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

Company: BARCLAYS PLC
Filing Date: 2025-02-20
Form: 424B2
Chunk 20
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in circumstances other than those in which the Issuer has determined that a Benchmark Event (as defined herein) has occurred or that there is a Successor Rate (as defined herein), as set out in the 
 provisions described under “Description of Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities—Determination of Subsequent Interest Rate— Benchmark Replacement Event” below),                                          
 then the Mid-Market Swap Rate shall be the Reset Reference Bank Rate on such Reset Determination Date.                                                                                                                                            |

S-11

| Five-year Mid-Market Swap Rate Quotations | “Five-year Mid-Market Swap Rate Quotations” means, for any Reset Period, the arithmetic mean of the bid and offered rates for the annual fixed leg (calculated on an Actual/360 day count basis) of                                                                                                    
 a fixed-for-floating U.S. dollar interest rate swap transaction which: (i) has a term of five years commencing on the applicable Reset Date; (ii) is in an                                                                                                                                             
 amount that is representative of a single transaction in the relevant market at the relevant time with an acknowledged dealer of good credit in the swap market; and (iii) has a floating leg based on the overnight SOFR rate compounded for 12-months (calculated on an Actual/360 day count basis). |

| Reference Banks | “Reference Banks” means four major banks in the U.S. dollar swap, money, securities or other market most closely connected with the relevant Mid-Market Swap Rate, as selected by the Issuer on the 
 advice of an investment bank of international repute.                                                                                                                                               |

| Regular Record Dates | The close of business on the Business Day immediately preceding each Interest Payment Date (or, if the Securities are held in definitive form, the close of business on the 15th Business Day 
 preceding each Interest Payment Date).                                                                                                                                                        |

| Business Days | “Business Day” means any weekday, other than one on which banking institutions are authorized or obligated by law, regulation or executive order to close in London, U.K., or in New York City, New York, United States. |

| Interest Payments Discretionary | Interest on the Securities will be due and payable only at the sole discretion of the Issuer, and the Issuer shall have sole and absolute discretion at all times and for any reason to cancel (in whole or in part) any interest payment that would                                                                                                                                                                                                        
 otherwise be payable on any Interest Payment Date. If the Issuer does not make an interest payment on