# EDGAR Filing Document

**Accession Number:** 0000312070
**File Stem:** 0000950103-25-016435
**Filing Date:** 2025-12
**Character Count:** 81028
**Document Hash:** af0993f56abd0e08c8fabacd59685c5a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-016435.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0000950103-25-016435

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 20

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**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:** 251593038

**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

---

| | |
|:---|:---|
| **Term Sheet**<br> **(To the Prospectus dated May 15, 2025, the Prospectus Supplement dated May 15, 2025 and Product Supplement EQUITY LIRN-1 dated October 30, 2025)** | **Filed Pursuant to Rule 424(b)(2)<br> Registration Statement No. 333-287303** |

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| | | |
|:---|:---|:---|
| 1,760,053 Units<br> $10 principal amount per unit<br> CUSIP No. 06748V287 | Pricing Date<br> Settlement Date<br> Maturity Date | December 18, 2025<br> December 26, 2025<br> February 26, 2027 |

---

![](image_009.jpg)

**Capped Notes with Absolute Return Buffer Linked to the S&P 500<sup>®</sup> Index**<br>▪Maturity of approximately 14 months<br>▪1-to-1 upside exposure to increases in the S&P 500<sup>®</sup> Index (the "Market Measure"), subject to a capped return of 10.00%<br>▪A positive return equal to the absolute value of the percentage decline in the Market Measure only if the Market Measure does not decline by more than 7.15% (e.g., if the negative return of the Market Measure is -3%, you will receive a positive return of +3%)<br>▪1-to-1 downside exposure to decreases in the Market Measure beyond a 7.15% decline, with 92.85% of your principal at risk<br>▪All payments occur at maturity and are subject to the credit risk of Barclays Bank PLC.<br>▪No periodic interest payments<br>▪In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.05 per unit. See "Structuring the Notes."<br>▪Limited secondary market liquidity, with no exchange listing<br>▪The notes are our unsecured and unsubordinated obligations and are not deposit liabilities of Barclays Bank PLC. The notes 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.<br>

**The notes are being issued by Barclays Bank PLC ("Barclays"). There are important differences between the notes and a conventional debt security, including different investment risks and certain additional costs. See "Risk Factors" beginning on page TS-8 of this term sheet and "Risk Factors" beginning on page PS-9 of product supplement EQUITY LIRN-1 and beginning on page S-9 of the prospectus supplement.**

**Our initial estimated value of the notes, based on our internal pricing models, is $9.70 per unit on the pricing date, which is less than the public offering price listed below.** See "Summary" on the following page, "Risk Factors" beginning on page TS-8 of this term sheet and "Structuring the Notes" below for additional information. The actual value of your notes at any time will reflect many factors and cannot be predicted with accuracy.

**Notwithstanding and to the exclusion of any other term of the notes or any other agreements, arrangements or understandings between Barclays and any holder or beneficial owner of the notes (or the trustee on behalf of the holders of the notes), by acquiring the notes, each holder or beneficial owner of the notes 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. All payments are subject to the risk of 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 TS-3 and "Risk Factors" beginning on page TS-8 of this term sheet.**

None of the Securities and Exchange Commission (the "SEC"), any state securities commission, or any other regulatory body has approved or disapproved of these securities or determined if this Note Prospectus (as defined below) is truthful or complete. Any representation to the contrary is a criminal offense.

---

| | | |
|:---|:---|:---|
|  | <u>Per Unit</u> | <u>Total</u> |
| Public offering price<sup></sup> | $10.000 | $17600530.00 |
| Underwriting discount<sup></sup> | $0.175 | $308009.27 |
| Proceeds, before expenses, to Barclays<sup></sup> | $9.825 | $17292520.73 |

---

**The notes:**

---

| | | |
|:---|:---|:---|
| **Are Not FDIC Insured** | **Are Not Bank Guaranteed** | **May Lose Value** |

---

**BofA Securities**

December 18, 2025

Capped Notes with Absolute Return Buffer <br> <u>Linked to the S&P 500<sup>®</sup> Index, due February 26, 2027</u>

Summary

The Capped Notes with Absolute Return Buffer Linked to the S&P 500<sup>®</sup> Index, due February 26, 2027 (the "notes") are our unsecured and unsubordinated obligations and are not deposit liabilities of Barclays. The notes 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. **The notes will rank equally with all of our other unsecured and unsubordinated debt. Any payments due on the notes, including any repayment of principal, will be subject to the credit risk of Barclays and to the risk of exercise of any U.K. Bail-in Power (as described herein) or any other resolution measure by any relevant U.K. resolution authority.**

The notes provide you a 1-to-1 return, subject to a cap, if the Ending Value of the Market Measure, which is the S&P 500<sup>®</sup> Index (the "Market Measure"), is greater than the Starting Value. If the Ending Value is less than or equal to the Starting Value but greater than or equal to the Threshold Value, you will receive a positive return equal to the absolute value of the percentage decline in the Market Measure from the Starting Value to the Ending Value (e.g., if the negative return of the Market Measure is -3.00%, you will receive a positive return of +3.00%). If the Ending Value is less than the Threshold Value, you will lose a portion, which could be significant, of the principal amount of your notes. Any payments on the notes will be calculated based on the $10 principal amount per unit and will depend on the performance of the Market Measure, subject to our credit risk. See "Terms of the Notes" below.

On the cover page of this term sheet, we have provided the estimated value for the notes. This estimated value was determined based on our internal pricing models, which take into account a number of variables, including volatility, interest rates and our internal funding rates, which are our internally published borrowing rates and the economic terms of certain related hedging arrangements. This estimated value is less than the public offering price.

The economic terms of the notes (including the Threshold Value) are based on our internal funding rates, which may vary from the levels at which our benchmark debt securities trade in the secondary market, and the economic terms of certain related hedging arrangements. The difference between these rates, as well as the underwriting discount, the hedging-related charge and other amounts described below, reduced the economic terms of the notes. For more information about the estimated value and the structuring of the notes, see "Structuring the Notes" below.

