# EDGAR Filing Document

**Accession Number:** 0000312070
**File Stem:** 0000950103-25-006971
**Filing Date:** 2025-6
**Character Count:** 60274
**Document Hash:** 8896ceca4f91007139a13aed3f125974
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-006971.hdr.sgml**: 20250604

**ACCESSION NUMBER**: 0000950103-25-006971

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250604

**DATE AS OF CHANGE**: 20250603

**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:** 251021692

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

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

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

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

**The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and the accompanying prospectus, prospectus supplement and underlying supplement do not constitute an offer to sell the Notes and we are not soliciting an offer to buy the Notes in any state where the offer or sale is not permitted.**

**Subject to Completion** 

**Preliminary Pricing Supplement dated June 3, 2025**

Pricing Supplement dated June , 2025 (To the Prospectus dated May 15, 2025, the Prospectus Supplement dated May 15, 2025 and the Underlying Supplement dated May 15, 2025) Filed Pursuant to Rule 424(b)(2) Registration No. 333-287303

**$●**<br>**Capped Notes due June 8, 2028**<br>**Linked to the Performance of a Basket**<br>**Global Medium-Term Notes, Series A**<br>

Unlike ordinary debt securities, the Notes do not pay interest. Instead, as described below, the Notes offer unleveraged exposure to potential appreciation of the Basket from the Initial Basket Value to the Final Basket Value, subject to the Maximum Return. Investors should be willing to forgo dividend payments and, if the Final Basket Value is less than or equal to the Initial Basket Value, be willing to receive no more than their investment at maturity.

**KEY TERMS\***

---

| | | | |
|:---|:---|:---|:---|
| Issuer: | Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC |
| Denominations: | Minimum denomination of $1,000, and integral multiples of $1,000 in excess thereof | Minimum denomination of $1,000, and integral multiples of $1,000 in excess thereof | Minimum denomination of $1,000, and integral multiples of $1,000 in excess thereof |
| Initial Valuation Date: <sup>†</sup> | June 5, 2025 | Final Valuation Date:<sup>†</sup> | June 5, 2028 |
| Issue Date: | June 10, 2025 | Maturity Date:<sup>†</sup> | June 8, 2028 |
| Reference Assets: | An equally weighted basket (the "Basket") consisting of the Dow Jones Industrial Average<sup>®</sup> (the "INDU Index") and the S&P 500<sup>®</sup> Index (the "SPX Index") (each, a "Basket Component" and together, the "Basket Components") in weighted allocations as set forth in the following table: | An equally weighted basket (the "Basket") consisting of the Dow Jones Industrial Average<sup>®</sup> (the "INDU Index") and the S&P 500<sup>®</sup> Index (the "SPX Index") (each, a "Basket Component" and together, the "Basket Components") in weighted allocations as set forth in the following table: | An equally weighted basket (the "Basket") consisting of the Dow Jones Industrial Average<sup>®</sup> (the "INDU Index") and the S&P 500<sup>®</sup> Index (the "SPX Index") (each, a "Basket Component" and together, the "Basket Components") in weighted allocations as set forth in the following table: |

---

---

| | | | |
|:---|:---|:---|:---|
| **Basket Component** | **Bloomberg Ticker** | **Weight** | **Initial Component Value**<sup>(1)</sup> |
| INDU Index | INDU | 50.00% | ● |
| SPX Index | SPX | 50.00% | ● |

---

---

| | |
|:---|:---|
|  | <sup>(1)</sup> With respect to each Basket Component, the Closing Value of that Basket Component on the Initial Valuation Date |
| Payment at Maturity: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; You will receive on the Maturity Date a cash payment per $1,000 principal amount Note determined as follows:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪If the Final Basket Value is *greater than* the Initial Basket Value, you will receive a payment per $1,000 principal amount Note calculated as follows:<br>$1,000 + ($1,000 × lesser of (a) Basket Return and (b) Maximum Return) <br> &nbsp;&nbsp;&nbsp;&nbsp;▪If the Final Basket Value is *less than* or *equal to* the Initial Basket Value, you will receive a payment of $1,000 per $1,000 principal amount Note.<br>***Any payment on the Notes, 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 (as described on page PS- 4 of this pricing supplement) by the relevant U.K. resolution authority. See "Selected Risk Considerations" and "Consent to U.K. Bail-in Power" in this pricing supplement and "Risk Factors" in the accompanying prospectus supplement.***<br>|
| 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 Barclays Bank PLC 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. See "Consent to U.K. Bail-in Power" on page PS-4 of this pricing supplement. |
| Maximum Return: | 22.80%. Accordingly, if the Basket Return is greater than or equal to 22.80%, you will receive the Maximum Return of 22.80%, which entitles you to the maximum payment at maturity of $1,228.00 per $1,000 principal amount Note. |
| Basket Return: | <u>Final Basket Value – Initial Basket Value</u> <br> Initial Basket Value  |
| Initial Basket Value: | 100 |
| Final Basket Value: | The Final Basket Value will be calculated as follows:<br>100 × [1+ (Basket Component Return of the INDU Index × 50.00%) + (Basket Component Return of the SPX Index × 50.00%)]<br>|

