Please wait
 
Exhibit
 
2.2
DESCRIPTION
 
OF
 
SECURITIES
 
REGISTERED
 
UNDER
 
SECTION
 
12
 
OF
 
THE
 
EXCHANGE
 
ACT
As
 
of
 
December
 
31,
 
2020,
 
Barclays
 
PLC
 
(“Barclays,”
 
the
 
“Company,”
 
“we,”
 
“us,”
 
and
 
“our”)
 
had
 
four
 
classes
 
of
 
securities
 
registered
 
pursuant
 
to
Section
 
12(b)
 
of
 
the
 
Securities
 
Exchange
 
Act
 
of
 
1934
 
(the
 
“Act”):
 
our
 
Ordinary
 
Shares;
 
our
 
American
 
Depositary
 
Receipts
 
(ADRs);
 
our
 
Senior
Debt
 
Securities;
 
and
 
our
 
Subordinated
 
Debt
 
Securities.
 
Barclays
 
PLC
 
and
 
its
 
consolidated
 
subsidiaries
 
is
 
referred
 
to
 
as
 
the
 
“Group.”
A.
 
Description
 
of
 
Ordinary
 
Shares
This
 
summary
 
of
 
the
 
general
 
terms
 
and
 
provisions
 
of
 
our
 
ordinary
 
shares
 
does
 
not
 
purport
 
to
 
be
 
complete
 
and
 
is
 
subject
 
to
 
and
 
qualified
 
in
 
its
entirety
 
by
 
reference
 
to
 
our
 
Articles
 
of
 
Association
 
(the
 
“Articles”),
 
which
 
is
 
incorporated
 
herein
 
by
 
reference
 
to
 
the
 
Form
 
6-K
 
filed
 
on
 
May
 
2,
2013
 
(Film
 
No.
 
13806088).
Barclays
 
has
 
ordinary
 
shares
 
in
 
issue
 
which
 
are
 
in
 
registered
 
form
 
and
 
are
 
governed
 
by
 
the
 
laws
 
of
 
England
 
and
 
Wales.
 
The
 
shareholders
 
of
Barclays
 
passed
 
an
 
ordinary
 
resolution
 
on
 
May
 
7,
 
2020
 
to
 
increase
 
its
 
share
 
capital
 
by
 
the
 
creation
 
of
 
new
 
shares
 
of
 
up
 
to
 
£825,000,000
 
in
relation
 
to
 
any
 
issue
 
of
 
securities
 
that
 
automatically
 
convert
 
into
 
or
 
are
 
exchanged
 
for
 
ordinary
 
shares
 
of
 
Barclays,
 
which
 
authorization
 
expires
on
 
the
 
earlier
 
of
 
the
 
end
 
of
 
Barclays’
 
Annual
 
General
 
Meeting
 
to
 
be
 
held
 
in
 
2021
 
and
 
the
 
close
 
of
 
business
 
on
 
June
 
30,
 
2021,
 
unless
 
otherwise
renewed
 
or
 
passed
 
pursuant
 
to
 
a
 
separate
 
resolution.
 
As
 
at
 
December
 
31,
 
2020
 
there
 
were
 
17,359,000,000
 
ordinary
 
shares
 
in
 
issue,
 
each
having
 
a
 
nominal
 
value
 
of
 
25
 
pence
 
per
 
share.
 
Our
 
ordinary
 
shares
 
are
 
admitted
 
to
 
trading
 
on
 
the
 
London
 
Stock
 
Exchange
 
under
 
the
 
symbol
“BARC”.
Our
 
Articles
 
contain
 
provisions
 
to
 
the
 
following
 
effect:
Dividends
Subject
 
to
 
the
 
provisions
 
of
 
the
 
Articles
 
and
 
applicable
 
legislation,
 
Barclays
 
at
 
any
 
general
 
meeting
 
may
 
declare
 
dividends
 
on
 
the
 
ordinary
shares
 
by
 
ordinary
 
resolution,
 
but
 
such
 
dividends
 
may
 
not
 
exceed
 
the
 
amount
 
recommended
 
by
 
the
 
board
 
of
 
directors
 
of
 
Barclays
 
(the
 
“Board”).
The
 
Board
 
may
 
also
 
declare
 
and
 
pay
 
interim
 
or
 
final
 
dividends
 
if
 
it
 
appears
 
they
 
are
 
justified
 
by
 
our
 
financial
 
position.
All
 
unclaimed
 
dividends
 
payable
 
in
 
respect
 
of
 
any
 
share
 
may
 
be
 
invested
 
or
 
otherwise
 
made
 
use
 
of
 
by
 
the
 
Board
 
for
 
the
 
benefit
 
of
 
Barclays
 
until
claimed.
 
If
 
a
 
dividend
 
is
 
not
 
claimed
 
after
 
12
 
years
 
of
 
it
 
becoming
 
payable,
 
it
 
is
 
forfeited
 
and
 
reverts
 
to
 
us.
Barclays
 
operates
 
a
 
Scrip
 
Dividend
 
Programme
 
that
 
enables
 
eligible
 
shareholders
 
to
 
elect
 
to
 
receive
 
new
 
ordinary
 
shares
 
issued
 
by
 
Barclays
PLC
 
instead
 
of
 
a
 
cash
 
dividend.
Under
 
the
 
terms
 
of
 
the
 
6.278%
 
non-cumulative
 
callable
 
preference
 
shares,
 
Series
 
1
 
and
 
the
 
Euro
 
non-cumulative
 
callable
 
preference
 
shares
issued
 
by
 
our
 
subsidiary,
 
Barclays
 
Bank
 
PLC,
 
if
 
Barclays
 
Bank
 
PLC
 
does
 
not
 
declare
 
and
 
pay
 
in
 
full
 
any
 
dividend
 
on
 
such
 
preference
 
shares
 
on
a
 
dividend
 
payment
 
date
 
(or
 
if
 
Barclays
 
Bank
 
PLC
 
declares
 
the
 
dividend
 
but
 
fails
 
to
 
pay
 
it
 
or
 
set
 
aside
 
the
 
amount
 
of
 
the
 
payment
 
in
 
full),
 
we
may
 
not
 
declare
 
or
 
pay
 
a
 
dividend
 
on
 
our
 
ordinary
 
shares
 
or
 
redeem,
 
purchase,
 
reduce
 
or
 
otherwise
 
acquire
 
any
 
of
 
our
 
share
 
capital
 
(or
 
set
aside
 
any
 
sum
 
or
 
establish
 
any
 
sinking
 
fund
 
for
 
the
 
redemption,
 
purchase
 
or
 
otherwise
 
acquisition
 
thereof)
 
until
 
the
 
earlier
 
of
 
the
 
(a)
 
the
 
dividend
payment
 
date
 
on
 
which
 
Barclays
 
Bank
 
PLC
 
next
 
declares
 
and
 
pays
 
in
 
full
 
a
 
dividend
 
on
 
such
 
preference
 
shares
 
and
 
(b)
 
the
 
date
 
on
 
or
 
by
 
which
all
 
of
 
such
 
preference
 
shares
 
are
 
either
 
redeemed
 
in
 
full
 
or
 
purchased
 
by
 
or
 
for
 
Barclays
 
Bank
 
PLC’s
 
account.
Under
 
the
 
terms
 
of
 
the
 
6.86%
 
Callable
 
Perpetual
 
Core
 
Tier
 
One
 
Notes,
 
the
 
6%
 
Callable
 
Perpetual
 
Core
 
Tier
 
One
 
Notes
 
and
 
the
 
5.3304%
 
Step-
up
 
Callable
 
Perpetual
 
Reserve
 
Capital
 
Instruments
 
issued
 
by
 
our
 
subsidiary,
 
Barclays
 
Bank
 
PLC,
 
if
 
Barclays
 
Bank
 
PLC
 
defers
 
a
 
coupon
payment,
 
we
 
may
 
not
 
declare
 
or
 
pay
 
a
 
dividend
 
on
 
our
 
ordinary
 
shares
 
or
 
redeem,
 
purchase,
 
reduce
 
or
 
otherwise
 
acquire
 
any
 
of
 
our
 
share
capital
 
until
 
Barclays
 
Bank
 
PLC
 
next
 
makes
 
a
 
coupon
 
payment
 
in
 
accordance
 
with
 
the
 
terms
 
and
 
conditions
 
of
 
such
 
instruments.
Voting
Every
 
member
 
who
 
is
 
present
 
in
 
person
 
or
 
by
 
proxy
 
or
 
represented
 
at
 
any
 
general
 
meeting
 
of
 
Barclays,
 
and
 
who
 
is
 
entitled
 
to
 
vote,
 
has
 
one
 
vote
on
 
a
 
show
 
of
 
hands.
 
Every
 
proxy
 
present
 
has
 
one
 
vote,
 
except
 
that
 
the
 
proxy
 
will
 
have
 
one
 
vote
 
for
 
and
 
one
 
vote
 
against
 
a
 
resolution
 
if
 
he/she
has
 
been
 
instructed
 
to
 
vote
 
for
 
and
 
against
 
the
 
resolution
 
by
 
different
 
members
 
or
 
in
 
one
 
direction
 
by
 
a
 
member
 
while
 
another
 
member
 
has
permitted
 
the
 
proxy
 
discretion
 
as
 
to
 
how
 
to
 
vote.
 
On
 
a
 
poll,
 
every
 
member
 
who
 
is
 
present
 
or
 
represented
 
and
 
who
 
is
 
entitled
 
to
 
vote
 
has
 
one
vote
 
for
 
every
 
share
 
held.
 
In
 
the
 
case
 
of
 
joint
 
holders,
 
only
 
the
 
vote
 
of
 
the
 
senior
 
holder
 
(as
 
determined
 
by
 
order
 
in
 
the
 
share
 
register)
 
or
 
his
proxy
 
may
 
be
 
counted.
 
If
 
any
 
sum
 
payable
 
remains
 
unpaid
 
in
 
relation
 
to
 
a
 
member’s
 
shareholding,
 
that
 
member
 
is
 
not
 
entitled
 
to
 
vote
 
that
 
share
or
 
exercise
 
any
 
other
 
right
 
in
 
relation
 
to
 
a
 
meeting
 
of
 
Barclays
 
unless
 
the
 
Board
 
otherwise
 
determines.
If
 
any
 
member,
 
or
 
any
 
other
 
person
 
appearing
 
to
 
be
 
interested
 
in
 
any
 
of
 
our
 
ordinary
 
shares,
 
is
 
served
 
with
 
a
 
notice
 
under
 
Section
 
793
 
of
 
the
Companies
 
Act
 
2006
 
(the
 
“Companies
 
Act”)
 
and
 
does
 
not
 
supply
 
us
 
with
 
the
 
information
 
required
 
in
 
the
 
notice,
 
then
 
(unless
 
the
 
Board
 
otherwise
decides,
 
and
 
subject
 
to
 
applicable
 
law)
 
(i)
 
that
 
member
 
shall
 
not
 
be
 
entitled
 
to
 
attend
 
or
 
vote
 
at
 
any
 
meeting
 
of
 
Barclays,
 
and
 
(ii)
 
if
 
the
 
shares
 
of
the
 
defaulting
 
member
 
represent
 
0.25%
 
or
 
more
 
of
 
the
 
issued
 
shares
 
of
 
the
 
relevant
 
class,
 
dividends
 
or
 
other
 
monies
 
payable
 
on
 
those
 
shares
shall
 
be
 
retained
 
by
 
us
 
and
 
no
 
transfer
 
of
 
those
 
shares
 
shall
 
be
 
registered
 
(other
 
than
 
certain
 
specified
 
“excepted
 
transfers”).
 
These
 
sanctions
cease
 
to
 
have
 
effect
 
seven
 
days
 
after
 
we
 
have
 
received
 
the
 
information
 
requested,
 
or
 
when
 
we
 
are
 
notified
 
that
 
an
 
“excepted
 
transfer”
 
of
 
all
 
of
the
 
relevant
 
shares
 
to
 
a
 
third
 
party
 
has
 
occurred,
 
or
 
as
 
the
 
Board
 
otherwise
 
determines.
The
 
Articles
 
provide
 
that
 
one-third
 
of
 
the
 
directors
 
shall
 
retire
 
from
 
office
 
and
 
not
 
offer
 
themselves
 
for
 
re-election
 
at
 
each
 
annual
 
general
meeting.
 
In
 
accordance
 
with
 
the
 
UK
 
Corporate
 
Governance
 
Code,
 
all
 
directors,
 
who
 
are
 
otherwise
 
not
 
retiring
 
from
 
office,
 
are
 
subject
 
to
 
annual
re-election
 
by
 
shareholders.
 
Transfers
Ordinary
 
shares
 
may
 
be
 
held
 
in
 
either
 
certificated
 
or
 
uncertificated
 
form.
 
Certificated
 
ordinary
 
shares
 
shall
 
be
 
transferred
 
in
 
writing
 
in
 
any
 
usual
or
 
other
 
form
 
approved
 
by
 
the
 
Board
 
and
 
executed
 
by
 
or
 
on
 
behalf
 
of
 
the
 
transferor.
 
Transfers
 
of
 
uncertificated
 
ordinary
 
shares
 
shall
 
be
 
made
 
in
accordance
 
with
 
the
 
Companies
 
Act
 
and
 
Uncertificated
 
Securities
 
Regulations
 
2001,
 
as
 
amended.
The
 
Board
 
is
 
not
 
bound
 
to
 
register
 
a
 
transfer
 
of
 
partly
 
paid
 
ordinary
 
shares,
 
or
 
fully
 
paid
 
shares
 
in
 
exceptional
 
circumstances
 
approved
 
by
 
the
Financial
 
Conduct
 
Authority
 
(the
 
“FCA”).
 
The
 
Board
 
may
 
also
 
decline
 
to
 
register
 
an
 
instrument
 
of
 
transfer
 
of
 
certificated
 
ordinary
 
shares
 
unless
(i)
 
it
 
is
 
duly
 
stamped
 
and
 
deposited
 
at
 
the
 
prescribed
 
place
 
and
 
accompanied
 
by
 
the
 
share
 
certificate(s)
 
and
 
such
 
other
 
evidence
 
as
 
reasonably
required
 
by
 
the
 
Board
 
to
 
evidence
 
right
 
to
 
transfer,
 
(ii)
 
it
 
is
 
in
 
respect
 
of
 
one
 
class
 
of
 
shares
 
only,
 
and
 
(iii)
 
it
 
is
 
in
 
favor
 
of
 
a
 
single
 
transferee
 
or
not
 
more
 
than
 
four
 
transferees
 
(except
 
in
 
the
 
case
 
of
 
executors
 
or
 
trustees
 
of
 
a
 
member).
Redemption
 
Subject
 
to
 
applicable
 
legislation
 
and
 
the
 
rights
 
of
 
the
 
other
 
shareholders,
 
any
 
share
 
may
 
be
 
issued
 
on
 
terms
 
that
 
it
 
is,
 
at
 
our
 
option
 
or
 
the
 
option
of
 
the
 
holder
 
of
 
such
 
share,
 
redeemable.
 
The
 
directors
 
are
 
authorized
 
to
 
determine
 
the
 
terms,
 
conditions
 
and
 
manner
 
of
 
redemption
 
of
 
any
 
such
shares
 
under
 
the
 
Articles.
Calls
 
on
 
capital
The
 
directors
 
may
 
make
 
calls
 
upon
 
the
 
members
 
in
 
respect
 
of
 
any
 
monies
 
unpaid
 
on
 
their
 
shares.
 
A
 
person
 
upon
 
whom
 
a
 
call
 
is
 
made
 
remains
liable
 
even
 
if
 
the
 
shares
 
in
 
respect
 
of
 
which
 
the
 
call
 
is
 
made
 
have
 
been
 
transferred.
 
Interest
 
will
 
be
 
chargeable
 
on
 
any
 
unpaid
 
amount
 
called
 
at
 
a
rate
 
determined
 
by
 
the
 
Board
 
(of
 
not
 
more
 
than
 
20%
 
per
 
annum).
If
 
a
 
member
 
fails
 
to
 
pay
 
any
 
call
 
in
 
full
 
(following
 
notice
 
from
 
the
 
Board
 
that
 
such
 
failure
 
will
 
result
 
in
 
forfeiture
 
of
 
the
 
relevant
 
shares),
 
such
shares
 
(including
 
any
 
dividends
 
declared
 
but
 
not
 
paid)
 
may
 
be
 
forfeited
 
by
 
a
 
resolution
 
of
 
the
 
Board,
 
and
 
will
 
become
 
the
 
property
 
of
 
Barclays.
Forfeiture
 
shall
 
not
 
absolve
 
a
 
previous
 
member
 
for
 
amounts
 
payable
 
by
 
him/her
 
(which
 
may
 
continue
 
to
 
accrue
 
interest).
Barclays
 
also
 
has
 
a
 
lien
 
over
 
all
 
of
 
our
 
partly
 
paid
 
shares
 
for
 
all
 
monies
 
payable
 
or
 
called
 
on
 
that
 
share
 
and
 
over
 
the
 
debts
 
and
 
liabilities
 
of
 
a
member
 
to
 
Barclays.
 
If
 
any
 
monies
 
which
 
are
 
the
 
subject
 
of
 
the
 
lien
 
remain
 
unpaid
 
after
 
a
 
notice
 
from
 
the
 
Board
 
demanding
 
payment,
 
we
 
may
sell
 
such
 
shares.
Variation
 
of
 
Rights
The
 
rights
 
attached
 
to
 
any
 
class
 
of
 
shares
 
may
 
be
 
varied
 
either
 
with
 
the
 
consent
 
in
 
writing
 
of
 
the
 
holders
 
of
 
at
 
least
 
75%
 
in
 
nominal
 
value
 
of
 
the
issued
 
shares
 
of
 
that
 
class
 
(excluding
 
any
 
share
 
of
 
that
 
class
 
held
 
as
 
treasury
 
shares)
 
or
 
with
 
the
 
sanction
 
of
 
a
 
special
 
resolution
 
passed
 
at
 
a
separate
 
meeting
 
of
 
the
 
holders
 
of
 
the
 
shares
 
of
 
that
 
class.
The
 
rights
 
of
 
shares
 
shall
 
not
 
(unless
 
expressly
 
provided
 
by
 
the
 
rights
 
attached
 
to
 
such
 
shares)
 
be
 
deemed
 
varied
 
by
 
the
 
creation
 
of
 
further
shares
 
ranking
 
equally
 
with
 
them.
Winding
 
Up
In
 
the
 
winding
 
up
 
of
 
Barclays
 
(whether
 
the
 
liquidation
 
is
 
voluntary
 
or
 
by
 
the
 
court)
 
the
 
liquidator
 
may,
 
on
 
obtaining
 
any
 
sanction
 
required
 
by
 
law,
divide
 
among
 
the
 
members
 
in
 
kind
 
the
 
whole
 
or
 
any
 
part
 
of
 
the
 
assets
 
of
 
Barclays,
 
whether
 
or
 
not
 
the
 
assets
 
consist
 
of
 
property
 
of
 
one
 
kind
 
or
 
of
different
 
kinds,
 
and
 
vest
 
the
 
whole
 
or
 
any
 
part
 
of
 
the
 
assets
 
in
 
trustees
 
upon
 
such
 
trusts
 
for
 
the
 
benefit
 
of
 
the
 
members
 
as
 
he,
 
with
 
the
 
like
sanction,
 
shall
 
determine.
 
For
 
this
 
purpose
 
the
 
liquidator
 
may
 
set
 
the
 
value
 
he
 
deems
 
fair
 
on
 
a
 
class
 
or
 
classes
 
of
 
property,
 
and
 
may
 
determine
on
 
the
 
basis
 
of
 
that
 
valuation
 
and
 
in
 
accordance
 
with
 
the
 
then-existing
 
rights
 
of
 
members
 
how
 
the
 
division
 
is
 
to
 
be
 
carried
 
out
 
between
 
members
or
 
classes
 
of
 
members.
 
The
 
liquidator
 
may
 
not,
 
however,
 
distribute
 
to
 
a
 
member
 
without
 
his
 
consent
 
an
 
asset
 
to
 
which
 
there
 
is
 
attached
 
a
liability
 
or
 
potential
 
liability
 
for
 
the
 
owner.
 
Limitations
 
on
 
Share
 
Ownership
There
 
are
 
no
 
limitations
 
on
 
the
 
rights
 
of
 
shareholders
 
to
 
own
 
securities.
 
In
 
addition,
 
there
 
are
 
no
 
restrictions
 
imposed
 
by
 
the
 
Articles
 
or
 
(subject
to
 
the
 
effect
 
of
 
any
 
economic
 
sanctions
 
that
 
may
 
be
 
in
 
force
 
from
 
time
 
to
 
time)
 
by
 
current
 
UK
 
laws
 
which
 
relate
 
to
 
non-residents
 
or
 
foreign
shareholders
 
and
 
which
 
limit
 
the
 
rights
 
of
 
such
 
non-residents
 
or
 
foreign
 
shareholders
 
to
 
hold
 
or
 
(when
 
entitled
 
to
 
do
 
so)
 
exercise
 
voting
 
rights
 
on
the
 
ordinary
 
shares.
B.
 
Description
 
of
 
American
 
Depositary
 
Shares
This
 
summary
 
of
 
the
 
general
 
terms
 
and
 
provisions
 
of
 
our
 
American
 
Depositary
 
Shares
 
(“ADSs”)
 
does
 
not
 
purport
 
to
 
be
 
complete
 
and
 
is
 
subject
to
 
and
 
qualified
 
in
 
its
 
entirety
 
by
 
our
 
Form
 
F-6
 
filed
 
on
 
March
 
13,
 
2018
 
(Commission
 
file
 
No.
 
333-190612),
 
which
 
is
 
incorporated
 
by
 
reference,
including
 
the
 
exhibits
 
thereto.
 
In
 
the
 
following
 
description,
 
a
 
“Holder”
 
is
 
the
 
person
 
registered
 
with
 
the
 
Depositary
 
(as
 
defined
 
below).
 
General
American
 
Depositary
 
Receipts
 
(“ADRs”)
 
evidencing
 
ADSs
 
are
 
issuable
 
pursuant
 
to
 
a
 
second
 
amended
 
and
 
restated
 
deposit
 
agreement
 
dated
August
 
11,
 
2008,
 
as
 
amended
 
on
 
August
 
14,
 
2013,
 
April
 
4,
 
2014
 
and
 
March
 
13,
 
2018,
 
among
 
Barclays,
 
JP
 
Morgan
 
Chase
 
Bank,
 
N.A.,
 
as
depositary
 
(the
 
“Depositary”),
 
and
 
the
 
Holders
 
from
 
time
 
to
 
time
 
of
 
ADRs
 
(the
 
“Deposit
 
Agreement”).
 
The
 
principal
 
executive
 
office
 
of
 
the
Depositary
 
is
 
1
 
Chase
 
Manhattan
 
Plaza,
 
Floor
 
58,
 
New
 
York,
 
New
 
Yo
 
rk
 
10005.
 
Each
 
ADS
 
represents
 
the
 
right
 
to
 
receive
 
four
 
ordinary
 
shares
 
of
Barclays.
 
An
 
ADR
 
may
 
evidence
 
any
 
number
 
of
 
ADSs.
Voting
Upon
 
receipt
 
of
 
notice
 
of
 
any
 
meeting
 
or
 
solicitation
 
of
 
consents
 
or
 
proxies
 
of
 
holders
 
of
 
ordinary
 
shares
 
and
 
at
 
Barclays’
 
written
 
request,
 
the
Depositary
 
shall,
 
to
 
the
 
extent
 
permitted
 
by
 
applicable
 
laws,
 
mail
 
the
 
information
 
in
 
such
 
notice
 
to
 
the
 
Holders
 
along
 
with
 
instructions
 
for
 
the
voting
 
of
 
their
 
respective
 
ADSs.
Upon
 
the
 
written
 
request
 
of
 
a
 
Holder,
 
the
 
Depositary
 
shall
 
endeavor,
 
insofar
 
as
 
practical,
 
to
 
vote
 
or
 
cause
 
to
 
be
 
voted
 
the
 
amount
 
of
 
ordinary
shares
 
represented
 
by
 
the
 
ADSs
 
in
 
accordance
 
with
 
the
 
Holder’s
 
instructions.
 
The
 
Depositary
 
shall
 
not
 
vote
 
the
 
ordinary
 
shares
 
except
 
in
accordance
 
with
 
such
 
instructions.
Holders
 
will
 
not
 
be
 
entitled
 
to
 
vote
 
ordinary
 
shares
 
directly.
Collecting
 
and
 
Distributing
 
Dividends
The
 
Depositary
 
will
 
distribute
 
all
 
cash
 
dividends
 
or
 
other
 
cash
 
distributions
 
that
 
it
 
receives
 
in
 
respect
 
of
 
deposited
 
ordinary
 
shares
 
to
 
Holders,
after
 
payment
 
of
 
any
 
charges
 
and
 
fees
 
provided
 
for
 
in
 
the
 
Deposit
 
Agreement,
 
in
 
proportion
 
to
 
their
 
holdings
 
of
 
ADSs.
 
The
 
cash
 
amount
distributed
 
will
 
be
 
reduced
 
by
 
any
 
amounts
 
that
 
Barclays
 
or
 
the
 
Depositary
 
must
 
withhold
 
on
 
account
 
of
 
taxes.
If
 
Barclays
 
makes
 
a
 
non-cash
 
distribution
 
in
 
respect
 
of
 
any
 
deposited
 
ordinary
 
shares,
 
the
 
Depositary
 
will
 
distribute
 
the
 
property
 
it
 
receives
 
to
Holders,
 
after
 
deduction
 
or
 
upon
 
payment
 
of
 
any
 
taxes,
 
charges
 
and
 
fees
 
provided
 
for
 
in
 
the
 
Deposit
 
Agreement,
 
in
 
proportion
 
to
 
their
 
holdings
of
 
ADSs.
 
If
 
a
 
distribution
 
that
 
Barclays
 
makes
 
in
 
respect
 
of
 
deposited
 
ordinary
 
shares
 
consists
 
of
 
a
 
dividend
 
in,
 
or
 
free
 
distribution
 
of,
 
ordinary
shares,
 
the
 
Depositary
 
may,
 
and
 
will,
 
if
 
Barclays
 
requests,
 
distribute
 
to
 
Holders,
 
in
 
proportion
 
to
 
their
 
holdings
 
of
 
ADSs,
 
additional
 
ADRs
evidencing
 
an
 
aggregate
 
number
 
of
 
ADSs
 
representing
 
the
 
amount
 
of
 
ordinary
 
shares
 
received
 
as
 
such
 
dividend
 
or
 
free
 
distribution.
 
If
 
the
Depositary
 
does
 
not
 
distribute
 
additional
 
ADRs,
 
each
 
ADS
 
will
 
from
 
then
 
forward
 
also
 
represent
 
the
 
additional
 
ordinary
 
shares
 
distributed
 
in
respect
 
of
 
the
 
deposited
 
ordinary
 
shares
 
before
 
the
 
dividend
 
or
 
free
 
distribution.
 
The
 
Depositary
 
may
 
withhold
 
any
 
such
 
distribution
 
of
 
ADRs
 
if
 
it
 
has
 
not
 
received
 
satisfactory
 
assurances
 
from
 
Barclays
 
that
 
such
 
distribution
 
does
 
not
 
require
 
registration
 
under
 
the
 
Securities
 
Act
 
of
 
1933
(“Securities
 
Act”)
 
or
 
is
 
exempt
 
from
 
registration
 
under
 
the
 
provisions
 
of
 
the
 
Securities
 
Act.
Procedures
 
for
 
Transmitting
 
Notices,
 
Reports
 
and
 
Proxy
 
Soliciting
 
Material
In
 
addition
 
to
 
the
 
procedures
 
for
 
transmitting
 
notices
 
discussed
 
above
 
under
 
“
Voting
,”
 
the
 
Depositary
 
shall
 
make
 
available
 
for
 
inspection
 
by
Holders,
 
at
 
its
 
principal
 
executive
 
office
 
and
 
at
 
any
 
other
 
designated
 
transfer
 
offices,
 
any
 
reports
 
and
 
communications,
 
including
 
any
 
proxy
material,
 
received
 
from
 
Barclays
 
which
 
are
 
both
 
(i)
 
received
 
by
 
the
 
Depositary
 
or
 
the
 
custodian
 
or
 
the
 
nominee
 
of
 
either
 
of
 
them
 
as
 
the
 
holder
 
of
the
 
ordinary
 
shares
 
and
 
(ii)
 
made
 
generally
 
available
 
by
 
Barclays
 
to
 
the
 
holders
 
of
 
such
 
ordinary
 
shares.
 
If
 
requested
 
in
 
writing
 
by
 
Barclays,
 
the
Depositary
 
shall
 
arrange
 
for
 
the
 
transmittal
 
or
 
mailing
 
of
 
such
 
notices,
 
and
 
any
 
other
 
reports
 
or
 
communications
 
made
 
generally
 
available
 
to
holders
 
of
 
the
 
ordinary
 
shares,
 
to
 
all
 
Holders.
Sale
 
or
 
Exercising
 
of
 
Rights
If
 
Barclays
 
makes
 
a
 
distribution
 
of
 
rights
 
to
 
subscribe
 
for
 
additional
 
ordinary
 
shares
 
or
 
any
 
other
 
rights
 
of
 
any
 
nature
 
and
 
offers
 
such
 
rights
 
to
holders
 
of
 
deposited
 
securities,
 
the
 
Depositary
 
will
 
exercise
 
its
 
discretion
 
as
 
to
 
the
 
procedure
 
for
 
making
 
such
 
rights
 
available
 
to
 
Holders
 
or
 
of
disposing
 
of
 
such
 
rights
 
and
 
making
 
the
 
net
 
proceeds
 
available
 
to
 
any
 
Holders,
 
in
 
each
 
case
 
in
 
proportion
 
to
 
their
 
holdings
 
of
 
ADSs.
 
If,
 
by
 
the
terms
 
of
 
the
 
rights
 
issue
 
or
 
for
 
any
 
other
 
reason,
 
the
 
Depositary
 
may
 
not
 
make
 
such
 
rights
 
available
 
to
 
Holders
 
or
 
dispose
 
of
 
such
 
rights
 
and
make
 
the
 
net
 
proceeds
 
available
 
to
 
Holders,
 
the
 
Depositary
 
may
 
generally
 
allow
 
the
 
rights
 
to
 
lapse.
 
If
 
the
 
Depositary
 
has
 
distributed
 
rights
 
to
 
all
or
 
certain
 
Holders,
 
then
 
upon
 
the
 
instruction
 
of
 
such
 
Holders
 
and
 
payment
 
of
 
any
 
applicable
 
purchase
 
price,
 
fees,
 
expenses
 
and
 
charges,
 
the
Depositary
 
shall
 
exercise
 
such
 
rights
 
to
 
purchase
 
ordinary
 
shares
 
on
 
behalf
 
of
 
such
 
Holders.
 
Ordinary
 
shares
 
purchased
 
by
 
the
 
Depositary
 
will
be
 
deposited
 
and
 
ADRs
 
will
 
be
 
delivered
 
to
 
such
 
Holders.
 
The
 
Depositary
 
will
 
not
 
be
 
responsible
 
for
 
any
 
failure
 
to
 
determine
 
that
 
it
 
may
 
be
lawful
 
or
 
practicable
 
to
 
make
 
such
 
rights
 
available
 
to
 
Holders
 
in
 
general
 
or
 
any
 
Holder
 
in
 
particular.
Deposit
 
or
 
Sale
 
of
 
Securities
 
Resulting
 
from
 
Dividends,
 
Splits
 
or
 
Plans
 
of
 
Reorganization
If
 
Barclays
 
makes
 
a
 
distribution
 
payable
 
at
 
the
 
election
 
of
 
the
 
holders
 
of
 
ordinary
 
shares
 
in
 
either
 
cash
 
or
 
additional
 
ordinary
 
shares
 
that
 
it
wishes
 
to
 
be
 
made
 
available
 
to
 
Holders,
 
the
 
Depositary
 
shall
 
consult
 
with
 
Barclays
 
to
 
determine
 
whether
 
it
 
is
 
lawful
 
and
 
reasonably
 
practicable
to
 
make
 
such
 
elective
 
distribution
 
available
 
to
 
Holders.
 
The
 
Depositary
 
shall
 
make
 
such
 
elective
 
distribution
 
available
 
to
 
Holders
 
only
 
if,
 
among
other
 
things,
 
Barclays
 
has
 
timely
 
requested
 
that
 
the
 
elective
 
distribution
 
is
 
available
 
to
 
Holders
 
and
 
the
 
Depositary
 
shall
 
have
 
determined
 
that
such
 
distribution
 
is
 
reasonably
 
practicable.
 
