# EDGAR Filing Document

**Accession Number:** 0000312070
**File Stem:** 0000950103-25-008367
**Filing Date:** 2025-7
**Character Count:** 93212
**Document Hash:** 1db0016abcc9c67a7e06ed47d6d0988e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-008367.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0000950103-25-008367

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**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:** 251100572

**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

June 2025 Registration Statement No. 333-287303 Pricing Supplement dated June 30, 2025 Filed pursuant to Rule 424(b)(2)

STRUCTURED INVESTMENTS

Opportunities in U.S. Equities

Auto-Callable Trigger PLUS Based on the Value of the Russell 2000<sup>®</sup> Index due July 3, 2030

Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>

Principal at Risk Securities

Unlike conventional debt securities, the Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup> (the "Auto-Callable Trigger PLUS") will pay no interest and do not guarantee the return of the full principal amount at maturity. Instead, if the closing level of the underlier on the call observation date is greater than or equal to the initial underlier value, the Auto-Callable Trigger PLUS will be automatically redeemed for a cash payment of $1,100.00 per Auto-Callable Trigger PLUS, or 110.00% of the stated principal amount. If the Auto-Callable Trigger PLUS are not redeemed prior to maturity and the final underlier value is greater than the initial underlier value, at maturity investors will receive the stated principal amount plus the leveraged upside performance of the underlier. If the Auto-Callable Trigger PLUS are not redeemed prior to maturity and the final underlier value is less than or equal to the initial underlier value but greater than or equal to the trigger value, which is equal to 75% of the initial underlier value, at maturity investors will receive the stated principal amount. However, if the Auto-Callable Trigger PLUS are not redeemed prior to maturity and the final underlier value is less than the trigger value, at maturity investors will lose 1% of the stated principal amount for every 1% that the final underlier value is less than the initial underlier value. Under these circumstances, the amount investors receive will be less than 75% of the stated principal amount and could be zero. The Auto-Callable Trigger PLUS are for investors who seek an equity index-based return and who are willing and able to risk their principal and forgo current income in exchange for the leverage feature and the limited protection against loss, which applies only if the Auto-Callable Trigger PLUS are not redeemed and the final underlier value is greater than or equal to the trigger value, subject to automatic early redemption. **Investors may lose their entire initial investment in the Auto-Callable Trigger PLUS. The Auto-Callable Trigger PLUS are unsecured and unsubordinated debt obligations of Barclays Bank PLC. Any payment on the Auto-Callable Trigger PLUS, 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 Auto-Callable Trigger PLUS. 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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| | |
|:---|:---|
| **FINAL TERMS\*** |  |
| **Issuer:** | Barclays Bank PLC |
| **Reference asset:** | Russell 2000<sup>®</sup> Index (Bloomberg ticker symbol "RTY") (the "underlier") |
| **Aggregate principal amount:** | $5295000 |
| **Stated principal amount:** | $1,000 per Auto-Callable Trigger PLUS |
| **Pricing date:** | June 30, 2025 |
| **Original issue date:** | July 3, 2025 |
| **Call observation date<sup>†</sup>:** | July 8, 2026 |
| **Call settlement date<sup>†</sup>:** | July 13, 2026 |
| **Valuation date<sup>†</sup>:** | June 28, 2030 |
| **Maturity date<sup>†</sup>:** | July 3, 2030 |
| **Interest:** |  |
| **Automatic early redemption:** | If, on the call observation date, the closing level of the underlier is greater than or equal to the initial underlier value, the Auto-Callable Trigger PLUS will be automatically redeemed for the early redemption payment on the call settlement date. No further payments will be made on the Auto-Callable Trigger PLUS after they have been redeemed. |
| **Early redemption payment:** | $1,100.00 per Auto-Callable Trigger PLUS (110.00% of the stated principal amount) |
| **Payment at maturity:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Auto-Callable Trigger PLUS are not redeemed prior to maturity, you will receive on the maturity date a cash payment per Auto-Callable Trigger PLUS determined as follows: <br> · If the final underlier value is *greater than* the initial underlier value: <br> $1,000 + leveraged upside payment <br> · If the final underlier value is *less than or equal to* the initial underlier value but greater than or equal to the trigger value: <br> $1,000 <br> · If the final underlier value is *less than* the trigger value: <br> $1,000 × underlier performance factor <br> *This amount will be less than the stated principal amount of $1,000 and will represent a loss of more than 25%, and possibly all, of an investor's initial investment. **Investors may lose their entire initial investment in the Auto-Callable Trigger PLUS. Any payment on the Auto-Callable Trigger PLUS, 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.***<br>|
| **U.K. Bail-in Power acknowledgment:** | Notwithstanding and to the exclusion of any other term of the Auto-Callable Trigger PLUS or any other agreements, arrangements or understandings between Barclays Bank PLC and any holder or beneficial owner of the Auto-Callable Trigger PLUS (or the trustee on behalf of the holders of the Auto-Callable Trigger PLUS), by acquiring the Auto-Callable Trigger PLUS, each holder or beneficial owner of the Auto-Callable Trigger PLUS 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. |
| **Leveraged upside payment:** | $1,000 × leverage factor × underlier return |
| **Leverage factor:** | 147.55%. The leverage factor will be applicable only if the Auto-Callable Trigger PLUS are not redeemed. |
| **Trigger value:** | 1,631.276, which is 75% of the initial underlier value (rounded to three decimal places) |

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***(terms continued on the next page)***

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| | | | | |
|:---|:---|:---|:---|:---|
| **Commissions and initial issue price:** | **Initial issue price<sup>(1)</sup>** | **Price to public<sup>(1)</sup>** | **Agent's commissions** | **Proceeds to issuer** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Per Auto-Callable Trigger PLUS** | $1000 | $1000 | $27.50<sup>(2)</sup> <br> $5.00<sup>(3)</sup>  | $967.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $5295000.00 | $5295000.00 | $172087.50 | $5122912.50 |

---

**<sup>(1)</sup>** **Our estimated value of the Auto-Callable Trigger PLUS on the pricing date, based on our internal pricing models, is $958.70 per Auto-Callable Trigger PLUS. The estimated value is less than the initial issue price of the Auto-Callable Trigger PLUS. See "Additional Information Regarding Our Estimated Value of the Auto-Callable Trigger PLUS" on page 4 of this document.**

**<sup>(2)</sup>** **Morgan Stanley Wealth Management and its financial advisors will collectively receive from the agent, Barclays Capital Inc., a fixed sales commission of $27.50 for each Auto-Callable Trigger PLUS they sell. See "Supplemental Plan of Distribution" in this document.**

**<sup>(3)</sup>** **Reflects a structuring fee payable to Morgan Stanley Wealth Management by the agent or its affiliates of $5.00 for each Auto-Callable Trigger PLUS.**

One or more of our affiliates may purchase up to 15% of the aggregate principal amount of the Auto-Callable Trigger PLUS and hold such Auto-Callable Trigger PLUS for investment for a period of at least 30 days. Accordingly, the total principal amount of the Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS available for secondary trading and, therefore, could adversely affect the price of the Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS involves risks not associated with an investment in conventional debt securities. See "Risk Factors" beginning on page 15 of this document and beginning on page S-9 of the prospectus supplement. You should read this document together with the related prospectus, prospectus supplement and underlying supplement, each of which can be accessed via the hyperlinks below, before you make an investment decision.** 

**The Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS or determined that this document is truthful or complete. Any representation to the contrary is a criminal offense.**

**We may use this document in the initial sale of the Auto-Callable Trigger PLUS. In addition, Barclays Capital Inc. or another of our affiliates may use this document in market resale transactions in any of the Auto-Callable Trigger PLUS after their initial sale. Unless we or our agent informs you otherwise in the confirmation of sale, this document is being used in a market resale transaction.**

The Auto-Callable Trigger PLUS constitute our unsecured and unsubordinated obligations. The Auto-Callable Trigger PLUS 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.

