FINANCIAL INSTITUTIONS

CREDIT OPINION31 January 2020

Update

RATINGS

Domicile United Kingdom

Long Term CRR Not Assigned

Long Term Debt Baa2

Type Senior Unsecured - FgnCurr

Outlook Stable

Long Term Deposit Not Assigned

Please see the ratings section at the end of this reportfor more information. The ratings and outlook shownreflect information as of the publication date.

Analyst Contacts

Alessandro Roccati +44.20.7772.1603Senior Vice Presidentalessandro.roccati@moodys.com

Laurie Mayers +44.20.7772.5582Associate Managing Directorlaurie.mayers@moodys.com

Ana Arsov +1.212.553.3763MD-Financial Institutionsana.arsov@moodys.com

Maxwell Price +44.20.7772.1778Associate Analystmaxwell.price@moodys.com

» Contacts continued on last page

CLIENT SERVICES

Americas 1-212-553-1653

Asia Pacific 852-3551-3077

Japan 81-3-5408-4100

EMEA 44-20-7772-5454

Barclays PLCUpdate post rating action

SummaryBarclays Plc (Barclays) is the ultimate parent and holding company of Barclays Bank PLC(Barclays Bank, LT deposits and senior unsecured A1 stable, BCA baa3), a global systemically-important and non ring-fenced bank with large capital markets operations, and Barclays BankUK PLC (Barclays Bank UK, LT deposits A1 negative, BCA a3), a domestic systemically-importantand ring-fenced bank based in the United Kingdom (Aa2 negative).

We rate Barclays' issuer and senior unsecured debt at Baa2 long-term and Prime-2 short-term.Barclays' notional Baseline Credit Assessment (BCA) of baa2 is derived from our consolidatedview of the group and the standalone credit profiles of its two main subsidiaries Barclays Bank(baa3 BCA) and Barclays Bank UK (a3 BCA).

Exhibit 1

Rating Scorecard - Key financial ratios as at 30 June 2019

2.8% 18.7%

0.4%

39.4% 57.5%

0%

10%

20%

30%

40%

50%

60%

70%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Asset Risk:Problem Loans/

Gross Loans

Capital:Tangible Common

Equity/Risk-WeightedAssets

Profitability:Net Income/

Tangible Assets

Funding Structure:Market Funds/

Tangible BankingAssets

Liquid Resources:Liquid BankingAssets/TangibleBanking Assets

Solvency Factors (LHS) Liquidity Factors (RHS)

Barclays plc (BCA: baa2) Median baa2-rated banks

So

lve

ncy F

acto

rs

Liq

uid

ity F

acto

rs

Source: Moody's Investors Service

The baa2 BCA of Barclays reflects: its (1) moderate credit risk, driven by strong loan quality,which is partly offset by its sizeable capital markets activities, which are confidence sensitiveand expose the firm to higher earnings volatility than the more traditional commercial bankingactivities; (2) good regulatory capitalisation; (3) diversified funding and sound liquidity; and (4)improved profitability which we expect will be sustained going forward, supported by strongfranchises in UK retail, business and corporate banking and credit cards.

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Credit strengths

» Capitalisation is slightly above the median of its global peer group and above management's own target

» Diversified funding and high level of liquid resources help to protect the bank against unexpected market shocks

» Strong credit quality

Credit challenges

» Profitability has improved and is more sustainable but remains below US peers

» High reliance on inherently more volatile capital markets revenues as well as related moderately high reliance on more confidencesensitive wholesale funding

» Capital markets and investment banking activities add opacity and complexity

Rating outlookThe stable outlook on Barclays' senior ratings reflects Moody’s expectation that its operating performance and profitability prospects willlargely stabilise. Our assessment of the volume of loss absorbing debt under its Advanced Loss Given Failure analysis and of the probabilityof government support have not changed.

Factors that could lead to an upgradeBarclays' baa2 notional BCA could be upgraded, following a sustained improvement in its asset risk, capital or liquidity profiles or animprovement of the standalone credit profile of its main subsidiary Barclays Bank. An upgrade of Barclays' baa2 notional BCA would likelylead to a ratings upgrade. Barclays' ratings could also be upgraded if the group were to issue a substantially higher amount of bail-in-ableliabilities or maintain excess financial resources at the level of the holding company, affording greater protection to its creditors.

