Company: BCS
Filing Date: 2025-02-20
Form Type: 424B2
Source: 0001193125-25-030302
Chunk: 86

Company: BARCLAYS PLC
Filing Date: 2025-02-20
Form: 424B2
Chunk 86
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In
addition, market participants and relevant working groups have been working together to design alternative reference rates based on RFRs, including applying term versions of RFRs (which seek to measure the market’s forward expectation of an
average of these RFRs over a designated term, as they are overnight rates) or different measures of such RFRs.

The market or a
significant part thereof may adopt an application of SOFR that differs significantly from that underlying the rate set out in the terms of the Securities and used in relation to the Securities. If SOFR is not widely used in securities such as the
Securities, the trading price of the Securities may be lower than those securities referencing rates that are more widely used. The development of RFRs for U.S. dollar bonds could result in reduced liquidity or increased volatility or could
otherwise affect the market price of the Securities.

S-52

In addition, the manner of adoption or application of RFRs in the U.S. dollar bond market
may differ materially compared with the application and adoption of RFRs in other markets, such as the derivatives and loan markets. Investors should carefully consider how any mismatch between the adoption of such reference rates in the bond, loan
and derivatives markets may impact any hedging or other financial arrangements which they may put in place in connection with any acquisition, holding or disposal of Securities. In addition, the methodology for determining SOFR could change during
the life of the Securities.

Market terms for debt securities referencing SOFR, such as the Securities, may evolve over time, and trading
prices of the Securities may be lower than those of later-issued SOFR indexed debt securities as a result. Investors in the Securities may not be able to sell the Securities at all or may not be able to sell the Securities at prices that will
provide them with a yield comparable to similar investments that have a developed secondary market and may consequently suffer from increased pricing volatility and market risk.

RFRs offered as alternatives to interbank offered rates also have a limited history. For that reason, future performance of such rates may be
difficult to predict based on their limited historical performance. The level of such rates after the Issue Date may bear little or no relation to historical levels. Prior observed patterns, if any, in the behavior of market variables and their
relation to such rates such as correlations, may change in the future. Investors should not rely on historical performance data as an indicator of the future performance of such risk-free rates nor should they