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

Subject to Completion. Dated September22, 2022

BarclaysBank PLC Trigger Callable Contingent Yield Notes (daily coupon observation)

Linked to the least performing of the Nasdaq-100 Index^®,the Russell 2000^® Index and the S&P 500^® Index due on or about March 27, 2025

The Trigger Callable Contingent Yield Notes (the “Notes”)are unsecured and unsubordinated debt obligations issued by Barclays Bank PLC (the “Issuer”) linked to the least performingof the Nasdaq-100 Index^®, the Russell 2000^® Index and the S&P 500^® Index (each an “Underlying”and together the “Underlyings”). On a quarterly basis, unless the Notes have been previously called, the Issuer will pay youa coupon (the “Contingent Coupon”) if the Closing Level of each Underlying is greater than or equal to its specified CouponBarrier on each scheduled trading day during the applicable Observation Period. However,if the Closing Level of any Underlying is less than its Coupon Barrier on any scheduled trading day during an Observation Period, no ContingentCoupon payment will be made with respect to that Observation Period. The Issuer may, at its election, call the Notes on anyquarterly Observation End Date other than the Final Valuation Date, regardless of the Closing Level of any Underlying on that ObservationEnd Date. If the Issuer elects to call the Notes prior to maturity, the Issuer will pay the principal amount of your Notes plus any ContingentCoupon that may be due on the Coupon Payment Date that is also the Call Settlement Date, and no further amounts will be owed to you underthe Notes. If the Issuer does not elect to call the Notes prior to maturity and the Closing Level of each Underlying on the Final ValuationDate (the “Final Underlying Level”) is greater than or equal to its specified Downside Threshold, the Issuer will pay youa cash payment at maturity equal to the principal amount of your Notes plus any Contingent Coupon that may be due on the CouponPayment Date that is also the Maturity Date. However, if the Final Underlying Level of any Underlying is less than its Downside Threshold,the Issuer will pay you a cash payment at maturity that is less than the principal amount, if anything, resulting in a percentage lossof principal equal to the negative Underlying Return of the Underlying with the lowest Underlying Return (the “Least PerformingUnderlying”). In this case, you will have full downside exposure to the Least Performing Underlying from its Initial UnderlyingLevel to its Final Underlying Level, and could lose all of your principal. Investingin the Notes involves significant risks. You may lose a significant portion or all of your principal. You may receive few or no ContingentCoupons during the term of the Notes. You will be exposed to the market risk of each Underlying on each scheduled trading day during theObservation Periods and any decline in the level of one Underlying may negatively affect your return and will not be offset or mitigatedby a lesser decline or any potential increase in the level of the other Underlyings. The Final Underlying Level of each Underlying isobserved relative to its Downside Threshold only on the Final Valuation Date, and the contingent repayment of principal applies only ifyou hold the Notes to maturity. Generally, the higher the Contingent Coupon Rate on a Note, the greater the risk of loss on that Note.Your return potential on the Notes is limited to any Contingent Coupons paid on the Notes, and you will not participate in any appreciationof any Underlying. Any payment on the Notes, including any repayment of principal, is subject to the creditworthiness of Barclays BankPLC and is not guaranteed by any third party. If Barclays Bank PLC were to default on its payment obligations or become subject to theexercise of any U.K. Bail-in Power (as described on page PS-4 of this pricing supplement) by the relevant U.K. resolution authority, youmight not receive any amounts owed to you under the Notes. See “Consent to U.K. Bail-in Power” in this pricing supplementand “Risk Factors” in the accompanying prospectus supplement.

YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER “KEYRISKS” BEGINNING ON PAGE PS-9 OF THIS PRICING SUPPLEMENT AND “RISK FACTORS” BEGINNING ON PAGE S-9 OF THE PROSPECTUSSUPPLEMENT BEFORE PURCHASING ANY NOTES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY AFFECTTHE MARKET VALUE OF, AND THE RETURN ON, YOUR NOTES. YOU MAY LOSE A SIGNIFICANT PORTION OR ALL OF YOUR PRINCIPAL AMOUNT. THE NOTES WILLNOT BE LISTED ON ANY SECURITIES EXCHANGE.

