Company: BCS
Filing Date: 2025-02-21
Form Type: 424B2
Source: 0001193125-25-031790
Chunk: 44

Company: BARCLAYS PLC
Filing Date: 2025-02-21
Form: 424B2
Chunk 44
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, counterclaim, retention or netting in respect of the Issuer’s obligations under the notes against obligations owed to them by the Issuer.
Holders of the notes may therefore be required to initiate separate proceedings to recover amounts in respect of any counterclaim and may receive a lower recovery in the event of a winding-up or administration
of the Issuer than if set-off, compensation, counterclaim, retention or netting were permitted.

Changes in law may adversely affect the rights of holders and the market value of the notes.

Changes in law after the date hereof may affect
the rights of holders as well as the market value of the notes.

S-31

No assurance can be given as to the impact of any possible judicial decision or change to
applicable law or administrative practice after the date of issue of the notes. Such changes in law may include changes in statutory, tax and regulatory regimes during the life of the notes, which may have an adverse effect on an investment in the
notes.

In addition, any change in law or regulation that triggers a Tax Event or a Loss Absorption Disqualification Event would entitle
us, at our option (subject to, amongst other conditions, receipt of the prior consent of the Relevant U.K. Resolution Authority (if such consent is then required by the Capital Regulations)), to redeem the relevant series of notes, in whole of such
series but not in part of the series, as more particularly described below under “Description of Senior Notes—Tax Redemption” and “Description of Senior Notes—Loss Absorption Disqualification Event Redemption” See also “—We may redeem the notes at our option in certain situations.”

Such legislative and
regulatory uncertainty could also affect an investor’s ability to accurately value any notes and, therefore, affect the trading price of such notes given the extent and impact on such notes that one or more regulatory or legislative changes,
including those described above, could have on such notes.

The financial services industry has been and continues to be the focus of
significant regulatory change and scrutiny (for example, the enactment in the U.K. of the Financial Services and Markets Act 2023 and the Retained EU Law (Revocation and Reform) Act 2023), which may adversely affect the Group’s business,
financial performance, capital and risk management strategies—see “Risk review—Material existing and emerging risks—iv) Regulatory change agenda and impact on business model” on pages
196-197 of the 2024 Form 20-F for more detail. Such regulatory changes