Factors that could lead to a downgradeBarclays' baa2 notional BCA could be downgraded following a deterioration of the standalone credit profiles of its two main subsidiariesBarclays Bank and Barclays Bank UK. A lower notional BCA would likely lead to a downgrade of Barclays' ratings. Barclays' ratings couldalso be downgraded if we were to assess a lower degree of protection from the stock of bail-in-able liabilities, which we assess throughour advanced LGF analysis.

Key indicators

Exhibit 2

Barclays PLC (Consolidated Financials) [1]

06-192 12-182 12-172 12-162 12-152 CAGR/Avg.3

Total Assets (GBP Billion) 951.8 900.0 883.3 854.1 790.0 5.54

Total Assets (USD Billion) 1,211.3 1,146.3 1,194.9 1,055.4 1,164.5 1.14

Tangible Common Equity (GBP Billion) 59.5 55.6 56.6 57.6 51.9 4.04

Tangible Common Equity (USD Billion) 75.7 70.8 76.6 71.1 76.5 (0.3)4

Problem Loans / Gross Loans (%) 2.4 2.6 3.0 3.2 3.8 3.05

Tangible Common Equity / Risk Weighted Assets (%) 18.7 17.8 18.1 15.7 14.5 17.06

Problem Loans / (Tangible Common Equity + Loan Loss Reserve) (%) 12.7 13.6 14.8 19.4 25.8 17.35

Net Interest Margin (%) 1.0 1.1 1.2 1.4 1.3 1.25

PPI / Average RWA (%) 2.6 1.6 1.8 1.3 0.8 1.66

Net Income / Tangible Assets (%) 0.5 0.2 0.1 0.8 0.0 0.35

Cost / Income Ratio (%) 62.9 76.4 72.3 77.1 85.8 74.95

Market Funds / Tangible Banking Assets (%) 38.2 39.4 38.1 31.2 33.7 36.15

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

2 31 January 2020 Barclays PLC: Update post rating action

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Liquid Banking Assets / Tangible Banking Assets (%) 58.2 57.5 60.6 41.3 41.5 51.85

Gross Loans / Due to Customers (%) 70.5 71.9 67.9 90.9 92.9 78.85

[1]All figures and ratios are adjusted using Moody's standard adjustments. [2]Basel III - fully-loaded or transitional phase-in; IFRS. [3]May include rounding differences due to scaleof reported amounts. [4]Compound Annual Growth Rate (%) based on time period presented for the latest accounting regime. [5]Simple average of periods presented for the latestaccounting regime. [6]Simple average of Basel III periods presented.Source: Moody's Investors Service; Company Filings

ProfileBarclays is one of the market leaders in the UK, with strong franchises in the retail (including credit cards), business and corporate bankingmarket segments. The group also has overseas operations through its international credit card franchise (in continental Europe and theUS), international payments and its corporate and investment banking (CIB) activities, in around 40 countries. The group's activities focuson two main markets: the UK (around half of group revenues) and the US (around one third).

» Barclays Bank (the non ring-fenced bank) accounts for around 80% of group total assets and focuses on more confidence-sensitivecorporate banking and capital market activities, despite maintaining certain commercial activities, such as payments, wealthmanagement and international consumer and cards activities. The bulk of Barclays Bank's operations are split between the group'skey markets in the UK and the US but it also has presence in continental Europe and other major global financial centres.

» Barclays Bank UK (the ring-fenced bank) accounts for the remaining around 20% of the group's total assets and focuses on UKconsumer and small business banking. The firm's retail and commercial businesses are its key credit strengths, providing good shockabsorption capacity against potential earnings volatility stemming from the bank’s material capital market activities (see Exhibit 4).

Exhibit 3

Barclays' pre-tax profits by business line

(1.5)

(1.0)

(0.5)

-

0.5

1.0

1.5

2.0

Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

£ b

illio

ns

Barclays UK Barclays International Head Office

Source: Company data

Barclays has received regulatory approval to transfer corporate, investment and private banking activities with EEA customers and theBarclaycard business in Germany to its existing Irish bank, Barclays Bank Ireland (not rated), a wholly owned subsidiary of Barclays Bank,with 2018 pro-forma total assets of £161 billion, of which derivatives account for more than half of the total, and a funded balancesheet of £32 billion, supported by £4 billion of equity.

3 31 January 2020 Barclays PLC: Update post rating action

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Detailed credit considerationsPlease refer to the Credit Opinions for Barclays Bank and Barclays Bank UK for a detailed analysis of the credit drivers for each of theseentities.

