[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_102":103},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","f2f1rxyycyn9ebjycohjqp50w","revision",2,"title","巴克莱银行发行挂钩三大指数的自动赎回型证券","originalTitle","BARCLAYS BANK PLC (0000312070) (Filer)","summary","Barclays Bank PLC发行了基于纳斯达克100指数、罗素2000指数和标普500指数中表现最差指数的自动赎回型证券，到期日为2028年10月12日。若未提前赎回且最差指数低于初始值，投资者将损失本金。证券未在交易所上市，流动性有限，且估计价值低于发行价。","reason","Barclays Bank PLC发行了一款基于三大指数表现的自动赎回型证券，投资者面临本金损失风险，且未在交易所上市，流动性有限。","source",{"_12":93,"_94":95,"_9":96,"_97":42,"_98":99,"_100":101},"links",{"_90":91,"_78":92},"publishedAt","2026-10-09T17:20:17.000Z","discoveredAt","2026-10-09T17:47:37.091Z","timelineAt","category","tip","tags",[84,85,86,87,88,89],"stockSymbols",[83],"score",65,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fE0xT0Or03hc",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","e514d2b1-b926-4b95-9db0-6fd2e163e226","巴克莱发行自动赎回型证券",{"_73":74,"_16":75},"\n \n \n \n

$\"\"$

2026年10月

\n \n

注册声明第333-287303号

\n \n

2026年10月7日的定价补充文件

\n \n

根据规则424(b)(2)提交

结构化投资

美国股票中的机会

2028年10月12日到期的附条件收入自动赎回证券

基于纳斯达克-100指数^®、罗素2000^®指数和标准普尔500^®指数中最差表现指数的值

本金风险证券

与传统的债务证券不同，这些证券不保证在到期时支付利息或全额返还本金。相反，这些证券为投资者提供了在每个季度确定日，当每个底层资产的收盘价大于或等于其初始底层价值的75%时，获得相当于所定本金金额2.50%的或有季度付款的机会，我们将其称为下行阈值水平。如果在任何确定日（最终确定日除外）每个底层资产的收盘价大于或等于其初始底层价值，自2027年4月7日起，这些证券将自动按每份证券等于所定本金金额加上原本应得的或有季度付款的金额进行赎回。然而，如果在任何确定日，任何底层资产的收盘价低于其初始底层价值，这些证券将不会被赎回；如果任何底层资产的收盘价低于其下行阈值水平，投资者将不会获得相关季度期间的任何或有季度付款。如果在到期前未被赎回，并且每个底层资产的最终底层价值大于或等于其下行阈值水平，到期时这些证券的付款将等于所定本金金额加上原本应得的或有季度付款。然而，如果在到期前未被赎回，并且任何底层资产的最终底层价值低于其下行阈值水平，到期时，每下降1%的最终底层价值相对于其初始底层价值，投资者将损失所定本金金额的1%。在这些情况下，投资者收到的金额将低于所定本金金额的75%，甚至可能为零。由于所有付款均基于底层资产中最差表现的资产，如果在大多数或所有确定日，任何底层资产的收盘价低于其下行阈值水平，将导致很少或没有或有季度付款和/或您的投资出现重大损失，即使其他底层资产有所升值或跌幅较小。这些证券适合愿意并能够承担本金风险并放弃保证利息支付的投资者，以换取可能以高于市场水平的利率获得或有季度付款的机会，但需接受自动提前赎回。即使投资者将暴露于最差表现的底层资产价值下跌的风险，如果在到期前未被赎回，并且最差表现的底层资产的最终底层价值低于其下行阈值水平，投资者将不会参与任何底层资产的价值升值。投资者可能会损失其在证券上的全部初始投资。这些证券是巴克莱银行PLC的无担保和无优先级债务义务。任何关于这些证券的付款，包括任何本金偿还，均受巴克莱银行PLC的信用状况影响，并不受到任何第三方的担保。如果巴克莱银行PLC未能履行其付款义务，或根据本文件第5页所述的英国“处置权”（U.K. Bail-in Power）被相关英国解决机构行使，您可能无法获得根据这些证券应得的任何款项。参见本文件中的“风险因素”和“同意英国处置权”，以及附带的招股说明书补充文件中的“风险因素”。

\n \n \n \n \n \n \n \n \n \n

最终条款*
发行人：	巴克莱银行 plc
参考资产：	\n 纳斯达克-100 指数^®（“NDX 指数”），\n罗素 2000^® 指数（“RTY 指数”）和标普 500^® 指数（“SPX 指数”）\n（每个为“标的”，合称为“标的”）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

标的	彭博终端代码	初始标的值⁽¹⁾	下行阈值水平⁽²⁾
NDX 指数	NDX<Index>	31,160.08	23,370.06
RTY 指数	RTY<Index>	2,793.204	2,094.903
SPX 指数	SPX<Index>	7,801.77	5,851.33

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	\n (1) 对于每个标的，该标的在定价日的收盘水平 \n (2) 对于每个标的，其初始标的值的 75%（NDX 指数和 SPX 指数四舍五入到小数点后两位，RTY 指数四舍五入到小数点后三位）
总本金金额：	$2,745,000
面值本金：	每份证券 1000 美元
定价日：	2026 年 10 月 7 日
原发行日：	2026 年 10 月 13 日
到期日^†：	2028 年 10 月 12 日
附条件季度支付：	\n ·\t \n 如果\n在任何确定日，每个标的的收盘水平大于或等于其下行阈值水平，我们将在相关附条件支付日向每份证券支付 25.00 美元（面值本金的 2.50%）的附条件季度支付。 \n ·\t \n 如果\n在任何确定日，任何标的的收盘水平小于其下行阈值水平，则不会就该确定日支付附条件季度支付。
到期时的支付：	\n 如果证券在到期前未被自动赎回，\n您将在到期日收到每份证券的现金支付，计算方式如下： \n ·\t \n 如果\n每个标的的最终标的值大于或等于其下行阈值水平： \n (i) 面值本金加上\n(ii) 应支付的附条件季度支付 \n ·\t \n 如果\n任何标的的最终标的值小于其下行阈值水平： \n 面值本金 × 最差表现标的的标的表现系数 \n 在这些情况下，到期时的支付将低于面值本金 1000 美元，且可能损失超过 25%，甚至全部的投资者初始投资。投资者可能损失其在证券上的全部初始投资。证券上的任何支付，包括任何本金偿还，均不受到任何第三方的担保，并受 (a) 巴克莱银行 plc 的信用状况和 (b) 相关英国解决机构行使任何英国吸收损失能力（Bail-in）权力的风险的约束。
英国吸收损失能力（Bail-in）权力确认：	尽管存在证券的任何其他条款或巴克莱银行 plc 与证券的任何持有人或受益所有人（或代表证券持有人的受托人）之间的任何其他协议、安排或谅解，通过购买证券，每名持有人或受益所有人确认、接受、同意受约束并同意相关英国解决机构行使任何英国吸收损失能力（Bail-in）权力。详见本文档第 5 页的“同意英国吸收损失能力（Bail-in）权力”部分。
	*（条款在下一页继续）*

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

佣金和初始发行价格：

初始发行价格⁽¹⁾

对公众的售价⁽¹⁾

代理佣金

发行人所得

每份证券

$1,000

$17.50⁽²⁾

$5.00⁽³⁾

$977.50

总计

$2,745,000.00

$61,762.50

$2,683,237.50

(1)

根据我们内部定价模型，在定价日我们对证券的估值为每份978.10美元。该估值低于证券的初始发行价格。详见本文档第4页的“关于我们对证券估值的补充信息”。

(2)

摩根士丹利财富管理及其财务顾问将从代理方巴克莱资本公司获得固定销售佣金，每份证券为17.50美元。详见本文档中的“补充发行计划”。

(3)

反映代理方或其关联方向摩根士丹利财富管理支付的结构费用，每份证券为5.00美元。

我们的一些关联方可能购买最多15%的证券总面值，并持有这些证券至少30天。因此，证券的总面值可能包括在原始发行日未被投资者购买的部分。由我们关联方持有的未售出部分可能会影响二级市场证券的供应量，从而可能对证券在二级市场的价格产生不利影响。可能会出现我们的利益或我们关联方的利益与您的利益相冲突的情况。