---

| | |
|:---|:---|
| Terms of the Notes | Terms of the Notes |
| **Issuer:** | Barclays Bank PLC ("Barclays") |
| **Principal Amount:** | $10.00 per unit |
| **Term:** | Approximately 14 months |
| **Market Measure:** | The S&P 500<sup>®</sup> Index (Bloomberg symbol: "SPX"), a price return index |
| **Starting Value:** | 6774.76 |
| **Ending Value:** | The average of the closing levels of the Market Measure on each calculation day occurring during the Maturity Valuation Period. The scheduled calculation days are subject to postponement in the event of Market Disruption Events, as described beginning on page PS-32 of product supplement EQUITY LIRN-1. |
| **Threshold Value:** | 6,290.36 (92.85% of the Starting Value, rounded to two decimal places) |
| **Participation Rate:** | 100% |
| **Capped Value:** | $11.00 per unit, which represents a return of 10.00% over the principal amount |
| **Maturity Valuation Period:** | February 17, 2027, February 18, 2027, February 19, 2027, February 22, 2027 and February 23, 2027 |
| **Fees and Charges:** | The public offering price of the notes includes the underwriting discount of $0.175 per unit listed on the cover page and a hedging-related charge of $0.05 per unit described in "Structuring the Notes" below. |
| **Calculation Agents:** | Barclays and BofA Securities, Inc. ("BofAS") |

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| |
|:---|
| Redemption Amount Determination |
| Notwithstanding anything to the contrary in the accompanying product supplement, the Redemption Amount will be determined as set forth in this term sheet. On the maturity date, you will receive a cash payment per unit determined as follows: |
| ![](image_010.jpg) |
| ![](image_010.jpg) |

---

Capped Notes with Absolute Return Buffer TS-2

Capped Notes with Absolute Return Buffer <br> <u>Linked to the S&P 500<sup>®</sup> Index, due February 26, 2027</u>

The terms and risks of the notes are contained in this term sheet and in the following:

▪ Product supplement EQUITY LIRN-1 dated October 30, 2025:<br> [http://www.sec.gov/Archives/edgar/data/312070/000095010325013900/dp236510_424b2-equitylirn1.htm](http://www.sec.gov/Archives/edgar/data/312070/000095010325013900/dp236510_424b2-equitylirn1.htm)

▪ Series A MTN 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)

▪ 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)

These documents (together, the "Note Prospectus") have been filed as part of a registration statement with the SEC, which may, without cost, be accessed on the SEC website as indicated above or obtained from us, Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S") or BofAS by calling 1-800-294-1322. Before you invest, you should read the Note Prospectus, including this term sheet, and the other documents that we have filed with the SEC for information about us and this offering. Any prior or contemporaneous oral statements and any other written materials you may have received are superseded by the Note Prospectus. Capitalized terms used but not defined in this term sheet have the meanings set forth in product supplement EQUITY LIRN-1. Unless otherwise indicated or unless the context requires otherwise, all references in this term sheet to "we," "us," "our" or similar references are to Barclays.

"Leveraged Index Return Notes<sup>®</sup>" and "LIRNs<sup>®</sup>" are the registered service marks of Bank of America Corporation, the parent company of MLPF&S and BofAS.

Consent to U.K. Bail-in Power

**Notwithstanding and to the exclusion of any other term of the notes or any other agreements, arrangements or understandings between us and any holder or beneficial owner of the notes (or the trustee on behalf of the holders of the notes), by acquiring the notes, each holder or beneficial owner of the notes 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 notes; (ii) the conversion of all, or a portion, of the principal amount of, or interest on, or any other amounts payable on, the notes into shares or other securities or other obligations of Barclays or another person (and the issue to, or conferral on, the holder or beneficial owner of the notes of such shares, securities or obligations); (iii) the cancellation of the notes and/or (iv) the amendment or alteration of the maturity of the notes, or the amendment of the amount of interest or any other amounts due on the notes, 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 notes 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 notes further acknowledges and agrees that the rights of the holders or beneficial owners of the notes 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 notes 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—Issuer-related Risks—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 term sheet 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.

Capped Notes with Absolute Return Buffer TS-3

Capped Notes with Absolute Return Buffer <br> <u>Linked to the S&P 500<sup>®</sup> Index, due February 26, 2027</u>

Investor Considerations

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| | |
|:---|:---|
| **You may wish to consider an investment in the notes if:** | **You may wish to consider an investment in the notes if:** |
| ▪ | You anticipate that the Market Measure will increase moderately from the Starting Value to the Ending Value or decrease from the Starting Value to an Ending Value that is equal to or above the Threshold Value. |
| ▪ | You are willing to risk a loss of principal and return if the Market Measure decreases from the Starting Value to an Ending Value that is below the Threshold Value. |
| ▪ | You accept that the return on the notes will be capped. |
| ▪ | You are willing to forgo the interest payments that are paid on conventional interest-bearing debt securities. |
| ▪ | You are willing to forgo dividends and other benefits of directly owning the securities included in the Market Measure. |
| ▪ | You are willing to accept a limited or no market for sales prior to maturity, and understand that the market prices for the notes, if any, will be affected by various factors, including our actual and perceived creditworthiness, the inclusion in the public offering price of the underwriting discount, the hedging-related charge and other amounts, as described above. |
| ▪ | You are willing and able to assume our credit risk, as issuer of the notes, for all payments under the notes, including the Redemption Amount. |
| ▪ | You are willing and able to consent to the exercise of any U.K. Bail-in Power by U.K. resolution authorities. |

---

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| | |
|:---|:---|
| **The notes may not be an appropriate investment for you if:** | **The notes may not be an appropriate investment for you if:** |
| ▪ | You believe that the Market Measure will decrease from the Starting Value to an Ending Value that is below the Threshold Value or that it will not increase sufficiently over the term of the notes to provide you with your desired return. |
| ▪ | You seek 100% principal repayment or preservation of capital. |
| ▪ | You seek an uncapped return on your investment. |
| ▪ | You seek interest payments or other current income on your investment. |
| ▪ | You want to receive dividends or have other benefits of directly owning the securities included in the Market Measure. |
| ▪ | You seek an investment for which there will be a liquid secondary market. |
| ▪ | You are unwilling or unable to take market risk on the notes or to take our credit risk as issuer of the notes. |
| ▪ | You are unwilling or unable to consent to the exercise of any U.K. Bail-in Power by U.K. resolution authorities. |

---

<br> We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the notes.

Capped Notes with Absolute Return Buffer TS-4

Capped Notes with Absolute Return Buffer <br> <u>Linked to the S&P 500<sup>®</sup> Index, due February 26, 2027</u>

Hypothetical Payout Profile and Examples of Payments at Maturity

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| | |
|:---|:---|
| **Capped Notes with Absolute Return Buffer**<br> ![](image_011.jpg) | This graph reflects the returns on the notes, based on the Participation Rate of 100%, the Threshold Value of 92.85% of the Starting Value and the Capped Value of $11.00 per unit. The green line reflects the returns on the notes, while the dotted gray line reflects the returns of a direct investment in the securities included in the Market Measure, excluding dividends.<br>This graph has been prepared for purposes of illustration only.<br>|

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The following table and examples are for purposes of illustration only. They are based on **hypothetical** values and show **hypothetical** returns on the notes. They illustrate the calculation of the Redemption Amount and total rate of return based on a hypothetical Starting Value of 100.00, a hypothetical Threshold Value of 92.85, the Participation Rate of 100%, the Capped Value of $11.00 per unit and a range of hypothetical Ending Values. **The actual amount you receive and the resulting total rate of return will depend on the actual Starting Value, Threshold Value and Ending Value, and whether you hold the notes to maturity.** The following examples do not take into account any tax consequences from investing in the notes.