---

(*Terms of the Notes continue on the next page*)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Initial Issue Price**<sup>(1)</sup> | **Price to Public** | **Agent**'**s Commission**<sup>(2)</sup> | **Proceeds to Barclays Bank PLC** |
| **Per Note** | $1000 | 100% | 1.85% | 98.15% |
| **Total** | $● | $● | $● | $● |

---

(1) Our estimated value of the Notes on the Initial Valuation Date, based on our internal pricing models, is expected to be between $913.40
and $973.40 per $1,000 principal amount Note. The estimated value is expected to be less than the initial issue price of the Notes. See
"Additional Information Regarding Our Estimated Value of the Notes" on page PS-5 of this pricing supplement.

(2) Barclays Capital Inc. will receive commissions from the Issuer of up to $18.50 per $1,000 principal amount Note. Barclays Capital
Inc. will use these commissions to pay variable selling concessions or fees (including custodial or clearing fees) to other dealers. The
actual commission received by Barclays Capital Inc. will be equal to the selling concession paid to such dealers. Barclays Capital Inc.
will pay from these commissions a selling concession of up to $17.50 per $1,000 principal amount Note and a structuring fee of up to $1.00
per $1,000 principal amount Note. In no case will the total amount of selling concessions and structuring fees exceed $18.50 per $1,000
principal amount Note.

**Investing in the Notes involves a number of risks**. **See** "**Risk Factors**" **beginning on page S**-**9 of the prospectus supplement and** "**Selected Risk Considerations**" **beginning on page PS-9 of this pricing supplement**.

**The Notes 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 these Notes or determined that this pricing supplement is truthful or complete. Any representation to the contrary is a criminal offense.** 

***The Notes constitute our unsecured and unsubordinated obligations. The Notes 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*.**

***(Terms of the Notes continued from previous page)***

---

| | |
|:---|:---|
| Basket Component Return: | With respect to each Basket Component, an amount calculated as follows:<br><u>Final Component Value – Initial Component Value</u> <br> Initial Component Value  |
| Final Component Value: | With respect to each Basket Component, the Closing Value of that Basket Component on the Final Valuation Date |
| Closing Value: | Closing Value has the meaning assigned to "closing level" set forth under "Reference Assets—Indices—Special Calculation Provisions" in the prospectus supplement. |
| Calculation Agent: | Barclays Bank PLC |
| Additional Terms: | Terms used in this pricing supplement, but not defined herein, shall have the meanings ascribed to them in the prospectus supplement. |
| CUSIP / ISIN: | 06746BZS3 / US06746BZS32 |

---

\* The Underliers and the terms of the Notes are subject to adjustment by the Calculation Agent under certain circumstances as set forth in the accompanying prospectus supplement. See "Selected Risk Considerations—Risks Relating to the Underliers" 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," "Reference Assets—Baskets—Scheduled Trading Days and Market Disruption Events for Securities Linked to a Basket of Equity Securities, Exchange-Traded Funds, Equity Indices and/or Equity Futures Indices" and "Terms of the Notes—Payment Dates" in the accompanying prospectus supplement. |

---

![barclays PLC logo](image_002.jpg)

**ADDITIONAL DOCUMENTS RELATED TO THE OFFERING OF THE NOTES**

You should read this pricing supplement 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 these Notes are a part, and the underlying supplement dated May 15, 2025. This pricing supplement, together with the documents listed below, contains the terms of the Notes and supersedes all prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth under "Risk Factors" in the prospectus supplement and "Selected Risk Considerations" in this pricing supplement, as the Notes 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 Notes.