NOTWITHSTANDING AND TO THE EXCLUSION OF ANY OTHER TERM OF THE NOTESOR ANY OTHER AGREEMENTS, ARRANGEMENTS OR UNDERSTANDINGS BETWEEN BARCLAYS BANK PLC AND ANY HOLDER OR BENEFICIAL OWNER OF THE NOTES, BYACQUIRING THE NOTES, EACH HOLDER AND BENEFICIAL OWNER OF THE NOTES ACKNOWLEDGES, ACCEPTS, AGREES TO BE BOUND BY AND CONSENTS TO THE EXERCISEOF, ANY U.K. BAIL-IN POWER BY THE RELEVANT U.K. RESOLUTION AUTHORITY. SEE “CONSENT TO U.K. BAIL-IN POWER” ON PAGE PS-4 OFTHIS PRICING SUPPLEMENT.

We are offering Trigger Callable Contingent Yield Notes linked to theleast performing of the Nasdaq-100 Index^®, the Russell 2000^® Index and the S&P 500^® Index.The Contingent Coupon Rate will be set and the Initial Underlying Level and corresponding Coupon Barrier and Downside Threshold for eachUnderlying will be determined on the Trade Date. The Initial Underlying Level of each Underlying will be the Closing Level of that Underlyingon the Trade Date. The Notes are offered at a minimum investment of 100 Notes at $10 per Note (representing a $1,000 investment), andintegral multiples of $10 in excess thereof.

* Rounded to two decimal places for the Nasdaq-100 Index^®and the S&P 500^® Index and rounded to three decimal places for the Russell 2000^® Index

See “Additional Information about Barclays Bank PLC and theNotes” on page PS-2 of this pricing supplement. The Notes will have the terms specified in the prospectus dated May 23, 2022, theprospectus supplement dated June 27, 2022, the underlying supplement dated June 27, 2022 and this pricing supplement.

Neither the U.S. Securities and Exchange Commission (the “SEC”)nor any state securities commission has approved or disapproved of the Notes or determined that this pricing supplement is truthful orcomplete. Any representation to the contrary is a criminal offense.

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

¹ Our estimated value of the Notes on the Trade Date, basedon our internal pricing models, is expected to be between $9.527 and $9.727 per Note. The estimated value is expected to be less thanthe initial issue price of the Notes. See “Additional Information Regarding Our Estimated Value of the Notes” on page PS-3of this pricing supplement.

You should read this pricing supplement together with the prospectusdated May 23, 2022, as supplemented by the prospectus supplement dated June 27, 2022 relating to our Global Medium-Term Notes, SeriesA, of which these Notes are a part, and the underlying supplement dated June 27, 2022. This pricing supplement, together with the documentslisted below, contains the terms of the Notes and supersedes all prior or contemporaneous oral statements as well as any other writtenmaterials 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 “RiskFactors” in the prospectus supplement, as the Notes involve risks not associated with conventional debt securities. We urge youto consult your investment, legal, tax, accounting and other advisors before you invest in the Notes.

If the terms set forth in this pricing supplement differ from thoseset forth in the prospectus, prospectus supplement or underlying supplement, the terms set forth herein will control.

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

Our SEC file number is 1-10257. As used in this pricing supplement,“we,” “us” and “our” refer to Barclays Bank PLC. In this pricing supplement, “Notes” refersto the Trigger Callable Contingent Yield Notes that are offered hereby, unless the context otherwise requires.

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

Our estimated value of the Notes on the Trade Date is expected to beless than the initial issue price of the Notes. The difference between the initial issue price of the Notes and our estimated value ofthe Notes is expected to result from several factors, including any sales commissions expected to be paid to Barclays Capital Inc. oranother 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 Notes, the estimated cost thatwe may incur in hedging our obligations under the Notes, and estimated development and other costs that we may incur in connection withthe Notes.

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

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

We urge you to read the “Key Risks” beginning on pagePS-9 of this pricing supplement.

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

Notwithstanding and to theexclusion of any other term of the Notes or any other agreements, arrangements or understandings between us and any holder or beneficialowner of the Notes, by acquiring the Notes, each holder and beneficial owner of the Notes acknowledges, accepts, agrees to be bound byand consents to the exercise of, any U.K. Bail-in Power by the relevant U.K. resolution authority.

