Company: BCS
Filing Date: 2025-08-06
Form Type: 424B2
Source: 0001193125-25-174548
Chunk: 35

Company: BARCLAYS PLC
Filing Date: 2025-08-06
Form: 424B2
Chunk 35
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 Period), the 2046 notes (during the relevant 2046 Notes Floating Rate Interest Period) and the floating rate notes, as applicable, into fixed
rate 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

S-36

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 Unadjusted Benchmark Replacement more comparable to SOFR. However