投资证券涉及与传统债务证券无关的风险。详见本文档第13页开始的“风险因素”以及招股说明书附录第S-9页开始的内容。在做出投资决策前，请仔细阅读本文档以及相关的招股说明书、招股说明书附录和底层附录，每个文件均可通过以下超链接访问。

证券不会在任何美国证券交易所或报价系统上上市。美国证券交易委员会（“SEC”）或任何州证券委员会均未批准或否决证券，也未确定本文档的内容真实或完整。与此相反的任何陈述均为刑事犯罪。

我们可能在证券的首次销售中使用本文档。\n此外，巴克莱资本公司或其他我们的关联方可能在证券首次销售后使用本文档进行市场再销售交易。除非我们或我们的代理方在销售确认中另有通知，本文档正在用于市场再销售交易。

证券构成我们的无担保和无优先权的债务。\n证券不是巴克莱银行 plc 的存款负债，也不受英国金融服务业补偿计划的保障，也不受美国联邦存款保险公司或任何其他美国、英国或其他司法管辖区的政府机构或存款保险机构的保险。

\n \n \n \n \n

招股说明书
发布于2025年5月15日

招股说明书附录
发布于2025年5月15日

底层附录
发布于2025年5月15日

$\"\"$

附条件收入自动可赎回证券，到期日为2028年10月12日

基于纳斯达克-100指数^®、罗素2000^®指数和标准普尔500^®指数中最差表现的指数

本金风险证券

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

*条款继续上一页：*
自动提前赎回：	在2027年4月7日确定日期之前，这些证券不会被赎回。如果在任何确定日期（最终确定日期除外），从2027年4月7日起，每个相关资产的收盘水平大于或等于其初始相关资产价值，则这些证券将在该确定日期之后的附带支付日自动赎回，并支付提前赎回金额。如果在相关确定日期任何相关资产的收盘水平低于其初始相关资产价值，这些证券将不会被提前赎回。证券被赎回后，将不再支付任何进一步的款项。
提前赎回金额：	提前赎回金额将为每份证券的金额，等于（i）面值本金加上（ii）原本应支付的附带季度付款。
最终相关资产价值：	对于每个相关资产，是指该相关资产在最终确定日期的收盘水平
相关资产表现因子：	对于每个相关资产，其最终相关资产价值除以其初始相关资产价值
表现最差的相关资产：	表现因子最低的相关资产
确定日期^†：	\n 2027年1月7日, 2027年4月7日，2027年7月7日，2027年10月7日，\n2028年1月7日，2028年4月7日，2028年7月7日和2028年10月9日。我们也将2028年10月9日称为最终确定日期。 \n 在第二个确定日期之前，这些证券不适用于自动提前赎回，该日期为2027年4月7日。
附带支付日期^†：	2027年1月12日，2027年4月12日，2027年7月12日，2027年10月13日，2028年1月12日，2028年4月12日，2028年7月12日和到期日
收盘水平：	对于每个相关资产，收盘水平的含义见招股说明书附录中的“参考资产—指数—特别计算条款”部分。
计算代理：	巴克莱银行 plc
附加条款：	本文档中使用但未在此定义的术语，将具有招股说明书附录中赋予它们的含义。
CUSIP / ISIN：	06749LDV5 / US06749LDV53
上市：	这些证券不会在任何证券交易所上市。
选定的经销商：	摩根士丹利财富管理（“MSWM”）

\n \n \n \n \n \n \n

*	这些相关资产和证券的条款可能由计算代理进行调整，到期日可能在某些情况下加速，具体情况见随附的招股说明书附录。参见下面的“风险因素—与相关资产有关的风险”部分。
^†	在某些情况下可能会推迟，具体描述见随附的招股说明书附录中的“参考资产—指数—以股票指数为参考资产的证券的市场中断事件”、“参考资产—表现最差或最好参考资产—与表现最差或最好参考资产相关的证券的计划交易日和市场中断事件”以及“票据条款—支付日期”

巴克莱资本公司。

2026年10月

第2页

$\"\"$

2028年10月12日到期的附带收入自动赎回证券

基于纳斯达克-100指数^®、罗素2000^®指数和标准普尔500^®指数中最差表现的证券

本金风险证券

附加证券条款

您应将本文件与 dated May 15, 2025 的招股说明书一起阅读，该招股说明书由 dated May 15, 2025 的招股说明书补充文件补充，该补充文件涉及我们的全球中期票据，系列 A，其中证券是其一部分，并且由 dated May 15, 2025 的底层补充文件。本文件以及以下列出的文件包含证券的条款，并取代所有先前或同时的口头陈述以及任何其他书面材料，包括初步或指示性定价条款、通信、交易想法、实施方案结构、样本结构、宣传册或其他教育材料。您应仔细考虑招股说明书补充文件中的“风险因素”和本文件中的“风险因素”中提到的事项，因为这些证券涉及与传统债务证券无关的风险。在投资证券之前，我们建议您咨询您的投资、法律、税务、会计和其他顾问。

您可以通过访问 SEC 网站 www.sec.gov 查阅这些文件，如下所示（或如果该地址已更改，请查阅我们在 SEC 网站上相关日期的文件）：

2025 年 5 月 15 日的招股说明书：
\nhttp://www.sec.gov/Archives/edgar/data/312070/000119312525120720/d925982d424b2.htm

2025 年 5 月 15 日的招股说明书补充文件：
\nhttp://www.sec.gov/Archives/edgar/data/312070/000095010325006051/dp228678_424b2-prosupp.htm

2025 年 5 月 15 日的底层补充文件：
\nhttp://www.sec.gov/Archives/edgar/data/312070/000095010325006053/dp228705_424b2-underl.htm

我们的 SEC 文件编号是 1-10257，我们在 SEC 网站上的中央索引键（CIK）是 0000312070。在本文档中使用的“我们”、“我们”和“我们的”指的是巴克莱银行 PLC。

就本次发行而言，摩根士丹利财富管理公司作为选定经销商行事。

2026 年 10 月

第 3 页

$\"\"$

2028 年 10 月 12 日到期的附条件收入自动赎回证券

基于纳斯达克-100 指数^®、罗素 2000^® 指数和标准普尔 500^® 指数中最差表现的指数

本金风险证券

关于我们证券估计价值的附加信息

我们的内部定价模型考虑了若干变量，并基于若干主观假设，这些假设可能或可能不实现，通常包括波动率、利率和我们的内部资金利率。我们的内部资金利率（即我们根据市场基准、我们借款的意愿和我们即将到期的现有义务等变量内部发布的借款利率）可能与我们的基准债务证券在二级市场的交易水平不同。我们的定价日估计价值是基于我们的内部资金利率。如果该估值是基于我们的基准债务证券在二级市场的交易水平，那么我们对证券的估计价值可能会更低。

我们对定价日证券的估值低于证券的初始发行价。证券初始发行价与我们对证券的估值之间的差额是由于多种因素造成的，包括可能支付给巴克莱资本公司或我们其他关联公司的销售佣金、可能允许或支付给非关联中介的销售让步、折扣、佣金或费用、我们或我们任何关联公司与结构化证券相关的预期利润、我们可能在对冲证券项下义务时产生的估计成本，以及我们可能与证券相关的估计开发和其他成本。这些其他成本将包括支付给LFT Securities, LLC的费用，该公司是摩根士丹利财富管理公司一个关联方拥有权益的实体，用于与本次发行相关的某些电子平台服务。

我们对定价日的估值并不是证券在二级市场可能交易价格的预测，也不会是巴克莱资本公司可能在二级市场买入或卖出证券的价格。在正常市场和资金状况下，巴克莱资本公司或我们其他关联公司有意在二级市场提供购买证券的报价，但没有义务这样做。

假设定价日后所有相关因素保持不变，巴克莱资本公司可能在二级市场最初买入或卖出证券的价格（如有），以及如果我们确实提供客户账户声明，我们可能最初用于客户账户声明的价值，可能在证券初始发行日后预计约40天的短暂期间内超过我们在定价日的估值，因为根据我们的判断，我们可能会选择向投资者有效报销一部分我们预计在证券项下对冲义务的成本和其他与证券相关的成本，这些成本我们将在证券期限内不再预期发生。我们已作出这种自主选择，并根据若干因素确定了这一临时报销期，这些因素可能包括证券的期限和/或我们与证券分销商可能达成的任何协议。我们以这种方式向投资者有效报销的估计成本金额可能不会在整个报销期内按比例分配，我们可能在任何时候停止此类报销，或在证券初始发行日后根据无法预测的市场状况和其他因素变化，修改报销期的持续时间。