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

The U.K. Bail-in Power includesany 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, interest on, or any other amounts payable on, the Notes; (ii) the conversion of all, or a portion,of the principal amount of, interest on, or any other amounts payable on, the Notes into shares or other securities or other obligationsof Barclays Bank PLC or another person (and the issue to, or conferral on, the holder or beneficial owner of the Notes such shares, securitiesor obligations); (iii) the cancellation of the Notes and/or (iv) the amendment or alteration of the maturity of the Notes, or amendmentof the amount of interest or any other amounts due on the Notes, or the dates on which interest or any other amounts become payable, includingby 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 Notessolely to give effect to the exercise by the relevant U.K. resolution authority of such U.K. Bail-in Power. Each holder and beneficialowner of the Notes further acknowledges and agrees that the rights of the holders or beneficial owners of the Notes are subject to, andwill be varied, if necessary, solely to give effect to, the exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority.For the avoidance of doubt, this consent and acknowledgment is not a waiver of any rights holders or beneficial owners of the Notes mayhave 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 lawsapplicable in England.

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

The suitability considerations identified aboveare not exhaustive. Whether or not the Notes are a suitable investment for you will depend on your individual circumstances, and you shouldreach an investment decision only after you and your investment, legal, tax, accounting and other advisors have carefully considered thesuitability of an investment in the Notes in light of your particular circumstances. You should also review carefully the “Key Risks”beginning on page PS-9 of this pricing supplement and the “Risk Factors” beginning on page S-9 of the prospectus supplementfor risks related to an investment in the Notes. For more information about the Underlyings, please see the sections titled “Nasdaq-100Index^®,” “Russell 2000^® Index” and “S&P 500^® Index” below.

	Trade Date:		The Closing Level of each Underlying (the Initial Underlying Level) is observed, the Contingent Coupon Rate is set and the Coupon Barrier and Downside Threshold of each Underlying are determined.
	Quarterly (callable by Issuer at its election):		If the Closing Level of each Underlying is greater than or equal to its Coupon Barrier on each scheduled trading day during an Observation Period, the Issuer will pay you the Contingent Coupon applicable to that Observation Period.   However, if the Closing Level of any Underlying is less than its Coupon Barrier on any scheduled trading day during an Observation Period, no Contingent Coupon payment will be made with respect to that Observation Period.   The Issuer may, at its election and upon written notice to the trustee, call the Notes on any quarterly Observation End Date other than the Final Valuation Date, regardless of the Closing Level of any Underlying on that Observation End Date. If the Issuer elects to call the Notes, the Issuer will pay the principal amount of your Notes plus any Contingent Coupon that may be due on the Coupon Payment Date that is also the Call Settlement Date, and no further amounts will be owed to you under the Notes.
	Maturity Date:		The Final Underlying Level of each Underlying is determined as of the Final Valuation Date.   If the Issuer does not elect to call the Notes and the Final Underlying Level of each Underlying is greater than or equal to its Downside Threshold, the Issuer will pay you a cash payment on the Maturity Date equal to $10 per Note plus any Contingent Coupon that may be due on the Coupon Payment Date that is also the Maturity Date.   If the Issuer does not elect to call the Notes and the Final Underlying Level of any Underlying is less than its Downside Threshold, the Issuer will pay you a cash payment on the Maturity Date per Note that is less than your principal amount, if anything, resulting in a percentage loss of principal equal to the negative Underlying Return of the Least Performing Underlying, calculated as follows:   $10 × (1 + Underlying Return of the Least Performing Underlying)   Accordingly, you may lose a significant portion or all of your principal at maturity, depending on how much the Least Performing Underlying declines, regardless of the performance of the other Underlyings.

Investing in the Notes involves significantrisks. You may lose a significant portion or all of your principal amount. You may receive few or no Contingent Coupons during the termof the Notes. You will be exposed to the market risk of each Underlying on each scheduled trading day during the Observation Periods andany decline in the level of one Underlying may negatively affect your return and will not be offset or mitigated by a lesser decline orany potential increase in the level of the other Underlyings. The contingent repayment of principal applies only if you hold the Notesto maturity. Generally, the higher the Contingent Coupon Rate on a Note, the greater the risk of loss on that Note. Your return potentialon the Notes is limited to any Contingent Coupons paid on the Notes, and you will not participate in any appreciation of any Underlying.Any payment on the Notes, including any repayment of principal, is subject to the creditworthiness of Barclays Bank PLC and is not guaranteedby 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-inPower by the relevant U.K. resolution authority, you might not receive any amounts owed to you under the Notes.