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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prospectus dated May 15, 2025:

[http://www.sec.gov/Archives/edgar/data/312070/000119312525120720/d925982d424b2.htm](http://www.sec.gov/Archives/edgar/data/312070/000119312525120720/d925982d424b2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prospectus Supplement dated May 15, 2025:

[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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Underlying Supplement dated May 15, 2025:

[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. As used in this pricing supplement, "we," "us" and "our" refer to Barclays Bank PLC.

**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 Bank PLC 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 "Selected Risk Considerations—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 pricing supplement 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.

**ADDITIONAL INFORMATION REGARDING OUR ESTIMATED VALUE OF THE NOTES** 

The final terms for the Notes will be determined on the date the Notes are initially priced for sale to the public, which we refer to as the Initial Valuation Date, based on prevailing market conditions on or prior to the Initial Valuation Date, and will be communicated to investors either orally or in a final pricing supplement.

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 Initial Valuation Date is based on our internal funding rates. Our estimated value of the Notes 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 Notes on the Initial Valuation Date is expected to be less than the initial issue price of the Notes. The difference between the initial issue price of the Notes and our estimated value of the Notes is expected to result from several factors, including any sales commissions expected to be paid to Barclays Capital Inc. or another affiliate of ours, any selling concessions, discounts, commissions or fees and any structuring fees expected to be allowed or paid to non-affiliated intermediaries, the estimated profit that we or any of our affiliates expect to earn in connection with structuring the Notes, the estimated cost that we may incur in hedging our obligations under the Notes, and estimated development and other costs that we may incur in connection with the Notes.

Our estimated value on the Initial Valuation Date is not a prediction of the price at which the Notes may trade in the secondary market, nor will it be the price at which Barclays Capital Inc. may buy or sell the Notes 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 Notes in the secondary market but it is not obligated to do so.

Assuming that all relevant factors remain constant after the Initial Valuation Date, the price at which Barclays Capital Inc. may initially buy or sell the Notes 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 Initial Valuation Date for a temporary period expected to be approximately three months after the Issue Date because, in our discretion, we may elect to effectively reimburse to investors a portion of the estimated cost of hedging our obligations under the Notes and other costs in connection with the Notes that we will no longer expect to incur over the term of the Notes. 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 Notes and/or any agreement we may have with the distributors of the Notes. 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 Notes based on changes in market conditions and other factors that cannot be predicted.

**We urge you to read the** "**Selected Risk Considerations**" **beginning on page PS-9 of this pricing supplement**.

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

**Selected Purchase Considerations**

The Notes are not appropriate for all investors. The Notes 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 understand and accept that you may not participate in the full appreciation of the Basket, which may be significant, and that
your potential return on the Notes is limited to the Maximum Return.

&nbsp;&nbsp;&nbsp;&nbsp;· You anticipate that the Final Basket Value will be above the Initial Basket Value.

&nbsp;&nbsp;&nbsp;&nbsp;· You understand and accept the risks that (a) the performance of the lesser performing Basket Component will mitigate the performance
of the better performing Basket Component and (b) you may not earn any positive return on your Notes even if one Basket Component performs
positively.

&nbsp;&nbsp;&nbsp;&nbsp;· You understand and are willing and able to accept the risks associated with an investment linked to the performance of the Basket
Components.

&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 Basket Components, nor will you have any voting rights with respect to the securities composing the Basket Components.

&nbsp;&nbsp;&nbsp;&nbsp;&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 Notes to
maturity.

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

&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 Notes 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 participates in the full appreciation of the Basket rather than an investment with a return that is limited
to the Maximum Return.

&nbsp;&nbsp;&nbsp;&nbsp;· You do not anticipate that the Final Basket Value will be above the Initial Basket Value.

&nbsp;&nbsp;&nbsp;&nbsp;· You are unwilling or unable to accept the risks that the performance of the lesser performing Basket Component will mitigate the performance
of the better performing Basket Component and that you may not earn any positive return on your Notes even if one Basket Component performs
positively.

&nbsp;&nbsp;&nbsp;&nbsp;· You do not understand and/or are unable to accept that you may not earn any positive return on your Notes.

&nbsp;&nbsp;&nbsp;&nbsp;· You do not understand and/or are unwilling or unable to accept the risks associated with an investment linked to the performance of
the Basket Components, and/or that is based on a weighted allocation of the Basket Components as set forth herein.

&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
Basket Components.

&nbsp;&nbsp;&nbsp;&nbsp;&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 Notes to
maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You prefer the lower risk, and therefore accept the potentially lower returns, of fixed income investments with comparable maturities
and credit ratings.

