<SEC-DOCUMENT>0000950103-25-014466.txt : 20251107
<SEC-HEADER>0000950103-25-014466.hdr.sgml : 20251107
<ACCEPTANCE-DATETIME>20251107142558
ACCESSION NUMBER:		0000950103-25-014466
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20251107
DATE AS OF CHANGE:		20251107

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:		251462006

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>dp237090_424b2-7999ubs.htm
<DESCRIPTION>FORM 424B2
<TEXT>
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    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: red"><B>The information in this preliminary pricing supplement
is not complete and may be changed. This preliminary pricing supplement and the accompanying prospectus, prospectus supplement and underlying
supplement do not constitute an offer to sell the Securities and we are not soliciting an offer to buy the Securities in any state where
the offer or sale is not permitted.</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: red"><B>Subject to Completion. Dated
November 7, 2025</B></P></TD></TR>
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    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Pricing Supplement dated November&nbsp;&nbsp;&nbsp;&nbsp;, 2025</FONT></TD>
    <TD STYLE="width: 50%; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">Filed Pursuant to Rule 424(b)(2)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">Registration Statement No. 333-287303</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Barclays Bank
PLC Capped GEARS</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Linked to the SPDR<SUP>&reg;</SUP> S&amp;P 500<SUP>&reg;</SUP> ETF
Trust due on or about December 1, 2026</B></P>

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    <TD STYLE="width: 100%; font-weight: normal; font-size: 10pt; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment Description</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Capped GEARS (the &ldquo;Securities&rdquo;) are unsecured and unsubordinated
debt obligations issued by Barclays Bank PLC (the &ldquo;Issuer&rdquo;) with returns linked to the performance of the SPDR<SUP>&reg;</SUP>
S&amp;P 500<SUP>&reg;</SUP> ETF Trust (the &ldquo;Underlying&rdquo;). If the Underlying Return is positive, the Issuer will pay the principal
amount of the Securities at maturity plus a return equal to the Underlying Return times the Upside Gearing of 1.25, up to the Maximum
Gain, which will be set on the Trade Date and will be between 11.80% and 12.80%. If the Underlying Return is zero, the Issuer will repay
the principal amount of the Securities at maturity. However, if the Underlying Return is negative, the Issuer will pay you a cash payment
at maturity that is less than the principal amount, resulting in a loss of 0.75% of principal for every 1% decline in the Underlying
from the Initial Underlying Price to the Final Underlying Price. <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investing
in the Securities involves significant risks. The Issuer will not pay any interest on the Securities. You may lose up to 75% of your
principal. 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 PS-4 of this pricing supplement) by the relevant U.K. resolution authority, you might
not receive any amounts owed to you under the Securities. See &ldquo;Consent to U.K. Bail-in Power&rdquo; in this pricing supplement
and &ldquo;Risk Factors&rdquo; in the accompanying prospectus supplement.</B></FONT></P>

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    <TD STYLE="width: 58%; background-color: #5A6F89; font-weight: normal; font-size: 10pt; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Features</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 40%; background-color: #5A6F89; font-weight: normal; font-size: 10pt; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Key Dates<SUP>1</SUP></B></FONT></TD></TR>
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<DIV STYLE="float: left; width: 58%">

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    <TD STYLE="width: 3%; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Wingdings">q</FONT></TD>
    <TD STYLE="width: 97%; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Enhanced Growth Potential, Subject to Maximum Gain:</B></FONT> At maturity, the Upside Gearing will provide leveraged exposure to any positive performance of the Underlying, up to the Maximum Gain.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Wingdings">q</FONT></TD>
    <TD STYLE="font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Downside Market Exposure:</B></FONT> If the Underlying Return is negative, the Issuer will repay less than the full principal amount at maturity, resulting in a loss of 0.75% of principal for every 1% decline in the Underlying from the Initial Underlying Price to the Final Underlying Price. Any payment on the Securities, including any repayment of principal, is subject to the creditworthiness of Barclays Bank PLC.</TD></TR>
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</DIV>

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    <TD STYLE="width: 46%"><FONT STYLE="font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="width: 54%"><FONT STYLE="font-size: 10pt">November 12, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Settlement Date:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">November 17, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Final Valuation Date:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">November 27, 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Maturity Date:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">December 1, 2026</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5pt"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD><FONT STYLE="font-size: 10pt">The Trade Date, the Final Valuation Date and the Maturity Date are subject to postponement. See &ldquo;Indicative
Terms&rdquo; on page PS-6 of this pricing supplement.</FONT></TD></TR></TABLE>

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</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TD STYLE="width: 0in"></TD><TD><B>NOTICE TO INVESTORS: THE SECURITIES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS. THE ISSUER IS NOT
                                                                                          NECESSARILY OBLIGATED TO REPAY THE FULL PRINCIPAL AMOUNT OF THE SECURITIES AT MATURITY, AND THE SECURITIES HAVE DOWNSIDE MARKET RISK
                                                                                          SIMILAR TO THE UNDERLYING. THIS MARKET RISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING A DEBT OBLIGATION OF BARCLAYS
                                                                                          BANK PLC. YOU SHOULD NOT PURCHASE THE SECURITIES IF YOU DO NOT UNDERSTAND OR ARE NOT COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED
                                                                                          IN INVESTING IN THE SECURITIES.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-style: normal"><B>YOU SHOULD CAREFULLY CONSIDER THE
RISKS DESCRIBED UNDER &ldquo;KEY RISKS&rdquo; BEGINNING ON PAGE PS-7 OF THIS PRICING SUPPLEMENT AND &ldquo;RISK FACTORS&rdquo; BEGINNING
ON PAGE S-9 OF THE PROSPECTUS SUPPLEMENT BEFORE PURCHASING ANY SECURITIES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND
UNCERTAINTIES, COULD ADVERSELY AFFECT THE MARKET VALUE OF, AND THE RETURN ON, YOUR SECURITIES. YOU MAY LOSE UP TO 75% OF YOUR PRINCIPAL
AMOUNT. THE SECURITIES WILL NOT BE LISTED ON ANY SECURITIES EXCHANGE.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-style: normal"><B>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 &ldquo;CONSENT TO U.K. BAIL-IN POWER&rdquo; ON PAGE PS-4 OF THIS PRICING SUPPLEMENT.</B></FONT></P>

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    <TD STYLE="width: 100%; font-weight: normal; font-size: 10pt; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Security Offering</B></FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We are offering Capped GEARS linked to the SPDR<SUP>&reg;</SUP> S&amp;P
500<SUP>&reg;</SUP> ETF Trust. The return on the Securities is subject to the predetermined Maximum Gain and the corresponding maximum
payment at maturity per Security. The Maximum Gain, maximum payment at maturity per Security and Initial Underlying Price will be set
on the Trade Date. The Securities are offered at a minimum investment of $1,000 (100 Securities).</P>