An investment in the Notes involvessignificant risks. Investing in the Notes is not equivalent to investing directly in anyor all of the Underlyings or the securities composing the Underlyings. Some of the risks that apply to an investment in the Notes aresummarized below, but we urge you to read the more detailed explanation of risks relating to the Notes generally in the “Risk Factors”section of the prospectus supplement. You should not purchase the Notes unless you understand and can bear the risks of investing in theNotes.

Risks Relating to the Notes Generally

It is impossible to predict what the correlationsbetween the Underlyings will be over the term of the Notes. The Underlyings represent different equity markets. The Nasdaq-100 Index^®represents 100 of the largest non-financial companies listed on The Nasdaq Stock Market, the Russell 2000^® Index representsthe small-capitalization segment of the United States equity market and the S&P 500^® Index represents the large-capitalizationsegment of the United States equity market. These different equity markets may not perform similarly over the term of the Notes.

Although the correlation of the Underlyings’performance may change over the term of the Notes, the Contingent Coupon Rate is determined, in part, based on the correlations of theUnderlyings’ performance calculated using our internal models at the time when

the terms of the Notes are finalized. Ahigher Contingent Coupon Rate is generally associated with lower correlation of the Underlyings, which reflects a greater potential formissed Contingent Coupons and for a loss of principal at maturity. The correlations referenced in setting the terms of the Notes are calculatedusing our internal models and are not derived from the returns of the Underlyings over the period set forth under “Correlation ofthe Underlyings” below. In addition, other factors and inputs other than correlation may impact how the terms of the Notes are setand the performance of the Notes.

It is more likely that the Issuer will callthe Notes at its election prior to maturity to the extent that the expected interest payable on the Notes is greater than the interestthat would be payable on other instruments issued by the Issuer of comparable maturity, terms and credit rating trading in the market.The greater likelihood of the Issuer calling the Notes in that environment increases the risk that you will not be able to reinvest theproceeds from the called Notes in an equivalent investment with a similar Contingent Coupon Rate. The Issuer is less likely to call theNotes prior to maturity when the expected interest payable on the Notes is less than the interest that would be payable on other comparableinstruments issued by the Issuer, which includes when the level of any of the Underlyings is less than its Coupon Barrier. Therefore,the Notes are more likely to remain outstanding when the expected interest payable on the Notes is less than what would be payable onother comparable instruments and when your risk of not receiving a Contingent Coupon is relatively higher.

political, economic, financial and otherfactors that affect that Underlying. You should be willing to accept the downside risks associated with equities in general and each Underlyingin particular, and the risk of losing a significant portion or all of your principal amount.

Risks Relating to the Issuer

Risks Relating to the Underlyings

Risks Relating to Conflicts of Interest

UBS Financial Services Inc., will derivecompensation from the distribution of the Notes and such compensation may serve as an incentive to sell these Notes 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 theNotes, and such compensation may be passed on to affiliates of the Agents or other third party distributors.

In connection with our normal business activitiesand in connection with hedging our obligations under the Notes, we and our affiliates make markets in and trade various financial instrumentsor products for our accounts and for the account of our clients and otherwise provide investment banking and other financial serviceswith respect to these financial instruments and products. These financial instruments and products may include securities, derivativeinstruments or assets that may relate to the Underlyings or their 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, oradverse to, the investment objectives of the holders of the Notes. We and our affiliates have no obligation to take the needs of any buyer,seller or holder of the Notes into account in conducting these activities. Such market making, trading and hedging activity, investmentbanking and other financial services may negatively impact the value of the Notes.

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

In addition to the activities describedabove, we will also act as the Calculation Agent for the Notes. As Calculation Agent, we will determine any values of the Underlyingsand make any other determinations necessary to calculate any payments on the Notes. In making these determinations, we may be requiredto make discretionary judgments, including determining whether a market disruption event has occurred on any date that the value of anUnderlying is to be determined; if an Underlying is discontinued or if the sponsor of an Underlying fails to publish that Underlying,selecting a successor index or, if no successor index is available, determining any value necessary to calculate any payments on the Notes;and calculating the value of an Underlying on any date of determination in the event of certain changes in or modifications to an Underlying.In making these discretionary judgments, our economic interests are potentially adverse to your interests as an investor in the Notes,and any of these determinations may adversely affect any payments on the Notes.