---

| | | |
|:---|:---|:---|
| [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) | [Underlying Supplement <br> dated May 15, 2025](http://www.sec.gov/Archives/edgar/data/312070/000095010325006053/dp228705_424b2-underl.htm) |

---

Auto-Callable Trigger PLUS Based on the Value of the Russell 2000<sup>®</sup> Index due July 3, 2030

**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

***Terms continued from previous page:***

---

| | |
|:---|:---|
| **Underlier return:** | (final underlier value – initial underlier value) / initial underlier value |
| **Underlier performance factor:** | final underlier value / initial underlier value |
| **Initial underlier value:** | 2,175.035, which is the closing level of the underlier on the pricing date |
| **Final underlier value:** | The closing level of the underlier on the valuation date |
| **Closing level:** | Closing level has the meaning set forth under "Reference Assets—Indices—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:** | 06746C6H7 / US06746C6H79 |
| **Listing:** | The Auto-Callable Trigger PLUS will not be listed on any securities exchange. |
| **Selected dealer:** | Morgan Stanley Wealth Management ("MSWM") |

---

---

| | |
|:---|:---|
| \* | The underlier and the terms of the Auto-Callable Trigger PLUS are subject to adjustment by the calculation agent under certain circumstances as set forth in the accompanying prospectus supplement. See "Risk Factors—Risks Relating to the Underlier" below. |
| <sup>†</sup> | Subject to postponement in certain circumstances, as described under "Reference Assets—Indices—Market Disruption Events for Securities with an Equity Index as a Reference Asset" and "Terms of the Notes—Payment Dates" in the accompanying prospectus supplement |

---

**Barclays Capital Inc.**

June 2025 Page 2

Auto-Callable Trigger PLUS Based on the Value of the Russell 2000<sup>®</sup> Index due July 3, 2030

**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

Additional Terms of the Auto-Callable Trigger PLUS

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 Auto-Callable Trigger PLUS are a part, and the underlying supplement dated May 15, 2025. This document, together with the documents listed below, contains the terms of the Auto-Callable Trigger PLUS 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, as the Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS.

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)

▪ Underlying supplement dated May 15, 2025:<br> [http://www.sec.gov/Archives/edgar/data/312070/000095010325006053/dp228705_424b2-underl.htm](http://www.sec.gov/Archives/edgar/data/312070/000095010325006053/dp228705_424b2-underl.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.

June 2025 Page 3

Auto-Callable Trigger PLUS Based on the Value of the Russell 2000<sup>®</sup> Index due July 3, 2030

**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

Additional Information Regarding Our Estimated Value of the Auto-Callable Trigger PLUS

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 Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS on the pricing date is less than the initial issue price of the Auto-Callable Trigger PLUS. The difference between the initial issue price of the Auto-Callable Trigger PLUS and our estimated value of the Auto-Callable Trigger PLUS results from several factors, including any sales commissions to be paid to Barclays Capital Inc. or another affiliate of ours, any selling concessions, discounts, commissions or fees 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 Auto-Callable Trigger PLUS, the estimated cost that we may incur in hedging our obligations under the Auto-Callable Trigger PLUS, and estimated development and other costs that we may incur in connection with the Auto-Callable Trigger PLUS. 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 Auto-Callable Trigger PLUS may trade in the secondary market, nor will it be the price at which Barclays Capital Inc. may buy or sell the Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS because, in our discretion, we may elect to effectively reimburse to investors a portion of the estimated cost of hedging our obligations under the Auto-Callable Trigger PLUS and other costs in connection with the Auto-Callable Trigger PLUS that we will no longer expect to incur over the term of the Auto-Callable Trigger PLUS. 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 Auto-Callable Trigger PLUS and/or any agreement we may have with the distributors of the Auto-Callable Trigger PLUS. 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 Auto-Callable Trigger PLUS based on changes in market conditions and other factors that cannot be predicted.

**We urge you to read "Risk Factors" beginning on page 15 of this document.**

June 2025 Page 4

Auto-Callable Trigger PLUS Based on the Value of the Russell 2000<sup>®</sup> Index due July 3, 2030

**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

Consent to U.K. Bail-in Power

**Notwithstanding and to the exclusion of any other term of the Auto-Callable Trigger PLUS or any other agreements, arrangements or understandings between us and any holder or beneficial owner of the Auto-Callable Trigger PLUS (or the trustee on behalf of the holders of the Auto-Callable Trigger PLUS), by acquiring the Auto-Callable Trigger PLUS, each holder or beneficial owner of the Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS; (ii) the conversion of all, or a portion, of the principal amount of, or interest on, or any other amounts payable on, the Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS of such shares, securities or obligations); (iii) the cancellation of the Auto-Callable Trigger PLUS and/or (iv) the amendment or alteration of the maturity of the Auto-Callable Trigger PLUS, or the amendment of the amount of interest or any other amounts due on the Auto-Callable Trigger PLUS, 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 Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS further acknowledges and agrees that the rights of the holders or beneficial owners of the Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS 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.

June 2025 Page 5

Auto-Callable Trigger PLUS Based on the Value of the Russell 2000<sup>®</sup> Index due July 3, 2030

**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

Investment Summary

**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

The Auto-Callable Trigger PLUS Based on the Value of the Russell 2000<sup>®</sup> Index due July 3, 2030 (the "Auto-Callable Trigger PLUS") can be used:

▪ To provide an opportunity to earn the early redemption payment, which is an amount equal to $1,100.00 per Auto-Callable Trigger PLUS,
or 110.00% of the stated principal amount, if the closing level of the underlier on the call observation date is greater than or equal
to the initial underlier value.

▪ As an alternative to direct exposure to the underlier that, if the Auto-Callable Trigger PLUS are not redeemed prior to maturity,
enhances returns for any positive performance of the underlier

▪ If the Auto-Callable Trigger PLUS are not redeemed prior to maturity, to enhance returns and outperform the underlier in a bullish
scenario

▪ If the Auto-Callable Trigger PLUS are not redeemed prior to maturity, to achieve similar levels of upside exposure to the underlier
as a direct investment, while using fewer dollars by taking advantage of the leverage factor

▪ If the Auto-Callable Trigger PLUS are not redeemed prior to maturity, to provide limited protection against a loss of principal in
the event of a decline of the underlier from the pricing date to the valuation date, but only if the final underlier value is greater
than or equal to the trigger value

If the final underlier value is less than the trigger value, the Auto-Callable Trigger PLUS are exposed on a 1:1 basis to the negative performance of the underlier.

