Barclays and OFI Global Asset Management to Redeem the Barclays OFI SteelPath Midstream MLP ETN (Ticker: OSMS)

Barclays Bank PLC (“Barclays”) and OFI Global Asset Management announced
today that Barclays will redeem the Barclays OFI SteelPath Midstream MLP
Exchange Traded Note (ticker: OSMS) (the “ETNs”).

As described in the prospectus and related pricing supplement for the
ETNs (together, the “prospectus”), Barclays, as issuer of the ETNs, may
redeem the ETNs at its sole discretion on any trading day on or after
the inception date until maturity. Details of the early redemption are
below:

The redemption date of the ETNs will be June 22, 2016. Holders of the
ETNs on the redemption date will receive a cash payment per ETN equal to
the closing indicative value on June 9, 2016, which is the first day of
the issuer redemption measurement period. This closing indicative value
will reflect a closing volume-weighted average price (VWAP) level of the
underlying index calculated by reference to the arithmetic mean of the
VWAP levels as of the close of trading on each of the five index
business days from and including such valuation date in the issuer
redemption measurement period. The redemption date of the ETNs specified
above is the fifth business day after the last day of the issuer
redemption measurement period. Please refer to the prospectus relating
to the ETNs for more details on how the closing indicative value is
calculated for an issuer redemption of the ETNs.

For more information regarding the issuer redemption, including how the
redemption value is determined, see the prospectus relating to the ETNs
under the headings “Specific Terms of the ETNs—Payment Upon Holder
Redemption and Issuer Redemption” and “Specific Terms of the ETNs—Early
Redemption Procedures”. The prospectus relating to the ETNs can be found
on EDGAR, the SEC’s website, at: www.sec.gov.
The prospectus is also available on the product website at https://barxis.barcap.com/US/24/en/home.app

For further information, please contact the Barclays ETN desk at
1-212-528-7990.

About OFI Global Asset Management

OppenheimerFunds, a leader in global asset management, is dedicated to
providing solutions for its partners and end investors.
OppenheimerFunds, including its subsidiaries, manages more than $214
billion in assets for over 13 million shareholder accounts, including
sub-accounts, as of March 31, 2016.

Founded in 1959, OppenheimerFunds is a high conviction asset manager
with a history of providing innovative strategies to its investors. The
firm’s 16 investment management teams specialize in equity,
fixed-income, alternative, multi-asset, and factor-weighted-ETF
strategies. OppenheimerFunds and its subsidiaries offer a broad array of
products and services to clients, who range from endowments and
sovereigns to financial advisors and individual investors.
OppenheimerFunds and certain of its subsidiaries provide advisory
services to the Oppenheimer family of funds, and OFI Global Asset
Management offers solutions to institutions. For more information, visit
oppenheimerfunds.com.

Selected Risk Considerations

An investment in any ETNs linked to the Barclays OFI SteelPath Midstream
MLP Index (the “ETNs”) involves risks. Selected risks are summarized
here, but we urge you to read the more detailed explanation of risks
described under “Risk Factors” in the applicable prospectus supplement
and pricing supplement.

You May Lose Some or All of Your Principal: The ETNs are exposed
to any decrease in the Volume Weighted Average Price (“VWAP”) level
between the inception date and the applicable valuation date.
Additionally, if the VWAP level is insufficient to offset the negative
effect of the investor fee and other applicable costs, you will lose
some or all of your investment at maturity or upon redemption, even if
the VWAP value has increased. Because the ETNs are subject to an
investor fee and any other applicable costs, the return on the ETNs will
always be lower than the total return on a direct investment in the
index components. The ETNs are riskier than ordinary unsecured debt
securities and have no principal protection.

Credit of Barclays Bank PLC: The ETNs are unsecured debt
obligations of the issuer, Barclays Bank PLC, and are not, either
directly or indirectly, an obligation of or guaranteed by any third
party. Any payment to be made on the ETNs, including any payment at
maturity or upon redemption, depends on the ability of Barclays Bank PLC
to satisfy its obligations as they come due. As a result, the actual and
perceived creditworthiness of Barclays Bank PLC will affect the market
value, if any, of the ETNs prior to maturity or redemption. In addition,
in the event Barclays Bank PLC were to default on its obligations, you
may not receive any amounts owed to you under the terms of the ETNs.

Issuer Redemption: Barclays Bank PLC will have the right to
redeem or “call” the ETNs (in whole but not in part) at its sole
discretion and without your consent on any trading day on or after the
inception date until and including maturity.

The Payment on the ETNs is Linked to the VWAP Level, Not to the
Closing Level of the Index and Not to the Published Intraday Indicative
Value of the ETNs. Your payment at maturity or upon early redemption
is linked to the performance of the VWAP level, as compared to the
initial VWAP level. Although the VWAP level is intended to track the
performance of the Index, the calculation of the VWAP level is different
from the calculation of the official closing level of the Index.
Therefore, the payment at maturity or early redemption of your ETNs, may
be different from the payment you would receive if such payment were
determined by reference to the official closing level of the Index.