Risks Relating to the Estimated Valueof the Notes and the Secondary Market

Hypothetical terms only. Actual terms may vary.See the cover page for actual offering terms.

The examples below illustrate the payment upon a call or at maturityfor a $10 principal amount Note on a hypothetical offering of the Notes under various scenarios, with the assumptions set forth below.*You should not take these examples as an indication or assurance of the expected performance of the Notes. The examples below do not takeinto account any tax consequences from investing in the Notes. Numbers appearing in the examples below have been rounded for ease of analysis.In these examples, we refer to the Nasdaq-100 Index^®, the Russell 2000^® Index and the S&P 500^®Index as the “NDX Index,” the “RTY Index” and the “SPX Index,” respectively.

The examples below are purely hypothetical. These examples are intendedto illustrate (a) the effect of an Issuer-elected call, (b) how the payment of a Contingent Coupon with respect to any Observation Periodwill depend on whether the Closing Level of any Underlying is less than its Coupon Barrier on any scheduled trading day during that ObservationPeriod, (c) how the value of the payment at maturity on the Notes will depend on whether the Final Underlying Level of any Underlyingis less than its Downside Threshold and (d) how the total return on the Notes may be less than the total return on a direct investmentin any or all of the Underlyings in certain scenarios. The “total return” as used in this pricing supplement is the number,expressed as a percentage, that results from comparing the total payments per Note over the term of the Notes to the $10 principal amount.

Example 1 — Issuer Elects to Call the Notes on the Second ObservationEnd Date

On the second Observation End Date, the Issuer elects to call the Notes.Because the Closing Level of each Underlying is at or above its applicable Coupon Barrier on each scheduled trading day during the secondObservation Period, the Issuer will pay you on the Call Settlement Date $10.35 per Note, which is equal to your principal amount plusthe Contingent Coupon due on the Coupon Payment Date that is also the Call Settlement Date. No further amounts will be owed to you underthe Notes.

In addition, because the Closing Level of each Underlying was greaterthan or equal to its Coupon Barrier on each scheduled trading day during the first Observation Period, the Issuer will pay the ContingentCoupon of $0.35 on the first Coupon Payment Date. Accordingly, the Issuer will have paid a total of $10.70 per Note for a total returnof 7.00% on the Notes.

Example 2 — Notes Are NOT Called and the Final Underlying Levelof Each Underlying Is At or Above Its Downside Threshold and a Contingent Coupon Is Paid on the Maturity Date

In this example, the Issuer does not elect to call the Notes and theNotes remain outstanding until maturity. Because the Final Underlying Level of each Underlying is greater than or equal to its DownsideThreshold and the Closing Level of each Underlying is greater than or equal to its Coupon Barrier on each scheduled trading day duringthe final Observation Period, the Issuer will pay you on the Maturity Date $10.35 per Note, which is equal to your principal amount plusthe Contingent Coupon due on the Coupon Payment Date that is also the Maturity Date.

In addition, because the Closing Level of each Underlying was greaterthan or equal to its Coupon Barrier on each scheduled trading day during the first and second Observation Periods, the Issuer will paythe Contingent Coupon of $0.35 on each of the first and second Coupon Payment Dates. However, because the Closing Level of at least oneUnderlying was less than its Coupon Barrier on at least one scheduled trading day during the third through ninth Observation Periods,the Issuer will not pay any Contingent Coupon on the Coupon Payment Dates following the Observation End Dates on which those ObservationPeriods end. Accordingly, the Issuer will have paid a total of $11.05 per Note for a total return of 10.50% on the Notes.

Example 3 — Notes Are NOT Called and the Final Underlying Levelof Each Underlying Is At or Above Its Downside Threshold But No Contingent Coupon Is Paid on the Maturity Date

In this example, the Issuer does not elect to call the Notes and theNotes remain outstanding until maturity. Because the Final Underlying Level of each Underlying is greater than or equal to its DownsideThreshold but the Closing Level of at least one Underlying is less than its Coupon Barrier on at least one scheduled trading day duringthe final Observation Period, the Issuer will pay you on the Maturity Date $10.00 per Note, which is equal to your principal amount, butthe Issuer will not pay any Contingent Coupon on the Coupon Payment Date that is also the Maturity Date.

