

Richard Place Chief Financial Officer

Vivek Ahuja Non-Executive Director

Brendan Nelson Non-Executive Director

Sarah Wilkinson Non-Executive Director

Company Secretary: Scott Gibson

Accounting method

The consolidated accounts of the Issuer have been prepared in accordance with IFRS.

Accounting year

Starting on 1 January, ending on 31 December.

Ratings of the Issuer

Rated.

The Programme and Notes issued under the Programme have been assigned a rating by Moody’s

Investors Service Limited which can be viewed at www.moodys.com.

Allotted, called up and fully paid

Number of shares - millions

31 December 2017

(audited)

Ordinary shares of £1 6,609

Non-cumulative preference shares of U.S.$0.01 56

7

The Programme and Notes issued under the Programme have been assigned a rating by S&P

Global Ratings Europe Limited, UK Branch which can be viewed at

http://www.standardandpoors.com.

The Programme and Notes issued under the Programme have been assigned a rating by Fitch

Ratings Limited which can be viewed at www.fitchratings.com.

Ratings can come under review by rating agencies. Investors are invited to refer to the websites of

the relevant rating agencies in order to have access to the latest rating.

A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension,

reduction or withdrawal at any time by the relevant rating agency.

Additional information on the Issuer - Ring-fencing

The UK Government has passed legislation which requires banks to separate their retail and

investment banking activities by 1 January 2019. To comply with this legislation, the RBSG Group

has undertaken a reorganisation of its group legal entity structure and business model. Following

the reorganisation, the RBSG Group has been split into ring-fenced and non-ring-fenced entities.

The NWM Group will sit outside the ring fence. During 2018, activities which must only be provided

by a ring-fenced entity have been moved out of the NWM Group together with certain activities that

may be provided within a ring-fenced or non-ring-fenced entity, but which the RBSG Group believes

are best provided from inside the ring-fence. Certain activities are also being moved from ring-fenced

entities into the NWM Group, which, amongst other things, is expected to result in NatWest Markets

N.V., the RBSG Group's banking entity in The Netherlands, becoming a subsidiary of the Issuer

(subject to regulatory approvals). Further information regarding the RBSG Group's ring-fencing

structure and the impact relating to the Issuer can be found in the 2017 Annual Report and Accounts

of the Issuer and the Issuer’s Interim Results 2018, including at page 4 of the 2017 Annual Report

and Accounts of the Issuer under the heading "RBS Group ring-fencing") and, as updated, at page

1 of the Issuer’s Interim Results 2018 (under the heading "Ring-fencing preparations in H1 2018").

9

Information Concerning the Issuer’s Request for a STEP Label

An application for a STEP label for this Programme will be made to the STEP Secretariat. Information

as to whether the STEP label has been granted for this Programme may be made available on the

STEP market website (initially www.stepmarket.org). This website is not sponsored by the Issuer

and the Issuer is not responsible for its content or availability. Please read an important disclaimer

on the STEP Market website regarding the use of this document

(http://www.stepmarket.org/directory/disclaimer.html).

Unless otherwise specified in this Information Memorandum, the expressions “STEP”, “STEP

Market Convention”, “STEP label”, “STEP Secretariat”, and “STEP market website” shall have

the meaning assigned to them in the Market Convention on Short-Term European Paper dated 19

May 2015 and adopted by the Euribor-ACI – The Financial Markets Association and the European

Money Markets Institute (as amended from time to time).

10

Selling Restrictions

1 General

Each Dealer has represented, warranted and agreed that it will observe all applicable laws

and regulations in any jurisdiction in which it may offer, sell, or deliver Notes and it will not

directly or indirectly offer, sell, resell, re offer or deliver Notes or distribute this Information

Memorandum, or any circular, advertisement or other offering material in any country or

jurisdiction except under circumstances that will result, to the best of its knowledge and

belief, in compliance with all applicable laws and regulations.

2 United States of America

The Notes have not been and will not be registered under the Securities Act and may not be

offered or sold within the United States or to, or for the account or benefit of, U.S. persons

except in accordance with Regulation S. Each Dealer has represented and agreed that it

has not offered or sold, and will not offer or sell, any Notes constituting part of its allotment

within the United States except in accordance with Rule 903 of Regulation S.

Each Dealer has also represented and agreed that it has offered and sold the Notes, and

will offer and sell the Notes (i) as part of their distribution at any time and (ii) otherwise until

40 days after the later of the commencement of the offering and the closing date (the

"distribution compliance period"), only in accordance with Rule 903 of Regulation S.

Each Dealer has also agreed that, at or prior to confirmation of sale of Notes, it will have

sent to each distributor, dealer or person receiving a selling concession, fee or other

remuneration that purchases Notes from it during the distribution compliance period a

confirmation or notice to substantially the following effect:

"The Securities covered hereby have not been registered under the U.S. Securities Act of

1933, as amended (the "Securities Act") and may not be offered or sold within the United

States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at

any time or (ii) otherwise until 40 days after the later of the commencement of the offering

and the closing date, except in either case in accordance with Regulation S under the

Securities Act. Terms used above have the meanings given to them by Regulation S."

Each Dealer has represented and agreed that neither it, nor its affiliates nor any persons

acting on its or their behalf have engaged or will engage in any directed selling efforts with

respect to the Notes, and that it and they have complied and will comply with the offering

restrictions requirement of Regulation S.

Terms used above have the meanings given to them by Regulation S.

3 The United Kingdom

Each Dealer has represented, warranted and agreed that:

(a) (i) it is a person whose ordinary activities involve it in acquiring, holding, managing

or disposing of investments (as principal or agent) for the purposes of its business

and (ii) it has not offered or sold and will not offer or sell any Notes other than to

persons whose ordinary activities involve them in acquiring, holding, managing or

disposing of investments (as principal or as agent) for the purposes of their

11

businesses or who it is reasonable to expect will acquire, hold, manage or dispose

of investments (as principal or agent) for the purposes of their businesses;

(b) it has only communicated or caused to be communicated and will only communicate

or cause to be communicated an invitation or inducement to engage in investment

activity (within the meaning of section 21 of the Financial Services and Markets Act

2000 (the “FSMA”)) received by it in connection with the issue or sale of any Notes

in circumstances in which section 21(1) of the FSMA would not, if the Issuer was not

an authorised person, apply to the Issuer; and

(c) it has complied and will comply with all applicable provisions of the FSMA with

respect to anything done by it in relation to any Notes in, from or otherwise involving

the United Kingdom.

4 Japan

Each Dealer has acknowledged that the Notes have not been and will not be registered

under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as

amended, the “Financial Instruments and Exchange Act”) and, accordingly, each Dealer

has represented and agreed that it has not, directly or indirectly, offered or sold and will not,

directly or indirectly, offer or sell any Notes in Japan or to, or for the benefit of, any resident

of Japan (which term as used herein means any person resident in Japan, including any

corporation or other entity organised under the laws of Japan) or to others for re-offering or

resale, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan, except

pursuant to an exemption from the registration requirements of, and otherwise in compliance

with, the Financial Instruments and Exchange Act and other relevant laws and regulations

of Japan.

5 Hong Kong

Each Dealer has represented and agreed that:

(a) it has not offered or sold and will not offer or sell in Hong Kong, by means of any

document, any Notes other than (i) to “professional investors” as defined in the

Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made

under that Ordinance; or (ii) in other circumstances which do not result in the

document being a “prospectus” as defined in the Companies (Winding Up and

Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong or which do not

constitute an offer to the public within the meaning of that Ordinance; and

(b) it has not issued or had in its possession for the purposes of issue, and will not issue

or have in its possession for the purposes of issue, whether in Hong Kong or

elsewhere, any advertisement, invitation or document relating to the Notes, which is

directed at, or the contents of which are likely to be accessed or read by, the public

of Hong Kong (except if permitted to do so under the securities laws of Hong Kong)

other than with respect to Notes which are or are intended to be disposed of only to

persons outside Hong Kong or only to “professional investors” as defined in the

Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made

under that Ordinance.