If
 
the
 
conditions
 
for
 
making
 
the
 
elective
 
distribution
 
available
 
to
 
Holders
 
are
 
satisfied,
 
the
 
Depositary
will
 
establish
 
procedures
 
to
 
enable
 
Holders
 
to
 
elect
 
the
 
receipt
 
of
 
either
 
cash
 
or
 
additional
 
ADSs.
 
If
 
the
 
conditions
 
for
 
making
 
the
 
elective
distribution
 
available
 
to
 
Holders
 
are
 
not
 
satisfied,
 
the
 
Depositary
 
will,
 
to
 
the
 
extent
 
permitted
 
by
 
law,
 
distribute
 
either
 
cash
 
or
 
additional
 
ADSs
 
to
the
 
Holders
 
on
 
the
 
basis
 
of
 
the
 
same
 
determination
 
as
 
is
 
made
 
in
 
the
 
local
 
market
 
in
 
respect
 
of
 
the
 
ordinary
 
shares
 
for
 
which
 
no
 
election
 
is
made.
 
There
 
can
 
be
 
no
 
assurance
 
that
 
Holders
 
generally,
 
or
 
any
 
Holder
 
in
 
particular,
 
will
 
be
 
given
 
the
 
opportunity
 
to
 
receive
 
elective
distributions
 
on
 
the
 
same
 
terms
 
and
 
conditions
 
as
 
the
 
holders
 
of
 
ordinary
 
shares.
If
 
the
 
Depositary
 
determines
 
that
 
any
 
distribution
 
of
 
property,
 
other
 
than
 
cash,
 
ordinary
 
shares
 
or
 
rights
 
to
 
ordinary
 
shares,
 
cannot
 
be
 
made
proportionately
 
among
 
Holders
 
or
 
if
 
for
 
any
 
other
 
reason,
 
including
 
any
 
requirement
 
that
 
Barclays
 
or
 
the
 
Depositary
 
withhold
 
an
 
amount
 
on
account
 
of
 
taxes
 
or
 
other
 
governmental
 
charges,
 
the
 
Depositary
 
deems
 
that
 
such
 
a
 
distribution
 
is
 
not
 
feasible,
 
the
 
Depositary
 
may
 
dispose
 
of
 
all
or
 
part
 
of
 
the
 
property
 
in
 
any
 
manner,
 
including
 
by
 
public
 
or
 
private
 
sale,
 
that
 
it
 
deems
 
equitable
 
and
 
practicable.
 
The
 
Depositary
 
will
 
then
distribute
 
the
 
net
 
proceeds
 
of
 
any
 
such
 
sale
 
(net
 
of
 
any
 
fees
 
and
 
expenses
 
of
 
the
 
Depositary
 
provided
 
for
 
in
 
the
 
Deposit
 
Agreement)
 
to
 
Holders
as
 
in
 
the
 
case
 
of
 
a
 
distribution
 
received
 
in
 
cash.
In
 
circumstances
 
where
 
the
 
provisions
 
of
 
the
 
Deposit
 
Agreement
 
governing
 
distributions
 
of
 
ordinary
 
shares
 
do
 
not
 
apply,
 
upon
 
any
 
change
 
in
nominal
 
value,
 
change
 
in
 
par
 
value,
 
split
 
-up,
 
consolidation
 
or
 
any
 
other
 
reclassification
 
of
 
ordinary
 
shares,
 
or
 
upon
 
any
 
recapitalization,
reorganization,
 
merger
 
or
 
consolidation
 
or
 
sale
 
of
 
assets
 
affecting
 
Barclays
 
or
 
to
 
which
 
it
 
is
 
a
 
party,
 
any
 
securities
 
which
 
shall
 
be
 
received
 
by
 
the
Depositary
 
or
 
a
 
custodian
 
in
 
exchange
 
for
 
or
 
in
 
conversion
 
of
 
or
 
in
 
respect
 
of
 
ordinary
 
shares,
 
shall
 
be
 
treated
 
as
 
new
 
ordinary
 
shares
 
under
 
the
Deposit
 
Agreement,
 
and
 
ADSs
 
shall
 
thenceforth
 
represent
 
the
 
new
 
ordinary
 
shares
 
so
 
received
 
in
 
exchange
 
or
 
conversion,
 
unless
 
additional
ADRs
 
are
 
delivered.
 
In
 
any
 
such
 
case
 
the
 
Depositary
 
may
 
execute
 
and
 
deliver
 
additional
 
ADRs
 
as
 
in
 
the
 
case
 
of
 
a
 
dividend
 
in
 
ordinary
 
shares,
or
 
call
 
for
 
the
 
surrender
 
of
 
outstanding
 
ADRs
 
to
 
be
 
exchanged
 
for
 
new
 
ADRs
 
specifically
 
describing
 
such
 
new
 
ordinary
 
shares.
Amendment
 
and
 
Termination
 
of
 
the
 
Deposit
 
Agreement
The
 
form
 
of
 
ADRs
 
evidencing
 
ADSs
 
and
 
any
 
provisions
 
of
 
the
 
Deposit
 
Agreement
 
relating
 
to
 
those
 
ADRs
 
may
 
at
 
any
 
time
 
and
 
from
 
time
 
to
 
time
be
 
amended
 
by
 
agreement
 
between
 
Barclays
 
and
 
the
 
Depositary,
 
without
 
the
 
consent
 
of
 
the
 
Holders,
 
in
 
any
 
respect
 
which
 
Barclays
 
may
 
deem
necessary
 
or
 
advisable.
 
Any
 
amendment
 
that
 
imposes
 
or
 
increases
 
any
 
fees
 
or
 
charges,
 
other
 
than
 
taxes
 
and
 
other
 
governmental
 
charges,
registration
 
fees,
 
transmission
 
costs,
 
delivery
 
costs
 
or
 
other
 
such
 
expenses,
 
or
 
that
 
otherwise
 
prejudices
 
any
 
substantial
 
existing
 
right
 
of
 
the
Holders,
 
will
 
not
 
take
 
effect
 
as
 
to
 
any
 
ADRs
 
until
 
30
 
days
 
after
 
notice
 
of
 
the
 
amendment
 
has
 
been
 
given
 
to
 
the
 
Holders.
 
Every
 
Holder
 
of
 
any
ADR,
 
at
 
the
 
time
 
an
 
amendment
 
becomes
 
effective,
 
will
 
be
 
deemed
 
to
 
continue
 
to
 
hold
 
the
 
ADR
 
and
 
to
 
consent
 
and
 
agree
 
to
 
the
 
amendment
and
 
to
 
be
 
bound
 
by
 
the
 
Deposit
 
Agreement
 
or
 
the
 
ADR
 
as
 
amended.
 
No
 
amendment
 
may
 
impair
 
the
 
right
 
of
 
any
 
Holder
 
to
 
surrender
 
ADRs
 
and
receive
 
in
 
return
 
the
 
ordinary
 
shares
 
represented
 
by
 
the
 
ADSs.
Whenever
 
Barclays
 
directs,
 
the
 
Depositary
 
has
 
agreed
 
to
 
terminate
 
the
 
Deposit
 
Agreement
 
as
 
to
 
ADRs
 
evidencing
 
ADSs
 
by
 
mailing
 
a
termination
 
notice
 
to
 
the
 
Holders
 
then
 
outstanding
 
at
 
least
 
30
 
days
 
before
 
the
 
date
 
fixed
 
in
 
the
 
notice
 
of
 
termination.
 
The
 
Depositary
 
may
likewise
 
terminate
 
the
 
Deposit
 
Agreement
 
as
 
to
 
ADRs
 
evidencing
 
ADSs
 
by
 
mailing
 
a
 
termination
 
notice
 
to
 
Barclays
 
and
 
the
 
Holders
 
then
outstanding
 
if
 
at
 
any
 
time
 
90
 
days
 
shall
 
have
 
expired
 
since
 
the
 
Depositary
 
delivered
 
a
 
written
 
notice
 
to
 
Barclays
 
of
 
its
 
election
 
to
 
resign
 
and
 
a
successor
 
depositary
 
shall
 
not
 
have
 
been
 
appointed
 
and
 
accepted
 
its
 
appointment.
If
 
any
 
ADRs
 
evidencing
 
ADSs
 
remain
 
outstanding
 
after
 
the
 
date
 
of
 
any
 
termination,
 
the
 
Depositary
 
will
 
then:
 
(i)
 
discontinue
 
the
 
registration
 
of
transfers
 
of
 
those
 
ADRs;
 
(ii)
 
suspend
 
the
 
distribution
 
of
 
dividends
 
to
 
Holders;
 
and
 
(iii)
 
not
 
give
 
any
 
further
 
notices
 
or
 
perform
 
any
 
further
 
acts
under
 
the
 
Deposit
 
Agreement,
 
except
 
those
 
listed
 
below,
 
with
 
respect
 
to
 
those
 
ADRs.
 
The
 
Depositary
 
will,
 
however,
 
continue
 
to
 
collect
dividends
 
and
 
other
 
distributions
 
pertaining
 
to
 
the
 
ordinary
 
shares.
 
It
 
will
 
also
 
continue
 
to
 
sell
 
rights
 
and
 
other
 
property
 
as
 
provided
 
in
 
the
Deposit
 
Agreement
 
and
 
deliver
 
ordinary
 
shares,
 
together
 
with
 
any
 
dividends
 
or
 
other
 
distributions
 
received
 
with
 
respect
 
to
 
them
 
and
 
the
 
net
proceeds
 
of
 
the
 
sale
 
of
 
any
 
rights
 
or
 
other
 
property,
 
in
 
exchange
 
for
 
ADRs
 
surrendered
 
to
 
it.
 
At
 
any
 
time
 
after
 
the
 
expiration
 
of
 
six
 
months
 
from
 
the
 
date
 
of
 
termination
 
of
 
the
 
Deposit
 
Agreement
 
as
 
to
 
ADRs
 
evidencing
 
ADSs,
 
the
Depositary
 
may
 
sell
 
the
 
ordinary
 
shares
 
then
 
held.
 
The
 
Depositary
 
will
 
then
 
hold
 
uninvested
 
the
 
net
 
proceeds
 
of
 
any
 
such
 
sales,
 
together
 
with
 
any
 
other
 
cash
 
then
 
held
 
by
 
it
 
under
 
the
 
Deposit
 
Agreement
 
in
 
respect
 
of
 
those
 
ADRs,
 
unsegregated
 
and
 
without
 
liability
 
for
 
interest,
 
for
 
the
 
pro
rata
 
benefit
 
of
 
the
 
Holders
 
of
 
ADRs
 
that
 
have
 
not
 
previously
 
been
 
surrendered.
Rights
 
of
 
Holders
 
to
 
Inspect
 
the
 
Transfer
 
Books
 
of
 
the
 
Depositary
 
and
 
the
 
List
 
of
 
Holders
The
 
Depositary
 
will
 
keep
 
books
 
for
 
the
 
registration
 
and
 
transfer
 
of
 
ADRs.
 
These
 
books
 
will
 
be
 
open
 
for
 
inspection
 
by
 
Holders
 
at
 
all
 
reasonable
times.
 
However,
 
this
 
inspection
 
may
 
not
 
be
 
for
 
the
 
purpose
 
of
 
communicating
 
with
 
Holders
 
in
 
the
 
interest
 
of
 
a
 
business
 
or
 
object
 
other
 
than
Barclays
 
business
 
or
 
a
 
matter
 
related
 
to
 
the
 
Deposit
 
Agreement
 
or
 
the
 
ADRs.
Restrictions
 
on
 
the
 
Right
 
to
 
Transfer
 
or
 
Withdraw
 
the
 
Underlying
 
Securities
As
 
a
 
condition
 
precedent
 
to
 
the
 
execution
 
and
 
delivery,
 
registration
 
of
 
transfer,
 
split
 
-up,
 
combination
 
or
 
surrender
 
of
 
any
 
ADR
 
or
 
withdrawal
 
of
any
 
deposited
 
securities,
 
the
 
Depositary,
 
custodian
 
or
 
registrar
 
may
 
require
 
payment
 
from
 
the
 
depositor
 
of
 
ADSs
 
or
 
the
 
presenter
 
of
 
the
 
ADRs
 
of
a
 
sum
 
sufficient
 
to
 
reimburse
 
it
 
for
 
any
 
tax
 
or
 
other
 
governmental
 
charge
 
and
 
any
 
stock
 
transfer
 
or
 
registration
 
fee
 
with
 
respect
 
thereto
 
(including
any
 
such
 
tax
 
or
 
charge
 
and
 
fee
 
with
 
respect
 
to
 
ordinary
 
shares
 
being
 
deposited
 
or
 
withdrawn)
 
and
 
payment
 
of
 
any
 
applicable
 
fees
 
as
 
therein
provided,
 
may
 
require
 
the
 
production
 
of
 
proof
 
satisfactory
 
to
 
it
 
as
 
to
 
the
 
identity
 
and
 
genuineness
 
of
 
any
 
signature
 
and
 
may
 
also
 
require
compliance
 
with
 
any
 
regulations
 
the
 
Depositary
 
may
 
establish
 
consistent
 
with
 
the
 
provisions
 
of
 
the
 
Deposit
 
Agreement.
The
 
delivery
 
of
 
ADRs
 
against
 
deposits
 
of
 
ADSs
 
generally
 
or
 
against
 
deposits
 
of
 
particular
 
ADSs
 
may
 
be
 
suspended,
 
or
 
the
 
transfer
 
of
 
ADRs
 
in
particular
 
instances
 
may
 
be
 
refused,
 
or
 
the
 
registration
 
of
 
transfer
 
of
 
outstanding
 
ADRs
 
generally
 
may
 
be
 
suspended,
 
during
 
any
 
period
 
when
the
 
transfer
 
books
 
of
 
the
 
Depositary
 
or
 
Barclays
 
or
 
those
 
ma
 
intained
 
by
 
the
 
foreign
 
registrar
 
are
 
closed,
 
or
 
if
 
any
 
such
 
action
 
is
 
deemed
necessary
 
or
 
advisable
 
by
 
the
 
Depositary
 
or
 
Barclays
 
at
 
any
 
time
 
or
 
from
 
time
 
to
 
time
 
because
 
of
 
any
 
requirement
 
of
 
law
 
or
 
of
 
any
 
government
or
 
governmental
 
body
 
or
 
commission,
 
or
 
under
 
any
 
provision
 
of
 
the
 
Deposit
 
Agreement,
 
or,
 
as
 
long
 
as
 
it
 
would
 
be
 
permitted
 
under
 
the
 
transfer
agency
 
rules
 
applicable
 
to
 
the
 
Depositary,
 
for
 
any
 
other
 
reason.
 
Notwithstanding
 
the
 
provisions
 
of
 
the
 
Deposit
 
Agreement
 
and
 
the
 
ADRs,
 
the
 
surrender
 
of
 
outstanding
 
ADRs
 
and
 
withdrawal
 
of
 
ADSs
 
may
 
not
 
be
suspended
 
subject
 
only
 
to
 
(i)
 
temporary
 
delays
 
caused
 
by
 
closing
 
the
 
transfer
 
books
 
of
 
the
 
Depositary
 
or
 
Barclays
 
or
 
the
 
deposit
 
of
 
ADSs
 
in
connection
 
with
 
voting
 
at
 
a
 
shareholders’
 
meeting,
 
or
 
the
 
payment
 
of
 
dividends,
 
(ii)
 
the
 
payment
 
of
 
fees,
 
taxes
 
and
 
similar
 
charges,
 
and
 
(iii)
compliance
 
with
 
any
 
U.S.
 
or
 
foreign
 
laws
 
or
 
governmental
 
regulations
 
relating
 
to
 
the
 
ADRs
 
or
 
to
 
the
 
withdrawal
 
of
 
the
 
deposited
 
securities.
Without
 
limitation
 
of
 
the
 
foregoing,
 
the
 
Depositary
 
will
 
not
 
knowingly
 
accept
 
for
 
deposit
 
any
 
shares
 
required
 
to
 
be
 
registered
 
under
 
the
 
provisions
of
 
the
 
Securities
 
Act,
 
unless
 
a
 
registration
 
statement
 
is
 
in
 
effect
 
as
 
to
 
such
 
shares.
Limitations
 
on
 
the
 
Depositary’s
 
Liability
The
 
Depositary
 
shall
 
not
 
incur
 
any
 
liability
 
to
 
any
 
Holder
 
or
 
beneficial
 
owners
 
of
 
ADRs,
 
if
 
by
 
reason
 
of
 
any
 
provision
 
of
 
any
 
present
 
or
 
future
 
law
or
 
regulation
 
of
 
the
 
United
 
Kingdom,
 
United
 
States
 
or
 
any
 
other
 
country,
 
or
 
of
 
any
 
governmental
 
or
 
regulatory
 
authority
 
or
 
stock
 
exchange
 
or
regulated
 
market
 
or
 
automated
 
quotation
 
system,
 
or
 
by
 
reason
 
of
 
any
 
provision,
 
present
 
or
 
future,
 
of
 
the
 
Articles
 
of
 
the
 
Company,
 
or
 
by
 
reason
of
 
any
 
provision
 
of
 
any
 
securities
 
issued
 
or
 
distributed
 
by
 
Barclays,
 
or
 
any
 
offering
 
or
 
distribution
 
thereof,
 
or
 
by
 
reason
 
of
 
any
 
act
 
of
 
God
 
or
 
war
or
 
terrorism
 
or
 
other
 
circumstances
 
beyond
 
its
 
control,
 
the
 
Depositary
 
shall
 
be
 
prevented
 
or
 
forbidden
 
from
 
or
 
be
 
subject
 
to
 
any
 
civil
 
or
 
criminal
penalty
 
on
 
account
 
of
 
doing
 
or
 
performing
 
any
 
act
 
or
 
thing
 
which
 
by
 
the
 
terms
 
of
 
the
 
Deposit
 
Agreement
 
it
 
is
 
provided
 
shall
 
be
 
done
 
or
performed;
 
nor
 
shall
 
the
 
Depositary
 
incur
 
any
 
liability
 
to
 
any
 
Holder
 
or
 
beneficial
 
owner
 
of
 
any
 
ADR
 
by
 
reason
 
of
 
any
 
non-performance
 
or
 
delay,
caused
 
as
 
aforesaid,
 
in
 
the
 
performance
 
of
 
any
 
act
 
or
 
thing
 
which
 
by
 
the
 
terms
 
of
 
the
 
Deposit
 
Agreement
 
it
 
is
 
provided
 
shall
 
or
 
may
 
be
 
done
 
or
performed,
 
or
 
by
 
reason
 
of
 
any
 
exercise
 
of,
 
or
 
failure
 
to
 
exercise,
 
any
 
discretion
 
provided
 
for
 
in
 
the
 
Deposit
 
Agreement.
 
Where,
 
by
 
the
 
terms
 
of
 
a
distribution
 
of
 
a
 
dividend,
 
or
 
an
 
offering
 
or
 
distribution
 
of
 
rights,
 
such
 
distribution
 
or
 
offering
 
may
 
not
 
be
 
made
 
available
 
to
 
Holders,
 
and
 
the
Depositary
 
may
 
not
 
dispose
 
of
 
such
 
distribution
 
or
 
offering
 
on
 
behalf
 
of
 
such
 
Holders
 
and
 
make
 
the
 
net
 
proceeds
 
available
 
to
 
such
 
Holders,
 
then
the
 
Depositary
 
shall
 
not
 
make
 
such
 
distribution
 
or
 
offering,
 
and
 
shall
 
allow
 
any
 
rights,
 
if
 
applicable,
 
to
 
lapse.
The
 
Depositary
 
assumes
 
no
 
obligation
 
nor
 
shall
 
it
 
be
 
subject
 
to
 
any
 
liability
 
under
 
the
 
Deposit
 
Agreement
 
to
 
any
 
Holders
 
or
 
beneficial
 
owners
 
of
any
 
ADR
 
(including,
 
without
 
limitation,
 
liability
 
with
 
respect
 
to
 
the
 
validity
 
or
 
worth
 
of
 
any
 
deposited
 
securities),
 
except
 
that
 
it
 
agrees
 
to
 
perform
its
 
obligations
 
specifically
 
set
 
forth
 
in
 
the
 
Deposit
 
Agreement
 
without
 
gross
 
negligence
 
or
 
bad
 
faith.
The
 
Depositary
 
shall
 
not
 
be
 
under
 
any
 
obligation
 
to
 
appear
 
in,
 
prosecute
 
or
 
defend
 
any
 
action,
 
suit
 
or
 
other
 
proceeding
 
in
 
respect
 
of
 
any
deposited
 
securities
 
or
 
in
 
respect
 
of
 
the
 
ADRs,
 
which
 
in
 
its
 
opinion
 
may
 
involve
 
it
 
in
 
expense
 
or
 
liability,
 
unless
 
indemnity
 
satisfactory
 
to
 
it
against
 
all
 
expense
 
and
 
liability
 
shall
 
be
 
furnished
 
as
 
often
 
as
 
may
 
be
 
required.
 
The
 
Depositary
 
shall
 
not
 
be
 
liable
 
for
 
any
 
action
 
or
 
non-action
 
by
it
 
in
 
reliance
 
upon
 
the
 
advice
 
of
 
or
 
information
 
from
 
legal
 
counsel,
 
accountants,
 
any
 
person
 
presenting
 
ordinary
 
shares
 
for
 
deposit,
 
any
 
Holder
 
or
beneficial
 
owner
 
of
 
ADSs
 
or
 
any
 
other
 
person
 
believed
 
by
 
it
 
in
 
good
 
faith
 
to
 
be
 
competent
 
to
 
give
 
such
 
advice
 
or
 
information.
 
The
 
Depositary
shall
 
not
 
be
 
liable
 
for
 
any
 
acts
 
or
 
omissions
 
made
 
by
 
a
 
successor
 
depositary
 
whether
 
in
 
connection
 
with
 
a
 
previous
 
act
 
or
 
omission
 
of
 
the
Depositary
 
or
 
in
 
connection
 
with
 
any
 
matter
 
arising
 
wholly
 
after
 
the
 
removal
 
or
 
resignation
 
of
 
the
 
Depositary,
 
provided
 
that
 
in
 
connection
 
with
 
the
issue
 
out
 
of
 
which
 
such
 
potential
 
liability
 
arises
 
the
 
Depositary
 
performed
 
its
 
obligations
 
without
 
negligence
 
or
 
bad
 
faith
 
while
 
it
 
acted
 
as
Depositary.
 
The
 
Depositary
 
shall
 
not
 
be
 
responsible
 
for
 
any
 
failure
 
to
 
carry
 
out
 
any
 
instructions
 
to
 
vote
 
any
 
of
 
the
 
deposited
 
securities,
 
or
 
for
 
the
 
manner
 
in
which
 
any
 
such
 
vote
 
is
 
cast
 
(provided
 
that
 
any
 
such
 
action
 
or
 
nonaction
 
is
 
in
 
good
 
faith)
 
or
 
the
 
effect
 
of
 
any
 
such
 
vote.
The
 
Depositary
 
shall
 
not
 
be
 
liable
 
for
 
the
 
failure
 
by
 
any
 
Holder
 
or
 
beneficial
 
owner
 
to
 
obtain
 
the
 
benefits
 
of
 
credits
 
or
 
refunds
 
of
 
non-U.S.
 
tax
paid
 
against
 
such
 
Holder’s
 
or
 
beneficial
 
owner’s
 
income
 
tax
 
liability.
 
The
 
Depositary
 
shall
 
not
 
incur
 
any
 
liability
 
for
 
any
 
tax
 
or
 
tax
 
consequences
that
 
may
 
be
 
incurred
 
by
 
Holders
 
or
 
beneficial
 
owners
 
on
 
account
 
of
 
their
 
ownership
 
or
 
disposition
 
of
 
the
 
ADRs
 
or
 
ADSs.
The
 
Depositary
 
is
 
under
 
no
 
obligation
 
to
 
inform
 
Holders
 
or
 
any
 
other
 
holders
 
of
 
an
 
interest
 
in
 
any
 
ADSs
 
about
 
the
 
requirements
 
of
 
English
 
law,
rules
 
or
 
regulations
 
or
 
any
 
changes
 
therein
 
or
 
thereto.
Notwithstanding
 
anything
 
to
 
the
 
contrary
 
set
 
forth
 
in
 
the
 
Deposit
 
Agreement
 
or
 
any
 
ADR,
 
the
 
Depositary
 
and
 
its
 
agents
 
may
 
fully
 
respond
 
to
 
any
and
 
all
 
demands
 
or
 
requests
 
for
 
information
 
maintained
 
by
 
or
 
on
 
its
 
behalf
 
in
 
connection
 
with
 
the
 
Deposit
 
Agreement,
 
any
 
Holder(s)
 
or
 
beneficial
owner(s),
 
any
 
ADR
 
or
 
ADRs
 
or
 
otherwise
 
related
 
hereto
 
to
 
the
 
extent
 
such
 
information
 
is
 
requested
 
or
 
required
 
by
 
or
 
pursuant
 
to
 
any
 
lawful
authority,
 
including
 
without
 
limitation
 
laws,
 
rules,
 
regulations,
 
administrative
 
or
 
judicial
 
process,
 
banking,
 
securities
 
or
 
other
 
regulators.
 
The
 
Depositary
 
shall
 
not
 
incur
 
any
 
liability
 
for
 
the
 
content
 
of
 
any
 
information
 
submitted
 
to
 
it
 
by
 
or
 
on
 
behalf
 
of
 
Barclays
 
for
 
distribution
 
to
 
the
Holders
 
or
 
for
 
any
 
inaccuracy
 
of
 
any
 
translation
 
thereof,
 
for
 
any
 
investment
 
risk
 
associated
 
with
 
acquiring
 
an
 
interest
 
in
 
deposited
 
securities,
 
for
the
 
validity
 
or
 
worth
 
of
 
the
 
deposited
 
securities,
 
for
 
the
 
credit-worthiness
 
of
 
any
 
third
 
party,
 
for
 
allowing
 
any
 
rights
 
to
 
lapse
 
upon
 
the
 
terms
 
of
 
the
Deposit
 
Agreement
 
or
 
for
 
the
 
failure
 
or
 
timeliness
 
of
 
any
 
notice
 
from
 
Barclays.
The
 
Depositary
 
shall
 
not
 
be
 
responsible
 
for,
 
and
 
shall
 
incur
 
no
 
liability
 
in
 
connection
 
with
 
or
 
arising
 
from,
 
the
 
insolvency
 
of
 
any
 
custodian
 
that
 
is
not
 
a
 
branch
 
or
 
affiliate
 
of
 
JPMorgan
 
Chase
 
Bank,
 
N.A.
 
The
 
Depositary
 
shall
 
not
 
be
 
liable
 
for
 
the
 
acts
 
or
 
omissions
 
made
 
by,
 
or
 
the
 
insolvency
of,
 
any
 
securities
 
depository,
 
clearing
 
agency
 
or
 
settlement
 
system.
 
The
 
Depositary
 
shall
 
not
 
have
 
any
 
liability
 
for
 
the
 
price
 
received
 
in
connection
 
with
 
any
 
sale
 
of
 
securities,
 
the
 
timing
 
thereof
 
or
 
any
 
delay
 
in
 
action
 
or
 
omission
 
to
 
act
 
nor
 
shall
 
it
 
be
 
responsible
 
for
 
any
 
error
 
or
delay
 
in
 
action,
 
omission
 
to
 
act,
 
default
 
or
 
negligence
 
on
 
the
 
part
 
of
 
the
 
party
 
so
 
retained
 
in
 
connection
 
with
 
any
 
such
 
sale
 
or
 
proposed
 
sale.
Neither
 
the
 
Company
 
nor
 
the
 
Depositary
 
nor
 
any
 
of
 
their
 
respective
 
agents
 
shall
 
be
 
liable
 
to
 
Holders
 
or
 
beneficial
 
owners
 
for
 
any
 
indirect,
special,
 
punitive
 
or
 
consequential
 
damages
 
or
 
lost
 
profits.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
C.
 
Description
 
of
 
Debt
 
Securities
As
 
of
 
December
 
31,
 
2020,
 
we
 
had
 
the
 
following
 
series
 
of
 
debt
 
securities
 
registered
 
pursuant
 
to
 
Section
 
12(b)
 
of
 
the
 
Act,
 
which
 
are
 
all
 
listed
 
on
the
 
New
 
York
 
Stock
 
Exchange:
Debt
Securities
(class/
interest
rate)
Principal
Interest
Payment
Dates
 
(in
arrear)
Issue
Date
Maturity
Date
Redemption
rights
Make-
Whole
Redempti
on
 
Date
(3)
/
Par
Redempti
on
 
Date
(4)
(when
applicable
)
Events
 
of
Default
Prospectu
s
Suppleme
nt
Indenture
4.375%
Fixed
 
Rate
Subordinat
ed
 
Notes
due
 
2024
US$1,250,000,0
00
March
 
11
and
Septemb
er
 
11
Septemb
er
 
11,
2014
Septemb
er
 
11,
2024
Tax
Redemption,
(1)
 
Regulatory
Event
Redemption
(
2)
Notice
Period:
Not
less
 
than
 
30
nor
 
more
than
 
60
days’
 
prior
notice.
N/A
Dated
Subordinat
ed
Enforceme
nt
 
Events
(8)
Prospectu
s
Suppleme
nt
 
dated
September
4,
 
2014
Dated
Subordinat
ed
 
Debt
Securities
Indenture
dated
September
11,
 
2014
3.65%
Fixed
 
Rate
Senior
Notes
 
due
2025
US$2,000,000,0
00
March
 
16
and
Septemb
er
 
16
March
16,
 
2015
March
16,
 
2025
Tax
Redemption
(
1)
Notice
Period:
Not
less
 
than
 
30
nor
 
more
than
 
60
days’
 
prior
notice.
N/A
Senior
Events
 
of
Default
(5)
Prospectu
s
Suppleme
nt
 
dated
March
 
9,
2015
Senior
Debt
Securities
Indenture
dated
November
10,
 
2014
5.25%
Fixed
 
Rate
Senior
Notes
 
due
2045
US$1,500,000,0
00
February
17
 
and
August
17
August
17,
 
2015
August
17,
 
2045
Tax
Redemption
(
1)
Notice
Period:
Not
less
 
than
 
30
nor
 
more
than
 
60
days’
 
prior
notice.
N/A
Senior
Events
 
of
Default
(5)
Prospectu
s
Suppleme
nt
 
dated
August
 
10,
2015
Senior
Debt
Securities
Indenture
dated
November
10,
 
2014
3.25%
Fixed
 
Rate
Senior
Notes
 
due
2021
US$1,500,000,0
00
January
12
 
and
July
 
12
January
12,
 
2016
January
12,
 
2021
Tax
Redemption
(
1)
Notice
Period:
Not
less
 
than
 
30
nor
 
more
than
 
60
days’
 
prior
notice.
N/A
Senior
Events
 
of
Default
(5)
Prospectu
s
Suppleme
nt
 
dated
January
 
5,
2016
Senior
Debt
Securities
Indenture
dated
November
10,
 
2014
4.375%
Fixed
 
Rate
Senior
Notes
 
due
2026
US$2,500,000,0
00
January
12
 
and
July
 
12
January
12,
 
2016
January
12,
 
2026
Tax
Redemption
(
1)
Notice
Period:
Not
less
 
than
 
30
nor
 
more
than
 
60
days’
 
prior
notice.
N/A
Senior
Events
 
of
Default
(5)
Prospectu
s
Suppleme
nt
 
dated
January
 
5,
2016
Senior
Debt
Securities
Indenture
dated
November
10,
 
2014
5.20%
Fixed
 
Rate
US$2,050,000,0
00
May
 
12
and
May
 
12,
2016
May
 
12,
2026
Tax
Redemption,
N/A
Dated
Subordinat
Prospectu
s
Dated
Subordinat
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt
Securities
(class/
interest
rate)
Principal
Interest
Payment
Dates
 
(in
arrear)
Issue
Date
Maturity
Date
Redemption
rights
Make-
Whole
Redempti
on
 
Date
(3)
/
Par
Redempti
on
 
Date
(4)
(when
applicable
)
Events
 
of
Default
Prospectu
s
Suppleme
nt
Indenture
Subordinat
ed
 
Notes
due
 
2026
Novemb
er
 
12
(1)
 