In addition, because the Closing Level of each Underlying was greaterthan or equal to its Coupon Barrier on each scheduled trading day during the first and second Observation Periods, the Issuer will paythe Contingent Coupon of $0.35 on each of the first and second Coupon Payment Dates. However, because the Closing Level of at least oneUnderlying was less than its Coupon Barrier on at least one scheduled trading day during the third through ninth Observation Periods,the Issuer will not pay any Contingent Coupon on the Coupon Payment Dates following the Observation End Dates on which those ObservationPeriods end. Accordingly, the Issuer will have paid a total of $10.70 per Note for a total return of 7.00% on the Notes.

Example 4 — Notes Are NOT Called and the Final Underlying Levelof At Least One Underlying Is Below Its Downside Threshold

In this example, the Issuer does not elect to call the Notes and theNotes remain outstanding until maturity. Because the Final Underlying Level of at least one Underlying is less than its Downside Thresholdon the Final Valuation Date, at maturity, the Issuer will pay you a total of $4.50 per Note,for a total return of -55.00% on the Notes, calculated as follows:

$10 × (1 + Underlying Return of the LeastPerforming Underlying)

Step 1: Calculate the Underlying Return of each Underlying:

Underlying Return of the NDX Index:

Underlying Return of the RTY Index:

Underlying Return of the SPX Index:

Step 2: Determine the Least Performing Underlying. The NDX Indexis the Underlying with the lowest Underlying Return.

Step 3: Calculate the Payment at Maturity:

$10 × (1 + Underlying Return of the LeastPerforming Underlying) = $10 × (1 + -55.00%) = $4.50

In addition, because the Closing Level of at least one Underlying isless than its Coupon Barrier on at least one scheduled trading day during each Observation Period, the Issuer will not pay any ContingentCoupons over the term of the Notes.

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

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

Sale, Exchange or Redemption of a Note. Assuming the treatmentdescribed above is respected, upon a sale or exchange of the Notes (including upon early redemption or redemption at maturity), you shouldrecognize capital gain or loss equal to the difference between the amount realized on the sale or exchange and your tax basis in the Notes,which should equal the amount you paid to acquire the Notes (assuming Contingent Coupons are properly treated as ordinary income, consistentwith the position referred to above). This gain or loss should be short-term capital gain or loss unless you hold the Notes for more thanone year, in which case the gain or loss should be long-term capital gain or loss, whether or not you are an initial purchaser of theNotes at the issue price. The deductibility of capital losses is subject to limitations. If you sell your Notes between the time yourright to a Contingent Coupon is fixed and the time it is paid, it is likely that you will be treated as receiving ordinary income equalto the Contingent Coupon. Although uncertain, it is possible that proceeds received from the sale or exchange of your Notes prior to anObservation End Date but that can be attributed to an expected Contingent Coupon payment could be treated as ordinary income. You shouldconsult your tax advisor regarding this issue.

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

Non-U.S. Holders. Insofar as we have responsibility as a withholdingagent, we do not currently intend to treat Contingent Coupon payments to non-U.S. holders (as defined in the accompanying prospectus supplement)as subject to U.S. withholding tax. However, non-U.S. holders should in any event expect to be required to provide appropriate Forms W-8or other documentation in order to establish an exemption from backup withholding, as described under the heading “—InformationReporting and Backup Withholding” in the accompanying prospectus supplement. If any withholding is required, we will not be requiredto pay any additional amounts with respect to amounts withheld.

Treasury regulations under Section 871(m) generally impose a withholdingtax on certain “dividend equivalents” under certain “equity linked instruments.” A recent IRS notice excludesfrom the scope of Section 871(m) instruments issued prior to January 1, 2025 that do not have a “delta of one” with respectto underlying securities that could pay U.S.-source dividends for U.S. federal income tax purposes (each an “Underlying Security”).Based on our determination that the Notes do not have a “delta of one” within the meaning of the regulations, we expect thatthese regulations should not apply to the Notes with regard to non-U.S. holders. Our determination is not binding on the IRS, and theIRS may disagree with this determination. Section 871(m) is complex and its application may depend on your particular circumstances, includingwhether you enter into other transactions with respect to an Underlying Security. If necessary, further information regarding the potentialapplication of Section 871(m) will be provided in the pricing supplement for the Notes. You should consult your tax advisor regardingthe potential application of Section 871(m) to the Notes.

The Nasdaq-100 Index^® (the “NDX Index”) isa modified market capitalization-weighted index that is designed to measure the performance of 100 of the largest non-financial companieslisted on The Nasdaq Stock Market. For more information about the NDX Index, see “Indices—The Nasdaq-100 Index^®”in the accompanying underlying supplement.