Profitability has improved and is more sustainable but remains below US peersBarclays’ profitability, to which we assign a score of ba1 in our BCA scorecard, has improved in recent quarters. The ba1 score reflects ourexpectation of more stable profitability over the coming 18 months: a moderate increase in revenue, stable operating costs, and lowerrestructuring and litigation costs should translate to higher statutory net income in 2020. Sustainable retail and corporate transactionbanking earnings will continue to provide a substantial buffer against potential earnings shocks in the intrinsically more volatile capitalmarkets and consumer finance businesses.

In the first nine months of 2019, Barclays reported a net income of £2.4 billion, and an annualised return on tangible equity (RoTE) of 9.7%(excluding litigation and conduct charges, predominantly relating to Payment Protection Insurance), broadly in line with managementtargets for the full year. Revenue increased 2% year-on-year, operating costs were flat year-on-year. Litigation and conduct costsdecreased to £1.7 billion from £2.1 billion, driving the cost income ratio down to 72% on a reported basis and 62% excluding litigationand conduct, while impairments increased to 53 basis points of customer loans (from 33 basis points in 9M 18).

Barclays targets a RoTE of more than 9% in 2019, and more than 10% in 2020. The current business plan, if successfully delivered, willlead to stronger profitability. The plan relies on reaping increased revenue from market share gains and keeping operating costs in linewith revenue growth. With overall market growth slowing, this plan entails some execution risk, especially since any revenue gains incapital markets activities would also increase potential earnings volatility in the event of adverse market conditions.

The group is affected by Brexit, having a large presence in the UK (around half of total revenues). Our ratings incorporate the expectationof a “soft Brexit” (the exit of the UK from the EU with a negotiated agreement). Moody’s expects weaker growth in the UK in 2020 and2021 even if a flexible trade agreement with the EU is achieved by the end of 2020. We view that a “hard Brexit” (were no agreement to bereached by the end of December) will result in an even weaker growth outlook for the UK, lower domestic credit demand and a moderateincrease in unemployment. For Barclays this will mean weaker operating profitability and a moderate increase in credit provisions againstlending to small and medium enterprise and consumers.

The group is positioned to mitigate the negative impact of the loss of “passporting” rights into the EU, as it will leverage on the enlargedIrish subsidiary Barclays Bank Ireland (not rated) for its EU business.

Barclays' BCA does not include a positive qualitative adjustment for Business Diversification. Our assessments of the group's asset riskand profitability already capture the degree of diversification of the group's operations, and the extent to which they are expected todeliver higher and sustainable earnings over the cycle.

Capitalisation is slightly above the median of its global peer group and above management's own targetOur assigned score of aa3 for Capital reflects the group’s good regulatory capitalisation, slightly above the median of its global peer group(see Exhibit 3). We make a one notch negative adjustment from the initial score for our expectation of the trend in our TCE capital ratioover the outlook period.

Barclays reported a fully-loaded CRD IV Common Equity Tier 1 capital (CET1) ratio of 13.4% at end-September, which is at management'srevised target of around 13.5% and around 140 bps above the end-state Maximum Distributable Amount (MDA) of 12%. This MDAincreased 30 bps in the quarter driven by an increase in the CET1 Pillar 2a capital requirement to 3.0% (from 2.6%), due to the removalof operational risk floors from the Pillar 1 requirement.

The group's UK spot leverage ratio was 4.8%, well above the minimum regulatory requirement, but slightly below the 5.4% median forits global peers.

4 31 January 2020 Barclays PLC: Update post rating action

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Exhibit 4

Common Equity Tier 1 (CET1) and Tier 1 leverage ratios for Global Investment Banks, end-September 2019

16.6%

14.3%13.4% 13.4% 13.4% 13.1% 13.1% 12.5% 12.4% 12.1%

12.0% 11.9% 11.7%

6.3%5.4%

6.2%

4.8%

3.9%

6.3%5.6%

4.4%

5.5%6.3%

4.0%4.4%

6.6%

0.0%

3.0%

6.0%

9.0%

12.0%

15.0%

18.0%

baa2 a2 baa1 baa3 ba1 a2 a3 baa2 baa2 baa1 baa1 a3 a3

MS HSBC GS BCS** DB JPM UBS* SG CS* CITI BNP RBC BAC

CET1 ratio Tier 1 Leverage ratio Median CET1 ratio (13.1%) Median leverage ratio (5.5%)

