SCHEDULE 13D

CUSIP No.

639057207

1

Name of reporting person

HM Treasury

2

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

6

Citizenship or place of organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,910,293,432.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,910,293,432.00

11

Aggregate amount beneficially owned by each reporting person

1,910,293,432.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

13

Percent of class represented by amount in Row (11)

5.93 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

See Form TR-1 filed as an Exhibit.

SCHEDULE 13D

CUSIP No.

639057207

1

Name of reporting person

UK Government Investments Ltd

2

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

6

Citizenship or place of organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,910,293,432.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,910,293,432.00

11

Aggregate amount beneficially owned by each reporting person

1,910,293,432.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

13

Percent of class represented by amount in Row (11)

5.93 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

UK Government Investments Limited, a company wholly-owned by His Majesty's Treasury, is entitled to exercise control over the voting rights which are the subject of this notification (pursuant to certain management arrangements agreed with His Majesty's Treasury). See Form TR-1 filed as an Exhibit.

SCHEDULE 13D

Item 1.

Security and Issuer

(a)

Title of Class of Securities:

Ordinary Shares

(b)

Name of Issuer:

NatWest Group plc

(c)

Address of Issuer's Principal Executive Offices:

Gogarburn, PO Box 1000, Edinburgh, UNITED KINGDOM , EH12 1HQ.

Item 1 Comment:

In lieu of providing the information called for by Schedule 13D, His Majesty's Treasury and UK Government Investments Limited are furnishing as an exhibit a copy of "TR-1: Notification of Major Interest in Shares", which is the standard form for any notification required to be delivered under the UK Disclosure Guidance and Transparency Rules to (among others) an issuer whose shares are admitted to trading on a UK regulated market (and to the UK Financial Conduct Authority) following the acquisition or disposal of certain interests in the shares or voting rights in such issuer. This modified Schedule 13D is filed pursuant to no-action relief granted by the Staff of the Securities and Exchange Commission in a no-action letter dated December 10, 2008.

Item 2.

Identity and Background

(a)

See Form TR-1 filed as an Exhibit.

(b)

See Form TR-1 filed as an Exhibit.

(c)

See Form TR-1 filed as an Exhibit.

(d)

See Form TR-1 filed as an Exhibit.

(e)

See Form TR-1 filed as an Exhibit.

(f)

See Form TR-1 filed as an Exhibit.

Item 3.

Source and Amount of Funds or Other Consideration

See Form TR-1 filed as an Exhibit.

Item 4.

Purpose of Transaction

See Form TR-1 filed as an Exhibit.

Item 5.

Interest in Securities of the Issuer

(a)

See Form TR-1 filed as an Exhibit.

(b)

See Form TR-1 filed as an Exhibit.

(c)

See Form TR-1 filed as an Exhibit.

(d)

See Form TR-1 filed as an Exhibit.

(e)

See Form TR-1 filed as an Exhibit.

Item 6.

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

See Form TR-1 filed as an Exhibit.

Item 7.

Material to be Filed as Exhibits.

In lieu of providing the information called for by Schedule 13D, His Majesty's Treasury and UK Government Investments Limited are furnishing as an exhibit a copy of "TR-1: Notification of Major Interest in Shares", which is the standard form for any notification required to be delivered under the UK Disclosure Guidance and Transparency Rules to (among others) an issuer whose shares are admitted to trading on a UK regulated market (and to the UK Financial Conduct Authority) following the acquisition or disposal of certain interests in the shares or voting rights in such issuer. This modified Schedule 13D is filed pursuant to no-action relief granted by the Staff of the Securities and Exchange Commission in a no-action letter dated December 10, 2008.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

HM Treasury

Signature:	/s/ Mario Pisani
Name/Title:	Mario Pisani, Deputy Director, Financial Stability
Date:	03/03/2025

UK Government Investments Ltd

Signature:	/s/ Holger Vieten
Name/Title:	Holger Vieten, Director, Financial Institutions Group
Date:	03/03/2025