Company: BCS
Filing Date: 2025-02-20
Form Type: 424B2
Source: 0001193125-25-030302
Chunk: 88

Company: BARCLAYS PLC
Filing Date: 2025-02-20
Form: 424B2
Chunk 88
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 such regulations or
requirements. Such factors may have the effect of discouraging market

S-53

participants from continuing to administer or contribute to certain benchmarks, trigger changes in the rules or methodologies used in certain benchmarks or lead to the discontinuation or
unavailability of quotes of certain benchmarks.

As the Securities may reference an affected benchmark, uncertainty as to the nature of
alternative reference rates and as to potential changes or other reforms to such benchmark may adversely affect such benchmark rates and the return on, value of and the trading market for the Securities.

In accordance with the terms of the Securities, the Securities may be subject to the adjustment of the interest provisions in certain
circumstances, such as the potential elimination of SOFR or the then applicable benchmark, an inability to obtain authorisation or registration by the administrator of SOFR or the then applicable benchmark, changes in the manner of administration of
SOFR or the then applicable benchmark or the availability of a successor or replacement benchmark. The circumstances which could trigger such adjustments are beyond the Issuer’s control. The subsequent use of a replacement benchmark may result
in changes to the terms of the Securities (which could be extensive) and/or interest payments that are lower than or that do not otherwise correlate over time with the payments that could have been made on the Securities if SOFR (or the then
applicable benchmark) remained available in its current form.

Although pursuant to the terms of the Securities, spread adjustments may be
applied to any such replacement benchmark in order to reduce or eliminate, to the extent reasonably practicable in the circumstances, any economic prejudice or benefit (as applicable) to investors arising out of the replacement of SOFR or the then
applicable benchmark, the application of such adjustments to the Securities may not achieve this objective. Any such changes may result in the Securities performing differently (which may include payment of a lower interest rate) than if the
original benchmark continued to apply. There is no assurance that the characteristics of any replacement benchmark would be similar to the affected benchmark, that any replacement benchmark would produce the economic equivalent of the affected
benchmark or would be a suitable replacement for the affected benchmark. The choice of replacement benchmark is uncertain and could result in the use of other near risk-free rates (see “—The market continues to develop in relation to near risk-free rates (including overnight rates)” above for the risks relating to the use of such rates) and/or in the replacement benchmark being unavailable or indeterminable.

In certain circumstances the ultimate fallback of interest for a particular