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| | |
|:---|:---|
| **Maturity:** | Approximately five years (unless redeemed earlier) |
| **Early redemption payment:** | $1,100.00 per Auto-Callable Trigger PLUS (110.00% of the stated principal amount) |
| **Leverage factor:** | 147.55% (applicable only if the Auto-Callable Trigger PLUS are not redeemed prior to maturity) |
| **Trigger value:** | 75% of the initial underlier value |
| **Minimum payment at maturity:** | None. Investors may lose their entire initial investment in the Auto-Callable Trigger PLUS. |
| **Interest:** |  |

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Key Investment Rationale

The Auto-Callable Trigger PLUS are for investors who seek an equity index-based return and who are willing and able to risk their principal and forgo current income in exchange for the leverage feature and the limited protection against loss, which applies only if the Auto-Callable Trigger PLUS are not redeemed and the final underlier value is greater than or equal to the trigger value, subject to automatic early redemption. **Investors may lose their entire initial investment in the Auto-Callable Trigger PLUS.**

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| | |
|:---|:---|
| **Automatic Early Redemption Feature** | On the call observation date, if the closing level of the underlier is greater than or equal to the initial underlier value, the Auto-Callable Trigger PLUS will be automatically redeemed for an amount per Auto-Callable Trigger PLUS equal to the early redemption payment. No further payments will be made on the Auto-Callable Trigger PLUS after they have been redeemed. In addition, if the Auto-Callable Trigger PLUS are redeemed prior to maturity, you will not benefit from the leverage feature that applies to the payment at maturity if the final underlier value is greater than the initial underlier value. Moreover, the early redemption payment may be significantly less than the payment at maturity you would receive for the same level of appreciation of the underlier had the Auto-Callable Trigger PLUS not been automatically redeemed and instead remained outstanding until maturity. |
| **Leveraged Performance** | If the Auto-Callable Trigger PLUS are not redeemed prior to maturity, the Auto-Callable Trigger PLUS offer investors an opportunity to capture enhanced returns for any positive performance of the underlier relative to a direct investment in the underlier. |

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June 2025 Page 6

Auto-Callable Trigger PLUS Based on the Value of the Russell 2000<sup>®</sup> Index due July 3, 2030

**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

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| | |
|:---|:---|
| **Trigger Feature** | At maturity, even if the value of the underlier has declined over the term of the Auto-Callable Trigger PLUS, investors will receive their stated principal amount, but only if the final underlier value is greater than or equal to the trigger value. |
| **Upside Scenario** | The Auto-Callable Trigger PLUS are not redeemed prior to maturity and the final underlier value is greater than the initial underlier value. In this case, at maturity, the Auto-Callable Trigger PLUS pay the stated principal amount of $1,000 plus a return equal to 147.55% of the underlier return. |
| **Par Scenario** | The Auto-Callable Trigger PLUS are not redeemed prior to maturity and the final underlier value is less than or equal to the initial underlier value but greater than or equal to the trigger value. In this case, at maturity, the Auto-Callable Trigger PLUS pay the stated principal amount of $1,000 per Auto-Callable Trigger PLUS even though the value of the underlier has declined. |
| **Downside Scenario** | The Auto-Callable Trigger PLUS are not redeemed prior to maturity and the final underlier value is less than the trigger value. In this case, at maturity, the Auto-Callable Trigger PLUS pay less than 75% of the stated principal amount and the percentage loss of the stated principal amount will be equal to the percentage decrease from the initial underlier value to the final underlier value. For example, if the final underlier value is 55% less than the initial underlier value, the Auto-Callable Trigger PLUS will pay $450.00 per Auto-Callable Trigger PLUS, or 45% of the stated principal amount, for a loss of 55% of the stated principal amount. There is no minimum payment at maturity on the Auto-Callable Trigger PLUS. Accordingly, investors could lose their entire investment in the Auto-Callable Trigger PLUS. |

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June 2025 Page 7

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**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

Selected Purchase Considerations

The Auto-Callable Trigger PLUS are not appropriate for all investors. The Auto-Callable Trigger PLUS *may* be an appropriate investment for you if all of the following statements are true:

&nbsp;&nbsp;&nbsp;&nbsp;▪ You do not seek an investment that produces periodic interest or coupon payments or other sources of current income.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You seek the potential for a fixed return equal to the early redemption payment if the closing level of the underlier on the call
observation date is greater than or equal to the initial underlier value, or anticipate that the final underlier value will be greater
than the initial underlier value, and you are willing and able to accept the risk that, if the final underlier value is less than the
trigger value, you will lose a significant portion, and possibly all, of the stated principal amount of the Auto-Callable Trigger PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are willing and able to accept the risk that, if the Auto-Callable Trigger PLUS are redeemed prior to maturity, you will not benefit
from the leverage feature that applies to the payment at maturity if the final underlier value is greater than the initial underlier value.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are willing and able to the risk that, if the Auto-Callable Trigger PLUS are redeemed prior to maturity, the early redemption
payment will be significantly less than the payment at maturity you would receive for the same level of appreciation of the underlier
had the Auto-Callable Trigger PLUS not been automatically redeemed and instead remained outstanding until maturity.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are willing and able to accept the risks associated with an investment linked to the performance of the underlier, 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
securities composing the underlier , nor will you have any voting rights with respect to the
securities composing the underlier .

&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 Auto-Callable
Trigger PLUS to maturity if the Auto-Callable Trigger PLUS are not automatically redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are willing and able to assume our credit risk for all payments on the Auto-Callable Trigger PLUS.

&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 Auto-Callable Trigger PLUS *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 produces periodic interest or coupon payments or other sources of current income.

&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 closing level of the underlier will be less than the initial underlier value on the call observation date
or that the final underlier value will be less than the initial underlier value, or you are unwilling or unable to accept the risk that,
if the final underlier value is less than the trigger value, you will lose a significant portion, and possibly all, of the stated principal
amount of the Auto-Callable Trigger PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are unwilling or unable to accept the risk that, if the Auto-Callable Trigger PLUS are redeemed prior to maturity, you will not
benefit from the leverage feature that applies to the payment at maturity if the final underlier value is greater than the initial underlier
value.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are unwilling or unable to accept the risk that, if the Auto-Callable Trigger PLUS are redeemed prior to maturity, the early redemption
payment will be significantly less than the payment at maturity you would receive for the same level of appreciation of the underlier
had the Auto-Callable Trigger PLUS not been automatically redeemed and instead remained outstanding until maturity.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are unwilling or unable to accept the risks associated with an investment linked to the performance of the underlier, 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
securities composing the underlier .

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are unwilling or unable to accept the risk that the Auto-Callable Trigger PLUS may be automatically redeemed prior to scheduled
maturity.

June 2025 Page 8

Auto-Callable Trigger PLUS Based on the Value of the Russell 2000<sup>®</sup> Index due July 3, 2030

**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

&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 Auto-Callable
Trigger PLUS to maturity if the Auto-Callable Trigger PLUS are not automatically redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are unwilling or unable to assume our credit risk for all payments on the Auto-Callable Trigger PLUS.