Notes: (1) Basel III fully phased in advanced approach for all US banks. Citi has only reported CET1 ratio under the standardized approach which is the binding constraint. The CET1 ratiounder the advanced approach shown in the chart is Moody’s estimate; (2) Tier 1 leverage ratio for US banks is the supplemental leverage ratio (SLR). (3) *UBS and CS leverage ratio reflectCommon Equity Tier plus Low Trigger Additional Tier 1 and High-Trigger Additional Tier 1 securities. (4) **Barclays leverage is reflective of the spot UK leverage ratio.Source: Moody's Investors Service

Diversified funding and liquidity protect the bank against unexpected market shocksWe assign a baa1 Combined Liquidity Score, derived from an assigned aa2 Liquid Resources score and an assigned ba3 Funding Structurescore. The combined score reflects Barclays strong liquidity resources mitigating the high reliance on market funds.

Barclays had a sizeable retail and corporate deposit funding book of £421 billion at end-September 2019, well in excess of the loanbook (we calculate a gross loan-to-deposit ratio of 82% at the same date). However, the group is reliant on a large amount ofconfidence-sensitive wholesale funding because of its large stock of financial assets and to meet its Minimum Requirement for OwnFunds and Eligible Liabilities (MREL) requirements, albeit the group is now at its end-state requirements. The net stable funding ratio(NSFR) was >100% at 1H 2019.

We assign a Funding Structure score of ba3, one notch below the initial score as a result of two notch negative adjustments forexpected trend and a one notch positive adjustment for the group's quality of deposits.

Liquidity is a credit strength for Barclays, and the size and quality of its liquidity buffer are higher than those of some of its largeEuropean peers. This reflects the conservative UK liquidity standards and the bank's conservative liquidity risk management framework.Barclays’ sound liquidity position is also illustrated by its CRR II liquidity coverage ratio of 151% at end-September. The liquid assetpool of £226 billion as of the end-September was well in excess of the stock of short-term wholesale funding, and most of the liquiditybuffer qualified as high-quality liquid assets. The group also maintains a material amount of pre-positioned assets with the Bankof England providing a ready source of contingent liquidity which is not factored into the Liquid Resources score. We believe thatkeeping an elevated liquidity level at times of uncertain market conditions is evidence of the group's conservative approach to liquiditymanagement.

We assign a Liquid Resources score of aa2, in line with the initial score: we make a negative one notch adjustment reflecting therelatively high level of encumbered assets. This is offset by a positive one notch adjustment reflecting the high amount of regulatoryliquidity held on balance sheet.

Strong credit quality helps to mitigate risks from investment banking and capital market activitiesThe baa2 score for the Asset Risk factor of our BCA Scorecard reflects Barclays’ strong credit quality and the risks associated with thegroup’s investment banking activities.

Barclays has a strong loan quality profile: we calculate a problem loan ratio of 1.0% as of September 2019 (derived by dividing the stage 3impairment allowance by total loans and advances). Barclays' conservative underwriting is stricter than that of its peers: as of end-2018,the bank's £138 billion UK mortgage book had an average loan-to-value ratio lower than that of its peers of 50%.

5 31 January 2020 Barclays PLC: Update post rating action

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We view Barclays' investment banking and capital market businesses, which are the largest contributors to its group RWAs, as a creditweakness, owing to the tail risks associated with these activities. Market risk, counterparty credit risk and operational risk arise fromBarclays' capital market activities, in particular from its large stock of financial assets and derivatives, totaling £644 billion at end-September 2019, corresponding to around half of its total assets.

We consider capital markets activities as inherently riskier, susceptible to market conditions and more opaque than traditional retail andcommercial banking operations. These factors constrain the credit profile of Barclays and that of its global peers, and are reflected in aone-notch negative adjustment for Opacity and Complexity in the qualitative section of our BCA Scorecard.

Under Barclays’ strategic plan, the corporate and investment bank's risk profile will be largely unchanged, as measured by the allocatedRWAs as incremental earnings will be generated by customer flow-related activities, which consume less regulatory capital, thereforegenerating higher risk-adjusted returns. We believe that a greater proportion of CIB earnings could nevertheless lead to a higher degreeof volatility in the group's earnings, a credit negative.

Barclays' operating environment is driven mainly by its exposure to the UK and the US, to which we assign Strong+ and Very Strong-Macro Profiles respectively. UK banks benefit from operating in a wealthy and developed country, with a very high degree of economic,institutional and government financial strength, as well as low susceptibility to event risk. However, we believe that operating conditionsfor UK banks will deteriorate over the next 12-18 months as the country prepares to leave the European Union (Aaa stable). We expect amild deterioration in economic conditions in the UK to lead to weaker revenues and higher credit costs for Barclays and the other largeUK banks, which will pose further strain on their asset risk and profitability.