我们敦促您阅读本文档第13页开始的“风险因素”。

2026年10月

第4页

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2028年10月12日到期的附条件收益自动赎回证券

基于纳斯达克-100指数^®、罗素2000^®指数和标准普尔500^®指数中最差表现的证券

本金风险证券

同意英国处置权

尽管如此，并排除我们与任何证券持有人或受益所有人（或代表证券持有人的受托人）之间的任何其他条款、协议或谅解，通过获得证券，每个证券持有人或受益所有人确认、接受、同意受约束并同意行使任何英国救助权（Bail-in Power），由相关英国解决机构行使。

根据《2009年英国银行法》（经修订），在相关英国解决机构确信满足解决条件的情况下，相关英国解决机构可以行使英国救助权。这些条件包括：一家英国银行或投资公司正在失败或很可能无法满足《2000年金融服务与市场法案》（“FSMA”）授权开展某些受监管活动的门槛条件（根据FSMA第55B条的含义），或者对于一家属于欧洲经济区（“EEA”）或第三国的英国银行集团公司，相关EEA或第三国相关机构确信已满足该实体的解决条件。

英国救助权包括任何减记、转换、转让、修改和/或暂停权力，这允许（i）减少或取消证券的本金或利息，或任何其他应付款项的全部或部分；（ii）将证券的本金或利息，或任何其他应付款项的全部或部分转换为巴克莱银行 plc 或其他人的股份或其他证券或义务（并向证券持有人或受益所有人发行或授予此类股份、证券或义务）；（iii）取消证券；以及（iv）修改或更改证券的到期日，或修改证券应付利息或其他款项的金额，或利息或其他款项应付的日期，包括暂时暂停支付；该英国救助权可通过仅修改证券条款的方式行使，以实现相关英国解决机构行使该英国救助权的目的。每个证券持有人和受益所有人进一步确认并同意，证券持有人或受益所有人的权利受制于，并在必要时仅为了实现相关英国解决机构行使任何英国救助权的目的而进行调整。为避免疑义，此同意和确认并非对证券持有人或受益所有人可能根据法律享有的任何权利的放弃，如果相关英国解决机构在违反英格兰适用法律的情况下行使任何英国救助权，则不在此限。

如需更多信息，请参阅本文档中的“风险因素—与发行人相关的风险—如果相关英国处置机构行使任何英国处置权，您可能会损失部分或全部投资”以及“英国处置权”、“风险因素—一般证券风险—如果集团内的银行或投资公司陷入困境或可能陷入困境，相关英国处置机构可能行使各种法定处置权力，这可能对任何证券的价值产生重大不利影响”以及“风险因素—一般证券风险—根据证券条款，您已同意受相关英国处置机构行使任何英国处置权的约束”在附带的招股说明书补充文件中。

2026年10月

第5页

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2028年10月12日到期的或有收入自动可赎回证券

基于纳斯达克-100指数^®、罗素2000^®指数和标准普尔500^®指数中最差表现的指数

本金风险证券

投资概览

或有收入自动可赎回证券

本金风险证券

2028年10月12日到期的或有收入自动可赎回证券\n基于纳斯达克-100指数^®、罗素2000^®指数和标准普尔500^®指数中最差表现的指数，我们将其称为证券，为投资者提供了在每个季度确定日上，当每个相关指数的收盘水平大于或等于其初始相关指数值的75%（我们称为下行阈值水平）时，获得或有季度支付的机会，该支付金额等于25.00美元（面值金额的2.50%）。然而，如果在确定日任何相关指数的收盘水平低于其下行阈值水平，投资者将不会获得该确定日的任何或有季度支付。在大多数或所有确定日，至少有一个相关指数的收盘水平可能低于其下行阈值水平，因此您在整个证券期限内可能获得很少或没有或有季度支付。

在2027年4月7日确定日期之前，这些证券不会被赎回。如果在初始六个月不可赎回期之后的任何确定日期（除最终确定日期外），每个相关资产的收盘价大于或等于其初始相关资产价值，则这些证券将自动赎回，赎回金额等于面值本金加上原本应支付的或有季度付款。如果证券在到期前被自动赎回，投资者将不再获得任何后续的或有季度付款。在到期时，如果证券此前未被赎回，且每个相关资产的最终相关资产价值大于或等于其下行阈值水平，则到期付款将等于面值本金加上原本应支付的或有季度付款。然而，如果证券此前未被赎回，且任何相关资产的最终相关资产价值低于其下行阈值水平，投资者将因最差表现相关资产的最终相关资产价值低于其初始相关资产价值的每1%，而损失面值本金的1%。在这种情况下，投资者获得的金额将低于面值本金的75%，甚至可能为零。投资这些证券的投资者必须愿意并能够根据最差表现相关资产的表现，承担损失全部初始投资的风险，同时也必须承担在整个证券期限内无法获得任何或有季度付款的风险。此外，投资者不会参与任何相关资产从其初始相关资产价值开始的增值。

关键投资理由

这些证券适合愿意并能够承担本金风险并放弃保证利息支付的投资者，以换取有机会以高于市场水平的利率获得或有季度付款，但需接受自动提前赎回的条件。这些证券为投资者提供了在每个确定日期，当每个相关资产的收盘价大于或等于其下行阈值水平时，获得25.00美元（面值本金的2.50%）的或有季度付款的机会。此外，以下情景反映了证券在自动提前赎回或到期时可能获得的付款（如有）：

\n \n \n \n \n \n \n \n \n \n

情景1

在初始六个月不可赎回期之后的任何确定日期（除最终确定日期外），每个相关资产的收盘价大于或等于其初始相关资产价值。

§\t

这些证券将自动赎回，(i) 面值本金加上 (ii) 原本应支付的或有季度付款。

§\t

投资者将不会参与任何相关资产从其初始相关资产价值开始的增值，也不会获得任何后续的或有季度付款。

情景2

证券在到期前未被自动赎回，且每个相关资产的最终相关资产价值大于或等于其下行阈值水平。

§\t

到期时的付款将是(i) 面值本金加上(ii) 原本应支付的或有季度付款。

§\t

投资者将不会参与任何相关资产从其初始相关资产价值开始的增值。

情景3

这些证券在到期前不会自动赎回，且任何相关资产的最终相关价值均< i >低于其下行阈值水平。

§\t

到期时应付的金额将等于约定的本金金额< i >乘以表现最差的相关资产的相关资产表现因子。在这种情况下，到期时，证券的支付金额将低于约定本金金额的75%，约定本金金额的百分比损失将等于表现最差的相关资产的最终相关价值相对于其初始相关价值的百分比下降幅度。例如，如果表现最差的相关资产的最终相关价值比其初始相关价值低55%，则每份证券将支付450.00美元，即约定本金金额的45%，相当于约定本金金额的55%的损失。 在本情景中，投资者可能会损失大部分甚至全部本金。

2026年10月

第6页

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2028年10月12日到期的附条件收益自动赎回证券

基于纳斯达克-100指数^®、罗素2000^®指数和标准普尔500^®指数中最差表现指数的价值

本金风险证券

选定的购买考虑因素

这些证券并不适合所有投资者。如果以下所有陈述均为真，这些证券可能适合您：

您不寻求一种会产生固定定期利息或票息支付或其他非附条件的当前收入来源的投资。

您不预期在最终确定日，任何相关资产的最终相关价值会低于其下行阈值水平，并且您愿意并能够接受，如果确实如此，您可能会损失约定本金金额的大部分或全部的风险。

您不预期在任何确定日，任何相关资产的收盘水平会低于其下行阈值水平，并且您愿意并能够接受，如果确实如此，您在证券期限内可能会收到很少或没有附条件的季度支付的风险。

您愿意并能够接受每个相关资产的个别市场风险，并且您明白，任何相关资产在证券期限内的表现不佳可能会对您的回报产生负面影响，而其他相关资产的任何积极表现都不会抵消或减轻这种影响。