12

6 Switzerland

This document is not intended to constitute an offer or solicitation to purchase or invest in

the Notes described herein in Switzerland. The Notes may not be publicly offered, sold or

advertised, directly or indirectly, in, into or from Switzerland and will not be listed on the SIX

Swiss Exchange or on any other exchange or regulated trading facility in Switzerland.

Neither this document nor any other offering or marketing material relating to the Notes

constitutes a prospectus as such term is understood pursuant to article 652a or article 1156

of the Swiss Code of Obligations, and neither this document nor any other offering or

marketing material relating to the Notes may be publicly distributed or otherwise made

publicly available in Switzerland.

7 Singapore

Each Dealer has acknowledged that this Information Memorandum has not been registered

as a prospectus with the Monetary Authority of Singapore. Accordingly, each Dealer has

represented and agreed that it has not offered or sold any Notes or caused the Notes to be

made the subject of an invitation for subscription or purchase and will not offer or sell any

Notes or cause the Notes to be made the subject of an invitation for subscription or purchase,

and has not circulated or distributed, nor will it circulate or distribute, this Information

Memorandum or any other document or material in connection with the offer or sale, or

invitation for subscription or purchase, of the Notes, whether directly or indirectly, to any

person in Singapore other than (i) to an institutional investor (as defined in Section 4A of the

Securities and Futures Act (Chapter 289) of Singapore, as modified or amended from time

to time including by any subsidiary legislation as may be applicable at the relevant time

(together, the “SFA”)) pursuant to Section 274 of the SFA, (ii) to a relevant person (as

defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person

pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in

Section 275 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions

of, any other applicable provision of the SFA.

This Information Memorandum has not been registered as a prospectus with the Monetary

Authority of Singapore. Accordingly, this Information Memorandum and any other document

or material in connection with the offer or sale, or invitation for subscription or purchase, of

any Notes may not be circulated or distributed, nor may any Notes be offered or sold, or be

made the subject of an invitation for subscription or purchase, whether directly or indirectly,

to persons in Singapore other than (i) to an institutional investor under Section 274 of the

SFA, (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section

275(1A), and in accordance with the conditions specified in Section 275, of the SFA, or (iii)

otherwise pursuant to, and in accordance with the conditions of, any other applicable

provision of the SFA.

Where Notes are subscribed or purchased under Section 275 of the SFA by a relevant

person which is:

(a) a corporation (which is not an accredited investor (as defined in Section 4A of the

SFA)) the sole business of which is to hold investments and the entire share capital

of which is owned by one or more individuals, each of whom is an accredited

investor; or

13

(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to

hold investments and each beneficiary of the trust is an individual who is an

accredited investor,

securities or securities-based derivatives contracts (each term as defined in Section 239(1)

of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described)

in that trust shall not be transferred within six months after that corporation or that trust has

acquired the Notes pursuant to an offer made under Section 275 of the SFA except:

(i) to an institutional investor or to a relevant person defined in Section 275(2) of the

SFA, or to any person arising from an offer referred to in Section 275(1A) or Section

276(4)(i)(B) of the SFA;

(ii) where no consideration is or will be given for the transfer;

(iii) where the transfer is by operation of law; or

(iv) as specified in Section 276(7) of the SFA.

Singapore SFA Product Classification: In connection with Section 309B of the Securities and

Futures Act (Chapter 289) of Singapore (the “SFA”) and the Securities and Futures (Capital

Markets Products) Regulations 2018 of Singapore (the “CMP Regulations 2018”), unless

otherwise specified before an offer of Notes, the Issuer has determined, and hereby notifies

all relevant persons (as defined in Section 309A(1) of the SFA), that the Notes are

‘prescribed capital markets products’ (as defined in the CMP Regulations 2018) and

Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale

of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on

Investment Products).

14

A36822533

Form of Multicurrency Global Note

(Interest Bearing/Discounted)

THE SECURITIES REPRESENTED BY THIS GLOBAL NOTE HAVE NOT BEEN AND WILL NOT

BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE "SECURITIES

ACT") OR ANY U.S. STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR

DELIVERED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF,

U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) UNLESS AN

EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS

AVAILABLE AND IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE

OF THE UNITED STATES AND ANY OTHER JURISDICTION. THIS LEGEND SHALL CEASE TO

APPLY UPON THE EXPIRY OF THE PERIOD OF 40 DAYS AFTER THE COMPLETION OF THE

DISTRIBUTION OF ALL THE SECURITIES OF THE TRANCHE OF WHICH THIS SECURITY

FORMS PART.

NATWEST MARKETS PLC

No.: __________________________________ Series No.: ____________________________

Issued in London on: ____________________ Maturity Date:1 _________________________

Specified Currency: _____________________ Denomination: ______________________

Nominal Amount: _______________________

(words and figures if a Sterling Note)

Reference Rate: __ month LIBOR / __ month

EURIBOR / SONIA 2

Margin:3 % Observation Look-back Period4 ____________

London Banking Days

Fixed Interest Rate:5 _________ % per annum Interest Payment Dates:6 _________________

Calculation Agent:7 _____________________

(Interest)

Reference Rate Screen Page8:_____________

Intended to be held in a manner which would

allow Eurosystem eligibility: [Yes] [No]9

[Yes. Note that the designation “yes” simply

means that the Notes are intended upon issue

to be deposited with one of the ICSDs as

New Global Note Form: [Yes] [No]10

(delete as applicable)

1 Not to be more than 364 days from (and including) the Issue Date. 2 Delete as appropriate. The reference rate will be LIBOR unless this Global Note is (i) denominated in euro and the Issuer

and the relevant Dealer agree that the reference rate should be EURIBOR or (ii) denominated in Sterling and the Issuer

and the relevant Dealer agree that the reference rate should be SONIA.

3 Complete for floating rate interest bearing Notes only.

4 Complete for floating rate interest bearing Notes only where the Reference Rate is specified as SONIA.

5 Complete for fixed rate interest bearing Notes only.

6 Complete for interest bearing Notes.

7 Complete for floating rate interest bearing Notes only.

8 Complete for floating rate interest bearing Notes only where the Reference Rate is specified as SONIA.

9 Indicate “Yes” or “No” as applicable. “No” should be selected for Notes issued in Classic Global Note form.

10 Indicate “Yes” or “No” as applicable.

15

A36822533

common safekeeper and does not necessarily

mean that the Notes will be recognised as

eligible collateral for Eurosystem monetary

policy and intra-day credit operations by the

Eurosystem either upon issue or at any or all

times during their life. Such recognition will

depend upon the ECB being satisfied that

Eurosystem eligibility criteria have been met.] /

[No. Whilst the designation is specified as “no”

at the date hereof, should the Eurosystem

eligibility criteria be amended in the future such

that the Notes are capable of meeting them the

Notes may then be deposited with one of the

ICSDs as common safekeeper. Note that this

does not necessarily mean that the Notes will

then be recognised as eligible collateral for

Eurosystem monetary policy and intra-day

credit operations by the Eurosystem at any

time during their life. Such recognition will

depend upon the ECB being satisfied that

Eurosystem eligibility criteria have been met.]

(delete as applicable)

Clearing System Security Code: ___________

1. For value received, NATWEST MARKETS PLC (the “Issuer”) promises to pay to the bearer

of this Global Note on the above-mentioned Maturity Date the above-mentioned Nominal

Amount together with interest thereon at the rate and at the times (if any) specified herein.

All such payments shall be made in accordance with the amended and restated issue and

paying agency agreement dated 29 November 2018, as amended, restated and

supplemented from time to time, between the Issuer, the issue agent and the paying agents

referred to therein, a copy of which is available for inspection at the offices of The Bank of

New York Mellon, London Branch (the “Paying Agent”) at One Canada Square, London

E14 5AL, and subject to and in accordance with the terms and conditions set forth below.