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  <TR>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Underlying</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Maximum Gain</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Maximum Payment at Maturity per Security</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Upside Gearing</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Downside Participation Rate</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Initial Underlying Price*</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CUSIP/ ISIN</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C7C8CA 1pt solid; text-align: center">SPDR<SUP>&reg;</SUP> S&amp;P 500<SUP>&reg;</SUP> ETF Trust (SPY)</TD>
    <TD STYLE="border-bottom: #C7C8CA 1pt solid; text-align: center">11.80% to 12.80%</TD>
    <TD STYLE="border-bottom: #C7C8CA 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$11.18 to $11.28</FONT></TD>
    <TD STYLE="border-bottom: #C7C8CA 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1.25</FONT></TD>
    <TD STYLE="border-bottom: #C7C8CA 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">0.75</FONT></TD>
    <TD STYLE="border-bottom: #C7C8CA 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$&bull;</FONT></TD>
    <TD STYLE="border-bottom: #C7C8CA 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">06748V105 / US06748V1052</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">* The Initial Underlying Price will be the Closing Price of the Underlying
on the Trade Date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-style: normal"><B>See &ldquo;Additional Information
about Barclays Bank PLC and the Securities&rdquo; on page PS-2 of this pricing supplement. The Securities will have the terms specified
in the prospectus dated May 15, 2025, the prospectus supplement dated May 15, 2025, the underlying supplement dated May 15, 2025 and
this pricing supplement.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-style: normal"><B>Neither the U.S. Securities and
Exchange Commission (the &ldquo;SEC&rdquo;) nor any state securities commission has approved or disapproved of the Securities or determined
that this pricing supplement is truthful or complete. Any representation to the contrary is a criminal offense.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>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.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 24%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; width: 27%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Initial Issue Price<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 24%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Underwriting Discount</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; width: 25%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Proceeds to Barclays Bank PLC</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid">Per Security</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$10.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$0.125</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$9.875</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid">Total</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$&bull;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$&bull;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$&bull;</TD></TR>
  </TABLE>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 12.25pt"><SUP>1</SUP></TD><TD>Our estimated value of the Securities on the Trade Date, based on our internal pricing models, is expected to be between $9.550 and
$9.954 per Security. The estimated value is expected to be less than the initial issue price of the Securities. See &ldquo;Additional
Information Regarding Our Estimated Value of the Securities&rdquo; on page PS-3 of this pricing supplement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

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    <TD STYLE="width: 50%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>UBS Financial Services Inc.</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Barclays Capital Inc.</B></FONT></TD></TR>
  </TABLE>
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    <TD STYLE="width: 100%; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Additional Information about Barclays Bank PLC and the Securities</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">You should read this pricing supplement together
with the prospectus dated May 15, 2025, as supplemented by the prospectus supplement dated May 15, 2025 relating to our Global Medium-Term
Notes, Series A, of which these Securities are a part, and the underlying supplement dated May 15, 2025. This pricing supplement, together
with the documents listed below, contains the terms of the 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 &ldquo;Risk Factors&rdquo; in the prospectus supplement and &ldquo;Key Risks&rdquo; in this pricing supplement, 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">If the terms set forth in this pricing supplement
differ from those set forth in the prospectus, prospectus supplement or underlying supplement, the terms set forth herein will control.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">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):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>Prospectus dated May 15, 2025:<BR>
<A HREF="http://www.sec.gov/Archives/edgar/data/312070/000119312525120720/d925982d424b2.htm">http://www.sec.gov/Archives/edgar/data/312070/000119312525120720/d925982d424b2.htm</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>Prospectus supplement dated May 15, 2025:<BR>
<A HREF="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</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>Underlying supplement dated May 15, 2025:<BR>
<A HREF="http://www.sec.gov/Archives/edgar/data/312070/000095010325006053/dp228705_424b2-underl.htm">http://www.sec.gov/Archives/edgar/data/312070/000095010325006053/dp228705_424b2-underl.htm</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><I>Our SEC file number is 1-10257. As used
in this pricing supplement, &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; refer to Barclays Bank PLC. In this pricing supplement,
&ldquo;Securities&rdquo; refers to the Capped GEARS that are offered hereby, unless the context otherwise requires.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>


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  <TR STYLE="background-color: #5A6F89">
    <TD STYLE="width: 100%; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Additional Information Regarding Our Estimated Value of the Securities</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The range of the estimated values of the Securities referenced above
may not correlate on a linear basis with the range for the Maximum Gain set forth in this pricing supplement. We determined the size of
the range for the Maximum Gain based on prevailing market conditions, as well as the anticipated duration of the marketing period for
the Securities. The final terms for the Securities will be determined on the date the Securities are initially priced for sale to the
public (the &ldquo;Trade Date&rdquo;) based on prevailing market conditions on or prior to the Trade Date, and will be communicated to
investors either orally or in a final pricing supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">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 Trade 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">Our estimated value of the Securities on the
Trade Date is expected to be less than the initial issue price of the Securities. The difference between the initial issue price of the
Securities and our estimated value of the Securities is expected to result from several factors, including any sales commissions expected
to be paid to Barclays Capital Inc. or another affiliate of ours, any selling concessions, discounts, commissions or fees expected to
be allowed or paid to non-affiliated intermediaries, the estimated profit that we or any of our affiliates expect to earn in connection
with structuring the Securities, the estimated cost that we may incur in hedging our obligations under the Securities, and estimated development
and other costs that we may incur in connection with the Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">Our estimated value on the Trade 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">Assuming that all relevant factors remain constant
after the Trade 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 Trade Date for a temporary period expected to be approximately four months 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-style: normal"><B>We urge
you to read the &ldquo;Key Risks&rdquo; beginning on page PS-7 of this pricing supplement.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-style: normal"><B>You may
revoke your offer to purchase the Securities at any time prior to the Trade Date. We reserve the right to change the terms of, or reject
any offer to purchase, the Securities prior to their Trade Date. In the event of any changes to the terms of the Securities, we will notify
you and you will be asked to accept such changes in connection with your purchase. You may also choose to reject such changes in which
case we may reject your offer to purchase.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>


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  <TR STYLE="background-color: #5A6F89">
    <TD STYLE="width: 100%; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>

</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Consent to U.K. Bail-in Power</FONT></B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-style: normal"><B>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.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">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 &ldquo;FSMA&rdquo;) 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 (&ldquo;EEA&rdquo;) 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">For more information, please see &ldquo;Key
Risks&mdash;Risks Relating to the Issuer&mdash;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&rdquo; in this pricing supplement as well as &ldquo;U.K. Bail-in Power,&rdquo; &ldquo;Risk Factors&mdash;Risks
Relating to the Securities Generally&mdash;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&rdquo; and &ldquo;Risk Factors&mdash;Risks Relating to the Securities Generally&mdash;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&rdquo;
in the accompanying prospectus supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #788D41; border-collapse: collapse">
  <TR STYLE="background-color: #5A6F89">
    <TD STYLE="width: 100%; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>
</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Selected Purchase Considerations</FONT></B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"></P>