Regulatory
Event
Redemption
(
2)
Notice
Period:
Not
less
 
than
 
30
nor
 
more
than
 
60
days’
 
prior
notice.
ed
Enforceme
nt
 
Events
(8)
Suppleme
nt
 
dated
May
 
5,
2016
ed
 
Debt
Securities
Indenture
dated
September
11,
 
2014
3.20%
Fixed
 
Rate
Senior
Notes
 
due
2021
US$1,350,000,0
00
February
10
 
and
August
10
August
10,
 
2016
August
10,
 
2021
Tax
Redemption
(
1)
Notice
Period:
Not
less
 
than
 
30
nor
 
more
than
 
60
days’
 
prior
notice.
N/A
Senior
Events
 
of
Default
(5)
Prospectu
s
Suppleme
nt
 
dated
August
 
3,
2016
Senior
Debt
Securities
Indenture
dated
November
10,
 
2014
Floating
Rate
Senior
Notes
 
due
2021
 
(3
month
 
USD
LIBOR
 
plus
2.11%
 
p.a.)
US$1,000,000,0
00
February
10,
 
May
10,
August
10
 
and
Novemb
er
 
10
August
10,
 
2016
August
10,
 
2021
Tax
Redemption
(
1)
Notice
Period:
Not
less
 
than
 
30
nor
 
more
than
 
60
days’
 
prior
notice.
N/A
Senior
Events
 
of
Default
(5)
Prospectu
s
Suppleme
nt
 
dated
August
 
3,
2016
Senior
Debt
Securities
Indenture
dated
November
10,
 
2014
Floating
Rate
Senior
Notes
 
due
2023
 
(3
month
 
USD
LIBOR
 
plus
1.625%
p.a.)
US$750,000,00
0
January
10,
 
April
10,
 
July
10
 
and
October
10
January
10,
 
2017
January
10,
 
2023
Tax
Redemption,
(1)
Par
Redemption
(
4)
Notice
Period:
Not
less
 
than
 
30
nor
 
more
than
 
60
days’
 
prior
notice.
Par
Redemptio
n
 
Date:
January
10,
 
2022
Senior
Events
 
of
Default
(6)
Prospectu
s
Suppleme
nt
 
dated
January
 
3,
2017
Senior
Debt
Securities
Indenture
dated
November
10,
 
2014
3.684%
Fixed
 
Rate
Senior
Notes
 
due
2023
US$1,500,000,0
00
January
10
 
and
July
 
10
January
10,
 
2017
January
10,
 
2023
Tax
Redemption,
(1)
 
Make-Whole
Redemption,
(3)
Par
Redemption
(
4)
Notice
Period:
Not
less
 
than
 
15
nor
 
more
than
 
60
days’
 
prior
notice.
Make-
Whole
Redemptio
n
 
Date:
 
At
any
 
time
on
 
or
 
after
July
 
10,
2017
 
to
(but
excluding)
January
10,
 
2022
Par
Redemptio
n
 
Date:
January
10,
 
2022
Senior
Events
 
of
Default
(6)
Prospectu
s
Suppleme
nt
 
dated
January
 
3,
2017
Senior
Debt
Securities
Indenture
dated
November
10,
 
2014
4.337%
Fixed
 
Rate
Senior
US$1,250,000,0
00
January
10
 
and
July
 
10
January
10,
 
2017
January
10,
 
2028
Tax
Redemption,
(1)
 
Make-
Whole
Redemptio
Senior
Events
 
of
Default
(6)
Prospectu
s
Suppleme
Senior
Debt
Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt
Securities
(class/
interest
rate)
Principal
Interest
Payment
Dates
 
(in
arrear)
Issue
Date
Maturity
Date
Redemption
rights
Make-
Whole
Redempti
on
 
Date
(3)
/
Par
Redempti
on
 
Date
(4)
(when
applicable
)
Events
 
of
Default
Prospectu
s
Suppleme
nt
Indenture
Notes
 
due
2028
Make-Whole
Redemption,
(3)
Par
Redemption
(
4)
Notice
Period:
Not
less
 
than
 
15
nor
 
more
than
 
60
days’
 
prior
notice.
n
 
Date:
 
At
any
 
time
on
 
or
 
after
July
 
10,
2017
 
to
(but
excluding)
January
 
8,
2027
Par
Redemptio
n
 
Date:
January
 
8,
2027
nt
 
dated
January
 
3,
2017
Indenture
dated
November
10,
 
2014
4.950%
Fixed
 
Rate
Senior
Notes
 
due
2047
US$1,500,000,0
00
January
10
 
and
July
 
10
January
10,
 
2017
January
10,
 
2047
Tax
Redemption,
(1)
 
Make-Whole
Redemption
(
3)
Notice
Period:
Not
less
 
than
 
15
nor
 
more
than
 
60
days’
 
prior
notice.
Make-
Whole
Redemptio
n
 
Date:
 
At
any
 
time
on
 
or
 
after
July
 
10,
2017
Senior
Events
 
of
Default
(6)
Prospectu
s
Suppleme
nt
 
dated
January
 
3,
2017
Senior
Debt
Securities
Indenture
dated
November
10,
 
2014
4.836%
Fixed
 
Rate
Subordinat
ed
 
Callable
Notes
 
due
2028
US$2,000,000,0
00
May
 
9
and
Novemb
er
 
9
May
 
9,
2017
May
 
9,
2028
Tax
Redemption,
(1)
 
Regulatory
Event
Redemption,
(2)
Par
Redemption
(
4)
Notice
Period:
Not
less
 
than
 
30
nor
 
more
than
 
60
days’
 
prior
notice.
Par
Redemptio
n
 
Date:
May
 
7,
2027
Dated
Subordinat
ed
Enforceme
nt
 
Events
(8)
Prospectu
s
Suppleme
nt
 
dated
May
 
2,
2017
Dated
Subordinat
ed
 
Debt
Securities
Indenture
dated
 
May
9,
 
2017
3.250%
Fixed
 
Rate
Senior
Notes
 
due
2033
GBP1,250,000,0
00
January
17
January
17,
 
2018
January
17,
 
2033
Tax
Redemption,
(1)
 
Make-Whole
Redemption,
(3)
Loss
Absorption
Disqualificati
on
 
Event,
Redemption
(
4)
Notice
Period:
Not
less
 
than
 
30
nor
 
more
than
 
60
days’
 
prior
notice.
Make-
Whole
Redemptio
n
 
Date:
 
At
any
 
time
on
 
or
 
after
July
 
17,
2018
Senior
Events
 
of
Default,
(6)
Senior
Enforceme
nt
 
Events
(7)
Prospectu
s
Suppleme
nt
 
dated
January
 
8,
2018
Senior
Debt
Securities
Indenture
dated
January
17,
 
2018
4.338%
Fixed-to-
US$1,250,000,0
00
Fixed
Rate
:
May
 
16,
2018
May
 
16,
2024
Tax
Redemption,
Make-
Whole
Senior
Events
 
of
Prospectu
s
Senior
Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt
Securities
(class/
interest
rate)
Principal
Interest
Payment
Dates
 
(in
arrear)
Issue
Date
Maturity
Date
Redemption
rights
Make-
Whole
Redempti
on
 
Date
(3)
/
Par
Redempti
on
 
Date
(4)
(when
applicable
)
Events
 
of
Default
Prospectu
s
Suppleme
nt
Indenture
Floating
Rate
Senior
Notes
 
due
2024
 
(
From
and
including
May
 
16,
2023:
 
3
month
 
USD
LIBOR
 
plus
1.356%
p.a.)
Terms
provide
 
for
the
replaceme
nt
 
of
LIBOR.
 
(9)
May
 
16
and
Novemb
er
 
16
each
year
 
until
(and
including
)
 
May
 
16,
2023
Floating
Rate
:
August
16,
 
2023,
Novemb
er
 
16,
2023,
February
16,
 
2024
and
 
May
16,
 
2024
(1)
 
Make-Whole
Redemption,
(3)
Par
Redemption,
(4)
Loss
Absorption
Disqualificati
on
 
Event,
Redemption
(
5)
Notice
Period:
Not
less
 
than
 
15
nor
 
more
than
 
60
days’
 
prior
notice.
Redemptio
n
 
Date:
 
At
any
 
time
on
 
or
 
after
November
16,
 
2018
 
to
(but
excluding)
May
 
16,
2023
Par
Redemptio
n
 
Date:
May
 
16,
2023
Default
(6)
Senior
Enforceme
nt
 
Events
(7)
Suppleme
nt
 
dated
May
 
9,
2018
Securities
Indenture
dated
January
17,
 
2018
Floating
Rate
Senior
Notes
 
due
2024
 
(3
month
 
USD
LIBOR
 
plus
1.380%
p.a.)
Terms
provide
 
for
the
replaceme
nt
 
of
LIBOR
(9)
US$1,500,000,0
00
February
16,
 
May
16,
August
16
 
and
Novemb
er
 
16
May
 
16,
2018
May
 
16,
2024
Tax
Redemption,
(1)
 
Par
Redemption,
(4)
Loss
Absorption
Disqualificati
on
 
Event,
Redemption
(
5)
Notice
Period:
Not
less
 
than
 
15
nor
 
more
than
 
60
days’
 
prior
notice.
Par
Redemptio
n
 
Date:
May
 
16,
2023
Senior
Events
 
of
Default,
(6)
Senior
Enforceme
nt
 
Events
(7)
Prospectu
s
Suppleme
nt
 
dated
May
 
9,
2018
Senior
Debt
Securities
Indenture
dated
January
17,
 
2018
4.972%
Fixed-to-
Floating
Rate
Senior
Notes
 
due
2029
 
(
From
and
including
May
 
16,
2028:
 
3
month
 
USD
LIBOR
 
plus
1.902%
p.a.)
Terms
provide
 
for
the
replaceme
nt
 
of
LIBOR
(9)
US$1,750,000,0
00
Fixed
Rate
:
May
 
16
and
Novemb
er
 
16
each
year
 
until
(and
including
)
 
May
 
16,
2028
Floating
Rate
:
August
16,
 
2028,
Novemb
er
 
16,
2028,
February
16,
 
2029
and
 
May
16,
 
2029
May
 
16,
2018
May
 
16,
2029
Tax
Redemption,
(1)
 
Make-Whole
Redemption,
(3)
Par
Redemption,
(4)
Loss
Absorption
Disqualificati
on
 
Event,
Redemption
(
5)
Notice
Period:
Not
less
 
than
 
15
nor
 
more
than
 
60
days’
 
prior
notice.
Make-
Whole
Redemptio
n
 
Date:
 
At
any
 
time
on
 
or
 
after
November
16,
 
2028
 
to
(but
excluding)
May
 
16,
2028
Par
Redemptio
n
 
Date:
May
 
16,
2028
Senior
Events
 
of
Default,
(6)
Senior
Enforceme
nt
 
Events
(7)
Prospectu
s
Suppleme
nt
 
dated
May
 
9,
2018
Senior
Debt
Securities
Indenture
dated
January
17,
 
2018
4.610%
Fixed-to-
Floating
Rate
US$2,500,000,0
00
Fixed
Rate
:
February
15
 
and
Novemb
er
 
15,
2018
February
15,
 
2023
Tax
Redemption,
(1)
 
Make-Whole
Make-
Whole
Redemptio
n
 
Date:
 
At
Senior
Events
 
of
Default,
(6)
Senior
Prospectu
s
Suppleme
nt
 
dated
Senior
Debt
Securities
Indenture
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt
Securities
(class/
interest
rate)
Principal
Interest
Payment
Dates
 
(in
arrear)
Issue
Date
Maturity
Date
Redemption
rights
Make-
Whole
Redempti
on
 
Date
(3)
/
Par
Redempti
on
 
Date
(4)
(when
applicable
)
Events
 
of
Default
Prospectu
s
Suppleme
nt
Indenture
Senior
Notes
 
due
2023
 
(
From
and
including
February
15,
 
2022:
 
3
month
 
USD
LIBOR
 
plus
1.40%
 
p.a.)
Terms
provide
 
for
the
replaceme
nt
 
of
LIBOR
(9)
August
15
 
each
year
 
until
(and
including
)
February
15,
 
2022
Floating
Rate
:
May
 
15,
2022,
August
15,
 
2022,
Novemb
er
 
15,
2022
 
and
February
15,
 
2023
Redemption,
(3)
Par
Redemption,
(4)
Loss
Absorption
Disqualificati
on
 
Event,
Redemption
(
5)
Notice
Period:
Not
less
 
than
 
15
nor
 
more
than
 
60
days’
 
prior
notice.
any
 
time
on
 
or
 
after
May
 
15,
2019
 
to
(but
excluding)
February
15,
 
2022
Par
Redemptio
n
 
Date:
February
15,
 
2022
Enforceme
nt
 
Events
(7)
November
7,
 
2018
dated
January
17,
 
2018
Floating
Rate
Senior
Notes
 
due
2023
 
(3
month
 
USD
LIBOR
 
plus
1.43%
 
p.a.)
Terms
provide
 
for
the
replaceme
nt
 
of
LIBOR
(9)
US$750,000,00
0
February
15,
 
May
15,
August
15
 
and
Novemb
er
 
15
Novemb
er
 
15,
2018
February
15,
 
2023
Tax
Redemption,
(1)
 
Par
Redemption,
(4)
Loss
Absorption
Disqualificati
on
 
Event,
Redemption
(
5)
Notice
Period:
Not
less
 
than
 
15
nor
 
more
than
 
60
days’
 
prior
notice.
Par
Redemptio
n
 
Date:
February
15,
 
2022
Senior
Events
 
of
Default,
(6)
Senior
Enforceme
nt
 
Events
(7)
Prospectu
s
Suppleme
nt
 
dated
November
7,
 
2018
Senior
Debt
Securities
Indenture
dated
January
17,
 
2018
3.932%
Fixed-to-
Floating
Rate
Senior
Notes
 
due
2025
 
(
From
and
including
May
 
7,
2024
:
 
3
month
 
USD
LIBOR
 
plus
1.610%
p.a.)
Terms
provide
 
for
“Benchmar
k
 
Events”
(defined
below)
 
that
would
trigger
 
the
replaceme
nt
 
of
LIBOR
(10)
US$2,000,000,0
00
Fixed
Rate
:
May
 
7
and
Novemb
er
 
7
 
each
year
 
until
(and
including
)
 
May
 
7,
2024
Floating
Rate
:
August
 
7,
2024,
Novemb
er
 
7,
2024,
February
7,
 
2025
and
 
May
7,
 
2025
May
 
7,
2019
May
 
7,
2025
Tax
Redemption,
(1)
 
Make-Whole
Redemption,
(3)
Par
Redemption,
(4)
Loss
Absorption
Disqualificati
on
 
Event,
Redemption
(
5)
Notice
Period:
Not
less
 
than
 
15
nor
 
more
than
 
60
days’
 
prior
notice.
Make-
Whole
Redemptio
n
 
Date:
 
At
any
 
time
on
 
or
 
after
November
7,
 
2019
 
to
(but
excluding)
May
 
7,
2024
Par
Redemptio
n
 
Date:
May
 
7,
2024
Senior
Enforceme
nt
 
Events
(7)
Prospectu
s
Suppleme
nt
 
dated
April
 
30,
2019
Senior
Debt
Securities
Indenture
dated
January
17,
 
2018
5.088%
Fixed-to-
Floating
US$1,500,000,0
00
Fixed
Rate
:
June
 
20
June
 
20,
2019
June
 
20,
2030
Tax
Redemption,
(1)
Par
Redemptio
n
 
Date:
Dated
Subordinat
ed
Prospectu
s
Suppleme
Dated
Subordinat
ed
 
Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt
Securities
(class/
interest
rate)
Principal
Interest
Payment
Dates
 
(in
arrear)
Issue
Date
Maturity
Date
Redemption
rights
Make-
Whole
Redempti
on
 
Date
(3)
/
Par
Redempti
on
 
Date
(4)
(when
applicable
)
Events
 
of
Default
Prospectu
s
Suppleme
nt
Indenture
Rate
Subordinat
ed
 
Notes
due
 
2030
(
From
 
and
including
June
 
20,
2029:
3
month
 
USD
LIBOR
 
plus
3.054%
p.a.)
Terms
provide
 
for
“Benchmar
k
 
Events”
(defined
below)
 
that
would
trigger
 
the
replaceme
nt
 
of
LIBOR
(10)
and
Decemb
er
 
20
each
year
 
until
(and
including
)
 
June
20,
 
2029
Floating
Rate
:
Septemb
er
 
20,
2029,
Decemb
er
 
20,
2029,
March
20,
 
2030
and
 
June
20,
 
2030
Regulatory
Event
Redemption,
(2)
 
Par
Redemption
(4)
Notice
Period:
Not
less
 
than
 
30
nor
 
more
than
 
60
days’
 
prior
notice.
June
 
20,
2029
Enforceme
nt
 
Events
(8)
nt
 
dated
June
 
13,
2019
Securities
Indenture
dated
 
as
 
of
May
 
9,
2017
2.852%
Fixed-to-
Floating
Rate
Senior
Notes
 
due
2026
(
From
 
and
including
May
 
7,
2025:
3
month
 
USD
LIBOR
 
plus
2.452%
p.a.)
Terms
provide
 
for
“Benchmar
k
 
Transition
Provisions”
(as
 
defined
below)
 
that
would
trigger
 
the
substitution
of
LIBOR
(11)
$1,750,000,000
Fixed
Rate:
May
 
7
and
Novemb
er
 
7
 
each
year
 
until
(and
including
)
 
May
 
7,
2025
Floating
Rate
:
August
 
7,
2025,
Novemb
er
 
7,
2025,
February
7,
 
2026
and
 
May
7,
 
2026
May
 
7,
2020
May
 
7,
2026
Tax
Redemption,
(1)
 
Make-Whole
Redemption,
(3)
Par
Redemption,
(4)
Loss
Absorption
Disqualificati
on
 
Event,
Redemption
(
5)
 
Notice
Period:
Not
less
 
than
 
15
nor
 
more
than
 
60
days’
 
prior
notice.
Make-
Whole
Redemptio
n
 
Date:
 
At
any
 
time
on
 
or
 
after
November
7,
 
2020
 
to
(but
excluding)
May
 
7,
2025
Par
Redemptio
n
 
Date:
May
 
7,
2025
Senior
Enforceme
nt
 
Events
(7)
Prospectu
s
Suppleme
nt
 
dated
April
 
30,
2020
Senior
Debt
Securities
Indenture
dated
January
17,
 
2018
2.645%
Fixed
 
Rate
Resetting
Senior
Callable
Notes
 
due
2031
 
(
From
 
and
including
June
 
24,
2030:
The
then-
prevailing
U.S.
Treasury
Rate,
 
plus
1.900%)
(12)
$1,000,000,000
June
 
24
and
Decemb
er
 
24
June
 
24,
2020
June
 
24,
2031
Tax
Redemption,
(1)
 
Make-Whole
Redemption,
(3)
Par
Redemption,
(4)
Loss
Absorption
Disqualificati
on
 
Event,
Redemption
(
5)
 
Notice
Period:
Not
Make-
Whole
Redemptio
n
 
Date:
 
At
any
 
time
on
 
or
 
after
December
24,
 
2020
 
to
(but
excluding)
June
 
24,
2030
Par
Redemptio
n
 
Date:
June
 
24,
2030
Senior
Enforceme
nt
 
Events
(7)
Prospectu
s
Suppleme
nt
 
dated
June
 
17,
2020
Senior
Debt
Securities
Indenture
dated
January
17,
 
2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt
Securities
(class/
interest
rate)
Principal
Interest
Payment
Dates
 
(in
arrear)
Issue
Date
Maturity
Date
Redemption
rights
Make-
Whole
Redempti
on
 
Date
(3)
/
Par
Redempti
on
 
Date
(4)
(when
applicable
)
Events
 
of
Default
Prospectu
s
Suppleme
nt
Indenture
less
 
than
 
15
nor
 
more
than
 
60
days’
 
prior
notice.
3.564%
Fixed
 
Rate
Resetting
Subordinat
ed
 
Callable
Notes
 
due
2035
(
From
 
and
including
September
23,
 
2030:
The
 
then-
prevailing
U.S.
Treasury
Rate,
 
plus
2.900%)
(12)
$1,000,000,000
March
 
23
and
Septemb
er
 
23
Septemb
er
 
23,
2020
Septemb
er
 
23,
2035
Tax
Redemption,
(1)
Regulatory
Event
Redemption,
(2)
Par
Redemption
(
4)
 
Notice
Period:
Not
less
 
than
 
30
nor
 
more
than
 
60
days’
 
prior
notice.
Par
Redemptio
n
 
Date:
September
23,
 
2030
Dated
Subordinat
ed
Enforceme
nt
 
Events
(8)
Prospectu
s
Suppleme
nt
 
dated
September
16,
 
2020
Dated
Subordinat
ed
 
Debt
Securities
Indenture
dated
 
as
 
of
May
 
9,
2017
1.007%
Fixed
 
Rate
Resetting
Senior
Callable
Notes
 
due
2024
 
(
From
 
and
including
December
10,
 
2023:
The
 
then-
prevailing
U.S.
Treasury
Rate,
 
plus
0.800%)
(12)
$1,500,000,000
June
 
10
and
Decemb
er
 
10
Decemb
er
 
10,
2020
Decemb
er
 
10,
2024
Tax
Redemption,
(1)
 
Make-Whole
Redemption,
(3)
Par
Redemption,
(4)
Loss
Absorption
Disqualificati
on
 
Event,
Redemption
(
5)
 
Notice
Period:
Not
less
 
than
 
15
nor
 
more
than
 
60
days’
 
prior
notice.
Make-
Whole
Redemptio
n
 
Date:
 
At
any
 
time
on
 
or
 
after
June
 
10,
2021
 
to
(but
excluding)
December
10,
 
2023
Par
Redemptio
n
 
Date:
December
10,
 
2023
Senior
Enforceme
nt
 
Events
(7)
Prospectu
s
Suppleme
nt
 
dated
December
3,
 
2020
Senior
Debt
Securities
Indenture
dated
January
17,
 
2018
(1)
 
Tax
 
Redemption
 
means
 
that
 
we
 
have
 
the
 
right
 
to
 
redeem
 
any
 
series
 
of
 
debt
 
securities
 
on
 
the
 
terms
 
described
 
below
 
under
 
“
Tax
 
Redemption
.”
(2)
 
Regulatory
 
Event
 
Redemption
 
means
 
that
 
we
 
have
 
the
 
right
 
to
 
redeem
 
any
 
series
 
of
 
Dated
 
Subordinated
 
Debt
 
Securities
 
on
 
the
 
terms
described
 
below
 
under
 
“
Regulatory
 
Event
 
Redemption
.”
(3)
 
Make-Whole
 
Redemption
 
means
 
that
 
we
 
have
 
the
 
right
 
to
 
redeem
 
certain
 
series
 
of
 
debt
 
securities
 
on
 
the
 
terms
 
described
 
below
 
under
 
clause
(i)
 
of
 
“
Optional
 
Redemption
.”
(4)
 
Par
 
Redemption
 
means
 
that
 
we
 
have
 
the
 
right
 
to
 
redeem
 
certain
 
series
 
of
 
debt
 
securities
 
on
 
the
 
terms
 
described
 
below
 
under
 
clause
 
(ii)
 
of
“
Optional
 
Redemption
.”
 
(5)
 
Loss
 
Absorption
 
Disqualification
 
Event
 
Redemption
 
means
 
that
 
we
 
have
 
the
 
right
 
to
 
redeem
 
certain
 
series
 
of
 
Senior
 
Debt
 
Securities
 
on
 
the
terms
 
described
 
below
 
under
 
“
Loss
 
Absorption
 
Disqualification
 
Event
 
Redemption
.”
(6)
 
Senior
 
Events
 
of
 
Default
 
means
 
that
 
the
 
events
 
of
 
default
 
described
 
below
 
under
 
“
Senior
 
Events
 
of
 
Default
”
 
are
 
applicable
 
to
 
the
 
relevant
series
 
of
 
debt
 
securities.
 
(7)
 
Senior
 
Enforcement
 
Events
 
means
 
that
 
the
 
enforcement
 
events
 
and
 
remedies
 
described
 
below
 
under
 
“
Senior
 
Enforcement
 
Events
”
 
are
applicable
 
to
 
the
 
relevant
 
series
 
of
 
debt
 
securities.
 
(8)
 
Dated
 
Subordinated
 
Enforcement
 
Events
 
means
 
that
 
the
 
enforcement
 
events
 
and
 
remedies
 
described
 
below
 
under
 
“
Dated
 
Subordinated
Enforcement
 
Events
”
 
are
 
applicable
 
to
 
the
 
relevant
 
series
 
of
 
debt
 
securities.
(9)
 
The
 
terms
 
of
 
the
 
applicable
 
series
 
of
 
debt
 
securities
 
provide
 
substituted
 
interest
 
rates
 
when
 
LIBOR
 
(as
 
defined
 
below)
 
is
 
temporarily
 
or
permanently
 
unavailable
 
as
 
described
 
under
 
“
LIBOR
 
Replacement.
”
(10)
 
The
 
terms
 
of
 
the
 
applicable
 
series
 
of
 
debt
 
securities
 
specify
 
certain
 
“Benchmark
 
Events”
 
that
 
would
 
trigger
 
substitution
 
of
 
LIBOR
 
when
LIBOR
 
is
 
temporarily
 
or
 
permanently
 
unavailable,
 
as
 
defined
 
and
 
described
 
below
 
under
 
“
LIBOR
 
Replacement
.”
 
(11)
 
The
 
terms
 
of
 
the
 
applicable
 
series
 
of
 
debt
 
securities
 
specify
 
“Benchmark
 
Transition
 
Provisions”
 
that
 
would
 
trigger
 
substitution
 
of
 
LIBOR
 
or
 
the
then-current
 
Benchmark
 
(as
 
defined
 
below)
 
when
 
LIBOR
 
or
 
the
 
then-current
 
Benchmark
 
is
 
temporarily
 
or
 
permanently
 
unavailable,
 
as
 
defined
and
 
described
 
below
 
under
 
“
Benchmark
 
Transition
 
Provisions
.”
(12)
The
 
terms
 
of
 
the
 
applicable
 
series
 
of
 
debt
 
securities
 
provide
 
for
 
subsequent
 
fixed
 
interest
 
rates
 
from
 
and
 
including
 
the
 
reset
 
date
 
as
 
specified
in
 
this
 
table
 
(the
 
“Reset
 
Date”),
 
as
 
described
 
below
 
under
 
“
Interest
—
Fixed
 
Rate
 
Resetting
 
Notes
 
–
 
Interest
.
”
 
The
 
summary
 
set
 
out
 
below
 
of
 
the
 
general
 
terms
 
and
 
provisions
 
of
 
our
 
debt
 
securities
 
does
 
not
 
purport
 
to
 
be
 
complete
 
and
 
is
 
subject
 
to
 
and
qualified
 
by
 
reference
 
to,
 
all
 
of
 
the
 
definitions
 
and
 
provisions
 
of
 
the
 
relevant
 
indenture
 
(as
 
listed
 
in
 
the
 
table
 
above),
 
any
 
supplement
 
to
 
the
relevant
 
indenture
 
and
 
the
 
form
 
of
 
the
 
instrument
 
representing
 
each
 
series
 
of
 
debt
 
securities.
 
Certain
 
terms,
 
unless
 
otherwise
 
defined
 
here,
have
 
the
 
meaning
 
given
 
to
 
them
 
in
 
the
 
relevant
 
indenture
.
General
The
 
debt
 
securities
 
of
 
any
 
series
 
are
 
either
 
our
 
senior
 
obligations
 
(the
 
“Senior
 
Debt
 
Securities”)
 
or
 
our
 
dated
 
subordinated
 
obligations
 
(the
“Dated
 
Subordinated
 
Debt
 
Securities”
 
and,
 
together
 
with
 
the
 
Senior
 
Debt
 
Securities,
 
are
 
referred
 
to
 
herein
 
as
 
the
 
“debt
 
securities”).
 
Neither
 
the
 
Senior
 
Debt
 
Securities
 
nor
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities
 
are
 
secured
 
by
 
any
 
assets
 
or
 
property
 
of
 
Barclays
 
or
 
any
 
of
 
its
subsidiaries
 
or
 
affiliates
 
(including
 
Barclays
 
Bank
 
PLC,
 
its
 
subsidiary).
Each
 
series
 
of
 
Senior
 
Debt
 
Securities
 
was
 
issued
 
under
 
an
 
indenture,
 
entered
 
into
 
between
 
us
 
and
 
The
 
Bank
 
of
 
New
 
York
 
Mellon,
 
London
Branch,
 
as
 
“Trustee”
 
(each,
 
a
 
“Senior
 
Debt
 
Securities
 
Indenture”).
 
Each
 
series
 
of
 
Dated
 
Subordinated
 
Debt
 
Securities
 
was
 
issued
 
under
 
an
indenture,
 
entered
 
into
 
between
 
us
 
and
 
The
 
Bank
 
of
 
New
 
York
 
Mellon,
 
London
 
Branch,
 
as
 
Trustee
 
(each,
 
a
 
“Dated
 
Subordinated
 
Debt
Securities
 
Indenture”).
 
With
 
respect
 
to
 
each
 
series
 
of
 
debt
 
securities,
 
the
 
relevant
 
Senior
 
Debt
 
Securities
 
Indenture
 
or
 
Dated
 
Subordinated
 
Debt
Securities
 
Indenture
 
(as
 
applicable)
 
is
 
set
 
forth
 
in
 
the
 
table
 
above,
 
and
 
any
 
respective
 
supplements
 
thereto
 
are
 
referred
 
to
 
in
 
this
 
description
individually
 
as
 
an
 
“indenture”
 
and
 
collectively
 
as
 
the
 
“indentures.”
 
The
 
terms
 
of
 
the
 
debt
 
securities
 
include
 
those
 
stated
 
in
 
the
 
relevant
 
indenture
and
 
any
 
supplements
 
thereto,
 
and
 
those
 
terms
 
made
 
part
 
of
 
the
 
relevant
 
indenture
 
by
 
reference
 
to
 
the
 
U.S.
 
Trust
 
Indenture
 
Act
 
of
 
1939,
 
as
amended
 
(the
 
“Trust
 
Indenture
 
Act”).
 
Each
 
series
 
of
 
debt
 
securities
 
listed
 
in
 
the
 
table
 
above
 
was
 
issued
 
pursuant
 
to
 
an
 
effective
 
registration
statement
 
and
 
a
 
related
 
prospectus
 
and
 
prospectus
 
supplement
 
setting
 
forth
 
the
 
terms
 
of
 
the
 
relevant
 
series
 
of
 
debt
 
securities.
The
 
indentures
 
do
 
not
 
limit
 
the
 
amount
 
of
 
debt
 
securities
 
that
 
we
 
may
 
issue.
 
Unless
 
otherwise
 
provided
 
in
 
the
 
terms
 
of
 
a
 
series
 
of
 
debt
securities,
 
a
 
series
 
may
 
be
 
reopened,
 
without
 
notice
 
to
 
or
 
consent
 
of
 
any
 
holder
 
of
 
outstanding
 
debt
 
securities,
 
for
 
issuances
 
of
 
additional
 
debt
securities
 
of
 
that
 
series.
 
The
 
debt
 
securities
 
of
 
each
 
series
 
and
 
any
 
additional
 
new
 
debt
 
securities
 
of
 
the
 
same
 
series
 
would
 
be
 
treated
 
as
 
a
single
 
series
 
for
 
all
 
purposes
 
under
 
the
 
relevant
 
indenture.
 
Holders
 
of
 
debt
 
securities
 
have
 
no
 
voting
 
rights
 
except
 
as
 
described
 
below
 
under
 
“
Modification
 
and
 
Waiver,
”
 
“
Senior
 
Events
 
of
 
Default,
”
 
“
Dated
Subordinated
 
Enforcement
 
Events
 
and
 
Remedies,
”
 
and
 
“
Limitation
 
on
 
Suits
.”
The
 
debt
 
securities
 
are
 
not
 
subject
 
to
 
any
 
sinking
 
fund.
Interest
 
As
 
of
 
December
 
31,
 
2020,
 
we
 
had
 
four
 
categories
 
of
 
registered
 
Senior
 
Debt
 
Securities:
 
(i)
 
fixed
 
rate
 
Senior
 
Debt
 
Securities;
 
(ii)
 
floating
 
rate
Senior
 
Debt
 
Securities
 
(“Floating
 
Rate
 
Notes”);
 
(iii)
 
fixed-to-floating
 
rate
 
Senior
 
Debt
 
Securities;
 
and
 
(iv)
 
fixed
 
rate
 
resetting
 
Senior
 
Debt
Securities;
 
and
 
three
 
categories
 
of
 
registered
 
Dated
 
Subordinated
 
Debt
 
Securities:
 
(i)
 
fixed
 
rate
 
Dated
 
Subordinated
 
Debt
 
Securities;
 
(ii)
 
fixed
rate
 
resetting
 
Dated
 
Subordinated
 
Debt
 
Securities
 
(together
 
with
 
the
 
fixed
 
rate
 
resetting
 
Senior
 
Debt
 
Securities,
 
the
 
“Fixed
 
Rate
 
Resetting
Notes,”
 
and
 
the
 
Fixed
 
Rate
 
Resetting
 
Notes,
 
together
 
with
 
the
 
fixed
 
rate
 
Senior
 
Debt
 
Securities
 
and
 
the
 
fixed
 
rate
 
Dated
 
Subordinated
 
Debt
Securities,
 
the
 
“Fixed
 
Rate
 
Notes”);
 
and
 
(iii)
 
fixed-to-floating
 
rate
 
Dated
 
Subordinated
 
Debt
 
Securities
 
(together
 
with
 
the
 
fixed-to-floating
 
rate
Senior
 
Debt
 
Securities,
 
the
 
“Fixed-to-Floating
 
Rate
 
Notes”).
 