For recent actual levels of the Market Measure, see "The Market Measure" section below. The Market Measure is a price return index and as such the Ending Value will not include any income generated by dividends paid on the securities included in the Market Measure, which you would otherwise be entitled to receive if you invested in those securities directly. In addition, all payments on the notes are subject to issuer credit risk.

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| | | | |
|:---|:---|:---|:---|
| **Ending Value** | **Percentage Change**<br> **from the Starting Value**<br> **to the Ending Value** | **Redemption Amount**<br> **per Unit** | **Total Rate of Return**<br> **on the Notes** |
| 0.00 | -100.00% | $0.715 | -92.85% |
| 50.00 | -50.00% | $5.715 | -42.85% |
| 70.00 | -30.00% | $7.715 | -22.85% |
| 80.00 | -20.00% | $8.715 | -12.85% |
| 90.00 | -10.00% | $9.715 | -2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;92.85<sup>(1)</sup> | -7.15% | &nbsp;&nbsp;&nbsp;&nbsp;$10.715<sup>(3)</sup> | 7.15% |
| 95.00 | -5.00% | $10.500 | 5.00% |
| 97.00 | -3.00% | $10.300 | 3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;100.00<sup>(2)</sup> | 0.00% | $10.000 | 0.00% |
| 102.00 | 2.00% | $10.200 | 2.00% |
| 103.00 | 3.00% | $10.300 | 3.00% |
| 105.00 | 5.00% | $10.500 | 5.00% |
| 110.00 | 10.00% | &nbsp;&nbsp;&nbsp;&nbsp;$11.000<sup>(4)</sup> | 10.00% |
| 120.00 | 20.00% | $11.000 | 10.00% |
| 130.00 | 30.00% | $11.000 | 10.00% |
| 150.00 | 50.00% | $11.000 | 10.00% |
| 200.00 | 100.00% | $11.000 | 10.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) This is the **hypothetical** Threshold Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The **hypothetical** Starting Value of 100.00 used in these examples has been chosen for illustrative purposes only, and does not
represent the actual Starting Value for the Market Measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any positive return based on the depreciation of the Market Measure cannot exceed the return represented by the Threshold Value.

Capped Notes with Absolute Return Buffer TS-5

Capped Notes with Absolute Return Buffer <br> <u>Linked to the S&P 500<sup>®</sup> Index, due February 26, 2027</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Any positive return based on the appreciation of the Market Measure cannot exceed the return represented by the Capped Value.

Capped Notes with Absolute Return Buffer TS-6

Capped Notes with Absolute Return Buffer <br> <u>Linked to the S&P 500<sup>®</sup> Index, due February 26, 2027</u>

**Redemption Amount Calculation Examples:**

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| | |
|:---|:---|
| **Example 1** |  |
| The Ending Value is 50.00, or 50.00% of the Starting Value: | The Ending Value is 50.00, or 50.00% of the Starting Value: |
| Starting Value: 100.00 | Starting Value: 100.00 |
| Threshold Value: 92.85 | Threshold Value: 92.85 |
| Ending Value: 50.00 | Ending Value: 50.00 |
| ![](image_012.jpg) | **= $5.715** Redemption Amount per unit |

---

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| | |
|:---|:---|
| **Example 2** |  |
| The Ending Value is 97.00, or 97.00% of the Starting Value: | The Ending Value is 97.00, or 97.00% of the Starting Value: |
| Starting Value: 100.00 |  |
| Threshold Value: 92.85 |  |
| Ending Value: 97.00 |  |
| ![](image_013.jpg) | **= $10.30** Redemption Amount per unit. Since the Ending Value is less than the Starting Value but equal to or greater than the Threshold Value, the Redemption Amount will be the principal amount *plus* a positive return equal to the absolute value of the percentage decline in the Market Measure from the Starting Value to the Ending Value. |

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| | |
|:---|:---|
| **Example 3** |  |
| The Ending Value is 102.00, or 102.00% of the Starting Value: | The Ending Value is 102.00, or 102.00% of the Starting Value: |
| Starting Value: 100.00 |  |
| Threshold Value: 92.85 |  |
| Ending Value: 102.00 |  |
| ![](image_014.jpg) | **= $10.20** Redemption Amount per unit |

---

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| | |
|:---|:---|
| **Example 4** |  |
| The Ending Value is 130.00, or 130.00% of the Starting Value: | The Ending Value is 130.00, or 130.00% of the Starting Value: |
| Starting Value: 100.00 |  |
| Threshold Value: 92.85 |  |
| Ending Value: 130.00 |  |
| ![](image_015.jpg) | **= $13.00, however, because any positive return based on the appreciation of the Market Measure cannot exceed the return represented by the Capped Value, the Redemption Amount will be $11.00 per unit** |

---

Capped Notes with Absolute Return Buffer TS-7

Capped Notes with Absolute Return Buffer <br> <u>Linked to the S&P 500<sup>®</sup> Index, due February 26, 2027</u>

Risk Factors

 

*There are important differences between the notes and a conventional debt security. An investment in the notes involves significant risks, including those listed below. You should carefully review the more detailed explanation of risks relating to the notes in the "Risk Factors" sections beginning on page PS-9 of product supplement EQUITY LIRN-1 and page S-9 of the Series A MTN prospectus supplement identified above. We also urge you to consult your investment, legal, tax, accounting, and other advisors before you invest in the notes.*

**<u>Structure-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Depending on the performance of the Market Measure as measured shortly before the maturity date, your investment may result in a loss;
there is no guaranteed return of principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Your return on the notes may be less than the yield you could earn by owning a conventional fixed or floating rate debt security of
comparable maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Your investment return based on any increase in the value of the Market Measure is limited to the return represented by the Capped
Value and may be less than a comparable investment directly in the securities included in the Market Measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Your potential for a positive return based on the depreciation of the Market Measure is limited and may be less than that of a comparable
investment that takes a short position directly in the Market Measure (or the securities included in the Market Measure). The absolute
value return feature applies only if the Ending Value is less than the Starting Value but greater than or equal to the Threshold Value.
Because the Threshold Value is 92.85% of the Starting Value, any positive return due to the depreciation of the Market Measure will be
limited to 7.15%. Any decline in the Ending Value from the Starting Value by more than 7.15% will result in a loss, rather than a positive
return, on the notes.