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

&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 Notes*. You should reach a decision whether to invest in the Notes after carefully considering, with your advisors, the appropriateness of the Notes in light of your investment objectives and the specific information set out in this pricing supplement, 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 Notes for investment.**

**Hypothetical EXAMPLES OF AMOUNTS PAYABLE at Maturity** 

The following table illustrates the hypothetical payment at maturity under various circumstances. The examples set forth below are purely hypothetical and are provided for illustrative purposes only. The numbers appearing in the following table and examples have been rounded for ease of analysis. The hypothetical examples below do not take into account any tax consequences from investing in the Notes and make the following key assumption:

&nbsp;&nbsp;&nbsp;&nbsp;▪ *Hypothetical* Initial Component Value of each Basket Component: 100.00\*

\* The *hypothetical* Initial Component Value of 100.00 for each Basket Component has been chosen for illustrative purposes only and may not represent likely actual Initial Component Values for the Basket Components. The actual Initial Component Value for each Basket Component will be equal to its Closing Value on the Initial Valuation Date.

For information regarding recent values of the Basket Components, please see "Information Regarding the Basket Components" in this pricing supplement.

---

| | | |
|:---|:---|:---|
| **Final Basket Value** | **Basket Return** | **Payment at Maturity per $1,000 Principal Amount Note** |
| 200.00 | 100.00% | $1228.00 |
| 190.00 | 90.00% | $1228.00 |
| 180.00 | 80.00% | $1228.00 |
| 170.00 | 70.00% | $1228.00 |
| 160.00 | 60.00% | $1228.00 |
| 150.00 | 50.00% | $1228.00 |
| 140.00 | 40.00% | $1228.00 |
| 130.00 | 30.00% | $1228.00 |
| 122.80 | 22.80% | $1228.00 |
| 120.00 | 20.00% | $1200.00 |
| 110.00 | 10.00% | $1100.00 |
| 105.00 | 5.00% | $1050.00 |
| 100.00 | 0.00% | $1000.00 |
| 95.00 | -5.00% | $1000.00 |
| 90.00 | -10.00% | $1000.00 |
| 80.00 | -20.00% | $1000.00 |
| 70.00 | -30.00% | $1000.00 |
| 60.00 | -40.00% | $1000.00 |
| 50.00 | -50.00% | $1000.00 |
| 40.00 | -60.00% | $1000.00 |
| 30.00 | -70.00% | $1000.00 |
| 20.00 | -80.00% | $1000.00 |
| 10.00 | -90.00% | $1000.00 |
| 0.00 | -100.00% | $1000.00 |

---

The following examples illustrate how the payments at maturity set forth in the table above are calculated:

**Example 1**: **The Basket Return is 90.00%**.

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| | | | |
|:---|:---|:---|:---|
| **Basket Component** | **Initial Component Value** | **Final Component Value** | **Basket Component Return** |
| INDU Index | 100.00 | 200.00 | 100.00% |
| SPX Index | 100.00 | 180.00 | 80.00% |

---

**<u> </u>**

**<u>Step 1</u>: Calculate the Final Basket Value.**

The Final Basket Value is equal to 190.00, calculated as follows:

100 × [1 + (100.00% × 50.00%) + (80.00% × 50.00%] = 190.00

Therefore, the Final Basket Value is 190.00, resulting in a Basket Return of 90.00%.

**<u>Step 2</u>**: **Calculate the payment at maturity.**

Because the Final Basket Value is greater than the Initial Basket Value, you will receive a payment at maturity of $1,228.00 per $1,000 principal amount Note that you hold, calculated as follows:

$1,000 + ($1,000 × lesser of (a) Basket Return and (b) Maximum Return)

$1,000 + ($1,000 × lesser of (a) 90.00% and (b) 22.80%)

$1,000 + ($1,000 × 22.80%) = $1,228.00

The total return on investment of the Notes is 22.80%.

Example 1 demonstrates that you may not participate in the full appreciation of the Basket. Even though the Basket appreciated significantly, the payment at maturity is limited to $1,228.00 per $1,000 principal amount Note that you hold, which is the maximum payment on the Notes.

