Commentary & Deal Flow

Book Update: Books above £3bn
IPTs: UKT+195bp area

• Issuer: Barclays PLC
• Ticker: BACR
• LEI: 213800LBQA1Y9L22JB70
• Issuer Ratings: Baa1/BBB+/A (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa1/BBB/BBB+ (Moody's/S&P/Fitch)
• Ranking: Tier 2 Subordinated
• Legal Format: Reg S, Cat 2, Registered
• Currency: £
• Size: £500m - £750m (Max)
• Tenor: Long 10NC5
• Benchmark Gilt: UKT 0.250% Jul-31
• Settlement Date: 29-May-26 (T+5)
• Maturity Date: 29-Jul-36
• Optional Redemption Date: 29-Jul-31
• Reset Date: 29-Jul-31
• IPTs: UKT+195bps area
• Initial Coupon: Fixed, Annual, Act/Act (ICMA), [•]% per annum payable annually in arrear from (and including) the Settlement Date to (but excluding) the Reset Date, starting on 29-Jul-27 (long first coupon)
• Reset Coupon: If the Notes are not redeemed on the Optional Redemption Date (Call), the Coupon will reset on the Reset Date to a fixed rate per annum equal to the 5-year SONIA Mid-Swap Rate (Mid-Swap Floating Leg Benchmark Rate: SONIA) plus the Margin (as further described in the Documentation).
• Denominations: £100,000 and integral multiples of £1,000 in excess thereof
• Par Call: Yes, applicable at 100% in whole but not in part on the Optional Redemption Date (Call)
• Tax Redemption: Applicable at par (as further described in the Documentation)
• Regulatory Event Redemption: Applicable at par upon the occurrence of a Regulatory Event (full or partial exclusion from or ceasing to count towards Group Tier 2 Capital of the Group as further described in the Documentation)
• Substitution or Variation: Following (i) the occurrence of certain tax events or (ii) a change in the regulatory classification of the Notes that results (or would be likely to result) in the whole or any part of the Notes being excluded from or ceasing to count towards the Tier 2 Capital of the Group, the Issuer may, at its option, either substitute all (but not some only) of the Notes for, or vary the terms of the Notes so that they remain or, as appropriate, become, Compliant Notes (as defined in the Prospectus)
• Listing: London Stock Exchange, Main Market
• Governing Law: English Law
• Waiver of Set-off: See Condition 4(c) in the Prospectus
• Enforcement Events: See Condition 15 in the Prospectus
• Documentation: Issued off the Debt Issuance Programme Base Prospectus dated 24-Feb-26 as supplemented on 29-Apr-26 (the “Prospectus”)
• Target Market: MiFID II and UK MiFIR - professionals/ECPs-only / No PRIIPs or UK PRIIPs KID/CCI product summary – Manufacturer target market (EU MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in the EEA or in the United Kingdom
• Selling Restrictions: As per the Prospectus
• Sole Bookrunner: Barclays Bank PLC
• ISIN: XS3386666245
• Use of Proceeds: General corporate purposes of the Issuer and its subsidiaries and/or the Group and may be used to strengthen further the capital base of the Issuer and its subsidiaries and/or the Group
• Timing: Today’s business
• Advertisement: The Prospectus is available at https://home.barclays/investor-relations/, the Final Terms, when published, will be available at www.londonstockexchange.com