The
 
relevant
 
interest
 
rates,
 
interest
 
rate
 
amounts
 
and
 
interest
 
payment
 
dates
 
of
 
the
debt
 
securities
 
are
 
set
 
out
 
in
 
the
 
table
 
above.
 
Interest
 
on
 
the
 
Fixed
 
Rate
 
Notes
 
(including
 
the
 
fixed
 
rate
 
interest
 
period
 
of
 
the
 
Fixed-to-Floating
Rate
 
Notes)
 
is
 
computed
 
on
 
the
 
basis
 
of
 
a
 
360-day
 
year
 
of
 
twelve
 
30-day
 
months,
 
and,
 
in
 
the
 
case
 
of
 
the
 
Floating
 
Rate
 
Notes
 
(including
 
the
floating
 
rate
 
interest
 
period
 
of
 
the
 
Fixed-to-Floating
 
Rate
 
Notes),
 
on
 
the
 
basis
 
of
 
the
 
actual
 
number
 
of
 
days
 
in
 
each
 
floating
 
rate
 
interest
 
period
and
 
a
 
360-day
 
year
 
during
 
any
 
floating
 
rate
 
interest
 
period.
 
For
 
the
 
3.250%
 
Fixed
 
Rate
 
Senior
 
Notes
 
due
 
2033,
 
where
 
interest
 
is
 
to
 
be
calculated
 
in
 
respect
 
of
 
a
 
period
 
which
 
is
 
equal
 
to
 
or
 
shorter
 
than
 
an
 
interest
 
period,
 
interest
 
will
 
be
 
calculated
 
on
 
the
 
basis
 
of
 
the
 
actual
 
number
of
 
days
 
in
 
the
 
relevant
 
period,
 
from
 
and
 
including
 
the
 
last
 
date
 
on
 
which
 
interest
 
was
 
paid
 
on
 
such
 
debt
 
securities,
 
to,
 
but
 
excluding,
 
the
 
next
date
 
on
 
which
 
interest
 
falls
 
due,
 
divided
 
by
 
the
 
number
 
of
 
days
 
in
 
the
 
interest
 
period
 
in
 
which
 
the
 
relevant
 
period
 
falls
 
(including
 
the
 
first
 
such
day
 
but
 
excluding
 
the
 
last).
 
This
 
payment
 
convention
 
is
 
referred
 
to
 
as
 
ACTUAL/ACTUAL
 
(ICMA),
 
defined
 
based
 
on
 
the
 
definition
 
in
 
the
International
 
Capital
 
Market
 
Association
 
Primary
 
Market
 
Handbook.
Payments
Payment
 
of
 
principal
 
of
 
and
 
interest
 
on
 
the
 
debt
 
securities,
 
so
 
long
 
as
 
the
 
debt
 
securities
 
are
 
represented
 
by
 
global
 
securities,
 
are
 
made
 
in
immediately
 
available
 
funds.
 
If
 
any
 
scheduled
 
fixed
 
rate
 
interest
 
payment
 
date
 
is
 
not
 
a
 
Business
 
Day
 
(as
 
defined
 
below),
 
we
 
will
 
pay
 
interest
 
on
the
 
next
 
succeeding
 
Business
 
Day,
 
but
 
interest
 
on
 
that
 
payment
 
will
 
not
 
accrue
 
during
 
the
 
period
 
from
 
and
 
after
 
the
 
scheduled
 
fixed
 
rate
 
interest
payment
 
date.
 
If
 
any
 
scheduled
 
floating
 
rate
 
interest
 
payment
 
date,
 
other
 
than
 
the
 
maturity
 
date,
 
would
 
fall
 
on
 
a
 
day
 
that
 
is
 
not
 
a
 
Business
 
Day,
the
 
floating
 
rate
 
interest
 
payment
 
date
 
will
 
be
 
postponed
 
to
 
the
 
next
 
succeeding
 
Business
 
Day,
 
except
 
that
 
if
 
that
 
Business
 
Day
 
falls
 
in
 
the
 
next
succeeding
 
calendar
 
month,
 
the
 
floating
 
rate
 
interest
 
payment
 
date
 
will
 
be
 
the
 
immediately
 
preceding
 
Business
 
Day.
Payments
 
in
 
respect
 
of
 
debt
 
securities
 
denominated
 
in
 
U.S.
 
dollars
 
are
 
made
 
to
 
holders
 
of
 
record
 
on
 
the
 
close
 
of
 
business
 
on
 
the
 
Business
 
Day
immediately
 
preceding
 
each
 
interest
 
payment
 
date
 
(or,
 
if
 
the
 
debt
 
securities
 
are
 
held
 
in
 
definitive
 
form,
 
the
 
15
th
 
Business
 
Day
 
preceding
 
each
interest
 
payment
 
date).
 
Beneficial
 
interests
 
in
 
the
 
global
 
securities
 
denominated
 
in
 
U.S.
 
dollars
 
trade
 
in
 
the
 
same-day
 
funds
 
settlement
 
system
 
of
DTC,
 
and
 
secondary
 
market
 
trading
 
activity
 
in
 
such
 
interests
 
will
 
therefore
 
settle
 
in
 
same-day
 
funds.
 
A
 
“Business
 
Day”
 
means
 
any
 
weekday
other
 
than
 
one
 
on
 
which
 
banking
 
institutions
 
are
 
authorized
 
or
 
obligated
 
by
 
law
 
or
 
executive
 
order
 
to
 
close
 
in
 
London,
 
England
 
or
 
in
 
the
 
City
 
of
New
 
York,
 
United
 
States.
With
 
respect
 
to
 
the
 
3.250%
 
Fixed
 
Rate
 
Senior
 
Notes
 
due
 
2033,
 
which
 
are
 
denominated
 
in
 
sterling
 
(the
 
“Sterling-denominated
 
Notes”),
 
payment
of
 
principal
 
and
 
interest
 
payments
 
in
 
respect
 
of
 
this
 
series
 
of
 
debt
 
securities
 
are
 
payable
 
in
 
sterling
 
to
 
holders
 
of
 
record
 
on
 
the
 
close
 
of
 
business
(in
 
the
 
relevant
 
Clearing
 
System)
 
on
 
the
 
Clearing
 
System
 
Business
 
Day
 
(each,
 
as
 
defined
 
below)
 
immediately
 
preceding
 
each
 
interest
 
payment
date
 
(or,
 
if
 
these
 
debt
 
securities
 
are
 
held
 
in
 
definitive
 
form,
 
the
 
15th
 
Business
 
Day
 
preceding
 
each
 
interest
 
payment
 
date).
 
With
 
respect
 
to
 
the
 
Sterling-denominated
 
Notes,
 
“Clearing
 
Systems”
 
means
 
Clearstream
 
Banking
 
S.A.
 
(“Clearstream”)and/or
 
Euroclear
 
SA/NV
(“Euroclear”),
 
and
 
shall
 
include
 
any
 
successor
 
clearing
 
systems;
 
and
 
“Clearing
 
System
 
Business
 
Day”
 
means
 
a
 
day
 
on
 
which
 
each
 
Clearing
System
 
for
 
which
 
any
 
global
 
certificate
 
is
 
being
 
held
 
is
 
open
 
for
 
business.
Beneficial
 
interests
 
in
 
the
 
Sterling-denominated
 
Notes
 
trade
 
in
 
accordance
 
with
 
the
 
normal
 
rules
 
and
 
operating
 
procedures
 
of
 
Clearstream,
Luxembourg
 
and/or
 
Euroclear,
 
and
 
secondary
 
market
 
trading
 
activity
 
in
 
such
 
interests
 
will
 
be
 
settled
 
using
 
the
 
procedures
 
applicable
 
to
conventional
 
eurobonds
 
in
 
same-day
 
funds.
If
 
sterling
 
is
 
unavailable
 
to
 
us
 
due
 
to
 
the
 
imposition
 
of
 
exchange
 
controls
 
or
 
other
 
circumstances
 
beyond
 
our
 
control
 
or
 
is
 
no
 
longer
 
used
 
for
 
the
settlement
 
of
 
transactions
 
by
 
public
 
institutions
 
within
 
the
 
international
 
banking
 
community,
 
then
 
all
 
payments
 
in
 
respect
 
of
 
the
 
Sterling-
denominated
 
Notes
 
will
 
be
 
made
 
in
 
U.S.
 
dollars
 
until
 
sterling
 
is
 
again
 
available
 
to
 
us
 
or
 
so
 
used.
 
The
 
amount
 
payable
 
on
 
any
 
date
 
in
 
sterling
 
will
 
be
 
converted
 
into
 
U.S.
 
dollars
 
at
 
the
 
Market
 
Exchange
 
Rate
 
(as
 
defined
 
below)
 
as
 
of
 
the
 
close
 
of
 
business
 
on
 
the
 
second
 
Business
 
Day
 
prior
 
to
the
 
relevant
 
payment
 
date
 
or,
 
if
 
such
 
Market
 
Exchange
 
Rate
 
is
 
not
 
then
 
available,
 
on
 
the
 
basis
 
of
 
the
 
then
 
most
 
recent
 
U.S.
 
dollar/sterling
exchange
 
rate
 
available
 
on
 
or
 
prior
 
to
 
the
 
second
 
Business
 
Day
 
prior
 
to
 
the
 
relevant
 
payment
 
date
 
as
 
determined
 
by
 
us
 
in
 
our
 
sole
 
discretion.
“Market
 
Exchange
 
Rate”
 
means
 
the
 
noon
 
buying
 
rate
 
in
 
The
 
City
 
of
 
New
 
York
 
for
 
cable
 
transfers
 
of
 
sterling
 
as
 
certified
 
for
 
customs
 
purposes
(or,
 
if
 
not
 
so
 
certified,
 
as
 
otherwise
 
determined)
 
by
 
the
 
Federal
 
Reserve
 
Bank
 
of
 
New
 
York.
Any
 
payment
 
in
 
respect
 
of
 
the
 
Sterling-denominated
 
Notes
 
so
 
made
 
in
 
U.S.
 
dollars
 
will
 
not
 
constitute
 
an
 
event
 
of
 
default
 
under
 
the
 
relevant
indenture
 
or
 
the
 
terms
 
of
 
this
 
series
 
of
 
debt
 
securities.
 
Neither
 
the
 
Trustee
 
nor
 
the
 
paying
 
agent
 
will
 
be
 
responsible
 
for
 
obtaining
 
exchange
 
rates,
effecting
 
currency
 
conversions
 
or
 
otherwise
 
handling
 
redenominations.
 
Holders
 
of
 
this
 
series
 
of
 
debt
 
securities
 
will
 
be
 
subject
 
to
 
foreign
exchange
 
risks
 
as
 
to
 
payments
 
of
 
principal
 
and
 
interest
 
that
 
may
 
have
 
important
 
economic
 
and
 
tax
 
consequences
 
to
 
them.
 
Fixed
 
Rate
 
Resetting
 
Notes
 
–
 
Interest
The
 
applicable
 
per
 
annum
 
interest
 
rate
 
on
 
the
 
Fixed
 
Rate
 
Resetting
 
Notes,
 
from
 
(and
 
including)
 
the
 
Reset
 
Date
 
(as
 
set
 
out
 
in
 
the
 
table
 
above)
 
to
(but
 
excluding)
 
the
 
Maturity
 
Date
 
(as
 
set
 
out
 
in
 
the
 
table
 
above)
 
will
 
be
 
equal
 
to
 
the
 
sum,
 
as
 
determined
 
by
 
The
 
Bank
 
of
 
New
 
York
 
Mellon,
London
 
branch,
 
as
 
Calculation
 
Agent,
 
of
 
the
 
then-prevailing
 
U.S.
 
Treasury
 
Rate
 
(as
 
defined
 
below)
 
on
 
the
 
second
 
Business
 
Day
 
immediately
preceding
 
the
 
relevant
 
Reset
 
Date
 
(the
 
“Reset
 
Determination
 
Date”),
 
plus
 
a
 
certain
 
percentage
 
(“margin”)
 
as
 
set
 
forth
 
in
 
the
 
table
 
above.
“U.S.
 
Treasury
 
Rate”
 
means,
 
with
 
respect
 
to
 
the
 
period
 
from
 
and
 
including
 
the
 
Reset
 
Date
 
to
 
the
 
Maturity
 
Date
 
(the
 
“Reset
 
Period”),
 
the
 
rate
 
per
annum
 
equal
 
to:
 
(1)
 
the
 
yield,
 
under
 
the
 
heading
 
which
 
represents
 
the
 
average
 
for
 
the
 
week
 
immediately
 
prior
 
to
 
the
 
Reset
 
Determination
 
Date,
appearing
 
in
 
the
 
most
 
recently
 
published
 
statistical
 
release
 
designated
 
“H.15,”
 
or
 
any
 
successor
 
publication
 
that
 
is
 
published
 
by
 
the
 
Board
 
of
Governors
 
of
 
the
 
Federal
 
Reserve
 
System
 
that
 
establishes
 
yields
 
on
 
actively
 
traded
 
U.S.
 
Treasury
 
securities
 
adjusted
 
to
 
constant
 
maturity,
under
 
the
 
caption
 
“Treasury
 
constant
 
maturities,”
 
for
 
the
 
term
 
to
 
maturity
 
as
 
specified
 
in
 
the
 
relevant
 
prospectus
 
supplement;
 
or
 
(2)
 
if
 
such
release
 
(or
 
any
 
successor
 
release)
 
is
 
not
 
published
 
during
 
the
 
week
 
immediately
 
prior
 
to
 
the
 
Reset
 
Determination
 
Date
 
or
 
does
 
not
 
contain
 
such
yields,
 
the
 
rate
 
per
 
annum
 
equal
 
to
 
the
 
semi-annual
 
equivalent
 
yield
 
to
 
maturity
 
of
 
the
 
Comparable
 
Treasury
 
Issue
 
(as
 
defined
 
below),
calculated
 
using
 
a
 
price
 
for
 
the
 
Comparable
 
Treasury
 
Issue
 
(expressed
 
as
 
a
 
percentage
 
of
 
its
 
principal
 
amount)
 
equal
 
to
 
the
 
Comparable
Treasury
 
Price
 
(as
 
defined
 
below)
 
for
 
the
 
Reset
 
Determination
 
Date.
If
 
the
 
U.S.
 
Treasury
 
Rate
 
cannot
 
be
 
determined,
 
for
 
whatever
 
reason,
 
as
 
described
 
under
 
(1)
 
or
 
(2)
 
above,
 
“U.S.
 
Treasury
 
Rate”
 
means
 
the
 
rate
in
 
percentage
 
per
 
annum
 
as
 
notified
 
by
 
the
 
Calculation
 
Agent
 
to
 
us
 
equal
 
to
 
the
 
yield
 
on
 
U.S.
 
Treasury
 
securities
 
having
 
the
 
term
 
to
 
maturity,
 
as
specified
 
in
 
the
 
relevant
 
prospectus
 
supplement,
 
as
 
set
 
forth
 
in
 
the
 
most
 
recently
 
published
 
statistical
 
release
 
designated
 
“H.15”
 
under
 
the
caption
 
“Treasury
 
constant
 
maturities”
 
(or
 
any
 
successor
 
publication
 
that
 
is
 
published
 
weekly
 
by
 
the
 
Board
 
of
 
Governors
 
of
 
the
 
Federal
 
Reserve
System
 
and
 
that
 
establishes
 
yields
 
on
 
actively
 
traded
 
U.S.
 
Treasury
 
securities
 
adjusted
 
to
 
constant
 
maturity
 
under
 
the
 
caption
 
“Treasury
constant
 
maturities”
 
for
 
the
 
term
 
to
 
maturity
 
as
 
specified
 
in
 
the
 
relevant
 
prospectus
 
supplement)
 
at
 
5:00
 
p.m.
 
(New
 
York
 
City
 
time)
 
on
 
the
 
last
available
 
date
 
preceding
 
the
 
Reset
 
Determination
 
Date
 
on
 
which
 
such
 
rate
 
was
 
set
 
forth
 
in
 
such
 
release
 
(or
 
any
 
successor
 
release).
“Comparable
 
Treasury
 
Issue”
 
means,
 
with
 
respect
 
to
 
the
 
Reset
 
Period,
 
the
 
U.S.
 
Treasury
 
security
 
or
 
securities
 
selected
 
by
 
us
 
with
 
a
 
maturity
date
 
on
 
or
 
about
 
the
 
last
 
day
 
of
 
the
 
Reset
 
Period
 
and
 
that
 
would
 
be
 
utilized,
 
at
 
the
 
time
 
of
 
selection
 
and
 
in
 
accordance
 
with
 
customary
 
financial
practice,
 
in
 
pricing
 
new
 
issues
 
of
 
corporate
 
debt
 
securities
 
denominated
 
in
 
U.S.
 
dollars
 
and
 
having
 
the
 
term
 
to
 
maturity
 
as
 
specified
 
in
 
the
relevant
 
prospectus
 
supplement.
“Comparable
 
Treasury
 
Price”
 
means,
 
with
 
respect
 
to
 
the
 
Reset
 
Determination
 
Date,
 
(i)
 
the
 
arithmetic
 
average
 
of
 
the
 
Reference
 
Treasury
 
Dealer
Quotations
 
(
 
as
 
defined
 
below)
 
for
 
the
 
Reset
 
Determination
 
Date,
 
after
 
excluding
 
the
 
highest
 
and
 
lowest
 
such
 
Reference
 
Treasury
 
Dealer
Quotations,
 
(ii)
 
if
 
fewer
 
than
 
five
 
such
 
Reference
 
Treasury
 
Dealer
 
Quotations
 
are
 
received,
 
the
 
arithmetic
 
average
 
of
 
all
 
such
 
quotations,
 
or
 
(iii)
 
if
fewer
 
than
 
two
 
such
 
Reference
 
Treasury
 
Dealer
 
Quotations
 
are
 
received,
 
then
 
such
 
Reference
 
Treasury
 
Dealer
 
Quotation.
“Reference
 
Treasury
 
Dealer”
 
means,
 
with
 
respect
 
to
 
the
 
Reset
 
Determination
 
Date,
 
each
 
of
 
up
 
to
 
five
 
banks
 
selected
 
by
 
us,
 
or
 
the
 
affiliates
 
of
such
 
banks,
 
which
 
are
 
(i)
 
primary
 
U.S.
 
Treasury
 
securities
 
dealers,
 
and
 
their
 
respective
 
successors,
 
or
 
(ii)
 
market
 
makers
 
in
 
pricing
 
corporate
bond
 
issues
 
denominated
 
in
 
U.S
 
dollars.
“Reference
 
Treasury
 
Dealer
 
Quotations”
 
means,
 
with
 
respect
 
to
 
each
 
Reference
 
Treasury
 
Dealer
 
and
 
the
 
Reset
 
Determination
 
Date,
 
the
arithmetic
 
average,
 
as
 
determined
 
by
 
the
 
Calculation
 
Agent,
 
of
 
the
 
bid
 
and
 
offered
 
prices
 
(such
 
prices
 
being
 
obtained
 
by
 
us
 
and
 
furnished
 
to
 
the
Calculation
 
Agent)
 
for
 
the
 
applicable
 
Comparable
 
Treasury
 
Issue,
 
expressed
 
in
 
each
 
case
 
as
 
a
 
percentage
 
of
 
its
 
principal
 
amount,
 
at
 
11:00
 
a.m.
(New
 
York
 
City
 
time)
 
on
 
the
 
Reset
 
Determination
 
Date.
Floating
 
Rate
 
Interest
 
–
 
LIBOR
The
 
Floating
 
Rate
 
Notes
 
and,
 
during
 
the
 
relevant
 
floating
 
rate
 
interest
 
periods
 
for
 
each
 
series
 
of
 
Fixed-to-Floating
 
Rate
 
Notes,
 
the
 
Fixed-to-
Floating
 
Rate
 
Notes,
 
will
 
bear
 
interest
 
at
 
a
 
floating
 
rate,
 
reset
 
quarterly,
 
plus
 
the
 
margin
 
as
 
set
 
forth
 
in
 
the
 
table
 
above.
 
The
 
Bank
 
of
 
New
 
York
 
Mellon,
 
London
 
branch,
 
as
 
Calculation
 
Agent,
 
determines
 
the
 
floating
 
interest
 
rate
 
for
 
each
 
floating
 
rate
 
interest
 
period
 
by
reference
 
to
 
the
 
then-current
 
three-month
 
U.S.
 
dollar
 
London
 
Interbank
 
Offered
 
Rate
 
(“LIBOR”)
 
on
 
the
 
applicable
 
interest
 
determination
 
date.
The
 
interest
 
determination
 
date
 
for
 
each
 
floating
 
rate
 
interest
 
period
 
is
 
the
 
second
 
London
 
banking
 
day
 
(being
 
any
 
day
 
on
 
which
 
dealings
 
in
 
U.S.
dollars
 
are
 
transacted
 
in
 
the
 
London
 
interbank
 
market)
 
preceding
 
the
 
applicable
 
floating
 
rate
 
interest
 
payment
 
date.
 
Calculation
 
of
 
LIBOR
With
 
respect
 
to
 
any
 
interest
 
determination
 
date,
 
LIBOR
 
is
 
the
 
offered
 
rate
 
for
 
deposits
 
in
 
U.S.
 
dollars
 
having
 
a
 
maturity
 
of
 
three
 
months
 
that
appears
 
on
 
Reuters
 
Page
 
LIBOR01
 
as
 
of
 
the
 
applicable
 
time
 
specified
 
in
 
the
 
relevant
 
prospectus
 
supplement,
 
on
 
that
 
interest
 
determination
date.
 
If
 
no
 
such
 
rate
 
appears
 
on
 
Reuters
 
Page
 
LIBOR01
 
on
 
such
 
interest
 
determination
 
date,
 
LIBOR
 
will
 
be
 
determined
 
for
 
such
 
interest
determination
 
date
 
on
 
the
 
basis
 
of
 
the
 
rates
 
at
 
which
 
deposits
 
in
 
U.S.
 
dollars
 
for
 
the
 
period
 
of
 
three
 
months
 
are
 
offered
 
to
 
prime
 
banks
 
in
 
the
London
 
interbank
 
market
 
by
 
the
 
principal
 
London
 
offices
 
of
 
each
 
of
 
four
 
major
 
reference
 
banks
 
in
 
the
 
London
 
interbank
 
market,
 
as
 
selected
 
and
identified
 
by
 
us
 
(the
 
“reference
 
banks”),
 
at
 
the
 
applicable
 
time
 
as
 
specified
 
in
 
the
 
relevant
 
prospectus
 
supplement,
 
on
 
that
 
interest
 
determination
date
 
and
 
in
 
a
 
principal
 
amount
 
that
 
is
 
representative
 
for
 
a
 
single
 
transaction
 
in
 
U.S.
 
dollars
 
in
 
that
 
market
 
at
 
that
 
time.
 
If
 
at
 
least
 
two
 
such
quotations
 
are
 
provided,
 
LIBOR
 
on
 
such
 
interest
 
determination
 
date
 
will
 
be
 
the
 
arithmetic
 
mean
 
of
 
those
 
quotations.
 
If
 
fewer
 
than
 
two
 
such
quotations
 
are
 
provided,
 
LIBOR
 
on
 
such
 
interest
 
determination
 
date
 
will
 
be
 
the
 
arithmetic
 
mean
 
of
 
the
 
rates
 
quoted
 
at
 
approximately
 
11:00
 
a.m.,
in
 
the
 
City
 
of
 
New
 
York,
 
on
 
the
 
interest
 
determination
 
date
 
by
 
three
 
major
 
banks
 
in
 
The
 
City
 
of
 
New
 
York,
 
selected
 
and
 
identified
 
by
 
us,
 
for
 
loans
in
 
U.S.
 
dollars
 
to
 
leading
 
European
 
banks,
 
for
 
a
 
period
 
of
 
three
 
months,
 
commencing
 
on
 
the
 
related
 
interest
 
reset
 
date,
 
and
 
in
 
a
 
principal
amount
 
that
 
is
 
representative
 
for
 
a
 
single
 
transaction
 
in
 
U.S.
 
dollars
 
in
 
that
 
market
 
at
 
that
 
time.
 
If
 
at
 
least
 
two
 
such
 
rates
 
are
 
so
 
provided,
 
LIBOR
on
 
the
 
interest
 
determination
 
date
 
will
 
be
 
the
 
arithmetic
 
mean
 
of
 
such
 
rates.
 
If
 
fewer
 
than
 
two
 
such
 
rates
 
are
 
so
 
provided,
 
LIBOR
 
on
 
the
 
interest
determination
 
date
 
will
 
be
 
equal
 
to
 
LIBOR
 
in
 
effect
 
with
 
respect
 
to
 
the
 
immediately
 
preceding
 
interest
 
determination
 
date
 
or,
 
in
 
the
 
case
 
of
 
the
first
 
interest
 
determination
 
date
 
for
 
the
 
2.852%
 
Fixed-to-Floating
 
Rate
 
Senior
 
Notes
 
due
 
2026,
 
the
 
rate
 
of
 
interest
 
for
 
the
 
relevant
 
interest
 
rate
period
 
will
 
be
 
equal
 
to
 
the
 
fixed
 
interest
 
rate
 
for
 
such
 
series
 
of
 
debt
 
securities.
In
 
this
 
section,
 
“Reuters
 
Page
 
LIBOR01”
 
means
 
the
 
display
 
that
 
appears
 
on
 
Reuters
 
Page
 
LIBOR01
 
or
 
any
 
page
 
as
 
may
 
replace
 
such
 
page
 
on
such
 
service
 
(or
 
any
 
successor
 
service)
 
for
 
the
 
purpose
 
of
 
displaying
 
London
 
interbank
 
offered
 
rates
 
of
 
major
 
banks
 
for
 
U.S.
 
dollars.
LIBOR
 
Replacement
 
 
 
Following
 
the
 
FCA’s
 
announcement
 
in
 
July
 
2017
 
that
 
it
 
will
 
no
 
longer
 
persuade
 
or
 
compel
 
banks
 
to
 
submit
 
rates
 
for
 
the
 
calculation
 
of
 
LIBOR
 
to
the
 
administrator
 
of
 
LIBOR
 
after
 
2021,
 
the
 
terms
 
of
 
certain
 
series
 
of
 
debt
 
securities
 
issued
 
from
 
May
 
2018
 
(listed
 
in
 
the
 
table
 
above)
 
include
LIBOR
 
replacement
 
provisions
 
in
 
the
 
event
 
that
 
LIBOR
 
is,
 
for
 
example,
 
discontinued
 
or
 
ceases
 
to
 
be
 
published,
 
such
 
that
 
it
 
is
 
no
 
longer
 
possible
to
 
calculate
 
the
 
floating
 
rate
 
interest
 
in
 
the
 
manner
 
set
 
out
 
above.
 
Replacement
 
of
 
LIBOR
For
 
those
 
debt
 
securities
 
for
 
which
 
“Terms
 
provide
 
for
 
the
 
replacement
 
of
 
LIBOR”
 
is
 
indicated
 
in
 
the
 
table
 
above,
 
the
 
following
 
provisions
 
for
 
the
replacement
 
of
 
LIBOR
 
apply.
 
In
 
addition,
 
for
 
those
 
debt
 
securities
 
for
 
which
 
“Terms
 
provide
 
for
 
Benchmark
 
Events
 
(as
 
defined
 
below)
 
that
 
would
trigger
 
the
 
replacement
 
of
 
LIBOR”
 
is
 
also
 
indicated
 
in
 
the
 
table
 
above,
 
the
 
following
 
provisions
 
for
 
the
 
replacement
 
of
 
LIBOR
 
apply
 
following
 
the
occurrence
 
of
 
a
 
Benchmark
 
Event.
 
(i)
 
We
 
shall
 
use
 
reasonable
 
endeavours
 
to
 
appoint
 
an
 
Independent
 
Adviser
 
to
 
determine
 
a
 
Successor
 
Rate
 
(as
 
defined
 
below)
 
or,
 
alternatively,
if
 
there
 
is
 
no
 
Successor
 
Rate,
 
an
 
Alternative
 
Reference
 
Rate
 
(as
 
defined
 
below);
(ii)
 
If
 
we
 
are
 
unable
 
to
 
appoint
 
an
 
Independent
 
Adviser,
 
or
 
the
 
Independent
 
Adviser
 
appointed
 
fails
 
to
 
determine
 
either
 
a
 
Successor
 
Rate
 
or
whether
 
an
 
Alternative
 
Reference
 
Rate
 
may
 
be
 
used,
 
we
 
may
 
ourselves
 
make
 
such
 
a
 
determination
 
regarding
 
the
 
applicable
 
floating
interest
 
rate
 
for
 
the
 
affected
 
debt
 
securities;
(iii)
 
If
 
a
 
Successor
 
Rate
 
or
 
an
 
Alternative
 
Reference
 
Rate
 
(as
 
applicable)
 
is
 
determined
 
in
 
accordance
 
with
 
clause
 
(i)
 
or
 
(ii),
 
such
 
Successor
Rate
 
or
 
Alternative
 
Reference
 
Rate
 
(as
 
applicable)
 
shall
 
be
 
LIBOR
 
for
 
each
 
of
 
the
 
future
 
interest
 
periods
 
(subject
 
to
 
the
 
subsequent
operation
 
of,
 
and
 
to
 
any
 
applicable
 
adjustment
 
described
 
in
 
clause
 
(iv)
 
below);
provided,
 
however
,
 
that
 
if
 
clause
 
(ii)
 
applies
 
and
 
we
 
do
 
not,
 
or
are
 
also
 
unable
 
to,
 
determine
 
either
 
a
 
Successor
 
Rate
 
or
 
whether
 
an
 
Alternative
 
Reference
 
Rate
 
may
 
be
 
used,
 
the
 
floating
 
interest
 
rate
applicable
 
to
 
the
 
next
 
succeeding
 
floating
 
rate
 
interest
 
period
 
shall
 
be
 
equal
 
to
 
the
 
floating
 
interest
 
rate
 
last
 
determined
 
in
 
relation
 
to
 
the
affected
 
debt
 
securities
 
(or,
 
alternatively,
 
in
 
the
 
case
 
of
 
the
 
applicable
 
series
 
of
 
Floating
 
Rate
 
Notes,
 
if
 
there
 
has
 
not
 
been
 
a
 
first
 
floating
 
rate
interest
 
payment
 
date
 
in
 
respect
 
of
 
such
 
debt
 
securities,
 
or
 
in
 
the
 
case
 
of
 
the
 
applicable
 
series
 
of
 
Fixed-to-Floating
 
Rate
 
Notes,
 
if
 
there
 
has
not
 
been
 
a
 
first
 
floating
 
rate
 
interest
 
period
 
in
 
respect
 
of
 
such
 
debt
 
securities,
 
the
 
floating
 
interest
 
rate
 
shall
 
be
 
the
 
relevant
 
first
 
floating
 
rate
of
 
interest
 
or
 
the
 
fixed
 
interest
 
rate,
 
as
 
applicable
 
pursuant
 
to
 
the
 
prospectus
 
supplement
 
for
 
the
 
relevant
 
debt
 
securities);
 
(iv)
 
If
 
we
 
or
 
the
 
Independent
 
Adviser
 
(as
 
applicable)
 
determines
 
that
 
an
 
Adjustment
 
Spread
 
(as
 
defined
 
below)
 
should
 
be
 
applied
 
to
 
the
Successor
 
or
 
Alternative
 
Reference
 
Rate
 
(as
 
applicable)
 
and
 
determines
 
the
 
quantum
 
of,
 
or
 
a
 
formula
 
or
 
methodology
 
for
 
determining,
 
such
Adjustment
 
Spread,
 
then
 
such
 
Adjustment
 
Spread
 
shall
 
be
 
applied
 
to
 
the
 
Successor
 
Rate
 
or
 
the
 
Alternative
 
Reference
 
Rate
 
(as
 
applicable)
and
 
the
 
Floating
 
Rate
 
of
 
Interest
 
shall
 
be
 
the
 
aggregate
 
of
 
(a)
 
the
 
Successor
 
Rate
 
or
 
the
 
Alternative
 
Reference
 
Rate
 
(as
 
applicable),
 
(b)
 
the
Adjustment
 
Spread,
 
and
 
(c)
 
the
 
Margin;
 
failing
 
which,
 
such
 
Successor
 
Rate
 
or
 
Alternative
 
Reference
 
Rate
 
(as
 
applicable)
 
will
 
apply
 
without
an
 
Adjustment
 
Spread.
 