<DIV STYLE="float: left; width: 49%">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-style: normal"><B>The Securities
may be appropriate for you if:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>You fully understand the risks inherent in an investment in the Securities, including the risk of loss of up to 75% of your initial
investment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>You can tolerate a loss of up to 75% of your initial investment, and you are willing to make an investment that has downside market
risk similar to the Underlying.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>You believe the Underlying will appreciate over the term of the Securities and that any such appreciation is unlikely to exceed the
Maximum Gain.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>You understand and accept that your potential return is limited by the Maximum Gain, and you would be willing to invest in the Securities
if the Maximum Gain were set equal to the bottom of the range specified on the cover of this pricing supplement (the actual Maximum Gain
will be set on the Trade Date).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>You can tolerate fluctuations in the price of the Securities prior to maturity that may be similar to or exceed the downside fluctuations
in the price of the Underlying.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>You do not seek current income from this investment, and you are willing to forgo any dividends paid on the Underlying or the component
securities held by the Underlying.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>You are willing and able to hold the Securities to maturity and accept that there may be little or no secondary market for the Securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>You understand and are willing to accept the risks associated with the Underlying.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>You are willing and able to assume the credit risk of Barclays Bank PLC, as issuer of the Securities, for all payments under the Securities
and understand that if Barclays Bank PLC were to default on its payment obligations or become subject to the exercise of any U.K. Bail-in
Power, you might not receive any amounts due to you under the Securities, including any repayment of principal.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"></P>

<DIV STYLE="float: right; width: 49%">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-style: normal"><B>The Securities
may not be appropriate for you if:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>You do not fully understand the risks inherent in an investment in the Securities, including the risk of loss of up to 75% of your
initial investment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>You cannot tolerate the loss of up to 75% of your initial investment, or you are not willing to make an investment that has downside
market risk similar to the Underlying.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>You believe the Underlying will depreciate over the term of the Securities and the Final Underlying Price is likely to be less than
the Initial Underlying Price, or you believe the Underlying will appreciate over the term of the Securities by more than the Maximum Gain.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>You seek an investment that has unlimited return potential without a cap on appreciation, or you would be unwilling to invest in the
Securities if the Maximum Gain were set equal to the bottom of the range specified on the cover of this pricing supplement (the actual
Maximum Gain will be set on the Trade Date).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>You cannot tolerate fluctuations in the price of the Securities prior to maturity that may be similar to or exceed the downside fluctuations
in the price of the Underlying.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>You seek current income from this investment, or you would prefer to receive any dividends paid on the Underlying or the component
securities held by the Underlying.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>You are unable or unwilling to hold the Securities to maturity, or you seek an investment for which there will be an active secondary
market.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>You do not understand or are not willing to accept the risks associated with the Underlying.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>You prefer the lower risk, and therefore accept the potentially lower returns, of fixed income investments with comparable maturities
and credit ratings that bear interest at a prevailing market rate.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>You are not willing or are unable to assume the credit risk of Barclays Bank PLC, as issuer of the Securities, for all payments due
to you under the Securities, including any repayment of principal.</TD></TR></TABLE>

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</DIV>

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    <TD STYLE="width: 100%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-style: normal"><B>The considerations
identified above are not exhaustive. Whether or not the Securities are an appropriate investment for you will depend on your individual
circumstances, and you should reach an investment decision only after you and your investment, legal, tax, accounting and other advisors
have carefully considered the appropriateness of an investment in the Securities in light of your particular circumstances. You should
also review carefully the &ldquo;Key Risks&rdquo; beginning on page PS-7 of this pricing supplement and the &ldquo;Risk Factors&rdquo;
beginning on page S-9 of the prospectus supplement for risks related to an investment in the Securities. For more information about the
Underlying, please see the section titled &ldquo;SPDR<SUP>&reg;</SUP> S&amp;P 500<SUP>&reg;</SUP> ETF Trust&rdquo; below.</B></FONT></P>

