Coronavirus Update

UK Government Investments Limited- Disposal of Shares in NatWest Group plc for £1.1billion in Total

This content has been sourced from: https://blinks.bloomberg.com/news/stories/QSXI040C...

Further to its announcement on 10 May 2021, UKGI announces the successful completion of the disposal of part of HM Treasury's shareholding in NatWest Group plc (the "Company"). The disposal was effected by way of a placing (the "Placing") of 580,000,000 ordinary shares with a nominal value of £1.00 each (the "Placing Shares") through an accelerated bookbuilding process to institutional investors.

The Placing price was 190 pence per Placing Share (the "Placing Price").  The proceeds from the sale of the Placing Shares will be £1.1 billion.

As a result of the Placing, the shareholding of HM Treasury has decreased from 6,918,753,194 ordinary shares, representing approximately 59.8% of the issued ordinary share capital of the Company, to 6,338,753,194 ordinary shares, representing approximately 54.8% of the issued ordinary share capital.

Subject to certain exceptions, UKGI and HM Treasury have undertaken to the Bookrunners named below not to sell further ordinary shares of the Company for a period of 90 calendar days following the completion of the Placing without the prior written consent of a majority (by participation) of the Bookrunners.

Settlement and delivery of the Placing Shares is expected to take place on 13 May 2021.

Barclays Bank PLC, Citigroup Global Markets Limited, Goldman Sachs International and Morgan Stanley & Co. International plc acted as joint bookrunners (the "Bookrunners") in connection with the Placing.

N.M. Rothschild & Sons Limited ("Rothschild & Co") acted as Capital Markets Adviser to UKGI on the Placing. Freshfields Bruckhaus Deringer LLP acted as legal counsel to UKGI in respect of English and US law.