**<u>Issuer-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Payments on the notes are subject to our credit risk, and any actual or perceived changes in our creditworthiness are expected to
affect the value of the notes. If we become insolvent or are unable to pay our obligations, you may lose your entire investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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 notes or any other agreements, arrangements or understandings between Barclays and any holder
or beneficial owner of the notes (or the trustee on behalf of the holders of the notes), by acquiring the notes, each holder or beneficial
owner of the notes 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 term sheet. 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 notes losing all or a part
of the value of your investment in the notes or receiving a different security from the notes, which may be worth significantly less than
the notes 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 notes. The exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority with respect
to the notes 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 notes. See "Consent to U.K. Bail-in Power"
in this term sheet 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.

**<u>Valuation- and Market-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The estimated value of your notes is based on our internal pricing models. 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. These variables and assumptions are not evaluated or verified on an independent basis and may prove
to be inaccurate. Different pricing models and assumptions of different financial institutions could provide valuations for the notes
that are different from our estimated value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The estimated value is based on a number of variables, including volatility, interest rates and 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 in this term sheet may be lower if such estimated value was based on the levels at which our benchmark
debt securities trade in the secondary market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The estimated value of your notes is lower than the public offering price of your notes. This difference is a result of certain factors,
such as the inclusion in the public offering price of the underwriting discount, the hedging-related charge, the estimated profit, if
any, that we or any of our affiliates expect to earn in connection with structuring the notes, and the

Capped Notes with Absolute Return Buffer TS-8

Capped Notes with Absolute Return Buffer <br> <u>Linked to the S&P 500<sup>®</sup> Index, due February 26, 2027</u>

estimated cost which we may incur in hedging our obligations under the notes, as further described in "Structuring the Notes" below. If you attempt to sell the notes prior to maturity, their market value may be lower than the price you paid for the notes and lower than the estimated value because the secondary market prices take into consideration the levels at which our debt securities trade in the secondary market, but do not take into account such fees, charges and other amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The estimated value of the notes is not a prediction of the prices at which MLPF&S, BofAS or its affiliates, or any of our affiliates
or any other third parties may be willing to purchase the notes from you in secondary market transactions. The price at which you may
be able to sell your notes 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 size trades, and may be substantially less than our estimated value of the notes. Any
sale prior to the maturity date could result in a substantial loss to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A trading market is not expected to develop for the notes. None of us, MLPF&S, BofAS or our respective affiliates is obligated
to make a market for, or to repurchase, the notes. There is no assurance that any party will be willing to purchase your notes at any
price in any secondary market.

**<u>Conflict-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Our business, hedging and trading activities, and those of MLPF&S, BofAS and our respective affiliates (including trades in the
securities included in the Market Measure), and any hedging and trading activities we, MLPF&S, BofAS or our respective affiliates
engage in for our clients' accounts, may affect the market value and return of the notes and may create conflicts of interest with
you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ There may be potential conflicts of interest involving the calculation agents, which are Barclays and BofAS. We have the right to
appoint and remove the calculation agents.

**<u>Market Measure-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Market Measure sponsor may adjust the Market Measure in a way that affects its level, and has no obligation to consider your interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ You will have no rights of a holder of the securities included in the Market Measure, and you will not be entitled to receive securities
or dividends or other distributions by the issuers of those securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ While we, MLPF&S, BofAS or our respective affiliates may from time to time own the securities included in the Market Measure,
except to the extent that shares of Bank of America Corporation, the parent corporation of MLPF&S and BofAS, are included in the Market
Measure, we, MLPF&S, BofAS and our respective affiliates do not control the issuers of those securities, and have not verified any
disclosure made by any other company.

**<u>Tax-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The U.S. federal income tax consequences of an investment in the notes are uncertain. There is no
direct legal authority regarding the proper U.S. federal income tax treatment of the notes, 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 notes are uncertain,
and the IRS or a court might not agree with the treatment of the notes as prepaid forward contracts, as described below under "Tax
Consequences." If the IRS were successful in asserting an alternative treatment for the notes, the tax consequences of the ownership
and disposition of the notes 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 notes, 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. Holders—Notes Treated as Prepaid Forward 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 notes (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.

Capped Notes with Absolute Return Buffer TS-9

Capped Notes with Absolute Return Buffer <br> <u>Linked to the S&P 500<sup>®</sup> Index, due February 26, 2027</u>

The Market Measure

All information contained in this term sheet regarding the Market Measure, including, without limitation, its make-up, method of calculation and changes in its components, has been derived from publicly available information, without independent verification. This information reflects the policies of, and is subject to change by, S&P Dow Jones Indices LLC ("**S&P Dow Jones**" or the "**Market Measure sponsor**"). The Market Measure is calculated, maintained and published by S&P Dow Jones. The Market Measure sponsor, which licenses the copyright and all other rights to the Market Measure, has no obligation to continue to publish the Market Measure and may discontinue publication of the Market Measure at any time. The consequences of the Market Measure sponsor discontinuing publication of the Market Measure are discussed in the section entitled "Description of the LIRNs—Discontinuance of an Index" in product supplement EQUITY LIRN-1. None of us, the calculation agents, MLPF&S or BofAS accepts any responsibility for the calculation, maintenance or publication of the Market Measure or any successor. Neither we nor any agent has independently verified the accuracy or completeness of any information with respect to the Market Measure in connection with the offer and sale of the notes.

The Market Measure consists of stocks of 500 companies selected to provide a performance benchmark for the U.S. equity markets. The Market Measure is reported by Bloomberg L.P. under the ticker symbol "SPX."

**Composition of the Market Measure**

Additions to the Market Measure are evaluated based on the following eligibility criteria:

&nbsp;&nbsp;&nbsp;&nbsp;· *Domicile.* The company must be a U.S.-domiciled company. S&P Dow Jones generally determines a company's country of
domicile based on the location of its incorporation and/or registration, operational headquarters and stock exchange listings. If all
three principal factors point toward one country, then that country is generally considered the country of domicile. When the country
of incorporation and/or registration is a domicile of convenience, only the location of the operational headquarters and stock exchange
listings are considered. If any of these factors do not align, a company will generally be assigned to its country of incorporation, unless
a broader analysis considering the following factors establishes a significant link to another country: geographic breakdown of revenue
and assets, ownership information, additional stock exchange listings, the functional and reporting currency, location of officers, directors
and employees, location of annual company meetings, company history, investor perception and other factors deemed to be relevant by S&P
Dow Jones's U.S. index committee.

