NatWest Group plc American Depositary Shares, (each representing two (2) Ordinary Shares) Barclays 24th Annual Global Financial Services Conference

It is good to be here.

Okay. Thanks, Aman. The numbers you reel off there, it is hard not to say we are pleased with them. They are very strong numbers. To me, what is most important in terms of underneath those numbers is if the strategy is working.

Yeah. It is pretty evident that the strategy is delivering, and we have created a business that is focused from a sustainable perspective, but also a structural perspective, driving higher returns.

That is very encouraging. That does not happen by accident. It happens by a lot of hard work, but we have put ourselves in a strong position. If you pick apart some of those big picture metrics, into our eighth year of growth, which is great. Heading for our fourth year of ROTE above 17%, which is sector leading returns. In that time period or if you look at it from, I guess, the last five years, cost-income ratio has come down by, I think, about 21%. We are now the most efficient of the large U.K. banks.

Yeah. You have got the returns piece, you have got the efficiency piece, which obviously helps from an operating leverage perspective.

We have done that really without fundamentally changing the risk appetite of the bank. To me that is great because when you look at how we perform under the Bank of England stress tests, our resiliency is very good. Our capital drawdowns are the least across the peer set. I think from that perspective, I do not think it is a look forward. I think if you look at the track record and then you look forward, that is what gives you confidence about the business model that is there and the sustainability of the returns. Second part to your question was around 2028 and the targets. We upgraded ROTE guidance at the half year for this year. Given we had only set the medium term targets in February, we did not do anything then.

But as everybody here and those watching will know, the rate environment when we set those targets in February, we were in one space. If you look at the current rate environment, obviously it would be very supportive in terms of delivery against those targets. Now is not the time to reset them. But obviously if you mark to market September versus February, we would obviously be very supportive of the medium term targets, which is great. We are confident we will grow income through 2027 and 2028. Let us call it the life of the targets, the life of the plan.

Yeah. We will grow TNAV per share.

You can see from the amount of capital that the business is generating, that that will drive strong organic capital generation. Net net, I think we have positioned the business well. I think the track record is emerging on whichever metric you look at. That gives us confidence as we look forward through the life of the current target set.