&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 Auto-Callable Trigger PLUS*.** You should reach a decision whether to invest in the Auto-Callable Trigger PLUS after carefully considering, with your advisors, the appropriateness of the Auto-Callable Trigger PLUS in light of your investment objectives and the specific information set forth in this document, the prospectus, the prospectus supplement and the underlying supplement. Neither the issuer nor Barclays Capital Inc. makes any recommendation as to the appropriateness of the Auto-Callable Trigger PLUS for investment.

June 2025 Page 9

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**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

How the Auto-Callable Trigger PLUS Work

The following payoff diagrams and scenarios illustrate the payment upon automatic early redemption or at maturity on the Auto-Callable Trigger PLUS based on the following terms:

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| | |
|:---|:---|
| **Stated principal amount:** | $1,000 per Auto-Callable Trigger PLUS |
| **Early redemption payment:** | $1,100.00 per Auto-Callable Trigger PLUS (110.00% of the stated principal amount) |
| **Leverage factor:** | 147.55% |
| **Trigger value:** | 75% of the initial underlier value |
| **Minimum payment at maturity:** | None. You could lose your entire initial investment in the Auto-Callable Trigger PLUS. |

---

**Diagram #1: Call Observation Date**

June 2025 Page 10

Auto-Callable Trigger PLUS Based on the Value of the Russell 2000<sup>®</sup> Index due July 3, 2030

**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

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

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| |
|:---|
| **Auto-Callable Trigger PLUS Payoff Diagram If No Automatic Early Redemption Occurs** |
| ![](image_002.jpg) |

---

**Scenario Analysis**

▪ **Automatic Early Redemption Scenario.** On
the call observation date, if the closing level of the underlier is greater than or equal to the initial underlier value, under the terms
of the Auto-Callable Trigger PLUS, the Auto-Callable Trigger PLUS will be automatically redeemed for an amount per Auto-Callable Trigger
PLUS equal to the early redemption payment of $1,100.00, or 110.00% of the stated principal amount. If the Auto-Callable Trigger PLUS
are redeemed prior to maturity, you will not benefit from the leverage feature that applies to the payment at maturity if the final underlier
value is greater than the initial underlier value. Moreover, the early redemption payment may be significantly less than the payment at
maturity you would receive for the same level of appreciation of the underlier had the Auto-Callable Trigger PLUS not been automatically
redeemed and instead remained outstanding until maturity.

▪ **Upside Scenario.** If the Auto-Callable Trigger
PLUS are not redeemed prior to maturity and the final underlier value is greater than the initial underlier value, at maturity investors
will receive the $1,000 stated principal amount *plus* 147.55% of the appreciation of the underlier from the initial underlier value
to the final underlier value.

&nbsp;&nbsp;&nbsp;&nbsp;▪ For example, if the underlier appreciates by 3%, at maturity investors would receive a 4.4265% return,
or $1,044.265 per Auto-Callable Trigger PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Under the terms of the Auto-Callable Trigger PLUS, if the underlier appreciates by 30%, investors would
receive a 44.2650% return, or $1,442.65 per Auto-Callable Trigger PLUS, at maturity. This is significantly more than the early redemption
payment the investor would have received if the underlier had appreciated 30% or more as of the call observation date, and, as a result,
the Auto-Callable Trigger PLUS were automatically redeemed.

▪ **Par Scenario.** If the Auto-Callable Trigger
PLUS are not redeemed prior to maturity and the final underlier value is less than or equal to the initial underlier value but greater
than or equal to the trigger value, at maturity investors will receive the stated principal amount of $1,000 per Auto-Callable Trigger
PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;▪ For example, if the underlier depreciates by 5%, at maturity
investors would receive the $1,000 stated principal amount per Auto-Callable Trigger PLUS.

June 2025 Page 11

Auto-Callable Trigger PLUS Based on the Value of the Russell 2000<sup>®</sup> Index due July 3, 2030

**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

▪ **Downside Scenario.** If the Auto-Callable
Trigger PLUS are not redeemed prior to maturity and the final underlier value is less than the trigger value, at maturity investors will
receive an amount that is less than 75% of the $1,000 stated principal amount and that will reflect a 1% loss of principal for each 1%
decline in the underlier. Investors may lose their entire initial investment in the Auto-Callable Trigger PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;▪ For example, if the underlier depreciates by 50%, investors would lose 50% of their principal and receive
only $500.00 per Auto-Callable Trigger PLUS at maturity, or 50% of the stated principal amount.

June 2025 Page 12

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**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

**If Not Redeemed Prior to Maturity, What Is the Total Return on the Auto-Callable Trigger PLUS at Maturity, Assuming a Range of Performances for the Underlier?**

The following table and examples illustrate the hypothetical payment at maturity and hypothetical total return at maturity on the Auto-Callable Trigger PLUS, assuming the Auto-Callable Trigger PLUS are not redeemed prior to maturity. The "total return" as used in this document is the number, expressed as a percentage, that results from comparing the payment at maturity per $1,000 stated principal amount to $1,000.00. The table and examples set forth below assume a hypothetical initial underlier value of 100.000 and a hypothetical trigger value of 75.000 (or 75% of the hypothetical initial underlier value) and reflect the leverage factor of 147.55%. The hypothetical initial underlier value of 100.000 has been chosen for illustrative purposes only and does not represent the actual initial underlier value. Please see "Russell 2000<sup>®</sup> Index Overview" below for recent actual values of the underlier. The actual initial underlier value and trigger value are set forth on the cover page of this document. Each hypothetical payment at maturity or total return set forth below is for illustrative purposes only and may not be the actual payment at maturity or total return applicable to a purchaser of the Auto-Callable Trigger PLUS. The numbers appearing in the following table and examples have been rounded for ease of analysis. The table and examples below do not take into account any tax consequences from investing in the Auto-Callable Trigger PLUS.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Final Underlier Value | Underlier Return | Underlier Performance Factor | Payment at Maturity | Total Return on Auto-Callable Trigger PLUS |
| 150.000 | 50.000% | N/A | $1737.750 | 73.7750% |
| 140.000 | 40.000% | N/A | $1590.200 | 59.0200% |
| 130.000 | 30.000% | N/A | $1442.650 | 44.2650% |
| 120.000 | 20.000% | N/A | $1295.100 | 29.5100% |
| 110.000 | 10.000% | N/A | $1147.550 | 14.7550% |
| 105.000 | 5.000% | N/A | $1073.775 | 7.3775% |
| 100.000 | 0.000% | N/A | $1000.000 | 0.0000% |
| 95.000 | -5.000% | N/A | $1000.000 | 0.0000% |
| 90.000 | -10.000% | N/A | $1000.000 | 0.0000% |
| 85.000 | -15.000% | N/A | $1000.000 | 0.0000% |
| 80.000 | -20.000% | N/A | $1000.000 | 0.0000% |
| 75.000 | -25.000% | N/A | $1000.000 | 0.0000% |
| 74.999 | -25.001% | 74.999% | $749.990 | -25.0010% |
| 70.000 | -30.000% | 70.000% | $700.000 | -30.0000% |
| 60.000 | -40.000% | 60.000% | $600.000 | -40.0000% |
| 50.000 | -50.000% | 50.000% | $500.000 | -50.0000% |
| 40.000 | -60.000% | 40.000% | $400.000 | -60.0000% |
| 30.000 | -70.000% | 30.000% | $300.000 | -70.0000% |
| 20.000 | -80.000% | 20.000% | $200.000 | -80.0000% |
| 10.000 | -90.000% | 10.000% | $100.000 | -90.0000% |
| 0.000 | -100.000% | 0.000% | $0.000 | -100.0000% |

---

June 2025 Page 13

Auto-Callable Trigger PLUS Based on the Value of the Russell 2000<sup>®</sup> Index due July 3, 2030

**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

**Hypothetical Examples of Amount Payable at Maturity**

The following examples illustrate how the payment at maturity and total return in different hypothetical scenarios are calculated.