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  <TR STYLE="background-color: #5A6F89">
    <TD STYLE="color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Indicative Terms<SUP>1</SUP></B></FONT></TD></TR>
  </TABLE>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid; width: 12%"><FONT STYLE="font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid; width: 88%"><FONT STYLE="font-size: 10pt">Barclays Bank PLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid"><FONT STYLE="font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid"><FONT STYLE="font-size: 10pt">$10 per Security</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid"><FONT STYLE="font-size: 10pt">Term<SUP>2</SUP>:</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid"><FONT STYLE="font-size: 10pt">Approximately 1 year. See &ldquo;Key Dates&rdquo; on the cover of this pricing supplement.<SUP>2</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid"><FONT STYLE="font-size: 10pt">Reference Asset:</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid"><FONT STYLE="font-size: 10pt">SPDR<SUP>&reg;</SUP> S&amp;P 500<SUP>&reg;</SUP> ETF Trust (Bloomberg ticker symbol &ldquo;SPY&rdquo;) (the &ldquo;Underlying&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid"><FONT STYLE="font-size: 10pt">Payment at Maturity (per Security):</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 15.85pt; text-indent: -16.55pt"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>If
    the Underlying Return is positive</B></FONT>, the Issuer will pay the principal amount plus a return equal to the Underlying Return multiplied
    by the Upside Gearing, but no more than the Maximum Gain. Accordingly, the payment at maturity per Security would be calculated as follows:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 15.85pt; text-indent: -16.55pt">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 17.05pt; text-align: center">$10 + ($10 &times; the lesser of (a)
    Underlying Return &times; Upside Gearing and (b) the Maximum Gain)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 17.05pt; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 15.85pt; text-indent: -16.55pt"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>If
    the Underlying Return is zero</B></FONT>, the Issuer will repay the full principal amount at maturity of $10 per Security.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 15.85pt; text-indent: -16.55pt">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 15.85pt; text-indent: -16.55pt"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>If
    the Underlying Return is negative</B></FONT>, the Issuer will repay less than the full principal amount at maturity, resulting in a loss
    of 0.75% of principal for every 1% decline in the Underlying from the Trade Date to the Final Valuation Date. Accordingly, the payment
    at maturity per Security would be calculated as follows:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 15.85pt; text-indent: -16.55pt">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$10 + ($10 &times; Underlying Return &times; Downside
    Participation Rate)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 17.05pt"><B><I>If the Underlying Return is negative, your principal
is exposed to the decline in the Underlying at the Downside Participation Rate, and you will lose up to 75% of the principal amount of
the Securities at maturity. 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.</I></B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid">Upside Gearing:</TD>
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid"><FONT STYLE="font-size: 10pt">1.25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid"><FONT STYLE="font-size: 10pt">Maximum Gain:</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid"><FONT STYLE="font-size: 10pt">11.80% to 12.80%. The actual Maximum Gain will be set on the Trade Date and will not be less than 11.80%.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid"><FONT STYLE="font-size: 10pt">Underlying Return:</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><U>Final Underlying Price &ndash; Initial Underlying Price</U><BR>
Initial Underlying Price</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid"><FONT STYLE="font-size: 10pt">Initial Underlying Price:</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid"><FONT STYLE="font-size: 10pt">The Closing Price of the Underlying on the Trade Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid"><FONT STYLE="font-size: 10pt">Final Underlying Price:</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid"><FONT STYLE="font-size: 10pt">The Closing Price of the Underlying on the Final Valuation Date </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Downside Participation Rate:</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid"><FONT STYLE="font-size: 10pt">0.75</FONT></TD></TR>
  </TABLE>
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    <TD STYLE="padding: 2pt; border-top: #C7C8CA 1pt solid; border-bottom: #C7C8CA 1pt solid; width: 12%"><FONT STYLE="font-size: 10pt">Closing Price: </FONT></TD>
    <TD STYLE="padding: 2pt; border-top: #C7C8CA 1pt solid; border-bottom: #C7C8CA 1pt solid; width: 88%"><FONT STYLE="font-size: 10pt">Closing Price has the meaning set forth under &ldquo;Reference Assets&mdash;Exchange-Traded Funds&mdash;Special Calculation Provisions&rdquo; in the prospectus supplement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid"><FONT STYLE="font-size: 10pt">Calculation Agent:</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: #C7C8CA 1pt solid"><FONT STYLE="font-size: 10pt">Barclays Bank PLC</FONT></TD></TR>
  </TABLE>
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  <TR STYLE="background-color: #5A6F89">
    <TD STYLE="font-weight: normal; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>
</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investment Timeline</FONT></B></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #C0CAD6; text-align: center; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 87%"><FONT STYLE="font-size: 10pt">The Initial Underlying Price is observed and the Maximum Gain is set.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><IMG SRC="image_001.gif" ALT="" STYLE="height: 34px; width: 15px"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; background-color: #C0CAD6; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Final Underlying Price is observed and the Underlying Return is
    determined on the Final Valuation Date.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>If the Underlying
    Return is positive</B></FONT>, the Issuer will pay the principal amount plus a return equal to the Underlying Return multiplied by the
    Upside Gearing, but no more than the Maximum Gain. Accordingly, the payment at maturity per Security would be calculated as follows:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$10 + ($10 &times; the lesser of (a) Underlying
    Return &times; Upside Gearing and (b) the Maximum Gain)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>If the Underlying
    Return is zero</B></FONT>, the Issuer will repay the full principal amount at maturity of $10 per Security.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>If the Underlying
    Return is negative</B></FONT>, the Issuer will repay less than the full principal amount at maturity, resulting in a loss of 0.75% of
    principal for every 1% decline in the Underlying from the Trade Date to the Final Valuation Date. Accordingly, the payment at maturity
    per Security would be calculated as follows:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$10 + ($10 &times; Underlying Return &times; Downside
    Participation Rate)</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>If the Underlying Return is negative, your principal is exposed
to the decline in the Underlying at the Downside Participation Rate, and you will lose up to 75% of the principal amount of the Securities
at maturity. 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.</I></B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Investing in the Securities involves significant risks. The Issuer
will not pay any interest on the Securities. You may lose up to 75% of your principal. 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 by the relevant U.K. resolution
authority, you might not receive any amounts owed to you under the Securities. </B></P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <TD STYLE="width: 100%">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>1</SUP></TD><TD>Terms used in this pricing supplement, but not defined herein, shall have the meanings ascribed to them in the prospectus supplement.
The Underlying 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 &ldquo;Key Risks&mdash;Risks Relating
to the Underlying&rdquo; below.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>2</SUP></TD><TD>Subject to postponement in certain circumstances, as described under &ldquo;Reference Assets&mdash;Exchange-Traded Funds&mdash;Market
Disruption Events for Securities with an Exchange-Traded Fund That Holds Equity Securities as a Reference Asset&rdquo; and &ldquo;Terms
of the Notes&mdash;Payment Dates&rdquo; in the accompanying prospectus supplement</TD></TR></TABLE>

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    <TD STYLE="width: 100%; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>