All such payments shall be made upon presentation and surrender of this Global Note to or

to the order of the Paying Agent referred to above by transfer to an account denominated in

the above-mentioned Specified Currency maintained by the bearer with a bank in the

principal financial centre in the country of that currency or, in the case of a Global Note

denominated in euro by a cheque drawn on or by transfer to a euro account (or any other

account to which euro may be credited or transferred) maintained by the payee with, a bank

in the principal financial centre of any member state of the European Union. Notwithstanding

the foregoing, presentation and surrender of this Global Note shall be made outside the

United States and no amount shall be paid by transfer to an account in the United States,

or mailed to an address in the United States. In the case of a Global Note denominated in

U.S. dollars, payments shall be made by transfer to an account denominated in U.S. dollars

16

A36822533

in the principal financial centre of any country outside of the United States that the Issuer or

Paying Agent so chooses.

2. If this Global Note is not a New Global Note, this Global Note is issued in representation of

an issue of Notes in the above-mentioned aggregate Nominal Amount.

3. If this Global Note is a New Global Note, this Global Note is issued in representation of an

issue of Notes in an aggregate Nominal Amount as from time to time entered in the records

of each of Euroclear Bank SA/NV (“Euroclear”) and Clearstream Banking S.A.

(“Clearstream, Luxembourg”), and/or any such other securities clearance and/or settlement

system which is compliant, as of the Issue Date, with the Market Convention on Short-Term

European Paper (“STEP”) dated 19 May 2015 and adopted by the Euribor-ACI - The

Financial Markets Association and the European Money Markets Institute (as amended from

time to time) and, if this Global Note indicates that it is intended to be held in a manner which

would allow Eurosystem eligibility, authorised to hold, and then currently holding, this Global

Note as eligible collateral for Eurosystem monetary policy and intra-day credit operations, in

each case as agreed between the Issuer and the relevant Dealer (each an “ICSD” and

together, the “ICSDs”). The records of the ICSDs (which expression in this Global Note

means the records that each ICSD holds for its customers which reflect the amount of such

customers’ interests in the Notes (but excluding any interest in any Notes of one ICSD shown

in the records of another ICSD), shall be conclusive evidence of the principal amount of

Notes represented by this Global Note and, for these purposes, a statement issued by an

ICSD (which statement shall be made available to the bearer upon request) stating the

principal amount of Notes represented by this Global Note at any time shall be conclusive

evidence of the records of the ICSDs at that time.

4. All payments in respect of this Global Note by or on behalf of the Issuer shall be made

without set-off, counterclaim, fees, liabilities or similar deductions and free and clear of, and

without deduction or withholding for or on account of, taxes, levies, duties, assessments or

charges of any nature now or hereafter imposed, levied, collected, withheld or assessed by

or on behalf of the United Kingdom or any political subdivision or taxing authority thereof or

therein (“Taxes”), unless such withholding or deduction is required by law or regulation. If

the Issuer or any agent thereof is required by law or regulation to make any deduction or

withholding for or on account of Taxes, the Issuer shall, to the extent permitted by applicable

law or regulation, pay such additional amounts as shall be necessary in order that the net

amounts received by the bearer of this Global Note after such deduction or withholding shall

equal the amount which would have been receivable hereunder in the absence of such

deduction or withholding, except that no such additional amounts shall be payable where

this Global Note is presented for payment:

(a) by or on behalf of a holder which is liable to such Taxes by reason of its having some

connection with the United Kingdom other than the mere holding of this Global Note;

or

(b) more than 15 days after the Maturity Date or, if applicable, the relevant Interest

Payment Date or (in either case) the date on which payment hereof is duly provided

for, whichever occurs later, except to the extent that the holder would have been

entitled to such additional amounts if it had presented this Global Note on the last

day of such period of 15 days.

5. If the Maturity Date or, if applicable, the relevant Interest Payment Date is not a Payment

Business Day (as defined herein) payment in respect hereof will not be made and credit or

17

A36822533

transfer instructions shall not be given until the next following Payment Business Day (unless

that date falls more than 364 days after the Issue Date, in which case payment shall be

made on the immediately preceding Payment Business Day) and neither the bearer of this

Global Note nor the holder or beneficial owner of any interest herein or rights in respect

hereof shall be entitled to any interest or other sums in respect of such postponed payment.

As used in this Global Note:

“Payment Business Day” means any day other than a Saturday or Sunday which is either

(i) if the above-mentioned Specified Currency is any currency other than euro, a day on

which commercial banks and foreign exchange markets settle payments and are open for

general business (including dealings in foreign exchange and foreign currency deposits) in

the principal financial centre of the country of the relevant Specified Currency or (ii) if the

above-mentioned Specified Currency is euro, a day which is a TARGET Business Day; and

“TARGET Business Day” means a day on which the Trans-European Automated Real-time

Gross Settlement Express Transfer (TARGET2) System, or any successor thereto, is

operating credit or transfer instructions in respect of payments in euro.

Provided that if the Paying Agent determines with the agreement of the Issuer that the market

practice in respect of euro denominated internationally offered securities is different from

that specified above, the above shall be deemed to be amended so as to comply with such

market practice and the Paying Agent shall procure that a notice of such amendment is

published not less than 15 days prior to the date on which any payment in euro falls due to

be made in such manner as the Paying Agent may determine.

6. The payment obligation of the Issuer represented by this Global Note constitutes and at all

times shall constitute a direct and unsecured obligation of the Issuer ranking pari passu with

all present and future unsecured and unsubordinated indebtedness of the Issuer other than

obligations preferred by mandatory provisions of law applying to companies generally.

7. This Global Note is negotiable and, accordingly, title hereto shall pass by delivery and the

bearer shall be treated as being absolutely entitled to receive payment upon due

presentation hereof free and clear of any equity, set-off or counterclaim on the part of the

Issuer against any previous bearer hereof.

8. This Global Note is issued in respect of an issue of Notes of the Issuer and is exchangeable

in whole (but not in part only) for duly executed and authenticated bearer Notes in definitive

form (whether before, on or, subject as provided below, after the Maturity Date):

(a) if the clearing system(s) in which this Global Note is held at the relevant time is

closed for a continuous period of 14 days or more (other than by reason of weekends

or public holidays statutory or otherwise) or announces an intention permanently to

cease business or does in fact do so); or

(b) if default is made in the payment of any amount payable in respect of this Global

Note.

Upon presentation and surrender of this Global Note during normal business hours to or to

the order of the Paying Agent (or to any other person or at any other office outside the United

States as may be designated in writing by the Issuer to the bearer) on behalf of the Issuer,

the Paying Agent shall authenticate and deliver, in exchange for this Global Note, bearer

definitive notes denominated in the above-mentioned Specified Currency in an aggregate

nominal amount equal to the Nominal Amount of this Global Note.

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A36822533

9. If, upon any such default and following such surrender, definitive Notes are not issued in full

exchange for this Global Note before 5.00 p.m. (London time) on the thirtieth day after

surrender, this Global Note (including the obligation hereunder to issue definitive notes) will

become void and the bearer will have no further rights under this Global Note (but without

prejudice to the rights which the bearer or any other person may have under a Deed of

Covenant dated 29 November 2018 (as amended, re-stated or supplemented as of the date

of issue of the Notes) entered into by the Issuer).

10. If this is an interest bearing Global Note, then:

(a) notwithstanding the provisions of paragraph 1 above, if any payment of interest in

respect of this Global Note falling due for payment prior to the above-mentioned

Maturity Date remains unpaid on the fifteenth day after falling so due, the amount

referred to in paragraph 1 shall be payable on such fifteenth day;

(b) upon each payment of interest (if any) prior to the Maturity Date in respect of this

Global Note:

(i) (if this Global Note is not a New Global Note) Schedule 1 hereto shall be duly

completed by the Paying Agent to reflect such payment;

(ii) (if this Global Note is a New Global Note) details of such payment shall be

entered pro rata in the records of the ICSDs;

(c) payments due in respect of Notes for the time being represented by this Global Note

shall be made to the bearer of this Global Note and each payment so made will

discharge the Issuer’s obligations in respect thereof. Any failure to make the entries

referred to in (b) above shall not affect such discharge;

(d) if no Interest Payment Dates are specified on the face of the Global Note, the Interest

Payment Date shall be the Maturity Date.