您愿意并能够放弃参与任何相关资产升值的机会，并且您明白，您投资的任何回报都将仅限于可能支付的附条件季度支付。

您愿意并能够接受与投资于最差表现的相关资产表现相关的风险，如本文档“风险因素”部分中更详细地解释的那样。

您理解并接受，您无权获得可能支付给组成相关资产的证券持有者的股息或分配，也无权就组成相关资产的证券行使任何投票权。

您愿意并能够接受证券可能在预定到期日之前自动赎回的风险，并且您可能无法将资金重新投资于具有可比风险和收益的替代投资。

您并不寻求一种会有活跃二级市场的投资，且如果您无法或不愿持有证券至到期日（如果证券未被自动赎回）。\n

您愿意且能够承担我们对证券所有付款的信用风险。\n

您愿意且能够同意任何相关的英国处置权力机构行使任何英国处置权。\n

如果以下任何陈述为真，证券可能不适合您：

您寻求一种会产生固定周期利息或票息支付或其他非或然性当前收入来源的投资。\n

您寻求一种在到期时提供本金全额偿还的投资。\n

您预计任何指数的最终标的物价值将在最终确定日低于其下行阈值水平，或者您不愿意或无法接受这样的风险，即如果确实如此，您可能会损失大部分或全部的约定本金金额。\n

您预计任何指数的收盘水平将在一个或多个确定日低于其下行阈值水平，或者您不愿意或无法接受这样的风险，即如果确实如此，您在证券期限内可能会收到很少或没有或然性季度支付。\n

您不愿意或无法承担每个指数的个别市场风险，或无法接受这样的风险，即在证券期限内任何指数的不佳表现可能会对您的回报产生负面影响，而其他指数的任何积极表现都不会抵消或减轻这种影响。\n

您希望获得任何指数的上行表现的敞口，或者您寻求一种回报不限于可能支付的或然性季度支付的投资。\n

您不愿意或无法承担与投资于表现最差的指数相关的风险，如本文“风险因素”部分更详细所述。\n

您寻求一种可使您获得构成指数的证券的股息或分配，或与这些证券相关的投票权的投资。\n

您不愿意或无法承担证券可能在预定到期日之前被自动赎回的风险。\n

您寻求一种会有活跃的二级市场，或如果您无法或不愿持有证券至到期日（如果证券未被自动赎回）的投资。\n

您不愿意或无法承担我们对证券所有付款的信用风险。\n

您不愿意或无法同意任何相关的英国处置权力机构行使任何英国处置权。\n

2026年10月

第7页

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2028年10月12日到期的或然性收入自动赎回证券

基于纳斯达克-100指数^®、罗素2000^®指数和标准普尔500^®指数中最差表现的指数

本金风险证券

您必须自行评估投资证券的优劣。您应在仔细考虑并咨询您的顾问后，根据本文件、招股说明书、招股说明书补充文件和基础补充文件中所述的具体信息，判断证券是否适合您的投资目标，然后决定是否投资于证券。发行人或巴克莱资本公司（Barclays Capital Inc.）不就证券是否适合投资作出任何建议。

2026年10月

第8页

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2028年10月12日到期的附条件收入自动赎回证券

基于纳斯达克-100指数^®、罗素2000^®指数和标准普尔500^®指数中最差表现指数的价值

本金风险证券

证券的运作方式

以下图表展示了根据每个标的指数在确定日的收盘水平，证券可能产生的结果。

图表#1：确定日早于最终确定日

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图表#2：若未发生自动提前赎回，则在到期时支付

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如需了解有关自动提前赎回或在不同假设情景下到期时支付的更多信息，请参见下方的“假设示例”。

2026年10月

第9页

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2028年10月12日到期的附条件收入自动赎回证券

基于纳斯达克-100指数^®、罗素2000^®指数和标准普尔500^®指数中最差表现指数的价值

本金风险证券

假设示例

以下示例中出现的数字可能为了便于分析而四舍五入。以下示例假设证券将被持有至到期或提前赎回，且未考虑投资证券的税务影响。以下示例基于以下条款：*

\n \n \n \n \n \n \n \n \n \n \n \n \n

假设的初始标的指数值：	对于每个标的指数：100.00
假设的下行阈值水平：	对于每个标的指数：75.00，即其假设初始标的指数值的75%
附条件季度支付：	25.00美元（所列本金金额的2.50%）
所列本金金额：	每份证券1000美元

* 用于这些假设示例的条款不代表证券的实际初始标的指数值或下行阈值水平。特别是，这些示例中每个标的指数使用的假设初始标的指数值100.00仅用于说明目的，并不代表任何标的指数的实际初始标的指数值。请参见下方的“纳斯达克-100指数^®概述”、“罗素2000^®指数概述”和“标准普尔500^®指数概述”，以了解标的指数的最新实际值。证券的实际初始标的指数值和下行阈值水平见本文档的封面。

以下示例基于每个确定日表现最差的底层资产。我们不对哪个底层资产将在计算到期支付时（如适用）表现最差，或任何底层资产在任何确定日的收盘水平作出任何陈述或保证。在以下示例中，任何确定日的“表现最差的底层资产”将是指从其初始底层资产价值到该确定日的收盘水平的百分比跌幅最大的底层资产。

在示例1和示例2中，每个底层资产的收盘水平在初始六个月不可赎回期之后、最终确定日之前的一个确定日大于或等于其假设的初始底层资产价值100.00。由于在初始六个月不可赎回期之后、最终确定日之前的一个确定日，每个底层资产的收盘水平大于或等于其初始底层资产价值，因此在相关确定日之后证券将被自动赎回。在示例3和示例4中，初始六个月不可赎回期之后、最终确定日之前确定日的至少一个底层资产的收盘水平低于其初始底层资产价值，因此证券不会在到期前被自动赎回，而是继续有效直至到期。

2026年10月

第10页

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2028年10月12日到期的附条件收益自动赎回证券

基于纳斯达克-100指数^®、罗素2000^®指数和标准普尔500^®指数的表现最差者

本金风险证券

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	示例 1	示例 2
确定 \n日期	假设 \n表现最差的底层资产收盘水平	附条件季度支付（每份证券）	提前赎回支付（每 \n份证券）	假设 \n表现最差的底层资产收盘水平	附条件 \n季度支付（每份证券）	提 \n前 \n赎 \n回 \n支 \n付（每 \n份证券）
#1	105.00	$25.00	N/A	95.00	$25.00	N/A
#2	100.00	—*	$1,025.00	50.00	$0	N/A
#3	N/A	N/A	N/A	65.00	$0	N/A
#4	N/A	N/A	N/A	68.00	$0	N/A
#5	N/A	N/A	N/A	90.00	$25.00	N/A
#6	N/A	N/A	N/A	125.00	—*	$1,025.00
#7	N/A	N/A	N/A	N/A	N/A	N/A
最终决定日期	N/A	N/A	N/A	N/A	N/A	N/A
到期支付	N/A	N/A

* 如果证券被自动赎回，提前赎回支付将包括原本应支付的或有季度支付。

在示例1中，证券在第二个决定日期后被自动赎回，因为每个标的资产在第二个决定日期的收盘价均大于或等于其初始标的资产价值，且第二个决定日期是证券首次被自动提前赎回的决定日期。由于每个标的资产在第一个决定日期的收盘价均大于或等于其下行阈值水平，您将获得与该决定日期相关的或有季度支付25.00美元。在第二个决定日期之后，您将获得提前赎回支付，计算如下：

面值金额 + 或有季度支付 = 1,000美元 + 25.00美元 = 1,025.00美元

在本例中，自动提前赎回功能将您的投资期限限制在大约6个月，您可能无法以类似条款或回报率进行再投资。如果证券被提前赎回，您将停止收到附带的季度付款。尽管每个相关资产在第一个确定日期的收盘价均高于其初始相关资产价值，但证券不会被自动赎回，因为证券在第二个确定日期之前不会被赎回。

在示例2中，由于第六个确定日期每个相关资产的收盘价高于其初始相关资产价值，证券会在第六个确定日期后自动赎回。由于每个相关资产在第一个和第五个确定日期的收盘价高于或等于其下行阈值水平，您将收到与这些确定日期相关的25.00美元附带季度付款。在第六个确定日期后，您将收到1025.00美元的提前赎回付款，其中包括与该确定日期相关的附带季度付款。