No Guaranteed Coupon Payments: You are not guaranteed to receive
coupon payments on the ETNs. You will receive a coupon payment on a
coupon payment date only to the extent that the accrued dividend exceeds
the accrued investor fee on the relevant coupon valuation date. The
amount of the accrued dividend on any coupon valuation date depends in
part on the aggregate cash value of distributions that a reference
holder would have been entitled to receive in respect of the index
constituents prior to the relevant coupon valuation date.

Market and Volatility Risk: The return on the ETNs is linked to
the performance of the VWAP level of the Index which, in turn, is linked
to the performance of the master limited partnerships and other
securities that are included as index constituents at any time. The
prices of the index constituents may change unpredictably and, as a
result, affect the level of the Index and the value of your ETNs in
unforeseeable ways.

Concentration Risk: The index constituents are companies in the
Midstream – Oil & Gas and Liquid Petroleum and Natural Gas Shippers
categories, as determined by the Bloomberg Industry Classification System^®
(“BCIS”). In addition, many of the Index Constituents are smaller,
non-diversified businesses that are exposed to the risks associated with
such businesses, including the lack of capital funding to sustain or
grow businesses and potential competition from larger, better financed
and more diversified businesses. The ETNs are susceptible to general
market fluctuations in the energy infrastructure and midstream energy
business MLP market and to volatile increases and decreases in value, as
market confidence in, and perceptions regarding the index constituents
change. Your investment may therefore carry risks similar to a
concentrated securities investment in one industry or sector.

A Trading Market for the ETNs May Not Develop: Although the ETNs
are listed on NYSE Arca, a trading market for the ETNs may not develop
and the liquidity of the ETNs may be limited, as we are not required to
maintain any listing of the ETNs.

Restrictions on the Minimum Number of ETNs and Date Restrictions for
Redemptions: You must redeem at least 50,000 ETNs at one time
in order to exercise your right to redeem your ETNs on any redemption
date. You may only redeem your ETNs on a redemption date if we receive a
notice of redemption from you by certain dates and times as set forth in
the pricing supplement.

Tax Treatment: Significant aspects of the tax treatment of the
ETNs may be less favorable than a direct investment in MLPs and are
uncertain. You should consult your own tax advisor about your own tax
situation.

Barclays Bank PLC has filed a registration statement (including a
prospectus) with the SEC for the offering to which this communication
relates. Before you invest, you should read the prospectus and other
documents.

Barclays Bank PLC has filed with the SEC for more complete
information about the issuer and this offering. You may get these
documents for free by visiting EDGAR on the SEC website at www.sec.gov.
Alternatively, Barclays Bank PLC will arrange for Barclays Capital Inc.
to send you the prospectus if you request it by calling toll-free
1-877-764-7284, or you may request a copy from any other dealer
participating in the offering.

For further information, please contact the Barclays ETN desk at
1-212-528-7990.

OppenheimerFunds Distributor, Inc. (“OFDI”), doing business as OFI
Global Asset Management, assists in the promotion of the Barclays OFI
SteelPath MLP ETNs. OFDI is not affiliated with Barclays Capital Inc. or
Barclays Bank PLC.

The ETNs may be sold throughout the day on the exchange through any
brokerage account. Commissions may apply and there are tax consequences
in the event of sale, redemption or maturity of ETNs.

“OFI SteelPath”, “OFI Global Asset Management”, the Four Hands Design
Mark (#86085815), and the OFI Global Asset Management Design Mark
(#86049459) are trademarks of OFI SteelPath, Inc. (the “Index Selection
Agent”) or its licensors, and have been licensed for use by Barclays
Bank PLC in connection with the Barclays OFI SteelPath Midstream MLP
Index. “Barclays” is a trademark of Barclays Bank PLC. Barclays Capital
Inc. (the “Index Sponsor”) and the Index Selection Agent do not
guarantee the accuracy and/or completeness of the Index, any data
included therein, or any data from which it is based, and neither the
Index Sponsor nor the Index Selection Agent shall have any liability for
any errors, omissions, or interruptions therein. The Index Sponsor and
the Index Selection Agent do not make any representation or warranty,
express or implied, to the owners of the ETNs or any member of the
public regarding the advisability of investing in securities generally
or in the ETNs particularly or the ability of the Index to track general
market performance.

©2016 Barclays Bank PLC. All rights reserved. All other trademarks,
servicemarks or registered trademarks are the property, and used with
the permission, of their respective owners.

Barclays is a transatlantic consumer, corporate and investment bank
offering products and services across personal, corporate and investment
banking, credit cards and wealth management, with a strong presence in
our two home markets of the UK and the US. With over 325 years of
history and expertise in banking, Barclays operates in over 40 countries
and employs approximately 130,000 people. Barclays moves, lends, invests
and protects money for customers and clients worldwide. For further
information about Barclays, please visit our website home.barclays

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