</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Key Risks</FONT></B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">An investment in the Securities involves significant
risks. Investing in the Securities is not equivalent to investing directly in the Underlying, the component securities held by the Underlying
or the securities composing the Underlying Index (as defined under &ldquo;SPDR<SUP>&reg;</SUP> S&amp;P 500<SUP>&reg;</SUP> ETF Trust&rdquo;
below). 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 &ldquo;Risk Factors&rdquo; section of the prospectus supplement. You
should not purchase the Securities unless you understand and can bear the risks of investing in the Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><B>Risks Relating to the Securities Generally</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>You risk losing up to 75% of your principal</B></FONT> &mdash; The Securities
differ from ordinary debt securities in that the Issuer will not necessarily pay the full principal amount of the Securities at maturity.
The Issuer will repay you the principal amount of your Securities only if the Final Underlying Price is greater than or equal to the Initial
Underlying Price and will make such payment only at maturity. If the Final Underlying Price is less than the Initial Underlying Price,
you will be exposed to the decline in the Underlying at the Downside Participation Rate and the Issuer will repay less than the full principal
amount of the Securities at maturity, resulting in a loss of 0.75% of principal for every 1% decline in the Underlying from the Trade
Date to the Final Valuation Date. Accordingly, you may lose up to 75% of your principal.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The Upside Gearing applies only if you hold the Securities to maturity</B></FONT>
&mdash; You should be willing to hold your Securities to maturity. If you are able to sell your Securities prior to maturity in the secondary
market, if any, the price you receive likely will not reflect the full economic value of the Upside Gearing or the Securities themselves,
and the return you realize may be less than the product of the performance of the Underlying and the Upside Gearing and may be less than
the Underlying&rsquo;s return itself, even if such return is positive and does not exceed the Maximum Gain. You can receive the full benefit
of the Upside Gearing, subject to the Maximum Gain, only if you hold your Securities to maturity.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Your maximum return on the Securities is limited by the Maximum Gain</B></FONT>
&mdash; If the Final Underlying Price is greater than the Initial Underlying Price, for each Security, the Issuer will pay you at maturity
$10 plus an additional amount that will not exceed a predetermined percentage of the principal amount, regardless of the appreciation
of the Underlying, which may be significant. We refer to this percentage as the Maximum Gain, which will be set on the Trade Date. Therefore,
you will not benefit from any positive Underlying Return in excess of an amount that, when multiplied by the Upside Gearing, exceeds the
Maximum Gain, and your return on the Securities may be less than the return on a direct investment in the Underlying or its underlying
components.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>No interest payments</B></FONT> &mdash; The Issuer will not make periodic
interest payments on the Securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Any payment on the Securities will be determined based on the Closing Prices
of the Underlying on the dates specified</B></FONT> &mdash; Any payment on the Securities will be determined based on the Closing Prices
of the Underlying on the dates specified. You will not benefit from any more favorable value of the Underlying determined at any other
time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Owning the Securities is not the same as owning the Underlying, the component
securities held by the Underlying or the securities composing the Underlying Index</B></FONT> &mdash; The return on your Securities may
not reflect the return you would realize if you actually owned the Underlying, the component securities held by the Underlying or the
securities composing the Underlying Index. As a holder of the Securities, you will not have voting rights or rights to receive dividends
or other distributions or other rights that holders of the Underlying, the component securities held by the Underlying or the securities
composing the Underlying Index would have.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The U.S. federal income tax consequences of an investment in the Securities
are uncertain</B></FONT> &mdash; There is no direct legal authority regarding the proper U.S. federal income tax treatment of the Securities,
and we do not plan to request a ruling from the Internal Revenue Service (the &ldquo;IRS&rdquo;). Consequently, significant aspects of
the tax treatment of the Securities are uncertain, and the IRS or a court might not agree with the treatment of the Securities as prepaid
forward contracts, as described under &ldquo;What Are the Tax Consequences of an Investment in the Securities?&rdquo; below. If the IRS
were successful in asserting an alternative treatment for the Securities, the tax consequences of the ownership and disposition of the
Securities could be materially and adversely affected.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in; background-color: white">Even if the treatment
of the Securities is respected, the IRS may assert that the Securities constitute &ldquo;constructive ownership transactions&rdquo; within
the meaning of Section 1260 of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), in which case gain recognized in
respect of the Securities that would otherwise be long-term capital gain and that was in excess of the &ldquo;net underlying long-term
capital gain&rdquo; (as defined in Section 1260) would be treated as ordinary income, and a notional interest charge would apply as if
that income had accrued for tax purposes at a constant yield over the Securities&rsquo; term. Our special tax counsel has not expressed
an opinion with respect to whether the constructive ownership rules apply to the Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in; background-color: white">In addition, in
2007 the Treasury Department and the IRS released a notice requesting comments on various issues regarding the U.S. federal income tax
treatment of &ldquo;prepaid forward contracts&rdquo; and similar instruments. Any Treasury regulations or other guidance promulgated after
consideration of these issues could materially and adversely affect the tax consequences of an investment in the Securities, possibly
with retroactive effect. You should review carefully the sections of the accompanying prospectus supplement entitled &ldquo;Material U.S.
Federal Income Tax Consequences&mdash;Tax Consequences to U.S. Holders&mdash;Notes Treated as Prepaid Forward Contracts&rdquo; and, if
you are a non-U.S. holder, &ldquo;&mdash;Tax Consequences to Non-U.S. Holders,&rdquo; and consult your tax advisor regarding the U.S.
federal tax consequences of an investment in the Securities (including the potential application of the constructive ownership rules,
possible alternative treatments and the issues presented by the 2007 notice), as well as tax consequences arising under the laws of any
state, local or non-U.S. taxing jurisdiction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><B>Risks Relating to the Issuer</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Credit of Issuer</B></FONT> &mdash; 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</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in; background-color: white">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>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</B></FONT> &mdash; 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 &ldquo;Consent to U.K. Bail-in Power&rdquo; in this pricing supplement. Accordingly, any U.K. Bail-in Power
may be exercised in such a manner as to result in you and other holders and beneficial owners of the 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 &ldquo;Consent to
U.K. Bail-in Power&rdquo; in this pricing supplement as well as &ldquo;U.K. Bail-in Power,&rdquo; &ldquo;Risk Factors&mdash;Risks Relating
to the Securities Generally&mdash;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&rdquo; and &ldquo;Risk Factors&mdash;Risks Relating to the Securities Generally&mdash;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&rdquo;
in the accompanying prospectus supplement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><B>Risks Relating to the Underlying</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Certain features of the Underlying will impact the value of the Securities</B></FONT>
&mdash; The performance of the Underlying will not fully replicate the performance of the Underlying Index, and the Underlying may hold
securities or other assets not included in the Underlying Index. The value of the Underlying is subject to:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><I>Management risk</I>. This is the risk that the investment strategy for the Underlying, the implementation of which is subject to
a number of constraints, may not produce the intended results. The Underlying&rsquo;s investment adviser may have the right to use a portion
of the Underlying&rsquo;s assets to invest in shares of equity securities that are not included in the Underlying Index. The Underlying
is not actively managed, and the Underlying&rsquo;s investment adviser will generally not attempt to take defensive positions in declining
markets.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><I>Derivatives risk</I>. The Underlying may invest in derivatives, including forward contracts, futures contracts, options on futures
contracts, options and swaps. A derivative is a financial contract, the value of which depends on, or is derived from, the value of an
underlying asset such as a security or an index. Compared to conventional securities, derivatives can be more sensitive to changes in
interest rates or to sudden fluctuations in market prices, and thus the Underlying&rsquo;s losses may be greater than if the Underlying
invested only in conventional securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><I>Transaction costs and fees.</I> Unlike the Underlying Index, the Underlying will reflect transaction costs and fees that will reduce
its performance relative to the Underlying Index.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; background-color: white">Generally, the longer the time remaining
to maturity, the more the market price of the Securities will be affected by the factors described above. In addition, the Underlying
may diverge significantly from the performance of the Underlying Index due to differences in trading hours between the Underlying and
the securities composing the Underlying Index or other circumstances. During periods of market volatility, the component securities held
by the Underlying may be unavailable in the secondary market, market participants may be unable to calculate accurately the intraday net
asset value per share of the Underlying and the liquidity of the Underlying may be adversely affected. This kind of market volatility
may also disrupt the ability of market participants to create and redeem shares in the Underlying. Further, market volatility may adversely
affect, sometimes materially, the prices at which market participants are willing to buy and sell shares of the Underlying. As a result,
under these circumstances, the market value of the Underlying may vary substantially from the net asset value per share of the Underlying.
Because the Securities are linked to the performance of the Underlying and not the Underlying Index, the return on your Securities may
be less than that of an alternative investment linked directly to the Underlying Index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Anti-dilution protection is limited, and the Calculation Agent has discretion
to make anti-dilution adjustments </B></FONT>&mdash; The Calculation Agent may in its sole discretion make adjustments affecting the amounts
payable on the Securities upon the occurrence of certain events that the Calculation Agent determines have a diluting or concentrative
effect on the theoretical value of the shares of the Underlying. However, the Calculation Agent might not make such adjustments in response
to all events that could affect the shares of the Underlying. 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 any amounts payable on the Securities.
See &ldquo;Reference Assets&mdash;Exchange-Traded Funds&mdash;Adjustments Relating to Securities with an Exchange-Traded Fund as a Reference
Asset&mdash;Anti-dilution Adjustments&rdquo; in the accompanying prospectus supplement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjustments to the Underlying or the Underlying Index could adversely affect
the value of the Securities or result in the Securities being accelerated</B></FONT> &mdash; The investment adviser of the Underlying
may add, delete or substitute the component securities held by the Underlying or make changes to its investment strategy, and the sponsor
of the Underlying Index may add, delete, substitute or adjust the securities composing the Underlying Index or make other methodological
changes to the Underlying Index that could affect its performance. In addition, if the shares of the Underlying are de-listed or if the
Underlying is liquidated or otherwise terminated, the</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in; background-color: white">Calculation Agent
may select a successor fund that the Calculation Agent determines to be comparable to the Underlying or, if no successor fund is available,
the Maturity Date of the Securities will be accelerated for a payment determined by the Calculation Agent. Any of these actions could
adversely affect the value of the Underlying and, consequently, the value of the Securities. Any amount payable upon acceleration could
be significantly less than the amount(s) that would be due on the securities if they were not accelerated. See &ldquo;Reference Assets&mdash;Exchange-Traded
Funds&mdash;Adjustments Relating to Securities with an Exchange-Traded Fund as a Reference Asset&mdash;Discontinuance of an Exchange-Traded
Fund&rdquo; in the accompanying prospectus supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><B>Risks Relating to Conflicts of Interest</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Dealer incentives</B></FONT> &mdash; We, the Agents and affiliates of the
Agents act in various capacities with respect to the Securities. The Agents and various affiliates may act as a principal, agent or dealer
in connection with the Securities. Such Agents, including the sales representatives of UBS Financial Services Inc., will derive compensation
from the distribution of the Securities and such compensation may serve as an incentive to sell these Securities instead of other investments.
We will pay compensation as specified on the cover of this pricing supplement to the Agents in connection with the distribution of the
Securities, and such compensation may be passed on to affiliates of the Agents or other third party distributors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Potentially inconsistent research, opinions or recommendations by Barclays
Capital Inc., UBS Financial Services Inc. or their respective affiliates</B></FONT> &mdash; Barclays Capital Inc., UBS Financial Services
Inc. or their respective affiliates and agents may publish research from time to time on financial markets and other matters that may
influence the value of the Securities, or express opinions or provide recommendations that are inconsistent with purchasing or holding
the Securities. Any research, opinions or recommendations expressed by Barclays Capital Inc., UBS Financial Services Inc. or their respective
affiliates or agents may not be consistent with each other and may be modified from time to time without notice. You should make your
own independent investigation of the merits of investing in the Securities and the Underlying.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Potential Barclays Bank PLC impact on the price of the Underlying</B></FONT>
&mdash; Trading or transactions by Barclays Bank PLC or its affiliates in the Underlying, the component securities held by the Underlying
or the securities composing the Underlying Index and/or over-the-counter options, futures or other instruments with returns linked to
the performance of the Underlying, the component securities held by the Underlying or the securities composing the Underlying Index may
adversely affect the price of the Underlying and, therefore, the market value of the Securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>We and our affiliates may engage in various activities or make determinations
that could materially affect your Securities in various ways and create conflicts of interest</B></FONT> &mdash; 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&rsquo; economic interests are potentially adverse to your interests as an investor in the Securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; background-color: white">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 the Underlying or its components. In any such market making, trading and hedging activity,
investment banking and other financial services, we or our affiliates may take positions or take actions that are inconsistent with, or
adverse to, the investment objectives of the holders of the 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; background-color: white">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; background-color: white">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 Underlying
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 &ldquo;&mdash;Risks Relating
to the Underlying&rdquo; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2in; text-indent: -0.2in; background-color: white"><B>Risks Relating
to the Estimated Value of the Securities and the Secondary Market</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2in; text-indent: -0.2in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>There may be little or no secondary market for the Securities</B></FONT>
&mdash; The Securities will not be listed on any securities exchange. Barclays Capital Inc. and other affiliates of Barclays Bank PLC
intend to make a secondary market for the Securities but are not required to do so, and may discontinue any such secondary market making
at any time, without notice. Even if there is a secondary market, 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 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. The Securities are not designed to be short-term trading instruments. Accordingly, you should be
able and willing to hold your Securities to maturity.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Many economic and market factors will impact the value of the Securities</B></FONT>
&mdash; Structured notes, including the Securities, can be thought of as securities that combine a debt instrument with one or more options
or other derivative instruments. As a result, the factors that influence the values of debt instruments and options or other derivative
instruments will also influence the terms and features of the Securities at issuance and their value in the secondary market. Accordingly,
in addition to the price of the Underlying on</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in; background-color: white">any day, the value
of the Securities will be affected by a number of economic and market factors that may either offset or magnify each other, including:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>the expected volatility of the Underlying;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>the time to maturity of the Securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>the market price and dividend rate on the Underlying;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>interest and yield rates in the market generally;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>supply and demand for the Securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>a variety of economic, financial, political, regulatory and judicial events; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.45in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD>our creditworthiness, including actual or anticipated downgrades in our credit ratings.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The estimated value of your Securities is expected to be lower than the
initial issue price of your Securities</B></FONT> &mdash; The estimated value of your Securities on the Trade Date is expected to be lower,
and may be significantly lower, than the initial issue price of your Securities. The difference between the initial issue price of your
Securities and the estimated value of the Securities is expected as a result of certain factors, such as any sales commissions expected
to be paid to Barclays Capital Inc. or another affiliate of ours, any selling concessions, discounts, commissions or fees expected to
be allowed or paid to non-affiliated intermediaries, the estimated profit that we or any of our affiliates expect to earn in connection
with structuring the Securities, the estimated cost that we may incur in hedging our obligations under the Securities, and estimated development
and other costs that we may incur in connection with the Securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>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</B></FONT> &mdash; The estimated value of your
Securities on the Trade Date is based on a number of variables, including our internal funding rates. Our internal funding rates may vary
from the levels at which our benchmark debt securities trade in the secondary market. As a result of this difference, the estimated values
referenced above might be lower if such estimated values were based on the levels at which our benchmark debt securities trade in the
secondary market. Also, this difference in funding rate as well as certain factors, such as sales commissions, selling concessions, estimated
costs and profits mentioned below, reduces the economic terms of the Securities to you.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>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</B></FONT> &mdash;
The estimated value of your Securities on the Trade 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&rsquo; 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>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</B></FONT> &mdash; 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">t</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>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</B></FONT> &mdash; Assuming that all relevant factors remain constant after
the Trade 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 Trade 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. Please see &ldquo;Additional Information Regarding
Our Estimated Value of the Securities&rdquo; on page PS-3 for further information.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #788D41; border-collapse: collapse">
  <TR STYLE="background-color: #5A6F89">
    <TD STYLE="width: 100%; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Hypothetical Examples and Return Table of the Securities at Maturity</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Hypothetical terms only. Actual terms may vary.
See the cover page for actual offering terms.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The examples and table below illustrate the payment at maturity for
a $10 principal amount Security on a hypothetical offering of Securities under various scenarios, with the assumptions set forth below.*
You should not take these examples or the table below as an indication or assurance of the expected performance of the Securities. The
examples and table below do not take into account any tax consequences from investing in the Securities. Numbers appearing in the examples
and table below have been rounded for ease of analysis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Term:</FONT></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Approximately 1 year</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Hypothetical Initial Underlying Price:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$100.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Upside Gearing:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Hypothetical Maximum Gain:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11.80% (the bottom of the range of 11.80% to 12.80%)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Downside Participation Rate:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.75</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 12.25pt">*</TD><TD>Terms used for purposes of these hypothetical examples may not represent the actual Maximum Gain, Initial Underlying Price or Final
Underlying Price. The actual Maximum Gain will be set on the Trade Date. The hypothetical Initial Underlying Price of $100.00 has been
chosen for illustrative purposes only and may not represent a likely actual Initial Underlying Price. The actual Initial Underlying Price
will be the Closing Price of the Underlying on the Trade Date, and the actual Final Underlying Price will be the Closing Price of the
Underlying on the Final Valuation Date. For historical Closing Prices of the Underlying, please see the historical information set forth
under the section titled &ldquo;SPDR<SUP>&reg;</SUP> S&amp;P 500<SUP>&reg;</SUP> ETF Trust&rdquo; below. We cannot predict the Closing
Price of the Underlying on any day during the term of the Securities, including on the Final Valuation Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 65%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Final Underlying Price</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Underlying <BR>
Return</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Payment <BR>
at Maturity</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total Return on Securities<BR>
at Maturity<SUP>1</SUP></B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$180.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">80.00%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$11.1800</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">11.800%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$170.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">70.00%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$11.1800</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">11.800%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$160.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">60.00%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$11.1800</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">11.800%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$150.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">50.00%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$11.1800</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">11.800%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$140.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">40.00%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$11.1800</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">11.800%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$130.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">30.00%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$11.1800</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">11.800%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$120.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">20.00%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$11.1800</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">11.800%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$110.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">10.00%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$11.1800</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">11.800%</TD></TR>
  <TR STYLE="background-color: #CCCCCC">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$109.44</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">9.44%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$11.1800</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">11.800%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$105.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">5.00%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$10.6250</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">6.250%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$102.50</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">2.50%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$10.3125</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">3.125%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$101.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">1.00%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$10.1250</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">1.250%</TD></TR>
  <TR STYLE="background-color: #CCCCCC">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$100.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">0.00%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$10.0000</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">0.000%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$95.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-5.00%</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">$9.6250</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">-3.750%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$90.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-10.00%</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">$9.2500</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">-7.500%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$80.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-20.00%</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">$8.5000</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">-15.000%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$70.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-30.00%</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">$7.7500</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">-22.500%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$60.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-40.00%</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">$7.0000</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">-30.000%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$50.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-50.00%</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">$6.2500</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">-37.500%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$40.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-60.00%</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">$5.5000</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">-45.000%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$30.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-70.00%</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">$4.7500</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">-52.500%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$20.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-80.00%</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">$4.0000</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">-60.000%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$10.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-90.00%</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">$3.2500</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">-67.500%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$0.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-100.00%</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">$2.5000</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">-75.000%</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-indent: 0in"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD>
    <TD STYLE="width: 97%; text-indent: 0in"><FONT STYLE="font-size: 10pt">The &ldquo;total return&rdquo; is the number, expressed as a percentage, that results from comparing the payment at maturity per Security to the purchase price of $10 per Security.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Example 1</B></FONT>
&mdash; The Closing Price of the Underlying increases 2.50% from the Initial Underlying Price of $100.00 to a Final Underlying Price of
$102.50, resulting in an Underlying Return of 2.50%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Because the Underlying Return of 2.50% is positive and such Underlying
Return multiplied by the Upside Gearing of 1.25 is less than the Maximum Gain of 11.80%, the Issuer will pay a payment at maturity calculated
as follows per Security:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$10 + ($10 &times; the lesser of (a) Underlying
Return &times; Upside Gearing and (b) the Maximum Gain)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$10 + ($10 &times; 2.50% &times; 1.25) = $10 + $0.3125
= $10.3125</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The payment at maturity of $10.3125 per Security represents a total
return on the Securities of 3.125%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Example 2</B></FONT>
&mdash; The Closing Price of the Underlying increases 20.00% from the Initial Underlying Price of $100.00 to a Final Underlying Price
of $120.00, resulting in an Underlying Return of 20.00%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Because the Underlying Return of 20.00% is positive and such Underlying
Return multiplied by the Upside Gearing of 1.25 is greater than the Maximum Gain of 11.80%, the Issuer will pay a payment at maturity
calculated as follows per Security:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$10 + ($10 &times; the lesser of (a) Underlying
Return &times; Upside Gearing and (b) the Maximum Gain)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$10 + ($10 &times; 11.80%) = $10 + $1.18 = $11.1800</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The payment at maturity of $11.1800 per Security, which is the maximum
payment on the Securities, represents a total return on the Securities equal to the Maximum Gain of 11.80%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Example 3
</B></FONT>&mdash; The Closing Price of the Underlying decreases 60.00% from the Initial Underlying Price of $100.00 to a Final Underlying
Price of $40.00, resulting in an Underlying Return of -60.00%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Because the Underlying Return is negative, the Issuer will pay a payment
at maturity calculated as follows per Security:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$10 + ($10 &times; Underlying Return &times; Downside
Participation Rate)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$10 + ($10 &times; -60.00% &times; 0.75) = $10 +
-$4.50 = $5.5000</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The payment at maturity of $5.5000 per Security represents a loss on
the Securities of 45.00%, which reflects the Underlying Return of -60.00% multiplied by the Downside Participation Rate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>If the Underlying Return is negative, at maturity the Issuer will
repay less than the full principal amount, resulting in a loss of 0.75% of principal for every 1% decline in the Underlying from the Trade
Date to the Final Valuation Date. Investors could lose up to 75% of their principal amount.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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  <TR STYLE="background-color: #5A6F89">
    <TD STYLE="width: 100%; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>