11. If this is a fixed rate interest bearing Global Note, interest shall be calculated on the Nominal

Amount as follows:

(a) interest shall be payable on the Nominal Amount in respect of each successive

Interest Period (as defined below) from the Issue Date to the Maturity Date only, in

arrear on the relevant Interest Payment Date, on the basis of the actual number of

days in such Interest Period and a year of 360 days or, if this Global Note is

denominated in Sterling, 365 days at the above-mentioned Interest Rate with the

resulting figure being rounded to the nearest amount of the above-mentioned

Specified Currency which is available as legal tender in the country or countries (in

the case of the euro) of the Specified Currency (with halves being rounded upwards);

and

(b) the period beginning on (and including) the Issue Date and ending on (but excluding)

the first Interest Payment Date and each successive period beginning on (and

including) an Interest Payment Date and ending on (but excluding) the next

succeeding Interest Payment Date is an “Interest Period” for the purposes of this

paragraph.

12. If this is a floating rate interest bearing Global Note, interest shall be calculated on the

Nominal Amount as follows:

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A36822533

(a) in the case of a Global Note which specifies LIBOR as the Reference Rate on its

face, the Rate of Interest will be the aggregate of LIBOR and the above-mentioned

Margin (if any) above or below LIBOR. Interest shall be payable on the Nominal

Amount in respect of each successive Interest Period (as defined below) from the

Issue Date to the Maturity Date only, in arrear on the relevant Interest Payment Date,

on the basis of the actual number of days in such Interest Period and a year of 360

days or, if this Global Note is denominated in Sterling, 365 days.

As used in this Global Note:

“LIBOR” shall be equal to the rate defined as “LIBOR-BBA” in respect of the above-

mentioned Specified Currency (as defined in the 2006 ISDA Definitions published by

the International Swaps and Derivatives Association, Inc., as amended, updated or

replaced as at the date of this Global Note, (the “ISDA Definitions”)) as at 11.00

a.m. (London time) or as near thereto as practicable on the second London Banking

Day before the first day of the relevant Interest Period (or, if this Global Note is

denominated in Sterling, on the first day thereof) (a “LIBOR Interest Determination

Date”), as if the Reset Date (as defined in the ISDA Definitions) were the first day of

such Interest Period and the Designated Maturity (as defined in the ISDA Definitions)

were the number of months specified on the face of this Global Note in relation to

the Reference Rate; and

“London Banking Day” shall mean a day on which commercial banks are open for

general business (including dealings in foreign exchange and foreign currency

deposits) in London;

(b) in the case of a Global Note which specifies EURIBOR as the Reference Rate on its

face, the Rate of Interest will be the aggregate of EURIBOR and the above-

mentioned Margin (if any) above or below EURIBOR. Interest shall be payable on

the Nominal Amount in respect of each successive Interest Period (as defined below)

from the Issue Date to the Maturity Date only, in arrear on the relevant Interest

Payment Date, on the basis of the actual number of days in such Interest Period and

a year of 360 days.

As used in this Global Note, “EURIBOR” shall be equal to EUR EURIBOR Reuters

(as defined in the ISDA Definitions) as at 11.00 a.m. (Brussels time) or as near

thereto as practicable on the second TARGET Business Day before the first day of

the relevant Interest Period (a “EURIBOR Interest Determination Date”);

(c) if the Rate of Interest cannot be determined in accordance with paragraphs (a) or (b)

above (as applicable), the Rate of Interest for such Interest Period shall be the Rate

of Interest in effect for the last preceding Interest Period to which paragraphs (a) or

(b) (as applicable) shall have applied;

(d) in the case of a Global Note which specifies SONIA as the Reference Rate on its

face, the Rate of Interest for each Interest Period (as defined below) will, subject as

provided below, be Compounded Daily SONIA plus or minus the above-mentioned

Margin (if any), all as determined by the Calculation Agent. Interest shall be payable

on the Nominal Amount in respect of each successive Interest Period from, and

including, the Issue Date to, but excluding, the Maturity Date in arrear on the relevant

Interest Payment Date, on the basis of the actual number of days in such Interest

Period and a year of 365 days.

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A36822533

As used in this Global Note:

“Compounded Daily SONIA” means, with respect to an Interest Period, the rate of

return of a daily compound interest investment (with the daily Sterling overnight

reference rate as the reference rate for the calculation of interest) which will be

calculated by the Calculation Agent as at the relevant SONIA Interest Determination

Date as follows, and the resulting percentage will be rounded, if necessary, to the

fourth decimal place, with 0.00005 being rounded upwards:

[∏(1 +𝑆𝑂𝑁𝐼𝐴𝑖−𝑝𝐿𝐵𝐷 × 𝑛𝑖

365)

𝑑𝑜

𝑖=1

− 1] ×365

𝑑

where:

“d” means, for any Interest Period, the number of calendar days in such Interest

Period;

“do” means, for any Interest Period, the number of London Banking Days in such

Interest Period;

“i” means, for any Interest Period, a series of whole numbers from one to do, each

representing the relevant London Banking Day in chronological order from, and

including, the first London Banking Day in such Interest Period to, but excluding, the

last London Banking Day in such Interest Period;

“London Banking Day” or “LBD” means any day on which commercial banks are

open for general business (including dealing in foreign exchange and foreign

currency deposits) in London;

“ni” means, for any London Banking Day “i”, the number of calendar days from, and

including, such London Banking Day “i” up to, but excluding, the following London

Banking Day;

“Observation Period” means, in respect of an Interest Period, the period from, and

including, the date which is “p” London Banking Days prior to the first day of such

Interest Period (and the first Interest Period shall begin on, and include, the Issue

Date) and ending on, but excluding, the date which is “p” London Banking Days prior

to the Interest Payment Date for such Interest Period (or the date falling “p” London

Banking Days prior to such earlier date, if any, on which this Global Note becomes

due and payable);

“p” means, for any Interest Period, the whole number specified above as the

Observation Look-back Period, such number representing a number of London

Banking Days;

“SONIA Interest Determination Date” means the date falling “p” London Banking

Days prior to the end of each Interest Period;

“SONIAi” means, in respect of any London Banking Day, “i”, a reference rate equal

to the daily Sterling Overnight Index Average (“SONIA”) rate for such London

Banking Day as provided by the administrator of SONIA to authorised distributors

and as then published on the Reference Rate Screen Page or, if the Reference Rate

Screen Page is unavailable, as otherwise published by such authorised distributors,

21

A36822533

in each case on the London Banking Day immediately following such London

Banking Day; and

“SONIAi-pLBD” means the SONIA rate for the London Banking Day (being a London

Banking Day falling in the relevant Observation Period) falling “p” London Banking

Days prior to the relevant London Banking Day “i”.

If, in respect of any London Banking Day in the relevant Observation Period, the

SONIA rate is not available on the Reference Rate Screen Page and has not

otherwise been published by the relevant authorised distributors, such SONIA rate

shall be: (i) the Bank of England's Bank Rate (the “Bank Rate”) prevailing at 5:00

p.m. (London time) on the relevant London Banking Day; plus (ii) the mean of the

spread of the SONIA rate to the Bank Rate over the previous five days on which a

SONIA rate has been published, excluding the highest spread (or, if there is more

than one highest spread, one only of those highest spreads) and lowest spread (or,

if there is more than one lowest spread, one only of those lowest spreads) to the

Bank Rate.

Notwithstanding the paragraph above, in the event of the Bank of England publishing

guidance as to (i) how the SONIA rate is to be determined or (ii) any rate that is to

replace the SONIA rate, the Calculation Agent shall, in consultation with the Issuer,

follow such guidance in order to determine the SONIA rate for the purposes of this

Global Note, for so long as the SONIA rate is not available or has not been published

by the authorised distributors.

