# EDGAR Filing Document

**Accession Number:** 0000312070
**File Stem:** 0000950103-25-010610
**Filing Date:** 2025-8
**Character Count:** 110464
**Document Hash:** 6e9914045abc22687a7d2fbd43230366
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-010610.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0000950103-25-010610

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 18

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**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:** 251246038

**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

August 2025 Registration Statement No. 333-287303 Pricing Supplement dated August 20, 2025 Filed pursuant to Rule 424(b)(2)

Structured Investments

Opportunities in U.S. Equities

Contingent Income Auto-Callable Securities due August 25, 2026

**Based on the Value of the Worse Performing of the Common Stock of HCA Healthcare, Inc. and the Common Stock of UnitedHealth Group Incorporated**

**Principal at Risk Securities**

Unlike conventional debt securities, the securities do not guarantee the payment of interest or the return of the full principal amount at maturity. Instead, the securities offer the opportunity for investors to receive a contingent quarterly payment equal to 4.95% of the stated principal amount with respect to each quarterly determination date on which the closing price of each underlier is greater than or equal to 70% of its initial underlier value, which we refer to as a downside threshold level. If the closing price of each underlier is greater than or equal to its initial underlier value on any determination date (other than the final determination date), the securities will be automatically redeemed for an amount per security equal to the stated principal amount plus the contingent quarterly payment otherwise due. However, if on any determination date the closing price of either underlier is less than its initial underlier value, the securities will not be redeemed and if the closing price of either underlier is less than its downside threshold level, investors will not receive any contingent quarterly payment for the related quarterly period. If the securities are not redeemed prior to maturity and the final underlier value of each underlier is greater than or equal to its downside threshold level, the payment at maturity due on the securities will be equal to the stated principal amount *plus* the contingent quarterly payment otherwise due. However, if the securities are not redeemed prior to maturity and the final underlier value of either underlier is less than its downside threshold level, at maturity investors will lose 1% of the stated principal amount for every 1% that the final underlier value of the worse performing underlier is less than its initial underlier value. Under these circumstances, the amount investors receive will be less than 70% of the stated principal amount and could be zero. Because all payments on the securities are based on the worse performing of the underliers, a decline in the closing price of either underlier below its downside threshold level on most or all of the determination dates will result in few or no contingent quarterly payments and/or a significant loss of your investment, even if the other underlier appreciates or has not declined as much. The securities are for investors who are willing and able to risk their principal and forgo guaranteed interest payments, in exchange for the opportunity to potentially receive contingent quarterly payments at an above-market rate, subject to automatic early redemption. Investors will not participate in any appreciation of either underlier even though investors will be exposed to the depreciation in the value of the worse performing underlier if the securities have not been redeemed prior to maturity and the final underlier value of the worse performing underlier is less than its downside threshold level. **Investors may lose their entire initial investment in the securities. The securities are unsecured and unsubordinated debt obligations of Barclays Bank PLC. Any payment on the securities, including any repayment of principal, is subject to the creditworthiness of Barclays Bank PLC and is not guaranteed by any third party. If Barclays Bank PLC were to default on its payment obligations or become subject to the exercise of any U.K. Bail-in Power (as described on page 5 of this document) by the relevant U.K. resolution authority, you might not receive any amounts owed to you under the securities. See "Risk Factors" and "Consent to U.K. Bail-in Power" in this document and "Risk Factors" in the accompanying prospectus supplement.**

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| | |
|:---|:---|
| **FINAL TERMS\*** |  |
| **Issuer:** | Barclays Bank PLC |

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|:---|:---|:---|:---|:---|
| **Reference assets:** | Common stock of HCA Healthcare, Inc. and common stock of UnitedHealth Group Incorporated (each an "underlier" and together the "underliers") | Common stock of HCA Healthcare, Inc. and common stock of UnitedHealth Group Incorporated (each an "underlier" and together the "underliers") | Common stock of HCA Healthcare, Inc. and common stock of UnitedHealth Group Incorporated (each an "underlier" and together the "underliers") | Common stock of HCA Healthcare, Inc. and common stock of UnitedHealth Group Incorporated (each an "underlier" and together the "underliers") |
| **Reference assets:** | **Underlier issuer** | **Bloomberg ticker** | **Initial underlier value<sup>(1)</sup>** | **Downside threshold level<sup>(2)</sup>** |
|  | HCA Healthcare, Inc. | HCA UN | $410.18 | $287.13 |
|  | UnitedHealth Group Incorporated | UNH UN | $299.84 | $209.89 |