在本例中，自动提前赎回功能将您的投资期限限制在大约18个月，您可能无法以类似条款或回报率进行再投资。如果证券被提前赎回，您将停止收到附带的季度付款。此外，尽管最差表现的相关资产在第六个确定日期的收盘价比其初始相关资产价值上涨了25%，但在自动提前赎回时，您每份证券仅收到1025.00美元，而无法从任何相关资产的增值中获益。

2026年10月

第11页

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附带收益自动赎回证券，到期日为2028年10月12日

基于纳斯达克-100指数^®、罗素2000^®指数和标准普尔500^®指数中最差表现的指数

本金风险证券

	示例3	示例4
确定 \n日期	假设 \n最差表现相关资产的收盘价	附带季度付款（每份证券）	提前赎回付款（每 \n份证券）	假设 \n最差表现相关资产的收盘价	附带 \n季度付款（每份证券）	提前 \n赎回 \n付款（每份证券）
#1	65.00	$0	N/A	45.00	$0	N/A
#2	67.00	$0	N/A	60.00	$0	N/A
#3	60.00	$0	N/A	57.50	$0	N/A
#4	55.00	$0	N/A	65.00	$0	N/A
#5	45.00	$0	N/A	68.00	$0	N/A
#6	40.00	$0	N/A	60.00	$0	N/A
#7	65.00	$0	N/A	65.00	$0	N/A
最终确定日期	50.00	$0	N/A	85.00	—*	N/A
到期时的付款	$500.00	$1,025.00

* 最终附带季度付款（如有）将在到期时支付。

示例3和示例4说明了基于最差表现相关资产的最终相关资产价值，每份证券在到期时的付款情况。

在示例3中，证券整个期限内每个确定日期至少有一个相关资产的收盘价低于其下行阈值水平。因此，即使在任何确定日期其他相关资产的收盘价有所上涨或未低于其各自的下行阈值水平，您在整个证券期限内也不会收到任何附带季度付款。此外，由于最差表现相关资产的最终相关资产价值低于其下行阈值水平，到期时您的初始投资将完全暴露于最差表现相关资产收盘价的下跌风险中。因此，投资者在到期时收到的现金付款将显著低于规定的本金金额，计算方式如下：

($1,000 ×\n底层资产表现系数中最差的底层资产表现)

= $1,000 ×\n（最差表现底层资产的最终底层资产价值 / 最差表现底层资产的初始底层资产价值）

= $1,000 ×\n（50.00 / 100.00）= $500.00

在此示例中，您在到期时收到的现金支付明显\n低于规定的本金金额。

在示例4中，至少有一个底层资产的收盘水平在最终确定日期之前的每个确定日期均低于其下行阈值水平。因此，在这些确定日期之后，您不会收到任何\n附带的季度付款，即使在这些确定日期其他底层资产的收盘水平有所上涨或未低于其各自的下行阈值水平。此外，最差表现的底层资产的收盘水平下降至最终底层资产价值为85.00。尽管最差表现的底层资产的最终底层资产价值低于其初始底层资产价值，但由于最差表现的底层资产的最终底层资产价值仍未低于其\n下行阈值水平，因此您将收到规定的本金金额加上本应支付的附带季度付款。您的到期付款计算如下：

$1,000 + $25.00\n= $1,025.00

在此示例中，尽管最差表现的底层资产的最终底层资产价值比其初始底层资产价值下降了15%，您仍将收到每份证券规定的本金金额\n加上本应支付的附带季度付款，总计每份证券到期时支付$1,025.00。

2026年10月

第12页

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附带收益自动赎回证券，到期日为2028年10月12日

基于纳斯达克-100指数^®、罗素2000^®指数和标准普尔500^®指数中最差表现的指数

本金风险证券

风险因素

投资这些证券涉及重大风险。在投资这些证券之前，我们建议您咨询您的投资、法律、税务、会计和其他顾问。投资这些证券并不等同于直接投资于任何或所有底层资产或构成底层资产的证券。以下总结了一些适用于这些证券的投资风险，但我们建议您阅读招股说明书补充文件中关于这些证券的一般风险的更详细解释。您不应购买这些证券，除非您了解并能够承担投资这些证券的风险。

一般证券风险

这些证券不保证返还任何本金。这些证券的条款与普通债务证券不同，因为这些证券不保证在到期时返还任何规定的本金金额。相反，如果这些证券在到期前未被自动赎回，并且任何相关标的资产的最终标的资产价值低于其下行阈值水平，您将面临最差表现标的资产的收盘水平相对于其初始标的资产价值的下降，按1:1的比例承担风险，并且您在到期时每持有1份证券将获得现金金额，该金额等于规定的本金金额乘以最差表现标的资产的标的资产表现因子。在这些情况下，您的到期付款将低于规定的本金金额的75%，甚至可能为零。

如果任何标的资产在相关确定日的收盘水平低于其下行阈值水平，您将不会收到任何与该季度期相关的或有季度付款。这些证券的条款与普通债务证券不同，因为它们不提供定期利息支付。相反，只有在相关确定日每个标的资产的收盘水平大于或等于其下行阈值水平时，才会就该季度期支付或有季度付款。如果在任何确定日任何标的资产的收盘水平低于其下行阈值水平，您将不会收到与相关季度期相关的或有季度付款。任何标的资产的收盘水平可能在大多数或所有确定日低于其下行阈值水平，因此您在证券期限内可能收到很少或没有或有季度付款。如果您在证券期限内没有收到足够的或有季度付款，证券的整体回报可能低于发行人类似期限的传统债务证券的回报。

您不会参与任何标的资产价值的增值。即使您在证券未被赎回前到期且最差表现标的资产的最终标的资产价值低于其下行阈值水平时会面临最差表现标的资产价值的贬值，您也不会参与任何标的资产价值从其初始标的资产价值开始的增值。证券的回报将仅限于在每个确定日每个标的资产的收盘水平大于或等于其下行阈值水平时支付的或有季度付款。

您将面临每只相关资产的市场风险，包括可能的或有季度付款以及可能的到期付款。您的证券回报不与由每只相关资产组成的组合挂钩。相反，它将取决于每只相关资产的独立表现。与一种回报与一组基础资产挂钩的工具不同，在那种工具中风险会在组合的所有组成部分之间得到缓解和分散，您将面临与每只相关资产相关的风险。在证券期限内，任何相关资产表现不佳都可能对您的回报产生负面影响，而其他相关资产的任何积极表现都不会抵消或缓解这种影响。要获得任何或有季度付款，每只相关资产在适用的确定日必须收盘于或高于其下行阈值水平。此外，如果证券未被自动提前赎回，并且在最终确定日任何相关资产的收盘价低于其下行阈值水平，您将按1:1的比例完全承担证券期限内表现最差的相关资产的下跌风险，即使其他相关资产有所升值或跌幅较小。在这种情况下，任何此类付款的价值将低于面值的75%，甚至可能为零。因此，您的投资将面临每只相关资产的市场风险。

由于证券与表现最差的相关资产的表现挂钩，与如果证券仅与一只相关资产挂钩相比，您面临无法获得任何或有季度付款以及投资遭受重大损失的风险更大。与投资于仅与一只相关资产表现挂钩的实质性相似证券相比，您投资于这些证券时，无法获得任何或有季度付款或遭受重大损失的风险更大。有三个相关资产的情况下，任何相关资产在任何确定日收盘价低于其下行阈值水平的可能性，比证券仅与一只相关资产挂钩时更大，因此您无法获得任何或有季度付款以及遭受重大损失的可能性也更大。此外，由于在初始六个月不可赎回期之后，每只相关资产必须在季度确定日（最终确定日除外）收盘价高于其初始相关资产价值，证券才可能在到期前被赎回，因此在初始六个月不可赎回期之后的任何确定日（最终确定日除外），证券被赎回的可能性比证券仅与一只相关资产挂钩时更低。

自动提前赎回风险。 由于证券的自动提前赎回功能，您投资于证券的期限可能被限制为最短约六个月。如果证券在到期前被赎回，将不再向证券支付任何进一步的或有季度付款，您可能被迫在利率较低的情况下重新投资

October 2026

Page 13

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或有收入自动可赎回证券，到期日为2028年10月12日

基于纳斯达克-100指数^®、罗素2000^®指数和标准普尔500^®指数中最差表现的值

本金风险证券

环境。无法保证您能够在证券赎回前将证券的收益再投资于具有类似风险水平的类似投资。

证券的任何付款将根据指定日期的底层资产收盘水平确定。 证券的任何付款将根据指定日期的底层资产收盘水平确定。您将不会从任何其他时间确定的底层资产的更有利值中受益。

有条件偿还本金仅适用于到期或任何自动提前赎回时。 您应愿意并能够持有证券至到期或任何自动提前赎回。如果您在二级市场（如有）中提前出售证券，即使每个底层资产的水平高于其下行阈值水平，您可能不得不以低于初始投资的价格出售证券。