We
 
or
 
the
 
Independent
 
Adviser
 
may
 
also
 
specify
 
certain
 
changes
 
to
 
the
 
terms
 
of
 
the
 
affected
 
debt
 
securities
including,
 
but
 
not
 
limited
 
to,
 
the
 
margin,
 
relevant
 
day
 
count,
 
relevant
 
screen
 
page,
 
Business
 
Day,
 
interest
 
determination
 
date
 
and/or
 
the
definition
 
of
 
LIBOR,
 
and
 
the
 
method
 
for
 
determining
 
the
 
fallback
 
rate
 
in
 
relation
 
to
 
the
 
affected
 
debt
 
securities,
 
in
 
order
 
to
 
follow
 
market
practice
 
in
 
relation
 
to
 
the
 
chosen
 
Successor
 
Rate,
 
the
 
Alternative
 
Reference
 
Rate
 
(as
 
applicable)
 
and/or
 
the
 
Adjustment
 
Spread.
The
 
Trustee
 
and
 
Calculation
 
Agent
 
will
 
effect
 
any
 
amendments
 
to
 
the
 
relevant
 
documentation
 
(including
 
the
 
indenture
 
and
 
the
 
terms
 
of
 
the
 
debt
securities)
 
that
 
are
 
required
 
to
 
give
 
effect
 
to
 
the
 
provisions
 
described
 
above.
 
Consent
 
of
 
the
 
holders
 
of
 
the
 
affected
 
debt
 
securities
 
will
 
not
 
be
required
 
in
 
connection
 
with
 
implementing
 
a
 
Successor
 
Rate,
 
Alternative
 
Reference
 
Rate
 
(as
 
applicable)
 
and/or
 
any
 
Adjustment
 
Spread
 
or
 
such
other
 
changes,
 
including
 
for
 
the
 
execution
 
of
 
any
 
documents,
 
amendments
 
or
 
other
 
steps
 
by
 
the
 
Trustee
 
or
 
the
 
Calculation
 
Agent
 
(if
 
required).
We
 
will
 
give
 
prompt
 
notice
 
to
 
the
 
Trustee,
 
the
 
Calculation
 
Agent
 
and
 
the
 
holders
 
of
 
the
 
debt
 
securities
 
following
 
the
 
determination
 
of
 
any
Successor
 
Rate,
 
Alternative
 
Reference
 
Rate
 
(as
 
applicable)
 
and/or
 
any
 
Adjustment
 
Spread,
 
and
 
specify
 
the
 
effective
 
date(s)
 
for
 
such
 
Successor
Rate,
 
Alternative
 
Reference
 
Rate
 
(as
 
applicable)
 
and/or
 
any
 
Adjustment
 
Spread
 
and
 
any
 
consequential
 
changes
 
made
 
to
 
the
 
provisions
 
as
described
 
above.
Notwithstanding
 
the
 
above,
 
determination
 
of
 
any
 
Successor
 
Rate,
 
Alternative
 
Reference
 
Rate
 
or
 
any
 
Adjustment
 
Spread,
 
and
 
any
 
other
 
related
changes
 
to
 
the
 
debt
 
securities,
 
shall
 
be
 
made
 
in
 
accordance
 
with
 
the
 
relevant
 
Capital
 
Regulations
 
(if
 
applicable),
 
as
 
defined
 
in
 
the
 
prospectus
supplement
 
for
 
the
 
relevant
 
series
 
of
 
debt
 
securities.
For
 
the
 
purposes
 
of
 
this
 
section:
“Adjustment
 
Spread”
 
means
 
a
 
spread
 
(which
 
may
 
be
 
positive
 
or
 
negative)
 
or
 
formula
 
or
 
methodology
 
for
 
calculating
 
a
 
spread,
 
which
 
the
Independent
 
Adviser
 
(in
 
consultation
 
with
 
us)
 
or
 
we,
 
as
 
issuer
 
(as
 
applicable),
 
determine
 
is
 
required
 
to
 
be
 
applied
 
to
 
the
 
Successor
 
Rate
 
or
 
the
Alternative
 
Reference
 
Rate
 
(as
 
applicable)
 
in
 
order
 
to
 
reduce
 
or
 
eliminate,
 
to
 
the
 
extent
 
reasonably
 
practicable
 
in
 
the
 
circumstances,
 
any
economic
 
prejudice
 
or
 
benefit
 
(as
 
applicable)
 
to
 
holders
 
of
 
the
 
debt
 
securities
 
as
 
a
 
result
 
of
 
the
 
replacement
 
of
 
LIBOR
 
with
 
the
 
Successor
 
Rate
or
 
the
 
Alternative
 
Reference
 
Rate
 
(as
 
applicable)
 
and
 
is
 
the
 
spread,
 
formula
 
or
 
methodology
 
which:
(i)
 
in
 
the
 
case
 
of
 
a
 
Successor
 
Rate,
 
is
 
recommended
 
in
 
relation
 
to
 
the
 
replacement
 
of
 
LIBOR
 
with
 
the
 
Successor
 
Rate
 
by
 
any
 
“Relevant
Nominating
 
Body”
 
(as
 
that
 
term
 
is
 
defined
 
in
 
the
 
prospectus
 
supplement
 
for
 
the
 
relevant
 
series
 
of
 
debt
 
securities);
 
or
(ii)
 
in
 
the
 
case
 
of
 
a
 
Successor
 
Rate
 
for
 
which
 
no
 
such
 
recommendation
 
has
 
been
 
made
 
or
 
in
 
the
 
case
 
of
 
an
 
Alternative
 
Reference
 
Rate,
the
 
Independent
 
Adviser
 
(in
 
consultation
 
with
 
us)
 
or
 
we,
 
as
 
issuer
 
(as
 
applicable)
 
determine
 
is
 
recognized
 
or
 
acknowledged
 
as
 
being
in
 
customary
 
market
 
usage
 
in
 
international
 
debt
 
capital
 
markets
 
transactions
 
which
 
reference
 
LIBOR,
 
where
 
such
 
rate
 
has
 
been
replaced
 
by
 
the
 
Successor
 
Rate
 
or
 
the
 
Alternative
 
Reference
 
Rate
 
(as
 
applicable);
 
or
(iii)
 
if
 
no
 
such
 
customary
 
market
 
usage
 
is
 
recognized
 
or
 
acknowledged,
 
the
 
Independent
 
Adviser
 
(in
 
consultation
 
with
 
us)
 
or
 
we,
 
as
 
issuer,
in
 
its/our
 
discretion
 
(as
 
applicable),
 
determine
 
(acting
 
in
 
good
 
faith
 
and
 
in
 
a
 
commercially
 
reasonable
 
manner)
 
to
 
be
 
appropriate;
“Alternative
 
Reference
 
Rate”
 
means
 
the
 
rate
 
that
 
the
 
Independent
 
Adviser
 
or
 
we,
 
as
 
issuer
 
(as
 
applicable)
 
determine
 
has
 
replaced
 
LIBOR
 
in
customary
 
market
 
usage
 
in
 
the
 
international
 
debt
 
capital
 
markets
 
for
 
the
 
purposes
 
of
 
determining
 
rates
 
of
 
interest
 
in
 
respect
 
of
 
bonds
denominated
 
in
 
U.S.
 
dollars
 
and
 
of
 
a
 
comparable
 
duration
 
to
 
the
 
relevant
 
floating
 
rate
 
interest
 
period,
 
or,
 
if
 
the
 
Independent
 
Adviser
 
or
 
we,
 
as
issuer
 
(as
 
applicable)
 
determine
 
that
 
there
 
is
 
no
 
such
 
rate,
 
such
 
other
 
rate
 
as
 
the
 
Independent
 
Adviser
 
or
 
we,
 
as
 
issuer
 
(as
 
applicable)
determines
 
in
 
its/our
 
discretion
 
(acting
 
in
 
good
 
faith
 
and
 
in
 
a
 
commercially
 
reasonable
 
manner)
 
is
 
most
 
comparable
 
to
 
LIBOR;
“Benchmark
 
Event”
 
means:
●
 
LIBOR
 
has
 
ceased
 
to
 
be
 
published
 
on
 
the
 
relevant
 
screen
 
page
 
as
 
a
 
result
 
of
 
such
 
benchmark
 
ceasing
 
to
 
be
 
calculated
 
or
administered;
 
or
●
 
a
 
public
 
statement
 
by
 
the
 
administrator
 
of
 
LIBOR
 
that
 
it
 
has
 
ceased,
 
or
 
will
 
cease,
 
publishing
 
such
 
reference
 
rate
 
permanently
 
or
indefinitely
 
(in
 
circumstances
 
where
 
no
 
successor
 
administrator
 
has
 
been
 
appointed
 
that
 
will
 
continue
 
publication
 
of
 
such
 
reference
rate);
 
or
●
 
a
 
public
 
statement
 
by
 
the
 
supervisor
 
of
 
the
 
administrator
 
of
 
LIBOR
 
that
 
such
 
reference
 
rate
 
has
 
been
 
or
 
will
 
be
 
permanently
 
or
indefinitely
 
discontinued;
 
or
●
 
a
 
public
 
statement
 
by
 
the
 
supervisor
 
of
 
the
 
administrator
 
of
 
LIBOR
 
as
 
a
 
consequence
 
of
 
which
 
such
 
reference
 
rate
 
will
 
be
 
prohibited
from
 
being
 
used
 
or
 
that
 
its
 
use
 
will
 
be
 
subject
 
to
 
restrictions
 
or
 
adverse
 
consequences
 
either
 
generally,
 
or
 
in
 
respect
 
of
 
the
 
debt
securities;
 
or
 
 
●
 
a
 
public
 
statement
 
by
 
the
 
supervisor
 
of
 
the
 
administrator
 
of
 
LIBOR
 
that,
 
in
 
the
 
view
 
of
 
such
 
supervisor,
 
such
 
reference
 
rate
 
is
 
no
longer
 
representative
 
of
 
an
 
underlying
 
market
 
or
 
the
 
methodology
 
to
 
calculate
 
such
 
reference
 
rate
 
has
 
materially
 
changed;
 
or
●
 
it
 
has
 
or
 
will
 
become
 
unlawful
 
for
 
the
 
Calculation
 
Agent
 
or
 
us
 
to
 
calculate
 
any
 
payments
 
due
 
to
 
be
 
made
 
to
 
any
 
holder
 
of
 
the
 
debt
securities
 
using
 
LIBOR
 
(including,
 
without
 
limitation,
 
under
 
the
 
Benchmark
 
Regulation
 
(EU)
 
2016/1011,
 
if
 
applicable).
“Independent
 
Adviser”
 
means
 
an
 
independent
 
financial
 
institution
 
of
 
international
 
repute
 
or
 
other
 
independent
 
financial
 
adviser
 
experienced
 
in
the
 
international
 
debt
 
capital
 
markets,
 
in
 
each
 
case
 
appointed
 
by
 
us
 
at
 
our
 
own
 
expense;
“Successor
 
Rate”
 
means
 
the
 
reference
 
rate
 
(and
 
related
 
alternative
 
screen
 
page
 
or
 
source,
 
if
 
applicable)
 
that
 
the
 
Independent
 
Adviser
 
or
 
we,
 
as
issuer
 
(as
 
applicable)
 
determines
 
is
 
a
 
successor
 
to
 
or
 
replacement
 
of
 
LIBOR
 
which
 
is
 
formally
 
recommended
 
by
 
any
 
Relevant
 
Nominating
 
Body.
Benchmark
 
Transition
 
Provisions
For
 
the
 
2.852%
 
Fixed-to-Floating
 
Rate
 
Senior
 
Notes
 
due
 
2026,
 
if
 
we
 
or
 
our
 
designee
 
determine
 
on
 
or
 
prior
 
to
 
any
 
interest
 
determination
 
date
that
 
a
 
Benchmark
 
Transition
 
Event
 
and
 
its
 
related
 
Benchmark
 
Replacement
 
Date
 
(each,
 
as
 
defined
 
below)
 
have
 
occurred
 
with
 
respect
 
to
 
LIBOR
or
 
the
 
then-current
 
Benchmark,
 
then
 
the
 
provisions
 
set
 
forth
 
below
 
under
 
this
 
section
 
(the
 
“Benchmark
 
Transition
 
Provisions”)
 
will
 
thereafter
apply
 
to
 
all
 
determinations
 
of
 
the
 
applicable
 
floating
 
interest
 
rate
 
for
 
such
 
debt
 
securities;
 
provided
 
that
 
no
 
Benchmark
 
Replacement
 
(as
 
defined
below)
 
will
 
be
 
adopted
 
if
 
and
 
to
 
the
 
extent
 
that
 
we
 
determine,
 
in
 
our
 
sole
 
discretion,
 
that
 
such
 
Benchmark
 
Replacement
 
prejudices,
 
or
 
could
reasonably
 
be
 
expected
 
to
 
prejudice,
 
after
 
the
 
application
 
of
 
the
 
applicable
 
Benchmark
 
Replacement
 
Adjustment,
 
the
 
Benchmark
 
Replacement
Conforming
 
Changes
 
(each,
 
as
 
defined
 
below)
 
and
 
the
 
further
 
decisions
 
and
 
determinations
 
as
 
described
 
below,
 
the
 
eligibility
 
of
 
such
 
debt
securities
 
to
 
count
 
towards
 
the
 
Group’s
 
minimum
 
requirement
 
for
 
own
 
funds
 
and
 
eligible
 
liabilities
 
for
 
purposes
 
of,
 
and
 
in
 
accordance
 
with,
 
the
Capital
 
Regulations;
 
provided
 
further
 
that,
 
if
 
we
 
have
 
determined
 
not
 
to
 
adopt
 
the
 
Benchmark
 
Replacement
 
in
 
accordance
 
with
 
the
 
proviso
 
set
forth
 
above
 
and
 
a
 
Benchmark
 
Transition
 
Event
 
and
 
its
 
related
 
Benchmark
 
Replacement
 
Date
 
have
 
occurred
 
with
 
respect
 
to
 
LIBOR
 
or
 
the
 
then-
current
 
Benchmark,
 
the
 
floating
 
interest
 
rate
 
for
 
such
 
floating
 
rate
 
interest
 
period
 
and
 
subsequent
 
floating
 
rate
 
interest
 
periods
 
will
 
be
 
equal
 
to
the
 
applicable
 
floating
 
interest
 
rate
 
in
 
effect
 
for
 
the
 
immediately
 
preceding
 
floating
 
rate
 
interest
 
period
 
or,
 
in
 
the
 
case
 
of
 
the
 
first
 
interest
determination
 
date,
 
the
 
rate
 
of
 
interest
 
for
 
such
 
floating
 
rate
 
interest
 
period
 
and
 
subsequent
 
floating
 
rate
 
interest
 
periods
 
will
 
be
 
equal
 
to
 
the
applicable
 
fixed
 
interest
 
rate.
 
In
 
accordance
 
with
 
the
 
Benchmark
 
Transition
 
Provisions,
 
after
 
a
 
Benchmark
 
Transition
 
Event
 
and
 
its
 
related
Benchmark
 
Replacement
 
Date
 
have
 
occurred,
 
the
 
amount
 
of
 
interest
 
that
 
will
 
be
 
payable
 
for
 
each
 
floating
 
rate
 
interest
 
period
 
will
 
be
 
an
 
annual
rate
 
equal
 
to
 
the
 
sum
 
of
 
the
 
Benchmark
 
Replacement
 
and
 
the
 
margin.
If
 
we
 
or
 
our
 
designee
 
determine
 
that
 
a
 
Benchmark
 
Transition
 
Event
 
and
 
its
 
related
 
Benchmark
 
Replacement
 
Date
 
have
 
occurred
 
prior
 
to
 
the
Reference
 
Time
 
(as
 
defined
 
below)
 
in
 
respect
 
of
 
any
 
determination
 
of
 
the
 
Benchmark
 
on
 
any
 
date,
 
the
 
Benchmark
 
Replacement
 
will
 
replace
 
the
then-current
 
Benchmark
 
for
 
all
 
purposes
 
in
 
respect
 
of
 
such
 
determination
 
on
 
such
 
date
 
and
 
all
 
determinations
 
on
 
all
 
subsequent
 
dates.
In
 
connection
 
with
 
the
 
implementation
 
of
 
a
 
Benchmark
 
Replacement,
 
we
 
or
 
our
 
designee
 
has
 
the
 
right
 
to
 
make
 
any
 
Benchmark
 
Replacement
Conforming
 
Changes
 
from
 
time
 
to
 
time.
“Benchmark”
 
means,
 
initially,
 
LIBOR;
 
provided
 
that
 
if
 
a
 
Benchmark
 
Transition
 
Event
 
and
 
its
 
related
 
Benchmark
 
Replacement
 
Date
 
have
occurred
 
with
 
respect
 
to
 
LIBOR
 
or
 
the
 
then-current
 
Benchmark,
 
then
 
“Benchmark”
 
means
 
the
 
applicable
 
Benchmark
 
Replacement.
“Benchmark
 
Replacement”
 
means
 
the
 
Interpolated
 
Benchmark
 
with
 
respect
 
to
 
the
 
then-current
 
Benchmark,
 
plus
 
the
 
Benchmark
 
Replacement
Adjustment
 
for
 
such
 
Benchmark;
 
provided
 
that
 
if
 
we
 
or
 
our
 
designee
 
cannot
 
determine
 
the
 
Interpolated
 
Benchmark
 
as
 
of
 
the
 
Benchmark
Replacement
 
Date,
 
then
 
“Benchmark
 
Replacement”
 
means
 
the
 
first
 
alternative
 
set
 
forth
 
in
 
the
 
order
 
below
 
that
 
can
 
be
 
determined
 
by
 
us
 
or
 
our
designee
 
as
 
of
 
the
 
Benchmark
 
Replacement
 
Date:
(1)
 
the
 
sum
 
of:
 
(a)
 
Term
 
SOFR
 
and
 
(b)
 
the
 
Benchmark
 
Replacement
 
Adjustment;
(2)
 
the
 
sum
 
of:
 
(a)
 
Compounded
 
SOFR
 
and
 
(b)
 
the
 
Benchmark
 
Replacement
 
Adjustment;
(3)
 
the
 
sum
 
of:
 
(a)
 
the
 
alternate
 
rate
 
of
 
interest
 
that
 
has
 
been
 
selected
 
or
 
recommended
 
by
 
the
 
Relevant
 
Governmental
 
Body
 
as
 
the
replacement
 
for
 
the
 
then-current
 
Benchmark
 
for
 
the
 
applicable
 
Corresponding
 
Tenor
 
and
 
(b)
 
the
 
Benchmark
 
Replacement
Adjustment;
(4)
 
the
 
sum
 
of:
 
(a)
 
the
 
ISDA
 
Fallback
 
Rate
 
and
 
(b)
 
the
 
Benchmark
 
Replacement
 
Adjustment;
 
or
(5)
 
the
 
sum
 
of:
 
(a)
 
the
 
alternate
 
rate
 
of
 
interest
 
that
 
has
 
been
 
selected
 
by
 
us
 
or
 
our
 
designee
 
as
 
the
 
replacement
 
for
 
the
 
then-current
Benchmark
 
for
 
the
 
applicable
 
Corresponding
 
Tenor
 
giving
 
due
 
consideration
 
to
 
any
 
industry-accepted
 
rate
 
of
 
interest
 
as
 
a
replacement
 
for
 
the
 
then-current
 
Benchmark
 
for
 
U.S.
 
dollar
 
denominated
 
floating
 
rate
 
debt
 
securities
 
at
 
such
 
time
 
and
 
(b)
 
the
Benchmark
 
Replacement
 
Adjustment.
“Benchmark
 
Replacement
 
Adjustment”
 
means
 
the
 
first
 
alternative
 
set
 
forth
 
in
 
the
 
order
 
below
 
that
 
can
 
be
 
determined
 
by
 
us
 
or
 
our
 
designee
 
as
of
 
the
 
Benchmark
 
Replacement
 
Date:
(1)
 
the
 
spread
 
adjustment,
 
or
 
method
 
for
 
calculating
 
or
 
determining
 
such
 
spread
 
adjustment
 
that
 
has
 
been
 
selected,
 
or
 
recommended
 
by
the
 
Relevant
 
Governmental
 
Body
 
for
 
the
 
applicable
 
Unadjusted
 
Benchmark
 
Replacement;
(2)
 
if
 
the
 
applicable
 
Unadjusted
 
Benchmark
 
Replacement
 
is
 
equivalent
 
to
 
the
 
ISDA
 
Fallback
 
Rate,
 
then
 
the
 
ISDA
 
Fallback
 
Adjustment;
(3)
 
the
 
spread
 
adjustment
 
that
 
has
 
been
 
selected
 
by
 
us
 
or
 
our
 
designee
 
giving
 
due
 
consideration
 
to
 
any
 
industry-accepted
 
spread
adjustment,
 
or
 
method
 
for
 
calculating
 
or
 
determining
 
such
 
spread
 
adjustment,
 
for
 
the
 
replacement
 
of
 
the
 
then-current
 
Benchmark
 
with
the
 
applicable
 
Unadjusted
 
Benchmark
 
Replacement
 
for
 
U.S.
 
dollar
 
denominated
 
floating
 
rate
 
debt
 
securities
 
at
 
such
 
time.
“Benchmark
 
Replacement
 
Conforming
 
Changes”
 
means,
 
with
 
respect
 
to
 
any
 
Benchmark
 
Replacement,
 
any
 
technical,
 
administrative
 
or
operational
 
changes
 
(including
 
changes
 
to
 
the
 
definition
 
of
 
interest
 
period,
 
timing
 
and
 
frequency
 
of
 
determining
 
rates
 
and
 
making
 
payments
 
of
interest,
 
rounding
 
of
 
amounts
 
or
 
tenors,
 
and
 
other
 
administrative
 
matters)
 
that
 
we
 
or
 
our
 
designee
 
decide
 
may
 
be
 
appropriate
 
to
 
reflect
 
the
adoption
 
of
 
such
 
Benchmark
 
Replacement
 
in
 
a
 
manner
 
substantially
 
consistent
 
with
 
market
 
practice
 
(or,
 
if
 
we
 
or
 
our
 
designee
 
decide
 
that
adoption
 
of
 
any
 
portion
 
of
 
such
 
market
 
practice
 
is
 
not
 
administratively
 
feasible
 
or
 
if
 
we
 
or
 
our
 
designee
 
determine
 
that
 
no
 
market
 
practice
 
for
 
use
of
 
the
 
Benchmark
 
Replacement
 
exists,
 
in
 
such
 
other
 
manner
 
as
 
we
 
or
 
our
 
designee
 
determine
 
is
 
reasonably
 
necessary).
“Benchmark
 
Replacement
 
Date”
 
means
 
the
 
earliest
 
to
 
occur
 
of
 
the
 
following
 
events
 
with
 
respect
 
to
 
the
 
then-current
 
Benchmark:
(1)
 
in
 
the
 
case
 
of
 
clause
 
(1)
 
or
 
(2)
 
of
 
the
 
definition
 
of
 
“Benchmark
 
Transition
 
Event,”
 
the
 
later
 
of
 
(a)
 
the
 
date
 
of
 
the
 
public
 
statement
 
or
publication
 
of
 
information
 
referenced
 
therein
 
and
 
(b)
 
the
 
date
 
on
 
which
 
the
 
administrator
 
of
 
the
 
Benchmark
 
permanently
 
or
 
indefinitely
ceases
 
to
 
provide
 
the
 
Benchmark;
 
or
(2)
 
in
 
the
 
case
 
of
 
clause
 
(3)
 
of
 
the
 
definition
 
of
 
“Benchmark
 
Transition
 
Event,”
 
the
 
date
 
of
 
the
 
public
 
statement
 
or
 
publication
 
of
information
 
referenced
 
therein.
If
 
the
 
event
 
giving
 
rise
 
to
 
the
 
Benchmark
 
Replacement
 
Date
 
occurs
 
on
 
the
 
same
 
day
 
as,
 
but
 
earlier
 
than,
 
the
 
Reference
 
Time
 
in
 
respect
 
of
 
any
determination,
 
the
 
Benchmark
 
Replacement
 
Date
 
will
 
be
 
deemed
 
to
 
have
 
occurred
 
prior
 
to
 
the
 
Reference
 
Time
 
for
 
such
 
determination.
“Benchmark
 
Transition
 
Event”
 
means:
 
(1)
 
a
 
public
 
statement
 
by
 
the
 
administrator
 
of
 
the
 
then-current
 
Benchmark
 
that
 
it
 
has
 
ceased,
 
or
 
will
 
cease,
 
publishing
 
such
 
Benchmark
permanently
 
or
 
indefinitely
 
(in
 
circumstances
 
where
 
no
 
successor
 
administrator
 
has
 
been
 
appointed
 
that
 
will
 
continue
 
publication
 
of
such
 
Benchmark);
 
or
(2)
 
a
 
public
 
statement
 
by
 
the
 
supervisor
 
of
 
the
 
administrator
 
of
 
the
 
then-current
 
Benchmark
 
that
 
such
 
reference
 
rate
 
has
 
been
 
or
 
will
 
be
permanently
 
or
 
indefinitely
 
discontinued;
 
or
(3)
 
a
 
public
 
statement
 
by
 
the
 
supervisor
 
of
 
the
 
administrator
 
of
 
the
 
then-current
 
Benchmark
 
announcing
 
that
 
such
 
Benchmark
 
is
 
no
 
longer
representative.
“Compounded
 
SOFR”
 
means
 
the
 
compounded
 
average
 
of
 
daily
 
SOFR
 
rates
 
for
 
the
 
applicable
 
Corresponding
 
Tenor,
 
with
 
the
 
rate,
 
or
methodology
 
for
 
this
 
rate,
 
and
 
conventions
 
for
 
this
 
rate
 
being
 
established
 
by
 
us
 
in
 
accordance
 
with:
 
(1)
 
the
 
rate,
 
or
 
methodology
 
for
 
this
 
rate,
 
and
 
conventions
 
for
 
this
 
rate
 
selected
 
or
 
recommended
 
by
 
the
 
Relevant
 
Governmental
Body
 
for
 
determining
 
Compounded
 
SOFR;
 
provided
 
that:
 
(2)
 
if,
 
and
 
to
 
the
 
extent
 
that,
 
we
 
or
 
our
 
designee
 
determine
 
that
 
Compounded
 
SOFR
 
cannot
 
be
 
determined
 
in
 
accordance
 
with
clause
 
(1)
 
above,
 
then
 
the
 
rate,
 
or
 
methodology
 
for
 
this
 
rate,
 
and
 
conventions
 
for
 
this
 
rate
 
that
 
have
 
been
 
selected
 
by
 
us
 
or
 
our
designee
 
giving
 
due
 
consideration
 
to
 
any
 
industry-accepted
 
market
 
practice
 
for
 
U.S.
 
dollar
 
denominated
 
floating
 
rate
 
notes
 
at
such
 
time.
 
“Corresponding
 
Tenor”
 
with
 
respect
 
to
 
a
 
Benchmark
 
Replacement
 
means
 
a
 
tenor
 
(including
 
overnight)
 
having
 
approximately
 
the
 
same
 
length
(disregarding
 
business
 
day
 
adjustment)
 
as
 
the
 
applicable
 
tenor
 
for
 
the
 
then-current
 
Benchmark.
 
“designee”
 
means
 
a
 
designee
 
as
 
selected
 
and
 
separately
 
appointed
 
by
 
us
 
as
 
designee
 
for
 
the
 
notes
 
in
 
writing.
“Federal
 
Reserve
 
Bank
 
of
 
New
 
York’s
 
Website”
 
means
 
the
 
website
 
of
 
the
 
FRBNY
 
at
 
http://www.newyorkfed.org,
 
or
 
any
 
successor
 
source.
 
“Interpolated
 
Benchmark”
 
with
 
respect
 
to
 
the
 
Benchmark
 
means
 
the
 
rate
 
determined
 
for
 
the
 
Corresponding
 
Tenor
 
by
 
interpolating
 
on
 
a
 
linear
basis
 
between:
 
(1)
 
the
 
Benchmark
 
for
 
the
 
longest
 
period
 
(for
 
which
 
the
 
Benchmark
 
is
 
available)
 
that
 
is
 
shorter
 
than
 
the
 
Corresponding
 
Tenor
and
 
(2)
 
the
 
Benchmark
 
for
 
the
 
shortest
 
period
 
(for
 
which
 
the
 
Benchmark
 
is
 
available)
 
that
 
is
 
longer
 
than
 
the
 
Corresponding
 
Tenor.
 
“ISDA
 
Definitions”
 
means
 
the
 
2006
 
ISDA
 
Definitions
 
published
 
by
 
the
 
International
 
Swaps
 
and
 
Derivatives
 
Association,
 
Inc.
 
(“ISDA”)
 
or
 
any
successor
 
thereto,
 
as
 
amended
 
or
 
supplemented
 
from
 
time
 
to
 
time,
 
or
 
any
 
successor
 
definitional
 
booklet
 
for
 
interest
 
rate
 
derivatives
 
published
from
 
time
 
to
 
time.
 
“ISDA
 
Fallback
 
Adjustment”
 
means
 
the
 
spread
 
adjustment
 
(which
 
may
 
be
 
a
 
positive
 
or
 
negative
 
value
 
or
 
zero)
 
that
 
would
 
apply
 
for
 
derivatives
transactions
 
referencing
 
the
 
ISDA
 
Definitions
 
to
 
be
 
determined
 
upon
 
the
 
occurrence
 
of
 
an
 
index
 
cessation
 
event
 
with
 
respect
 
to
 
the
 
Benchmark
for
 
the
 
applicable
 
tenor.
 
“ISDA
 
Fallback
 
Rate”
 
means
 
the
 
rate
 
that
 
would
 
apply
 
for
 
derivatives
 
transactions
 
referencing
 
the
 
ISDA
 
Definitions
 
to
 
be
 
effective
 
upon
 
the
occurrence
 
of
 
an
 
index
 
cessation
 
date
 
with
 
respect
 
to
 
the
 
Benchmark
 
for
 
the
 
applicable
 
tenor
 
excluding
 
the
 
applicable
 
ISDA
 
Fallback
Adjustment.
“Reference
 
Time”
 
with
 
respect
 
to
 
any
 
determination
 
of
 
the
 
Benchmark
 
means
 
(1)
 
if
 
the
 
Benchmark
 
is
 
LIBOR,
 
11:00
 
a.m.
 
(London
 
time)
 
on
 
the
day
 
that
 
is
 
two
 
London
 
Banking
 
Days
 
preceding
 
the
 
date
 
of
 
such
 
determination,
 
and
 
(2)
 
if
 
the
 
Benchmark
 
is
 
not
 
LIBOR,
 
the
 
time
 
determined
 
by
us
 
or
 
our
 
designee
 
in
 
accordance
 
with
 
the
 
Benchmark
 
Replacement
 
Conforming
 
Changes.
“Relevant
 
Governmental
 
Body”
 
means
 
the
 
Federal
 
Reserve
 
Board
 
and/or
 
the
 
FRBNY,
 
or
 
a
 
committee
 
officially
 
endorsed
 
or
 
convened
 
by
 
the
Federal
 
Reserve
 
Board
 
and/or
 
the
 
FRBNY
 
or
 
any
 
successor
 
thereto.
 
“SOFR”
 
with
 
respect
 
to
 
any
 
day
 
means
 
the
 
secured
 
overnight
 
financing
 
rate
 
published
 
for
 
such
 
day
 
by
 
the
 
FRBNY,
 
as
 
the
 
administrator
 
of
 
the
benchmark
 
(or
 
a
 
successor
 
administrator),
 
on
 
the
 
Federal
 
Reserve
 
Bank
 
of
 
New
 
York’s
 
Website
 
(or
 
any
 
successor
 
source).
 
“Term
 
SOFR”
 
means
 
the
 
forward-looking
 
term
 
rate
 
for
 
the
 
applicable
 
Corresponding
 
Tenor
 
based
 
on
 
SOFR
 
that
 
has
 
been
 
selected
 
or
recommended
 
by
 
the
 
Relevant
 
Governmental
 
Body.
 
“Unadjusted
 
Benchmark
 
Replacement”
 
means
 
the
 
Benchmark
 
Replacement
 
excluding
 
the
 
Benchmark
 
Replacement
 
Adjustment.
Ranking
 
Senior
 
Debt
 
Securities
Our
 
Senior
 
Debt
 
Securities
 
constitute
 
our
 
direct,
 
unconditional,
 
unsecured
 
and
 
unsubordinated
 
obligations
 
ranking
pari
 
passu
 
without
 
any
preference
 
among
 
themselves.
 
In
 
the
 
event
 
of
 
our
 
winding-up
 
or
 
administration,
 
the
 
Senior
 
Debt
 
Securities
 
will
 
rank
pari
 
passu
 
with
 
all
 
our
 
other
outstanding
 
unsecured
 
and
 
unsubordinated
 
obligations,
 
present
 
and
 
future,
 
except
 
such
 
obligations
 
as
 
are
 
preferred
 
by
 
operation
 
of
 
law.
Pursuant
 
to
 
the
 
UK
 
Banks
 
and
 
Building
 
Societies
 
(Priorities
 
on
 
Insolvency)
 
Order
 
2018,
 
the
 
Senior
 
Debt
 
Securities
 
will
 
constitute
 
our
 
ordinary
non-preferential
 
debt
 
and
 
will
 
rank
 
in
 
priority
 
to
 
secondary
 
non-preferential
 
debts
 
and
 
tertiary
 
non-preferential
 
debts.
 