**Example 1: The Auto-Callable Trigger PLUS are not redeemed prior to maturity and the value of the underlier increases from the initial underlier value of 100.000 to a final underlier value of 105.000.**

Because the final underlier value is greater than the initial underlier value, the payment at maturity is calculated as follows:

$1,000 + leveraged upside payment

= $1,000 + ($1,000 × leverage factor × underlier return)

First, calculate the underlier return:

underlier return = (final underlier value – initial underlier value) / initial underlier value = (105.000 – 100.000) / 100.000 = 5.000%

Next, calculate the leveraged upside payment:

leveraged upside payment = $1,000 × leverage factor × underlier return = ($1,000 × 147.55% × 5.000%) = $73.775

Thus, the payment at maturity is equal to $1,073.775 per Auto-Callable Trigger PLUS, representing a total return of 7.3775% on the Auto-Callable Trigger PLUS.

**Example 2: The Auto-Callable Trigger PLUS are not redeemed prior to maturity and the value of the underlier decreases from the initial underlier value of 100.000 to a final underlier value of 90.000.**

Because the final underlier value is less than or equal to the initial underlier value but greater than or equal to the trigger value, the payment at maturity is equal to the stated principal amount of $1,000.000 per Auto-Callable Trigger PLUS.

The total return on the Auto-Callable Trigger PLUS is 0.0000%.

**Example 3: The Auto-Callable Trigger PLUS are not redeemed prior to maturity and the value of the underlier decreases from the initial underlier value of 100.000 to a final underlier value of 50.000.**

Because the final underlier value is less than the trigger value, the payment at maturity is equal to $500.000 per Auto-Callable Trigger PLUS, calculated as follows:

($1,000 × underlier performance factor)

= $1,000 × (final underlier value / initial underlier value)

= $1,000 × (50.000 / 100.000) = $500.000

The total return on the Auto-Callable Trigger PLUS is -50.0000%.

June 2025 Page 14

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**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

Risk Factors

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

**Risks Relating to the Auto-Callable Trigger PLUS Generally**

▪ **The Auto-Callable Trigger PLUS do not pay interest or guarantee the return of any principal.** The terms of the Auto-Callable
Trigger PLUS differ from those of ordinary debt securities in that the Auto-Callable Trigger PLUS do not pay interest or guarantee the
return of any of the stated principal amount at maturity. Instead, if the Auto-Callable Trigger PLUS are not redeemed prior to maturity
and the final underlier value is less than the trigger value, which is 75% of the initial underlier value, the payment at maturity will
be an amount in cash that is less than the $1,000 stated principal amount of each Auto-Callable Trigger PLUS by a percentage equal to
the percentage decrease from the initial underlier value to the final underlier value. There is no minimum payment at maturity on the
Auto-Callable Trigger PLUS and, accordingly, if the Auto-Callable Trigger PLUS are not redeemed prior to maturity, you could lose your
entire initial investment in the Auto-Callable Trigger PLUS.

▪ **If the Auto-Callable Trigger PLUS are redeemed following the call observation date, the appreciation potential of the Auto-Callable Trigger PLUS is limited to the early redemption payment.** If the closing level of the underlier on the call observation date is greater
than or equal to the initial underlier value, the Auto-Callable Trigger PLUS will be automatically redeemed. In this scenario, the appreciation
potential of the Auto-Callable Trigger PLUS is limited to the early redemption payment of $1,100.00 per Auto-Callable Trigger PLUS (110.00%
of the stated principal amount) regardless of the actual appreciation of the underlier, and no further payments will be made on the Auto-Callable
Trigger PLUS once they have been redeemed. In addition, if the Auto-Callable Trigger PLUS are redeemed prior to maturity, you will not
benefit from the leverage feature that applies to the payment at maturity if the final underlier value is greater than the initial underlier
value. Moreover, the early redemption payment may be significantly less than the payment at maturity you would receive for the same level
of appreciation of the underlier had the Auto-Callable Trigger PLUS not been automatically redeemed and instead remained outstanding until
maturity.

▪ **Any payment on the Auto-Callable Trigger PLUS will be determined based on the closing levels of the underlier on the dates specified.** Any payment on the Auto-Callable Trigger PLUS will be determined based on the closing levels of the underlier on the dates specified.
You will not benefit from any more favorable value of the underlier determined at any other time.

▪ **Investing in the Auto-Callable Trigger PLUS is not equivalent to investing in the underlier or the securities composing the underlier.** Investors in the Auto-Callable Trigger PLUS
will not have voting rights or rights to receive dividends or other distributions or any
other rights with respect to the securities composing the underlier.

▪ **Early redemption risk.** The term of your investment in the Auto-Callable Trigger PLUS may be limited to as short as approximately
one year by the automatic early redemption feature of the Auto-Callable Trigger PLUS. If the Auto-Callable Trigger PLUS are redeemed prior
to maturity, you will receive no further payments and 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 Auto-Callable Trigger PLUS in a comparable investment with a
similar level of risk in the event the Auto-Callable Trigger PLUS are redeemed prior to the maturity date. In addition, if the Auto-Callable
Trigger PLUS are redeemed prior to maturity, you will not benefit from the leverage feature that applies to the payment at maturity if
the final underlier value is greater than the initial underlier value. Moreover, the early redemption payment may be significantly less
than the payment at maturity you would receive for the same level of appreciation of the underlier had the Auto-Callable Trigger PLUS
not been automatically redeemed and instead remained outstanding until maturity.

▪ **The U.S. federal income tax consequences of an investment in the Auto-Callable Trigger PLUS are uncertain.** There is no direct
legal authority regarding the proper U.S. federal income tax treatment of the Auto-Callable Trigger PLUS, and we do not plan to request
a ruling from the Internal Revenue Service (the "IRS"). Consequently, significant aspects of the tax treatment of the Auto-Callable
Trigger PLUS are uncertain, and the IRS or a court might not agree with the treatment of the Auto-Callable Trigger PLUS as prepaid forward
contracts, as described below under "Additional provisions—Tax considerations." If the IRS were successful in asserting
an alternative treatment for the Auto-Callable Trigger PLUS, the tax consequences of the ownership and disposition of the Auto-Callable
Trigger PLUS could be materially and adversely affected.

In addition, in 2007 the Treasury Department and the IRS released a notice requesting comments on various issues regarding the U.S. federal income tax treatment of "prepaid forward contracts" and similar instruments. 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 Auto-Callable Trigger PLUS, possibly with retroactive effect. You should review carefully the sections of the accompanying prospectus supplement entitled "Material U.S. Federal Income Tax Consequences—Tax Consequences to U.S.

