Company: BCS
Filing Date: 2025-02-19
Form Type: 424B2
Source: 0001193125-25-029335
Chunk: 65

Company: BARCLAYS PLC
Filing Date: 2025-02-19
Form: 424B2
Chunk 65
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 Interest Period), the 20 notes (during the relevant 20 Notes Floating Rate Interest Period), the 20 notes (during the relevant
20 Notes Floating Rate Interest Period) and the floating rate notes, as applicable, into fixed rate

S-40

instruments. Due to the uncertainty concerning the availability of benchmark replacements, the relevant fallback provisions may not operate as intended at the relevant time. Any of the foregoing
may have an adverse effect on the value of the notes.

The rate of interest on each series of notes during any relevant Floating Rate Interest Period may be determined by reference to a Benchmark Replacement even if SOFR continues to be published.

If a Benchmark Transition
Event and related Benchmark Replacement Date occur with respect to SOFR, the rate of interest on each series of notes during any relevant Floating Rate Interest Period thereafter will be determined by reference to the Benchmark Replacement. A
Benchmark Transition Event includes, among other things, a public statement or publication of information by the regulatory supervisor for the administrator of SOFR announcing that SOFR is no longer representative. The rate of interest on such notes
may therefore cease to be determined by reference to SOFR, and instead be determined by reference to the Benchmark Replacement, even if SOFR continues to be published. Such rate may be lower than SOFR for so long as SOFR continues to be published,
and the value of and return on the notes may be adversely affected.

Any Benchmark Replacement will likely be a relatively new market index that may be altered or discontinued.

The Benchmark Transition Provisions specify a “waterfall” of alternative rates that may
become the Benchmark Replacement. These alternative rates are uncertain and no market convention currently exists, or may ever exist, for their determination. For example, the ISDA Fallback Rate, which is the rate referenced in the ISDA Definitions
that is to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor, has not been established as of the date hereof. Even after the ISDA Fallback Rate is initially determined, ISDA
Definitions and the ISDA Fallback Rate may change over time. Uncertainty surrounding the establishment of market conventions related to the calculation of the ISDA Fallback Rate and other alternative rates, and whether any of the alternative rates
is a suitable replacement or successor for SOFR, may adversely affect the value of and return on your notes.

The Benchmark Transition
Provisions provide for a Benchmark Replacement Adjustment to be added to the Unadjusted Benchmark Replacement in order to make the