Environmental, social and governance considerationsEnvironmental risk exposure is low for B plc, in line with our general view for the banking sector. B plc is exposed to some high-carbonemission sectors, which are prone to environmental risks. However, B plc's exposures are well-diversified geographically and on a singlename basis. We consider that such risk exposure is unlikely to translate into a meaningful credit impact in the outlook horizon. Pleaserefer to our Environmental risks heatmap for further information.

Social considerations are relevant to B plc. The firm, like other UK banks, is subject to regular investigations by the UK FinancialConduct Authority (FCA) on customer protection and fair treatment. Since the financial crisis, B plc has made around £11 billion inprovisions for conduct related to Payment Protection Insurance (PPI). Investigations represent significant reputational risk for banks,please refer to our Social risks heatmap for further information.

Governance is highly relevant to B plc, as it is to all banks. Corporate governance weaknesses can lead to a deterioration in a bank’scredit quality, while governance strengths can benefit its credit profile. Governance risks are largely internal rather than externallydriven. The bank’s risk governance infrastructure is adequate and has not shown any shortfall in recent years.

Support and structural considerationsLoss given failure and additional notchingWe apply our advanced LGF analysis to Barclays because the bank is incorporated in the UK, which we consider to be an operationalresolution regime because it is subject to the EU Bank Recovery and Resolution Directive. For this analysis, we assume residual tangiblecommon equity of 3% and post-failure losses of 8% of tangible banking assets, a 25% run-off in junior wholesale deposits and a 5% run-off in preferred deposits. We assign a 25% probability to deposits being preferred to senior unsecured debt.

The introduction of UK ring-fencing has led us to perform separate advanced LGF analysis for Barclays, Barclays Bank and Barclays Bank UK.We consider that Barclays' creditors will benefit from Barclays' externally-issued debt as well as subordinated and junior debt externallyissued by Barclays Bank (Barclays Bank UK does not currently have outstanding debt).

We assume that EU holding company senior obligations benefit from the subordination of both holding and bank-subordinatedinstruments. However, we believe that EU holding company senior unsecured debt is economically junior to bank senior unsecureddebt, based on our forward-looking view that EU holding company senior unsecured debt, although legally pari passu to bank debt, willeventually fund bank senior unsecured debt, which is contractually, structurally or statutorily subordinated to operating company externalsenior debt.

6 31 January 2020 Barclays PLC: Update post rating action

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Our advanced LGF analysis indicates a high loss given failure for senior unsecured creditors of Barclays, resulting in no uplift to the relevantratings from the firm's Adjusted BCA of baa3.

For junior creditors of Barclays, our advanced LGF analysis shows a high loss given failure. We also incorporate an additional notching forjunior subordinated and preference share instruments, reflecting coupon suspension risk ahead of failure.

High-trigger contingent convertible capital is not subject to the advanced LGF analysis because we include these securities in tangiblecommon equity, which is an input to the Capital score, part of the BCA.

Government supportWe assess a low probability of government support for the Barclays' creditors, given that this entity is the holding company of the group,resulting in no uplift for government support included in these ratings.

About Moody's Bank ScorecardOur scorecard is designed to capture, express and explain in summary form our Rating Committee's judgement. When read in conjunctionwith our research, a fulsome presentation of our judgement is expressed. As a result, the output of our scorecard may materially differfrom that suggested by raw data alone (though it has been calibrated to avoid the frequent need for strong divergence). The scorecardoutput and the individual scores are discussed in rating committees and may be adjusted up or down to reflect conditions specific toeach rated entity.