&nbsp;&nbsp;&nbsp;&nbsp;· *Security Filing Type*. The company issuing the security must satisfy the U.S. Securities Exchange Act of 1934's periodic
reporting obligations by filing certain required forms for domestic issuers, such as but not limited to Form 10-K annual reports, Form
10-Q quarterly reports and Form 8-K current reports.

&nbsp;&nbsp;&nbsp;&nbsp;· *Exchange Listing.* A listing on one of the following U.S. exchanges is required: New York Stock Exchange, NYSE Arca, NYSE American,
Nasdaq Global Select Market, Nasdaq Global Market, Nasdaq Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA or Cboe EDGX exchanges. Ineligible
exchanges include the over-the counter markets including the Pink Open Market.

&nbsp;&nbsp;&nbsp;&nbsp;· *Organizational Structure and Share Type*. Eligible organizational structures and share types are corporations, including equity
and mortgage real estate investment trusts ()"**REITs** "), and common stock (*i.e.*, shares). Ineligible organizational
structures and share types include, but are not limited to, business development companies, limited partnerships, master limited partnerships,
limited liability companies, closed-end funds, exchange-traded funds, exchange-traded notes, royalty trusts, special purpose acquisition
companies, tracking stocks, preferred and convertible preferred stock, unit trusts, equity warrants, convertible bonds, investment trusts,
rights and American depositary receipts.

&nbsp;&nbsp;&nbsp;&nbsp;· *Multiple Share Classes*. Index membership eligibility for a company with multiple share class lines is based on total market
capitalization at the company level. Each publicly listed share class is evaluated separately to determine index inclusion, with the weight
of each line reflecting only that line's FMC (as defined below), not the combined FMC of all company share class lines. Unlisted
share class lines are not combined with any listed share class lines, but unlisted share class lines are included when calculating company
total market capitalization. Multiple share class lines not currently in the Market Measure must satisfy the liquidity and FMC eligibility
requirements (but not the market capitalization criteria, which is only considered at the company level). Any excluded listed secondary
lines are reviewed annually in September for potential index inclusion. Multiple share class line deletions from the Market Measure are
at the discretion of S&P Dow Jones's U.S. index committee, and, as a result, a multiple share class line may continue to be
included in the Market Measure even if the share class line subsequently fails to meet the addition criteria.

&nbsp;&nbsp;&nbsp;&nbsp;· *Market Capitalization.* The total company market capitalization should be within the specified range applicable to the Market
Measure. This range is reviewed quarterly and updated as needed to ensure it reflects current market conditions. A company meeting the
total company market capitalization criteria is also required to have a security level float-adjusted market capitalization ()"**FMC** ")
that is at least 50% of the Market Measure's total company level minimum market capitalization threshold.

&nbsp;&nbsp;&nbsp;&nbsp;· *IWF.* For each stock, an investable weight factor ()"**IWF**") is calculated, which is equal to the percentage
of such stock's shares that are freely available for trading in the public market. A stock must have a minimum IWF of 0.1 as of
the rebalancing effective date to be eligible for inclusion in the Market Measure.

Capped Notes with Absolute Return Buffer TS-10

Capped Notes with Absolute Return Buffer <br> <u>Linked to the S&P 500<sup>®</sup> Index, due February 26, 2027</u>

&nbsp;&nbsp;&nbsp;&nbsp;· *Liquidity.* A float-adjusted liquidity ratio ()"**FALR** "), defined as the annual dollar value traded divided
by the FMC, is used to measure liquidity. Using composite pricing and all publicly reported U.S. consolidated volume, annual dollar value
traded is defined as the average closing price multiplied by the historical volume over the 365 calendar days prior to the evaluation
date. This is reduced to the available trading period for initial public offerings ()"**IPOs** "), spin-offs or public companies
considered to be U.S.-domiciled for index purposes that do not have 365 calendar days of trading history on a U.S. exchange. In these
cases, the dollar value traded available as of the evaluation date is annualized. The price, shares outstanding and IWF as of the evaluation
date are used to calculate the FMC. The evaluation date is the open of trading two business days prior to the announcement date. The stock
should trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date. The FALR must be greater than or
equal to 0.75 at the time of addition to the Market Measure. Current index constituents have no minimum requirement.

&nbsp;&nbsp;&nbsp;&nbsp;· *Financial Viability.* The sum of the most recent four consecutive quarters' Generally Accepted Accounting Principles ()"**GAAP** ")
earnings (net income excluding discontinued operations) should be positive as should the most recent quarter. For equity REITs, financial
viability is based on GAAP earnings and/or funds from operations, if reported.

&nbsp;&nbsp;&nbsp;&nbsp;· *Treatment of IPOs.* IPOs should be traded on an eligible exchange for at least 12 months before being considered for addition
to the Market Measure. For former special purpose acquisition companies ()"**SPACs** "), S&P Dow Jones considers the
de-SPAC transaction to be an event equivalent to an IPO, and 12 months of trading post the de-SPAC event are required before a former
SPAC can be considered for inclusion in the Market Measure. Spin-offs or in-specie distributions from existing constituents do not need
to be seasoned for 12 months prior to their inclusion in the Market Measure. Companies that migrate from an ineligible exchange, emerge
from bankruptcy, are newly designated to be domiciled in the U.S. for index purposes by S&P Dow Jones or convert from an ineligible
share or organizational type to an eligible type do not need to trade on an eligible U.S. exchange for 12 months before being considered
for addition.

&nbsp;&nbsp;&nbsp;&nbsp;· *Sector Classification.* Sector balance, as measured by a comparison of each GICS<sup>®</sup> sector's weight in the
Market Measure with its weight in the S&P Total Market Index, in the relevant market capitalization range, is also considered in the
selection of companies for the Market Measure. The S&P Total Market Index is a float-adjusted, market capitalization-weighted index
designed to track the broad equity market, including large-, mid-, small- and micro-cap stocks.

Current constituents of an S&P U.S. index (which includes the Market Measure) can be migrated from one S&P U.S. index to another provided they meet the total company level market capitalization eligibility criteria for the new index. Migrations from an S&P U.S. index to another do not need to meet the financial viability, liquidity or 50% of the respective index's total company level minimum market capitalization threshold criteria.

Companies that are spun-off from current index constituents do not need to meet the outside addition criteria, but they should be considered U.S. domiciled for index purposes and have a total market cap representative of the Market Measure.

**Calculation of the Market Measure**

The Market Measure is a float-adjusted market capitalization-weighted index. On any given day, the value of the Market Measure is the total float-adjusted market capitalization of the Market Measure's constituents *divided* by its divisor. The float-adjusted market capitalization reflects the price of each stock in the Market Measure *multiplied* by the number of shares used in the Market Measure's value calculation.