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| | |
|:---|:---|
|  | (1) With respect to each underlier, the closing price of that underlier on the pricing date<br>(2) With respect to each underlier, 70% of its initial underlier value (rounded to two decimal places)<br>|
| **Aggregate principal amount:** | $3000000 |
| **Stated principal amount:** | $1,000 per security |
| **Pricing date:** | August 20, 2025 |
| **Original issue date:** | August 25, 2025 |
| **Maturity date<sup>†</sup>:** | August 25, 2026 |
| **Contingent quarterly payment:** | &nbsp;&nbsp;&nbsp;&nbsp; · If, on any determination date, the closing price of each underlier is **greater than or equal to** its downside threshold level, we will pay a contingent quarterly payment of $49.50 (4.95% of the stated principal amount) per security on the related contingent payment date.<br>· If, on any determination date, the closing price of either underlier is **less than** its downside threshold level, no contingent quarterly payment will be made with respect to that determination date. <br>|
| **Payment at maturity:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the securities are not automatically redeemed prior to maturity, you will receive on the maturity date a cash payment per security determined as follows:<br>· If the final underlier value of each underlier is **greater than or equal to** its downside threshold level: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) stated principal amount *plus* (ii) the contingent quarterly payment otherwise due<br>· If the final underlier value of either underlier is **less than** its downside threshold level:<br>stated principal amount × underlier performance factor of the worse performing underlier<br>***Under these circumstances, the payment at maturity will be less than the stated principal amount of $1,000 and will represent a loss of more than 30%, and possibly all, of an investor's initial investment. Investors may lose their entire initial investment in the securities. Any payment on the securities, including any repayment of principal, is not guaranteed by any third party and is subject to (a) the creditworthiness of Barclays Bank PLC and (b) the risk of exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority.***<br>|
| **U.K. Bail-in Power acknowledgment:** | Notwithstanding and to the exclusion of any other term of the securities or any other agreements, arrangements or understandings between Barclays Bank PLC and any holder or beneficial owner of the securities (or the trustee on behalf of the holders of the securities), by acquiring the securities, each holder or beneficial owner of the securities acknowledges, accepts, agrees to be bound by and consents to the exercise of, any U.K. Bail-in Power by the relevant U.K. resolution authority. See "Consent to U.K. Bail-in Power" on page 5 of this document. |
|  | ***(terms continued on the next page)*** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Commissions and initial issue price:** | **Initial issue price<sup>(1)</sup>** | **Price to public<sup>(1)</sup>** | **Agent's commissions** | **Proceeds to issuer** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Per security** | $1000 | $1000 | $5.00<sup>(2)</sup><br> $2.50<sup>(3)</sup> | $992.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $3000000 | $3000000 | $22500 | $2977500 |

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**(1)** **Our estimated value of the securities on the pricing date, based on our internal pricing models, is $979.60 per security. The estimated value is less than the initial issue price of the securities. See "Additional Information Regarding Our Estimated Value of the Securities" on page 4 of this document.** 

**(2)** **Morgan Stanley Wealth Management and its financial advisors will collectively receive from the agent, Barclays Capital Inc., a fixed sales commission of $5.00 for each security they sell. See "Supplemental Plan of Distribution" in this document.** 

**(3)** **Reflects a structuring fee payable to Morgan Stanley Wealth Management by the agent or its affiliates of $2.50 for each security.** 

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

**Investing in the securities involves risks not associated with an investment in conventional debt securities. See "Risk Factors" beginning on page 13 of this document and beginning on page S-9 of the prospectus supplement. You should read this document together with the related prospectus and prospectus supplement, each of which can be accessed via the hyperlinks below, before you make an investment decision.**

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

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

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

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

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Contingent Income Auto-Callable Securities due August 25, 2026

**Based on the Value of the Worse Performing of the Common Stock of HCA Healthcare, Inc. and the Common Stock of UnitedHealth Group Incorporated**

**Principal at Risk Securities**

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| | |
|:---|:---|
| ***Terms continued from previous page:*** | ***Terms continued from previous page:*** |
| **Automatic early redemption:** | If, on any determination date (other than the final determination date), the closing price of each underlier is greater than or equal to its initial underlier value, the securities will be automatically redeemed for an early redemption payment on the contingent payment date immediately following that determination date. **The securities will not be redeemed early if the closing price of either underlier is less than its initial underlier value on the related determination date. No further payments will be made on the securities after they have been redeemed.** |
| **Early redemption payment:** | The early redemption payment will be an amount per security equal to (i) the stated principal amount *plus* (ii) the contingent quarterly payment otherwise due. |
| **Final underlier value:** | With respect to each underlier, the closing price of that underlier on the final determination date |
| **Underlier performance factor:** | With respect to each underlier, its final underlier value divided by its initial underlier value |
| **Worse performing underlier:** | The underlier with the lower underlier performance factor |
| **Determination dates<sup>†</sup>:** | November 20, 2025, February 20, 2026, May 20, 2026 and August 20, 2026. We also refer to August 20, 2026 as the final determination date. |
| **Contingent payment dates<sup>†</sup>:** | November 25, 2025, February 25, 2026, May 26, 2026 and the maturity date |
| **Closing price:** | With respect to each underlier, closing price has the meaning set forth under "Reference Assets—Equity Securities—Special Calculation Provisions" in the prospectus supplement. |
| **Calculation agent:** | Barclays Bank PLC |
| **Additional terms:** | Terms used in this document, but not defined herein, will have the meanings ascribed to them in the prospectus supplement. |
| **CUSIP / ISIN:** | 06746CVH9 / US06746CVH95 |
| **Listing:** | The securities will not be listed on any securities exchange. |
| **Selected dealer:** | Morgan Stanley Wealth Management ("MSWM") |

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

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**Barclays Capital Inc**.

