# EDGAR Filing Document

**Accession Number:** 0000312070
**File Stem:** 0000950103-26-007580
**Filing Date:** 2026-5
**Character Count:** 108055
**Document Hash:** bfdd9ba9ccf81baa5a16816c1b3608f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-26-007580.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0000950103-26-007580

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20260521

**DATE AS OF CHANGE**: 20260521

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BARCLAYS BANK PLC
- **CENTRAL INDEX KEY:** 0000312070
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287303
- **FILM NUMBER:** 261007335

**BUSINESS ADDRESS:**
- **STREET 1:** 1 CHURCHILL PLACE
- **STREET 2:** CANARY WHARF
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** E14 5HP
- **BUSINESS PHONE:** 0044-20-3555-4619

**MAIL ADDRESS:**
- **STREET 1:** 1 CHURCHILL PLACE
- **STREET 2:** CANARY WHARF
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** E14 5HP

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARCLAYS BANK PLC /ENG/
- **DATE OF NAME CHANGE:** 19990402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARCLAYS BANK INTERNATIONAL LTD
- **DATE OF NAME CHANGE:** 19850313

**The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and the accompanying prospectus and prospectus supplement do not constitute an offer to sell the securities and we are not soliciting an offer to buy the securities in any state where the offer or sale is not permitted.**<br>**Subject to Completion. Dated May 21, 2026** <br>

May 2026 Registration Statement No. 333-287303 Pricing Supplement dated May , 2026 Filed pursuant to Rule 424(b)(2)

Structured Investments

Opportunities in U.S. Equities

Fixed Coupon Auto-Callable Securities due June 1, 2027

**Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation**

**Principal at Risk Securities**

Unlike conventional debt securities, the securities do not guarantee the return of the full principal amount at maturity. Instead, the securities offer the opportunity for investors to receive a fixed quarterly payment equal to at least 3.3375% of the stated principal amount (the actual quarterly payment will be determined on the pricing date), subject to automatic early redemption. If the closing price of each underlier is greater than or equal to its initial underlier value on any determination date (other than the final determination date), the securities will be automatically redeemed for an amount per security equal to the stated principal amount plus the quarterly payment otherwise due. However, if on any determination date the closing price of any underlier is less than its initial underlier value, the securities will not be redeemed. If the securities are not redeemed prior to maturity and the final underlier value of each underlier is greater than or equal to its downside threshold level, the payment at maturity due on the securities will be equal to the stated principal amount *plus* the quarterly payment otherwise due. However, if the securities are not redeemed prior to maturity and the final underlier value of any underlier is less than 55% of its initial underlier value, which we refer to as a downside threshold level, at maturity investors will receive the quarterly payment otherwise due but will lose 1% of the stated principal amount for every 1% that the final underlier value of the worst performing underlier is less than its initial underlier value. Under these circumstances, the amount investors receive (excluding the quarterly payment otherwise due) will be less than 55% of the stated principal amount and could be zero. Because any payment at maturity on the securities (excluding the quarterly payment otherwise due) is based on the worst performing of the underliers, a decline in the closing price of any underlier below its downside threshold level on the final determination date will result in a significant loss of your principal amount, even if the other underliers appreciate or have not declined as much. The securities are for investors who are willing and able to risk their principal, in exchange for the opportunity to receive fixed quarterly payments at a potentially above-market rate, subject to automatic early redemption. Investors will not participate in any appreciation of any underlier even though investors will be exposed to the depreciation in the value of the worst performing underlier if the securities have not been redeemed prior to maturity and the final underlier value of the worst performing underlier is less than its downside threshold level. **Investors may lose their entire principal amount. The securities are unsecured and unsubordinated debt obligations of Barclays Bank PLC. Any payment on the securities, including any repayment of principal, is subject to the creditworthiness of Barclays Bank PLC and is not guaranteed by any third party. If Barclays Bank PLC were to default on its payment obligations or become subject to the exercise of any U.K. Bail-in Power (as described on page 5 of this document) by the relevant U.K. resolution authority, you might not receive any amounts owed to you under the securities. See "Risk Factors" and "Consent to U.K. Bail-in Power" in this document and "Risk Factors" in the accompanying prospectus supplement.**

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| | |
|:---|:---|
| **SUMMARY TERMS\*** |  |
| **Issuer:** | Barclays Bank PLC |
| **Reference assets:** | Class A common stock of Alphabet Inc., Class A common stock of Meta Platforms, Inc. and common stock of NVIDIA Corporation (each an "underlier" and together the "underliers") |

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| | | | |
|:---|:---|:---|:---|
| **Underlier issuer** | **Bloomberg ticker** | **Initial underlier value<sup>(1)</sup>** | **Downside threshold level<sup>(2)</sup>** |
| Alphabet Inc. | GOOGL UW | $| $|
| Meta Platforms, Inc. | META UW | $| $|
| NVIDIA Corporation | NVDA UW | $| $|

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| | | | |
|:---|:---|:---|:---|
|  | (1) With respect to each underlier, the closing price of that underlier on the pricing date<br>(2) With respect to each underlier, 55% of its initial underlier value (rounded to two decimal places) | (1) With respect to each underlier, the closing price of that underlier on the pricing date<br>(2) With respect to each underlier, 55% of its initial underlier value (rounded to two decimal places) | (1) With respect to each underlier, the closing price of that underlier on the pricing date<br>(2) With respect to each underlier, 55% of its initial underlier value (rounded to two decimal places) |
| **Aggregate principal amount:** | $ | $ | $ |
| **Stated principal amount:** | $1,000 per security | $1,000 per security | $1,000 per security |
| **Pricing date<sup>†</sup>:** | May 26, 2026 | May 26, 2026 | May 26, 2026 |
| **Original issue date:** | May 29, 2026 | May 29, 2026 | May 29, 2026 |
| **Maturity date<sup>†</sup>:** | June 1, 2027 | June 1, 2027 | June 1, 2027 |
| **Quarterly payment:** | Unless the securities have been previously redeemed, we will pay a quarterly payment of at least $33.375 (at least 3.3375% of the stated principal amount) per security on each quarterly payment date. The actual quarterly payment will be determined on the pricing date. | Unless the securities have been previously redeemed, we will pay a quarterly payment of at least $33.375 (at least 3.3375% of the stated principal amount) per security on each quarterly payment date. The actual quarterly payment will be determined on the pricing date. | Unless the securities have been previously redeemed, we will pay a quarterly payment of at least $33.375 (at least 3.3375% of the stated principal amount) per security on each quarterly payment date. The actual quarterly payment will be determined on the pricing date. |
| **Payment at maturity:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the securities are not automatically redeemed prior to maturity, you will receive on the maturity date a cash payment per security determined as follows:<br>· If the final underlier value of each underlier is **greater than or equal to** its downside threshold level: <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) stated principal amount *plus* (ii) the quarterly payment otherwise due<br>· If the final underlier value of any underlier is **less than** its downside threshold level:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) stated principal amount × underlier performance factor of the worst performing underlier *plus* (ii) the quarterly payment otherwise due <br> ***Under these circumstances, the payment at maturity will be less than the stated principal amount of $1,000 and will represent a loss of more than 45%, and possibly all, of an investor's principal amount. Investors may lose their entire principal amount. Any payment on the securities, including any repayment of principal, is not guaranteed by any third party and is subject to (a) the creditworthiness of Barclays Bank PLC and (b) the risk of exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority.*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the securities are not automatically redeemed prior to maturity, you will receive on the maturity date a cash payment per security determined as follows:<br>· If the final underlier value of each underlier is **greater than or equal to** its downside threshold level: <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) stated principal amount *plus* (ii) the quarterly payment otherwise due<br>· If the final underlier value of any underlier is **less than** its downside threshold level:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) stated principal amount × underlier performance factor of the worst performing underlier *plus* (ii) the quarterly payment otherwise due <br> ***Under these circumstances, the payment at maturity will be less than the stated principal amount of $1,000 and will represent a loss of more than 45%, and possibly all, of an investor's principal amount. Investors may lose their entire principal amount. Any payment on the securities, including any repayment of principal, is not guaranteed by any third party and is subject to (a) the creditworthiness of Barclays Bank PLC and (b) the risk of exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority.*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the securities are not automatically redeemed prior to maturity, you will receive on the maturity date a cash payment per security determined as follows:<br>· If the final underlier value of each underlier is **greater than or equal to** its downside threshold level: <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) stated principal amount *plus* (ii) the quarterly payment otherwise due<br>· If the final underlier value of any underlier is **less than** its downside threshold level:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) stated principal amount × underlier performance factor of the worst performing underlier *plus* (ii) the quarterly payment otherwise due <br> ***Under these circumstances, the payment at maturity will be less than the stated principal amount of $1,000 and will represent a loss of more than 45%, and possibly all, of an investor's principal amount. Investors may lose their entire principal amount. Any payment on the securities, including any repayment of principal, is not guaranteed by any third party and is subject to (a) the creditworthiness of Barclays Bank PLC and (b) the risk of exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority.*** |
| **U.K. Bail-in Power acknowledgment:** | Notwithstanding and to the exclusion of any other term of the securities or any other agreements, arrangements or understandings between Barclays Bank PLC and any holder or beneficial owner of the securities (or the trustee on behalf of the holders of the securities), by acquiring the securities, each holder or beneficial owner of the securities acknowledges, accepts, agrees to be bound by, and consents to the exercise of, any U.K. Bail-in Power by the relevant U.K. resolution authority. See "Consent to U.K. Bail-in Power" on page 5 of this document. | Notwithstanding and to the exclusion of any other term of the securities or any other agreements, arrangements or understandings between Barclays Bank PLC and any holder or beneficial owner of the securities (or the trustee on behalf of the holders of the securities), by acquiring the securities, each holder or beneficial owner of the securities acknowledges, accepts, agrees to be bound by, and consents to the exercise of, any U.K. Bail-in Power by the relevant U.K. resolution authority. See "Consent to U.K. Bail-in Power" on page 5 of this document. | Notwithstanding and to the exclusion of any other term of the securities or any other agreements, arrangements or understandings between Barclays Bank PLC and any holder or beneficial owner of the securities (or the trustee on behalf of the holders of the securities), by acquiring the securities, each holder or beneficial owner of the securities acknowledges, accepts, agrees to be bound by, and consents to the exercise of, any U.K. Bail-in Power by the relevant U.K. resolution authority. See "Consent to U.K. Bail-in Power" on page 5 of this document. |
|  | ***(terms continued on the next page)*** | ***(terms continued on the next page)*** | ***(terms continued on the next page)*** |
| **Commissions and initial issue price:** | **Price to public<sup>(1)</sup>** | **Agent's commissions** | **Proceeds to issuer** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Per security** | $1000 | $12.50<sup>(2)</sup> <br> $5.00<sup>(3)</sup><br>| $982.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $| $| $|