证券受波动性风险影响。 波动性是衡量底层资产在一段时间内水平变化程度的指标。有条件季度付款是根据包括底层资产预期波动性在内的多个因素确定的。有条件季度付款高于我们对相同期限的传统债务证券支付的固定利率，并且如果在确定证券条款时考虑的底层资产预期波动性较低，它会更高。随着底层资产波动性的增加，通常会有更大的可能性（a）该底层资产的收盘水平在一次或多次确定日期低于其下行阈值水平，以及（b）该底层资产的最终水平低于其下行阈值水平。

因此，您应了解，较高的有条件季度付款反映了，除其他因素外，您（a）在一次或多次确定日期可能无法收到有条件季度付款和/或（b）在到期时可能遭受本金损失的可能性更大，而如果有条件季度付款较低，这种情况的可能性会更小。此外，证券期限内的实际波动性可能显著高于证券条款确定时的预期波动性。如果实际波动性高于预期，您将面临更大的风险，即可能无法收到有条件季度付款和/或由于上述原因在到期时损失大部分或全部本金。

投资证券并不等同于投资任何或所有底层资产或构成底层资产的证券。 证券的投资者将不享有投票权或收取股息或其他分配的权利，或与构成底层资产的证券有关的任何其他权利。

税务处理。 证券的税务处理的许多方面尚不确定。您应咨询您的税务顾问以了解您的税务情况。参见下方“附加条款—税务考虑”部分。

与发行人相关的风险

发行人的信用。这些证券是发行人巴克莱银行 plc 的无担保和非优先债务义务，且无论直接还是间接，都不是任何第三方的义务。对这些证券的任何付款，包括任何本金的偿还，都取决于巴克莱银行 plc 在到期时履行其义务的能力，并且不受任何第三方的担保。因此，巴克莱银行 plc 的实际和感知信用状况可能会影响这些证券的市场价值，并且如果巴克莱银行 plc 未能履行其义务，您可能无法根据证券条款获得任何应付金额。

You may lose some or all of your investment if any U.K. Bail-in Power is exercised by the\nrelevant U.K. resolution authority. Notwithstanding and to the exclusion of any other term of the securities or any other agreements,\narrangements or understandings between Barclays Bank PLC and any holder or beneficial owner of the securities (or the trustee on behalf\nof the holders of the securities), by acquiring the securities, each holder or beneficial owner of the securities acknowledges, accepts,\nagrees to be bound by, and consents to the exercise of, any U.K. Bail-in Power by the relevant U.K. resolution authority as\nset forth under “Consent to U.K. Bail-in Power” in this document. Accordingly, any U.K. Bail-in Power may be exercised in\nsuch 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\ninvestment in the securities or receiving a different security from the securities, which may be worth significantly less than the securities\nand which may have significantly fewer protections than those typically afforded to debt securities. Moreover, the relevant U.K. resolution\nauthority may exercise the U.K. Bail-in Power without providing any advance notice to, or requiring the consent of, the holders and beneficial\nowners of the securities. The exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority with respect to the securities\nwill 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\nbe liable for any action that the trustee takes, or abstains from taking, in either case, in accordance with the exercise of the U.K.\nBail-in Power by the relevant U.K. resolution authority with respect to the securities. See “Consent to U.K. Bail-in Power”\nin this document as well as “U.K. Bail-in Power,” “Risk Factors—Risks Relating to the Securities Generally—Regulatory\naction 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\nauthority of a variety of statutory resolution powers, could materially adversely affect the value of any securities” and “Risk\nFactors—Risks Relating to the Securities Generally—Under the terms of the securities, you have agreed to be bound by the exercise\nof any U.K. Bail-in Power by the relevant U.K. resolution authority” in the accompanying prospectus supplement.

Risks Relating to the Underliers

Each underlier reflects the price return of the securities composing that underlier, not the total return. The return on the\nsecurities is based on the performance of the underliers, which reflects changes in the market prices of the securities composing

October 2026

Page 14

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Contingent Income Auto-Callable Securities due October 12, 2028

Based on the Value of the Worst Performing of the Nasdaq-100 Index^®, the Russell 2000^® Index and the S&P 500^® Index

Principal at Risk Securities

each underlier. Each underlier is not a\n“total return” index that, in addition to reflecting those price returns, would also reflect dividends paid on the securities\ncomposing that underlier. Accordingly, the return on the securities will not include such a total return feature.

Adjustments to the underliers could adversely affect the value of the securities. The sponsor of an underlier may add, delete,\nsubstitute or adjust the securities composing that underlier or make other methodological changes to that underlier that could affect\nits performance. The calculation agent will calculate the value to be used as the closing level of an underlier in the event of certain\nmaterial changes in or modifications to that underlier. In addition, the sponsor of an underlier may also discontinue or suspend calculation\nor publication of that underlier at any time. Under these circumstances, the calculation agent may select a successor index that the calculation\nagent determines to be comparable to the discontinued underlier or, if no successor index is available, the calculation agent will determine\nthe value to be used as the closing level of that underlier. Any of these actions could adversely affect the value of the relevant underlier\nand, consequently, the value of the securities. See “Reference Assets—Indices—Adjustments Relating to Securities with\nan Index as a Reference Asset” in the accompanying prospectus supplement.

There are risks associated with investments in securities linked to the value of non-U.S. equity securities with respect to the\nNDX Index. Some of the equity securities composing the NDX Index are issued by non-U.S. companies. Investments in securities linked\nto the value of such non-U.S. equity securities involve risks associated with the home countries of the issuers of those non-U.S. equity\nsecurities. The prices of securities in non-U.S. markets may be affected by political, economic, financial and social factors in those\ncountries, or global regions, including changes in government, economic and fiscal policies and currency exchange laws.

The securities are subject to small-capitalization companies risk with respect to the RTY Index. The RTY Index tracks companies\nthat are considered small-capitalization companies. These companies often have greater stock price volatility, lower trading volume and\nless liquidity than large-capitalization companies, and therefore securities linked to the RTY Index may be more volatile than an investment\nlinked to an index with component stocks issued by large-capitalization companies. Stock prices of small-capitalization companies are\nalso more vulnerable than those of large-capitalization companies to adverse business and economic developments. In addition, small-capitalization\ncompanies are typically less stable financially than large-capitalization companies and may depend on a small number of key personnel,\nmaking them more vulnerable to loss of personnel. Small-capitalization companies are often subject to less analyst coverage and may be\nin early, and less predictable, periods of their corporate existences. Such companies tend to have smaller revenues, less diverse product\nlines, smaller shares of their product or service markets, fewer financial resources and less competitive strengths than large-capitalization\ncompanies and are more susceptible to adverse developments related to their products.

Governmental legislative or regulatory actions, such as sanctions, could adversely affect your investment in the securities.\nGovernmental legislative or regulatory actions, including, without limitation, sanctions-related actions by the U.S. or a foreign government,\ncould prohibit or otherwise restrict persons from holding the securities or securities included in any underlier, or engaging in transactions\nin them, and any such action could adversely affect the value of that underlier. These legislative or regulatory actions could result\nin restrictions on the securities. You may lose a significant portion or all of your initial investment in the securities if you are forced\nto divest the securities due to government mandates, especially if such divestment must be made at a time when the value of the securities\nhas declined.

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

Risks Relating to Conflicts of Interest

Hedging and trading activity by the issuer and its affiliates could potentially adversely affect the value of the securities.\nHedging or trading activities of the issuer’s affiliates and of any other hedging counterparty with respect to the securities could\nadversely affect the values of the underliers and, as a result, could decrease the amount an investor may receive on the securities at\nmaturity, if any. Any of these hedging or trading activities on or prior to the pricing date could have increased the initial underlier\nvalues and, as a result, the downside threshold levels, which are the levels at or above which the respective underliers must close on\neach determination date in order for you to receive a contingent quarterly payment or, if the securities are not redeemed prior to maturity,\nin order for you to avoid being exposed to the negative performance of the worst performing underlier at maturity. Additionally, such\nhedging or trading activities during the term of the securities could potentially affect the values of the underliers on the determination\ndates and, accordingly, whether investors will receive one or more contingent quarterly payments, whether the securities are automatically\nredeemed prior to maturity and, if the securities are not redeemed prior to maturity, the payment at maturity, if any.