August 2025 Page 2

Contingent Income Auto-Callable Securities due August 25, 2026

**Based on the Value of the Worse Performing of the Common Stock of HCA Healthcare, Inc. and the Common Stock of UnitedHealth Group Incorporated**

**Principal at Risk Securities**

Additional Terms of the Securities

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

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

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

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

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

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

August 2025 Page 3

Contingent Income Auto-Callable Securities due August 25, 2026

**Based on the Value of the Worse Performing of the Common Stock of HCA Healthcare, Inc. and the Common Stock of UnitedHealth Group Incorporated**

**Principal at Risk Securities**

Additional Information Regarding Our Estimated Value of the Securities

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

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

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

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

**We urge you to read "Risk Factors" beginning on page 13 of this document.** 

August 2025 Page 4

Contingent Income Auto-Callable Securities due August 25, 2026

**Based on the Value of the Worse Performing of the Common Stock of HCA Healthcare, Inc. and the Common Stock of UnitedHealth Group Incorporated**

**Principal at Risk Securities**

Consent to U.K. Bail-in Power

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

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

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

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

August 2025 Page 5

Contingent Income Auto-Callable Securities due August 25, 2026

**Based on the Value of the Worse Performing of the Common Stock of HCA Healthcare, Inc. and the Common Stock of UnitedHealth Group Incorporated**

**Principal at Risk Securities**

Investment Summary<br> **Contingent Income Auto-Callable Securities**<br> **Principal at Risk Securities**

The Contingent Income Auto-Callable Securities due August 25, 2026 Based on the Value of the Worse Performing of the Common Stock of HCA Healthcare, Inc. and the Common Stock of UnitedHealth Group Incorporated, which we refer to as the securities, provide an opportunity for investors to receive a contingent quarterly payment, which is an amount equal to $49.50 (4.95% of the stated principal amount), with respect to each quarterly determination date on which the closing price of each underlier is greater than or equal to 70% of its initial underlier value, which we refer to as a downside threshold level. However, if the closing price of either underlier is less than its downside threshold level on a determination date, investors will not receive any contingent quarterly payment for that determination date. The closing price of at least one of the underliers could be below its downside threshold level on most or all of the determination dates so that you receive few or no contingent quarterly payments over the term of the securities.

If the closing price of each underlier is greater than or equal to its initial underlier value on any determination date (other than the final determination date), the securities will be automatically redeemed for an early redemption payment equal to the stated principal amount *plus* the contingent quarterly payment otherwise due. If the securities are automatically redeemed prior to maturity, investors will receive no further contingent quarterly payments. At maturity, if the securities have not previously been redeemed and the final underlier value of each underlier is greater than or equal to its downside threshold level, the payment at maturity will be equal to the stated principal amount plus the contingent quarterly payment otherwise due. However, if the securities have not previously been redeemed and the final underlier value of either underlier is less than its downside threshold level, investors will lose 1% of the stated principal amount for every 1% that the final underlier value of the worse performing underlier is less than its initial underlier value. Under these circumstances, the amount investors receive will be less than 70% of the stated principal amount and could be zero. Investors in the securities must be willing and able to accept the risk of losing their entire initial investment based on the performance of the worse performing underlier and also the risk of not receiving any contingent quarterly payment throughout the entire term of the securities. In addition, investors will not participate in any appreciation of either underlier.

Key Investment Rationale

The securities are for investors who are willing and able to risk their principal and forgo guaranteed interest payments, in exchange for the opportunity to potentially receive contingent quarterly payments at an above-market rate, subject to automatic early redemption. The securities offer investors an opportunity to receive a contingent quarterly payment of $49.50 (4.95% of the stated principal amount) with respect to each determination date on which the closing price of each underlier is greater than or equal to its downside threshold level. In addition, the following scenarios reflect the potential payment on the securities, if any, upon an automatic early redemption or at maturity:

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|:---|:---|
| **Scenario 1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **On any determination date (other than the final determination date), the closing price of each underlier is *greater than or equal to* its initial underlier value.**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪<br> The securities will be automatically redeemed for (i) the stated principal amount *plus* (ii) the contingent quarterly payment otherwise due. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪<br> Investors will not participate in any appreciation of either underlier from its initial underlier value and will receive no further contingent quarterly payments.<br>|
| **Scenario 2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The securities are not automatically redeemed prior to maturity and the final underlier value of each underlier is *greater than or equal to* its downside threshold level.**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪<br> The payment due at maturity will be (i) the stated principal amount plus (ii) the contingent quarterly payment otherwise due.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪<br> Investors will not participate in any appreciation of either underlier from its initial underlier value.<br>|
| **Scenario 3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The securities are not automatically redeemed prior to maturity and the final underlier value of either underlier is *less than* its downside threshold level.** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪<br> The payment due at maturity will be equal to the stated principal amount *times* the underlier performance factor of the worse performing underlier. In this case, at maturity, the securities pay less than 70% of the stated principal amount and the percentage loss of the stated principal amount will be equal to the percentage decrease in the final underlier value of the worse performing underlier from its initial underlier value. For example, if the final underlier value of the worse performing underlier is 55% less than its initial underlier value, the securities will pay $450.00 per security, or 45% of the stated principal amount, for a loss of 55% of the stated principal amount. **Investors will lose a significant portion and may lose all of their principal in this scenario.**<br>|

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August 2025 Page 6

Contingent Income Auto-Callable Securities due August 25, 2026

**Based on the Value of the Worse Performing of the Common Stock of HCA Healthcare, Inc. and the Common Stock of UnitedHealth Group Incorporated**

**Principal at Risk Securities**

Selected Purchase Considerations

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ You do not anticipate that the closing price of **either underlier** will be less than its downside threshold level on any determination date, and you are willing and able to accept the risk
that, if it is, you may receive few or no contingent quarterly payments over the term of the securities.