Historical Information

The following graph sets forth the historical performance of the NDXIndex from January 2, 2008 through September 21, 2022, based on the daily Closing Levels of the NDX Index. The Closing Level of the NDXIndex on September 21, 2022 was 11,637.79. The dotted lines represent a hypothetical Coupon Barrier and a hypothetical Downside Thresholdof 7,564.56 and 6,982.67, respectively, which are equal to 65.00% and 60.00%, respectively, of the Closing Level of the NDX Index on September21, 2022. The actual Coupon Barrier and Downside Threshold for the NDX Index will be determined on the Trade Date and will be based onthe Initial Underlying Level of the NDX Index.

We obtained the Closing Levels of the NDX Index from Bloomberg Professional^®service (“Bloomberg”), without independent verification. Historical performance of the NDX Index should not be taken as anindication of future performance. Future performance of the NDX Index may differ significantly from historical performance, and no assurancecan be given as to the Closing Level of the NDX Index during the term of the Notes, including on any scheduled trading day during an ObservationPeriod or on the Final Valuation Date. We cannot give you assurance that the performance of the NDX Index will not result in a loss ofyour principal amount.

PASTPERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The Russell 2000^® Index (the “RTY Index”)measures the capitalization-weighted price performance of 2,000 U.S. small-capitalization stocks listed on eligible U.S. exchanges andis designed to track the performance of the small-capitalization segment of the U.S. equity market. For more information about the RTYIndex, see “Indices—The Russell Indices” in the accompanying underlying supplement.

Historical Information

The following graph sets forth the historical performance of the RTYIndex from January 2, 2008 through September 21, 2022, based on the daily Closing Levels of the RTY Index. The Closing Level of the RTYIndex on September 21, 2022 was 1,762.158. The dotted lines represent a hypothetical Coupon Barrier and a hypothetical Downside Thresholdof 1,145.403 and 1,057.295, respectively, which are equal to 65.00% and 60.00%, respectively, of the Closing Level of the RTY Index onSeptember 21, 2022. The actual Coupon Barrier and Downside Threshold for the RTY Index will be determined on the Trade Date and will bebased on the Initial Underlying Level of the RTY Index.

We obtained the Closing Levels of the RTY Index from Bloomberg, withoutindependent verification. Historical performance of the RTY Index should not be taken as an indication of future performance. Future performanceof the RTY Index may differ significantly from historical performance, and no assurance can be given as to the Closing Level of the RTYIndex during the term of the Notes, including on any scheduled trading day during an Observation Period or on the Final Valuation Date.We cannot give you assurance that the performance of the RTY Index will not result in a loss of your principal amount.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURERESULTS.

The S&P 500^® Index (the “SPX Index”)consists of stocks of 500 companies selected to provide a performance benchmark for the U.S. equity markets. For more information aboutthe SPX Index, see “Indices—The S&P U.S. Indices” in the accompanying underlying supplement.

Historical Information

The following graph sets forth the historical performance of the SPXIndex from January 2, 2008 through September 21, 2022, based on the daily Closing Levels of the SPX Index. The Closing Level of the SPXIndex on September 21, 2022 was 3,789.93. The dotted lines represent a hypothetical Coupon Barrier and a hypothetical Downside Thresholdof 2,463.45 and 2,273.96, respectively, which are equal to 65.00% and 60.00%, respectively, of the Closing Level of the SPX Index on September21, 2022. The actual Coupon Barrier and Downside Threshold for the SPX Index will be determined on the Trade Date and will be based onthe Initial Underlying Level of the SPX Index.

We obtained the Closing Levels of the SPX Index from Bloomberg, withoutindependent verification. Historical performance of the SPX Index should not be taken as an indication of future performance. Future performanceof the SPX Index may differ significantly from historical performance, and no assurance can be given as to the Closing Level of the SPXIndex during the term of the Notes, including on any scheduled trading day during an Observation Period or on the Final Valuation Date.We cannot give you assurance that the performance of the SPX Index will not result in a loss of your principal amount.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURERESULTS.