</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">What Are the Tax Consequences of an Investment in the Securities?</FONT></B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">You should review carefully the sections in
the accompanying prospectus supplement entitled &ldquo;Material U.S. Federal Income Tax Consequences&mdash;Tax Consequences to U.S. Holders&mdash;Notes
Treated as Prepaid Forward Contracts&rdquo; and, if you are a non-U.S. holder, &ldquo;&mdash;Tax Consequences to Non-U.S. Holders.&rdquo;
The following discussion, when read in combination with those sections, constitutes the full opinion of our special tax counsel, Davis
Polk &amp; Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">Based on current market conditions, in the
opinion of our special tax counsel, it is reasonable to treat the Securities for U.S. federal income tax purposes as prepaid forward contracts
with respect to the Underlying. Assuming this treatment is respected, upon a sale or exchange of the Securities (including redemption
at maturity), you should recognize 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. Subject to the application of the constructive
ownership rules, any gain or loss recognized on your Securities should be treated as long-term capital gain or loss if you hold your Securities
for more than a year, whether or not you are an initial purchaser of Securities at the issue price. The Securities could be treated as
constructive ownership transactions within the meaning of Section 1260 of the Code, in which case any gain recognized in respect of the
Securities that would otherwise be long-term capital gain and that was in excess of the &ldquo;net underlying long-term capital gain&rdquo;
(as defined in Section 1260) would be treated as ordinary income, and a notional interest charge would apply as if that income had accrued
for tax purposes at a constant yield over the Securities&rsquo; term. Our special tax counsel has not expressed an opinion with respect
to whether the constructive ownership rules apply to the Securities. Accordingly, U.S. holders should consult their tax advisors regarding
the potential application of the constructive ownership rules.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">The IRS or a court may not respect the treatment
of the Securities described above, in which case the timing and character of any income or loss on the Securities could be materially
and adversely affected. In addition, in 2007 the U.S. Treasury Department and the IRS released a notice requesting comments on the U.S.
federal income tax treatment of &ldquo;prepaid forward contracts&rdquo; and similar instruments. The notice focuses in particular on whether
to require investors in these instruments to accrue income over the term of their investment. It also asks for comments on a number of
related topics, including the character of income or loss with respect to these instruments; the relevance of factors such as the nature
of the underlying property to which the instruments are linked; the degree, if any, to which income (including any mandated accruals)
realized by non-U.S. investors should be subject to withholding tax; and whether these instruments are or should be subject to the constructive
ownership regime described above. While the notice requests comments on appropriate transition rules and effective dates, any Treasury
regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences
of an investment in the 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 the potential application of the constructive ownership rules, possible
alternative treatments and the issues presented by this notice.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><I>Non-U.S. holders.</I> Insofar as we have
responsibility as a withholding agent, we do not intend to treat payments on the Securities 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
&ldquo;&mdash;Information Reporting and Backup Withholding&rdquo; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">Treasury regulations under Section 871(m) generally
impose a withholding tax on certain &ldquo;dividend equivalents&rdquo; under certain &ldquo;equity linked instruments.&rdquo; A recent
IRS notice excludes from the scope of Section 871(m) instruments issued prior to January 1, 2027 that do not have a &ldquo;delta of one&rdquo;
with respect to underlying securities that could pay U.S.-source dividends for U.S. federal income tax purposes (each an &ldquo;Underlying
Security&rdquo;). Based on our determination that the Securities do not have a &ldquo;delta of one&rdquo; within the meaning of the regulations,
we expect 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. If necessary, further information
regarding the potential application of Section 871(m) will be provided in the pricing supplement for the Securities. You should consult
your tax advisor regarding the potential application of Section 871(m) to the Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>