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ You are willing and able to forgo participation in any appreciation
of **either underlier**, and you understand that any return on your investment will be limited to the contingent quarterly payments
that may be payable on the securities.

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ You seek an investment that produces fixed periodic interest
or coupon payments or other non-contingent sources of current income.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ You anticipate that the closing price of **either underlier** will be less than its downside threshold level on one or more determination dates, or you are unwilling or unable to accept the risk that,
if it is, you may receive few or no contingent quarterly payments over the term of the securities.

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ You seek exposure to any upside performance of the underliers
or you seek an investment with a return that is not limited to the contingent quarterly payments that may be payable on the securities.

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

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

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

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

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

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

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**Principal at Risk Securities**

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

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**Principal at Risk Securities**

How the Securities Work

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

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

![](image_005.jpg)

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

![](image_004.jpg)

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

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**Principal at Risk Securities**

Hypothetical Examples

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

---

| | |
|:---|:---|
| **Hypothetical Initial Underlier Values:** | With respect to each underlier: $100.00 |
| **Hypothetical Downside Threshold Levels:** | With respect to each underlier: $70.00, which is 70% of its hypothetical initial underlier value |
| **Contingent Quarterly Payment:** | $49.50 (4.95% of the stated principal amount) |
| **Stated Principal Amount:** | $1,000 per security |

---

\* Terms used for purposes of these hypothetical examples do not represent the actual initial underlier values or downside threshold levels applicable to the securities. In particular, the hypothetical initial underlier value of $100.00 for each underlier used in these examples has been chosen for illustrative purposes only and does not represent the actual initial underlier value for either underlier. Please see "HCA Healthcare, Inc. Overview" and "UnitedHealth Group Incorporated Overview" below for recent actual values of the underliers. The actual initial underlier values and downside threshold levels applicable to the securities are set forth on the cover page of this document.

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

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

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**Principal at Risk Securities**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Example 1** | **Example 1** | **Example 1** | **Example 2** | **Example 2** | **Example 2** |
| **Determination**<br> **Dates** | Hypothetical<br> Closing Price of the Worse Performing Underlier | Contingent Quarterly Payment (per security) | Early Redemption Payment (per<br> security) | Hypothetical<br> Closing Price of the Worse Performing Underlier | Contingent<br> Quarterly Payment (per security) | Early<br> Redemption<br> Payment (per security) |
| **#1** | $100.00 | —\* | $1049.50 | $95.00 | $49.50 | N/A |
| **#2** | N/A | N/A | N/A | $45.00 | $0 | N/A |
| **#3** | N/A | N/A | N/A | $125.00 | —\* | $1049.50 |
| **Final Determination Date** | N/A | N/A | N/A | N/A | N/A | N/A |
| **Payment at Maturity** | N/A | N/A | N/A | N/A | N/A | N/A |

---

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

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

stated principal amount + contingent quarterly payment = $1,000 + $49.50 = $1,049.50

*In this example, the automatic early redemption feature limits the term of your investment to approximately 3 months and you may not be able to reinvest at comparable terms or returns. If the securities are redeemed early, you will stop receiving contingent quarterly payments.*

In Example 2, the securities are automatically redeemed following the third determination date, as the closing price of each underlier on the third determination date is greater than its initial underlier value. As the closing prices of each underlier on the first determination date are greater than or equal to its downside threshold level, you receive the contingent quarterly payment of $49.50 with respect to those determination dates. Following the third determination date, you receive an early redemption payment of $1,049.50, which includes the contingent quarterly payment with respect to that determination date.

*In this example, the automatic early redemption feature limits the term of your investment to approximately 9 months and you may not be able to reinvest at comparable terms or returns. If the securities are redeemed early, you will stop receiving contingent quarterly payments. Further, although the worse performing underlier has appreciated by 25% from its initial underlier value on the third determination date, upon automatic early redemption, you receive only $1,049.50 per security and do not benefit from the appreciation of either underlier.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Example 3** | **Example 3** | **Example 3** | **Example 4** | **Example 4** | **Example 4** |
| **Determination**<br> **Dates** | Hypothetical<br> Closing Price of the Worse Performing Underlier | Contingent Quarterly Payment (per security) | Early Redemption Payment (per<br> security) | Hypothetical<br> Closing Price of the Worse Performing Underlier | Contingent<br> Quarterly Payment (per security) | Early<br> Redemption<br> Payment (per security) |
| **#1** | $65.00 | $0 | N/A | $40.00 | $0 | N/A |
| **#2** | $67.00 | $0 | N/A | $55.00 | $0 | N/A |
| **#3** | $65.00 | $0 | N/A | $65.00 | $0 | N/A |
| **Final Determination Date** | $50.00 | $0 | N/A | $80.00 | —\* | N/A |
| **Payment at Maturity** | **$500.00** | **$500.00** | **$500.00** | **$1049.50** | **$1049.50** | **$1049.50** |

---

\* The final contingent quarterly payment, if any, will be paid at maturity.

