FINANCIAL INSTITUTIONS

CREDIT OPINION NatWest Group plc 15 July 2021 Update following upgrade of senior unsecured rating to Baa1

Update Summary The Baa1 senior unsecured debt ratings of NatWest Group plc (NWG) reflect the group's creditworthiness, expressed in a baa1 notional Baseline Credit Assessment (BCA); moderate loss given failure, which does not provide any uplift under our Advanced Loss Given Failure (LGF) analysis; and our assessment of a low probability of support from the Government of RATINGS the (Aa3 stable), which does not lead to an additional notch of uplift. NatWest Group plc Domicile , United NWG's baa1 notional BCA reflects its good capital, funding and liquidity, as well as the Kingdom potential asset-quality deterioration because of a still-uncertain operating environment Long Term CRR Not Assigned and profitability challenges deriving from low interest rates, weak credit demand and the Long Term Debt Baa1 finalisation of the restructuring of capital market operations. Type Senior Unsecured - Fgn Curr Outlook Positive The outlook on NWG's senior unsecured debt ratings is positive. Long Term Deposit Not Assigned NWG is the ultimate parent and of several operating entities. The main

Please see the ratings section at the end of this report subsidiaries of NWG are the ring-fenced National Westminster Plc (NWB, A1 stable, for more information. The ratings and outlook shown a31) and the non-ring-fenced NatWest Markets Plc (NWM, A2 positive, ba1). reflect information as of the publication date. On 13 July 2021, we upgraded NWG's senior unsecured debt rating to Baa1 from Baa2.

Exhibit 1 Contacts Rating Scorecard - Key financial ratios Edoardo Calandro +44.20.7772.1097 NatWest Group plc (BCA: baa1) Median baa1-rated VP-Senior Analyst 25% 42.7% 45% [email protected] 40% 19.4% 20% 35%

Laurie Mayers +44.20.7772.5582 Liquidity Factors 30% Associate Managing Director 15% [email protected] 21.6% 25% 20% 10% Romy Van Rooij, CFA +44.20.7772.1638 15% Solvency Factors Solvency Associate Analyst 5% 10% 2.2% [email protected] 0.5% 5% 0% 0% Asset Risk: Capital: Profitability: Funding Structure: Liquid Resources: Problem Loans/ Tangible Common / Market Funds/ Liquid Banking Gross Loans Equity/Risk-Weighted Tangible Assets Tangible Banking Assets/Tangible Assets Assets Banking Assets Solvency Factors (LHS) Liquidity Factors (RHS) Source: Moody's Investors Service

This document has been prepared for the use of Gabriella Dispenza and is protected by law. It may not be copied, transferred or disseminated unless authorized under a contract with Moody's or otherwise authorized in writing by Moody's. MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Credit strengths » Good capital

» Good funding and liquidity

Credit challenges » Potential asset-quality deterioration

» Finalisation of the restructuring of capital market operations

» Profitability challenged by low interest rates and weak credit demand

Outlook The outlook on NWG's senior unsecured debt ratings is positive, reflecting the potential improvement in the group's profitability and asset quality after its successful exit from the Irish market, the completion of the restructuring of the group’s capital market activities and the improvement in the operating environment. Factors that could lead to an upgrade NWG's Baa1 senior unsecured debt ratings could be upgraded if there is an upgrade of the notional BCA, or a significant increase in the stock of more junior bail-in-able instruments, which would provide greater protection to senior liabilities in a resolution scenario.

NWG's notional BCA could be upgraded if there is an improvement in the group’s profitability, driven by the sale of its Irish business and the finalisation of the restructuring of capital market activities, provided that the UK's macroeconomic environment does not deteriorate. Factors that could lead to a downgrade A downgrade of NWG’s Baa1 senior unsecured debt ratings is unlikely, as indicated by the current positive outlook.

NWG's senior unsecured debt ratings could be downgraded if there is a downgrade of the baa1 notional BCA or a significant decline in the stock of more junior bail-in-able instruments.