**Example 2**: **The Basket Return is 10.00%**.

---

| | | | |
|:---|:---|:---|:---|
| **Basket Component** | **Initial Component Value** | **Final Component Value** | **Basket Component Return** |
| INDU Index | 100.00 | 105.00 | 5.00% |
| SPX Index | 100.00 | 115.00 | 15.00% |

---

**<u> </u>**

**<u>Step 1</u>: Calculate the Final Basket Value.**

The Final Basket Value is equal to 110.00, calculated as follows:

100 × [1 + (5.00% × 50.00%) + (15.00% × 50.00%)] = 110.00

Therefore, the Final Basket Value is 110.00, resulting in a Basket Return of 10.00%.

**<u>Step 2</u>**: **Calculate the payment at maturity.**

Because the Final Basket Value is greater than the Initial Basket Value, you will receive a payment at maturity of $1,100.00 per $1,000 principal amount Note that you hold, calculated as follows:

$1,000 + ($1,000 × lesser of (a) Basket Return and (b) Maximum Return)

$1,000 + ($1,000 × lesser of (a) 10.00% and (b) 22.80%)

$1,000 + ($1,000 × 10.00%) = $1,100.00

The total return on investment of the Notes is 10.00%.

**Example 3: The Basket Return is -10.00%.**

---

| | | | |
|:---|:---|:---|:---|
| **Basket Component** | **Initial Component Value** | **Final Component Value** | **Basket Component Return** |
| INDU Index | 100.00 | 70.00 | -30.00% |
| SPX Index | 100.00 | 110.00 | 10.00% |

---

**<u>Step 1</u>: Calculate the Final Basket Value.**

The Final Basket Value is calculated as follows:

100 × [1 + (-30.00% × 50.00%) + (10.00% × 50.00%)] = 90.00

Therefore, the Final Basket Value is 90.00, resulting in a Basket Return of -10.00%.

**<u>Step 2</u>**: **Calculate the payment at maturity.**

Because the Final Basket Value is less than or equal to the Initial Basket Value, you will receive a payment at maturity of $1,000.00 per $1,000 principal amount Note that you hold.

The total return on investment of the Notes is 0.00%.

***Any payment on the Notes, including the repayment of principal, is subject to the credit risk of Barclays Bank PLC.***

**Selected Risk Considerations**

An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in the Basket, the Basket Components or their components. Some of the risks that apply to an investment in the Notes are summarized below, but we urge you to read the more detailed explanation of risks relating to the Notes generally in the "Risk Factors" section of the prospectus supplement. You should not purchase the Notes unless you understand and can bear the risks of investing in the Notes.

**Risks Relating to the Notes Generally**

· **You May Receive No More Than the Principal Amount of Your Notes—** If the Final Basket Value is less than or equal to the
Initial Basket Value, you will receive only the principal amount of your Notes. Therefore, you may not receive a return on the Notes.
Even if the Final Basket Value is greater than the Initial Basket Value, the return on the Notes may be less than the amount that would
be paid on a conventional debt security of the Issuer of comparable maturity if the Basket does not appreciate sufficiently over the term
of the Notes.

· **Your Potential Return on the Notes Is Limited to the Maximum Return** —Any positive return on your Notes will not exceed
a predetermined percentage of the principal amount, regardless of any appreciation in the value of the Basket, which may be significant.
We refer to this percentage as the Maximum Return, which is equal to 22.80%. Your return on the Notes will be less than the percentage
change from the Initial Basket Value to the Final Basket Value if such percentage is greater than the Maximum Return.

· **No Interest Payments** —As a holder of the Notes, you will not receive interest payments.

· **The Performance of the Basket Components May Offset Each Other; Correlation (or Lack of Correlation) Among the Basket Components May Adversely Affect the Return on the Notes—** The Basket Return will be calculated based on the weighted average performance
of the Basket Components, as described on the cover of this pricing supplement. The lesser performance of one Basket Component will mitigate,
and may completely offset, the greater performance of the other Basket Component.

Correlation is a measure of the degree to which the returns of a pair of assets are similar to each other over a given period in terms of timing and direction. Movements in the values of the Basket Components may not correlate with each other. At a time when the value of a Basket Component increases in value, the value of the other Basket Component may not increase as much or may even decline in value. In addition, high correlation of movements in the values of Basket Components could adversely affect your return during periods of decline for the Basket Components. Changes in the values of the Basket Components and/or the correlation among them may adversely affect the market value of, and any payments on, your Notes.

· **Any Payment on the Notes Will Be Determined Based on the Closing Values of the Basket Components on the Dates Specified** —Any
payment on the Notes will be determined based on the Closing Values of the Basket Components on the dates specified. You will not benefit
from any more favorable values of the Basket Components determined at any other time.

