8 August 2024
NatWest Group plc
INITIAL NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY (PDMRs) IN ACCORDANCE WITH ARTICLE 19 OF THE MARKET ABUSE REGULATION
1. NatWest Group plc (the Company) announces that ordinary shares of £1.0769* each in the Company (Shares) (ISIN:GB00BM8PJY71) were delivered to PDMRs on 7 August 2024 under the NatWest Group 2024 Employee Share Plan (the Plan), as set out below.
The Shares delivered represent payment of a fixed share allowance for the three month period ending 30 September 2024 and have been calculated using a Share price of £3.4424.
The number of Shares delivered, the number of Shares withheld to meet associated tax liabilities and the number of Shares retained by each PDMR is as follows:-
| Name of PDMR | Position of PDMR | No. of Shares vested | No. of Shares withheld to satisfy associated tax liability
| No. of vested Shares retained |
| Robert Begbie | CEO, NatWest Commercial & Institutional and CEO NatWest Markets | 26,327 | 13,184 | 13,143 |
| Emma Crystal | CEO, Coutts and Wealth Businesses | 19,972 | 9,401 | 10,571 |
| Keiran Foad | Group Chief Risk Officer | 29,958 | 14,102 | 15,856 |
| David Lindberg | CEO, Retail Banking | 26,327 | 12,393 | 13,934 |
| Scott Marcar | Group Chief Information Officer | 29,958 | 14,102 | 15,856 |
| Katie Murray | Group Chief Financial Officer | 57,224 | 26,936 | 30,288 |
| Paul Thwaite | Group Chief Executive Officer | 83,929 | 39,506 | 44,423 |
| Jen Tippin | Group Chief Operating Officer | 29,958 | 14,102 | 15,856 |
The market price used to determine the number of Shares withheld to meet associated tax liabilities was £3.3248. Shares retained after payment of associated tax liabilities will be held on behalf of PDMRs and will be released in instalments over a three or five year period.
2. The Company announces that on 7 August 2024, a conditional Buy-out award and Deferred award (Awards) over Shares have been granted under the Plan to the PDMR set out below in order to replace awards forfeited on leaving their previous employer.
| Name of PDMR | Position of PDMR | Award | No. of Shares granted |
| Emma Crystal | CEO, Coutts and Wealth Businesses | Buy-out1 Award | 144,430 |
| Deferred Award2 | 269,810 | ||
| The prices per Share used on the grant of the above awards were £3.12361 and £2.52032. This represents the 5-day average Share price immediately prior to the PDMR joining the Company. For the Deferred award this price is discounted to reflect the absence of dividend equivalents during the vesting period. | |||
The Awards are eligible to vest between 2024 and 2031 and are subject to malus, clawback and where applicable a 12-month retention period.
3. The Company announces that on 7 August 2024, a conditional Buy-out award over Shares vested to the PDMR set out below. The number of Shares withheld to meet associated tax liabilities arising on vesting and the number of vested Shares retained by the PDMR is set out below:-
| Name of PDMR | Position of PDMR | No. of Shares vested | No. of Shares withheld to satisfy associated tax liability | No. of vested Shares retained |
| Emma Crystal | CEO, Coutts and Wealth Businesses | 83,371 | 39,244 | 44,127 |
The market price used to determine the number of Shares withheld to meet associated tax liabilities was £3.3248.
4. The Company announces that the PDMR set out below has sold Shares on the date and at the price indicated:
| Name of PDMR | Position of PDMR | No. of Shares sold | Sale price |
Date of transaction |
| Jen Tippin | Group Chief Operating Officer | 43,000 | 3.3269 | 7 August 2024 |
All of the above transactions took place on the London Stock Exchange (XLON).
* Note: the nominal value of ordinary shares without rounding is £1.076923076923077 per share
Legal Entity Identifier: 2138005O9XJIJN4JPN90
For further information contact:
NatWest Group Investor Relations
Claire Kane
Director of Investor Relations
+44 20 7672 1758
NatWest Group Media Relations
+44(0)131 523 4205
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