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**(1)** **Our estimated value of the securities on the pricing date, based on our internal pricing models, is expected to be between $928.30 and $978.30 per security. The estimated value is expected to be less than the initial issue price of the securities. See "Additional Information Regarding Our Estimated Value of the Securities" on page 4 of this document.** 

**(2)** **Morgan Stanley Wealth Management and its financial advisors will collectively receive from the agent, Barclays Capital Inc., a fixed sales commission of $12.50 for each security they sell. See "Supplemental Plan of Distribution" in this document.** 

**(3)** **Reflects a structuring fee payable to Morgan Stanley Wealth Management by the agent or its affiliates of $5.00 for each security.** 

One or more of our affiliates may purchase up to 15% of the aggregate principal amount of the securities and hold such securities for investment for a period of at least 30 days. Accordingly, the total principal amount of the securities may include a portion that was not purchased by investors on the original issue date. Any unsold portion held by our affiliate(s) may affect the supply of securities available for secondary trading and, therefore, could adversely affect the price of the securities in the secondary market. Circumstances may occur in which our interests or those of our affiliates could be in conflict with your interests.

**Investing in the securities involves risks not associated with an investment in conventional debt securities. See "Risk Factors" beginning on page 12 of this document and beginning on page S-9 of the prospectus supplement. You should read this document together with the related prospectus and prospectus supplement, each of which can be accessed via the hyperlinks below, before you make an investment decision.**

**The securities will not be listed on any U.S. securities exchange or quotation system. Neither the U.S. Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of the securities or determined that this document is truthful or complete. Any representation to the contrary is a criminal offense.**

**The securities constitute our unsecured and unsubordinated obligations. The securities are not deposit liabilities of Barclays Bank PLC and are not covered by the U.K. Financial Services Compensation Scheme or insured by the U.S. Federal Deposit Insurance Corporation or any other governmental agency or deposit insurance agency of the United States, the United Kingdom or any other jurisdiction.** 

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| | |
|:---|:---|
| [**Prospectus <br> dated May 15, 2025**](http://www.sec.gov/Archives/edgar/data/312070/000119312525120720/d925982d424b2.htm) | [**Prospectus Supplement <br> dated May 15, 2025**](http://www.sec.gov/Archives/edgar/data/312070/000095010325006051/dp228678_424b2-prosupp.htm) |

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Fixed Coupon Auto-Callable Securities due June 1, 2027

**Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation**

**Principal at Risk Securities**

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| | |
|:---|:---|
| ***Terms continued from previous page:*** | ***Terms continued from previous page:*** |
| **Automatic early redemption:** | If, on any determination date (other than the final determination date), the closing price of each underlier is greater than or equal to its initial underlier value, the securities will be automatically redeemed for an early redemption payment on the quarterly payment date immediately following that determination date. **The securities will not be redeemed early if the closing price of any underlier is less than its initial underlier value on the related determination date. No further payments will be made on the securities after they have been redeemed.** |
| **Early redemption payment:** | The early redemption payment will be an amount per security equal to (i) the stated principal amount *plus* (ii) the quarterly payment otherwise due. |
| **Final underlier value:** | With respect to each underlier, the closing price of that underlier on the final determination date |
| **Underlier performance factor:** | With respect to each underlier, its final underlier value divided by its initial underlier value |
| **Worst performing underlier:** | The underlier with the lowest underlier performance factor |
| **Determination dates<sup>†</sup>:** | August 26, 2026, November 27, 2026, February 26, 2027 and May 26, 2027. We also refer to May 26, 2027 as the final determination date. |
| **Quarterly payment dates<sup>†</sup>:** | August 31, 2026, December 2, 2026, March 3, 2027 and the maturity date |
| **Closing price:** | With respect to each underlier, closing price has the meaning set forth under "Reference Assets—Equity Securities—Special Calculation Provisions" in the prospectus supplement. |
| **Calculation agent:** | Barclays Bank PLC |
| **Additional terms:** | Terms used in this document, but not defined herein, will have the meanings ascribed to them in the prospectus supplement. |
| **CUSIP / ISIN:** | 06749H3X1 / US06749H3X18 |
| **Listing:** | The securities will not be listed on any securities exchange. |
| **Selected dealer:** | Morgan Stanley Wealth Management ("MSWM") |

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| | |
|:---|:---|
| **\*** | The underliers and the terms of the securities are subject to adjustment by the calculation agent and the maturity date may be accelerated, in each case under certain circumstances as set forth in the accompanying prospectus supplement. See "Risk Factors—Risks Relating to the Underliers" below. |
| **<sup>†</sup>** | Subject to postponement in certain circumstances, as described under "Reference Assets—Equity Securities—Market Disruption Events for Securities with an Equity Security as a Reference Asset," "Reference Assets—Least or Best Performing Reference Asset—Scheduled Trading Days and Market Disruption Events for Securities Linked to the Reference Asset with the Lowest or Highest Return in a Group of Two or More Equity Securities, Exchange-Traded Funds, Equity Indices and/or Equity Futures Indices" and "Terms of the Notes—Payment Dates" in the accompanying prospectus supplement |
| **Barclays Capital Inc**. | **Barclays Capital Inc**. |

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May 2026 Page -2

Fixed Coupon Auto-Callable Securities due June 1, 2027

**Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation**

**Principal at Risk Securities**

Additional Terms of the Securities

You should read this document together with the prospectus dated May 15, 2025, as supplemented by the prospectus supplement dated May 15, 2025 relating to our Global Medium-Term Notes, Series A, of which the securities are a part. This document, together with the documents listed below, contains the terms of the securities and supersedes all prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth under "Risk Factors" in the prospectus supplement and "Risk Factors" in this document, as the securities involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the securities.

You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

▪ Prospectus dated May 15, 2025:<br> [http://www.sec.gov/Archives/edgar/data/312070/000119312525120720/d925982d424b2.htm](http://www.sec.gov/Archives/edgar/data/312070/000119312525120720/d925982d424b2.htm)

▪ Prospectus supplement dated May 15, 2025:<br> [http://www.sec.gov/Archives/edgar/data/312070/000095010325006051/dp228678_424b2-prosupp.htm](http://www.sec.gov/Archives/edgar/data/312070/000095010325006051/dp228678_424b2-prosupp.htm)

Our SEC file number is 1-10257 and our Central Index Key, or CIK, on the SEC website is 0000312070. As used in this document, "we," "us" and "our" refer to Barclays Bank PLC.

In connection with this offering, Morgan Stanley Wealth Management is acting in its capacity as a selected dealer.

May 2026 Page -3

Fixed Coupon Auto-Callable Securities due June 1, 2027

**Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation**

**Principal at Risk Securities**

Additional Information Regarding Our Estimated Value of the Securities

Our internal pricing models take into account a number of variables and are based on a number of subjective assumptions, which may or may not materialize, typically including volatility, interest rates and our internal funding rates. Our internal funding rates (which are our internally published borrowing rates based on variables, such as market benchmarks, our appetite for borrowing and our existing obligations coming to maturity) may vary from the levels at which our benchmark debt securities trade in the secondary market. Our estimated value on the pricing date is based on our internal funding rates. Our estimated value of the securities might be lower if such valuation were based on the levels at which our benchmark debt securities trade in the secondary market.

Our estimated value of the securities on the pricing date is expected to be less than the initial issue price of the securities. The difference between the initial issue price of the securities and our estimated value of the securities is expected to result from several factors, including any sales commissions expected to be paid to Barclays Capital Inc. or another affiliate of ours, any selling concessions, discounts, commissions or fees expected to be allowed or paid to non-affiliated intermediaries, the estimated profit that we or any of our affiliates expect to earn in connection with structuring the securities, the estimated cost that we may incur in hedging our obligations under the securities, and estimated development and other costs that we may incur in connection with the securities. These other costs will include a fee paid to LFT Securities, LLC, an entity in which an affiliate of Morgan Stanley Wealth Management has an ownership interest, for providing certain electronic platform services with respect to this offering.

Our estimated value on the pricing date is not a prediction of the price at which the securities may trade in the secondary market, nor will it be the price at which Barclays Capital Inc. may buy or sell the securities in the secondary market. Subject to normal market and funding conditions, Barclays Capital Inc. or another affiliate of ours intends to offer to purchase the securities in the secondary market but it is not obligated to do so.