· **Repayment of the Principal Amount Applies Only at Maturity** —You should be willing to hold your Notes to maturity. If you
sell your Notes prior to such time in the secondary market, if any, you may have to sell your Notes at a price that is less than the principal
amount even if at that time the value of the Basket has increased from the Initial Basket Value. See "—Risks Relating to the
Estimated Value of the Notes and the Secondary Market—Many Economic and Market Factors Will Impact the Value of the Notes"
below.

· **Owning the Notes Is Not the Same as Owning the Securities Composing the Basket Components** —The return on the Notes may
not reflect the return you would realize if you actually owned the securities composing the Basket Components. As a holder of the Notes,
you will not have voting rights or rights to receive dividends or other distributions or other rights that holders of the securities composing
either Basket Component would have.

&nbsp;&nbsp;&nbsp;&nbsp;· **Tax Treatment** —As discussed further below under "Tax Considerations" and in the accompanying prospectus supplement,
if you are a U.S. individual or taxable entity, you should be required to accrue interest on a current basis in respect of the Notes over
their term based on the comparable yield for the Notes and pay tax accordingly, even though you will not receive any payments from us
until maturity. This comparable yield is determined solely to calculate the amount on which you will be taxed prior to maturity and is
neither a prediction nor a guarantee of what the actual yield will be.

**Risks Relating to the Issuer**

· **Credit of Issuer** —The Notes 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 Notes, 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 Notes, and in the
event Barclays Bank PLC were to default on its obligations, you may not receive any amounts owed to you under the terms of the Notes.

· **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 Bank PLC 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 pricing supplement. 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 pricing supplement 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 Basket Components**

· **Each Basket Component Reflects the Price Return of the Securities Composing that Basket Component, Not the Total Return** —The
return on the Notes is based on the performance of a Basket composed of the Basket Components. Each Basket Component is not a "total
return" index that, in addition to reflecting those price returns, would also reflect
dividends paid on the securities composing that Basket Component. Accordingly, the return on the Notes will not include such a total return
feature.

· **Adjustments to the Basket Components Could Adversely Affect the Value of the Notes** —The sponsor of a Basket Component
may add, delete, substitute or adjust the securities composing that Basket Component or make other methodological changes to that Basket
Component that could affect its performance. The Calculation Agent will calculate the value to be used as the Closing Value of a Basket
Component in the event of certain material changes in or modifications to that Basket Component. In addition, the sponsor of a Basket
Component may also discontinue or suspend calculation or publication of that Basket Component at any time. Under these circumstances,
the Calculation Agent may select a successor index that the Calculation Agent determines to be comparable to the discontinued Basket Component
or, if no successor index is available, the Calculation Agent will determine the value to be used as the Closing Value of that Basket
Component. Any of these actions could adversely affect the value of the relevant Basket Component and, consequently, the value of the
Notes. See "Reference Assets—Indices—Adjustments Relating to Securities with an Index as a Reference Asset" in
the accompanying prospectus supplement.

· **We May Accelerate the Notes 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 Notes or an 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 Notes if they were not accelerated. However, if the Calculation Agent elects not to accelerate
the Notes, the value of, and any amount payable on, the Notes 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.

· **Historical Performance of the Basket Components Should Not Be Taken as Any Indication of the Future Performance of the Basket Components Over the Term of the Notes** —The value of each Basket Component has fluctuated in the past and may, in the future, experience
significant fluctuations. The historical performance of a Basket Component is not an indication of the future performance of that Basket
Component over the term of the Notes. The historical correlation between the Basket Components is not an indication of the future correlation
between them over the term of the Notes. Therefore, the performance of the Basket Components over the term of the Notes may bear no relation
or resemblance to the historical performance of either of the Basket Components.

**Risks Relating to Conflicts of Interest**

· **We and Our Affiliates May Engage in Various Activities or Make Determinations That Could Materially Affect the Notes in Various Ways and Create Conflicts of Interest** —We and our affiliates play a variety of roles in connection with the issuance of the Notes,
as described below. In performing these roles, our and our affiliates' economic interests are potentially adverse to your interests
as an investor in the Notes.

In connection with our normal business activities and in connection with hedging our obligations under the Notes, 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 Basket Components or their components. In any such market making, trading and hedging activity, 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 Notes. We and our affiliates have no obligation to take the needs of any buyer, seller or holder of the Notes 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 Notes.

