Title of Each Class of Securities Offered
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Maximum Aggregate Offering Price
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Amount of Registration Fee(1)
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Global Medium-Term Notes, Series A
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$1,810,250
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$210.35
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Pricing Supplement dated December 26, 2014
(To the Prospectus dated July 19, 2013 and the Prospectus Supplement dated July 19, 2013)
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-190038
$1,810,250 Barclays Bank PLC Trigger Performance Securities
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Investment Description
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Features
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Key Dates
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q Growth Potential: At maturity, the Securities participate in any positive returns of the Underlying Equity at the Participation Rate. If the Equity Return is negative, investors may be exposed to the full decline in the Underlying Equity at maturity.
q Contingent Repayment of Principal at Maturity: If the Equity Return is zero or negative and the Final Price is greater than or equal to the Trigger Price, the Issuer will repay the principal amount at maturity. However, if the Final Price is less than the Trigger Price, the Issuer will repay less than the full principal amount at maturity, if anything, resulting in a loss of principal to investors that is proportionate to the negative Equity Return. The Trigger Price is observed relative to the Final Price only on the Final Valuation Date, and the contingent repayment of principal applies only if you hold the Securities to maturity. Any payment on the Securities, including any repayment of principal, is subject to the creditworthiness of the Issuer.
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Trade Date:
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December 26, 2014
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Settlement Date:
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December 31, 2014
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Final Valuation Date1:
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December 24, 2019
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Maturity Date1:
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December 31, 2019
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1 Subject to postponement in the event of a market disruption event as described under “Reference Assets—Exchange-Traded Funds—Market Disruption Events for Securities with the Reference Asset Comprised of Shares or Other Interests in an Exchange-Traded Fund or Exchange-Traded Funds Comprised of Equity Securities” in the prospectus supplement. Notwithstanding anything to the contrary in the accompanying prospectus supplement, the Final Valuation Date may be postponed by up to five scheduled trading days due to the occurrence or continuance of a market disruption event on such date.
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Security Offering
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Underlying Equity
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Participation Rate
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Initial Price
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Trigger Price
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CUSIP/ ISIN
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iShares® MSCI EAFE ETF (EFA)
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141.00%
|
$62.24
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$46.68, which is 75% of the Initial Price (rounded to two decimal places)
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06742Y345 / US06742Y3457
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Initial Issue Price1
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Underwriting Discount
|
Proceeds to Barclays Bank PLC
|
||
Per Security
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$10.00
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$0.35
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$9.65
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Total
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$1,810,250.00
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$63,358.75
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$1,746,891.25
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1
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Our estimated value of the Securities on the Trade Date, based on our internal pricing models, is $9.365 per Security. The estimated value is less than the initial issue price of the Securities. See “Additional Information Regarding Our Estimated Value of the Securities” on page PS-2 of this pricing supplement.
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UBS Financial Services Inc.
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Barclays Capital Inc.
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Additional Information about Barclays Bank PLC and the Securities
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¨
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Prospectus dated July 19, 2013:
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¨
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Prospectus supplement dated July 19, 2013:
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¨
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Index supplement dated July 19, 2013:
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Additional Information Regarding Our Estimated Value of the Securities
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Investor Suitability
|
||
The Securities may be suitable for you if:
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The Securities may not be suitable for you if:
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¨ You fully understand the risks inherent in an investment in the Securities, including the risk of loss of your entire initial investment.
¨ You can tolerate a loss of some or all of your initial investment, and you are willing to make an investment that may have the full downside market risk of the Underlying Equity.
¨ You seek an investment with a return linked to the performance of the Underlying Equity, and you believe the Underlying Equity will appreciate over the term of the Securities.
¨ You are willing to invest in the Securities based on the Participation Rate specified on the cover of this pricing supplement.
¨ You do not seek current income from this investment, and you are willing to forgo any dividends paid on the Underlying Equity or the component securities held by the Underlying Equity.
¨ You are willing and able to hold the Securities to maturity and accept that there may be little or no secondary market for the Securities.
¨ You are willing to assume the credit risk of Barclays Bank PLC, as issuer of the Securities, for all payments under the Securities and understand that if Barclays Bank PLC were to default on its payment obligations, you might not receive any amounts owed to you under the Securities, including any repayment of principal.
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¨ You do not fully understand the risks inherent in an investment in the Securities, including the risk of loss of your entire initial investment.