The baa1 notional BCA could be downgraded if there is a significant deterioration in the operating conditions in the UK, a spike in problem loans, a decline in the capital ratios below the group’s target, or if profitability fails to improve.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

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Key indicators

Exhibit 2 NatWest Group plc (Consolidated Financials) [1] 12-202 12-192 12-182 12-172 12-162 CAGR/Avg.3 Total Assets (GBP Billion) 617.8 564.4 554.3 571.4 552.2 2.84 Total Assets (USD Billion) 844.5 747.6 706.0 773.0 682.3 5.54 Tangible Common Equity (GBP Billion) 33.0 38.1 40.2 40.0 38.7 (3.9)4 Tangible Common Equity (USD Billion) 45.1 50.5 51.1 54.1 47.8 (1.5)4 Problem Loans / Gross Loans (%) 1.9 2.1 2.6 3.6 3.3 2.75 Tangible Common Equity / Risk Weighted Assets (%) 19.4 21.3 21.3 19.9 17.0 19.86 Problem Loans / (Tangible Common Equity + Loan Loss Reserve) (%) 16.2 15.7 18.6 25.8 23.9 20.05 Net Interest Margin (%) 1.2 1.4 1.5 1.5 1.3 1.45 PPI / Average RWA (%) 1.5 1.5 1.7 0.9 -2.5 0.66 Net Income / Tangible Assets (%) 0.7 0.8 0.0 0.4 0.0 0.45 Cost / Income Ratio (%) 76.2 77.4 74.2 84.6 158.2 94.15 Market Funds / Tangible Banking Assets (%) 21.6 23.7 23.8 24.0 21.6 22.95 Liquid Banking Assets / Tangible Banking Assets (%) 42.7 38.3 39.3 40.4 36.0 39.35 Gross Loans / Due to Customers (%) 80.1 87.1 87.4 87.9 91.0 86.75 [-] Further to the publication of our revised methodology in July 2021, for issuers that have “high trigger” additional Tier 1 instruments outstanding, not all ratios included in this report reflect the change in treatment of these instruments. [1] All figures and ratios are adjusted using Moody's standard adjustments. [2] Basel III - fully loaded or transitional phase-in; IFRS. [3] May include rounding differences because of the scale of reported amounts. [4] Compound annual growth rate (%) based on the periods for the latest accounting regime. [5] Simple average of periods for the latest accounting regime. [6] Simple average of Basel III periods. Sources: Moody's Investors Service and company filings

Further to the publication of our revised methodology in July 2021, for issuers that have “high trigger” Additional Tier 1 instruments outstanding, not all ratios included in this report reflect the change in treatment of these instruments. Profile NatWest Group plc (NWG) is the holding company of a leading banking group that provides retail, private and commercial banking predominantly in the UK and Ireland. The majority shareholder of NWG is the UK government as a result of the government's of the group in 2008. The government's ownership stake has declined to 54.75%.

After the implementation of the UK’s structural reform (the so-called ring-fencing), NWG operates via the following companies:

» Ring-fenced banks: NWB and The Royal Bank of plc (RBS, A1 stable, a3), which provide retail and commercial banking in the UK. Ireland DAC (UBI DAC, A3 review for upgrade, ba1), which provides retail and commercial banking in the Republic of Ireland. , which is a wealth management business owned by NWB.

» Non-ring-fenced banks: NWM, which mostly conducts capital market activities on behalf of the group and also operates via its Dutch subsidiary NatWest Markets N.V. (NWM N.V., A2 positive, ba1). Jersey-based The Royal International Ltd (RBSI, Baa1 positive, baa1), which provides lending and ancillary services to funds in Jersey and — through wholesale branches — in Luxembourg and London, and lending and commercial services to residents in Jersey, Guernsey, and the Isle of Man and Gibraltar, under The trade name.

» Other firms: RBS AA Holdings (UK) Limited, an investment holding company.

As of December 2020, NWG's risk-weighted assets (RWA) were £170 billion, while the RWA of the group’s main entities were the following: NatWest Holdings Limited (the holding company of the ring-fenced banks) at £135.3 billion, NWM at £26 billion and RBSI at £7.5 billion.

