Barclays Announces the Redemption of iPath S&P GSCI Crude Oil Total Return Index ETNs

Barclays Bank PLC (“Barclays”) announced today that it will exercise its issuer call option and redeem in full its iPath S&P GSCI Crude Oil Total Return Index ETNs due August 14, 2036 (CUSIP: 06738C760; Ticker: OILNF) (the “ETNs”) on January 25, 2023 (the “Redemption Date”).

After obtaining the requisite consents in connection with Barclays’ cash tender offer and consent solicitation, Barclays, on January 5, 2023, amended the ETNs’ indenture and global certificate to provide Barclays with the right to redeem, in its sole discretion, all, but not less than all, of its outstanding ETNs, on the Redemption Date. Please see the related press release (link below) for further details regarding the tender offer and consent solicitation.

https://indices.barclays/dms/Public%20marketing/Barclays_Bank_PLC_Anno ...Consent_Solicitation_for_its_OILNF_ETN.pdf

The “Valuation Date” for the redemption of the ETNs will be January 18, 2023, the fifth business day prior to the Redemption Date. A holder of the ETNs on the Redemption Date will receive a cash payment per ETN in an amount equal to the principal amount of the holder’s ETNs times the Index Factor (as defined in the prospectus relating to the ETNs) on the Valuation Date minus the Investor Fee (as defined in the prospectus relating to the ETNs) on the Valuation Date.

Holders of ETNs subject to issuer redemption may choose to continue to hold their ETNs until the Redemption Date or choose to sell/redeem their ETNs at a suitable time prior to that. Any redemption of ETNs is subject to the conditions and procedures described in the prospectus for the ETNs and will be valued on the valuation date for the transaction as described in the section “Specific Terms of the ETNs—Payment Upon Redemption” of the prospectus relating to the ETNs. The procedures for redemption include delivering a notice of redemption and signed confirmation to Barclays prior to the relevant valuation date within the time frames set forth in the prospectus and instructing the DTC custodian at which the ETNs are held to book and settle a delivery vs. payment trade with respect to the ETNs.