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**Principal at Risk Securities**

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

In Example 3, the closing price of at least one underlier is below its downside threshold level on each determination date throughout the term of the securities. As a result, you do not receive any contingent quarterly payments during the term of the securities even if the closing price of the other underlier on any of the determination dates has appreciated or has not declined below its downside threshold level. In addition, because the final underlier value of the worse performing underlier is less than its downside threshold level, at maturity, your initial investment is fully exposed to the decline in the closing price of the worse performing underlier. Thus, investors will receive a cash payment at maturity that is significantly less than the stated principal amount, calculated as follows:

($1,000 × underlier performance factor of the worse performing underlier)

= $1,000 × (final underlier value of the worse performing underlier / initial underlier value of the worse performing underlier)

= $1,000 × ($50.00 / $100.00) = $500.00

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

In Example 4, the closing price of at least one underlier is below its downside threshold level on each of the determination dates prior to the final determination date. As a result, you do not receive any contingent quarterly payments following those determination dates, even if the closing price of the other underlier on those determination dates has appreciated or has not declined below its downside threshold level. In addition, the closing price of the worse performing underlier decreases to a final underlier value of $80.00. Although the final underlier value of the worse performing underlier is less than its initial underlier value, because the final underlier value of the worse performing underlier is still not less than its downside threshold level, you receive the stated principal amount *plus* the contingent quarterly payment otherwise due. Your payment at maturity is calculated as follows:

$1,000 + $49.50 = $1,049.50

*In this example, although the final underlier value of the worse performing underlier represents a decline of 20% from its initial underlier value, you receive the stated principal amount per security plus the contingent quarterly payment otherwise due, equal to a total payment of $1,049.50 per security at maturity.* 

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**Principal at Risk Securities**

Risk Factors

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

**Risks Relating to the Securities Generally**

▪ **The securities do not guarantee the return of any principal.** The terms of the securities differ from those of ordinary debt
securities in that the securities do not guarantee the return of any of the stated principal amount at maturity. Instead, if the securities
have not been automatically redeemed prior to maturity and if the final underlier value of either underlier is less than its downside
threshold level, you will be exposed to the decline in the closing price of the worse performing underlier, as compared to its initial
underlier value, on a 1-to-1 basis and you will receive for each security that you hold at maturity an amount in cash equal to the stated
principal amount times the underlier performance factor of the worse performing underlier. Under these circumstances, your payment at
maturity will be less than 70% of the stated principal amount and could be zero.

▪ **You will not receive any contingent quarterly payment for any quarterly period where the closing price of either underlier on the applicable determination date is less than its downside threshold level.** The terms of the securities differ from those of ordinary
debt securities in that they do not provide for regular interest payments. Instead, a contingent quarterly payment will be made with respect
to a quarterly period only if the closing price of each underlier is greater than or equal to its downside threshold level on the related
determination date. If the closing price of either underlier is below its downside threshold level on any determination date, you will
not receive a contingent quarterly payment for the related quarterly period. The closing price of either underlier could be below its
downside threshold level on most or all of the determination dates so that you receive few or no contingent quarterly payments over the
term of the securities. If you do not receive sufficient contingent quarterly payments over the term of the securities, the overall return
on the securities may be less than the amount that would be paid on a conventional debt security of the issuer of comparable maturity.

▪ **You will not participate in any appreciation in the value of either underlier.** You will not participate in any appreciation
in the value of either underlier from its initial underlier value even though you will be exposed to the depreciation in the value of
the worse performing underlier if the securities have not been redeemed prior to maturity and the final underlier value of the worse performing
underlier is less than its downside threshold level. The return on the securities will be limited to the contingent quarterly payment
that is paid with respect to each determination date on which the closing price of each underlier is greater than or equal to its downside
threshold level.

▪ **You are exposed to the market risk of each underlier, with respect to both the contingent quarterly payments, if any, and the payment at maturity, if any.** Your return on the securities is not linked to a basket consisting of each underlier. Rather, it will be contingent
upon the independent performance of each underlier. Unlike an instrument with a return linked to a basket of underlying assets in which
risk is mitigated and diversified among all the components of the basket, you will be exposed to the risks related to each underlier.
Poor performance by either underlier over the term of the securities may negatively affect your return and will not be offset or mitigated
by any positive performance by the other underlier. To receive any contingent quarterly payments, each underlier must close at or above
its downside threshold level on the applicable determination date. In addition, if the securities have not been automatically redeemed
early and either underlier has declined to below its downside threshold level as of the final determination date, you will be fully exposed
to the decline in the worse performing underlier over the term of the securities on a 1-to-1 basis, even if the other underlier has appreciated
or has not declined as much. Under this scenario, the value of any such payment will be less than 70% of the stated principal amount and
could be zero. Accordingly, your investment is subject to the market risk of each underlier.

▪ **Because the securities are linked to the performance of the worse performing underlier, you are exposed to greater risks of no contingent quarterly payments and sustaining a significant loss on your investment than if the securities were linked to just one underlier.** The risk that you will not receive any contingent quarterly payments, or that you will suffer a significant loss on your investment,
is greater if you invest in the securities as opposed to substantially similar securities that are linked to the performance of just one
underlier. With two underliers, it is more likely that either underlier will close below its downside threshold level on any determination
date than if the securities were linked to only one underlier, and therefore it is more likely that you will not receive any contingent
quarterly payments and that you will suffer a significant loss on your investment. In addition, because each underlier must close above
its initial underlier value on a quarterly determination date (other than the final determination date) in order for the securities to
be redeemed prior to maturity, the securities are less likely to be redeemed on any determination date (other than the final determination
date) than if the securities were linked to just one underlier.