Assuming that all relevant factors remain constant after the pricing date, the price at which Barclays Capital Inc. may initially buy or sell the securities in the secondary market, if any, and the value that we may initially use for customer account statements, if we provide any customer account statements at all, may exceed our estimated value on the pricing date for a temporary period expected to be approximately 40 days after the initial issue date of the securities because, in our discretion, we may elect to effectively reimburse to investors a portion of the estimated cost of hedging our obligations under the securities and other costs in connection with the securities that we will no longer expect to incur over the term of the securities. We made such discretionary election and determined this temporary reimbursement period on the basis of a number of factors, which may include the tenor of the securities and/or any agreement we may have with the distributors of the securities. The amount of our estimated costs that we effectively reimburse to investors in this way may not be allocated ratably throughout the reimbursement period, and we may discontinue such reimbursement at any time or revise the duration of the reimbursement period after the initial issue date of the securities based on changes in market conditions and other factors that cannot be predicted.

**We urge you to read "Risk Factors" beginning on page 12 of this document.**

**You may revoke your offer to purchase the securities at any time prior to the pricing date. We reserve the right to change the terms of, or reject any offer to purchase, the securities prior to their pricing date. In the event of any changes to the terms of the securities, we will notify you and you will be asked to accept such changes in connection with your purchase. You may also choose to reject such changes in which case we may reject your offer to purchase.** 

May 2026 Page -4

Fixed Coupon Auto-Callable Securities due June 1, 2027

**Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation**

**Principal at Risk Securities**

Consent to U.K. Bail-in Power

**Notwithstanding and to the exclusion of any other term of the securities or any other agreements, arrangements or understandings between us and any holder or beneficial owner of the securities (or the trustee on behalf of the holders of the securities), by acquiring the securities, each holder or beneficial owner of the securities acknowledges, accepts, agrees to be bound by, and consents to the exercise of, any U.K. Bail-in Power by the relevant U.K. resolution authority.** 

Under the U.K. Banking Act 2009, as amended, the relevant U.K. resolution authority may exercise a U.K. Bail-in Power in circumstances in which the relevant U.K. resolution authority is satisfied that the resolution conditions are met. These conditions include that a U.K. bank or investment firm is failing or is likely to fail to satisfy the Financial Services and Markets Act 2000 (the "FSMA") threshold conditions for authorization to carry on certain regulated activities (within the meaning of section 55B FSMA) or, in the case of a U.K. banking group company that is a European Economic Area ("EEA") or third country institution or investment firm, that the relevant EEA or third country relevant authority is satisfied that the resolution conditions are met in respect of that entity.

The U.K. Bail-in Power includes any write-down, conversion, transfer, modification and/or suspension power, which allows for (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on, or any other amounts payable on, the securities; (ii) the conversion of all, or a portion, of the principal amount of, or interest on, or any other amounts payable on, the securities into shares or other securities or other obligations of Barclays Bank PLC or another person (and the issue to, or conferral on, the holder or beneficial owner of the securities of such shares, securities or obligations); (iii) the cancellation of the securities and/or (iv) the amendment or alteration of the maturity of the securities, or the amendment of the amount of interest or any other amounts due on the securities, or the dates on which interest or any other amounts become payable, including by suspending payment for a temporary period; which U.K. Bail-in Power may be exercised by means of a variation of the terms of the securities solely to give effect to the exercise by the relevant U.K. resolution authority of such U.K. Bail-in Power. Each holder and beneficial owner of the securities further acknowledges and agrees that the rights of the holders or beneficial owners of the securities are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority. For the avoidance of doubt, this consent and acknowledgment is not a waiver of any rights holders or beneficial owners of the 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.

For more information, please see "Risk Factors—Risks Relating to the Issuer—You may lose some or all of your investment if any U.K. bail-in power is exercised by the relevant U.K. resolution authority" in this document as well as "U.K. Bail-in Power," "Risk Factors—Risks Relating to the Securities Generally—Regulatory action in the event a bank or investment firm in the Group is failing or likely to fail, including the exercise by the relevant U.K. resolution authority of a variety of statutory resolution powers, could materially adversely affect the value of any securities" and "Risk Factors—Risks Relating to the Securities Generally—Under the terms of the securities, you have agreed to be bound by the exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority" in the accompanying prospectus supplement.

May 2026 Page -5

Fixed Coupon Auto-Callable Securities due June 1, 2027

**Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation**

**Principal at Risk Securities**

Investment Summary

**Fixed Coupon Auto-Callable Securities** 

**Principal at Risk Securities**

The Fixed Coupon Auto-Callable Securities due June 1, 2027 Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation, which we refer to as the securities, provide an opportunity for investors to receive a fixed quarterly payment, which is an amount equal to at least $33.375 (at least 3.3375% of the stated principal amount), subject to automatic early redemption. The actual quarterly payment will be determined on the pricing date.

If the closing price of each underlier is greater than or equal to its initial underlier value on any determination date (other than the final determination date), the securities will be automatically redeemed for an early redemption payment equal to the stated principal amount *plus* the quarterly payment otherwise due. If the securities are automatically redeemed prior to maturity, investors will receive no further quarterly payments. At maturity, if the securities have not previously been redeemed and the final underlier value of each underlier is greater than or equal to its downside threshold level, the payment at maturity will be equal to the stated principal amount plus the quarterly payment otherwise due. However, if the securities have not previously been redeemed and the final underlier value of any underlier is less than its downside threshold level, investors will receive the quarterly payment otherwise due but will lose 1% of the stated principal amount for every 1% that the final underlier value of the worst performing underlier is less than its initial underlier value. Under these circumstances, the amount investors receive (excluding the quarterly payment otherwise due) will be less than 55% of the stated principal amount and could be zero. Investors in the securities must be willing and able to accept the risk of losing their entire principal amount based on the performance of the worst performing underlier. In addition, investors will not participate in any appreciation of any underlier.

Key Investment Rationale

The securities are for investors who are willing and able to risk their principal, in exchange for the opportunity to receive fixed quarterly payments at a potentially above-market rate, subject to automatic early redemption. The securities offer investors an opportunity to receive a fixed quarterly payment of at least $33.375 (at least 3.3375% of the stated principal amount). The actual quarterly payment will be determined on the pricing date. In addition, the following scenarios reflect the potential payment on the securities, if any, upon an automatic early redemption or at maturity:

---

| | |
|:---|:---|
| **Scenario 1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **On any determination date (other than the final determination date), the closing price of each underlier is *greater than or equal to* its initial underlier value.**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The securities will be automatically redeemed for (i) the stated principal amount *plus* (ii) the quarterly payment otherwise due. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Investors will not participate in any appreciation of any underlier from its initial underlier value and will receive no further quarterly payments.<br>|
| **Scenario 2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The securities are not automatically redeemed prior to maturity and the final underlier value of each underlier is *greater than or equal to* its downside threshold level.**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The payment due at maturity will be (i) the stated principal amount plus (ii) the quarterly payment otherwise due.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Investors will not participate in any appreciation of any underlier from its initial underlier value.<br>|
| **Scenario 3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The securities are not automatically redeemed prior to maturity and the final underlier value of any underlier is *less than* its downside threshold level.** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The payment due at maturity will be equal to (i) the stated principal amount *times* the underlier performance factor of the worst performing underlier *plus* (ii) the quarterly payment otherwise due. In this case, excluding the quarterly payment otherwise due, the securities pay at maturity less than 55% of the stated principal amount and the percentage loss of the stated principal amount will be equal to the percentage decrease in the final underlier value of the worst performing underlier from its initial underlier value. For example, if the final underlier value of the worst performing underlier is 55% less than its initial underlier value, the securities will pay $450.00 per security, or 45% of the stated principal amount, for a loss of 55% of the stated principal amount (excluding the quarterly payment otherwise due). **Investors will lose a significant portion and may lose all of their principal in this scenario.**<br>|

---

May 2026 Page -6

Fixed Coupon Auto-Callable Securities due June 1, 2027

**Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation**

**Principal at Risk Securities**

Selected Purchase Considerations

The securities are not appropriate for all investors. The securities *may* be an appropriate investment for you if all of the following statements are true:

&nbsp;&nbsp;&nbsp;&nbsp;▪ You do not anticipate that the final underlier value of **any underlier** will be less than its downside threshold level on the final determination date, and you are willing and able to accept the
risk that, if it is, you will lose a significant portion or all of the stated principal amount.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are willing and able to accept the individual market
risk of **each underlier** and you understand that poor performance by **any underlier** over the term of the securities may negatively
affect your return and will not be offset or mitigated by any positive performance by the other underliers.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are willing and able to forgo participation in any appreciation
of **any underlier**, and you understand that any return on your investment will be limited to the quarterly payments that
are paid on each quarterly payment date until maturity or early redemption .

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are willing and able to accept the risks associated with
an investment linked to the performance of the worst performing of the underliers, as explained in more detail in the "Risk Factors"
section of this document.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You understand and accept that you will not be entitled to
receive dividends or distributions that may be paid to holders of the underliers, nor will you have any voting rights with respect to
the underliers.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are willing and able to accept the risk that the securities
may be automatically redeemed prior to scheduled maturity and that you may not be able to reinvest your money in an alternative investment
with comparable risk and yield.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You do not seek an investment for which there will be an
active secondary market and you are willing and able to hold the securities to maturity if the securities are not automatically redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are willing and able to assume our credit risk for all
payments on the securities.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are willing and able to consent to the exercise of any
U.K. Bail-in Power by any relevant U.K. resolution authority.

The securities *may <u>not</u>* be an appropriate investment for you if *any* of the following statements are true:

&nbsp;&nbsp;&nbsp;&nbsp;▪ You seek an investment that provides for the full repayment
of principal at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You anticipate that the final underlier value of **any underlier** will be less than its downside threshold level on the final determination date, or you are unwilling or unable to accept the risk that,
if it is, you will lose a significant portion or all of the stated principal amount.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are unwilling or unable to accept the individual market
risk of **each underlier** or the risk that poor performance by **any underlier** over the term of the securities may negatively
affect your return and will not be offset or mitigated by any positive performance by the other underliers.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You seek exposure to any upside performance of the underliers
or you seek an investment with a return that is not limited to the quarterly payments t hat are paid
on each quarterly payment date until maturity or early redemption .