We and our affiliates, and any dealer participating in the distribution of the securities, may engage in various activities or\nmake determinations that could materially affect your securities in various ways and create conflicts of interest. We and

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our affiliates play a variety of roles\nin connection with the issuance of the securities, as described below. In performing these roles, our and our affiliates’ economic\ninterests are potentially adverse to your interests as an investor in the securities.

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

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

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

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

Risks Relating to the Estimated Value of the Securities\nand the Secondary Market

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

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

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

whether the closing level of any underlier has been, or is expected to be, below its downside threshold level on any determination\ndate;

correlation (or lack of correlation) of the underliers;

dividend rates on the securities composing the underliers;

interest and yield rates in the market;

time remaining until the securities mature;

supply and demand for the securities;

geopolitical conditions and economic, financial, political, regulatory and judicial events that affect the securities composing the\nunderliers and that may affect the final underlier values; and

any actual or anticipated changes in our credit ratings or credit spreads.

The values of the underliers may be, and\nhave recently been, volatile, and we can give you no assurance that the volatility will lessen. See “Nasdaq-100\nIndex^® Overview,” “Russell 2000^® Index Overview” and “S&P 500^®\nIndex Overview” below. You may receive less, and possibly significantly less, than the stated principal amount if you try\nto sell your securities prior to maturity.

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

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

The estimated value of the securities is based on our internal pricing models, which may prove to be inaccurate and may be different\nfrom the pricing models of other financial institutions. The estimated value of your securities on the pricing date is based on our\ninternal pricing models, which take into account a number of variables and are based on a number of subjective assumptions, which may\nor may not materialize. These variables and assumptions are not evaluated or verified on an independent basis. Further, our pricing models\nmay be different from other financial institutions’ pricing models and the methodologies used by us to estimate the value of the\nsecurities may not be consistent with those of other financial institutions that may be purchasers or sellers of securities in the secondary\nmarket. As a result, the secondary market price of your securities may be materially different from the estimated value of the securities\ndetermined by reference to our internal pricing models.

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

The temporary price at which we may initially buy the securities in the secondary market and the value we may initially use for\ncustomer account statements, if we provide any customer account statements at all, may not be indicative of future prices of your securities.\nAssuming that all relevant factors remain constant after the pricing date, the price at which Barclays Capital Inc. may initially buy\nor sell the securities in the secondary market (if Barclays Capital Inc. makes a market in the securities, which it is not obligated to\ndo) and the value that we may initially use for customer account statements, if we provide any customer account statements at all, may\nexceed our estimated value of the securities on the pricing date, as well as the secondary market value of the securities, for a temporary\nperiod after the initial issue date of the securities. The price at which Barclays Capital Inc. may initially buy or sell the securities\nin the secondary market and the value that we may initially use for customer account statements may not be indicative of future prices\nof your securities.

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Nasdaq-100 Index^® Overview

The NDX Index is a modified market capitalization-weighted index that\nis designed to measure the performance of 100 of the largest non-financial companies listed on The Nasdaq Stock Market. For more information\nabout the NDX Index, see “Indices—The Nasdaq-100 Index^®” in the accompanying underlying supplement, as\nsupplemented by the following updated information.

Nasdaq, Inc. (“Nasdaq”), the index sponsor of the NDX Index,\nrecently implemented several changes to the methodology of the NDX Index, including changes to how market capitalization is determined\nfor purposes of constituent selection and weighting, the introduction of an expedited “Fast Entry” process for certain large\ncompanies, the removal of the minimum free float requirement and the introduction of a cap on the share count used to determine the weight\nof low-float securities. These changes became effective on May 1, 2026 (with certain constituent and rebalancing adjustments first implemented\nduring the June 2026 quarterly review). The information set forth below supersedes the information regarding the NDX Index included in\nthe accompanying underlying supplement to the extent it is inconsistent.

For purposes of selecting the constituents of the NDX Index, Nasdaq\nnow uses “Full Market Capitalization.” For companies represented by an American depositary receipt (“ADR”) that\nserves as a company’s primary global listing (a “Primary ADR”) and for direct (non-ADR) listings, Full Market Capitalization\nincludes both listed and unlisted shares; for companies represented by an ADR where the underlying shares serve as the company’s\nprimary global listing and are listed on a foreign market (a “Non-Primary ADR”), Full Market Capitalization is based on the\nvalue of the listed depositary shares only, and foreign-listed underlying shares and unlisted shares are excluded. For purposes of weighting\nthe constituents of the NDX Index, Nasdaq uses “Modified Market Capitalization,” which takes into account only eligible listed\nshare classes and disregards foreign-listed and unlisted shares.

In addition, there is no longer a minimum free float requirement for\ninclusion in the NDX Index, although, for purposes of determining Modified Market Capitalization, each low-float security’s share\ncount is limited to the lesser of (i) its reported Total Shares Outstanding (“TSO”), or listed ADR shares in the case of an\nADR, and (ii) three times the number of its free-floating shares or free-floating ADR shares, as applicable. Other than as a direct result\nof corporate actions, the NDX Index also no longer implements ad-hoc intra-quarter adjustments to a security’s TSO between scheduled\nrebalancing events.

The updated methodology also allows newly eligible securities (both\ninitial public offerings and securities that have recently switched to an eligible exchange) to be added to the NDX Index on an expedited\nbasis through a “Fast Entry” process if their Full Market Capitalization would rank within the top 40 current index constituents\nand they satisfy the applicable eligibility criteria. A Fast Entry inclusion will not require the removal of another security and may\ntemporarily increase the number of constituents of the NDX Index above 100.

In addition, the updated methodology provides for quarterly reviews\nin March, June and September, during which index shares are adjusted for changes in TSO, index shares of low-float securities are adjusted\nto reflect changes in float, constituents that are ranked outside the top 125 by Full Market Capitalization are removed and, if necessary,\nreplaced, and certain additional companies whose Full Market Capitalization ranks within the top 40 of current index constituents may\nbe added without requiring a corresponding removal. Securities added to the NDX Index between annual reconstitutions, including through\nthe Fast Entry process, as intra-quarter replacements or as part of a March, June or September rebalance, will have their initial weights\ndetermined using a linear interpolation process based on Modified Market Capitalization ranking.

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The following graph shows the daily closing levels of the NDX Index\nfor the period specified below. The closing level of the NDX Index on October 7, 2026 was 31,160.08. We obtained the closing levels of\nthe NDX Index from Bloomberg Professional^® service (“Bloomberg”), without independent verification. Historical\nperformance of the NDX Index should not be taken as an indication of future performance. Future performance of the NDX Index may differ\nsignificantly from historical performance, and no assurance can be given as to the closing level of the NDX Index during the term of the\nsecurities, including on any of the determination dates. We cannot give you assurance that the performance of the NDX Index will not result\nin a loss on your initial investment.

\n \n \n \n \n \n \n

NDX Index Historical Performance*
\nJanuary 4, 2021 to October 7, 2026

$\"\"$

* The dotted line indicates the downside threshold level of 75% of the initial underlier value of the NDX Index.

Past\nperformance is not indicative of future results.

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Russell 2000^® Index Overview

The RTY Index measures the capitalization-weighted price performance\nof 2,000 U.S. small-capitalization stocks listed on eligible U.S. exchanges and is designed to track the performance of the small-capitalization\nsegment of the U.S. equity market. For more information about the RTY Index, see “Indices—The Russell Indices” in the\naccompanying underlying supplement.

The following graph shows the daily closing levels of the RTY Index\nfor the period specified below. The closing level of the RTY Index on October 7, 2026 was 2,793.204. We obtained the closing levels of\nthe RTY Index from Bloomberg, without independent verification. Historical performance of the RTY Index should not be taken as an indication\nof future performance. Future performance of the RTY Index may differ significantly from historical performance, and no assurance can\nbe given as to the closing level of the RTY Index during the term of the securities, including on any of the determination dates. We cannot\ngive you assurance that the performance of the RTY Index will not result in a loss on your initial investment.