In the event that the Rate of Interest cannot be determined in accordance with the

foregoing provisions, the Rate of Interest shall be (i) that determined as at the last

preceding SONIA Interest Determination Date to which the foregoing provisions shall

have applied or (ii) if there is no such preceding SONIA Interest Determination Date,

the initial Rate of Interest which would have been applicable to this Global Note for

the first Interest Period had this Global Note been in issue for a period equal in

duration to the scheduled first Interest Period but ending on (and excluding) the Issue

Date (but applying the Margin applicable to the first Interest Period).

If this Global Note becomes due and payable in accordance with paragraph 10(a),

the final SONIA Interest Determination Date shall be deemed to be the date on which

this Global Note became due and payable and the Rate of Interest on this Global

Note shall, for so long as this Global Note remains outstanding, be that determined

on such date.

For these purposes, any reference to the “Reference Rate Screen Page” shall

include any successor or replacement page, section, caption, column or other part

of a particular information service;

(e) the Calculation Agent will, as soon as practicable (i) after 11.00 a.m. (London time)

on each LIBOR Interest Determination Date or 11.00 a.m. (Brussels time) on each

EURIBOR Interest Determination Date or (ii) on the London Banking Day following

each SONIA Interest Determination Date (as the case may be), determine the Rate

of Interest and calculate the amount of interest payable (the “Amount of Interest”)

for the relevant Interest Period. “Rate of Interest” means (A) if the Reference Rate

is EURIBOR, the rate which is determined in accordance with the provisions of

paragraph 12(b), (B) if the Reference Rate is SONIA, the rate which is determined

in accordance with the provisions of paragraph 12(c) and (C) if the Reference Rate

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A36822533

is LIBOR, the rate which is determined in accordance with the provisions of

paragraph 12(a). The Amount of Interest shall be calculated by applying the Rate of

Interest to the Nominal Amount of one Note of each denomination, multiplying such

product by the actual number of days in the Interest Period concerned divided by

360 or, if this Global Note is denominated in Sterling, by 365 and rounding the

resulting figure to the nearest amount of the above-mentioned Specified Currency

which is available as legal tender in the country or countries (in the case of the euro)

of the Specified Currency (with halves being rounded upwards). The determination

of the Rate of Interest and the Amount of Interest by the Calculation Agent named

above shall (in the absence of manifest error) be final and binding upon all parties;

(f) a certificate of the Calculation Agent as to the Rate of Interest payable hereon for

any Interest Period shall be conclusive and binding as between the Issuer and the

bearer hereof;

(g) the period beginning on (and including) the Issue Date and ending on (but excluding)

the first Interest Payment Date and each successive period beginning on (and

including) an Interest Payment Date and ending on (but excluding) the next

succeeding Interest Payment Date is called an “Interest Period” for the purposes of

this paragraph; and

(h) the Issuer will procure that a notice specifying the Rate of Interest payable in respect

of each Interest Period be published as soon as practicable after the determination

of the Rate of Interest. Such notice will be delivered to the clearing system(s) in

which this Global Note is held at the relevant time or, if this Global Note has been

exchanged for bearer definitive Notes pursuant to paragraph 8, will be published in

a leading English language daily newspaper published in London (which is expected

to be the Financial Times).

13. Subject to Condition 16, on any purchase and cancellation of any of the Notes represented

by this Global Note, the Issuer shall procure that:

(a) if this Global Note is a New Global Note, details of any purchase and cancellation

shall be entered in the records of the ICSDs and, upon any such entry being made,

the issued outstanding amount of the Notes recorded in the records of the ICSDs

and represented by this Global Note shall be reduced by the aggregate nominal

amount of the Notes so purchased and cancelled; or

(b) if this Global Note is not a New Global Note, details of any purchase and cancellation

shall be entered by or on behalf of the Issuer in Schedule 2 to this Global Note (such

entry being prima facie evidence that the payment or, as the case may be, relevant

purchase and cancellation in question has been made) and the relevant notation in

Schedule 2 recording any such purchase and cancellation shall be signed by or on

behalf of the Issuer. Upon any such purchase and cancellation, the principal amount

of the Notes represented by this Global Note shall be reduced by the principal

amount of the Notes so purchased and cancelled.

14. If the proceeds of this Global Note are accepted in the United Kingdom or through a branch

in any European Economic Area state, the Nominal Amount shall be not less than £100,000

(or the equivalent in any other currency).

15. Instructions for payment must be received at the offices of the Paying Agent referred to

above together with this Global Note as follows:

23

A36822533

(a) if this Global Note is denominated in Australian dollars, New Zealand dollars, Hong

Kong dollars or Japanese Yen, at least two Business Days prior to the relevant

payment date;

(b) if this Global Note is denominated in United States dollars, Canadian dollars or

Sterling, on or prior to the relevant payment date; and

(c) in all other cases, at least one Business Day prior to the relevant payment date.

As used in this paragraph, “Business Day” means:

(i) a day other than a Saturday or Sunday on which commercial banks are open for

general business (including dealings in foreign exchange and foreign currency

deposits) in London; and

(ii) in the case of payments in euro, a TARGET Business Day and, in all other cases, a

day on which commercial banks are open for general business (including dealings

in foreign exchange and foreign currency deposits) in the principal financial centre

in the country of the above-mentioned Specified Currency.

16. This Global Note shall not be validly issued unless manually authenticated by The Bank of

New York Mellon as issue agent.

17. If this Global Note is a New Global Note, this Global Note shall not be valid for any purpose

until it has been effectuated for and on behalf of the entity appointed as common safekeeper

by the ICSDs.

18. This Global Note, and any non-contractual obligations arising out of or in connection with it,

are governed by, and shall be construed in accordance with, English law.

The Issuer agrees for the benefit of the holder of this Global Note that the English courts

shall have exclusive jurisdiction to hear and determine any suit, action or proceedings, and

to settle any disputes which may arise out of or in connection with this Global Note (including

a dispute regarding the existence, validity or termination of this Global Note) (respectively,

“Proceedings” and “Disputes”) and, for such purposes, irrevocably submits to the

jurisdiction of such courts.

The Issuer irrevocably waives any objection which it might now or hereafter have to the

courts of England being nominated as the forum to hear and determine any Proceedings

and to settle any Disputes and agrees not to claim that any such court is not a convenient

or appropriate forum.

The submission to the jurisdiction of the courts of England shall not (and shall not be

construed so as to) limit the right of the holder of this Global Note to take Proceedings against

the Issuer in any other court of competent jurisdiction, nor shall the taking of Proceedings in

any one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction

(whether concurrently or not) if and to the extent permitted by applicable law.

19. No person shall have any right to enforce any provision of this Note under the Contracts

(Rights of Third Parties) Act 1999 but this does not affect any right or remedy of any person

which exists or is available apart from that Act.

24

A36822533

AUTHENTICATED by Signed on behalf of:

THE BANK OF NEW YORK MELLON NATWEST MARKETS PLC

without recourse, warranty or liability and for

authentication purposes only

By

(Authorised Signatory)

By

(Authorised Signatory)

[EFFECTUATED by

COMMON SAFEKEEPER

without recourse, warranty or liability

By ]11

(Authorised Signatory)

11 Insert if a New Global Note is issued.

25

A36822533

26

A36822533

Schedule 1

Payments of Interest

The following payments of interest in respect of this Global Note have been made:

Date Made Payment From Payment To Amount Paid

Notation on behalf

of Paying Agent

27

Schedule 2

Principal Amount of this Global Note

Reductions in the principal amount of this Global Note following redemption or the purchase and

cancellation of Notes are entered in the second and third columns below:

Date

Reason for the

reduction in the

principal amount of

this Global Note*

Amount of such

reduction

Principal amount

of this Global

Note following

such reduction

Notation on behalf

of Paying Agent

* State whether reduction following (1) redemption of Notes or (2) purchase and cancellation of Notes.