June 2025 Page 15

Auto-Callable Trigger PLUS Based on the Value of the Russell 2000<sup>®</sup> Index due July 3, 2030

**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

Holders—Notes Treated as Prepaid Forward or Derivative Contracts" and, if you are a non-U.S. holder, "—Tax Consequences to Non-U.S. Holders," and consult your tax advisor regarding the U.S. federal tax consequences of an investment in the Auto-Callable Trigger PLUS (including possible alternative treatments and the issues presented by the 2007 notice), as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

**Risks Relating to the Issuer**

▪ **Credit of issuer.** The Auto-Callable Trigger PLUS 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 Auto-Callable Trigger
PLUS, 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 Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS.

▪ **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 Auto-Callable Trigger PLUS or any other agreements, arrangements or understandings between
Barclays Bank PLC and any holder or beneficial owner of the Auto-Callable Trigger PLUS (or the trustee on behalf of the holders of the
Auto-Callable Trigger PLUS), by acquiring the Auto-Callable Trigger PLUS, each holder or beneficial owner of the Auto-Callable Trigger
PLUS 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 Auto-Callable Trigger PLUS losing all or
a part of the value of your investment in the Auto-Callable Trigger PLUS or receiving a different security from the Auto-Callable Trigger
PLUS, which may be worth significantly less than the Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS. The
exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority with respect to the Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS. 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 Underlier**

▪ **Adjustments to the underlier could adversely affect the value of the Auto-Callable Trigger PLUS.** The sponsor of the underlier may add, delete, substitute or adjust the securities composing the underlier or make other
methodological changes to the underlier that could affect its performance. The calculation agent will calculate the value to be used as
the closing level of the underlier in the event of certain material changes in or modifications to the underlier. In addition, the sponsor
of the underlier may also discontinue or suspend calculation or publication of the underlier at any time. Under these circumstances, the
calculation agent may select a successor index that the calculation agent determines to be comparable to the underlier or, if no successor
index is available, the calculation agent will determine the value to be used as the closing level of the underlier. Any of these actions
could adversely affect the value of the underlier and, consequently, the value of the Auto-Callable Trigger PLUS. See "Reference
Assets—Indices—Adjustments Relating to Securities with an Index as a Reference Asset" in the accompanying prospectus
supplement.

▪ **The Auto-Callable Trigger PLUS are subject to small-capitalization companies risk.** The underlier tracks companies that are
considered small-capitalization companies. These companies often have greater stock price volatility, lower trading volume and less liquidity
than large-capitalization companies, and therefore the Auto-Callable Trigger PLUS linked to the underlier may be more volatile than an
investment linked to an index with component stocks issued by large-capitalization companies. Stock prices of small-capitalization companies
are also more vulnerable than those of large-capitalization companies to adverse business and economic developments. In addition, small-capitalization
companies are typically less stable financially than large-capitalization companies and may depend on a small number of key personnel,
making them more vulnerable to loss of personnel. Small-capitalization companies are often subject to less analyst coverage and may be
in early, and less predictable, periods of their corporate existences. Such companies tend to have smaller revenues, less diverse product
lines, smaller shares of their product or service markets, fewer financial resources and less competitive strengths than large-capitalization
companies and are more susceptible to adverse developments related to their products.

▪ **Governmental legislative or regulatory actions, such as sanctions, could adversely affect your investment in the Auto-Callable Trigger PLUS.** Governmental legislative or regulatory actions, including, without limitation, sanctions-related actions by

June 2025 Page 16

Auto-Callable Trigger PLUS Based on the Value of the Russell 2000<sup>®</sup> Index due July 3, 2030

**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

the U.S. or a foreign government, could prohibit or otherwise restrict persons from holding the Auto-Callable Trigger PLUS or securities included in the underlier, or engaging in transactions in them, and any such action could adversely affect the value of the underlier. These legislative or regulatory actions could result in restrictions on the Auto-Callable Trigger PLUS. You may lose a significant portion or all of your initial investment in the Auto-Callable Trigger PLUS if you are forced to divest the Auto-Callable Trigger PLUS due to government mandates, especially if such divestment must be made at a time when the value of the Auto-Callable Trigger PLUS has declined.

▪ **We may accelerate the Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS or
the underlier or its components, 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 Auto-Callable Trigger PLUS if they were not accelerated.
However, if the calculation agent elects not to accelerate the Auto-Callable Trigger PLUS, the value of, and any amount payable on, the
Auto-Callable Trigger PLUS 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**

▪ **Hedging and trading activity by the issuer and its affiliates could potentially adversely affect the value of the Auto-Callable Trigger PLUS.** The hedging or trading activities of the issuer's affiliates and of any other hedging counterparty with respect
to the Auto-Callable Trigger PLUS on or prior to the pricing date and prior to maturity could adversely affect the value of the underlier
and, as a result, could decrease the amount an investor may receive on the Auto-Callable Trigger PLUS at maturity. Any of these hedging
or trading activities on or prior to the pricing date could have increased the initial underlier value and, as a result, the trigger value,
which is the value at or above which the underlier must close on the valuation date so that the investor does not suffer a loss on their
initial investment in the Auto-Callable Trigger PLUS. Additionally, such hedging or trading activities during the term of the Auto-Callable
Trigger PLUS, including on the valuation date, could potentially affect the value of the underlier on the valuation date and, accordingly,
the amount of cash an investor will receive at maturity, if any.

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

In connection with our normal business activities and in connection with hedging our obligations under the Auto-Callable Trigger PLUS, 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 the underlier or its components. 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 Auto-Callable Trigger PLUS. We and our affiliates have no obligation to take the needs of any buyer, seller or holder of the Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS.

In addition, the role played by Barclays Capital Inc., as the agent for the Auto-Callable Trigger PLUS, could present significant conflicts of interest with the role of Barclays Bank PLC, as issuer of the Auto-Callable Trigger PLUS. For example, Barclays Capital Inc. or its representatives may derive compensation or financial benefit from the distribution of the Auto-Callable Trigger PLUS and such compensation or financial benefit may serve as an incentive to sell the Auto-Callable Trigger PLUS instead of other investments. Furthermore, we and our affiliates establish the offering price of the Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS. 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 Auto-Callable Trigger PLUS to you. This additional projected profit may create a further incentive for the selected dealer to sell the Auto-Callable Trigger PLUS to you.

In addition to the activities described above, we will also act as the calculation agent for the Auto-Callable Trigger PLUS. As calculation agent, we will determine any values of the underlier and make any other determinations necessary to calculate any payments on the Auto-Callable Trigger PLUS. 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 Underlier" above. In making these discretionary judgments, our economic interests are potentially adverse to your interests as an investor in

June 2025 Page 17

Auto-Callable Trigger PLUS Based on the Value of the Russell 2000<sup>®</sup> Index due July 3, 2030

**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

the Auto-Callable Trigger PLUS, and any of these determinations may adversely affect any payments on the Auto-Callable Trigger PLUS.