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

In addition to the activities described above, we will also act as the Calculation Agent for the Notes. As Calculation Agent, we will determine any values of the Basket Components and make any other determinations necessary to calculate any payments on the Notes. 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 Basket Components" above. In making these discretionary judgments, our economic interests are potentially adverse to your interests as an investor in the Notes, and any of these determinations may adversely affect any payments on the Notes.

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

· **Lack of Liquidity** —The Notes will not be listed on any securities exchange. Barclays Capital Inc. and other affiliates
of Barclays Bank PLC intend to make a secondary market for the Notes but are not required to do so, and may discontinue any such secondary
market making at any time, without notice. Barclays Capital Inc. may at any time hold unsold inventory, which may inhibit the development
of a secondary market for the Notes. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or
sell the Notes easily. Because other dealers are not likely to make a secondary market for the Notes, the price at which you may be able
to trade your Notes 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 Notes. The Notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing
to hold your Notes to maturity.

· **Many Economic and Market Factors Will Impact the Value of the Notes** —The value of the Notes will be affected by a number
of economic and market factors that interact in complex and unpredictable ways and that may either offset or magnify each other, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the values and expected volatility of the Basket, the Basket Components and the components of each Basket Component;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o correlation (or lack of correlation) of the Basket Components;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the time to maturity of the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o dividend rates on the components of each Basket Component;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o a variety of economic, financial, political, regulatory or judicial events;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o our creditworthiness, including actual or anticipated downgrades in our credit ratings.

· **The Estimated Value of Your Notes Is Expected to Be Lower Than the Initial Issue Price of Your Notes** —The estimated value
of your Notes on the Initial Valuation Date is expected to be lower, and may be significantly lower, than the initial issue price of your
Notes. The difference between the initial issue price of your Notes and the estimated value of the Notes is expected as a result of certain
factors, such as any sales commissions expected to be paid to Barclays Capital Inc. or another affiliate of ours, any selling concessions,
discounts, commissions or fees and any structuring fees expected to be allowed or paid to non-affiliated intermediaries, the estimated
profit that we or any of our affiliates expect to earn in connection with structuring the Notes, the estimated cost which we may incur
in hedging our obligations under the Notes, and estimated development and other costs which we may incur in connection with the Notes.

· **The Estimated Value of Your Notes 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 Notes on the Initial Valuation Date is based on a number of variables,
including our internal funding rates. Our internal funding rates may vary from the levels at which our benchmark debt securities trade
in the secondary market. As a result of this difference, the estimated values referenced above might be lower if such estimated values
were based on the levels at which our benchmark debt securities trade in the secondary market.

· **The Estimated Value of the Notes 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 Notes on the Initial Valuation 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 Notes may not be consistent with those of other financial institutions which may be purchasers or sellers of Notes in the secondary
market. As a result, the secondary market price of your Notes may be materially different from the estimated value of the Notes determined
by reference to our internal pricing models.

· **The Estimated Value of Your Notes Is Not a Prediction of the Prices at Which You May Sell Your Notes in the Secondary Market, If Any, and Such Secondary Market Prices, If Any, Will Likely Be Lower Than the Initial Issue Price of Your Notes and May Be Lower Than the Estimated Value of Your Notes** —The estimated value of the Notes 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 Notes 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 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 sized trades, and may be substantially less than our estimated value of the Notes. Further, as secondary market prices of your Notes take into account the levels at which **o**ur debt securities trade in the secondary market, and do not take into account our various costs related to the Notes such as fees, commissions, discounts, and the costs of hedging our obligations under the Notes, secondary market prices of your Notes will likely be lower than the initial issue price of your Notes. As a result, the price at which Barclays Capital Inc., other affiliates of ours or third parties may be willing to purchase the Notes from you in secondary market transactions, if any, will likely be lower than the price you paid for your Notes, 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 Notes 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 Notes** —Assuming that all relevant factors remain constant after the Initial Valuation Date, the price at which Barclays Capital
Inc. may initially buy or sell the Notes in the secondary market (if Barclays Capital Inc. makes a market in the Notes, 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 Notes on the Initial Valuation Date, as well as the secondary market value of the Notes,
for a temporary period after the initial Issue Date of the Notes. The price at which Barclays Capital Inc. may initially buy or sell the
Notes 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 Notes.

**Information Regarding the Basket Components**

**<u>Dow Jones Industrial Average<sup>®</sup></u>**

The INDU Index is a price-weighted index that seeks to measure the performance of 30 U.S. blue-chip companies. The INDU Index covers all industries with the exception of the transportation industry group and the utilities sector. For more information about the INDU Index, see "Indices—The Dow Jones Industrial Average<sup>®</sup>" in the accompanying underlying supplement.