*Float Adjustment.* Float adjustment means that the number of shares outstanding is reduced to exclude shares that are held by other publicly traded companies, government agencies or certain types of strategic shareholders from the calculation of the value of the Market Measure because such shares are not available to investors. The goal of float adjustment is to adjust each company's total shares outstanding for long-term strategic shareholders, who often have interests such as maintaining control rather than securing the shorter-term economic fortunes of the company. Generally, these long-term strategic shareholders include, but are not limited to, officers and directors, private equity, venture capital and special equity firms, asset managers and insurance companies with direct board of director representation, other publicly traded companies that hold shares, holders of restricted shares, company-sponsored employee share plans/trusts, defined contribution plans/savings, and investment plans, foundations or family trusts associated with the company, government entities at all levels (other than government retirement/pension funds), sovereign wealth funds and any individual person who controls a 5% or greater stake in a company as reported in regulatory filings. Restricted shares are generally not included in total shares outstanding except for shares held as part of a lock-up agreement. Shares that are not considered outstanding are also not included in the available float. These generally include treasury stock, stock options, equity participation units, warrants, preferred stock, convertible stock and rights.

For each component, S&P Dow Jones calculates an IWF, which represents the portion of the total shares outstanding that are considered part of the public float for purposes of the Market Measure.

*Divisor.* Continuity in the value of the Market Measure is maintained by adjusting its divisor for all changes in its constituents' share capital after its base date. This includes additions and deletions to the Market Measure, rights issues, share buybacks and issuances and non-zero price spin-offs. The value of the Market Measure's divisor over time is, in effect, a chronological summary of all changes affecting the base capital of the Market Measure. The divisor of the Market Measure is adjusted such that the value of the Market Measure at an instant just prior to a change in base capital equals the value of the Market Measure at an instant immediately following that change.

Capped Notes with Absolute Return Buffer TS-11

Capped Notes with Absolute Return Buffer <br> <u>Linked to the S&P 500<sup>®</sup> Index, due February 26, 2027</u>

**Maintenance of the Market Measure**

Changes to index composition are made on an as-needed basis. There is no scheduled reconstitution. Rather, changes in response to corporate actions and market developments can be made at any time. Index additions and deletions are typically announced with at least three business days' advance notice. Less than three business days' notice may be given at the discretion of S&P Dow Jones's U.S. index committee.

*Deletion from the Market Measure.* Deletions from the Market Measure occur as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· A company is deleted from the Market Measure if it is involved in a merger, acquisition or significant restructuring such that it
no longer meets the eligibility criteria. A company delisted as a result of a merger, acquisition or other corporate action is removed
at a time announced by S&P Dow Jones, normally at the close of the last day of trading or expiration of a tender offer. Constituents
that are halted from trading may be kept in the Market Measure until trading resumes, at the discretion of S&P Dow Jones's U.S.
index committee. If a stock is moved to the pink sheets or the bulletin board, the stock is removed.

&nbsp;&nbsp;&nbsp;&nbsp;· A company that substantially violates one or more of the eligibility criteria may be deleted at the S&P Dow Jones's U.S.
index committee's discretion.

Any company that is removed from the Market Measure (including discretionary and bankruptcy/exchange delistings) must wait a minimum of one year from its removal date before being screened for the eligibility criteria.

S&P Dow Jones believes turnover in index membership should be avoided when possible. At times a stock included in the Market Measure may appear to temporarily violate one or more of the addition criteria. However, the addition criteria are for addition to the Market Measure, not for continued membership. As a result, the Market Measure constituent that appears to violate criteria for addition to the Market Measure is not deleted unless ongoing conditions warrant an index change. When a stock is removed from the Market Measure, S&P Dow Jones explains the basis for the removal.

*Share Updates.* Share counts are updated to the latest publicly available filings on a quarterly basis.

*Investable Weight Factor (**IWF**) Updates*. IWF changes are implemented either annually, quarterly or on an accelerated schedule following the relevant event depending on the nature of the change as explained below.

&nbsp;&nbsp;&nbsp;&nbsp;· *Annual Review*. IWFs are reviewed annually based on the most recently available data filed with various regulators and exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;· *Quarterly Review*. IWF changes will be made at the quarterly review only if the change represents at least 5% of total current
shares outstanding and if the adjusted IWF absolute change is at least 5%, with IWF adjustments limited to the extent necessary to help
reflect the corresponding share change.

&nbsp;&nbsp;&nbsp;&nbsp;· *Mandatory Action*. Certain mandatory actions, such as M&A driven share/IWF changes, stock splits, and mandatory distributions,
are not subject to a minimum threshold for implementation. In order to minimize index turnover, any IWF changes resulting from such mandatory
actions are implemented based on the pre-event IWFs of the securities involved.

&nbsp;&nbsp;&nbsp;&nbsp;· *Accelerated Implementation Rule*. Material share/IWF changes resulting from certain non-mandatory corporate actions follow an
accelerated implementation rule with sufficient advance notification. The accelerated implementation rule is intended to reduce turnover
intra-quarter while also enhancing opportunities for index trackers to take advantage of non-mandatory material liquidity events.

*Share/IWF Reference Date and Freeze Period*. A reference date, after the market close five weeks prior to the third Friday in March, June, September and December, is the cutoff for publicly available information used for quarterly shares outstanding and IWF changes. All shares outstanding and ownership information contained in public filings and/or official sources dated on or before the reference date are included in that quarter's update. In addition, there is a freeze period on a quarterly basis for any changes that result from the accelerated implementation rule. The freeze period begins after the market close on the Tuesday prior to the second Friday of each rebalancing month (*i.e.*, March, June, September and December) and ends after the market close on the third Friday of the rebalancing month.

Pro-forma files for float-adjusted market capitalization indices are generally released after the market close on the first Friday, two weeks prior to the rebalancing effective date. For illustration purposes, if rebalancing pro-forma files are *scheduled* to be released on Friday, March 5, the share/IWF freeze period will begin after the close of trading on Tuesday, March 9, and will end after the close of trading the following Friday, March 19 (*i.e.*, the third Friday of the rebalancing month).

During the share/IWF freeze period, shares and IWFs are not changed and the accelerated implementation rule is suspended, except for mandatory corporate action events (such as merger activity, stock splits and rights offerings). The suspension includes all changes that qualify for accelerated implementation and would typically be announced or effective during the share/IWF freeze period. At the end of the freeze period, all suspended changes will be announced on the third Friday of the rebalancing month and implemented five business days after the quarterly rebalancing effective date.

Companies that are the target of cash M&A events, and if publicly available guidance indicates the event is expected to close by quarter end, may have their share count frozen at their current level for rebalancing purposes.

