Company: BCS
Filing Date: 2025-02-20
Form Type: 424B2
Source: 0001193125-25-030302
Chunk: 52

Company: BARCLAYS PLC
Filing Date: 2025-02-20
Form: 424B2
Chunk 52
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 Securities will be unsecured and subordinated, and the rights of the holders of Conversion Shares will be further subordinated.”

Furthermore, upon the occurrence of an Automatic Conversion, the holders
will not be entitled to any compensation in the event of any improvement in the Group’s fully loaded CET1 Ratio after the Conversion Date.

For more information, see “—The circumstances surrounding or triggering an Automatic Conversion are unpredictable, and there are a number of factors that could affect the Group’s fully loaded CET1 Ratio,” “—Regulatory action in the event a bank or investment firm in the Group is failing or likely to fail, including the exercise by the Relevant U.K. Resolution Authority of a variety of statutory resolution powers, could materially adversely affect the value of the Securities” and “—Future regulatory changes to the calculation of CET1 Capital and/or Risk Weighted Assets may negatively affect the Group’s fully loaded CET1 Ratio and thus increase the risk of a Capital Adequacy Trigger Event, which will lead to an Automatic Conversion, as a result of which holders of the Securities could lose all or part of the value of their investment in the Securities.”

S-33

As the Conversion Price is fixed at the time of issue of the Securities, holders will bear the risk of fluctuations in the market price of the Conversion Shares and the risk of depreciation of sterling against the U.S. dollar.

Because a Capital Adequacy Trigger Event will only occur at a time when the Group’s fully loaded CET1 Ratio has deteriorated
significantly, a Capital Adequacy Trigger Event may be accompanied by a deterioration in the market price of the Issuer’s ordinary shares, which may be expected to continue after the occurrence of the Capital Adequacy Trigger Event. Therefore,
following a Capital Adequacy Trigger Event, the realizable value of the Conversion Shares may be below the Conversion Price. The Conversion Price is fixed at the time of issue of the Securities at $2.08 per Conversion Share, and is subject to
certain anti-dilution adjustments, as described under “—Holders of the Securities do not have anti-dilution protection in all circumstances” below. As a result, the Conversion Price may not reflect the market price of ordinary
shares of the Issuer, which could be significantly lower than the Conversion Price.

Moreover, as our ordinary shares are denominated and
trade in sterling, the U.S. dollar value of our ordinary shares may fluctuate depending on the exchange rate between sterling and the U.S. dollar. For example,