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are unwilling or unable to accept the risks associated
with an investment linked to the performance of the worst performing of the underliers, as explained in more detail in the "Risk
Factors" section of this document.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You seek an investment that entitles you to dividends or
distributions on, or voting rights related to, the underliers.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are unwilling or unable to accept the risk that the securities
may be automatically redeemed prior to scheduled maturity.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You seek an investment for which there will be an active
secondary market and/or you are unwilling or unable to hold the securities to maturity if they are not automatically redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are unwilling or unable to assume our credit risk for
all payments on the securities.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are unwilling or unable to consent to the exercise of
any U.K. Bail-in Power by any relevant U.K. resolution authority.

***You must rely on your own evaluation of the merits of an investment in the securities*.** You should reach a decision whether to invest in the securities after carefully considering, with your advisors, the appropriateness of the securities in light of your investment objectives and the specific information set forth in this document, the prospectus and the prospectus supplement. Neither the issuer nor Barclays Capital Inc. makes any recommendation as to the appropriateness of the securities for investment.

May 2026 Page -7

Fixed Coupon Auto-Callable Securities due June 1, 2027

**Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation**

**Principal at Risk Securities**

How the Securities Work

The following diagrams illustrate the potential outcomes for the securities depending on the closing price of each underlier on the determination dates.

**Diagram #1: Determination Dates Prior to the Final Determination Date**

![](image_007.jpg)

**Diagram #2: Payment at Maturity If No Automatic Early Redemption Occurs**

![](image_008.jpg)

*For more information about the payment upon an automatic early redemption or at maturity in different hypothetical scenarios, see "Hypothetical Examples" below.*

May 2026 Page -8

Fixed Coupon Auto-Callable Securities due June 1, 2027

**Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation**

**Principal at Risk Securities**

Hypothetical Examples

The numbers appearing in the following examples may have been rounded for ease of analysis. The examples below assume that the securities will be held until maturity or earlier redemption and do not take into account the tax consequences of an investment in the securities. The examples below are based on the following terms:\*

---

| | |
|:---|:---|
| **Hypothetical Initial Underlier Values:** | With respect to each underlier: $100.00 |
| **Hypothetical Downside Threshold Levels:** | With respect to each underlier: $55.00, which is 55% of its hypothetical initial underlier value |
| **Hypothetical Quarterly Payment:** | $33.375 (3.3375% of the stated principal amount). The actual quarterly payment will be set on the pricing date and will be at least 3.3375% of the stated principal amount. |
| **Stated Principal Amount:** | $1,000 per security |

---

\* Terms used for purposes of these hypothetical examples may not represent the actual initial underlier values, downside threshold levels or quarterly payment applicable to the securities. In particular, the hypothetical initial underlier value of $100.00 for each underlier used in these examples has been chosen for illustrative purposes only and may not represent a likely actual initial underlier value for any underlier. Please see "Alphabet Inc. Overview," "Meta Platforms, Inc. Overview" and "NVIDIA Corporation Overview" below for recent actual values of the underliers. The actual initial underlier values, downside threshold levels and quarterly payment applicable to the securities will be determined on the pricing date.

The examples below are based on the worst performing underlier as of each determination date. We make no representation or warranty as to which of the underliers will be the worst performing underlier for the purpose of calculating the payment at maturity, if applicable, or as to what the closing price of any underlier will be on any determination date. For purposes of the examples below, the "worst performing underlier" on any determination date will be the underlier with the largest percentage decline from its initial underlier value to its closing price on that determination date.

In Examples 1 and 2, the closing price of each underlier is greater than or equal to its hypothetical initial underlier value of $100.00 on one of the determination dates prior to the final determination date (the actual initial underlier values will be determined on the pricing date). Because the closing price of each underlier is greater than or equal to its initial underlier value on one of the determination dates prior to the final determination date, the securities are automatically redeemed following the relevant determination date. In Examples 3 and 4, the closing price of at least one of the underliers on the determination dates prior to the final determination date is less than its initial underlier value, and, consequently, the securities are not automatically redeemed prior to, and remain outstanding until, maturity.

May 2026 Page -9

Fixed Coupon Auto-Callable Securities due June 1, 2027

**Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation**

**Principal at Risk Securities**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Example 1** | **Example 1** | **Example 1** | **Example 2** | **Example 2** | **Example 2** |
| **Determination**<br> **Dates** | Hypothetical<br> Closing Price of the Worst Performing Underlier | Quarterly Payment (per security) | Early Redemption Payment (per<br> security) | Hypothetical<br> Closing Price of the Worst Performing Underlier | Quarterly Payment (per security) | Early<br> Redemption<br> Payment (per security) |
| **#1** | $90.00 | $33.375 | N/A | $95.00 | $33.375 | N/A |
| **#2** | $100.00 | —\* | $1033.375 | $65.00 | $33.375 | N/A |
| **#3** | N/A | N/A | N/A | $125.00 | —\* | $1033.375 |
| **Final Determination Date** | N/A | N/A | N/A | N/A | N/A | N/A |
| **Payment at Maturity** | N/A | N/A | N/A | N/A | N/A | N/A |

---

\* If the securities are automatically redeemed, the early redemption payment will include the quarterly payment otherwise due.

In Example 1, the securities are automatically redeemed following the second determination date, as the closing price of each underlier on the second determination date is greater than or equal to its initial underlier value. Following the second determination date, you receive the early redemption payment, calculated as follows:

stated principal amount + quarterly payment = $1,000 + $33.375 = $1,033.375

*In this example, the automatic early redemption feature limits the term of your investment to approximately 6 months and you may not be able to reinvest at comparable terms or returns. If the securities are redeemed early, you will stop receiving quarterly payments.* 

In Example 2, the securities are automatically redeemed following the third determination date, as the closing price of each underlier on the third determination date is greater than its initial underlier value. You receive the quarterly payment of $33.375 with respect to each of the first two quarterly payment dates. The early redemption payment will include the quarterly payment due with respect to the third quarterly payment date and will be calculated as follows:

stated principal amount + quarterly payment = $1,000 + $33.375 = $1,033.375

*In this example, the automatic early redemption feature limits the term of your investment to approximately 9 months and you may not be able to reinvest at comparable terms or returns. If the securities are redeemed early, you will stop receiving quarterly payments. Further, although the worst performing underlier has appreciated by 25% from its initial underlier value on the third determination date, upon automatic early redemption, you receive only $1,033.375 per security and do not benefit from the appreciation of any underlier.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Example 3** | **Example 3** | **Example 3** | **Example 4** | **Example 4** | **Example 4** |
| **Determination**<br> **Dates** | Hypothetical<br> Closing Price of the Worst Performing Underlier | Quarterly Payment (per security) | Early Redemption Payment (per<br> security) | Hypothetical<br> Closing Price of the Worst Performing Underlier | Quarterly Payment (per security) | Early<br> Redemption<br> Payment (per security) |
| **#1** | $45.00 | $33.375 | N/A | $25.00 | $33.375 | N/A |
| **#2** | $47.00 | $33.375 | N/A | $40.00 | $33.375 | N/A |
| **#3** | $45.00 | $33.375 | N/A | $45.00 | $33.375 | N/A |
| **Final Determination Date** | $50.00 | —\* | N/A | $65.00 | —\* | N/A |
| **Payment at Maturity** | **$533.375** | **$533.375** | **$533.375** | **$1033.375** | **$1033.375** | **$1033.375** |

---

\* The payment at maturity will include the quarterly payment otherwise due.

May 2026 Page -10

Fixed Coupon Auto-Callable Securities due June 1, 2027

**Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation**

**Principal at Risk Securities**

Examples 3 and 4 illustrate the payment at maturity per security based on the final underlier value of the worst performing underlier.

In Example 3, the closing price of at least one underlier is below its initial underlier value on each determination date prior to the final determination date. As a result, the securities are not automatically redeemed prior to maturity. Therefore, you receive the quarterly payment of $33.375 with respect to each of the first three quarterly payment dates. In addition, investors will receive the quarterly payment otherwise due at maturity. However, because the final underlier value of the worst performing underlier is less than its downside threshold level, at maturity, your principal amount is fully exposed to the decline in the closing price of the worst performing underlier. Thus, investors will receive a cash payment at maturity that is significantly less than the stated principal amount, calculated as follows:

($1,000 × underlier performance factor of the worst performing underlier) + quarterly payment otherwise due

= [$1,000 × (final underlier value of the worst performing underlier / initial underlier value of the worst performing underlier)] + $33.375

= [$1,000 × ($50.00 / $100.00)] + $33.375

= $500.00 + $33.375

= $533.375

*In this example, the cash payment you receive at maturity is significantly less than the stated principal amount.*

In Example 4, the securities are not automatically redeemed prior to maturity. Therefore, you receive the quarterly payment of $33.375 with respect to each of the first three quarterly payment dates. In addition, the closing price of the worst performing underlier decreases to a final underlier value of $65.00. Although the final underlier value of the worst performing underlier is less than its initial underlier value, because the final underlier value of the worst performing underlier is still not less than its downside threshold level, you receive the stated principal amount *plus* the quarterly payment otherwise due. Your payment at maturity is calculated as follows:

$1,000 + $33.375 = $1,033.375

*In this example, although the final underlier value of the worst performing underlier represents a decline of 35% from its initial underlier value, you receive the stated principal amount per security plus the quarterly payment otherwise due, equal to a total payment of $1,033.375 per security at maturity.* 

May 2026 Page -11

Fixed Coupon Auto-Callable Securities due June 1, 2027

**Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation**

**Principal at Risk Securities**

Risk Factors

*An investment in the securities involves significant risks. We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the securities. Investing in the securities is not equivalent to investing directly in any or all of the underliers . Some of the risks that apply to an investment in the securities are summarized below, but we urge you to read the more detailed explanation of risks relating to the securities generally in the "Risk Factors" section of the prospectus supplement. You should not purchase the securities unless you understand and can bear the risks of investing in the securities.*

**Risks Relating to the Securities Generally**

▪ **The securities do not guarantee the return of any principal.** The terms of the securities differ from those of ordinary debt
securities in that the securities do not guarantee the return of any of the stated principal amount at maturity. Instead, if the securities
have not been automatically redeemed prior to maturity and if the final underlier value of any underlier is less than its downside threshold
level, you will be exposed to the decline in the closing price of the worst performing underlier, as compared to its initial underlier
value, on a 1-to-1 basis and you will receive for each security that you hold at maturity, in addition
to the quarterly payment otherwise due, an amount in cash equal to the stated principal amount *times* the underlier performance
factor of the worst performing underlier. Under these circumstances, your payment at maturity (excluding the quarterly payment otherwise
due) will be less than 55% of the stated principal amount and could be zero.