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

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**Principal at Risk Securities**

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

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

▪ **The securities are subject to volatility risk.** Volatility is a measure of the
degree of variation in the prices of the underliers over a period of time. The contingent quarterly payment is determined based on a number
of factors, including the expected volatility of the underliers. The contingent quarterly payment is higher than the fixed rate that we
would pay on a conventional debt security of the same tenor and is higher than it otherwise would be if the level of expected volatility
of the underliers taken into account in determining the terms of the securities were lower. As volatility of an underlier increases, there
will typically be a greater likelihood that (a) the closing price of that underlier will be less than its downside threshold level on
one or more determination dates and (b) the final underlier value of that underlier will be less than its downside threshold level.

Accordingly, you should understand that a higher contingent quarterly payment reflects, among other things, an indication of a greater likelihood that you will (a) not receive contingent quarterly payments with respect to one or more determination dates and/or (b) incur a loss of principal at maturity than would have been the case had the contingent quarterly payment been lower. In addition, actual volatility over the term of the securities may be significantly higher than the expected volatility at the time the terms of the securities were determined. If actual volatility is higher than expected, you will face an even greater risk that you will not receive contingent quarterly payments and/or that you will lose a significant portion or all of your principal at maturity for the reasons described above.

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

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

**Risks Relating to the Issuer**

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

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

**Risks Relating to the Underliers**

▪ **No affiliation with the issuers of the underliers.** The issuers of the underliers are not affiliates of ours, are not involved
with this offering in any way, and have no obligation to consider your interests in taking any corporate actions that might affect the
value of

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**Principal at Risk Securities**

the securities. We have not made any due diligence inquiry with respect to the issuer of either underlier in connection with this offering**.**

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

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

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

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

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

**Risks Relating to Conflicts of Interest**

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

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

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**Principal at Risk Securities**

on the determination dates and, accordingly, whether investors will receive one or more contingent quarterly payments, whether the securities are automatically redeemed prior to maturity and, if the securities are not redeemed prior to maturity, the payment at maturity, if any.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

August 2025 Page 16

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**Principal at Risk Securities**

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

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

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

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

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

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

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

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

August 2025 Page 17

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**Principal at Risk Securities**

HCA Healthcare, Inc. Overview

According to publicly available information, HCA Healthcare, Inc. is a health care services company that operates hospitals, freestanding ambulatory surgery centers and freestanding endoscopy centers. Information filed by HCA Healthcare, Inc. with the SEC under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), can be located by reference to its SEC file number: 001-11239. The common stock of HCA Healthcare, Inc. is listed on the New York Stock Exchange under the ticker symbol "HCA."

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

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

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

Information about the common stock of HCA Healthcare, Inc. as of market close on August 20, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Bloomberg Ticker Symbol:** | HCA UN | **52 Week High:** | $415.54 |
| **Current Closing Price:** | $410.18 | **52 Week Low:** | $296.70 |
| **52 Weeks Ago (8/21/2024):** | $376.67 |  |  |

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The following table sets forth the published high, low and period-end closing prices of the common stock of HCA Healthcare, Inc. for each quarter for the period of January 2, 2020 through August 20, 2025. The associated graph shows the closing prices of the common stock of HCA Healthcare, Inc. for each day in the same period. The closing price of the common stock of HCA Healthcare, Inc. on August 20, 2025 was $410.18. We obtained the closing prices of the common stock of HCA Healthcare, Inc. from Bloomberg Professional<sup>®</sup> service ("Bloomberg"), without independent verification. Historical performance of the common stock of HCA Healthcare, Inc. should not be taken as an indication of future performance. Future performance of the common stock of HCA Healthcare, Inc. may differ significantly from historical performance, and no assurance can be given as to the closing price of the common stock of HCA Healthcare, Inc. during the term of the securities, including on any of the determination dates. We cannot give you assurance that the performance of the common stock of HCA Healthcare, Inc. will not result in a loss on your initial investment.*The closing prices below may have been adjusted to reflect certain corporate actions, such as stock splits, public offerings, mergers and acquisitions, spin-offs, extraordinary dividends, delistings and bankruptcy.*

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| | | | |
|:---|:---|:---|:---|
| **Common Stock of HCA Healthcare, Inc.** | **High** | **Low** | **Period End** |
| **2020** |  |  |  |
| First Quarter | $151.04 | $68.13 | $89.85 |
| Second Quarter | $118.04 | $81.83 | $97.06 |
| Third Quarter | $138.17 | $94.34 | $124.68 |
| Fourth Quarter | $165.86 | $123.94 | $164.46 |
| **2021** |  |  |  |
| First Quarter | $191.82 | $157.02 | $188.34 |
| Second Quarter | $215.87 | $186.15 | $206.74 |
| Third Quarter | $261.64 | $211.83 | $242.72 |
| Fourth Quarter | $260.00 | $225.59 | $256.92 |
| **2022** |  |  |  |
| First Quarter | $267.17 | $228.85 | $250.62 |
| Second Quarter | $275.16 | $168.06 | $168.06 |
| Third Quarter | $222.36 | $165.99 | $183.79 |
| Fourth Quarter | $244.70 | $193.26 | $239.96 |

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August 2025 Page 18

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**Principal at Risk Securities**

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| | | | |
|:---|:---|:---|:---|
| **Common Stock of HCA Healthcare, Inc.** | **High** | **Low** | **Period End** |