The
 
terms
 
“ordinary
 
non-
preferential
 
debt”,
 
“secondary-non
 
preferential
 
debt”
 
and
 
“tertiary
 
non-preferential
 
debt”
 
shall
 
have
 
the
 
meanings
 
given
 
to
 
each
 
of
 
them
 
in
 
such
Order
 
and
 
any
 
other
 
law
 
or
 
regulation
 
applicable
 
to
 
us
 
which
 
is
 
amended
 
by
 
such
 
Order,
 
as
 
each
 
may
 
be
 
amended
 
or
 
replaced
 
from
 
time
 
to
time.
Dated
 
Subordinated
 
Debt
 
Securities
Our
 
Dated
 
Subordinated
 
Debt
 
Securities
 
constitute
 
our
 
direct,
 
unsecured
 
and
 
subordinated
 
obligations
 
ranking
pari
 
passu
 
without
 
any
preference
 
among
 
themselves.
 
In
 
the
 
event
 
of
 
our
 
winding-up
 
or
 
administration,
 
the
 
claims
 
of
 
the
 
Trustee,
 
on
 
behalf
 
of
 
the
 
holders
 
of
 
the
 
Dated
Subordinated
 
Debt
 
Securities
 
(but
 
not
 
the
 
rights
 
and
 
claims
 
of
 
the
 
Trustee
 
in
 
its
 
personal
 
capacity
 
under
 
the
 
relevant
 
Dated
 
Subordinated
 
Debt
Securities
 
Indenture),
 
and
 
the
 
holders
 
of
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities
 
against
 
us,
 
in
 
respect
 
of
 
such
 
Dated
 
Subordinated
 
Debt
Securities
 
(including
 
any
 
damages
 
or
 
other
 
amounts
 
(if
 
payable))
 
will:
 
(i)
 
be
 
subordinated
 
to
 
the
 
claims
 
of
 
all
 
senior
 
creditors
 
(as
 
defined
 
below);
(ii)
 
rank
 
at
 
least
pari
 
passu
 
with
 
the
 
claims
 
of
 
any
 
subordinated
 
creditors
 
of
 
Barclays
 
which
 
in
 
each
 
case
 
by
 
law
 
rank,
 
or
 
by
 
their
 
terms
 
are
expressed
 
to
 
rank,
pari
 
passu
 
with
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities;
 
and
(iii)
 
rank
 
senior
 
to
 
Barclays’
 
ordinary
 
shares,
 
preference
 
shares
 
and
 
any
 
junior
 
subordinated
 
obligations
 
(which
 
may
 
include
 
any
 
of
 
the
 
junior
subordinated
 
obligations
 
which
 
are
 
identified
 
in
 
the
 
relevant
 
prospectus
 
supplement
 
as
 
“junior
 
obligations”)
 
or
 
other
 
securities
 
which
 
in
 
each
case
 
either
 
by
 
law
 
rank,
 
or
 
by
 
their
 
terms
 
are
 
expressed
 
to
 
rank,
 
junior
 
to
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities.
“Senior
 
creditors”
 
with
 
respect
 
to
 
a
 
particular
 
series
 
of
 
Dated
 
Subordinated
 
Debt
 
Securities,
 
means
 
creditors
 
of
 
Barclays
 
who
 
are:
 
(1)
unsubordinated
 
creditors;
 
(2)
 
subordinated
 
creditors
 
(whether
 
in
 
the
 
event
 
of
 
a
 
winding-up
 
or
 
administration
 
of
 
Barclays
 
or
 
otherwise)
 
other
 
than
(x)
 
those
 
whose
 
claims
 
by
 
law
 
rank,
 
or
 
by
 
their
 
terms
 
are
 
expressed
 
to
 
rank,
pari
 
passu
 
with
 
or
 
junior
 
to
 
the
 
claims
 
of
 
the
 
holders
 
of
 
the
 
relevant
series
 
of
 
Dated
 
Subordinated
 
Debt
 
Securities
 
or
 
(y)
 
any
 
claims
 
which
 
are
 
identified
 
in
 
the
 
relevant
 
prospectus
 
supplement
 
as
 
being
 
in
 
respect
 
of
“Parity
 
Obligations”
 
or
 
“Junior
 
Obligations”;
 
or
 
(3)
 
in
 
the
 
case
 
of
 
the
 
5.088%
 
Fixed-to-Floating
 
Rate
 
Subordinated
 
Notes
 
due
 
2030
 
and
 
the
3.564%
 
Fixed
 
Rate
 
Resetting
 
Subordinated
 
Callable
 
Notes
 
due
 
2035,
 
creditors
 
in
 
respect
 
of
 
any
 
secondary
 
non-preferential
 
debts
 
(as
 
defined
 
in
the
 
Banks
 
and
 
Building
 
Societies
 
(Priorities
 
on
 
Insolvency)
 
Order
 
2018
 
and
 
any
 
other
 
law
 
or
 
regulation
 
applicable
 
to
 
Barclays
 
which
 
is
 
amended
by
 
this
 
order).
 
As
 
of
 
December
 
31,
 
2020,
 
the
 
aggregate
 
amount
 
of
 
outstanding
 
indebtedness
 
senior
 
to
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities
is
 
GBP
 
£38,593
 
million.
No
 
Set-off
For
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities
 
and
 
the
 
Senior
 
Debt
 
Securities
 
issued
 
on
 
or
 
after
 
January
 
3,
 
2017,
 
subject
 
to
 
applicable
 
law,
 
no
holder
 
of
 
debt
 
securities
 
may
 
exercise
 
any
 
claim
 
or
 
plead
 
any
 
right
 
of
 
set-off,
 
compensation
 
or
 
retention
 
in
 
respect
 
of
 
any
 
amount
 
owed
 
to
 
it
 
by
us
 
in
 
connection
 
with
 
the
 
debt
 
securities
 
and
 
the
 
relevant
 
indenture.
 
By
 
its
 
acquisition
 
of
 
the
 
debt
 
securities,
 
each
 
holder
 
and
 
beneficial
 
owner
shall
 
be
 
deemed
 
to
 
have
 
waived
 
all
 
such
 
rights
 
of
 
set-off,
 
compensation
 
or
 
retention.
 
No
 
holder
 
of
 
debt
 
securities
 
shall
 
be
 
entitled
 
to
 
proceed
directly
 
against
 
us
 
except
 
as
 
described
 
below
 
under
 
“
Limitation
 
on
 
Suits.
”
For
 
the
 
Senior
 
Debt
 
Securities
 
issued
 
prior
 
to
 
2017,
 
subject
 
to
 
applicable
 
law,
 
the
 
Trustee
 
and
 
holders
 
of
 
the
 
debt
 
securities
 
by
 
their
 
acceptance
thereof
 
will
 
be
 
deemed
 
to
 
have
 
waived
 
any
 
right
 
of
 
set-off
 
or
 
counterclaim
 
with
 
respect
 
to
 
the
 
relevant
 
debt
 
securities
 
or
 
the
 
relevant
 
indenture
that
 
they
 
might
 
otherwise
 
have
 
against
 
us.
Redemption
We
 
may,
 
in
 
the
 
circumstances
 
set
 
out
 
below,
 
redeem
 
the
 
debt
 
securities
 
prior
 
to
 
their
 
specified
 
maturity
 
date.
 
Holders
 
of
 
the
 
debt
 
securities
 
have
no
 
right
 
to
 
require
 
us
 
to
 
redeem
 
the
 
debt
 
securities.
 
The
 
debt
 
securities
 
of
 
any
 
series
 
to
 
be
 
redeemed
 
will
 
also
 
stop
 
bearing
 
interest
 
on
 
the
relevant
 
redemption
 
date.
 
We
 
will
 
give
 
prior
 
notice
 
of
 
any
 
proposed
 
redemption
 
to
 
holders
 
of
 
debt
 
securities
 
denominated
 
in
 
U.S.
 
dollars
 
via
DTC
 
or,
 
in
 
respect
 
of
 
the
 
Sterling-denominated
 
Notes,
 
via
 
Clearstream,
 
Luxembourg
 
and/or
 
Euroclear,
 
or,
 
if
 
the
 
relevant
 
debt
 
securities
 
are
 
held
in
 
definitive
 
form,
 
to
 
the
 
holders
 
at
 
their
 
addresses
 
shown
 
on
 
the
 
register
 
for
 
such
 
debt
 
securities.
 
The
 
notice
 
period
 
required
 
for
 
any
 
proposed
redemption
 
is
 
set
 
out
 
in
 
the
 
table
 
above.
Notwithstanding
 
the
 
foregoing,
 
for
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities
 
and
 
certain
 
series
 
of
 
Senior
 
Debt
 
Securities
 
issued
 
on
 
or
 
after
January
 
3,
 
2017,
 
we
 
may
 
redeem
 
the
 
relevant
 
series
 
of
 
debt
 
securities
 
only
 
if
 
we
 
have
 
obtained
 
prior
 
regulatory
 
consent
 
for
 
such
 
redemption
 
to
the
 
extent
 
that
 
such
 
consent
 
is
 
required
 
by
 
the
 
Capital
 
Regulations,
 
as
 
defined
 
in
 
the
 
prospectus
 
supplement
 
for
 
the
 
relevant
 
series
 
of
 
debt
securities
 
to
 
be
 
redeemed.
If
 
we
 
have
 
elected
 
to
 
redeem
 
any
 
series
 
of
 
debt
 
securities
 
but
 
prior
 
to
 
the
 
payment
 
of
 
the
 
redemption
 
amount
 
the
 
Relevant
 
U.K.
 
Resolution
Authority
 
exercises
 
its
 
U.K.
 
Bail-in
 
Power
 
(see
“—Exercise
 
of
 
U.K.
 
Bail-in
 
Power”
 
below)
 
in
 
respect
 
of
 
the
 
debt
 
securities,
 
the
 
relevant
redemption
 
notice
 
shall
 
be
 
automatically
 
rescinded
 
and
 
shall
 
be
 
of
 
no
 
force
 
and
 
effect,
 
and
 
no
 
payment
 
of
 
the
 
redemption
 
amount
 
will
 
be
 
due
and
 
payable.
Tax
 
Redemption
 
We
 
have
 
the
 
right
 
to
 
redeem
 
any
 
series
 
of
 
debt
 
securities,
 
in
 
whole
 
but
 
not
 
in
 
part,
 
at
 
a
 
redemption
 
price
 
equal
 
to
 
100%
 
of
 
their
 
principal
 
amount
together
 
with
 
any
 
accrued
 
but
 
unpaid
 
interest,
 
if
 
any,
 
upon
 
the
 
occurrence
 
of
 
certain
 
events
 
related
 
to
 
taxation
 
as
 
described
 
in
 
the
 
relevant
prospectus
 
supplement.
 
If,
 
as
 
a
 
result
 
of
 
a
 
change
 
in,
 
or
 
amendment
 
to,
 
the
 
tax
 
laws
 
or
 
regulations
 
of
 
the
 
United
 
Kingdom
 
(or
 
any
 
political
 
subdivision
 
or
 
authority
 
thereof
or
 
therein
 
that
 
has
 
the
 
power
 
to
 
tax)
 
(a
 
“Taxing
 
Jurisdiction”),
 
including
 
any
 
treaty
 
to
 
which
 
the
 
relevant
 
Taxing
 
Jurisdiction
 
is
 
a
 
party,
 
or
 
a
change
 
in
 
an
 
official
 
application
 
of
 
those
 
tax
 
laws
 
or
 
regulations,
 
including
 
a
 
decision
 
of
 
any
 
court
 
or
 
tribunal,
 
which
 
becomes
 
effective
 
on
 
or
 
after
the
 
date
 
on
 
which
 
the
 
debt
 
securities
 
are
 
issued
 
(or,
 
in
 
the
 
case
 
of
 
additional
 
securities
 
of
 
the
 
same
 
series,
 
the
 
date
 
on
 
which
 
the
 
original
securities
 
are
 
issued),
 
we:
 
(i)
 
will
 
or
 
would
 
be
 
required
 
to
 
pay
 
holders
 
any
 
additional
 
amounts
 
(as
 
described
 
below
 
under
 
“
Payment
 
of
 
Debt
Security
 
Additional
 
Amounts
”);
 
(ii)
 
would
 
not
 
be
 
entitled
 
to
 
claim
 
a
 
deduction
 
in
 
respect
 
of
 
any
 
payments
 
in
 
computing
 
our
 
taxation
 
liabilities
 
or
the
 
amount
 
of
 
the
 
deduction
 
would
 
be
 
materially
 
reduced;
 
or
 
(iii)
 
are
 
unable
 
to
 
have
 
losses
 
or
 
deductions
 
set
 
against
 
the
 
profits
 
or
 
gains,
 
or
profits
 
or
 
gains
 
offset
 
by
 
the
 
losses
 
or
 
deductions,
 
of
 
companies
 
with
 
which
 
we
 
are
 
or
 
would
 
otherwise
 
be
 
so
 
grouped
 
for
 
applicable
 
United
Kingdom
 
tax
 
purposes
 
(each
 
such
 
change
 
in
 
law
 
or
 
regulation
 
or
 
the
 
official
 
application
 
thereof,
 
a
 
“Tax
 
Event”),
 
we
 
may
 
redeem
 
the
 
affected
series
 
of
 
debt
 
securities.
 
In
 
addition,
 
in
 
respect
 
of
 
the
 
3.250%
 
Fixed
 
Rate
 
Senior
 
Notes
 
due
 
2033,
 
4.338%
 
Fixed-to-Floating
 
Rate
 
Senior
 
Notes
 
due
 
2024,
 
4.972%
 
Fixed-
to-Floating
 
Rate
 
Senior
 
Notes
 
due
 
2029,
 
Floating
 
Rate
 
Senior
 
Notes
 
due
 
2024,
 
4.610%
 
Fixed-to-Floating
 
Rate
 
Senior
 
Notes
 
due
 
2023,
 
Floating
Rate
 
Senior
 
Notes
 
due
 
2023
 
(3
 
month
 
USD
 
LIBOR
 
plus
 
1.43%
 
p.a.),
 
3.932%
 
Fixed-to-Floating
 
Rate
 
Senior
 
Notes
 
due
 
2025,
 
2.852%
 
Fixed-to-
Floating
 
Rate
 
Senior
 
Notes
 
due
 
2026,
 
2.645%
 
Fixed
 
Rate
 
Resetting
 
Senior
 
Callable
 
Notes
 
due
 
2031
 
and
 
1.007%
 
Fixed
 
Rate
 
Resetting
 
Senior
Callable
 
Notes
 
due
 
2024,
 
we
 
may
 
also,
 
at
 
our
 
option,
 
redeem
 
such
 
series
 
of
 
debt
 
securities,
 
in
 
whole
 
but
 
not
 
in
 
part,
 
if
 
we
 
are
 
required
 
to
 
issue
definitive
 
certificated
 
notes
 
in
 
the
 
events
 
specified
 
under
 
the
 
relevant
 
prospectus
 
relating
 
to
 
the
 
termination
 
of
 
a
 
global
 
security
 
and,
 
as
 
a
 
result,
we
 
become
 
obligated
 
to
 
pay
 
holders
 
any
 
additional
 
amounts
 
(as
 
described
 
below
 
under
 
“
Payment
 
of
 
Debt
 
Security
 
Additional
 
Amounts
”).
We
 
may
 
also
 
redeem
 
the
 
5.088%
 
Fixed-to-Floating
 
Rate
 
Subordinated
 
Notes
 
due
 
2030
 
and
 
the
 
3.564%
 
Fixed
 
Rate
 
Resetting
 
Subordinated
Callable
 
Notes
 
due
 
2035
 
if,
 
as
 
a
 
result
 
of
 
a
 
Tax
 
Event,
 
we
 
become
 
obligated
 
(i)
 
to
 
treat
 
such
 
debt
 
securities
 
or
 
any
 
part
 
thereof
 
as
 
a
 
derivative
 
or
an
 
embedded
 
derivative
 
for
 
United
 
Kingdom
 
tax
 
purposes;
 
or
 
(ii)
 
to
 
bring
 
into
 
account
 
a
 
taxable
 
credit
 
if
 
the
 
principal
 
amount
 
of
 
such
 
debt
securities
 
were
 
written
 
down
 
or
 
converted.
 
Optional
 
Redemption
We
 
have
 
the
 
right
 
to
 
redeem
 
certain
 
series
 
of
 
debt
 
securities
 
(as
 
specified
 
in
 
the
 
table
 
above),
 
at
 
our
 
option
 
(i)
 
in
 
whole
 
or
 
in
 
part,
 
at
 
any
 
time
during
 
a
 
fixed
 
period
 
specified
 
in
 
the
 
prospectus
 
supplement
 
for
 
the
 
series
 
of
 
debt
 
securities
 
to
 
be
 
redeemed,
 
at
 
a
 
redemption
 
price
 
equal
 
to
 
the
higher
 
of
 
(a)
 
100%
 
of
 
the
 
principal
 
amount
 
of
 
such
 
debt
 
securities
 
to
 
be
 
redeemed
 
and
 
(b)
 
as
 
determined
 
by
 
the
 
Determination
 
Agent
 
(as
 
defined
 
below),
 
the
 
sum
 
of
 
the
 
present
 
values
 
of
 
the
 
principal
 
(discounted
 
from
 
the
 
date
 
of
 
the
 
Par
 
Redemption
 
specified
 
in
 
the
 
relevant
prospectus
 
supplement
 
(the
 
“Par
 
Redemption
 
Date”))
 
and
 
remaining
 
payments
 
of
 
interest
 
to
 
be
 
made
 
on
 
any
 
scheduled
 
fixed
 
rate
 
interest
payment
 
date
 
to
 
the
 
Par
 
Redemption
 
Date
 
for
 
the
 
debt
 
securities
 
to
 
be
 
redeemed
 
(not
 
including
 
accrued
 
but
 
unpaid
 
interest,
 
if
 
any,
 
on
 
the
principal
 
amount
 
of
 
the
 
debt
 
securities)
 
discounted
 
to
 
the
 
redemption
 
date
 
on
 
a
 
semi-annual
 
basis
 
(assuming
 
a
 
360-day
 
year
 
consisting
 
of
twelve
 
30-day
 
months)
 
at
 
the
 
then-current
 
Optional
 
Redemption
 
Treasury
 
Rate
 
(as
 
defined
 
below)
 
plus
 
a
 
specified
 
margin,
 
together
 
with,
 
in
either
 
case
 
of
 
(a)
 
or
 
(b)
 
above,
 
accrued
 
but
 
unpaid
 
interest,
 
if
 
any,
 
on
 
the
 
principal
 
amount
 
of
 
the
 
debt
 
securities
 
to
 
be
 
redeemed
 
to
 
(but
excluding)
 
the
 
redemption
 
date
 
(the
 
“Make-Whole
 
Redemption”);
 
and/or
 
(ii)
 
in
 
whole
 
but
 
not
 
in
 
part,
 
on
 
the
 
applicable
 
Par
 
Redemption
 
Date
specified
 
in
 
the
 
table
 
above
 
for
 
the
 
series
 
of
 
debt
 
securities
 
to
 
be
 
redeemed,
 
at
 
a
 
redemption
 
price
 
equal
 
to
 
100%
 
of
 
their
 
principal
 
amount
together
 
with
 
accrued
 
but
 
unpaid
 
interest,
 
if
 
any.
The
 
Optional
 
Redemption
 
Treasury
 
Rate
 
shall
 
be
 
calculated
 
by
 
the
 
Determination
 
Agent
 
on
 
the
 
third
 
Business
 
Day
 
preceding
 
the
 
redemption
date.
 
In
 
determining
 
the
 
Treasury
 
Rate,
 
the
 
below
 
terms
 
have
 
the
 
following
 
meaning:
“Optional
 
Redemption
 
Treasury
 
Rate”
 
means,
 
with
 
respect
 
to
 
the
 
redemption
 
date,
 
the
 
rate
 
per
 
annum
 
equal
 
to:
 
(1)
 
the
 
yield,
 
under
 
the
 
heading
which
 
represents
 
the
 
average
 
for
 
the
 
week
 
immediately
 
prior
 
to
 
the
 
calculation
 
date,
 
appearing
 
in
 
the
 
most
 
recently
 
published
 
statistical
 
release
designated
 
“H.15”,
 
or
 
any
 
successor
 
publication
 
that
 
is
 
published
 
by
 
the
 
Board
 
of
 
Governors
 
of
 
the
 
Federal
 
Reserve
 
System
 
that
 
establishes
yields
 
on
 
actively
 
traded
 
U.S.
 
Treasury
 
securities
 
adjusted
 
to
 
constant
 
maturity,
 
under
 
the
 
caption
 
“Treasury
 
constant
 
maturities”,
 
for
 
the
 
maturity
most
 
closely
 
corresponding
 
to
 
the
 
Par
 
Redemption
 
Date
 
of
 
the
 
debt
 
securities
 
being
 
redeemed
 
(if
 
no
 
maturity
 
is
 
within
 
three
 
months
 
before
 
or
after
 
the
 
Par
 
Redemption
 
Date
 
of
 
the
 
debt
 
securities
 
to
 
be
 
redeemed,
 
yields
 
for
 
the
 
two
 
published
 
maturities
 
most
 
closely
 
corresponding
 
to
 
the
Optional
 
Redemption
 
Comparable
 
Treasury
 
Issue
 
shall
 
be
 
determined
 
and
 
the
 
Optional
 
Redemption
 
Treasury
 
Rate
 
shall
 
be
 
interpolated
 
or
extrapolated
 
from
 
such
 
yields
 
on
 
a
 
straight-line
 
basis,
 
rounding
 
to
 
the
 
nearest
 
month);
 
or
 
(2)
 
if
 
such
 
release
 
(or
 
any
 
successor
 
release)
 
is
 
not
published
 
during
 
the
 
week
 
immediately
 
prior
 
to
 
the
 
calculation
 
date
 
or
 
does
 
not
 
contain
 
such
 
yields,
 
the
 
rate
 
per
 
annum
 
equal
 
to
 
the
 
semi-
annual
 
equivalent
 
yield
 
to
 
maturity
 
of
 
the
 
Optional
 
Redemption
 
Comparable
 
Treasury
 
Issue,
 
calculated
 
using
 
a
 
price
 
for
 
the
 
Comparable
Treasury
 
Issue
 
(expressed
 
as
 
a
 
percentage
 
of
 
its
 
principal
 
amount)
 
equal
 
to
 
the
 
Optional
 
Redemption
 
Comparable
 
Trea
 
sury
 
Price
 
for
 
such
redemption
 
date;
 
provided
 
that,
 
if
 
the
 
period
 
from
 
the
 
redemption
 
date
 
to
 
the
 
Par
 
Redemption
 
Date
 
is
 
less
 
than
 
one
 
year,
 
the
 
weekly
 
average
yield
 
on
 
actually
 
traded
 
U.S.
 
Treasury
 
securities
 
adjusted
 
to
 
a
 
constant
 
maturity
 
of
 
one
 
year
 
will
 
be
 
used.
“Optional
 
Redemption
 
Comparable
 
Treasury
 
Issue”
 
means,
 
with
 
respect
 
to
 
the
 
redemption
 
date,
 
the
 
U.S.
 
Treasury
 
security
 
selected
 
by
 
the
Determination
 
Agent
 
as
 
having
 
an
 
actual
 
or
 
interpolated
 
maturity
 
comparable
 
with
 
the
 
remaining
 
term
 
to
 
the
 
Par
 
Redemption
 
Date
 
of
 
the
 
debt
securities,
 
that
 
would
 
be
 
utilized,
 
at
 
the
 
time
 
of
 
selection
 
and
 
in
 
accordance
 
with
 
customary
 
financial
 
practice,
 
in
 
pricing
 
new
 
issues
 
of
 
corporate
debt
 
securities
 
denominated
 
in
 
U.S.
 
dollars
 
and
 
of
 
comparable
 
maturity
 
to
 
the
 
remaining
 
term
 
to
 
the
 
Par
 
Redemption
 
Date
 
of
 
the
 
debt
 
securities.
“Optional
 
Redemption
 
Comparable
 
Treasury
 
Price”
 
means,
 
with
 
respect
 
to
 
the
 
redemption
 
date,
 
(i)
 
the
 
arithmetic
 
average
 
of
 
the
 
Optional
Redemption
 
Reference
 
Treasury
 
Dealer
 
Quotations
 
for
 
such
 
redemption
 
date
 
(calculated
 
on
 
the
 
third
 
Business
 
Day
 
preceding
 
such
 
redemption
date),
 
after
 
excluding
 
the
 
highest
 
and
 
lowest
 
such
 
Optional
 
Redemption
 
Reference
 
Treasury
 
Dealer
 
Quotations,
 
or
 
(ii)
 
if
 
fewer
 
than
 
five
 
such
Optional
 
Redemption
 
Reference
 
Tr
 
easury
 
Dealer
 
Quotations
 
are
 
received,
 
the
 
arithmetic
 
average
 
of
 
all
 
such
 
quotations,
 
or
 
(iii)
 
if
 
fewer
 
than
 
two
such
 
Optional
 
Redemption
 
Reference
 
Treasury
 
Dealer
 
Quotations
 
are
 
received,
 
then
 
such
 
Optional
 
Redemption
 
Reference
 
Treasury
 
Dealer
Quotation.
“Determination
 
Agent”
 
means
 
an
 
investment
 
bank
 
or
 
financial
 
institution
 
of
 
international
 
standing
 
selected
 
by
 
Barclays
 
and
 
which
 
may
 
be
 
an
affiliate
 
of
 
Barclays.
 
“Optional
 
Redemption
 
Reference
 
Treasury
 
Dealer”
 
means
 
each
 
of
 
up
 
to
 
five
 
banks
 
selected
 
by
 
Barclays
 
(following,
 
where
 
practicable,
consultation
 
with
 
the
 
Determination
 
Agent,
 
if
 
applicable),
 
or
 
the
 
affiliates
 
of
 
such
 
banks,
 
which
 
are
 
(i)
 
primary
 
U.S.
 
government
 
securities
dealers,
 
and
 
their
 
respective
 
successors,
 
or
 
(ii)
 
market
 
makers
 
in
 
pricing
 
corporate
 
bond
 
issues.
“Optional
 
Redemption
 
Reference
 
Treasury
 
Dealer
 
Quotations”
 
means,
 
with
 
respect
 
to
 
each
 
Optional
 
Redemption
 
Reference
 
Treasury
 
Dealer
and
 
the
 
redemption
 
date,
 
the
 
arithmetic
 
average,
 
as
 
determined
 
by
 
the
 
Determination
 
Agent,
 
of
 
the
 
bid
 
and
 
offered
 
prices
 
for
 
the
 
applicable
Optional
 
Redemption
 
Comparable
 
Treasury
 
Issue
 
(expressed
 
in
 
each
 
case
 
as
 
a
 
percentage
 
of
 
its
 
principal
 
amount)
 
at
 
11:00
 
a.m.,
 
New
 
York
time,
 
on
 
the
 
third
 
Business
 
Day
 
preceding
 
such
 
redemption
 
date.
Loss
 
Absorption
 
Disqualification
 
Event
 
Redemption
We
 
have
 
the
 
right
 
to
 
redeem
 
certain
 
series
 
of
 
the
 
senior
 
debt
 
securities
 
(as
 
specified
 
in
 
the
 
table
 
above),
 
in
 
whole
 
but
 
not
 
in
 
part,
 
at
 
a
redemption
 
price
 
amount
 
equal
 
to
 
100%
 
of
 
the
 
principal
 
amount
 
of
 
the
 
debt
 
securities
 
being
 
redeemed
 
together
 
with
 
accrued
 
but
 
unpaid
 
interest,
if
 
any,
 
upon
 
the
 
occurrence
 
of
 
a
 
Loss
 
Absorption
 
Regulations
 
Event
 
(as
 
defined
 
below)
 
which
 
results,
 
or
 
would
 
be
 
likely
 
to
 
result
 
(in
 
our
 
opinion,
or
 
the
 
opinion
 
of
 
the
 
Prudential
 
Regulation
 
Authority
 
(“PRA”)
 
or
 
any
 
other
 
relevant
 
national
 
or
 
European
 
authority),
 
in
 
a
 
Loss
 
Absorption
Disqualification
 
Event
 
(as
 
defined
 
below)
 
with
 
respect
 
to
 
the
 
relevant
 
debt
 
securities
 
to
 
be
 
redeemed.
 
“Loss
 
Absorption
 
Disqualification
 
Event”
 
means
 
the
 
whole
 
or
 
any
 
part
 
of
 
the
 
outstanding
 
aggregate
 
principal
 
amount
 
of
 
the
 
relevant
 
debt
securities
 
at
 
any
 
time
 
being
 
excluded
 
from
 
or
 
ceasing
 
to
 
count
 
towards
 
our
 
and/or
 
the
 
Group’s
 
own
 
funds
 
and
 
eligible
 
liabilities
 
and/or
 
loss
absorbing
 
capacity,
 
in
 
each
 
case
 
for
 
the
 
purposes
 
of,
 
and
 
in
 
accordance
 
with,
 
the
 
relevant
 
Capital
 
Regulations,
 
provided
 
that
 
a
 
Loss
 
Absorption
Disqualification
 
Event
 
shall
 
not
 
occur
 
if
 
such
 
whole
 
or
 
part
 
of
 
the
 
outstanding
 
principal
 
amount
 
of
 
the
 
relevant
 
debt
 
securities
 
is
 
excluded
 
from,
 
or
ceases
 
to
 
count
 
towards,
 
such
 
own
 
funds
 
and
 
eligible
 
liabilities
 
and/or
 
loss
 
absorbing
 
capacity
 
due
 
to
 
the
 
remaining
 
maturity
 
of
 
such
 
debt
securities
 
being
 
less
 
than
 
the
 
period
 
prescribed
 
in
 
the
 
prospectus
 
supplement
 
for
 
the
 
relevant
 
debt
 
securities.
“Loss
 
Absorption
 
Regulations
 
Event”
 
means
 
that
 
(i)
 
any
 
Capital
 
Regulations
 
become
 
effective
 
with
 
respect
 
to
 
Barclays
 
and/or
 
the
 
Group
 
or
 
(ii)
there
 
is
 
an
 
amendment
 
to,
 
or
 
change
 
in,
 
any
 
Capital
 
Regulations,
 
or
 
any
 
change
 
in
 
the
 
official
 
application
 
of
 
any
 
Capital
 
Regulations,
 
which
becomes
 
effective
 
with
 
respect
 
to
 
Barclays
 
and/or
 
the
 
Group.
Regulatory
 
Event
 
Redemption
If
 
there
 
is
 
a
 
change
 
in
 
the
 
regulatory
 
classification
 
of
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities
 
that
 
occurs
 
on
 
or
 
after
 
their
 
issue
 
date
 
and
 
that
does,
 
or
 
would
 
be
 
likely
 
to,
 
result
 
in
 
the
 
whole
 
or
 
any
 
part
 
of
 
the
 
outstanding
 
aggregate
 
principal
 
amount
 
of
 
such
 
Dated
 
Subordinated
 
Debt
Securities
 
at
 
any
 
time
 
being
 
excluded
 
from
 
or
 
ceasing
 
to
 
count
 
towards,
 
the
 
Group’s
 
tier
 
2
 
capital,
 
we
 
may,
 
at
 
our
 
option,
 
at
 
any
 
time,
 
redeem
the
 
affected
 
Dated
 
Subordinated
 
Debt
 
Securities,
 
in
 
whole
 
but
 
not
 
in
 
part,
 
at
 
an
 
amount
 
equal
 
to
 
100%
 
of
 
their
 
principal
 
amount
 
together
 
with
accrued
 
but
 
unpaid
 
interest,
 
if
 
any.
 