▪ **You will not participate in any appreciation in the value of any underlier.** You will not participate in any appreciation in
the value of any underlier from its initial underlier value even though you will be exposed to the depreciation in the value of the worst
performing underlier if the securities have not been redeemed prior to maturity and the final underlier value of the worst performing
underlier is less than its downside threshold level. Any positive return on the securities will be limited to the quarterly payments that are paid on each quarterly payment date until maturity or automatic early redemption .

▪ **You are exposed to the market risk of each underlier with respect to the payment at maturity, if any.** Any payment at maturity
on the securities (excluding the quarterly payment otherwise due) will be contingent upon the independent performance of each underlier.
Unlike an instrument with a return linked to a basket of underlying assets in which risk is mitigated and diversified among all the components
of the basket, you will be exposed to the risks related to each underlier. Poor performance by any underlier as of the final determination
date may negatively affect your payment at maturity and will not be offset or mitigated by any positive performance by the other underliers.
If the securities have not been automatically redeemed early and any underlier has declined to below its downside threshold level as of
the final determination date, you will be fully exposed to the decline in the worst performing underlier over the term of the securities
on a 1-to-1 basis, even if the other underliers have appreciated or have not declined as much. Under this scenario, the value of any such
payment (excluding the quarterly payment otherwise due) will be less than 55% of the stated principal amount and could be zero. Accordingly,
your principal amount is subject to the market risk of each underlier.

▪ **Because the securities are linked to the performance of the worst performing underlier, you are exposed to a greater risk of sustaining a significant loss of your principal amount than if the securities were linked to just one underlier.** The risk that you will suffer a significant loss of your principal amount is greater
if you invest in the securities as opposed to substantially similar securities that are linked to the performance of just one underlier.
With three underliers, it is more likely that any underlier will close below its downside threshold level on the final determination date
than if the securities were linked to only one underlier, and therefore it is more likely that you will suffer a significant loss of your
principal amount. In addition, because each underlier must close above its initial underlier value on a quarterly determination date (other
than the final determination date) in order for the securities to be redeemed prior to maturity, the securities are less likely to be
redeemed on any determination date (other than the final determination date) than if the securities were linked to just one underlier.

▪ **Automatic early redemption risk.** The term of your investment in the securities may be limited to as short as approximately
three months by the automatic early redemption feature of the securities. If the securities are redeemed prior to maturity, no further
quarterly payments will be made on the securities and you may be forced to reinvest in a lower interest rate environment. There is no
guarantee that you would be able to reinvest the proceeds from an investment in the securities in a comparable investment with a similar
level of risk in the event the securities are redeemed prior to the maturity date.

▪ **Any payment on the securities (other than quarterly payments) will be determined based on the closing prices of the underliers on the dates specified.** Any payment on the securities (other than quarterly payments) will be determined based on the closing prices
of the underliers on the dates specified. You will not benefit from any more favorable values of the underliers determined at any other
time.

▪ **Contingent repayment of principal applies only at maturity or upon any automatic early redemption.** You should be willing and
able to hold the securities to maturity or any automatic early redemption. If you sell the securities prior to maturity in the secondary
market, if any, you may have to sell the securities at a loss relative to your initial investment even if the price of each underlier
is above its downside threshold level.

▪ **The securities are subject to volatility risk.** Volatility is a measure of the
degree of variation in the prices of the underliers over a period of time. The quarterly payment is determined based on a number of factors,
including the expected volatility of the underliers. The quarterly payment is higher than the fixed rate that we would pay on a conventional
debt security of the same tenor

May 2026 Page -12

Fixed Coupon Auto-Callable Securities due June 1, 2027

**Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation**

**Principal at Risk Securities**

and is higher than it otherwise would be if the level of expected volatility of the underliers taken into account in determining the terms of the securities were lower. As volatility of an underlier increases, there will typically be a greater likelihood that the final underlier value of that underlier will be less than its downside threshold level.

Accordingly, you should understand that a higher quarterly payment reflects, among other things, an indication of a greater likelihood that you will incur a significant loss of principal at maturity than would have been the case had the quarterly payment been lower. In addition, actual volatility over the term of the securities may be significantly higher than the expected volatility at the time the terms of the securities were determined. If actual volatility is higher than expected, you will face an even greater risk that you will lose a significant portion or all of your principal at maturity for the reasons described above.

▪ **Investing in the securities is not equivalent to investing in any or all underliers.** Investors
in the securities will not own any or all underliers or have voting rights or rights to receive dividends or other distributions or any
other rights with respect to any or all underliers .

▪ **Tax treatment.** Significant aspects of the tax treatment of the securities are uncertain.
You should consult your tax advisor about your tax situation. See "Additional provisions—Tax considerations" below.

**Risks Relating to the Issuer**

▪ **Credit of issuer.** The securities are unsecured and unsubordinated debt obligations of the issuer, Barclays Bank PLC, and are
not, either directly or indirectly, an obligation of any third party. Any payment to be made on the securities, including any repayment
of principal, is subject to the ability of Barclays Bank PLC to satisfy its obligations as they come due and is not guaranteed by any
third party. As a result, the actual and perceived creditworthiness of Barclays Bank PLC may affect the market value of the securities
and, in the event Barclays Bank PLC were to default on its obligations, you might not receive any amount owed to you under the terms of
the securities.

▪ **You may lose some or all of your investment if any U.K. Bail-in Power is exercised by the relevant U.K. resolution authority.** Notwithstanding and to the exclusion of any other term of the securities or any other agreements,
arrangements or understandings between Barclays Bank PLC and any holder or beneficial owner of the securities (or the trustee on behalf
of the holders of the securities), by acquiring the securities, each holder or beneficial owner of the securities acknowledges, accepts,
agrees to be bound by, and consents to the exercise of, any U.K. Bail-in Power by the relevant U.K. resolution authority as
set forth under "Consent to U.K. Bail-in Power" in this document. Accordingly, any U.K. Bail-in Power may be exercised in
such a manner as to result in you and other holders and beneficial owners of the securities losing all or a part of the value of your
investment in the securities or receiving a different security from the securities, which may be worth significantly less than the securities
and which may have significantly fewer protections than those typically afforded to debt securities. Moreover, the relevant U.K. resolution
authority may exercise the U.K. Bail-in Power without providing any advance notice to, or requiring the consent of, the holders and beneficial
owners of the securities. The exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority with respect to the securities
will not be a default or an Event of Default (as each term is defined in the senior debt securities indenture) and the trustee will not
be liable for any action that the trustee takes, or abstains from taking, in either case, in accordance with the exercise of the U.K.
Bail-in Power by the relevant U.K. resolution authority with respect to the securities. See "Consent to U.K. Bail-in Power"
in this document as well as "U.K. Bail-in Power," "Risk Factors—Risks Relating to the Securities Generally—Regulatory
action in the event a bank or investment firm in the Group is failing or likely to fail, including the exercise by the relevant U.K. resolution
authority of a variety of statutory resolution powers, could materially adversely affect the value of any securities" and "Risk
Factors—Risks Relating to the Securities Generally—Under the terms of the securities, you have agreed to be bound by the exercise
of any U.K. Bail-in Power by the relevant U.K. resolution authority" in the accompanying prospectus supplement.

**Risks Relating to the Underliers**

▪ **No affiliation with the issuers of the underliers.** The issuers of the underliers are not affiliates of ours, are not involved with this offering in any way, and have
no obligation to consider your interests in taking any corporate actions that might affect the value of the securities. We have not made
any due diligence inquiry with respect to the issuer of any underlier in connection with this offering.

▪ **Single equity risk.** The price
of each underlier can rise or fall sharply due to factors specific to each underlier and its issuer, such as stock price volatility, earnings,
financial conditions, corporate, industry and regulatory developments, management changes and decisions and other events, as well as general
market factors, such as general stock market volatility and levels, interest rates and economic and political conditions. We urge you
to review financial and other information filed periodically with the SEC by the issuer of each underlier.

▪ **Anti-dilution protection is limited, and the calculation agent has discretion to make anti-dilution adjustments.** The calculation agent may in its sole discretion make
adjustments affecting the amounts payable on the securities upon the occurrence of certain corporate events (such as stock splits or extraordinary
or special dividends) that the calculation agent determines have a diluting or concentrative effect on the theoretical value of an underlier.
However, the calculation agent might not make such adjustments in response to all events that could affect an underlier. The occurrence
of any such event and any adjustment made by the calculation agent (or a determination by the calculation agent not to make any adjustment)
may adversely affect the market price of, and any amounts payable on, the securities. See "Reference Assets—Equity Securities—Share
Adjustments Relating to Securities with an Equity Security as a Reference Asset" in the accompanying prospectus supplement.