28

Form of Multicurrency Definitive Note

(Interest Bearing/Discounted)

THE SECURITIES REPRESENTED BY THIS NOTE HAVE NOT BEEN AND WILL NOT BE

REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE "SECURITIES

ACT") OR ANY U.S. STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR

DELIVERED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF,

U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) UNLESS AN

EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS

AVAILABLE AND IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE

OF THE UNITED STATES AND ANY OTHER JURISDICTION. THIS LEGEND SHALL CEASE TO

APPLY UPON THE EXPIRY OF THE PERIOD OF 40 DAYS AFTER THE COMPLETION OF THE

DISTRIBUTION OF ALL THE SECURITIES OF THE TRANCHE OF WHICH THIS SECURITY

FORMS PART.

NATWEST MARKETS PLC

No.: ____________________________ Series No.: _________________________

Issued in London on: ________________ Maturity Date:1 ________________________

Specified Currency: ________________ Denomination: _________________________

Nominal Amount: ________________

(words and figures if a Sterling Note)

Reference Rate: __ month LIBOR / __ month

EURIBOR / SONIA2

Margin:3 _____________________ % Observation Look-back Period4 ____________

London Banking Days

Fixed Interest Rate:5 _______ % per annum Interest Payment Dates:6 ________________

Calculation Agent:7 __________________

(Interest)

Reference Rate Screen Page8:_____________

1. For value received, NATWEST MARKETS PLC (the “Issuer”) promises to pay to the bearer

of this Note on the above-mentioned Maturity Date the above-mentioned Nominal Amount

together with interest thereon at the rate and at the times (if any) specified herein.

All such payments shall be made in accordance with the amended and restated issue and

paying agency agreement dated 29 November 2018, as amended, restated and

1 Not to be more than 364 days from (and including) the Issue Date.

2 Delete as appropriate. The reference rate will be LIBOR unless this Note is (i) denominated in euro and the Issuer and

the relevant Dealer agree that the reference rate should be EURIBOR or (ii) denominated in Sterling and the Issuer and

the relevant Dealer agree that the reference rate should be SONIA.

3 Complete for floating rate interest bearing Notes only.

4 Complete for floating rate interest bearing Notes only where the Reference Rate is specified as SONIA.

5 Complete for fixed rate interest bearing Notes only.

6 Complete for interest bearing Notes.

7 Complete for floating rate interest bearing Notes only.

8 Complete for floating rate interest bearing Notes only where the Reference Rate is specified as SONIA.

29

supplemented from time to time, between the Issuer, the issue agent and the paying agents

referred to therein, a copy of which is available for inspection at the offices of The Bank of

New York Mellon, London Branch (the “Paying Agent”) at One Canada Square, London E14

5AL, and subject to and in accordance with the terms and conditions set forth below. All such

payments shall be made upon presentation and surrender of this Note to or to the order of

the Paying Agent referred to above by transfer to an account denominated in the above-

mentioned Specified Currency maintained by the bearer in the principal financial centre in

the country of that currency or, in the case of a Note denominated in euro, by a cheque

drawn on, or by transfer to a euro account (or any other account to which euro may be

credited or transferred) maintained by the payee with, a bank in the principal financial centre

of any member state of the European Union. Notwithstanding the foregoing, presentation

and surrender of this Note shall be made outside the United States and no amount shall be

paid by transfer to an account in the United States, or mailed to an address in the United

States. In the case of a Note denominated in U.S. dollars, payments shall be made by

transfer to an account denominated in U.S. dollars in the principal financial centre of any

country outside of the United States that the Issuer or Paying Agent so chooses.

2. All payments in respect of this Note by or on behalf of the Issuer shall be made without set-

off, counterclaim, fees, liabilities or similar deductions and free and clear of, and without

deduction or withholding for or on account of, taxes, levies, duties, assessments or charges

of any nature now or hereafter imposed, levied, collected, withheld or assessed by or on

behalf of the United Kingdom or any political subdivision or taxing authority thereof or therein

(“Taxes”), unless such withholding or deduction is required by law or regulation. If the Issuer

or any agent thereof is required by law or regulation to make any deduction or withholding

for or on account of Taxes, the Issuer shall, to the extent permitted by applicable law or

regulation, pay such additional amounts as shall be necessary in order that the net amounts

received by the bearer of this Note after such deduction or withholding shall equal the

amount which would have been receivable hereunder in the absence of such deduction or

withholding, except that no such additional amounts shall be payable where this Note is

presented for payment:

(a) by or on behalf of a holder which is liable to such Taxes by reason of its having some

connection with the United Kingdom other than the mere holding of this Note; or

(b) more than 15 days after the Maturity Date or, if applicable, the relevant Interest

Payment Date or (in either case) the date on which payment hereof is duly provided

for, whichever occurs later, except to the extent that the holder would have been

entitled to such additional amounts if it had presented this Note on the last day of

such period of 15 days.

3. The payment obligation of the Issuer represented by this Note constitutes and at all times

shall constitute a direct and unsecured obligation of the Issuer ranking pari passu with all

present and future unsecured and unsubordinated indebtedness of the Issuer other than

obligations preferred by mandatory provisions of law applying to companies generally.

4. If the Maturity Date or, if applicable, the relevant Interest Payment Date is not a Payment

Business Day (as defined herein) payment in respect hereof will not be made and credit or

transfer instructions shall not be given until the next following Payment Business Day (unless

that date falls more than 364 days after the Issue Date, in which case payment shall be

made on the immediately preceding Payment Business Day) and neither the bearer of this

Note nor the holder or beneficial owner of any interest herein or rights in respect hereof shall

be entitled to any interest or other sums in respect of such postponed payment.

30

As used in this Note:

“Payment Business Day” means any day other than a Saturday or Sunday which is both

(A) a day on which commercial banks and foreign exchange markets settle payments and

are open for general business (including dealings in foreign exchange and foreign currency

deposits) in the relevant place of presentation, and (B) either (i) if the above-mentioned

Specified Currency is any currency other than euro, a day on which commercial banks and

foreign exchange markets settle payments and are open for general business (including

dealings in foreign exchange and foreign currency deposits) in the principal financial centre

of the country of the relevant Specified Currency or (ii) if the above-mentioned Specified

Currency is euro, a day which is a TARGET Business Day; and

“TARGET Business Day” means a day on which the Trans-European Automated Real-time

Gross Settlement Express Transfer (TARGET2) System, or any successor thereto, is

operating credit or transfer instructions in respect of payments in euro.

Provided that if the Paying Agent determines with the agreement of the Issuer that the market

practice in respect of euro denominated internationally offered securities is different from

that specified above, the above shall be deemed to be amended so as to comply with such

market practice and the Paying Agent shall procure that a notice of such amendment is

published not less than 15 days prior to the date on which any payment in euro falls due to

be made in such manner as the Paying Agent may determine.

5. This Note is negotiable and, accordingly, title hereto shall pass by delivery and the bearer

shall be treated as being absolutely entitled to receive payment upon due presentation

hereof free and clear of any equity, set-off or counterclaim on the part of the Issuer against

any previous bearer hereof.

6. If this is an interest bearing Note, then:

(a) notwithstanding the provisions of paragraph 1 above, if any payment of interest in

respect of this Note falling due for payment prior to the above-mentioned Maturity

Date remains unpaid on the fifteenth day after falling so due, the amount referred to

in paragraph 1 shall be payable on such fifteenth day;

(b) upon each payment of interest (if any) prior to the Maturity Date in respect of this

Note, the Schedule hereto shall be duly completed by the Paying Agent to reflect

such payment; and

(c) if no Interest Payment Dates are specified on the face of the Note, the Interest

Payment Date shall be the Maturity Date.