3 15 July 2021 NatWest Group plc: Update following upgrade of senior unsecured rating to Baa1 This document has been prepared for the use of Gabriella Dispenza and is protected by law. It may not be copied, transferred or disseminated unless authorized under a contract with Moody's or otherwise authorized in writing by Moody's. MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Exhibit 3 NWG is the holding company of the group NWG's simplified structure

NatWest Group plc

The NatWest Holdings Limited NatWest Markets Plc RBS AA Holdings (UK) Limited International (Holdings) Limited

National Westminster The Royal Bank of The Royal Bank of Scotland RBS Holdings N.V. Bank Plc Scotland plc International Limited

Ulster Bank Ireland NatWest Markets N.V. DAC

Ring-fenced banks Non-ring-fenced banks Other firms

Sources: Moody's Investors Service and NWG

Detailed credit considerations Potential asset-quality deterioration We assign a baa1 Asset Risk score to NWG, two notches below the Macro-Adjusted score, to reflect our expectation that problem loans will increase in the next 12-18 months, and the still-sizeable market and operational risks related to the activities carried out by NWG's subsidiary NWM.

Since the financial crisis and the government bailout in 2008, NWG has significantly reduced its problem loans and non-core assets, mainly via write-downs and disposals.

As of December 2020, the group's problem loans were just below 2% of gross loans, which is moderate and in line with the levels before the coronavirus pandemic. At the same time, reflecting the weakening macroeconomic conditions, Stage 2 loans increased from 8% of gross loans before the pandemic in December 2019 and are now at around 21%.

NWG's cumulative expected loss allowances also increased significantly in 2020. As of March 2021, the expected loss allowance was £5.8 billion, down £0.4 billion from that as of December 2020, but still a significant increase from the pre-pandemic levels.

Exhibit 4 Stage 2 expected credit loss allowance increased significantly following worsening macroeconomic conditions Quarterly expected credit loss allowance

ECL Stage 1 ECL Stage 2 ECL Stage 3 ECL % Total loans 7,000 2.00% 1.72% 1.72% 1.66% 1.56% 1.80% 6,000 1.60%

5,000 2,860 2,765 2,586 1.40% 1.18% 2,381 1.20% 4,000 1.13% 1.02% 1.00% £ million 3,000 2,612 0.80% 2,718 2,340 2,000 3,025 3,061 3,081 2,898 0.60% 0.40% 1,077 1,000 682 752 0.20% 660 469 547 519 515 0 280 322 0.00% Jun-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21

ECL = Expected credit loss. Data as of September 2019 is not available. Source: Moody's Investors Service and NWG

We expect NWG's loan book to deteriorate moderately in the next 12-18 months as government measures to support the borrowers' credit quality during the pandemic taper and the economy gradually recovers. At the same time, we believe that NWG's loan book has been adequately provisioned, and that the increase in problem loans will not lead to a further material spike in loan loss charges.

4 15 July 2021 NatWest Group plc: Update following upgrade of senior unsecured rating to Baa1 This document has been prepared for the use of Gabriella Dispenza and is protected by law. It may not be copied, transferred or disseminated unless authorized under a contract with Moody's or otherwise authorized in writing by Moody's. MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

In recent years, NWG has booked large conduct and litigation charges. For example, in 2018, NWG paid $4.9 billion to settle a US Department of Justice investigation into the issuance and underwriting of US residential mortgage-backed securities between 2005 and 2007. Conduct and litigation costs have receded: NWG settled all major outstanding litigations. Between 2011 and 2021, NWG has made around £6 billion in provisions for costs and customer redress related to the mis-selling of payment protection insurance (PPI).

NWG maintains a moderate presence in capital markets through NWM, although significantly reduced. We expect the risk stemming from this business to gradually decrease with time, in line with the group's ambitious restructuring plan announced in February 2020. NWM has been reducing the sale of interest-rate products to institutional clients by no longer providing exotic long-dated products and significantly shrinking its business with financial institutions. The subsidiary will be smaller and mainly focus on corporate clients, providing interest-rate and foreign-exchange products.

According to the plan presented in February 2020, NWM's RWA will decline to around £20 billion in an unspecified medium term from £37.9 billion as of December 2019 (December 2020: £26.9 billion; March 2021: £26.5 billion). In October 2020, NWM confirmed the target of around £20 billion, adding that it expects to achieve most of the planned RWA reduction by year-end 2021.