¨ You cannot tolerate the loss of some or all of your initial investment, or you are not willing to make an investment that may have the full downside market risk of the Underlying Equity.
¨ You do not seek an investment with exposure to the Underlying Equity, or you believe the Underlying Equity will depreciate over the term of the Securities and the Final Price is likely to be less than the Trigger Price.
¨ You are unwilling to invest in the Securities based on the Participation Rate specified on the cover of this pricing supplement.
¨ You seek current income from this investment, or you would prefer to receive any dividends paid on the Underlying Equity or the component securities held by the Underlying Equity.
¨ You are unable or unwilling to hold the Securities to maturity, or you seek an investment for which there will be an active secondary market.
¨ You prefer the lower risk, and therefore accept the potentially lower returns, of fixed income investments with comparable maturities and credit ratings that bear interest at a prevailing market rate.
¨ You are not willing or are unable to assume the credit risk associated with Barclays Bank PLC, as issuer of the Securities, for any payments under the Securities, including any repayment of principal.
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Final Terms1
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Investment Timeline
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Issuer:
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Barclays Bank PLC
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Principal Amount:
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$10 per Security
|
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Term2:
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5 years
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Reference Asset3:
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iShares® MSCI EAFE ETF (the “Underlying Equity”)
|
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Payment at Maturity (per $10 principal amount Security):
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· If the Equity Return is positive, the Issuer will repay the principal amount plus pay a return equal to the Equity Return multiplied by the Participation Rate. Accordingly, the payment at maturity per $10 principal amount Security would be calculated as follows:
$10 + ($10 × Equity Return
× Participation Rate)
· If the Equity Return is zero or negative and the Final Price is greater than or equal to the Trigger Price, the Issuer will repay the full principal amount at maturity of $10.00 per $10 principal amount Security.
· If the Equity Return is negative and the Final Price is less than the Trigger Price, the Issuer will repay less than the full principal amount at maturity, if anything, resulting in a loss of principal that is proportionate to the decline of the Underlying Equity from the Trade Date to the Final Valuation Date. Accordingly, the payment at maturity per $10 principal amount Security would be calculated as follows:
$10 + ($10 × Equity Return)
If the Final Price is less than the Trigger Price, your principal is fully exposed to the decline in the Underlying Equity, and you will lose some or all of the principal amount of the Securities at maturity.
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Participation Rate:
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141.00%
|
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Equity Return:
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Final Price – Initial Price
Initial Price
|
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Initial Price:
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$62.24, which is the closing price of the Underlying Equity on the Trade Date
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Final Price:
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The closing price of the Underlying Equity on the Final Valuation Date
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Trigger Price:
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$46.68, which is 75% of the Initial Price (rounded to two decimal places)
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Calculation Agent:
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Barclays Bank PLC
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1
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Terms used in this pricing supplement, but not defined herein, shall have the meanings ascribed to them in the prospectus supplement.
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2
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The Final Valuation Date and Maturity Date are subject to postponement in the event of a market disruption event as described under “Reference Assets—Exchange-Traded Funds—Market Disruption Events for Securities with the Reference Asset Comprised of Shares or Other Interests in an Exchange-Traded Fund or Exchange-Traded Funds Comprised of Equity Securities” in the prospectus supplement. Notwithstanding anything to the contrary in the accompanying prospectus supplement, the Final Valuation Date may be postponed by up to five scheduled trading days due to the occurrence or continuance of a market disruption event on such date.
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3
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For a description of adjustments that may affect the reference asset, see “Reference Assets—Exchange-Traded Funds—Adjustments Relating to Securities with the Reference Asset Comprised of an Exchange-Traded Fund or Exchange-Traded Funds” in the prospectus supplement.
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¨
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You Risk Losing Some or All of Your Principal — The Securities differ from ordinary debt securities in that the Issuer will not necessarily repay the full principal amount of the Securities at maturity. The Issuer will pay you the principal amount of your Securities only if the Final Price is greater than or equal to the Trigger Price and will make such payment only at maturity. If the Final Price is less than the Trigger Price, you will be exposed to the full negative Equity Return and the Issuer will repay less than the full principal amount of the Securities at maturity, if anything, resulting in a loss of the principal amount that is proportionate to the decline of the Underlying Equity from the Trade Date to the Final Valuation Date. Accordingly, you may lose some or all of your principal.