**Risks Relating to the Estimated Value of the Auto-Callable Trigger PLUS and the Secondary Market**

▪ **The Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS easily. Because other dealers
are not likely to make a secondary market for the Auto-Callable Trigger PLUS, the price, if any, at which you may be able to trade your
Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS. In addition, Barclays Capital Inc. or one or more of our other affiliates may at
any time hold an unsold portion of the Auto-Callable Trigger PLUS (as described on the cover page of this document), which may inhibit
the development of a secondary market for the Auto-Callable Trigger PLUS. The Auto-Callable Trigger PLUS are not designed to be short-term
trading instruments. Accordingly, you should be willing and able to hold your Auto-Callable Trigger PLUS to maturity.

▪ **The market price of the Auto-Callable Trigger PLUS will be influenced by many unpredictable factors.** Several factors will influence
the value of the Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS in the secondary market. Although we expect that
generally the value of the underlier on any day will affect the value of the Auto-Callable Trigger PLUS more than any other single factor,
other factors that may influence the value of the Auto-Callable Trigger PLUS include:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o dividend rates on the securities composing the underlier;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o time remaining until the Auto-Callable Trigger PLUS mature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o supply and demand for the Auto-Callable Trigger PLUS;

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

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

The value of the underlier may be, and has recently been, volatile, and we can give you no assurance that the volatility will lessen. See "Russell 2000<sup>®</sup> Index Overview" below. You may receive less, and possibly significantly less, than the stated principal amount if you try to sell your Auto-Callable Trigger PLUS prior to maturity.

▪ **The estimated value of your Auto-Callable Trigger PLUS is lower than the initial issue price of your Auto-Callable Trigger PLUS.** The estimated value of your Auto-Callable Trigger PLUS on the pricing date is lower than the initial issue price of your Auto-Callable
Trigger PLUS. The difference between the initial issue price of your Auto-Callable Trigger PLUS and the estimated value of the Auto-Callable
Trigger PLUS is a result of certain factors, such as any sales commissions to be paid to Barclays Capital Inc. or another affiliate of
ours, any selling concessions, discounts, commissions or fees 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 Auto-Callable Trigger PLUS, the estimated cost that
we may incur in hedging our obligations under the Auto-Callable Trigger PLUS, and estimated development and other costs that we may incur
in connection with the Auto-Callable Trigger PLUS. 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.

▪ **The estimated value of your Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS 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 value referenced above might be lower if
such estimated value were based on the levels at which our benchmark debt securities trade in the secondary market.

▪ **The estimated value of the Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS
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 Auto-Callable Trigger PLUS may not be consistent with those of other financial institutions that may
be purchasers or sellers of Auto-Callable Trigger PLUS in the secondary market.

June 2025 Page 18

Auto-Callable Trigger PLUS Based on the Value of the Russell 2000<sup>®</sup> Index due July 3, 2030

**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

As a result, the secondary market price of your Auto-Callable Trigger PLUS may be materially different from the estimated value of the Auto-Callable Trigger PLUS determined by reference to our internal pricing models.

▪ **The estimated value of your Auto-Callable Trigger PLUS is not a prediction of the prices at which you may sell your Auto-Callable Trigger PLUS in the secondary market, if any, and such secondary market prices, if any, will likely be lower than the initial issue price of your Auto-Callable Trigger PLUS and may be lower than the estimated value of your Auto-Callable Trigger PLUS.** The estimated value
of the Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS. Further, as secondary market prices
of your Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS such as fees, commissions, discounts, and the costs of hedging
our obligations under the Auto-Callable Trigger PLUS, secondary market prices of your Auto-Callable Trigger PLUS will likely be lower
than the initial issue price of your Auto-Callable Trigger PLUS. As a result, the price at which Barclays Capital Inc., other affiliates
of ours or third parties may be willing to purchase the Auto-Callable Trigger PLUS from you in secondary market transactions, if any,
will likely be lower than the price you paid for your Auto-Callable Trigger PLUS, 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 Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS.** Assuming that all relevant factors remain constant after the pricing date, the price at which Barclays
Capital Inc. may initially buy or sell the Auto-Callable Trigger PLUS in the secondary market (if Barclays Capital Inc. makes a market
in the Auto-Callable Trigger PLUS, 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 Auto-Callable Trigger PLUS on the pricing
date, as well as the secondary market value of the Auto-Callable Trigger PLUS, for a temporary period after the initial issue date of
the Auto-Callable Trigger PLUS. The price at which Barclays Capital Inc. may initially buy or sell the Auto-Callable Trigger PLUS 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
Auto-Callable Trigger PLUS.

June 2025 Page 19

Auto-Callable Trigger PLUS Based on the Value of the Russell 2000<sup>®</sup> Index due July 3, 2030

**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

Russell 2000<sup>®</sup> Index Overview

The underlier measures the capitalization-weighted price performance of 2,000 U.S. small-capitalization stocks listed on eligible U.S. exchanges and is designed to track the performance of the small-capitalization segment of the U.S. equity market. For more information about the underlier, see "Indices—The Russell Indices" in the accompanying underlying supplement.

Information about the underlier as of market close on June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Bloomberg Ticker Symbol:** | RTY | **52 Week High:** | 2442.031 |
| **Current Closing Level:** | 2175.035 | **52 Week Low:** | 1760.71 |
| **52 Weeks Ago (7/1/2024):** | 2030.067 |  |  |

---

The following table sets forth the published high, low and period-end closing levels of the underlier for each quarter for the period of January 2, 2020 through June 30, 2025. The associated graph shows the closing levels of the underlier for each day in the same period. The closing level of the underlier on June 30, 2025 was 2,175.035. We obtained the closing levels of the underlier from Bloomberg Professional<sup>®</sup> service, without independent verification. Historical performance of the underlier should not be taken as an indication of future performance. Future performance of the underlier may differ significantly from historical performance, and no assurance can be given as to the closing level of the underlier during the term of the Auto-Callable Trigger PLUS, including on the call observation date or the valuation date. We cannot give you assurance that the performance of the underlier will not result in a loss on your initial investment.

---

| | | | |
|:---|:---|:---|:---|
| **Russell 2000<sup>®</sup> Index** | **High** | **Low** | **Period End** |
| **2020** |  |  |  |
| First Quarter | 1705.215 | 991.160 | 1153.103 |
| Second Quarter | 1536.895 | 1052.053 | 1441.365 |
| Third Quarter | 1592.287 | 1398.920 | 1507.692 |
| Fourth Quarter | 2007.104 | 1531.202 | 1974.855 |
| **2021** |  |  |  |
| First Quarter | 2360.168 | 1945.914 | 2220.519 |
| Second Quarter | 2343.758 | 2135.139 | 2310.549 |
| Third Quarter | 2329.359 | 2130.680 | 2204.372 |
| Fourth Quarter | 2442.742 | 2139.875 | 2245.313 |
| **2022** |  |  |  |
| First Quarter | 2272.557 | 1931.288 | 2070.125 |
| Second Quarter | 2095.440 | 1649.836 | 1707.990 |
| Third Quarter | 2021.346 | 1655.882 | 1664.716 |
| Fourth Quarter | 1892.839 | 1682.403 | 1761.246 |
| **2023** |  |  |  |
| First Quarter | 2001.221 | 1720.291 | 1802.484 |
| Second Quarter | 1896.333 | 1718.811 | 1888.734 |
| Third Quarter | 2003.177 | 1761.609 | 1785.102 |
| Fourth Quarter | 2066.214 | 1636.938 | 2027.074 |
| **2024** |  |  |  |
| First Quarter | 2124.547 | 1913.166 | 2124.547 |
| Second Quarter | 2109.459 | 1942.958 | 2047.691 |
| Third Quarter | 2263.674 | 2026.727 | 2229.970 |
| Fourth Quarter | 2442.031 | 2180.146 | 2230.158 |
| **2025** |  |  |  |
| First Quarter | 2317.968 | 1993.690 | 2011.913 |
| Second Quarter | 2175.035 | 1760.710 | 2175.035 |