May 2026 Page -13

Fixed Coupon Auto-Callable Securities due June 1, 2027

**Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation**

**Principal at Risk Securities**

▪ **Reorganization or other events could adversely affect the value of the securities or result in the securities being accelerated.** Upon the occurrence of certain reorganization
events or a nationalization, expropriation, liquidation, bankruptcy, insolvency or de-listing of an underlier, the calculation agent may
replace that underlier with shares of another company identified as described in the prospectus supplement or, in some cases, with shares,
cash or other assets distributed to holders of that underlier upon the occurrence of that event. In the alternative, the calculation agent
may accelerate the maturity date for a payment determined by the calculation agent or may make other changes to the terms of the securities
to account for the occurrence of that event. Any decision by the calculation agent to replace an underlier, to accelerate the securities
or to otherwise adjust the terms of the securities could adversely affect the value of, and any amount payable on, the securities, perhaps
significantly, and could result in a significantly lower return on the securities than if the calculation agent had made a different decision.
See "Reference Assets—Equity Securities—Share Adjustments Relating to Securities with an Equity Security as a Reference
Asset" in the accompanying prospectus supplement.

▪ **Governmental legislative or regulatory actions, such as sanctions, could adversely affect your investment in the securities.** Governmental legislative or regulatory actions,
including, without limitation, sanctions-related actions by the U.S. or a foreign government, could prohibit or otherwise restrict persons
from holding the securities or any underlier, or engaging in transactions in them, and any such action could adversely affect the value
of that underlier. These legislative or regulatory actions could result in restrictions on the securities or the de-listing of any underlier.
You may lose a significant portion or all of your initial investment in the securities if any underlier is de-listed or if you are forced
to divest the securities due to government mandates, especially if such de-listing occurs or such divestment must be made at a time when
the value of the securities has declined. See "—Reorganization or other events could adversely affect the value of the securities
or result in the securities being accelerated" above.

▪ **We may accelerate the securities if a change-in-law event occurs.** Upon the occurrence
of legal or regulatory changes that may, among other things, prohibit or otherwise materially restrict persons from holding the securities
or an underlier, or engaging in transactions in them, the calculation agent may determine that a change-in-law event has occurred and
accelerate the maturity date for a payment determined by the calculation agent in its sole discretion. Any amount payable upon acceleration
could be significantly less than any amount that would be due on the securities if they were not accelerated. However, if the calculation
agent elects not to accelerate the securities, the value of, and any amount payable on, the securities could be adversely affected, perhaps
significantly, by the occurrence of those legal or regulatory changes. See "Terms of the Notes—Change-in-Law Events"
in the accompanying prospectus supplement .

**Risks Relating to Conflicts of Interest**

▪ **We may engage in business with or involving any issuer of any underlier without regard to your interests.** We or our affiliates may presently or from time to time engage in business with any issuer of any underlier without
regard to your interests and thus may acquire non-public information about any issuer of any underlier. Neither we nor any of our affiliates
undertakes to disclose any such information to you. In addition, we or our affiliates from time to time have published and in the future
may publish research reports with respect to any issuer of any underlier, which may or may not recommend that investors buy or hold any
underlier.

▪ **Hedging and trading activity by the issuer and its affiliates could potentially adversely affect the value of the securities.** Hedging or trading activities of the issuer's affiliates and of any other hedging counterparty with respect to the securities could
adversely affect the values of the underliers and, as a result, could decrease the amount an investor may receive on the securities at
maturity, if any. Any of these hedging or trading activities on or prior to the pricing date could potentially increase the initial underlier
values and, as a result, the downside threshold levels, which are the prices at or above which the respective underliers must close on
the final determination date, if the securities are not redeemed prior to maturity, in order for you to avoid being exposed to the negative
performance of the worst performing underlier at maturity. Additionally, such hedging or trading activities during the term of the securities
could potentially affect the values of the underliers on the determination dates and, accordingly, whether the securities are automatically
redeemed prior to maturity and, if the securities are not redeemed prior to maturity, the payment at maturity, if any.

▪ **We and our affiliates, and any dealer participating in the distribution of the securities, may engage in various activities or make determinations that could materially affect your securities in various ways and create conflicts of interest.** We and our affiliates
play a variety of roles in connection with the issuance of the securities, as described below. In performing these roles, our and our
affiliates' economic interests are potentially adverse to your interests as an investor in the securities.

In connection with our normal business activities and in connection with hedging our obligations under the securities, we and our affiliates make markets in and trade various financial instruments or products for our accounts and for the account of our clients and otherwise provide investment banking and other financial services with respect to these financial instruments and products. These financial instruments and products may include securities, derivative instruments or assets that may relate to an underlier. In any such market making, trading and hedging activity, investment banking and other financial services, we or our affiliates may take positions or take actions that are inconsistent with, or adverse to, the investment objectives of the holders of the securities. We and our affiliates have no obligation to take the needs of any buyer, seller or holder of the securities into account in conducting these activities. Such market making, trading and hedging activity, investment banking and other financial services may negatively impact the value of the securities.

May 2026 Page -14

Fixed Coupon Auto-Callable Securities due June 1, 2027

**Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation**

**Principal at Risk Securities**

In addition, the role played by Barclays Capital Inc., as the agent for the securities, could present significant conflicts of interest with the role of Barclays Bank PLC, as issuer of the securities. For example, Barclays Capital Inc. or its representatives may derive compensation or financial benefit from the distribution of the securities and such compensation or financial benefit may serve as an incentive to sell the securities instead of other investments. Furthermore, we and our affiliates establish the offering price of the securities for initial sale to the public, and the offering price is not based upon any independent verification or valuation.

Furthermore, the selected dealer or its affiliates will have the option to conduct a material portion of the hedging activities for us in connection with the securities. The selected dealer or its affiliates would expect to realize a projected profit from such hedging activities, and this projected profit would be in addition to any selling concession that the selected dealer realizes for the sale of the securities to you. This additional projected profit may create a further incentive for the selected dealer to sell the securities to you.

In addition to the activities described above, we will also act as the calculation agent for the securities. As calculation agent, we will determine any values of the underliers and make any other determinations necessary to calculate any payments on the securities. In making these determinations, we may be required to make discretionary judgments, including those described in the accompanying prospectus supplement and under "—Risks Relating to the Underliers" above. In making these discretionary judgments, our economic interests are potentially adverse to your interests as an investor in the securities, and any of these determinations may adversely affect any payments on the securities.

**Risks Relating to the Estimated Value of the Securities and the Secondary Market**

▪ **The securities will not be listed on any securities exchange, and secondary trading may be limited.** Barclays Capital Inc. and
other affiliates of Barclays Bank PLC intend to offer to purchase the securities in the secondary market but are not required to do so
and may cease any such market making activities at any time, without notice. Even if a secondary market develops, it may not provide enough
liquidity to allow you to trade or sell the securities easily. Because other dealers are not likely to make a secondary market for the
securities, the price, if any, at which you may be able to trade your securities is likely to depend on the price, if any, at which Barclays
Capital Inc. and other affiliates of Barclays Bank PLC are willing to buy the securities. In addition, Barclays Capital Inc. or one or
more of our other affiliates may at any time hold an unsold portion of the securities (as described on the cover page of this document),
which may inhibit the development of a secondary market for the securities. The securities are not designed to be short-term trading instruments.
Accordingly, you should be willing and able to hold your securities to maturity.

▪ **The market price of the securities will be influenced by many unpredictable factors.** Several factors will influence the value
of the securities in the secondary market and the price at which Barclays Capital Inc. and other affiliates of Barclays Bank PLC may be
willing to purchase or sell the securities in the secondary market. Although we expect that generally the values of the underliers on
any day will affect the value of the securities more than any other single factor, other factors that may influence the value of the securities
include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the volatility (frequency and magnitude of changes in value) of each underlier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o whether the closing price of any underlier has been, or is expected to be, below its downside threshold level on any determination
date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o correlation (or lack of correlation) of the underliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o dividend rates on the underliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o interest and yield rates in the market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o time remaining until the securities mature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o supply and demand for the securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o geopolitical conditions and economic, financial, political, regulatory and judicial events that affect the underliers and that may
affect the final underlier values; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o any actual or anticipated changes in our credit ratings or credit spreads.

The values of the underliers may be, and have recently been, volatile, and we can give you no assurance that the volatility will lessen. See "Alphabet Inc. Overview," "Meta Platforms, Inc. Overview" and "NVIDIA Corporation Overview" below. You may receive less, and possibly significantly less, than the stated principal amount if you try to sell your securities prior to maturity.

▪ **The estimated value of your securities is expected to be lower than the initial issue price of your securities.** The estimated
value of your securities on the pricing date is expected to be lower, and may be significantly lower, than the initial issue price of
your securities. The difference between the initial issue price of your securities and the estimated value of the securities is expected
as a result of certain factors, such as any sales commissions expected to be paid to Barclays Capital Inc. or another affiliate of ours,
any selling concessions, discounts, commissions or fees expected to be allowed or paid to non-affiliated intermediaries, the estimated
profit that we or any of our affiliates expect to earn in connection with structuring the securities, the estimated cost that we may incur
in hedging our obligations under the securities, and estimated development and other costs that we may incur in connection with the securities.
These other costs will include a fee paid to LFT Securities, LLC, an entity in which an affiliate of Morgan Stanley Wealth Management
has an ownership interest, for providing certain electronic platform services with respect to this offering.