---

---

| | | | |
|:---|:---|:---|:---|
| **2023** |  |  |  |
| First Quarter | $263.81 | $243.21 | $263.68 |
| Second Quarter | $303.48 | $264.09 | $303.48 |
| Third Quarter | $298.35 | $245.98 | $245.98 |
| Fourth Quarter | $275.85 | $221.81 | $270.68 |
| **2024** |  |  |  |
| First Quarter | $333.53 | $272.08 | $333.53 |
| Second Quarter | $343.29 | $297.00 | $321.28 |
| Third Quarter | $406.43 | $315.12 | $406.43 |
| Fourth Quarter | $415.54 | $297.52 | $300.15 |
| **2025** |  |  |  |
| First Quarter | $345.55 | $296.70 | $345.55 |
| Second Quarter | $387.52 | $317.61 | $383.10 |
| Third Quarter (through August 20, 2025) | $410.18 | $334.32 | $410.18 |

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| |
|:---|
| **HCA Healthcare, Inc. common stock — daily closing prices\*<br> January 2, 2020 to August 20, 2025** |
| \* The dotted line indicates the downside threshold level of 70% of the initial underlier value of the common stock of HCA Healthcare, Inc. |

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

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Contingent Income Auto-Callable Securities due August 25, 2026

**Based on the Value of the Worse Performing of the Common Stock of HCA Healthcare, Inc. and the Common Stock of UnitedHealth Group Incorporated**

**Principal at Risk Securities**

UnitedHealth Group Incorporated Overview

According to publicly available information, UnitedHealth Group Incorporated is a health care company that provides health benefits operating under UnitedHealthcare and health services operating under Optum. Information filed by UnitedHealth Group Incorporated with the SEC under the Exchange Act can be located by reference to its SEC file number: 001-10864. The common stock of UnitedHealth Group Incorporated is listed on the New York Stock Exchange under the ticker symbol "UNH."

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

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

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

Information about the common stock of UnitedHealth Group Incorporated as of market close on August 20, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Bloomberg Ticker Symbol:** | UNH UN | **52 Week High:** | $625.25 |
| **Current Closing Price:** | $299.84 | **52 Week Low:** | $237.77 |
| **52 Weeks Ago (8/21/2024):** | $578.07 |  |  |

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The following table sets forth the published high, low and period-end closing prices of the common stock of UnitedHealth Group Incorporated for each quarter for the period of January 2, 2020 through August 20, 2025. The associated graph shows the closing prices of the common stock of UnitedHealth Group Incorporated for each day in the same period. The closing price of the common stock of UnitedHealth Group Incorporated on August 20, 2025 was $299.84. We obtained the closing prices of the common stock of UnitedHealth Group Incorporated from Bloomberg, without independent verification. Historical performance of the common stock of UnitedHealth Group Incorporated should not be taken as an indication of future performance. Future performance of the common stock of UnitedHealth Group Incorporated may differ significantly from historical performance, and no assurance can be given as to the closing price of the common stock of UnitedHealth Group Incorporated during the term of the securities, including on any of the determination dates. We cannot give you assurance that the performance of the common stock of UnitedHealth Group Incorporated will not result in a loss on your initial investment. *The closing prices below may have been adjusted to reflect certain corporate actions, such as stock splits, public offerings, mergers and acquisitions, spin-offs, extraordinary dividends, delistings and bankruptcy.*

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| | | | |
|:---|:---|:---|:---|
| **Common Stock of UnitedHealth Group Incorporated** | **High** | **Low** | **Period End** |
| **2020** |  |  |  |
| First Quarter | $305.31 | $194.86 | $249.38 |
| Second Quarter | $311.85 | $229.49 | $294.95 |
| Third Quarter | $323.70 | $291.16 | $311.77 |
| Fourth Quarter | $356.82 | $303.68 | $350.68 |
| **2021** |  |  |  |
| First Quarter | $379.06 | $324.34 | $372.07 |
| Second Quarter | $420.89 | $364.37 | $400.44 |
| Third Quarter | $429.71 | $390.74 | $390.74 |
| Fourth Quarter | $505.58 | $387.01 | $502.14 |
| **2022** |  |  |  |
| First Quarter | $520.82 | $455.89 | $509.97 |
| Second Quarter | $546.01 | $452.06 | $513.63 |
| Third Quarter | $548.32 | $501.24 | $505.04 |
| Fourth Quarter | $555.15 | $498.86 | $530.18 |

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August 2025 Page 20

Contingent Income Auto-Callable Securities due August 25, 2026

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**Principal at Risk Securities**

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| | | | |
|:---|:---|:---|:---|
| **Common Stock of UnitedHealth Group Incorporated** | **High** | **Low** | **Period End** |

---

---

| | | | |
|:---|:---|:---|:---|
| **2023** |  |  |  |
| First Quarter | $518.64 | $460.33 | $472.59 |
| Second Quarter | $526.23 | $458.49 | $480.64 |
| Third Quarter | $510.93 | $447.75 | $504.19 |
| Fourth Quarter | $552.97 | $509.47 | $526.47 |
| **2024** |  |  |  |
| First Quarter | $545.42 | $472.60 | $494.70 |
| Second Quarter | $524.63 | $439.20 | $509.26 |
| Third Quarter | $604.18 | $488.01 | $584.68 |
| Fourth Quarter | $625.25 | $485.52 | $505.86 |
| **2025** |  |  |  |
| First Quarter | $548.18 | $461.52 | $523.75 |
| Second Quarter | $599.47 | $274.35 | $311.97 |
| Third Quarter (through August 20, 2025) | $326.14 | $237.77 | $299.84 |