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  <TR STYLE="background-color: #5A6F89">
    <TD STYLE="width: 100%; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SPDR<SUP>&reg;</SUP> S&amp;P 500<SUP>&reg;</SUP> ETF Trust</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">According to publicly available information,
the Underlying is a registered investment company that seeks to provide investment results that, before expenses, correspond generally
to the price and yield performance of the S&amp;P 500<SUP>&reg;</SUP> Index (the &ldquo;Underlying Index&rdquo;). The Underlying Index
consists of stocks of 500 companies selected to provide a performance benchmark for the U.S. equity markets. For more information about
the Underlying, see &ldquo;Exchange-Traded Funds&mdash;The SPDR<SUP>&reg;</SUP> S&amp;P 500<SUP>&reg;</SUP> ETF Trust&rdquo; in the accompanying
underlying supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Historical Information</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following graph sets forth the historical performance of the Underlying
from January 2, 2015 through November 4, 2025, based on the daily Closing Prices of the Underlying. The Closing Price of the Underlying
on November 4, 2025 was $675.24.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">We obtained the Closing Prices of the Underlying
from Bloomberg Professional<SUP>&reg;</SUP> service, without independent verification. Historical performance of the Underlying should
not be taken as an indication of future performance. Future performance of the Underlying may differ significantly from historical performance,
and no assurance can be given as to the Closing Price of the Underlying during the term of the Securities, including on the Final Valuation
Date. We cannot give you assurance that the performance of the Underlying will not result in a loss on your initial investment. <I>The
Closing Prices below may reflect adjustments in response to certain corporate actions such as stock splits and reverse stock splits.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><IMG SRC="image_002.gif" ALT="" STYLE="height: 322px; width: 614px"></B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: white"><B><I>PAST PERFORMANCE
IS NOT INDICATIVE OF FUTURE RESULTS.</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>


