Illustrative future funding structure The Royal Bank of Scotland Group plc Group Holding Company and primary issuing entity for MREL Proportional Intercompany issuance of Loss Absorbing Capital NatWest Holdings Limited NatWest Markets RBS International & Subsidiary Operating companies Plc Limited A UK and Western A leading retail & A UK and Western European centred retail & commercial banking European markets business commercial bank operating group, with leading market positions in our chosen markets and product engine for in the crown dependencies RBSG and Gibraltar Primarily deposit funded Repo funding Primarily deposit funded Liquidity managed across major operating subsidiaries Down-streamed MREL Access to wholesale Down-streamed MREL Access to wholesale markets Access to wholesale markets markets (1) (1) (1) ~80% of RWA ~15% of RWA ~5% of RWA  HoldCo primary issuing entity for MREL under single point of entry resolution model  Operating companies tactically utilised to support future funding need  Covered bond programme to be transferred to ring-fence bank 62 (1) Based on RBS future business profile, excludes RBS Capital Resolution