Natwest Global Covered Bond Prog (2018): 12 June 2018

The Issuer under the Programme was previously The Royal Bank of Scotland plc (RBS). Pursuant to a ring fencing transfer scheme under Part VII of the Financial Services and Markets Act 2000, certain elements of RBS's business were transferred to National Westminster Bank plc. Following the approval of the Ring Fencing Transfer Scheme by the Court of Session in Scotland, all accrued rights and obligations of RBS in its various capacities under the Programme, including as Issuer but excluding the roles of Arranger and Dealer, have been transferred to and vested in, or became liabilities of (as applicable), National Westminster Bank plc. The Ring Fencing Transfer Scheme became effective on 30 April 2018.

On 18 April 2018, the name of the LLP was changed from RBS Covered Bonds Limited Liability Partnership to NatWest Covered Bonds Limited Liability Partnership.

Under this €25 billion global covered bond programme, National Westminster Bank plc (the Issuer and NatWest) may from time to time issue bonds denominated in any currency agreed between the Issuer and the relevant Dealer(s). The price and amount of the Covered Bonds to be issued under the Programme will be determined by the Issuer and the relevant Dealer at the time of issue in accordance with prevailing market conditions.