The following graph sets forth the historical performances of the Nasdaq-100Index^®, the Russell 2000^® Index and the S&P 500^® Index from January 2, 2008 through September21, 2022, based on the daily Closing Levels of the Underlyings. For comparison purposes, each Underlying has been normalized to have aClosing Level of 100.00 on January 2, 2008 by dividing the Closing Level of that Underlying on each day by the Closing Level of that Underlyingon January 2, 2008 and multiplying by 100.00.

We obtained the Closing Levels used to determine the normalized ClosingLevels set forth below from Bloomberg, without independent verification. Historical performance of the Underlyings should not be takenas an indication of future performance. Future performance of the Underlyings may differ significantly from historical performance, andno assurance can be given as to the Closing Levels of the Underlyings during the term of the Notes, including on any scheduled tradingday during an Observation Period or on the Final Valuation Date. We cannot give you assurance that the performances of the Underlyingswill not result in a loss of your principal amount.

PAST PERFORMANCE AND CORRELATION OF THE UNDERLYINGSARE NOT INDICATIVE OF FUTURE PERFORMANCE OR CORRELATION.

The correlation of a pair of Underlyings represents a statistical measurementof the degree to which the returns of those Underlyings were similar to each other over a given period in terms of timing and direction.The correlation between a pair of Underlyings is scaled from 1.0 to -1.0, with 1.0 indicating perfect positive correlation (i.e., thevalue of both Underlyings are increasing together or decreasing together and the ratio of their returns has been constant), 0 indicatingno correlation (i.e., there is no statistical relationship between the returns of that pair of Underlyings) and -1.0 indicating perfectnegative correlation (i.e., as the value of one Underlying increases, the value of the other Underlying decreases and the ratio of theirreturns has been constant).

The closer the relationship of the returns of a pair of Underlyingsover a given period, the more positively correlated those Underlyings are. The graph above illustrates the historical performance of eachof the Underlyings relative to the other Underlyings over the time period shown and provides an indication of how close the relative performanceof one Underlying has historically been to another. However, the graph does not provide a precise measurement of the correlation of theUnderlyings. Moreover, any historical correlation of the Underlyings is not indicative of the degree of correlation of the Underlyings,if any, that will be experienced over the term of the Notes.

The lower (or more negative) the correlation between two Underlyings,the less likely it is that those Underlyings will move in the same direction at the same time and, therefore, the greater the potentialfor one of those Underlyings to close below its Coupon Barrier or Downside Threshold on any day during an Observation Period or the FinalValuation Date, respectively. This is because the less positively correlated a pair of Underlyings are, the greater the likelihood thatat least one of the Underlyings will decrease in value. However, even if two Underlyings have a higher positive correlation, one or bothof those Underlyings might close below its Coupon Barrier or Downside Threshold on any day during an Observation Period or the Final ValuationDate, respectively, as both of those Underlyings may decrease in value together.

Although the correlation of the Underlyings’ performance may changeover the term of the Notes, the Contingent Coupon Rate is determined, in part, based on the correlations of the Underlyings’ performancecalculated using our internal models at the time when the terms of the Notes are finalized. A higher Contingent Coupon Rate is generallyassociated with lower correlation of the Underlyings, which reflects a greater potential for missed Contingent Coupons and for a lossof principal at maturity. The correlations referenced in setting the terms of the Notes are calculated using our internal models and arenot derived from the returns of the Underlyings over the period set forth above. In addition, other factors and inputs other than correlationmay impact how the terms of the Notes are set and the performance of the Notes.

We have agreed to sell to Barclays Capital Inc. and UBS Financial ServicesInc., together the “Agents,” and the Agents have agreed to purchase, all of the Notes at the initial issue price less theunderwriting discount indicated on the cover of this pricing supplement. UBS Financial Services Inc. may allow a concession not in excessof the underwriting discount set forth on the cover of this pricing supplement to its affiliates.

We or our affiliates have entered or will enter into swap agreementsor related hedge transactions with one of our other affiliates or unaffiliated counterparties in connection with the sale of the Notesand the Agents and/or an affiliate may earn additional income as a result of payments pursuant to the swap, or related hedge transactions.

We have agreed to indemnify the Agents against liabilities, includingcertain liabilities under the Securities Act of 1933, as amended, or to contribute to payments that the Agents may be required to makerelating to these liabilities as described in the prospectus and the prospectus supplement. We have agreed that UBS Financial ServicesInc. may sell all or a part of the Notes that it purchases from us to its affiliates at the price that is indicated on the cover of thispricing supplement.