May 2026 Page -15

Fixed Coupon Auto-Callable Securities due June 1, 2027

**Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation**

**Principal at Risk Securities**

▪ **The estimated value of your securities might be lower if such estimated value were based on the levels at which our debt securities trade in the secondary market.** The estimated value of your securities on the pricing date is based on a number of variables, including
our internal funding rates. Our internal funding rates may vary from the levels at which our benchmark debt securities trade in the secondary
market. As a result of this difference, the estimated values referenced above might be lower if such estimated values were based on the
levels at which our benchmark debt securities trade in the secondary market.

▪ **The estimated value of the securities is based on our internal pricing models, which may prove to be inaccurate and may be different from the pricing models of other financial institutions.** The estimated value of your securities on the pricing date is based on our
internal pricing models, which take into account a number of variables and are based on a number of subjective assumptions, which may
or may not materialize. These variables and assumptions are not evaluated or verified on an independent basis. Further, our pricing models
may be different from other financial institutions' pricing models and the methodologies used by us to estimate the value of the
securities may not be consistent with those of other financial institutions that may be purchasers or sellers of securities in the secondary
market. As a result, the secondary market price of your securities may be materially different from the estimated value of the securities
determined by reference to our internal pricing models.

▪ **The estimated value of your securities is not a prediction of the prices at which you may sell your securities in the secondary market, if any, and such secondary market prices, if any, will likely be lower than the initial issue price of your securities and may be lower than the estimated value of your securities.** The estimated value of the securities will not be a prediction of the prices
at which Barclays Capital Inc., other affiliates of ours or third parties may be willing to purchase the securities from you in secondary
market transactions (if they are willing to purchase, which they are not obligated to do). The price at which you may be able to sell
your securities in the secondary market at any time will be influenced by many factors that cannot be predicted, such as market conditions,
and any bid and ask spread for similar sized trades, and may be substantially less than our estimated value of the securities. Further,
as secondary market prices of your securities take into account the levels at which our debt securities trade in the secondary market,
and do not take into account our various costs related to the securities such as fees, commissions, discounts, and the costs of hedging
our obligations under the securities, secondary market prices of your securities will likely be lower than the initial issue price of
your securities. As a result, the price at which Barclays Capital Inc., other affiliates of ours or third parties may be willing to purchase
the securities from you in secondary market transactions, if any, will likely be lower than the price you paid for your securities, and
any sale prior to the maturity date could result in a substantial loss to you.

▪ **The temporary price at which we may initially buy the securities in the secondary market and the value we may initially use for customer account statements, if we provide any customer account statements at all, may not be indicative of future prices of your securities.** Assuming that all relevant factors remain constant after the pricing date, the price at which Barclays Capital Inc. may initially buy
or sell the securities in the secondary market (if Barclays Capital Inc. makes a market in the securities, which it is not obligated to
do) and the value that we may initially use for customer account statements, if we provide any customer account statements at all, may
exceed our estimated value of the securities on the pricing date, as well as the secondary market value of the securities, for a temporary
period after the initial issue date of the securities. The price at which Barclays Capital Inc. may initially buy or sell the securities
in the secondary market and the value that we may initially use for customer account statements may not be indicative of future prices
of your securities.

May 2026 Page -16

Fixed Coupon Auto-Callable Securities due June 1, 2027

**Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation**

**Principal at Risk Securities**

Class A Common Stock of Alphabet Inc. Overview

According to publicly available information, Alphabet Inc. is a collection of businesses, the largest of which is Google, which (i) offers products and platforms through which it generates revenues primarily by delivering both performance advertising and brand advertising and (ii) provides cloud services to businesses. Information filed by Alphabet Inc. with the SEC under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), can be located by reference to its SEC file number: 001-37580. The Class A common stock of Alphabet Inc. is listed on The Nasdaq Stock Market under the ticker symbol "GOOGL."

We urge you to read the following section in the accompanying prospectus supplement: "Reference Assets—Equity Securities—Reference Asset Issuer and Reference Asset Information." Companies with securities registered under the Exchange Act are required to file financial and other information specified by the SEC periodically. Information provided to or filed with the SEC by Alphabet Inc.can be located on a website maintained by the SEC at http://www.sec.gov by reference to Alphabet Inc.'s SEC file number provided above.

The summary information above regarding Alphabet Inc. comes from Alphabet Inc.'s SEC filings. You are urged to refer to the SEC filings made by Alphabet Inc. and to other publicly available information (such as Alphabet Inc.'s annual report) to obtain an understanding of Alphabet Inc.'s business and financial prospects. The summary information contained above is not designed to be, and should not be interpreted as, an effort to present information regarding the financial prospects of any issuer or any trends, events or other factors that may have a positive or negative influence on those prospects or as an endorsement of any particular issuer.

**Information from outside sources is not incorporated by reference in, and should not be considered part of, this document or the accompanying prospectus or prospectus supplement. We have not independently verified the accuracy or completeness of the information contained in outside sources.**

The following graph shows the daily closing prices of the Class A common stock of Alphabet Inc. for the period specified below. The closing price of the Class A common stock of Alphabet Inc. on May 18, 2026 was $396.94. We obtained the closing prices of the Class A common stock of Alphabet Inc. from Bloomberg Professional<sup>®</sup> service ("Bloomberg"), without independent verification. Historical performance of the Class A common stock of Alphabet Inc. should not be taken as an indication of future performance. Future performance of the Class A common stock of Alphabet Inc. may differ significantly from historical performance, and no assurance can be given as to the closing price of the Class A common stock of Alphabet Inc. during the term of the securities, including on any of the determination dates. We cannot give you assurance that the performance of the Class A common stock of Alphabet Inc. will not result in a loss of your principal amount. *The closing prices below may reflect adjustments in response to certain corporate actions, such as stock splits, public offerings, mergers and acquisitions, spin-offs, extraordinary dividends, delistings and bankruptcy.*

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| |
|:---|
| **Class A Common Stock of Alphabet Inc. Historical Performance\*<br> January 4, 2021 to May 18, 2026** |
| \* The dotted line indicates a hypothetical downside threshold level of 55% of the closing price of the Class A common stock of Alphabet Inc. on May 18, 2026. The actual downside threshold level will be equal to 55% of the initial underlier value of the Class A common stock of Alphabet Inc. |

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***Past performance is not indicative of future results.***

May 2026 Page -17

Fixed Coupon Auto-Callable Securities due June 1, 2027

**Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation**

**Principal at Risk Securities**

Class A Common Stock of Meta Platforms, Inc. Overview

According to publicly available information, Meta Platforms, Inc. (formerly known as Facebook, Inc.) builds products that enable people to connect and share through mobile devices, personal computers, virtual reality headsets and AI glasses. Information filed by Meta Platforms, Inc. with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-35551. The Class A common stock of Meta Platforms, Inc. is listed on The Nasdaq Stock Market under the ticker symbol "META."

We urge you to read the following section in the accompanying prospectus supplement: "Reference Assets—Equity Securities—Reference Asset Issuer and Reference Asset Information." Companies with securities registered under the Exchange Act are required to file financial and other information specified by the SEC periodically. Information provided to or filed with the SEC by Meta Platforms, Inc. can be located on a website maintained by the SEC at http://www.sec.gov by reference to Meta Platforms, Inc.'s SEC file number provided above.

The summary information above regarding Meta Platforms, Inc. comes from Meta Platforms, Inc.'s SEC filings. You are urged to refer to the SEC filings made by Meta Platforms, Inc. and to other publicly available information (such as Meta Platforms, Inc.'s annual report) to obtain an understanding of Meta Platforms, Inc.'s business and financial prospects. The summary information contained above is not designed to be, and should not be interpreted as, an effort to present information regarding the financial prospects of any issuer or any trends, events or other factors that may have a positive or negative influence on those prospects or as an endorsement of any particular issuer.

**Information from outside sources is not incorporated by reference in, and should not be considered part of, this document or the accompanying prospectus or prospectus supplement. We have not independently verified the accuracy or completeness of the information contained in outside sources.**

The following graph shows the daily closing prices of the Class A common stock of Meta Platforms, Inc. for the period specified below. The closing price of the Class A common stock of Meta Platforms, Inc. on May 18, 2026 was $611.21. We obtained the closing prices of the Class A common stock of Meta Platforms, Inc. from Bloomberg, without independent verification. Historical performance of the Class A common stock of Meta Platforms, Inc. should not be taken as an indication of future performance. Future performance of the Class A common stock of Meta Platforms, Inc. may differ significantly from historical performance, and no assurance can be given as to the closing price of the Class A common stock of Meta Platforms, Inc. during the term of the securities, including on any of the determination dates. We cannot give you assurance that the performance of the Class A common stock of Meta Platforms, Inc. will not result in a loss of your principal amount. *The closing prices below may reflect adjustments in response to certain corporate actions, such as stock splits, public offerings, mergers and acquisitions, spin-offs, extraordinary dividends, delistings and bankruptcy.*

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| |
|:---|
| **Class A Common Stock of Meta Platforms, Inc. Historical Performance\*<br> January 4, 2021 to May 18, 2026** |
| \* The dotted line indicates a hypothetical downside threshold level of 55% of the closing price of the Class A common stock of Meta Platforms, Inc. on May 18, 2026. The actual downside threshold level will be equal to 55% of the initial underlier value of the Class A common stock of Meta Platforms, Inc. |

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***Past performance is not indicative of future results.***

May 2026 Page -18

Fixed Coupon Auto-Callable Securities due June 1, 2027

**Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation**

**Principal at Risk Securities**

Common Stock of NVIDIA Corporation Overview

According to publicly available information, NVIDIA Corporation is a data center scale AI infrastructure company whose technology stack includes the NVIDIA CUDA development platform that runs on all of its graphics processing units (GPUs), as well as domain-specific software libraries, frameworks, algorithms, software development kits and application programming interfaces. Information filed by NVIDIA Corporation with the SEC under the Exchange Act can be located by reference to its SEC file number: 000-23985. The common stock of NVIDIA Corporation is listed on The Nasdaq Stock Market under the ticker symbol "NVDA."