Payment
 
of
 
Debt
 
Security
 
Additional
 
Amounts
We
 
will
 
pay
 
any
 
amounts
 
to
 
be
 
paid
 
by
 
us
 
on
 
any
 
series
 
of
 
debt
 
securities
 
without
 
deduction
 
or
 
withholding
 
for,
 
or
 
on
 
account
 
of,
 
any
 
and
 
all
present
 
or
 
future
 
income,
 
stamp
 
and
 
other
 
taxes,
 
levies,
 
imposts,
 
duties,
 
charges,
 
fees,
 
deductions
 
or
 
withholdings
 
(“Taxes”)
 
now
 
or
 
hereafter
imposed,
 
levied,
 
collected,
 
withheld
 
or
 
assessed
 
by
 
or
 
on
 
behalf
 
of
 
a
 
Taxing
 
Jurisdiction,
 
unless
 
the
 
deduction
 
or
 
withholding
 
is
 
required
 
by
 
law.
If
 
at
 
any
 
time
 
a
 
Taxing
 
Jurisdiction
 
requires
 
us
 
to
 
deduct
 
or
 
withhold
 
Taxes,
 
we
 
will
 
pay
 
the
 
additional
 
amounts
 
of,
 
or
 
in
 
respect
 
of,
 
the
 
principal
of,
 
any
 
premium,
 
if
 
any,
 
and
 
any
 
interest
 
on,
 
the
 
debt
 
securities
 
(“Debt
 
Security
 
Additional
 
Amounts”)
 
that
 
are
 
necessary
 
so
 
that
 
the
 
net
 
amounts
paid
 
to
 
the
 
holders,
 
after
 
the
 
deduction
 
or
 
withholding,
 
shall
 
equal
 
the
 
amounts
 
which
 
would
 
have
 
been
 
payable
 
had
 
no
 
such
 
deduction
 
or
 
 
 
withholding
 
been
 
required.
 
However,
 
certain
 
exceptions
 
are
 
set
 
forth
 
in
 
the
 
relevant
 
prospectus
 
and/or
 
prospectus
 
supplement
 
for
 
a
 
particular
series
 
of
 
debt
 
securities.
The
 
relevant
 
Indentures
 
for
 
each
 
series
 
of
 
the
 
debt
 
securities
 
provide
 
that
 
we
 
will
 
not
 
pay
 
Debt
 
Security
 
Additional
 
Amounts
 
for
 
Taxes
 
that
 
are
payable
 
because:
 
(i)
 
the
 
holder
 
or
 
the
 
beneficial
 
owner
 
of
 
the
 
debt
 
securities
 
is
 
a
 
domiciliary,
 
national
 
or
 
resident
 
of,
 
or
 
engages
 
in
 
business
 
or
 
maintains
 
a
permanent
 
establishment
 
or
 
is
 
physically
 
present
 
in,
 
a
 
Taxing
 
Jurisdiction
 
requiring
 
that
 
deduction
 
or
 
withholding,
 
or
 
otherwise
 
has
 
some
connection
 
with
 
the
 
Taxing
 
Jurisdiction
 
other
 
than
 
the
 
holding
 
or
 
ownership
 
of
 
the
 
debt
 
security,
 
or
 
the
 
collection
 
of
 
any
 
payment
 
of,
 
or
 
in
respect
 
of,
 
the
 
principal
 
of,
 
any
 
premium
 
or
 
any
 
interest
 
on,
 
any
 
debt
 
securities
 
of
 
the
 
relevant
 
series;
(ii)
 
except
 
in
 
the
 
case
 
of
 
our
 
winding-up
 
in
 
England,
 
the
 
relevant
 
debt
 
security
 
is
 
presented
 
for
 
payment
 
in
 
the
 
United
 
Kingdom;
(iii)
 
the
 
relevant
 
debt
 
security
 
is
 
presented
 
for
 
payment
 
more
 
than
 
30
 
days
 
after
 
the
 
date
 
payment
 
became
 
due
 
or
 
was
 
provided
 
for,
 
whichever
 
is
later,
 
except
 
to
 
the
 
extent
 
that
 
the
 
holder
 
would
 
have
 
been
 
entitled
 
to
 
the
 
Debt
 
Security
 
Additional
 
Amounts
 
on
 
presenting
 
the
 
debt
 
security
for
 
payment
 
at
 
the
 
close
 
of
 
such
 
30-day
 
period;
(iv)
 
the
 
holder
 
or
 
the
 
beneficial
 
owner
 
of
 
the
 
relevant
 
debt
 
securities
 
or
 
the
 
beneficial
 
owner
 
of
 
any
 
payment
 
of
 
(or
 
in
 
respect
 
of)
 
principal
 
of,
premium,
 
if
 
any,
 
or
 
any
 
interest
 
on
 
debt
 
securities
 
failed
 
to
 
make
 
any
 
necessary
 
claim
 
or
 
to
 
comply
 
with
 
any
 
certification,
 
identification
 
or
other
 
requirements
 
concerning
 
the
 
nationality,
 
residence,
 
identity
 
or
 
connection
 
with
 
the
 
Taxing
 
Jurisdiction
 
of
 
such
 
holder
 
or
 
beneficial
owner,
 
if
 
such
 
claim
 
or
 
compliance
 
is
 
required
 
by
 
statute,
 
treaty,
 
regulation
 
or
 
administrative
 
practice
 
of
 
the
 
Taxing
 
Jurisdiction
 
as
 
a
condition
 
to
 
relief
 
or
 
exemption
 
from
 
such
 
Taxes;
(v)
 
such
 
Taxes
 
are
 
imposed
 
on
 
a
 
payment
 
to
 
an
 
individual
 
and
 
are
 
required
 
to
 
be
 
made
 
pursuant
 
to
 
the
 
European
 
Union
 
Directive
 
on
 
the
taxation
 
of
 
savings
 
income,
 
adopted
 
on
 
June
 
3,
 
2003,
 
or
 
any
 
law
 
implementing
 
or
 
complying
 
with,
 
or
 
introduced
 
in
 
order
 
to
 
conform
 
to,
 
such
Directive;
 
(vi)
 
the
 
relevant
 
debt
 
security
 
is
 
presented
 
for
 
payment
 
by
 
or
 
on
 
behalf
 
of
 
a
 
holder
 
who
 
would
 
have
 
been
 
able
 
to
 
avoid
 
such
 
deduction
 
or
withholding
 
by
 
presenting
 
the
 
relevant
 
debt
 
security
 
to
 
another
 
paying
 
agent
 
in
 
a
 
member
 
state
 
of
 
the
 
European
 
Union
 
or
 
elsewhere;
 
or
(vii)
 
if
 
the
 
Taxes
 
would
 
not
 
have
 
been
 
imposed
 
or
 
would
 
have
 
been
 
excluded
 
under
 
one
 
of
 
the
 
preceding
 
points
 
if
 
the
 
beneficial
 
owner
 
of,
 
or
person
 
ultimately
 
entitled
 
to
 
obtain
 
an
 
interest
 
in,
 
the
 
debt
 
securities
 
had
 
been
 
the
 
holder
 
of
 
the
 
debt
 
securities.
However,
 
the
 
terms
 
of
 
the
 
3.20%
 
Fixed
 
Rate
 
Senior
 
Notes
 
due
 
2021,
 
Floating
 
Rate
 
Senior
 
Notes
 
due
 
2021,
 
3.684%
 
Fixed
 
Rate
 
Senior
 
Notes
due
 
2023,
 
4.337%
 
Fixed
 
Rate
 
Senior
 
Notes
 
due
 
2028,
 
4.950%
 
Fixed
 
Rate
 
Senior
 
Notes
 
due
 
2047
 
and
 
Floating
 
Rate
 
Senior
 
Notes
 
due
 
2023
 
(3
month
 
USD
 
LIBOR
 
plus
 
1.625%
 
p.a.)
 
do
 
not
 
include
 
the
 
exception
 
set
 
out
 
under
 
paragraph
 
(v)
 
above.
 
The
 
Dated
 
Subordinated
 
Debt
 
Securities
Indenture
 
dated
 
May
 
9,
 
2017
 
and
 
the
 
Senior
 
Debt
 
Securities
 
Indenture
 
dated
 
January
 
17,
 
2018
 
and
 
the
 
debt
 
securities
 
issued
 
pursuant
 
thereto,
do
 
not
 
include
 
the
 
exceptions
 
set
 
out
 
under
 
paragraphs
 
(v)
 
and
 
(vi)
 
above.
Modification
 
and
 
Waiver
We
 
and
 
the
 
Trustee
 
may
 
make
 
certain
 
modifications
 
and
 
amendments
 
to
 
the
 
indenture
 
applicable
 
to
 
each
 
series
 
of
 
debt
 
securities
 
without
 
the
consent
 
of
 
the
 
holders
 
of
 
the
 
debt
 
securities.
 
We
 
may
 
make
 
other
 
modifications
 
and
 
amendments
 
with
 
the
 
consent
 
of
 
the
 
holder(s)
 
of
 
not
 
less
than,
 
in
 
the
 
case
 
of
 
the
 
Senior
 
Debt
 
Securities,
 
a
 
majority
 
of,
 
or
 
in
 
the
 
case
 
of
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities,
 
66
 
2
⁄
3
%
 
in
 
aggregate
principal
 
amount
 
of
 
the
 
debt
 
securities
 
of
 
the
 
series
 
outstanding
 
under
 
the
 
applicable
 
indenture
 
that
 
are
 
affected
 
by
 
the
 
modification
 
or
amendment.
 
However,
 
we
 
may
 
not
 
make
 
any
 
modification
 
or
 
amendment
 
without
 
the
 
consent
 
of
 
the
 
holder
 
of
 
each
 
affected
 
debt
 
security
 
that
would:
●
 
change
 
the
 
terms
 
of
 
any
 
debt
 
security
 
to
 
change
 
the
 
stated
 
maturity
 
date
 
of
 
its
 
principal
 
amount;
●
 
change
 
the
 
principal
 
amount
 
of,
 
or
 
any
 
premium,
 
or
 
rate
 
of
 
interest,
 
with
 
respect
 
to
 
any
 
debt
 
security;
●
 
reduce
 
the
 
amount
 
of
 
principal
 
on
 
a
 
discount
 
debt
 
security
 
that
 
would
 
be
 
due
 
and
 
payable
 
upon
 
an
 
acceleration
 
of
 
the
 
maturity
 
date
 
of
 
any
series
 
of
 
debt
 
securities;
●
 
change
 
our
 
obligation,
 
or
 
any
 
successor’s,
 
to
 
pay
 
Debt
 
Security
 
Additional
 
Amounts;
●
 
change
 
the
 
places
 
at
 
which
 
payments
 
are
 
payable
 
or
 
the
 
currency
 
of
 
payment;
●
 
impair
 
the
 
right
 
to
 
sue
 
for
 
the
 
enforcement
 
of
 
any
 
payment
 
due
 
and
 
payable;
●
 
reduce
 
the
 
percentage
 
in
 
aggregate
 
principal
 
amount
 
of
 
outstanding
 
debt
 
securities
 
of
 
the
 
series
 
necessary
 
to
 
modify
 
or
 
amend
 
the
 
relevant
indenture
 
or
 
to
 
waive
 
compliance
 
with
 
certain
 
provisions
 
of
 
the
 
relevant
 
indenture
 
and
 
any
 
past
 
event
 
of
 
default
 
or
 
enforcement
 
event
 
(in
each
 
case,
 
as
 
defined
 
in
 
the
 
relevant
 
indenture);
●
 
change
 
our
 
obligation
 
to
 
maintain
 
an
 
office
 
or
 
agency
 
in
 
the
 
place
 
and
 
for
 
the
 
purposes
 
specified
 
in
 
the
 
relevant
 
indenture;
●
 
modify
 
the
 
subordination
 
provisions,
 
if
 
any,
 
or
 
the
 
terms
 
and
 
conditions
 
of
 
our
 
obligations
 
in
 
respect
 
of
 
the
 
due
 
and
 
punctual
 
payment
 
of
 
the
amounts
 
due
 
and
 
payable
 
on
 
the
 
debt
 
securities,
 
in
 
either
 
case
 
in
 
a
 
manner
 
adverse
 
to
 
the
 
holders;
 
or
●
 
modify
 
the
 
foregoing
 
requirements
 
or
 
the
 
provisions
 
of
 
the
 
relevant
 
indenture
 
relating
 
to
 
the
 
waiver
 
of
 
any
 
past
 
event
 
of
 
default
 
or
enforcement
 
event
 
(in
 
each
 
case,
 
as
 
defined
 
in
 
the
 
relevant
 
indenture)
 
or
 
covenants,
 
except
 
as
 
otherwise
 
specified.
Unless
 
the
 
relevant
 
prospectus
 
supplement
 
provides
 
otherwise,
 
in
 
addition,
 
any
 
variations
 
in
 
the
 
terms
 
and
 
conditions
 
of
 
Dated
 
Subordinated
Debt
 
Securities
 
of
 
any
 
series,
 
including
 
modifications
 
relating
 
to
 
the
 
subordination
 
or
 
redemption
 
provisions
 
of
 
such
 
Dated
 
Subordinated
 
Debt
Securities,
 
can
 
only
 
be
 
made
 
in
 
accordance
 
with
 
the
 
rules
 
and
 
requirements
 
of
 
the
 
PRA,
 
as
 
and
 
to
 
the
 
extent
 
applicable
 
from
 
time
 
to
 
time.
Events
 
of
 
Default
 
and
 
Enforcement
 
Events
 
and
 
Remedies
Senior
 
Debt
 
Securities
Senior
 
Events
 
of
 
Default
With
 
respect
 
to
 
the
 
Senior
 
Debt
 
Securities
 
for
 
which
 
“Senior
 
Events
 
of
 
Default”
 
is
 
indicated
 
in
 
the
 
table
 
above,
 
each
 
of
 
the
 
following
 
is
 
a
 
“Senior
Event
 
of
 
Default”:
 
●
 
Failure
 
to
 
pay
 
any
 
principal
 
or
 
interest
 
on
 
any
 
Senior
 
Debt
 
Securities
 
of
 
that
 
series
 
within
 
14
 
days
 
from
 
the
 
due
 
date
 
for
 
payment
 
and
 
such
failure
 
to
 
pay
 
persists
 
for
 
a
 
further
 
14
 
days
 
following
 
written
 
notice
 
from
 
the
 
Trustee
 
or
 
from
 
holders
 
of
 
25%
 
in
 
principal
 
amount
 
of
 
the
 
Senior
Debt
 
Securities
 
of
 
that
 
series
 
requiring
 
us
 
to
 
make
 
payment,
 
unless
 
such
 
payment
 
was
 
withheld
 
in
 
order
 
to
 
comply
 
with
 
a
 
law,
 
regulation
 
or
order
 
of
 
any
 
court
 
of
 
competent
 
jurisdiction;
●
 
Breach
 
of
 
any
 
covenant
 
or
 
warranty
 
of
 
the
 
relevant
 
Senior
 
Debt
 
Securities
 
Indenture
 
(other
 
than
 
payment,
 
as
 
stated
 
above)
 
and
 
that
 
breach
is
 
not
 
remedied
 
within
 
21
 
days
 
following
 
written
 
notice
 
from
 
the
 
Trustee
 
or
 
from
 
holders
 
of
 
at
 
least
 
25%
 
in
 
principal
 
amount
 
of
 
the
 
Senior
Debt
 
Securities
 
of
 
that
 
series
 
requiring
 
us
 
to
 
remedy
 
the
 
breach;
 
or
 
 
 
 
 
●
 
Either
 
an
 
English
 
court
 
of
 
competent
 
jurisdiction
 
issues
 
an
 
order
 
which
 
is
 
not
 
successfully
 
appealed
 
within
 
30
 
days,
 
or
 
an
 
effective
shareholders’
 
resolution
 
is
 
validly
 
adopted,
 
for
 
our
 
winding-up
 
(other
 
than
 
under
 
or
 
in
 
connection
 
with
 
a
 
scheme
 
of
 
reconstruction,
 
merger
 
or
amalgamation
 
not
 
involving
 
bankruptcy
 
or
 
insolvency).
If
 
a
 
Senior
 
Event
 
of
 
Default
 
occurs
 
and
 
is
 
continuing,
 
the
 
Trustee
 
or
 
the
 
holders
 
of
 
at
 
least
 
25%
 
in
 
outstanding
 
principal
 
amount
 
of
 
the
 
affected
series
 
of
 
Senior
 
Debt
 
Securities
 
may
 
declare
 
such
 
Senior
 
Debt
 
Securities
 
to
 
be
 
due
 
and
 
repayable
 
immediately
 
(and
 
such
 
Senior
 
Debt
Securities
 
shall
 
thereby
 
become
 
due
 
and
 
repayable)
 
at
 
their
 
outstanding
 
principal
 
amount
 
(or
 
at
 
such
 
other
 
repayment
 
amount
 
as
 
may
 
be
specified
 
in
 
or
 
determined
 
in
 
accordance
 
with
 
the
 
relevant
 
indenture)
 
together
 
with
 
accrued
 
interest,
 
if
 
any.
 
The
 
Trustee
 
may
 
at
 
its
 
discretion
 
and
without
 
further
 
notice
 
institute
 
such
 
proceedings
 
as
 
it
 
may
 
think
 
suitable
 
against
 
us
 
to
 
enforce
 
payment.
 
Subject
 
to
 
the
 
provisions
 
included
 
in
 
the
relevant
 
indenture
 
for
 
the
 
indemnification
 
of
 
the
 
Trustee,
 
the
 
holders
 
of
 
a
 
majority
 
in
 
aggregate
 
principal
 
amount
 
of
 
the
 
outstanding
 
Senior
 
Debt
Securities
 
of
 
the
 
affected
 
series
 
have
 
the
 
right
 
to
 
direct
 
the
 
Trustee
 
to
 
take
 
enforcement
 
action
 
with
 
respect
 
to
 
that
 
series;
 
provided
 
that
 
such
direction
 
does
 
not
 
conflict
 
with
 
any
 
rule
 
of
 
law
 
or
 
the
 
relevant
 
indenture,
 
and
 
is
 
not
 
unjustly
 
prejudicial
 
to
 
the
 
holder(s)
 
of
 
any
 
Senior
 
Debt
Securities
 
of
 
that
 
series
 
not
 
taking
 
part
 
in
 
the
 
direction,
 
in
 
either
 
case
 
as
 
determined
 
by
 
the
 
Trustee
 
in
 
its
 
sole
 
discretion.
 
The
 
Trustee
 
may
 
also
take
 
any
 
other
 
action,
 
not
 
inconsistent
 
with
 
the
 
direction,
 
that
 
it
 
deems
 
proper.
The
 
holders
 
of
 
a
 
majority
 
of
 
the
 
aggregate
 
principal
 
amount
 
of
 
the
 
outstanding
 
Senior
 
Debt
 
Securities
 
of
 
any
 
affected
 
series
 
may
 
also
 
waive
 
any
past
 
Event
 
of
 
Default
 
with
 
respect
 
to
 
the
 
affected
 
series,
 
except
 
any
 
default
 
in
 
respect
 
of
 
either:
●
 
the
 
payment
 
of
 
principal
 
of,
 
or
 
any
 
premium
 
or
 
interest
 
on,
 
any
 
Senior
 
Debt
 
Securities;
 
or
●
 
a
 
covenant
 
or
 
provision
 
of
 
the
 
relevant
 
indenture
 
which
 
cannot
 
be
 
modified
 
or
 
amended
 
without
 
the
 
consent
 
of
 
each
 
holder
 
of
 
Senior
 
Debt
Securities
 
of
 
the
 
series.
Subject
 
to
 
exceptions,
 
the
 
Trustee
 
may
 
(but
 
is
 
not
 
obligated
 
to),
 
without
 
the
 
consent
 
of
 
the
 
holders,
 
waive
 
or
 
authorize
 
an
 
Event
 
of
 
Default
 
if,
 
in
the
 
opinion
 
of
 
the
 
Trustee,
 
such
 
waiver
 
or
 
authorization
 
would
 
not
 
be
 
materially
 
prejudicial
 
to
 
the
 
interests
 
of
 
the
 
holders.
The
 
Trustee
 
must
 
give
 
notice
 
to
 
each
 
affected
 
holder
 
within
 
90
 
days
 
of
 
a
 
default
 
with
 
respect
 
to
 
the
 
Senior
 
Debt
 
Securities
 
of
 
any
 
series,
 
unless
the
 
default
 
has
 
been
 
cured
 
or
 
waived.
 
However,
 
except
 
in
 
the
 
case
 
of
 
a
 
default
 
in
 
the
 
payment
 
of
 
the
 
principal
 
of,
 
or
 
premium,
 
if
 
any,
 
or
 
interest,
if
 
any,
 
on
 
the
 
Senior
 
Debt
 
Securities,
 
the
 
Trustee
 
will
 
be
 
entitled
 
to
 
withhold
 
notice
 
if
 
a
 
trust
 
committee
 
of
 
responsible
 
officers
 
of
 
the
 
Trustee
determine
 
in
 
good
 
faith
 
that
 
withholding
 
of
 
notice
 
is
 
in
 
the
 
interest
 
of
 
the
 
holders.
We
 
are
 
required
 
to
 
furnish
 
to
 
the
 
Trustee
 
annually
 
a
 
statement
 
as
 
to
 
our
 
compliance
 
with
 
all
 
conditions
 
and
 
covenants
 
under
 
the
 
relevant
 
Senior
Debt
 
Securities
 
Indenture.
Notwithstanding
 
any
 
contrary
 
provisions,
 
nothing
 
shall
 
impair
 
the
 
right
 
of
 
a
 
holder,
 
absent
 
the
 
holder’s
 
consent,
 
to
 
sue
 
for
 
any
 
payments
 
due
 
but
unpaid
 
with
 
respect
 
to
 
the
 
Senior
 
Debt
 
Securities.
Senior
 
Enforcement
 
Events
With
 
respect
 
to
 
the
 
Senior
 
Debt
 
Securities
 
for
 
which
 
“Senior
 
Events
 
of
 
Default,
 
Senior
 
Enforcement
 
Events”
 
or
 
“Senior
 
Enforcement
 
Events”
 
is
indicated
 
in
 
the
 
table
 
above,
 
“Senior
 
Enforcement
 
Events”
 
means:
●
 
Winding-up
 
–
 
If
 
(i)
 
a
 
court
 
of
 
competent
 
jurisdiction
 
in
 
England
 
(or
 
such
 
other
 
jurisdiction
 
in
 
which
 
we
 
may
 
be
 
organized)
 
makes
 
an
 
order
 
for
our
 
winding-up
 
which
 
is
 
not
 
successfully
 
appealed
 
within
 
30
 
days
 
of
 
the
 
making
 
of
 
such
 
order,
 
(ii)
 
our
 
shareholders
 
adopt
 
an
 
effective
resolution
 
for
 
our
 
winding-up
 
(other
 
than,
 
in
 
the
 
case
 
of
 
either
 
(i)
 
or
 
(ii)
 
above,
 
under
 
or
 
in
 
connection
 
with
 
a
 
scheme
 
of
 
reconstruction,
merger
 
or
 
amalgamation
 
not
 
involving
 
a
 
bankruptcy
 
or
 
insolvency)
 
or
 
(iii)
 
following
 
the
 
appointment
 
of
 
an
 
administrator
 
of
 
Barclays,
 
the
administrator
 
gives
 
notice
 
that
 
it
 
intends
 
to
 
declare
 
and
 
distribute
 
a
 
dividend
 
(each
 
a
 
“Senior
 
Winding
 
-up
 
Event”),
 
the
 
outstanding
 
principal
amount
 
of
 
the
 
Senior
 
Debt
 
Securities
 
together
 
with
 
any
 
accrued
 
but
 
unpaid
 
interest
 
thereon
 
will
 
become
 
immediately
 
due
 
and
 
payable.
●
 
Non-payment
 
–
 
If
 
we
 
fail
 
to
 
pay
 
any
 
amount
 
that
 
has
 
become
 
due
 
and
 
payable
 
under
 
the
 
Senior
 
Debt
 
Securities
 
and
 
such
 
failure
 
continues
for
 
14
 
days,
 
the
 
Trustee
 
may
 
give
 
us
 
notice
 
of
 
such
 
failure.
 
If
 
within
 
a
 
period
 
of
 
14
 
days
 
following
 
the
 
provision
 
of
 
such
 
notice,
 
the
 
failure
continues
 
and
 
has
 
not
 
been
 
cured
 
or
 
waived
 
(a
 
“Non-Payment
 
Event”),
 
the
 
Trustee
 
may
 
at
 
its
 
discretion
 
and
 
without
 
further
 
notice
 
to
 
us
institute
 
proceedings
 
in
 
England
 
(or
 
such
 
other
 
jurisdiction
 
in
 
which
 
we
 
may
 
be
 
organized)
 
(but
 
not
 
elsewhere)
 
for
 
our
 
winding-up
 
and/or
prove
 
in
 
our
 
winding-up
 
and/or
 
claim
 
in
 
our
 
liquidation
 
or
 
administration.
●
 
Breach
 
of
 
a
 
Performance
 
Obligation
 
–
 
The
 
Trustee
 
may
 
also,
 
without
 
further
 
notice,
 
institute
 
such
 
proceedings
 
against
 
us
 
as
 
the
 
Trustee
may
 
deem
 
fit
 
to
 
enforce
 
any
 
other
 
term,
 
obligation
 
or
 
condition
 
binding
 
on
 
us
 
under
 
the
 
Senior
 
Debt
 
Securities
 
or
 
the
 
relevant
 
Senior
 
Debt
Securities
 
Indenture
 
(i.e.,
 
other
 
than
 
any
 
payment
 
obligation
 
of
 
Barclays
 
under
 
or
 
arising
 
from
 
the
 
Senior
 
Debt
 
Securities
 
or
 
the
 
relevant
Senior
 
Debt
 
Securities
 
Indenture,
 
including,
 
without
 
limitation,
 
payment
 
of
 
any
 
principal
 
or
 
interest,
 
including
 
Debt
 
Security
 
Additional
Amounts)
 
(such
 
obligation,
 
a
 
“Performance
 
Obligation”);
 
provided
 
always
 
that
 
the
 
Trustee
 
(acting
 
on
 
behalf
 
of
 
the
 
holders
 
of
 
the
 
Senior
 
Debt
Securities)
 
and
 
the
 
holders
 
of
 
the
 
Senior
 
Debt
 
Securities
 
may
 
not
 
enforce,
 
and
 
may
 
not
 
be
 
entitled
 
to
 
enforce
 
or
 
otherwise
 
claim,
 
against
 
us
any
 
judgment
 
or
 
other
 
award
 
given
 
in
 
such
 
proceedings
 
that
 
requires
 
the
 
payment
 
of
 
money
 
by
 
us,
 
whether
 
by
 
way
 
of
 
damages
 
or
 
otherwise
(a
 
“Monetary
 
Judgment”),
 
except
 
by
 
proving
 
such
 
Monetary
 
Judgment
 
in
 
our
 
winding-up
 
and/or
 
by
 
claiming
 
such
 
Monetary
 
Judgment
 
in
 
our
administration.
 
With
 
respect
 
to
 
the
 
Senior
 
Debt
 
Securities
 
for
 
which
 
“Senior
 
Events
 
of
 
Default,
 
Senior
 
Enforcement
 
Events”
 
is
 
indicated
 
in
 
the
 
table
 
above,
 
if
inclusion
 
of
 
the
 
Senior
 
Events
 
of
 
Default
 
set
 
out
 
above
 
under
 
“
Senior
 
Events
 
of
 
Default
”
 
in
 
the
 
terms
 
of
 
the
 
Senior
 
Debt
 
Securities
 
results,
 
or
would
 
be
 
likely
 
to
 
(in
 
the
 
opinion
 
of
 
Barclays,
 
the
 
PRA
 
or
 
any
 
other
 
relevant
 
national
 
or
 
European
 
authority)
 
result,
 
in
 
a
 
Loss
 
Absorption
Disqualification
 
Event
 
following
 
a
 
Loss
 
Absorption
 
Regulations
 
Event
 
that
 
occurs
 
on
 
or
 
after
 
the
 
issue
 
date
 
of
 
such
 
Senior
 
Debt
 
Securities,
 
then
we
 
may,
 
at
 
our
 
option,
 
without
 
the
 
need
 
for
 
us
 
to
 
obtain
 
any
 
consent
 
from
 
any
 
holder
 
of
 
the
 
Senior
 
Debt
 
Securities,
 
determine
 
that
 
the
 
Senior
Events
 
of
 
Default
 
will
 
no
 
longer
 
apply
 
to
 
the
 
Senior
 
Debt
 
Securities
 
and
 
will
 
be
 
replaced
 
in
 
their
 
entirety
 
by
 
the
 
Senior
 
Enforcement
 
Events.
In
 
respect
 
of
 
all
 
series
 
of
 
Senior
 
Debt
 
Securities
 
to
 
which
 
Senior
 
Enforcement
 
Events
 
apply,
 
other
 
than
 
as
 
set
 
out
 
above
 
and
 
subject
 
to
 
the
 
Trust
Indenture
 
Act
 
remedies
 
specified
 
below,
 
no
 
remedy
 
against
 
us
 
will
 
be
 
available
 
to
 
the
 
Trustee
 
(acting
 
on
 
behalf
 
of
 
the
 
holders
 
of
 
the
 
Senior
 
Debt
Securities)
 
or
 
the
 
holders
 
of
 
the
 
Senior
 
Debt
 
Securities
 
whether
 
for
 
the
 
recovery
 
of
 
amounts
 
owing
 
in
 
respect
 
of
 
such
 
Senior
 
Debt
 
Securities
 
or
under
 
the
 
relevant
 
Senior
 
Debt
 
Securities
 
Indenture
 
or
 
in
 
respect
 
of
 
any
 
breach
 
by
 
us
 
of
 
any
 
of
 
our
 
obligations
 
under
 
or
 
in
 
respect
 
of
 
the
 
terms
 
of
such
 
Senior
 
Debt
 
Securities
 
or
 
under
 
the
 
relevant
 
Senior
 
Debt
 
Securities
 
Indenture.
Trust
 
Indenture
 
Act
 
Remedies
Notwithstanding
 
the
 
limitation
 
on
 
remedies
 
specified
 
above,
 
(i)
 
the
 
Trustee
 
will
 
have
 
such
 
powers
 
as
 
are
 
required
 
to
 
be
 
authorized
 
to
 
it
 
under
 
the
Trust
 
Indenture
 
Act
 
in
 
respect
 
of
 
the
 
rights
 
of
 
the
 
holders
 
of
 
the
 
Senior
 
Debt
 
Securities
 
under
 
the
 
provisions
 
of
 
the
 
Indenture
 
and
 
(ii)
 
nothing
 
shall
impair
 
the
 
right
 
of
 
a
 
holder
 
of
 
the
 
Senior
 
Debt
 
Securities
 
under
 
the
 
Trust
 
Indenture
 
Act,
 
absent
 
such
 
holder’s
 
consent,
 
to
 
sue
 
for
 
any
 
payment
due
 
but
 
unpaid
 
with
 
respect
 
to
 
the
 
Senior
 
Debt
 
Securities.
 
No
 
holder
 
of
 
Senior
 
Debt
 
Securities
 
shall
 
be
 
entitled
 
to
 
proceed
 
directly
 
against
 
us
except
 
as
 
described
 
under
 
“
Limitation
 
on
 
Suits
”
 
below.
 
Dated
 
Subordinated
 
Debt
 
Securities
Dated
 
Subordinated
 
Enforcement
 
Events
 
 
 
With
 
respect
 
to
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities,
 
under
 
the
 
terms
 
of
 
each
 
Dated
 
Subordinated
 
Debt
 
Securities
 
Indenture,
 
a
 
“Dated
Subordinated
 
Enforcement
 
Event”
 
shall
 
occur
 
(i)
 
upon
 
the
 
occurrence
 
of
 
Dated
 
Subordinated
 
Winding
 
-Up
 
Event,
 
(ii)
 
upon
 
the
 
occurrence
 
of
 
a
Dated
 
Subordinated
 
Non-Payment
 
Event
 
or
 
(iii)
 
upon
 
a
 
breach
 
by
 
us
 
of
 
a
 
Dated
 
Subordinated
 
Performance
 
Obligation
 
with
 
respect
 
to
 
the
relevant
 
series
 
of
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities:
●
 
Winding-Up
 
Event
 
–
 
If
 
(i)
 
a
 
court
 
of
 
competent
 
jurisdiction
 
in
 
England
 
(or
 
such
 
other
 
jurisdiction
 
in
 
which
 
we
 
may
 
be
 
organized)
 
makes
 
an
order
 
for
 
our
 
winding-up
 
which
 
is
 
not
 
successfully
 
appealed
 
within
 
30
 
days
 
of
 
the
 
making
 
of
 
such
 
order,
 
(ii)
 
our
 
shareholders
 
adopt
 
an
effective
 
resolution
 
for
 
our
 
winding-up
 
(other
 
than,
 
in
 
the
 
case
 
of
 
either
 
(i)
 
or
 
(ii)
 
above,
 
under
 
or
 
in
 
connection
 
with
 
a
 
scheme
 
of
reconstruction,
 
merger
 
or
 
amalgamation
 
not
 
involving
 
a
 
bankruptcy
 
or
 
insolvency)
 
or
 
(iii)
 
following
 
the
 
appointment
 
of
 
an
 
administrator
 
of
Barclays,
 
the
 
administrator
 
gives
 
notice
 
that
 
it
 
intends
 
to
 
declare
 
and
 
distribute
 
a
 
dividend
 
(each
 
a
 
“Dated
 
Subordinated
 
Winding-up
 
Event”),
the
 
outstanding
 
principal
 
amount
 
of
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities
 
together
 
with
 
any
 
accrued
 
but
 
unpaid
 
interest
 
thereon
 
will
become
 
immediately
 
due
 
and
 
payable.
●
 
Non-Payment
 
Event
 
–
If
 
we
 
fail
 
to
 
pay
 
any
 
amount
 
that
 
has
 
become
 
due
 
and
 
payable
 
with
 
respect
 
to
 
the
 
Dated
 
Subordinated
 
Debt
Securities
 
and
 
such
 
failure
 
continues
 
for
 
14
 
days,
 
the
 
Trustee
 
may
 
give
 
us
 
notice
 
of
 
such
 
failure.
 