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  <TR STYLE="background-color: #5A6F89">
    <TD STYLE="width: 100%; font-weight: normal; color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Supplemental Plan of Distribution</B></FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">We have agreed to sell to Barclays Capital
Inc. and UBS Financial Services Inc., together the &ldquo;Agents,&rdquo; and the Agents have agreed to purchase, all of the Securities
at the initial issue price less the underwriting discount indicated on the cover of this pricing supplement. UBS Financial Services Inc.
may allow a concession not in excess of the underwriting discount set forth on the cover of this pricing supplement to its affiliates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">We or our affiliates have entered or will enter
into swap agreements or related hedge transactions with one of our other affiliates or unaffiliated counterparties in connection with
the sale of the Securities and the Agents and/or an affiliate may earn additional income as a result of payments pursuant to the swap,
or related hedge transactions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">We have agreed to indemnify the Agents against
liabilities, including certain liabilities under the Securities Act of 1933, as amended, or to contribute to payments that the Agents
may be required to make relating to these liabilities as described in the prospectus and the prospectus supplement. We have agreed that
UBS Financial Services Inc. may sell all or a part of the Securities that it purchases from us to its affiliates at the price that is
indicated on the cover of this pricing supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>


<!-- Field: Page; Sequence: 15; Options: Last -->
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