Capped Notes with Absolute Return Buffer TS-12

Capped Notes with Absolute Return Buffer <br> <u>Linked to the S&P 500<sup>®</sup> Index, due February 26, 2027</u>

*Other Adjustments.* In cases where there is no achievable market price for a stock being deleted, it can be removed at a zero or minimal price at the S&P Dow Jones's U.S. index committee's discretion.

*Corporate Action Adjustments.* The table below summarizes the treatment of certain corporate actions.

---

| | |
|:---|:---|
| **<u>Corporate Action</u>** | **<u>Treatment</u>** |
| **Company addition/deletion** | <u>Addition</u><br>Companies are added at the float market capitalization weight. The net change to the market capitalization of the Market Measure causes a divisor adjustment.<br><u>Deletion</u><br>The weights of all stocks in the Market Measure will proportionally change. Relative weights will stay the same. The index divisor will change due to the net change in the market capitalization of the Market Measure.<br>|
| **Change in shares outstanding** | Increasing (decreasing) the shares outstanding increases (decreases) the market capitalization of the Market Measure. The change to the market capitalization of the Market Measure causes a divisor adjustment.<br>|
| **Split/reverse split** | Shares outstanding are adjusted by the split ratio. Stock price is adjusted by the split ratio. There is no change to the market capitalization of the Market Measure and no divisor adjustment.<br>|
| **Spin-off** | Generally, the spin-off is added to the Market Measure on the ex-date at a price of zero and will remain in the Market Measure for at least one trading day. As a result, there will be no change to the index divisor on the ex-date.<br>However, if the spin-off is ineligible for continued inclusion, it will be removed after the ex-date. The weight of the spin-off being deleted is reinvested across all the components of the Market Measure proportionally such that the relative weights of all components of the Market Measure are unchanged. The net change in the market capitalization of the Market Measure will cause a divisor change.<br>|
| **Change in IWF** | Increasing (decreasing) the IWF increases (decreases) the market capitalization of the Market Measure. A net change to the market capitalization of the Market Measure causes a divisor adjustment.<br>|
| **Ordinary dividend** | When a company pays an ordinary cash dividend, the Market Measure does not make any adjustments to the price or shares of the stock. As a result, there are no divisor adjustments to the Market Measure.<br>|
| **Special dividend** | The stock price is adjusted by the amount of the dividend. The net change to the market capitalization of the Market Measure causes a divisor adjustment.<br>|
| **Rights offering** | All rights offerings that are in the money on the ex-date are applied under the assumption that the rights are fully subscribed. The stock price is adjusted by the value of the rights and the shares outstanding are increased by the rights ratio. The net change in the market capitalization of the Market Measure causes a divisor adjustment. |

---

**Governance of the Market Measure**

The Market Measure is maintained by S&P Dow Jones's U.S. index committee. All index committee members are full-time professional members of S&P Dow Jones's staff. At each meeting, the index committee reviews pending corporate actions that may affect constituents of the Market Measure, statistics comparing the composition of the Market Measure to the market, companies that are being considered as candidates for addition to the Market Measure and any significant market events. In addition, the index committee may revise index policies.

Capped Notes with Absolute Return Buffer TS-13

Capped Notes with Absolute Return Buffer <br> <u>Linked to the S&P 500<sup>®</sup> Index, due February 26, 2027</u>

***The following graph shows the daily historical performance of the Market Measure in the period from January 1, 2015 through December 18, 2025. We obtained this historical data from Bloomberg L.P. We have not independently verified the accuracy or completeness of the information obtained from Bloomberg L.P. On the pricing date, the closing level of the Market Measure was 6,774.76.***

 ****

**Historical Performance of the Market Measure**

![](image_016.jpg)

***This historical data on the Market Measure is not necessarily indicative of the future performance of the Market Measure or what the value of the notes may be. Any historical upward or downward trend in the level of the Market Measure during any period set forth above is not an indication that the level of the Market Measure is more or less likely to increase or decrease at any time over the term of the notes.***

 ****

Before investing in the notes, you should consult publicly available sources for the levels of the Market Measure.

**License Agreement**

The Market Measure is a product of S&P Dow Jones and has been licensed for use by Barclays Bank PLC. "Standard & Poor's," "S&P" and "S&P 500" are registered trademarks of Standard & Poor's Financial Services LLC ("**SPFS**"). These trademarks have been licensed to S&P Dow Jones and its affiliates and sublicensed to Barclays Bank PLC for certain purposes.

The notes are not sponsored, endorsed, sold or promoted by S&P Dow Jones, SPFS, or any of their respective affiliates (collectively, "**S&P**"). S&P does not make any representation or warranty, express or implied, to the owners of the notes or any member of the public regarding the advisability of investing in notes generally or in the notes particularly or the ability of the Market Measure to track general market performance. S&P's only relationship to Barclays Bank PLC with respect to the Market Measure is the licensing of the Market Measure and certain trademarks, service marks and/or trade names of S&P and/or its licensors. The Market Measure is determined, composed and calculated by S&P without regard to Barclays Bank PLC or the notes. S&P has no obligation to take the needs of Barclays Bank PLC or the owners of the notes into consideration in determining, composing or calculating the Market Measure. S&P is not responsible for and has not participated in the determination of the prices, and amount of the notes or the timing of the issuance or sale of the notes or in the determination or calculation of the equation by which the notes are to be converted into cash, surrendered or redeemed, as the case may be. S&P has no obligation or liability in connection with the administration, marketing or trading of the notes. There is no assurance that investment products based on the Market Measure will accurately track the performance of the Market Measure or provide positive investment returns. S&P Dow Jones is not an investment advisor. Inclusion of a security within the Market Measure is not a recommendation by S&P to buy, sell, or hold such security, nor is it considered to be investment advice. In addition, CME Group Inc. and its affiliates may trade financial products which are linked to the performance of the Market Measure. It is possible that this trading activity will affect the value of the Market Measure and the notes.

**S&P DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE MARKET MEASURE OR ANY DATA RELATED THERETO OR ANY COMMUNICATION (INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS)) WITH RESPECT THERETO. S&P SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY BARCLAYS BANK PLC, OWNERS OF THE NOTES, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE MARKET MEASURE OR WITH RESPECT TO ANY DATA**

Capped Notes with Absolute Return Buffer TS-14

Capped Notes with Absolute Return Buffer <br> <u>Linked to the S&P 500<sup>®</sup> Index, due February 26, 2027</u>

**RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P AND BARCLAYS BANK PLC, OTHER THAN THE LICENSORS OF S&P.**

Capped Notes with Absolute Return Buffer TS-15

Capped Notes with Absolute Return Buffer <br> <u>Linked to the S&P 500<sup>®</sup> Index, due February 26, 2027</u>

Supplement to the Plan of Distribution

Under our distribution agreement with BofAS, BofAS will purchase the notes from us as principal at the public offering price indicated on the cover of this term sheet, less the indicated underwriting discount.