Good capital We assign an a1 Capital score to NWG, two notches below the Macro-Adjusted score, to reflect our expectation that the capital ratios will decline in the next two years and leverage will be modest.

NWG has strong capital ratios, at absolute levels and compared with peers. NWG's 18.2% Common Equity Tier 1 (CET1) capital ratio as of March 2021 also provides a strong capital buffer against its 8.9% maximum distributable amount (MDA) requirement2. Excluding the IFRS 9 transitional arrangements, NWG's CET1 would still be strong at 17.2% as of March 2021.

Our tangible common equity (TCE)/RWA now excludes high trigger Additional Tier 1 notes; the ratio was 19.4% as of December 2020, which is strong and equivalent to an aa2 Macro-Adjusted score.

We expect NWG's capital to decline gradually, but to remain strong, in line with the CET1 ratio target of 13%-14% that the group indicated it will reach by year-end 2023. The assigned Capital score reflects NWG’s targets, including leverage3.

Exhibit 5 NWG has strong capital ratios compared with other large UK and European banks The main capital ratios of NWG compared with those of peers as of December 2020

CET1 ratio TCE % RWA TCE % TBA 25.0%

20.0%

15.0%

10.0%

5.0%

0.0% NatWest Group plc Danske Bank A/S plc PLC Groupe Credit Agricole ING Groep N.V.

The peer group shown includes Danske Bank A/S (Danske, A2/A3 stable, baa2), Lloyds Banking Group plc (Lloyds, A2 stable, a3), Barclays PLC (Barclays, Baa2 stable, baa2), Groupe Credit Agricole (Credit Agricole) and ING Groep N.V. (ING, senior unsecured Baa1 stable). The ratios shown in this chart reflect transitional regulatory capital rules in respect of expected credit losses following the adoption of IFRS 9. Source: Moody's Investors Service and company filings

NWG expects its minimum requirement for own funds and eligible liabilities (MREL), including buffers, to be around 25.3% of RWA as of 1 January 2022. We expect NWG to comply with this requirement; although NWG's core capital ratios will likely decline, its MREL ratio was a high 37.5% as of December 2020, and the group has a good track record of issuing MREL-eligible debt.

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After a bailout in 2008, NWG's majority shareholder is the UK Treasury, which currently owns 54.75% of the group’s shares. NWG's ability to issue capital as a regular course of business is constrained by its government ownership. However, we expect NWG’s government ownership to gradually reduce, for example, as indicated by the 4.86% stake that NWG bought from the UK Treasury in March 2021 and the sale of a 5% stake by the Treasury in May 2021 in the market. Our Capital score reflects our forward-looking view of NWG’s capital and our expectation that the government ownership will not be a constraint on NWG in 2023.

Profitability challenged by low interest rates and weak credit demand We assign a ba3 Profitability score to NWG, four notches below the Macro-Adjusted score, to reflect our expectation that profitability will remain strained because of the low interest rate environment and high restructuring costs for the next 12-18 months. We also expect credit demand to increase, which will benefit profitability, but the growth will lag macroeconomic improvements.

In 2020, NWG reported a £0.4 billion loss, which compares with a £4.2 billion net profit in 2019. The loss mainly derives from £3.2 billion of impairment charges (2019: £0.7 billion), driven by the weaker operating environment, and a £0.3 billion loss on redemption of own debt. In the first quarter of 2021, NWG reported a £0.7 billion net profit, compared with a £0.3 billion net profit during Q1 2020, driven by a net impairment release of £102 million (an £802 million charge in Q1 2020), reflecting the improvement in macroeconomic conditions. We expect profitability to rebound in 2021, reflecting lower impairment charges than in 2020, which should normalise in 2022.

Excluding non-recurring gains and loss on own debt redemptions booked in 2020, NWG's revenue declined by 16%. This decline was because of a lower margin deriving from a lower base rate, which led to a 4% drop in the net interest income and a 36% decline in non-interest income, driven by lower client activity during the lockdown. We expect the net interest income to remain strained in the next 12-18 months, reflecting the persistently low interest rate environment and in line with the most recent trends; for example, in Q1 2021, NWG’s net interest margin was 1.64%, down from the 1.71% reported in 2020 and the 1.99% reported in 2019.