7. If this is a fixed rate interest bearing Note, interest shall be calculated on the Nominal Amount

as follows:

(a) interest shall be payable on the Nominal Amount in respect of each successive

Interest Period (as defined below) from the Issue Date to the Maturity Date only, in

arrear on the relevant Interest Payment Date, on the basis of the actual number of

days in such Interest Period and a year of 360 days or, if this Note is denominated

in Sterling, 365 days at the above-mentioned Interest Rate with the resulting figure

being rounded to the nearest amount of the above-mentioned Specified Currency

which is available as legal tender in the country or countries (in the case of the euro)

of the Specified Currency (with halves being rounded upwards); and

31

(b) the period beginning on (and including) the Issue Date and ending on (but excluding)

the first Interest Payment Date and each successive period beginning on (and

including) an Interest Payment Date and ending on (but excluding) the next

succeeding Interest Payment Date is an “Interest Period” for the purposes of this

paragraph.

8. If this is a floating rate interest bearing Note, interest shall be calculated on the Nominal

Amount as follows:

(a) in the case of a Note which specifies LIBOR as the Reference Rate on its face, the

Rate of Interest will be the aggregate of LIBOR and the above-mentioned Margin (if

any) above or below LIBOR. Interest shall be payable on the Nominal Amount in

respect of each successive Interest Period (as defined below) from the Issue Date

to the Maturity Date only, in arrear on the relevant Interest Payment Date, on the

basis of the actual number of days in such Interest Period and a year of 360 days or,

if this Note is denominated in Sterling, 365 days.

As used in this Note:

“LIBOR” shall be equal to the rate defined as “LIBOR-BBA” in respect of the above-

mentioned Specified Currency (as defined in the 2006 ISDA Definitions published by

the International Swaps and Derivatives Association, Inc., as amended, updated or

replaced as at the date of this Note, (the “ISDA Definitions”)) as at 11.00 a.m.

(London time) or as near thereto as practicable on the second London Banking Day

before the first day of the relevant Interest Period (or, if this Note is denominated in

Sterling, on the first day thereof) (a “LIBOR Interest Determination Date”), as if the

Reset Date (as defined in the ISDA Definitions) were the first day of such Interest

Period and the Designated Maturity (as defined in the ISDA Definitions) were the

number of months specified on the face of this Note in relation to the Reference

Rate; and

“London Banking Day” shall mean a day on which commercial banks are open for

general business (including dealings in foreign exchange and foreign currency

deposits) in London;

(b) in the case of a Note which specifies EURIBOR as the Reference Rate on its face,

the Rate of Interest will be the aggregate of EURIBOR and the above-mentioned

Margin (if any) above or below EURIBOR. Interest shall be payable on the Nominal

Amount in respect of each successive Interest Period (as defined below) from the

Issue Date to the Maturity Date only, in arrear on the relevant Interest Payment Date,

on the basis of the actual number of days in such Interest Period and a year of 360

days.

As used in this Note, “EURIBOR” shall be equal to EUR EURIBOR Reuters (as

defined in the ISDA Definitions) as at 11.00 a.m. (Brussels time) or as near thereto

as practicable on the second TARGET Business Day before the first day of the

relevant Interest Period (a “EURIBOR Interest Determination Date”);

(c) if the Rate of Interest cannot be determined in accordance with paragraphs (a) or (b)

above (as applicable), the Rate of Interest for such Interest Period shall be the Rate

of Interest in effect for the last preceding Interest Period to which paragraphs (a) or

(b) (as applicable) shall have applied;

32

(d) in the case of a Note which specifies SONIA as the Reference Rate on its face, the

Rate of Interest for each Interest Period (as defined below) will, subject as provided

below, be Compounded Daily SONIA plus or minus the above-mentioned Margin (if

any), all as determined by the Calculation Agent. Interest shall be payable on the

Nominal Amount in respect of each successive Interest Period from, and including,

the Issue Date to, but excluding, the Maturity Date in arrear on the relevant Interest

Payment Date, on the basis of the actual number of days in such Interest Period and

a year of 365 days.

As used in this Note:

“Compounded Daily SONIA” means, with respect to an Interest Period, the rate of

return of a daily compound interest investment (with the daily Sterling overnight

reference rate as the reference rate for the calculation of interest) which will be

calculated by the Calculation Agent as at the relevant SONIA Interest Determination

Date as follows, and the resulting percentage will be rounded, if necessary, to the

fourth decimal place, with 0.00005 being rounded upwards:

[∏(1 +𝑆𝑂𝑁𝐼𝐴𝑖−𝑝𝐿𝐵𝐷 × 𝑛𝑖

365)

𝑑𝑜

𝑖=1

− 1] ×365

𝑑

where:

“d” means, for any Interest Period, the number of calendar days in such Interest

Period;

“do” means, for any Interest Period, the number of London Banking Days in such

Interest Period;

“i” means, for any Interest Period, a series of whole numbers from one to do, each

representing the relevant London Banking Day in chronological order from, and

including, the first London Banking Day in such Interest Period to, but excluding, the

last London Banking Day in such Interest Period;

“London Banking Day” or “LBD” means any day on which commercial banks are

open for general business (including dealing in foreign exchange and foreign

currency deposits) in London;

“ni” means, for any London Banking Day “i”, the number of calendar days from, and

including, such London Banking Day “i” up to, but excluding, the following London

Banking Day;

“Observation Period” means, in respect of an Interest Period, the period from, and

including, the date which is “p” London Banking Days prior to the first day of such

Interest Period (and the first Interest Period shall begin on, and include, the Issue

Date) and ending on, but excluding, the date which is “p” London Banking Days prior

to the Interest Payment Date for such Interest Period (or the date falling “p” London

Banking Days prior to such earlier date, if any, on which this Note becomes due and

payable);

33

“p” means, for any Interest Period, the whole number specified above as the

Observation Look-back Period, such number representing a number of London

Banking Days;

“SONIA Interest Determination Date” means the date falling “p” London Banking

Days prior to the end of each Interest Period;

“SONIAi” means, in respect of any London Banking Day, “i”, a reference rate equal

to the daily Sterling Overnight Index Average (“SONIA”) rate for such London

Banking Day as provided by the administrator of SONIA to authorised distributors

and as then published on the Reference Rate Screen Page or, if the Reference Rate

Screen Page is unavailable, as otherwise published by such authorised distributors,

in each case on the London Banking Day immediately following such London

Banking Day; and

“SONIAi-pLBD” means the SONIA rate for the London Banking Day (being a London

Banking Day falling in the relevant Observation Period) falling “p” London Banking

Days prior to the relevant London Banking Day “i”.

If, in respect of any London Banking Day in the relevant Observation Period, the

SONIA rate is not available on the Reference Rate Screen Page and has not

otherwise been published by the relevant authorised distributors, such SONIA rate

shall be: (i) the Bank of England's Bank Rate (the “Bank Rate”) prevailing at 5:00

p.m. (London time) on the relevant London Banking Day; plus (ii) the mean of the

spread of the SONIA rate to the Bank Rate over the previous five days on which a

SONIA rate has been published, excluding the highest spread (or, if there is more

than one highest spread, one only of those highest spreads) and lowest spread (or,

if there is more than one lowest spread, one only of those lowest spreads) to the

Bank Rate.

Notwithstanding the paragraph above, in the event of the Bank of England publishing

guidance as to (i) how the SONIA rate is to be determined or (ii) any rate that is to

replace the SONIA rate, the Calculation Agent shall, in consultation with the Issuer,

follow such guidance in order to determine the SONIA rate for the purposes of this

Note, for so long as the SONIA rate is not available or has not been published by the

authorised distributors.

In the event that the Rate of Interest cannot be determined in accordance with the

foregoing provisions, the Rate of Interest shall be (i) that determined as at the last

preceding SONIA Interest Determination Date to which the foregoing provisions shall

have applied or (ii) if there is no such preceding SONIA Interest Determination Date,

the initial Rate of Interest which would have been applicable to this Note for the first

Interest Period had this Note been in issue for a period equal in duration to the

scheduled first Interest Period but ending on (and excluding) the Issue Date (but

applying the Margin applicable to the first Interest Period).