We urge you to read the following section in the accompanying prospectus supplement: "Reference Assets—Equity Securities—Reference Asset Issuer and Reference Asset Information." Companies with securities registered under the Exchange Act are required to file financial and other information specified by the SEC periodically. Information provided to or filed with the SEC by NVIDIA Corporation can be located on a website maintained by the SEC at http://www.sec.gov by reference to NVIDIA Corporation's SEC file number provided above.

The summary information above regarding NVIDIA Corporation comes from NVIDIA Corporation's SEC filings. You are urged to refer to the SEC filings made by NVIDIA Corporation and to other publicly available information (such as NVIDIA Corporation's annual report) to obtain an understanding of NVIDIA Corporation's business and financial prospects. The summary information contained above is not designed to be, and should not be interpreted as, an effort to present information regarding the financial prospects of any issuer or any trends, events or other factors that may have a positive or negative influence on those prospects or as an endorsement of any particular issuer.

**Information from outside sources is not incorporated by reference in, and should not be considered part of, this document or the accompanying prospectus or prospectus supplement. We have not independently verified the accuracy or completeness of the information contained in outside sources.**

The following graph shows the daily closing prices of the common stock of NVIDIA Corporation for the period specified below. The closing price of the common stock of NVIDIA Corporation on May 18, 2026 was $222.32. We obtained the closing prices of the common stock of NVIDIA Corporation from Bloomberg, without independent verification. Historical performance of the common stock of NVIDIA Corporation should not be taken as an indication of future performance. Future performance of the common stock of NVIDIA Corporation may differ significantly from historical performance, and no assurance can be given as to the closing price of the common stock of NVIDIA Corporation during the term of the securities, including on any of the determination dates. We cannot give you assurance that the performance of the common stock of NVIDIA Corporation will not result in a loss of your principal amount. *The closing prices below may reflect adjustments in response to certain corporate actions, such as stock splits, public offerings, mergers and acquisitions, spin-offs, extraordinary dividends, delistings and bankruptcy.*

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| |
|:---|
| **Common Stock of NVIDIA Corporation Historical Performance\*<br> January 4, 2021 to May 18, 2026** |
| \* The dotted line indicates a hypothetical downside threshold level of 55% of the closing price of the common stock of NVIDIA Corporation on May 18, 2026. The actual downside threshold level will be equal to 55% of the initial underlier value of the common stock of NVIDIA Corporation. |

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***Past performance is not indicative of future results.***

May 2026 Page -19

Fixed Coupon Auto-Callable Securities due June 1, 2027

**Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation**

**Principal at Risk Securities**

Additional Information about the Securities

Please read this information in conjunction with the terms on the cover page of this document.

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| | |
|:---|:---|
| **Additional provisions:** |  |
| **Minimum ticketing size:** | $1,000 / 1 security |
| **Tax considerations:** | You should review carefully the sections in the accompanying prospectus supplement entitled "Material U.S. Federal Income Tax Consequences—Tax Consequences to U.S. Holders—Notes Treated as Put Options and Deposits" and, if you are a non-U.S. holder, "—Tax Consequences to Non-U.S. Holders." The following discussion, when read in combination with those sections, constitutes the full opinion of our special tax counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the securities.<br>Due to the lack of direct legal authority, there is substantial uncertainty regarding the U.S. federal income tax consequences of an investment in the securities. Our special tax counsel believes that it is reasonable to treat a security for U.S. federal income tax purposes as a put option (the "Put Option") written by you to us with respect to the underliers, secured by a cash deposit equal to the initial issue price of the securities (the "Deposit"), as shown below. If this treatment is respected, only a portion of each quarterly payment will be attributable to interest on the Deposit; the remainder will represent premium attributable to your grant of the Put Option ("Put Premium"). By purchasing the securities, you agree to treat the securities for U.S. federal income tax purposes consistently with the treatment and allocation as described above. We will follow this approach in determining our information reporting responsibilities, if any. The following discussion supersedes the discussion in the accompanying prospectus supplement to the extent it is inconsistent therewith.<br>Assuming the treatment and allocation described above are respected, interest on the Deposit will be taxed as ordinary income, while the Put Premium will not be taken into account prior to the taxable disposition of the securities (including redemption upon an automatic call or at maturity). Assuming that you are an initial purchaser of securities purchasing the securities at the initial issue price for cash, (i) if your securities are called or held to maturity and the Put Option expires unexercised (*i.e.,* you receive a cash payment—not including the final coupon payment—at maturity equal to the amount of the Deposit), you will recognize short-term capital gain in an amount equal to the total Put Premium received, and (ii) if, instead, the Put Option is deemed to be exercised at maturity and we do not elect to exercise our physical settlement option (*i.e.,* you receive a cash payment at maturity—not including the final coupon payment—that is less than the amount of the Deposit), you will recognize short-term capital gain or loss in an amount equal to the difference between (x) the total Put Premium received and (y) the cash settlement value of the Put Option (*i.e.,* the amount of the Deposit minus the cash you receive at maturity, not including the final coupon payment). If at maturity you receive shares of the underlier, you generally will not recognize gain or loss with respect to the Put Premium or the underlier received; instead, the total Put Premium will reduce your basis in the underlier. This discussion does not address the U.S. federal income tax consequences of the ownership or disposition of the underlier that you may receive at maturity. You should consult your tax advisor regarding the potential U.S. federal tax consequences of the ownership and disposition of the underlier.<br>There are, however, other reasonable treatments that the Internal Revenue Service (the "IRS") or a court may adopt for the securities, in which case the timing and character of your income or loss could be materially and adversely affected. In addition, in 2007 the U.S. Treasury Department and the IRS released a notice requesting comments on the U.S. federal income tax treatment of "prepaid forward contracts" and similar instruments. The notice focuses on a number of issues, the most relevant of which for investors in the securities are the character of income or loss (including whether the Put Premium might be currently included as ordinary income) and the degree, if any, to which income realized by non-U.S. investors should be subject to withholding tax. While it is not clear whether the securities would be viewed as similar to the typical prepaid forward contract described in the notice, it is possible that any Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect. You should consult your tax advisor regarding all aspects of the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments and the issues presented by this notice. Purchasers who are not initial purchasers of securities at the initial issue price should also consult their tax advisors with respect to the tax consequences of an investment in the securities, including possible alternative treatments, as well as the allocation of the purchase price of the securities between the Deposit and the Put Option.<br>The discussions above and in the accompanying prospectus supplement do not address the consequences to taxpayers subject to special tax accounting rules under Section 451(b).<br>|

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May 2026 Page -20

Fixed Coupon Auto-Callable Securities due June 1, 2027

**Based on the Value of the Worst Performing of the Class A Common Stock of Alphabet Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation**

**Principal at Risk Securities**

Treasury regulations under Section 871(m) generally impose a withholding tax on certain "dividend equivalents" under certain "equity linked instruments." A recent IRS notice excludes from the scope of Section 871(m) instruments issued prior to January 1, 2027 that do not have a "delta of one" with respect to underlying securities that could pay U.S.-source dividends for U.S. federal income tax purposes (each an "Underlying Security"). Based on our determination that the securities do not have a "delta of one" within the meaning of the regulations, we expect that these regulations will not apply to the securities with regard to non-U.S. holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on your particular circumstances, including whether you enter into other transactions with respect to an Underlying Security. If necessary, further information regarding the potential application of Section 871(m) will be provided in the pricing supplement for the securities. You should consult your tax advisor regarding the potential application of Section 871(m) to the securities.<br>Consistent with the position described above, below are the portions of each quarterly payment that we intend, in determining our reporting responsibilities (if any), to treat as attributable to interest on the Deposit and to Put Premium:<br>

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| | | |
|:---|:---|:---|
| Coupon Rate per Annum<sup>(1)</sup> | Interest on Deposit per<br> Annum<sup>(1)</sup> | Put Premium per<br> Annum<sup>(1)</sup> |
| At least 13.35% | [●]% | [●]% |

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| | |
|:---|:---|
|  | (1) To be determined on the pricing date. |
| **Trustee:** | The Bank of New York Mellon |
| **Use of proceeds and hedging:** | The net proceeds we receive from the sale of the securities will be used for various corporate purposes as set forth in the prospectus and prospectus supplement and, in part, in connection with hedging our obligations under the securities through one or more of our subsidiaries.<br>We, through our subsidiaries or others, hedge our anticipated exposure in connection with the securities by taking positions in futures and options contracts on the underliers and any other securities or instruments we may wish to use in connection with such hedging. Trading and other transactions by us or our affiliates could affect the values of the underliers, the market value of the securities or any amounts payable on the securities. For further information on our use of proceeds and hedging, see "Use of Proceeds and Hedging" in the prospectus supplement.<br>|
| **ERISA:** | See "Benefit Plan Investor Considerations" in the accompanying prospectus supplement. |

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*This document represents a summary of the terms and conditions of the securities. We encourage you to read the accompanying prospectus and prospectus supplement for this offering, which can be accessed via the hyperlinks on the cover page of this document.*

Supplemental Plan of Distribution

Morgan Stanley Smith Barney LLC ("Morgan Stanley Wealth Management") and its financial advisors will collectively receive from the agent, Barclays Capital Inc., a fixed sales commission for each security they sell, and Morgan Stanley Wealth Management will receive a structuring fee for each security, in each case as specified on the cover page of this document.

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