Operating expenses have been reducing (-15% in 2020 compared with 2019, and -1.4% in Q1 2021 compared with Q1 2020), reflecting lower strategic and litigation costs, and cost-cutting measures. We expect costs to reduce marginally, partially offset by investments in technology.

NWG’s 2020 profitability was hurt by the loss booked by its Commercial Banking division because of higher expected credit losses from small- and medium-sized borrowers during the pandemic. We expect the Commercial Banking division's results to rebound in 2021 as economic conditions rebound; for example, in Q1 2021, the division reported a £0.5 billion net gain, mainly reflecting a release of provisions for expected credit losses.

Another contributor of NWG’s loss is NWM, reflecting its restructuring and legacy costs. We expect NWM to report a net loss in 2021 and potentially also in 2022, reflecting high restructuring costs and losses on legacy assets.

Exhibit 6 Commercial Banking recorded the largest spike in impairment losses for NWG Comparison of NWB's 2019 and 2020 income statements by division

Net interest income Non-interest income Operating expenses Impairment losses/releases Operating pre-tax profit 6,000

4,000

2,000

0 £ million

-2,000

-4,000

-6,000 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 Commercial Banking Ulster Bank RoI RBS International Natwest Markets Central items & other The chart excludes own credit adjustments and strategic disposals. The UK Personal Banking division is now called Retail Banking. Source: Moody's Investors Service and NWG

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Good funding and liquidity We assign a baa1 Funding Structure score, in line with the Macro-Adjusted score. We also assign an a3 Liquid Resources score, three notches below the Macro-Adjusted score, to reflect that liquidity will likely decrease as loan activity resumes and the fact that a portion of the assets that we classify as liquid are encumbered.

NWG has a diversified funding profile, in line with its size and business activity. The group remains predominantly funded by deposits, which represented 86% of NWG's £503 billion total funding as of December 2020. However, a significant portion of deposits are from small and medium-sized enterprises (SMEs) and other wholesale clients. The deposits from SMEs, especially those above the threshold for protection under the Compensation Scheme (FSCS), are usually more price- and confidence sensitive than those from retail clients.

Exhibit 7 Exhibit 8 A large portion of NWG's deposits are from the Commercial Most wholesale funding is medium and long term Banking division Split of £71 billion wholesale funding as of December 2020 Split of £432 billion customer deposits as of December 2020 Central items & NatWest Markets other RBS International 1% 1% Other bank 7% deposits 22% Private Banking 7% UK Personal Banking 40% Medium-term notes 48%

CP/CD 10%

Commercial Banking Senior secured 39% Ulster Bank Republic of 6% Ireland Subordinated 5% liabilities The UK Personal Banking division is now called Retail Banking. 14% Sources: Moody's Investors Service and NWG CP/CD = Commercial Paper and Certificates of Deposit Sources: Moody's Investors Service and NWG

As of 31 December 2020, NWG had £5 billion of borrowings under the Bank of England’s Term Funding Scheme with additional incentives for SMEs (TFSME), which were repaid in January 2021, and £2.8 billion under the European Central Bank’s targeted longer- term refinancing operations (T-LTRO). NWG indicated that it has a £77 billion drawing capacity under the TFSME scheme, but did not indicate the amount of drawings it will take before the deadline of October 2021.

The group has a high stock of liquid assets, which mitigates the exposure to wholesale short-term funding, in particular, the repurchase agreement that NWG’s non-ring-fenced banks hold to service its capital market activities.

The liquidity coverage ratio (LCR) was high at 158% as of March 2021, comprising £170 billion of LCR level 1 assets. The net stable funding ratio (NSFR) was also high at 153% as of March 2021. ESG considerations In line with our general view of the banking sector, NWG has low exposure to environmental risks and moderate exposure to social risks. See our Environmental risks heat map and Social risks heat map for further information.

NWG is exposed to some high-carbon emission sectors, which are prone to environmental risks. The bank's funded and unfunded exposure to the oil and gas industry was £4.1 billion as of December 2020, which is small relative to the size of its total loan book, loan commitments and contingent liabilities (around 0.8%). This risk exposure is unlikely to translate into a significant credit impact over the outlook horizon.