If
 
payment
 
is
 
not
 
made,
 
or
 
our
 
failure
 
to
pay
 
has
 
not
 
been
 
waived,
 
within
 
a
 
period
 
of
 
14
 
days
 
following
 
the
 
provision
 
of
 
such
 
notice,
 
the
 
Trustee
 
may
 
at
 
its
 
discretion
 
and
 
without
further
 
notice
 
to
 
us
 
institute
 
proceedings
 
in
 
England
 
(or
 
such
 
other
 
jurisdiction
 
in
 
which
 
we
 
may
 
be
 
organized)
 
(but
 
not
 
elsewhere)
 
for
our
 
winding-up
 
and/or
 
prove
 
in
 
our
 
winding-up
 
and/or
 
claim
 
in
 
our
 
liquidation
 
or
 
administration.
●
 
Breach
 
of
 
a
 
Performance
 
Obligation
 
–
 
The
 
Trustee
 
may
 
also,
 
without
 
further
 
notice,
 
institute
 
such
 
proceedings
 
against
 
us
 
as
 
it
 
deems
 
fit
 
to
enforce
 
any
 
other
 
term,
 
obligation
 
or
 
condition
 
binding
 
on
 
us
 
under
 
the
 
relevant
 
Dated
 
Subordinated
 
Debt
 
Securities
 
or
 
Dated
 
Subordinated
Debt
 
Securities
 
Indenture
 
(i.e.,
 
other
 
than
 
any
 
payment
 
obligation
 
as
 
described
 
above,
 
including,
 
without
 
limitation,
 
payment
 
of
 
any
 
principal
or
 
interest,
 
including
 
Debt
 
Security
 
Additional
 
Amounts)
 
(such
 
obligation,
 
a
 
“Dated
 
Subordinated
 
Performance
 
Obligation”);
 
provided
 
always
that
 
the
 
Trustee
 
and
 
the
 
holders
 
of
 
such
 
Dated
 
Subordinated
 
Debt
 
Securities
 
may
 
not
 
enforce
 
or
 
otherwise
 
claim
 
against
 
us
 
any
 
judgment
 
or
other
 
award
 
given
 
in
 
such
 
proceedings
 
that
 
requires
 
the
 
payment
 
of
 
money
 
by
 
us,
 
whether
 
by
 
way
 
of
 
damages
 
or
 
otherwise
 
(a
 
“Dated
Subordinated
 
Monetary
 
Judgment”),
 
except
 
by
 
proving
 
such
 
Monetary
 
Judgment
 
in
 
our
 
winding-up
 
and/or
 
by
 
claiming
 
such
 
Monetary
Judgment
 
in
 
our
 
administration.
 
Other
 
than
 
the
 
limited
 
remedies
 
specified
 
in
 
this
 
section
 
and
 
subject
 
to
 
“Trust
 
Indenture
 
Act
 
Remedies”
 
below,
 
no
 
remedy
 
against
 
us
 
will
 
be
available
 
to
 
the
 
Trustee
 
(acting
 
on
 
behalf
 
of
 
the
 
holders
 
of
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities)
 
or
 
the
 
holders
 
of
 
the
 
Dated
 
Subordinated
Debt
 
Securities
 
whether
 
for
 
the
 
recovery
 
of
 
amounts
 
owed
 
by
 
us,
 
or
 
in
 
respect
 
of
 
any
 
breach
 
by
 
us
 
of
 
any
 
of
 
our
 
obligations,
 
under
 
or
 
in
 
respect
of
 
such
 
Dated
 
Subordinated
 
Debt
 
Securities
 
or
 
under
 
the
 
relevant
 
Dated
 
Subordinated
 
Debt
 
Securities
 
Indenture.
If
 
a
 
Dated
 
Subordinated
 
Enforcement
 
Event
 
occurs
 
and
 
is
 
continuing
 
with
 
respect
 
to
 
any
 
series
 
of
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities,
 
the
Trustee
 
will
 
have
 
no
 
obligation
 
to
 
take
 
any
 
action
 
at
 
the
 
direction
 
of
 
any
 
holders
 
of
 
such
 
series
 
of
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities,
unless
 
they
 
have
 
offered
 
the
 
Trustee
 
security
 
or
 
indemnity
 
satisfactory
 
to
 
the
 
Trustee
 
in
 
its
 
sole
 
discretion.
 
The
 
holders
 
of
 
a
 
majority
 
in
 
aggregate
 
principal
 
amount
 
of
 
the
 
outstanding
 
Dated
 
Subordinated
 
Debt
 
Securities
 
of
 
a
 
series
 
shall
 
have
 
the
 
right
 
to
direct
 
the
 
time,
 
method
 
and
 
place
 
of
 
conducting
 
any
 
proceeding
 
in
 
the
 
name
 
of
 
and
 
on
 
the
 
behalf
 
of
 
the
 
Trustee
 
for
 
any
 
remedy
 
available
 
to
 
the
Trustee
 
or
 
exercising
 
any
 
trust
 
or
 
power
 
conferred
 
on
 
the
 
Trustee
 
with
 
respect
 
to
 
such
 
series
 
of
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities;
provided
 
such
 
direction
 
does
 
not
 
conflict
 
with
 
any
 
rule
 
of
 
law
 
or
 
the
 
relevant
 
Dated
 
Subordinated
 
Debt
 
Securities
 
Indenture
 
and
 
is
 
not
 
unjustly
prejudicial
 
to
 
the
 
holder(s)
 
of
 
such
 
series
 
of
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities
 
not
 
taking
 
part
 
in
 
the
 
direction,
 
in
 
either
 
case,
 
as
 
determined
by
 
the
 
Trustee
 
in
 
its
 
sole
 
discretion.
 
The
 
Trustee
 
may
 
also
 
take
 
any
 
other
 
action,
 
consistent
 
with
 
the
 
direction,
 
that
 
it
 
deems
 
proper.
The
 
Trustee
 
will,
 
within
 
ninety
 
(90)
 
days
 
of
 
a
 
Dated
 
Subordinated
 
Enforcement
 
Event
 
with
 
respect
 
to
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities
 
of
any
 
series,
 
give
 
to
 
each
 
affected
 
holder
 
of
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities
 
of
 
the
 
affected
 
series
 
notice
 
of
 
any
 
default
 
known
 
to
 
the
Trustee,
 
unless
 
the
 
default
 
has
 
been
 
cured
 
or
 
waived.
 
However,
 
the
 
Trustee
 
will
 
be
 
entitled
 
to
 
withhold
 
notice
 
if
 
a
 
trust
 
committee
 
of
 
responsible
officers
 
of
 
the
 
Tru
 
stee
 
determine
 
in
 
good
 
faith
 
that
 
withholding
 
of
 
notice
 
is
 
in
 
the
 
interest
 
of
 
the
 
holders.
We
 
are
 
required
 
to
 
furnish
 
to
 
the
 
Trustee
 
annually
 
a
 
statement
 
as
 
to
 
our
 
compliance
 
with
 
all
 
conditions
 
and
 
covenants
 
under
 
the
 
relevant
 
Dated
Subordinated
 
Debt
 
Securities
 
Indenture.
Trust
 
Indenture
 
Act
 
Remedies
Notwithstanding
 
the
 
limitation
 
on
 
remedies
 
specified
 
above,
 
(i)
 
the
 
Trustee
 
will
 
have
 
such
 
powers
 
as
 
are
 
required
 
to
 
be
 
authorized
 
to
 
it
 
under
 
the
Trust
 
Indenture
 
Act
 
in
 
respect
 
of
 
the
 
rights
 
of
 
the
 
holders
 
of
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities
 
under
 
the
 
provisions
 
of
 
the
 
relevant
 
Dated
Subordinated
 
Debt
 
Indenture
 
and
 
(ii)
 
nothing
 
shall
 
impair
 
the
 
right
 
of
 
a
 
holder
 
of
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities
 
under
 
the
 
Trust
Indenture
 
Act,
 
absent
 
such
 
holder’s
 
consent,
 
to
 
sue
 
for
 
any
 
payment
 
due
 
but
 
unpaid
 
with
 
respect
 
to
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities;
provided
 
that,
 
in
 
the
 
case
 
of
 
each
 
of
 
(i)
 
and
 
(ii)
 
above,
 
any
 
payments
 
in
 
respect
 
of,
 
or
 
arising
 
from,
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities,
including
 
any
 
payments
 
or
 
amounts
 
resulting
 
or
 
arising
 
from
 
the
 
enforcement
 
of
 
any
 
rights
 
under
 
the
 
Trust
 
Indenture
 
Act
 
in
 
respect
 
of
 
the
 
Dated
Subordinated
 
Debt
 
Securities,
 
are
 
subject
 
to
 
the
 
subordination
 
provisions
 
set
 
forth
 
in
 
the
 
relevant
 
Dated
 
Subordinated
 
Debt
 
Indenture.
Limitation
 
on
 
Suits
Before
 
a
 
holder
 
of
 
debt
 
securities
 
may
 
bypass
 
the
 
Trustee
 
and
 
bring
 
its
 
own
 
lawsuit
 
or
 
other
 
formal
 
legal
 
action
 
or
 
take
 
other
 
steps
 
to
 
enforce
 
its
rights
 
or
 
protect
 
its
 
interests
 
relating
 
to
 
the
 
debt
 
securities,
 
the
 
following
 
must
 
occur:
●
 
The
 
holder
 
must
 
give
 
the
 
Trustee
 
written
 
notice
 
that
 
an
 
event
 
of
 
default
 
or
 
enforcement
 
event
 
(in
 
each
 
case,
 
as
 
defined
 
in
 
the
 
relevant
indenture)
 
has
 
occurred
 
and
 
remains
 
uncured,
 
and
 
include
 
any
 
other
 
information
 
stipulated
 
by
 
the
 
relevant
 
indenture.
●
 
The
 
holders
 
of
 
25%
 
in
 
principal
 
amount
 
of
 
all
 
outstanding
 
debt
 
securities
 
of
 
the
 
relevant
 
series
 
must
 
make
 
a
 
written
 
request
 
that
 
the
 
Trustee
take
 
action
 
because
 
of
 
the
 
default,
 
and
 
the
 
holder
 
must
 
offer
 
to
 
the
 
Trustee
 
indemnity
 
or
 
security
 
satisfactory
 
to
 
the
 
Trustee
 
in
 
its
 
sole
discretion
 
against
 
the
 
cost
 
and
 
other
 
liabilities
 
of
 
taking
 
that
 
action.
●
 
The
 
Trustee
 
must
 
not
 
have
 
taken
 
action
 
for
 
60
 
days
 
after
 
receipt
 
of
 
the
 
above
 
notice
 
and
 
offer
 
of
 
any
 
security
 
and/or
 
indemnity
 
(subject
 
to
the
 
terms
 
of
 
the
 
relevant
 
indenture),
 
and
 
the
 
Trustee
 
must
 
not
 
have
 
received
 
an
 
inconsistent
 
direction
 
from
 
the
 
majority
 
in
 
principal
 
amount
of
 
all
 
outstanding
 
debt
 
securities
 
of
 
the
 
relevant
 
series
 
during
 
that
 
period.
Notwithstanding
 
any
 
contrary
 
provisions,
 
nothing
 
shall
 
impair
 
the
 
right
 
of
 
a
 
holder,
 
absent
 
the
 
holder’s
 
consent,
 
to
 
sue
 
for
 
any
 
payments
 
due
 
but
unpaid
 
with
 
respect
 
to
 
the
 
debt
 
securities.
Exercise
 
of
 
U.K.
 
Bail-in
 
Power
The
 
Relevant
 
U.K.
 
Resolution
 
Authority
 
(which
 
refers
 
to
 
any
 
authority
 
with
 
the
 
ability
 
to
 
exercise
 
a
 
U.K.
 
Bail-in
 
Power)
 
may
 
exercise
 
the
 
bail-in
tool
 
in
 
respect
 
of
 
Barclays,
 
as
 
issuer,
 
and
 
the
 
debt
 
securities.
 
Holders
 
of
 
the
 
debt
 
securities
 
are
 
bound
 
by
 
the
 
exercise
 
of
 
any
 
U.K.
 
Bail-in
 
Power
(as
 
defined
 
in
 
the
 
prospectus
 
supplement
 
for
 
the
 
relevant
 
series
 
of
 
debt
 
securities)
 
by
 
the
 
Relevant
 
U.K.
 
Resolution
 
Authority.
 
This
 
is
 
not
 
a
 
waiver
 
of
 
any
 
rights
 
holders
 
of
 
debt
 
securities
 
may
 
have
 
at
 
law
 
if
 
and
 
to
 
the
 
extent
 
that
 
any
 
U.K.
 
Bail-in
 
Power
 
is
 
exercised
 
by
 
the
 
Relevant
 
U.K.
Resolution
 
Authority
 
in
 
breach
 
of
 
laws
 
applicable
 
in
 
England.
Generally,
 
exercise
 
of
 
any
 
U.K.
 
Bail-in
 
Power
 
by
 
the
 
Relevant
 
U.K.
 
Resolution
 
Authority
 
may
 
result
 
in
 
(i)
 
the
 
cancellation
 
of
 
all,
 
or
 
a
 
portion,
 
of
the
 
principal
 
amount
 
of,
 
or
 
interest
 
on,
 
the
 
debt
 
securities;
 
and/
 
or
 
(ii)
 
the
 
conversion
 
of
 
all,
 
or
 
a
 
portion
 
of,
 
the
 
principal
 
amount
 
of,
 
or
 
interest
 
on,
the
 
debt
 
securities
 
into
 
shares
 
or
 
other
 
securities
 
or
 
other
 
obligations
 
of
 
Barclays
 
or
 
another
 
person,
 
including
 
by
 
means
 
of
 
a
 
variation
 
of
 
the
terms
 
of
 
the
 
debt
 
securities
 
to
 
give
 
effect
 
to
 
the
 
exercise
 
by
 
the
 
Relevant
 
U.K.
 
Resolution
 
Authority
 
of
 
such
 
U.K.
 
Bail-in
 
Power.
Holders
 
of
 
debt
 
securities
 
should
 
review
 
the
 
provisions
 
relating
 
to
 
U.K.
 
Bail-in
 
Power
 
included
 
in
 
the
 
relevant
 
prospectus
 
supplement
 
for
 
such
debt
 
securities,
 
including
 
the
 
section
 
entitled
 
“
Risk
 
Factors
”
 
therein.
 
No
 
repayment
 
of
 
the
 
principal
 
amount
 
of
 
the
 
debt
 
securities
 
or
 
payment
 
of
 
interest
 
on
 
the
 
debt
 
securities
 
shall
 
become
 
due
 
and
 
payable
 
after
 
the
exercise
 
of
 
any
 
U.K.
 
Bail-in
 
Power
 
by
 
the
 
Relevant
 
U.K.
 
Resolution
 
Authority
 
unless
 
such
 
repayment
 
or
 
payment
 
would
 
be
 
permitted
 
to
 
be
 
made
by
 
Barclays
 
under
 
the
 
laws
 
and
 
regulations
 
of
 
the
 
United
 
Kingdom
 
and
 
the
 
European
 
Union
 
applicable
 
to
 
Barclays.
The
 
exercise
 
of
 
the
 
U.K.
 
Bail-in
 
Power
 
by
 
the
 
Relevant
 
U.K.
 
Resolution
 
Authority
 
with
 
respect
 
to
 
the
 
debt
 
securities
 
shall
 
not
 
constitute
 
a
 
Senior
Event
 
of
 
Default,
 
a
 
Senior
 
Enforcement
 
Event
 
or
 
a
 
Dated
 
Subordinated
 
Enforcement
 
Event,
 
as
 
applicable.
 
Upon
 
the
 
exercise
 
of
 
any
 
U.K.
 
Bail-in
 
Power
 
by
 
the
 
Relevant
 
U.K.
 
Resolution
 
Authority
 
with
 
respect
 
to
 
the
 
debt
 
securities,
 
the
 
Trustee
 
shall
 
not
be
 
required
 
to
 
take
 
any
 
further
 
directions
 
from
 
holders
 
of
 
the
 
debt
 
securities
 
pursuant
 
to
 
the
 
applicable
 
indenture
 
which
 
authorizes
 
holders
 
of
 
a
majority
 
in
 
aggregate
 
principal
 
amount
 
of
 
the
 
outstanding
 
debt
 
securities
 
of
 
the
 
relevant
 
series
 
of
 
Debt
 
Securities
 
to
 
direct
 
certain
 
actions
 
relating
to
 
the
 
relevant
 
debt
 
securities
 
and
 
(b)
 
the
 
applicable
 
indentures
 
impose
 
no
 
duties
 
upon
 
the
 
Trustee
 
whatsoever
 
with
 
respect
 
to
 
the
 
exercise
 
of
any
 
U.K.
 
Bail-in
 
Power
 
by
 
the
 
Relevant
 
U.K.
 
Resolution
 
Authority.
 
Notwithstanding
 
the
 
foregoing,
 
if,
 
following
 
the
 
completion
 
of
 
the
 
exercise
 
of
the
 
U.K.
 
Bail-in
 
Power
 
by
 
the
 
Relevant
 
U.K.
 
Resolution
 
Authority
 
in
 
respect
 
of
 
the
 
debt
 
securities,
 
the
 
debt
 
securities
 
remain
 
outstanding
 
(for
example,
 
if
 
the
 
exercise
 
of
 
the
 
U.K.
 
Bail-in
 
Power
 
results
 
in
 
only
 
a
 
partial
 
write-down
 
of
 
the
 
principal
 
of
 
the
 
debt
 
securities),
 
then
 
the
 
Trustee’s
duties
 
under
 
the
 
relevant
 
Senior
 
Debt
 
Securities
 
Indenture
 
or
 
Dated
 
Subordinated
 
Debt
 
Securities
 
Indenture
 
(as
 
applicable)
 
will
 
apply
 
with
respect
 
to
 
the
 
relevant
 
debt
 
securities
 
following
 
such
 
completion
 
to
 
the
 
extent
 
agreed
 
by
 
Barclays
 
and
 
the
 
Trustee,
 
pursuant
 
to
 
a
 
supplemental
indenture
 
to
 
the
 
applicable
 
indenture,
 
or
 
an
 
amendment
 
thereto.
Consolidation,
 
Merger
 
and
 
Sale
 
of
 
Assets;
 
Assumption
We
 
may,
 
without
 
the
 
consent
 
of
 
holders
 
of
 
any
 
outstanding
 
debt
 
securities,
 
consolidate,
 
amalgamate
 
with
 
or
 
merge
 
into
 
any
 
other
 
corporation,
 
or
convey
 
or
 
transfer
 
or
 
lease
 
our
 
properties
 
and
 
assets
 
substantially
 
as
 
an
 
entirety
 
to
 
any
 
Person
 
(as
 
defined
 
below),
 
provided
 
that:
 
●
 
the
 
Person
 
formed
 
by
 
such
 
consolidation
 
or
 
amalgamation,
 
or
 
into
 
which
 
Barclays
 
is
 
merged,
 
or
 
the
 
Person
 
which
 
acquires
 
by
 
conveyance
or
 
transfer,
 
or
 
which
 
leases
 
the
 
properties
 
and
 
assets
 
of
 
Barclays
 
substantially
 
as
 
an
 
entirety
 
expressly
 
assumes
 
by
 
supplemental
 
indenture
all
 
of
 
Barclays’
 
obligations
 
under
 
the
 
outstanding
 
debt
 
securities
 
and
 
the
 
relevant
 
indentures;
 
●
 
immediately
 
after
 
giving
 
effect
 
to
 
such
 
transaction,
 
no
 
Senior
 
Event
 
of
 
Default
 
(or
 
Senior
 
Winding
 
-up
 
Event,
 
as
 
defined
 
above)
 
or
 
Dated
Subordinated
 
Winding
 
-up
 
Event,
 
as
 
applicable,
 
and
 
no
 
event
 
which,
 
after
 
notice
 
or
 
lapse
 
of
 
time
 
or
 
both,
 
would
 
become
 
a
 
Senior
 
Event
 
of
Default
 
(or
 
Senior
 
Winding
 
-up
 
Event,
 
as
 
defined
 
above)
 
or
 
Dated
 
Subordinated
 
Winding-up
 
Event,
 
as
 
applicable,
 
shall
 
have
 
happened
 
and
be
 
continuing;
 
and
 
●
 
we
 
have
 
delivered
 
to
 
the
 
Trustee
 
an
 
officer’s
 
certificate
 
and
 
an
 
opinion
 
of
 
counsel,
 
each
 
stating
 
that
 
such
 
consolidation,
 
amalgamation,
merger,
 
conveyance
 
or
 
transfer
 
and
 
such
 
supplemental
 
indenture
 
comply
 
with
 
the
 
relevant
 
indenture
 
and
 
that
 
all
 
conditions
 
precedent
relating
 
to
 
such
 
transaction
 
have
 
been
 
complied
 
with.
The
 
successor
 
Person
 
formed
 
by
 
such
 
consolidation
 
or
 
amalgamation
 
or
 
into
 
which
 
Barclays
 
is
 
merged
 
or
 
the
 
Person
 
to
 
which
 
such
conveyance
 
or
 
transfer
 
is
 
made
 
will
 
succeed
 
to
 
and
 
be
 
substituted
 
for,
 
and
 
may
 
exercise
 
every
 
right
 
and
 
power
 
of,
 
Barclays
 
under
 
the
 
relevant
indenture
 
with
 
the
 
same
 
effect
 
as
 
if
 
such
 
successor
 
Person
 
had
 
been
 
named
 
as
 
the
 
issuer,
 
and
 
thereafter,
 
the
 
predecessor
 
Person
 
shall
 
be
relieved
 
of
 
all
 
obligations
 
and
 
covenants
 
under
 
the
 
relevant
 
indenture
 
and
 
the
 
relevant
 
series
 
of
 
debt
 
securities.
In
 
this
 
section,
 
“Person”
 
means
 
any
 
individual,
 
corporation,
 
partnership,
 
joint
 
venture,
 
association,
 
joint-stock
 
company,
 
trust,
 
unincorporated
organization
 
or
 
government
 
or
 
any
 
agency
 
or
 
political
 
subdivision
 
thereof.
Satisfaction
 
and
 
Discharge
 
When
 
(i)
 
Barclays
 
delivers
 
to
 
the
 
Trustee
 
all
 
outstanding
 
debt
 
securities
 
of
 
any
 
series
 
(other
 
than
 
debt
 
securities
 
which
 
have
 
been
 
replaced
 
or
paid
 
because
 
they
 
were
 
destroyed,
 
lost
 
or
 
stolen)
 
for
 
cancellation,
 
or
 
(ii)
 
all
 
outstanding
 
debt
 
securities
 
of
 
any
 
series
 
have
 
become
 
due
 
and
payable
 
or
 
are
 
by
 
their
 
terms
 
due
 
and
 
payable
 
within
 
one
 
year
 
whether
 
at
 
maturity
 
or
 
are
 
to
 
be
 
called
 
for
 
redemption
 
within
 
one
 
year
 
under
arrangements
 
satisfactory
 
to
 
the
 
Trustee,
 
and
 
in
 
the
 
case
 
of
 
clause
 
(ii)
 
Barclays
 
deposits
 
or
 
causes
 
to
 
be
 
deposited
 
with
 
the
 
Trustee
 
funds
sufficient
 
to
 
pay
 
and
 
discharge
 
all
 
claims
 
with
 
respect
 
to
 
all
 
outstanding
 
debt
 
securities
 
of
 
any
 
series,
 
including
 
accrued
 
interest
 
thereon,
 
if
 
any,
at
 
maturity
 
or
 
upon
 
redemption
 
of
 
such
 
debt
 
securities,
 
and
 
if
 
in
 
either
 
case,
 
Barclays
 
pays
 
all
 
other
 
sums
 
related
 
to
 
the
 
debt
 
securities
 
of
 
such
series
 
payable
 
under
 
the
 
relevant
 
indenture
 
by
 
Barclays,
 
and
 
Barclays
 
has
 
delivered
 
to
 
the
 
Trustee
 
an
 
officer’s
 
certificate
 
and
 
an
 
opinion
 
of
counsel,
 
each
 
stating
 
that
 
all
 
conditions
 
precedent
 
relating
 
to
 
the
 
satisfaction
 
and
 
discharge
 
of
 
the
 
relevant
 
indenture
 
have
 
been
 
complied
 
with,
then
 
the
 
indenture
 
shall
 
(subject
 
to
 
certain
 
surviving
 
provisions)
 
cease
 
to
 
be
 
of
 
further
 
effect
 
with
 
respect
 
to
 
such
 
series
 
of
 
debt
 
securities,
 
and
the
 
Tru
 
stee,
 
at
 
Barclays’
 
expense,
 
shall
 
execute
 
proper
 
instruments
 
acknowledging
 
satisfaction
 
and
 
discharge
 
of
 
the
 
relevant
 
indenture
 
with
respect
 
to
 
such
 
series
 
of
 
debt
 
securities.
 
Defeasance
 
and
 
Discharge
 
For
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities
 
issued
 
under
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities
 
Indenture
 
dated
 
September
 
11,
 
2014,
 
at
 
our
option,
 
either
 
(1)
 
we
 
shall
 
be
 
deemed
 
to
 
have
 
been
 
discharged
 
from
 
our
 
obligations
 
with
 
respect
 
to
 
any
 
series
 
of
 
Dated
 
Subordinated
 
Debt
Securities
 
after
 
the
 
applicable
 
conditions
 
set
 
forth
 
below
 
have
 
been
 
satisfied,
 
or
 
(2)
 
we
 
shall
 
cease
 
to
 
be
 
under
 
any
 
obligation
 
to
 
comply
 
with
 
any
term,
 
provision
 
or
 
condition
 
set
 
forth
 
for
 
the
 
relevant
 
Dated
 
Subordinated
 
Debt
 
Securities,
 
at
 
any
 
time
 
after
 
the
 
applicable
 
conditions
 
set
 
forth
below
 
have
 
been
 
satisfied:
(a)
 
we
 
shall
 
have
 
deposited
 
or
 
caused
 
to
 
be
 
deposited
 
irrevocably
 
with
 
the
 
Trustee
 
or
 
its
 
agent
 
as
 
trust
 
funds
 
in
 
trust,
 
specifically
 
pledged
 
as
security
 
for,
 
and
 
dedicated
 
solely
 
to,
 
the
 
benefit
 
of
 
the
 
holders
 
of
 
the
 
relevant
 
Dated
 
Subordinated
 
Debt
 
Securities
 
and
 
the
 
holders
 
of
 
any
coupons
 
appertaining
 
thereto
 
(i)
 
money
 
in
 
an
 
amount,
 
or
 
(ii)
 
U.S.
 
government
 
obligations
 
which
 
through
 
the
 
payment
 
of
 
interest
 
and
principal
 
in
 
respect
 
thereof
 
in
 
accordance
 
with
 
their
 
terms
 
will
 
provide,
 
not
 
later
 
than
 
the
 
due
 
date
 
of
 
any
 
payment,
 
money
 
in
 
an
 
amount,
 
or
(iii)
 
a
 
combination
 
of
 
(i)
 
and
 
(ii),
 
in
 
each
 
case
 
sufficient,
 
in
 
the
 
opinion
 
(with
 
respect
 
to
 
(ii)
 
and
 
(iii))
 
of
 
a
 
nationally
 
recognized
 
firm
 
of
independent
 
public
 
accountants
 
expressed
 
in
 
a
 
written
 
certification
 
thereof
 
delivered
 
to
 
the
 
Trustee,
 
to
 
pay
 
and
 
discharge,
 
and
 
which
 
shall
 
be
 
applied
 
by
 
the
 
Trustee
 
(or
 
any
 
such
 
other
 
qualifying
 
trustee)
 
to
 
pay
 
and
 
discharge,
 
the
 
principal
 
of
 
(and
 
premium,
 
if
 
any)
 
and
 
interest
 
on,
the
 
outstanding
 
Dated
 
Subordinated
 
Debt
 
Securities
 
of
 
such
 
series
 
and
 
any
 
coupons
 
appertaining
 
thereto;
(b)
 
no
 
event
 
which
 
is,
 
or
 
after
 
notice
 
or
 
lapse
 
of
 
time
 
or
 
both
 
would
 
become,
 
a
 
Dated
 
Subordinated
 
Enforcement
 
Event
 
with
 
respect
 
to
 
the
relevant
 
Dated
 
Subordinated
 
Debt
 
Securities
 
shall
 
have
 
occurred
 
and
 
be
 
continuing
 
at
 
the
 
time
 
of
 
such
 
deposit;
(c)
 
we
 
must
 
deliver
 
to
 
the
 
Trustee
 
an
 
opinion
 
of
 
counsel
 
to
 
the
 
effect
 
that
 
holders
 
of
 
the
 
Dated
 
Subordinated
 
Debt
 
Securities
 
of
 
such
 
series
 
will
not
 
recognize
 
income,
 
gain
 
or
 
loss
 
for
 
Federal
 
income
 
tax
 
purposes
 
as
 
a
 
result
 
of
 
such
 
exercise
 
of
 
option
 
and
 
will
 
be
 
subject
 
to
 
U.S.
 
federal
income
 
tax
 
on
 
the
 
same
 
amount
 
and
 
in
 
the
 
same
 
manner
 
and
 
at
 
the
 
same
 
times
 
as
 
would
 
have
 
been
 
the
 
case
 
if
 
such
 
option
 
had
 
not
 
been
exercised,
 
and,
 
in
 
the
 
case
 
of
 
Dated
 
Subordinated
 
Debt
 
Securities
 
being
 
discharged,
 
such
 
opinion
 
shall
 
be
 
accompanied
 
by
 
a
 
private
 
letter
ruling
 
to
 
that
 
effect
 
received
 
from
 
the
 
United
 
States
 
Internal
 
Revenue
 
Service
 
or
 
a
 
revenue
 
ruling
 
pertaining
 
to
 
a
 
comparable
 
form
 
of
transaction
 
to
 
that
 
effect
 
published
 
by
 
the
 
United
 
States
 
Internal
 
Revenue
 
Service;
 
and
(d)
 
we
 
shall
 
have
 
delivered
 
to
 
the
 
Trustee
 
an
 
officer’s
 
certificate
 
and
 
an
 
opinion
 
of
 
counsel,
 
each
 
stating
 
that
 
all
 
conditions
 
precedent
 
have
 
been
complied
 
with,
 
and
 
an
 
opinion
 
of
 
counsel
 
to
 
the
 
effect
 
that
 
the
 
exercise
 
of
 
the
 
option
 
set
 
out
 
under
 
this
 
section
 
would
 
not
 
cause
 
such
 
Dated
Subordinated
 
Debt
 
Securities
 
to
 
be
 
delisted;
The
 
Trustee
 
and
 
Paying
 
Agent
The
 
Bank
 
of
 
New
 
York
 
Mellon,
 
London
 
Branch,
 
One
 
Canada
 
Square,
 
London
 
E14
 
5AL,
 
United
 
Kingdom,
 
acts
 
as
 
the
 
Trustee
 
under
 
the
indentures
 
and
 
initial
 
principal
 
paying
 
agent
 
for
 
the
 
debt
 
securities.
 
Governing
 
Law
The
 
debt
 
securities,
 
the
 
relevant
 
Senior
 
Debt
 
Securities
 
Indenture
 
and
 
the
 
relevant
 
Dated
 
Subordinated
 
Debt
 
Securities
 
Indenture
 
are
 
governed
by
 
and
 
construed
 
in
 
accordance
 
with
 
the
 
laws
 
of
 
the
 
State
 
of
 
New
 
York,
 
except
 
that
 
any
 
applicable
 
subordination
 
provisions
 
of
 
each
 
series
 
of
Dated
 
Subordinated
 
Debt
 
Securities
 
and
 
any
 
applicable
 
provisions
 
relating
 
to
 
waiver
 
of
 
set-off
 
of
 
each
 
series
 
of
 
Dated
 
Subordinated
 
Debt
Securities
 
and
 
the
 
Senior
 
Debt
 
Securities
 
issued
 
under
 
the
 
Senior
 
Debt
 
Securities
 
Indenture
 
dated
 
January
 
17,
 
2018
 
and
 
the
 
related
 
provisions
in
 
the
 
relevant
 
indenture
 
are
 
governed
 
by
 
and
 
construed
 
in
 
accordance
 
with
 
English
 
law.