---

June 2025 Page 20

Auto-Callable Trigger PLUS Based on the Value of the Russell 2000<sup>®</sup> Index due July 3, 2030

**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

---

| |
|:---|
| **Underlier Historical Performance\*—<br> January 2, 2020 to June 30, 2025** |
| \* The dotted line indicates the trigger value of 75% of the initial underlier value. |

---

 ****

***PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.***

June 2025 Page 21

Auto-Callable Trigger PLUS Based on the Value of the Russell 2000<sup>®</sup> Index due July 3, 2030

**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

Additional Information about the Auto-Callable Trigger PLUS

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

---

| | |
|:---|:---|
| **Additional provisions:** |  |
| **Minimum ticketing size:** | $1,000 / 1 Auto-Callable Trigger PLUS |
| **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 Prepaid Forward or Derivative Contracts" 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 Auto-Callable Trigger PLUS.<br>Based on current market conditions, in the opinion of our special tax counsel, the Auto-Callable Trigger PLUS should be treated for U.S. federal income tax purposes as prepaid forward contracts with respect to the underlier. Assuming this treatment is respected, upon a sale or exchange of the Auto-Callable Trigger PLUS (including redemption upon an automatic call or at maturity), you should recognize capital gain or loss equal to the difference between the amount realized on the sale or exchange and your tax basis in the Auto-Callable Trigger PLUS, which should equal the amount you paid to acquire the Auto-Callable Trigger PLUS. This gain or loss on your Auto-Callable Trigger PLUS should be treated as long-term capital gain or loss if you hold your Auto-Callable Trigger PLUS for more than a year, whether or not you are an initial purchaser of Auto-Callable Trigger PLUS at the original issue price. However, the IRS or a court may not respect this treatment, in which case the timing and character of any income or loss on the Auto-Callable Trigger PLUS 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 in particular on whether to require investors in these instruments to accrue income over the term of their investment. It also asks for comments on a number of related topics, including the character of income or loss with respect to these instruments; the relevance of factors such as the nature of the underlying property to which the instruments are linked; the degree, if any, to which income (including any mandated accruals) realized by non-U.S. investors should be subject to withholding tax; and whether these instruments are or should be subject to the "constructive ownership" regime, which very generally can operate to recharacterize certain long-term capital gain as ordinary income and impose a notional interest charge. While the notice requests comments on appropriate transition rules and effective dates, 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 Auto-Callable Trigger PLUS, possibly with retroactive effect. You should consult your tax advisor regarding the U.S. federal income tax consequences of an investment in the Auto-Callable Trigger PLUS, including possible alternative treatments and the issues presented by this notice.<br>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 Auto-Callable Trigger PLUS do not have a "delta of one" within the meaning of the regulations, our special tax counsel is of the opinion that these regulations should not apply to the Auto-Callable Trigger PLUS 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. You should consult your tax advisor regarding the potential application of Section 871(m) to the Auto-Callable Trigger PLUS.<br>|
| **Trustee:** | The Bank of New York Mellon |
| **Use of proceeds and hedging:** | The net proceeds we receive from the sale of the Auto-Callable Trigger PLUS 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 Auto-Callable Trigger PLUS through one or more of our subsidiaries. |

---

June 2025 Page 22

Auto-Callable Trigger PLUS Based on the Value of the Russell 2000<sup>®</sup> Index due July 3, 2030

**Auto-Callable Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

We, through our subsidiaries or others, hedge our anticipated exposure in connection with the Auto-Callable Trigger PLUS by taking positions in futures and options contracts on the underlier 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 value of the underlier, the market value of the Auto-Callable Trigger PLUS or any amounts payable on your Auto-Callable Trigger PLUS. For further information on our use of proceeds and hedging, see "Use of Proceeds and Hedging" in the prospectus supplement.

---

| | |
|:---|:---|
| **ERISA:** | See "Benefit Plan Investor Considerations" in the accompanying prospectus supplement. |
| **Validity of the Auto-Callable Trigger PLUS:** | In the opinion of Davis Polk & Wardwell LLP, as special United States products counsel to Barclays Bank PLC, when the Auto-Callable Trigger PLUS offered by this pricing supplement have been issued by Barclays Bank PLC pursuant to the indenture, the trustee has made, in accordance with instructions from Barclays Bank PLC, appropriate entries or notations in its records relating to the master global note that represents such Auto-Callable Trigger PLUS (the "master note"), and such Auto-Callable Trigger PLUS have been delivered against payment as contemplated herein, such Auto-Callable Trigger PLUS will be valid and binding obligations of Barclays Bank PLC, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith) and possible judicial or regulatory actions or application giving effect to governmental actions or foreign laws affecting creditors' rights, *provided* that such counsel expresses no opinion as to (i) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above or (ii) the validity, legally binding effect or enforceability of any provision that permits holders to collect any portion of the stated principal amount upon acceleration of the Auto-Callable Trigger PLUS to the extent determined to constitute unearned interest. This opinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar as this opinion involves matters governed by English law, Davis Polk & Wardwell LLP has relied, with Barclays Bank PLC's permission, on the opinion of Davis Polk & Wardwell London LLP, dated as of May 15, 2025, filed as an exhibit to the Registration Statement on Form F-3ASR by Barclays Bank PLC on May 15, 2025, and this opinion is subject to the same assumptions, qualifications and limitations as set forth in such opinion of Davis Polk & Wardwell London LLP. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and its authentication of the master note and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the opinion of Davis Polk & Wardwell LLP, dated May 15, 2025, which has been filed as an exhibit to the Registration Statement referred to above. |

---

 

*This document represents a summary of the terms and conditions of the Auto-Callable Trigger PLUS. We encourage you to read the accompanying prospectus, prospectus supplement and underlying 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 Auto-Callable Trigger PLUS they sell, and Morgan Stanley Wealth Management will receive a structuring fee for each Auto-Callable Trigger PLUS, in each case as specified on the cover page of this document.

June 2025 Page 23

## Ex-Filing

**Exhibit 107.1**

**Calculation of Filing Fee Table**

**F-3**<br> (Form Type)

**Barclays Bank PLC**<br> (Exact Name of Registrant as Specified in its Charter)

<u>Table 1—Newly Registered Securities</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Security Type** | **Security Class Title** | **Fee Calculation or Carry Forward Rule** | **Amount Registered** | **Proposed Maximum Offering Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| **Fees to be Paid** | Debt | Global Medium-Term Notes, Series A | 457(r) | 5295 | $1000 | $5295000 | 0.0001531 | $810.66 |

---

The pricing supplement to which this Exhibit is attached is a final prospectus for the related offering.