Our assessment of moderate social risks for NWG also takes into account the banks' exposure to the pandemic-induced economic shock. Since 2011, NWG has made around £6 billion in provisions for costs and customer redress related to the mis-selling of PPI. We

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expect any further PPI charges to be marginal, because some quarters have passed since the deadline for UK consumers to claim for a compensation (29 August 2019), and the outstanding requests that the group needs to process are significantly lower than those in the past. In 2020, NWG booked a £277 million release of PPI provisions.

Governance is highly relevant for NWG, as it is to all banks. Corporate governance weaknesses can lead to a deterioration in a bank’s credit quality, while governance strengths can benefit its credit profile. Governance risks are largely internal rather than externally driven, and for NWG, we do not have any particular governance concern. Nonetheless, corporate governance remains a key credit consideration and requires ongoing monitoring. Support and structural considerations Loss Given Failure (LGF) analysis NWG is subject to the UK's implementation of the European Union's (EU) Bank Recovery and Resolution Directive, which we consider an operational resolution regime.

NWG will be resolved as a single unit with its operating entities in the UK and the EU. Our Advanced LGF analysis, therefore, takes into account the consolidated financials of NWG, from which we deduct the assets and liabilities of RBSI and the main non-bank subsidiaries.

Our analysis assumes a residual tangible common equity (TCE) of 3% and post-failure losses of 8% of tangible banking assets. These assumptions are in line with our standard assumptions.

Our LGF analysis indicates that NWG's senior unsecured debt is likely to face a moderate loss given failure because of the loss absorption provided by subordinated debt, and the volume of senior debt itself. This does not result in any uplift for the senior unsecured debt ratings from the group's notional BCA.

Junior securities issued by NWG are likely to face a high loss given failure because of our expectation that the volume of debt and the protection from more subordinated instruments and residual equity will be small. We also incorporate additional notching for junior subordinated and preference share instruments, reflecting coupon features.

Government support considerations We incorporate a low probability of government support for debt issued by NWG, which does not result in any uplift.

Government support, if needed, will likely only be provided to the operating entities to enable them to maintain critical functions and mitigate risks to financial stability stemming from their failure. Methodology and scorecard About Moody's scorecard Our scorecard is designed to capture, express and explain in summary form our Rating Committee's judgement. When read in conjunction with our research, a fulsome presentation of our judgement is expressed. As a result, the output of our scorecard may materially differ from that suggested by raw data alone (though it has been calibrated to avoid the frequent need for strong divergence). The scorecard output and the individual scores are discussed in rating committees and may be adjusted up or down to reflect conditions specific to each rated entity.

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Rating methodology and scorecard factors

Exhibit 9 NatWest Group plc MACRO FACTORS WEIGHTED MACRO PROFILE STRONG + 100%

FACTOR HISTORIC INITIAL EXPECTED ASSIGNED SCORE KEY DRIVER #1 KEY DRIVER #2 RATIO SCORE TREND Solvency Asset Risk Problem Loans / Gross Loans 2.2% a2 ↓ baa1 Expected trend Market risk Capital Tangible Common Equity / Risk Weighted Assets 19.4% aa2 ↓↓ a1 Expected trend Nominal leverage (Basel III - fully loaded) Profitability Net Income / Tangible Assets 0.5% baa2 ↓↓ ba3 Expected trend Combined Solvency Score a2 baa1 Liquidity Funding Structure Market Funds / Tangible Banking Assets 21.6% baa1 ↔ baa1 Extent of market funding reliance Liquid Resources Liquid Banking Assets / Tangible Banking Assets 42.7% aa3 ↓ a3 Expected trend Asset encumbrance Combined Liquidity Score a2 baa1 Financial Profile baa1 Qualitative Adjustments Adjustment Business Diversification 0 Opacity and Complexity 0 Corporate Behavior 0 Total Qualitative Adjustments 0 Sovereign or Affiliate constraint Aa3 BCA Scorecard-indicated Outcome - Range a3 - baa2 Assigned BCA baa1 Affiliate Support notching 0 Adjusted BCA baa1