---

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| |
|:---|
| **UnitedHealth Group Incorporated common stock — daily closing prices\*<br> January 2, 2020 to August 20, 2025** |
| \* The dotted line indicates the downside threshold level of 70% of the initial underlier value of the common stock of UnitedHealth Group Incorporated. |

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

August 2025 Page 21

Contingent Income Auto-Callable Securities due August 25, 2026

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**Principal at Risk Securities**

Additional Information about the Securities

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

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| | |
|:---|:---|
| **Additional provisions:** |  |
| **Minimum ticketing size:** | $1,000 / 1 security |
| **Tax considerations:** | You should review carefully the sections in the accompanying prospectus supplement entitled "Material U.S. Federal Income Tax Consequences—Tax Consequences to U.S. Holders—Notes Treated as Prepaid Forward or Derivative Contracts with Associated Contingent Coupons" and, if you are a non-U.S. holder, "—Tax Consequences to Non-U.S. Holders."<br>In determining our reporting responsibilities, if any, we intend to treat (i) the securities for U.S. federal income tax purposes as prepaid forward contracts with associated contingent coupons and (ii) any contingent quarterly payments as ordinary income, as described in the section entitled "Material U.S. Federal Income Tax Consequences—Tax Consequences to U.S. Holders—Notes Treated as Prepaid Forward or Derivative Contracts with Associated Contingent Coupons" in the accompanying prospectus supplement. Our special tax counsel, Davis Polk & Wardwell LLP, has advised that it believes this treatment to be reasonable, but that there are other reasonable treatments that the Internal Revenue Service (the "IRS") or a court may adopt.<br>*Sale, exchange or redemption of a security.* Assuming the treatment described above is respected, upon a sale or exchange of the securities (including redemption upon an automatic call or at maturity), you should recognize capital gain or loss equal to the difference between the amount realized on the sale or exchange and your tax basis in the securities, which should equal the amount you paid to acquire the securities (assuming contingent quarterly payments are properly treated as ordinary income, consistent with the position referred to above). This gain or loss should be short-term capital gain or loss unless you hold the securities for more than one year, in which case the gain or loss should be long-term capital gain or loss, whether or not you are an initial purchaser of the securities at the issue price. The deductibility of capital losses is subject to limitations. If you sell your securities between the time your right to a contingent quarterly payment is fixed and the time it is paid, it is likely that you will be treated as receiving ordinary income equal to the contingent quarterly payment. Although uncertain, it is possible that proceeds received from the sale or exchange of your securities prior to a determination date but that can be attributed to an expected contingent quarterly payment could be treated as ordinary income. You should consult your tax advisor regarding this issue.<br>As noted above, there are other reasonable treatments that the IRS or a court may adopt, in which case the timing and character of any income or loss on the securities could be materially 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, and whether investors in short-term instruments should be required to accrue income. 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 affect the tax consequences of an investment in the securities, possibly with retroactive effect. You should consult your tax advisor regarding the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments and the issues presented by this notice.<br>*Non-U.S. holders.* Insofar as we have responsibility as a withholding agent, we do not currently intend to treat contingent quarterly payments to non-U.S. holders (as defined in the accompanying prospectus supplement) as subject to U.S. withholding tax. 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.<br> Treasury regulations under Section 871(m) generally impose a withholding tax on certain "dividend equivalents" under certain "equity linked instruments." A recent IRS notice excludes from the scope of Section 871(m) instruments issued prior to January 1, 2027 that do not have a "delta of one" with respect to underlying securities that could pay U.S.-source dividends for U.S. federal income tax purposes (each an "Underlying Security"). Based on our determination that the securities do not have a "delta of one" within the meaning of the regulations, our special tax counsel is of the opinion<br>|

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**Principal at Risk Securities**

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| | |
|:---|:---|
|  | that these regulations should not apply to the securities with regard to non-U.S. holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on your particular circumstances, including whether you enter into other transactions with respect to an Underlying Security. You should consult your tax advisor regarding the potential application of Section 871(m) to the securities. |
| **Trustee:** | The Bank of New York Mellon |
| **Use of proceeds and hedging:** | The net proceeds we receive from the sale of the securities will be used for various corporate purposes as set forth in the prospectus and prospectus supplement and, in part, in connection with hedging our obligations under the securities through one or more of our subsidiaries.<br>We, through our subsidiaries or others, hedge our anticipated exposure in connection with the securities by taking positions in futures and options contracts on the underliers and any other securities or instruments we may wish to use in connection with such hedging. Trading and other transactions by us or our affiliates could affect the values of the underliers, the market value of the securities or any amounts payable on the securities. For further information on our use of proceeds and hedging, see "Use of Proceeds and Hedging" in the prospectus supplement.<br>|
| **ERISA:** | See "Benefit Plan Investor Considerations" in the accompanying prospectus supplement. |
| **Validity of the securities:** | In the opinion of Davis Polk & Wardwell LLP, as special United States products counsel to Barclays Bank PLC, when the securities 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 securities (the "master note"), and such securities have been delivered against payment as contemplated herein, such securities 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 securities 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. |

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

Supplemental Plan of Distribution

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

August 2025 Page 23

## 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) | 3000 | $1000 | $3000000 | 0.0001531 | $459.30 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $3000000 |  | 459.30 |
| 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: |  |  | $459.30 |

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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 $3,000,000. The prospectus is a final prospectus for the related offering.