**Historical Performance of the INDU Index**

The graph below sets forth the historical performance of the INDU Index based on the daily Closing Values from January 2, 2020 through June 2, 2025. We obtained the Closing Values shown in the graph below from Bloomberg Professional<sup>®</sup> service ("Bloomberg"). We have not independently verified the accuracy or completeness of the information obtained from Bloomberg.

**Historical Performance of the Dow Jones Industrial Average<sup>®</sup>**

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

**<u>S&P 500<sup>®</sup> Index</u>**

The SPX Index consists of stocks of 500 companies selected to provide a performance benchmark for the U.S. equity markets. For more information about the SPX Index, see "Indices—The S&P U.S. Indices" in the accompanying underlying supplement.

**Historical Performance of the SPX Index**

The graph below sets forth the historical performance of the SPX Index based on the daily Closing Values from January 2, 2020 through June 2, 2025. We obtained the Closing Values shown in the graph below from Bloomberg. We have not independently verified the accuracy or completeness of the information obtained from Bloomberg.

**Historical Performance of the S&P 500<sup>®</sup> Index**

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

**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 Indebtedness for U.S. Federal Income Tax Purposes" and, if you are a non-U.S. holder, "—Tax Consequences to Non-U.S. Holders." The discussion below applies to you only if you are an initial purchaser of the Notes; if you are a secondary purchaser of the Notes, the tax consequences to you may be different. In the opinion of our special tax counsel, Davis Polk & Wardwell LLP, the Notes should be treated as debt instruments for U.S. federal income tax purposes. The remainder of this discussion assumes that this treatment is correct.

Assuming the treatment described above is correct, and based on current market conditions, in the opinion of our special tax counsel, the Notes should be treated as "contingent payment debt instruments" for U.S. federal income tax purposes, as described under "—Contingent Payment Debt Instruments" in the accompanying prospectus supplement. The remainder of this discussion assumes that this treatment is correct.

Regardless of your method of accounting for U.S. federal income tax purposes, you generally will be required to accrue taxable interest income in each year on a constant yield to maturity basis at the "comparable yield," as determined by us, even though we will not be required to make any payment with respect to the Notes prior to maturity. Upon a sale or exchange (including redemption at maturity), you generally will recognize taxable income or loss equal to the difference between the amount received from the sale or exchange and your adjusted tax basis in the Notes. You generally must treat any income as interest income and any loss as ordinary loss to the extent of previous interest inclusions, and the balance as capital loss. The deductibility of capital losses is subject to limitations. Special rules may apply if the amount payable at maturity is treated as becoming fixed prior to maturity. You should consult your tax advisor concerning the application of these rules.

The discussions herein and in the accompanying prospectus supplement do not address the consequences to taxpayers subject to special tax accounting rules under Section 451(b).

After the original issue date, you may obtain the comparable yield and the projected payment schedule by requesting them from Barclays Cross Asset Sales Americas, at (212) 528-7198. Neither the comparable yield nor the projected payment schedule constitutes a representation by us regarding the actual amount that we will pay on the Notes.

You should consult your tax advisor regarding the U.S. federal tax consequences of an investment in the Notes, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

Non-U.S. holders. We do not believe that non-U.S. holders should be required to provide a Form W-8 in order to avoid 30% U.S. withholding tax with respect to the excess (if any) of the payment at maturity over the face amount of the Notes, although the Internal Revenue Service (the "IRS") could challenge this position. However, non-U.S. holders should in any event expect to be required to provide appropriate Forms W-8 or other documentation in order to establish an exemption from backup withholding, as described under the heading "—Information Reporting and Backup Withholding" in the accompanying prospectus supplement. If any withholding is required, we will not be required to pay any additional amounts with respect to amounts withheld.

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, we expect that these regulations will 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. If necessary, further information regarding the potential application of Section 871(m) will be provided in the pricing supplement for the Notes. You should consult your tax advisor regarding the potential application of Section 871(m) to the Notes.

**SUPPLEMENTAL PLAN OF DISTRIBUTION**

We will agree to sell to Barclays Capital Inc. (the "agent"), and the agent will agree to purchase from us, the principal amount of the Notes, and at the price, specified on the cover of this pricing supplement. The agent will commit to take and pay for all of the Notes, if any are taken.