BALANCE SHEET IN-SCOPE % IN-SCOPE AT-FAILURE % AT-FAILURE (GBP MILLION) (GBP MILLION) Other liabilities 524,121 91.0% 524,121 91.0% Deposits 0 0.0% 0 0.0% Preferred deposits 0 0.0% 0 0.0% Junior deposits 0 0.0% 0 0.0% Dated subordinated bank debt 1,059 0.2% 1,059 0.2% Junior subordinated bank debt 902 0.2% 902 0.2% Preference shares (bank) 140 0.0% 140 0.0% Senior unsecured holding company debt 19,579 3.4% 19,579 3.4% Dated subordinated holding company debt 6,860 1.2% 6,860 1.2% Junior subordinated holding company debt 79 0.0% 79 0.0% Preference shares(holding company) 5,814 1.0% 5,814 1.0% Equity 17,275 3.0% 17,275 3.0% Total Tangible Banking Assets 575,828 100.0% 575,828 100.0%

9 15 July 2021 NatWest Group plc: Update following upgrade of senior unsecured rating to Baa1 This document has been prepared for the use of Gabriella Dispenza and is protected by law. It may not be copied, transferred or disseminated unless authorized under a contract with Moody's or otherwise authorized in writing by Moody's. MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

DEBT CLASS DE JURE WATERFALL DE FACTO WATERFALL NOTCHING LGF ASSIGNEDADDITIONALPRELIMINARY INSTRUMENT SUB- INSTRUMENT SUB- DE JURE DE FACTO NOTCHING LGF NOTCHING RATING VOLUME +ORDINATIONVOLUME +ORDINATION GUIDANCENOTCHING ASSESSMENT SUBORDINATION SUBORDINATION VS. ADJUSTED BCA Senior unsecured holding company debt 9.0% 5.6% 9.0% 5.6% 0 0 0 0 0 baa1 Dated subordinated holding company 5.6% 4.2% 5.6% 4.2% 0 0 0 -1 0 baa2 debt Junior subordinated holding company 4.2% 4.0% 4.2% 4.0% 0 0 0 -1 -1 baa3 debt Holding company non-cumulative 4.0% 3.0% 4.0% 3.0% -1 -1 -1 -1 -2 ba1 preference shares

INSTRUMENT CLASS LOSS GIVEN ADDITIONAL PRELIMINARY GOVERNMENT LOCAL CURRENCY FOREIGN FAILURE NOTCHING NOTCHING RATING ASSESSMENT SUPPORT NOTCHING RATING CURRENCY RATING Senior unsecured holding company debt 0 0 baa1 0 Baa1 Baa1 Dated subordinated holding company -1 0 baa2 0 Baa2 Baa2 debt Junior subordinated holding company -1 -1 baa3 0 Baa3 (hyb) debt Holding company non-cumulative -1 -2 ba1 0 Ba1 (hyb) Ba1 (hyb) preference shares [1] Where dashes are shown for a particular factor (or sub-factor), the score is based on non-public information. Source: Moody’s Investors Service

10 15 July 2021 NatWest Group plc: Update following upgrade of senior unsecured rating to Baa1 This document has been prepared for the use of Gabriella Dispenza and is protected by law. It may not be copied, transferred or disseminated unless authorized under a contract with Moody's or otherwise authorized in writing by Moody's. MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Ratings