BofAS has advised us that MLPF&S will purchase the notes from BofAS for resale, and will receive a selling concession in connection with the sale of the notes in an amount up to the full amount of underwriting discount set forth on the cover of this term sheet.

We will pay a fee to LFT Securities, LLC for providing certain electronic platform services with respect to this offering, which reduces the economic terms of the notes to you. An affiliate of BofAS has an ownership interest in LFT Securities, LLC.

We will deliver the notes against payment therefor in New York, New York on a date that is greater than one business day following the pricing date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes more than one business day prior to the original issue date will be required to specify alternative settlement arrangements to prevent a failed settlement.

The notes will not be listed on any securities exchange. In the original offering of the notes, the notes will be sold in minimum investment amounts of 100 units. If you place an order to purchase the notes, you are consenting to MLPF&S and/or one of its affiliates acting as a principal in effecting the transaction for your account.

MLPF&S and BofAS may repurchase and resell the notes, with repurchases and resales being made at prices related to then-prevailing market prices or at negotiated prices, and these prices will include MLPF&S's and BofAS's trading commissions and mark-ups or mark-downs. MLPF&S and BofAS may act as principal or agent in these market-making transactions; however, neither is obligated to engage in any such transactions. BofAS has advised us that, at MLPF&S's and BofAS's discretion, for a short, undetermined initial period after the issuance of the notes, MLPF&S and BofAS may offer to buy the notes in the secondary market at a price that may exceed the initial estimated value of the notes. Any price offered by MLPF&S or BofAS for the notes will be based on then-prevailing market conditions and other considerations, including the performance of the Market Measure, the remaining term of the notes and our creditworthiness. However, none of us, MLPF&S, BofAS or any of our respective affiliates is obligated to purchase your notes at any price or at any time, and we cannot assure you that we, MLPF&S, BofAS or any of our respective affiliates will purchase your notes at a price that equals or exceeds the initial estimated value of the notes.

The value of the notes shown on your account statement produced by MLPF&S will be based on BofAS's estimate of the value of the notes if BofAS or another of its affiliates were to make a market in the notes, which it is not obligated to do. That estimate will be based upon the price that BofAS may pay for the notes in light of then-prevailing market conditions and other considerations, as mentioned above, and will include transaction costs. At certain times, this price may be higher than or lower than the initial estimated value of the notes.

The distribution of the Note Prospectus in connection with these offers or sales will be solely for the purpose of providing investors with the description of the terms of the notes that was made available to investors in connection with their initial offering. Secondary market investors should not, and will not be authorized to, rely on the Note Prospectus for information regarding Barclays or for any purpose other than that described in the immediately preceding sentence.

Capped Notes with Absolute Return Buffer TS-16

Capped Notes with Absolute Return Buffer <br> <u>Linked to the S&P 500<sup>®</sup> Index, due February 26, 2027</u>

Structuring the Notes

The notes are our debt securities, the return on which is linked to the performance of the Market Measure. As is the case for all of our debt securities, including our market-linked notes, the economic terms of the notes reflect our actual or perceived creditworthiness at the time of pricing. The economic terms of the notes are based on 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. Our internal funding rates may vary from the levels at which our benchmark debt securities trade in the secondary market. Our estimated value on the pricing date was based on our internal funding rates. Our estimated value of the notes may be lower if such valuation were based on the levels at which our benchmark debt securities trade in the secondary market.

At maturity, we are required to pay the Redemption Amount to holders of the notes, which will be calculated based on the $10 per unit principal amount and will depend on the performance of the Market Measure. In order to meet these payment obligations, at the time we issue the notes, we may choose to enter into certain hedging arrangements (which may include call options, put options or other derivatives) with BofAS or one of its affiliates. The terms of these hedging arrangements are determined by seeking bids from market participants, including MLPF&S, BofAS and their or our affiliates, and take into account a number of factors, including our creditworthiness, interest rate movements, the volatility of the Market Measure, the tenor of the notes and the tenor of the hedging arrangements. The economic terms of the notes and their initial estimated value depend in part on the terms of these hedging arrangements, any estimated profit that we or any of our affiliates expect to earn in connection with structuring the notes and estimated costs which we may incur in hedging our obligations under the notes.

BofAS has advised us that the hedging arrangements will include a hedging-related charge of approximately $0.05 per unit, reflecting an estimated profit to be credited to BofAS from these transactions. Since hedging entails risk and may be influenced by unpredictable market forces, additional profits and losses from these hedging arrangements may be realized by us, BofAS or any third party hedge providers.

For further information, see "Risk Factors—Valuation- and Market-related Risks" beginning on page PS-11 and "Use of Proceeds and Hedging" on page PS-27 of product supplement EQUITY LIRN-1.

Capped Notes with Absolute Return Buffer TS-17

Capped Notes with Absolute Return Buffer <br> <u>Linked to the S&P 500<sup>®</sup> Index, due February 26, 2027</u>

Tax Consequences

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 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 notes.

Based on current market conditions, in the opinion of our special tax counsel, it is reasonable to treat the notes for U.S. federal income tax purposes as prepaid forward contracts with respect to the Market Measure. Assuming this treatment is respected, upon a sale or exchange of the notes (including redemption 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 notes, which should equal the amount you paid to acquire the notes. This gain or loss on your notes should be treated as long-term capital gain or loss if you hold your notes for more than a year, whether or not you are an initial purchaser of notes 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 notes 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 notes, possibly with retroactive effect. You should consult your tax advisor regarding the U.S. federal income tax consequences of an investment in the notes, including possible alternative treatments and the issues presented by this notice.

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 notes 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 notes 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 notes.

Validity of the Notes

In the opinion of Davis Polk & Wardwell LLP, as special United States products counsel to Barclays Bank PLC, when the notes 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 notes (the "master note"), and such notes have been delivered against payment as contemplated herein, such notes 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 notes 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.

Capped Notes with Absolute Return Buffer TS-18

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-3**

**BARCLAYS BANK PLC**

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Debt | Global Medium-Term Notes, Series A | (1) | 457(r) | 1760053 | $10 | $17600530 | 0.0001381 | $2430.63 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $17600530 |  | 2430.63 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 0.00 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $2430.63 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) The filing fee paid with this filing pursuant to Rule 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), was originally deferred in accordance with Rule 456(b) under the Securities Act.

**Narrative Disclosure**

The maximum aggregate offering price of the securities to which the prospectus relates is $17,600,530. The prospectus is a final prospectus for the related offering.