\n \n \n \n \n \n \n

RTY Index Historical Performance*
\nJanuary 4, 2021 to October 7, 2026

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* The dotted line indicates the downside threshold level of 75% of the initial underlier value of the RTY Index.

Past\nperformance is not indicative of future results.

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S&P 500^® Index Overview

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

The following graph shows the daily closing levels of the SPX Index\nfor the period specified below. The closing level of the SPX Index on October 7, 2026 was 7,801.77. We obtained the closing levels of\nthe SPX Index from Bloomberg, without independent verification. Historical performance of the SPX Index should not be taken as an indication\nof future performance. Future performance of the SPX Index may differ significantly from historical performance, and no assurance can\nbe given as to the closing level of the SPX Index during the term of the securities, including on any of the determination dates. We cannot\ngive you assurance that the performance of the SPX Index will not result in a loss on your initial investment.

\n \n \n \n \n \n \n

SPX Index Historical Performance*
\nJanuary 4, 2021 to October 7, 2026

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* The dotted line indicates the downside threshold level of 75% of the initial underlier value of the SPX Index.

Past\nperformance is not indicative of future results.

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Additional Information about the Securities

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

\n \n \n \n \n \n \n \n \n \n

Additional provisions:

Minimum ticketing size:

$1,000 / 1 security

Tax considerations:

You should review carefully the sections in the accompanying prospectus\n supplement entitled “Material U.S. Federal Income Tax Consequences—Tax Consequences to U.S. Holders—Notes Treated as\n Prepaid Forward or Derivative Contracts with Associated Coupons” and, if you are a non-U.S. holder, “—Tax Consequences\n to Non-U.S. Holders.” The following discussion supersedes the discussion in the accompanying prospectus supplement to the extent\n it is inconsistent therewith.

\n \n

In determining our reporting responsibilities, if any, we intend to\n treat (i) the securities for U.S. federal income tax purposes as prepaid forward contracts with associated contingent coupons and (ii)\n any contingent quarterly payments as ordinary income, as described in the section entitled “Material U.S. Federal Income Tax Consequences—Tax\n Consequences to U.S. Holders—Notes Treated as Prepaid Forward or Derivative Contracts with Associated Coupons” in the accompanying\n prospectus supplement. Our special tax counsel, Davis Polk & Wardwell LLP, has advised that it believes this treatment to be reasonable,\n but that there are other reasonable treatments that the Internal Revenue Service (the “IRS”) or a court may adopt.

\n \n

Sale, exchange or redemption of a security. Assuming the treatment\n described above is respected, upon a sale or exchange of the securities (including upon early redemption or redemption at maturity), you\n should recognize capital gain or loss equal to the difference between the amount realized on the sale or exchange and your tax basis in\n the securities, which should equal the amount you paid to acquire the securities (assuming contingent quarterly payments are properly\n treated as ordinary income, consistent with the position referred to above). This gain or loss should be short-term capital gain or loss\n unless you hold the securities for more than one year, in which case the gain or loss should be long-term capital gain or loss, whether\n or not you are an initial purchaser of the securities at the issue price. The deductibility of capital losses is subject to limitations.\n If you sell your securities between the time your right to a contingent quarterly payment is fixed and the time it is paid, it is likely\n that you will be treated as receiving ordinary income equal to the contingent quarterly payment. Although uncertain, it is possible that\n proceeds received from the sale or exchange of your securities prior to a determination date but that can be attributed to an expected\n contingent quarterly payment could be treated as ordinary income. You should consult your tax advisor regarding this issue.

\n \n

As noted above, there are other reasonable treatments that the IRS or\n a court may adopt, in which case the timing and character of any income or loss on the securities could be materially affected. In addition,\n in 2007 the U.S. Treasury Department and the IRS released a notice requesting comments on the U.S. federal income tax treatment of “prepaid\n forward contracts” and similar instruments. The notice focuses in particular on whether to require investors in these instruments\n to accrue income over the term of their investment. It also asks for comments on a number of related topics, including the character of\n income or loss with respect to these instruments and the relevance of factors such as the nature of the underlying property to which the\n instruments are linked. While the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations\n or other guidance promulgated after consideration of these issues could materially affect the tax consequences of an investment in the\n securities, possibly with retroactive effect. You should consult your tax advisor regarding the U.S. federal income tax consequences of\n an investment in the securities, including possible alternative treatments and the issues presented by this notice.

\n \n

Non-U.S. holders. Insofar as we have responsibility as a withholding\n agent, we do not currently intend to treat contingent quarterly payments to non-U.S. holders as subject to U.S. withholding tax. However,\n 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\n an exemption from backup withholding, as described under the heading “—Information Reporting and Backup Withholding”\n in the accompanying prospectus supplement. If any withholding is required, we will not be required to pay any additional amounts with\n respect to amounts withheld.

\n \n

Treasury regulations under Section 871(m) generally\n impose a withholding tax on certain “dividend equivalents” under certain “equity linked instruments.” A recent\n IRS notice excludes from the scope of Section 871(m) instruments issued prior to January 1, 2029 that do not have a “delta of one”\n with respect to underlying securities that could pay U.S.-source dividends for U.S. federal income tax purposes (each an “Underlying\n Security”). Based on our determination that the securities do not have a “delta of one” within the meaning of the regulations,\n our special tax counsel is of the opinion that these regulations should not apply to the securities with regard to non-U.S. holders. Our

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\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	determination is not binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on your particular circumstances, including whether you enter into other transactions with respect to an Underlying Security. You should consult your tax advisor regarding the potential application of Section 871(m) to the securities.
Trustee:	The Bank of New York Mellon
Use of proceeds and hedging:	\n The net proceeds we receive from the sale of the\n securities will be used for various corporate purposes as set forth in the prospectus and prospectus supplement and, in part, in\n connection with hedging our obligations under the securities through one or more of our subsidiaries. \n \n We, through our subsidiaries or others, hedge\nour anticipated exposure in connection with the securities by taking positions in futures and options contracts on the underliers and\nany other securities or instruments we may wish to use in connection with such hedging. Trading and other transactions by us or\nour affiliates could affect the values of the underliers, the market value of the securities or any amounts payable on the securities. For\nfurther information on our use of proceeds and hedging, see “Use of Proceeds and Hedging” in the prospectus supplement.
ERISA:	See “Benefit Plan Investor Considerations” in the accompanying prospectus supplement.
Validity of the securities:	In the opinion of Davis Polk & Wardwell LLP, as special United States products counsel to Barclays Bank PLC, when the securities offered by this pricing supplement have been issued by Barclays Bank PLC pursuant to the indenture, the trustee has made, in accordance with instructions from Barclays Bank PLC, appropriate entries or notations in its records relating to the master global note that represents such securities (the “master note”), and such securities have been delivered against payment as contemplated herein, such securities will be valid and binding obligations of Barclays Bank PLC, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith) and possible judicial or regulatory actions or application giving effect to governmental actions or foreign laws affecting creditors’ rights, provided that such counsel expresses no opinion as to (i) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above or (ii) the validity, legally binding effect or enforceability of any provision that permits holders to collect any portion of the stated principal amount upon acceleration of the securities to the extent determined to constitute unearned interest. This opinion is given as of the date hereof and is limited to the laws of the State of New York, except that such counsel expresses no opinion as to (i) any law, rule or regulation that is applicable to Barclays Bank PLC, the indenture or the securities (together with the indenture, the “Documents”) or such transactions solely because such law, rule or regulation is part of a regulatory regime applicable to any party to any of the Documents or any of its affiliates due to the specific assets or business of such party or such affiliate or (ii) any law, rule or regulation relating to national security. Insofar as this opinion involves matters governed by English law, Davis Polk & Wardwell LLP has relied, with Barclays Bank PLC’s permission, on the opinion of Davis Polk & Wardwell London LLP, dated as of June 11, 2026, filed as an exhibit to a report on Form 6-K by Barclays Bank PLC on June 11, 2026, and this opinion is subject to the same assumptions, qualifications and limitations as set forth in such opinion of Davis Polk & Wardwell London LLP. In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and its authentication of the master note and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the opinion of Davis Polk & Wardwell LLP, dated June 11, 2026, which has been filed as an exhibit to the report on Form 6-K referred to above.

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

Supplemental Plan of Distribution

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

October 2026

Page 23

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