Exhibit 10 Category Moody's Rating NATWEST GROUP PLC Outlook Positive Baseline Credit Assessment baa1 Adjusted Baseline Credit Assessment baa1 Senior Unsecured Baa1 Subordinate Baa2 Jr Subordinate Baa3 (hyb) Pref. Stock Non-cumulative Ba1 (hyb) Commercial Paper P-2 Other Short Term -Dom Curr (P)P-2 THE ROYAL BANK OF SCOTLAND PLC Outlook Stable Counterparty Risk Rating Aa3/P-1 Bank Deposits A1/P-1 Baseline Credit Assessment a3 Adjusted Baseline Credit Assessment a3 Counterparty Risk Assessment Aa3(cr)/P-1(cr) Issuer Rating A1 ULSTER BANK IRELAND DAC Outlook Rating(s) Under Review Counterparty Risk Rating A2/P-11 Bank Deposits A3/P-21 Baseline Credit Assessment ba1 Adjusted Baseline Credit Assessment baa22 Counterparty Risk Assessment A2(cr)/P-1(cr)1 Issuer Rating -Dom Curr Baa12 ST Issuer Rating -Dom Curr P-22 NATWEST MARKETS PLC Outlook Positive Counterparty Risk Rating A2/P-1 Bank Deposits A2/P-1 Baseline Credit Assessment ba1 Adjusted Baseline Credit Assessment baa2 Counterparty Risk Assessment A2(cr)/P-1(cr) Senior Unsecured A2 Subordinate Baa2 Jr Subordinate -Dom Curr Baa3 (hyb) Commercial Paper P-1 Other Short Term (P)P-1 NATIONAL PLC Outlook Stable Counterparty Risk Rating Aa3/P-1 Bank Deposits A1/P-1 Baseline Credit Assessment a3 Adjusted Baseline Credit Assessment a3 Counterparty Risk Assessment Aa3(cr)/P-1(cr) Issuer Rating A1 Subordinate -Dom Curr Baa1 Jr Subordinate Baa2 (hyb) Pref. Stock Non-cumulative -Dom Curr Baa3 (hyb) Commercial Paper P-1 NATWEST MARKETS N.V. Outlook Positive Counterparty Risk Rating A2/P-1 Bank Deposits A2/P-1 Baseline Credit Assessment ba1

11 15 July 2021 NatWest Group plc: Update following upgrade of senior unsecured rating to Baa1 This document has been prepared for the use of Gabriella Dispenza and is protected by law. It may not be copied, transferred or disseminated unless authorized under a contract with Moody's or otherwise authorized in writing by Moody's. MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Adjusted Baseline Credit Assessment baa2 Counterparty Risk Assessment A2(cr)/P-1(cr) Issuer Rating A2 Senior Unsecured MTN (P)A2 Subordinate -Dom Curr Baa2 Commercial Paper -Dom Curr P-1 Other Short Term (P)P-1 THE ROYAL BANK OF SCOTLAND INTERNATIONAL LTD Outlook Positive Counterparty Risk Rating A3/P-2 Bank Deposits Baa1/P-2 Baseline Credit Assessment baa1 Adjusted Baseline Credit Assessment baa1 Counterparty Risk Assessment A3(cr)/P-2(cr) Issuer Rating Baa1 Commercial Paper P-2 RBS CAPITAL TRUST II BACKED Pref. Stock Non-cumulative Ba1 (hyb) [1] Rating(s) within this class was/were placed on review on July 14 2021 [2] Placed under review for possible upgrade on July 14 2021 Source: Moody's Investors Service

Endnotes 1 The bank ratings shown are the bank’s deposit rating, senior unsecured debt rating (where available) and BCA. 2 NWG's 8.9% MDA requirement is calculated as the sum of its Pillar 1 (4.5%), Pillar 2A (1.9%) and capital conservation buffer (2.5%) requirements. From 1 January 2020, the Financial Stability Board released NWG from holding a buffer for global systemically important banks (G-SIBs). The group also needs to maintain a 1.5% systemic risk buffer for NatWest Holdings Limited, but it is not part of the MDA requirement for NWG. 3 We expect NWG’s leverage, expressed as TCE as a percentage of tangible assets, to be below 5% as of year-end 2023. We usually assign a one-notch negative adjustment for Capital when leverage is below 5%.

12 15 July 2021 NatWest Group plc: Update following upgrade of senior unsecured rating to Baa1 This document has been prepared for the use of Gabriella Dispenza and is protected by law. It may not be copied, transferred or disseminated unless authorized under a contract with Moody's or otherwise authorized in writing by Moody's. MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

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13 15 July 2021 NatWest Group plc: Update following upgrade of senior unsecured rating to Baa1 This document has been prepared for the use of Gabriella Dispenza and is protected by law. It may not be copied, transferred or disseminated unless authorized under a contract with Moody's or otherwise authorized in writing by Moody's. MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

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14 15 July 2021 NatWest Group plc: Update following upgrade of senior unsecured rating to Baa1 This document has been prepared for the use of Gabriella Dispenza and is protected by law. It may not be copied, transferred or disseminated unless authorized under a contract with Moody's or otherwise authorized in writing by Moody's.