7 31 January 2020 Barclays PLC: Update post rating action

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Rating methodology and scorecard factors

Exhibit 5

Barclays PLC

Macro FactorsWeighted Macro Profile Strong + 100%

Factor HistoricRatio

InitialScore

ExpectedTrend

Assigned Score Key driver #1 Key driver #2

SolvencyAsset RiskProblem Loans / Gross Loans 2.8% a2 ←→ baa2 Operational risk Market risk

CapitalTangible Common Equity / Risk Weighted Assets(Basel III - fully loaded)

18.7% aa2 ↓↓ aa3 Expected trend

ProfitabilityNet Income / Tangible Assets 0.4% ba1 ←→ ba1

Combined Solvency Score a2 baa1LiquidityFunding StructureMarket Funds / Tangible Banking Assets 39.4% ba2 ←→ ba3 Expected trend Deposit quality

Liquid ResourcesLiquid Banking Assets / Tangible Banking Assets 57.5% aa2 ←→ aa2

Combined Liquidity Score baa1 baa2Financial Profile baa1Qualitative Adjustments Adjustment

Business Diversification 0Opacity and Complexity -1Corporate Behavior 0

Total Qualitative Adjustments -1Sovereign or Affiliate constraint Aa2BCA Scorecard-indicated Outcome - Range baa1 - baa3Assigned BCA baa2Affiliate Support notching 0Adjusted BCA baa2

Balance Sheet is not applicable.

8 31 January 2020 Barclays PLC: Update post rating action

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De Jure waterfall De Facto waterfall NotchingDebt ClassInstrumentvolume +

subordination

Sub-ordination

Instrumentvolume +

subordination

Sub-ordination

De Jure De FactoLGF

NotchingGuidance

vs.Adjusted

BCA

AssignedLGF

notching

AdditionalNotching

PreliminaryRating

Assessment

Senior unsecured holding company debt - - - - - - - 0 0 baa2Dated subordinated holding companydebt

- - - - - - - -1 0 baa3

Holding company non-cumulativepreference shares

- - - - - - - -1 -2 ba2

Instrument Class Loss GivenFailure notching

Additionalnotching

Preliminary RatingAssessment

GovernmentSupport notching

Local CurrencyRating

ForeignCurrency

RatingSenior unsecured holding company debt 0 0 baa2 0 Baa2 Baa2Dated subordinated holding companydebt

-1 0 baa3 0 (P)Baa3 Baa3

Holding company non-cumulativepreference shares

-1 -2 ba2 0 Ba2 (hyb) Ba2 (hyb)

[1]Where dashes are shown for a particular factor (or sub-factor), the score is based on non-public information.Source: Moody’s Investors Service

9 31 January 2020 Barclays PLC: Update post rating action

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Ratings

Exhibit 6

Category Moody's RatingBARCLAYS PLC

Outlook StableBaseline Credit Assessment baa2Adjusted Baseline Credit Assessment baa2Issuer Rating -Dom Curr Baa2Senior Unsecured Baa2Subordinate Baa3Pref. Stock Non-cumulative Ba2 (hyb)Commercial Paper P-2Other Short Term -Dom Curr (P)P-2

BARCLAYS BANK PLC

Outlook StableCounterparty Risk Rating A1/P-1Bank Deposits A1/P-1Baseline Credit Assessment baa3Adjusted Baseline Credit Assessment baa2Counterparty Risk Assessment A1(cr)/P-1(cr)Issuer Rating A1Senior Unsecured A1Subordinate Baa3Jr Subordinate Ba1 (hyb)Pref. Stock Ba1 (hyb)Pref. Stock Non-cumulative Ba2 (hyb)Commercial Paper P-1Other Short Term -Fgn Curr P-1Other Short Term -Dom Curr (P)P-1

BARCLAYS BANK UK PLC

Outlook NegativeCounterparty Risk Rating Aa2/P-1Bank Deposits A1/P-1Baseline Credit Assessment a3Adjusted Baseline Credit Assessment a3Counterparty Risk Assessment Aa2(cr)/P-1(cr)Commercial Paper P-1

Source: Moody's Investors Service

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To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for anyindirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use anysuch information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses ordamages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of aparticular credit rating assigned by MOODY’S.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (includingcorporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating,agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody’sinvestors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regardingcertain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publiclyreported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance —Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s InvestorsService Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intendedto be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, yourepresent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly orindirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as tothe creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’sOverseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a NationallyRecognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by anentity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registeredwith the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferredstock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and servicesrendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

REPORT NUMBER 1209828

11 31 January 2020 Barclays PLC: Update post rating action

MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Analyst Contacts

Alessandro Roccati +44.20.7772.1603Senior Vice Presidentalessandro.roccati@moodys.com

Maxwell Price +44.20.7772.1778Associate Analystmaxwell.price@moodys.com

CLIENT SERVICES

Americas 1-212-553-1653

Asia Pacific 852-3551-3077

Japan 81-3-5408-4100

EMEA 44-20-7772-5454

12 31 January 2020 Barclays PLC: Update post rating action