If this Note becomes due and payable in accordance with paragraph 10(a), the final

SONIA Interest Determination Date shall be deemed to be the date on which this

Note became due and payable and the Rate of Interest on this Note shall, for so long

as this Note remains outstanding, be that determined on such date.

34

For these purposes, any reference to the “Reference Rate Screen Page” shall

include any successor or replacement page, section, caption, column or other part

of a particular information service;

(e) the Calculation Agent will, as soon as practicable after (i) 11.00 a.m. (London time)

on each LIBOR Interest Determination Date or 11.00 a.m. (Brussels time) on each

EURIBOR Interest Determination Date or (ii) on the London Banking Day following

each SONIA Interest Determination Date (as the case may be), determine the Rate

of Interest and calculate the amount of interest payable (the “Amount of Interest”)

for the relevant Interest Period. “Rate of Interest” means (A) if the Reference Rate

is EURIBOR, the rate which is determined in accordance with the provisions of

paragraph 8(b), (B) if the Reference Rate is SONIA, the rate which is determined in

accordance with the provisions of paragraph 12(c) and (C) if the Reference Rate is

LIBOR, the rate which is determined in accordance with the provisions of paragraph

8(a). The Amount of Interest shall be calculated by applying the Rate of Interest to

the Nominal Amount of one Note of each denomination, multiplying such product by

the actual number of days in the Interest Period concerned divided by 360 or, if this

Note is denominated in Sterling, by 365 and rounding the resulting figure to the

nearest amount of the above-mentioned Specified Currency which is available as

legal tender in the country or countries (in the case of the euro) of the Specified

Currency (with halves being rounded upwards). The determination of the Rate of

Interest and the Amount of Interest by the Calculation Agent named above shall (in

the absence of manifest error) be final and binding upon all parties;

(f) a certificate of the Calculation Agent as to the Rate of Interest payable hereon for

any Interest Period shall be conclusive and binding as between the Issuer and the

bearer hereof;

(g) the period beginning on (and including) the Issue Date and ending on (but excluding)

the first Interest Payment Date and each successive period beginning on (and

including) an Interest Payment Date and ending on (but excluding) the next

succeeding Interest Payment Date is called an “Interest Period” for the purposes of

this paragraph; and

(h) the Issuer will procure that a notice specifying the Rate of Interest payable in respect

of each Interest Period be published as soon as practicable after the determination

of the Rate of Interest. Such notice will be delivered to the bearer of this Note, or if

that is not practicable, will be published in a leading English language daily

newspaper published in London (which is expected to be the Financial Times).

9. If the proceeds of this Note are accepted in the United Kingdom or through a branch in any

European Economic Area state, the Nominal Amount shall be not less than £100,000 (or the

equivalent in any other currency).

10. Instructions for payment must be received at the offices of the Paying Agent referred to

above together with this Note as follows:

(a) if this Note is denominated in Australian dollars, New Zealand dollars, Hong Kong

dollars or Japanese Yen, at least two Business Days prior to the relevant payment

date;

(b) if this Note is denominated in United States dollars, Canadian dollars or Sterling, on

or prior to the relevant payment date; and

35

(c) in all other cases, at least one Business Day prior to the relevant payment date.

As used in this paragraph, “Business Day” means:

(i) a day other than a Saturday or Sunday on which commercial banks are open for

general business (including dealings in foreign exchange and foreign currency

deposits) in London; and

(ii) in the case of payments in euro, a TARGET Business Day and, in all other cases, a

day on which commercial banks are open for general business (including dealings

in foreign exchange and foreign currency deposits) in the principal financial centre

in the country of the above-mentioned Specified Currency.

11. This Note shall not be validly issued unless manually authenticated by The Bank of New

York Mellon as issue agent.

12. This Note, and any non-contractual obligations arising out of or in connection with it, are

governed by, and shall be construed in accordance with, English law.

The Issuer agrees for the benefit of the holder of this Note that the English courts shall have

exclusive jurisdiction to hear and determine any suit, action or proceedings, and to settle any

disputes which may arise out of or in connection with this Note (including a dispute regarding

the existence, validity or termination of this Note) (respectively, “Proceedings” and

“Disputes”) and, for such purposes, irrevocably submits to the jurisdiction of such courts.

The Issuer irrevocably waives any objection which it might now or hereafter have to the

courts of England being nominated as the forum to hear and determine any Proceedings

and to settle any Disputes and agrees not to claim that any such court is not a convenient

or appropriate forum.

The submission to the jurisdiction of the courts of England shall not (and shall not be

construed so as to) limit the right of the holder of this Note to take Proceedings against the

Issuer in any other court of competent jurisdiction, nor shall the taking of Proceedings in any

one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction

(whether concurrently or not) if and to the extent permitted by applicable law.

13. No person shall have any right to enforce any provision of this Note under the Contracts

(Rights of Third Parties) Act 1999 but this does not affect any right or remedy of any person

which exists or is available apart from that Act.

36

AUTHENTICATED by Signed on behalf of:

THE BANK OF NEW YORK MELLON

without recourse, warranty or liability and for

authentication purposes only

NATWEST MARKETS PLC

By

(Authorised Signatory)

By

(Authorised Signatory)

37

Schedule 1

Payments of Interest

The following payments of interest in respect of this Note have been made:

Date Made Payment From Payment To Amount Paid

Notation on behalf

of Paying Agent

38

PROGRAMME PARTICIPANTS

ISSUER

NATWEST MARKETS PLC

250 Bishopsgate

London EC2M 4AA

England

Telephone No.: +44 20 3361 7027

Attention: NWMT STM Markets

ARRANGER

NATWEST MARKETS PLC

250 Bishopsgate

London EC2M 4AA

England

Telephone No.: +44 20 7588 3968

Attention: Commercial Paper Group

39

DEALERS

BNP PARIBAS

20 Boulevard des Italiens

75009 Paris

France

Telephone No.: +33 (0)1 43 16 97 34

Attention: Commercial Paper Desk

CITIGROUP GLOBAL MARKETS LIMITED

Citigroup Centre

Canada Square Canary Wharf

London E14 5LB

United Kingdom

Telephone No.: +44 20 7986 9070

Facsimile No.: +44 20 7986 6837

Attention: Short-Term Fixed Income Desk

GOLDMAN SACHS INTERNATIONAL

Peterborough Court

133 Fleet Street

London EC4A 2BB

England

Telephone No.: +44 20 7774 6610

Facsimile No.: +44 20 7774 4477

Attention: ECP Desk/IG Syndicate

NATWEST MARKETS PLC

250 Bishopsgate

London EC2M 4AA

England

Telephone No.: +44 20 7588 3968

Attention: Commercial Paper Group

UBS AG, LONDON BRANCH

5 Broadgate

London EC2M 2QS

England

Telephone No.: +44 20 7567 2324

Attention: ECP Desk

UBS LIMITED

5 Broadgate

London EC2M 2QS

England

Telephone No.: +44 20 7567 2324

Attention: ECP Desk

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THE ISSUE AND PAYING AGENT

THE BANK OF NEW YORK MELLON, LONDON BRANCH

One Canada Square

London E14 5AL

England

Telephone No.: +44 (0)1202 68 9560

Facsimile No.: +44 20 7964 2536

Attention: Corporate Trust Administration

SUB-PAYING AGENT

THE BANK OF NEW YORK MELLON SA/NV, LUXEMBOURG BRANCH

Vertigo Building – Polaris

2-4 rue Eugène Ruppert

L-2453 Luxembourg

Telephone No.: +352 34 20 90 56 30

Facsimile No.: +(352) 34 20 90 60 35

Attention: New Issues

LEGAL ADVISERS TO ISSUER LEGAL ADVISERS TO DEALERS

LINKLATERS LLP

One Silk Street

London EC2Y 8HQ

England

CLIFFORD CHANCE LLP

10 Upper Bank Street

London E14 5JJ

England

AUDITORS

ERNST & YOUNG LLP

25 Churchill Place

Canary Wharf

London

E14 5EY