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¨
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Contingent Repayment of Principal Applies Only if You Hold the Securities to Maturity — You should be willing to hold your Securities to maturity. The market value of the Securities may fluctuate between the date you purchase them and the Final Valuation Date. If you are able to sell your Securities prior to maturity in the secondary market, if any, you may have to sell them at a loss relative to your initial investment even if at such time the price of the Underlying Equity is greater than the Trigger Price.
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¨
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The Participation Rate Applies Only if You Hold the Securities to Maturity — You should be willing to hold your Securities to maturity. If you are able to sell your Securities prior to maturity in the secondary market, if any, the price you receive likely will not reflect the full economic value of the Participation Rate or the Securities themselves, and the return you realize may be less than the product of the performance of the Underlying Equity and the Participation Rate and may be less than the Underlying Equity’s return itself, even if such return is positive. You can receive the full benefit of the Participation Rate only if you hold your Securities to maturity.
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¨
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Credit of Issuer — The Securities are unsecured and unsubordinated debt obligations of the Issuer, Barclays Bank PLC, and are not, either directly or indirectly, an obligation of any third party. Any payment to be made on the Securities, including any repayment of principal, depends on the ability of Barclays Bank PLC to satisfy its obligations as they come due and is not guaranteed by any third party. As a result, the actual and perceived creditworthiness of Barclays Bank PLC may affect the market value of the Securities and, in the event Barclays Bank PLC were to default on its obligations, you might not receive any amount owed to you under the terms of the Securities.
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¨
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Owning the Securities Is Not the Same as Owning the Underlying Equity, the Component Securities Held by the Underlying Equity or the Securities Composing the Underlying Index — The return on your Securities may not reflect the return you would realize if you actually owned the Underlying Equity, the component securities held by the Underlying Equity or the securities composing the Underlying Index. As a holder of the Securities, you will not have voting rights or rights to receive dividends or other distributions or other rights that holders of the Underlying Equity, the component securities held by the Underlying Equity or the securities composing the Underlying Index would have.
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¨
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No Interest Payments — The Issuer will not make periodic interest payments on the Securities, and the return on the Securities is limited to the performance of the Underlying Equity from the Trade Date to the Final Valuation Date.
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¨
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Dealer Incentives — We, the Agents and affiliates of the Agents may act in various capacities with respect to the Securities. The Agents and various affiliates may act as a principal, agent or dealer in connection with the Securities. Such Agents, including the sales representatives of UBS Financial Services Inc., will derive compensation from the distribution of the Securities and such compensation may serve as an incentive to sell these Securities instead of other investments. We will pay compensation as specified on the cover of this pricing supplement to the Agents in connection with the distribution of the Securities, and such compensation may be passed on to affiliates of the Agents or other third party distributors.
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¨
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Limited Liquidity — The Securities will not be listed on any securities exchange. Barclays Capital Inc. and other affiliates of Barclays Bank PLC intend to offer to purchase the Securities in the secondary market but are not required to do so and may cease any such market making activities at any time. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Securities easily. Because other dealers are not likely to make a secondary market for the Securities, the price at which you may be able to trade your Securities is likely to depend on the price, if any, at which Barclays Capital Inc. and other affiliates of Barclays Bank PLC are willing to buy the Securities.
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¨
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Potential Conflicts — We and our affiliates play a variety of roles in connection with the issuance of the Securities, including acting as calculation agent and hedging our obligations under the Securities. In performing these duties, the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the Securities.
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¨
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Potentially Inconsistent Research, Opinions or Recommendations by Barclays, UBS Financial Services Inc. or Their Respective Affiliates — Barclays, UBS Financial Services Inc. or their respective affiliates and agents may publish research from time to time on financial markets and other matters that may influence the value of the Securities, or express opinions or provide recommendations that are inconsistent with purchasing or holding the Securities. Any research, opinions or recommendations expressed by Barclays, UBS Financial Services Inc. or their respective affiliates or agents may not be consistent with each other and may be modified from time to time without notice. You should make your own independent investigation of the merits of investing in the Securities and the Underlying Equity.
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¨
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Potential Barclays Bank PLC Impact on Value — Trading or transactions by Barclays Bank PLC or its affiliates in the Underlying Equity, the component securities held by the Underlying Equity or the securities composing the Underlying Index and/or over-the-counter options, futures or other instruments with returns linked to the performance of the Underlying Equity, the component securities held by the Underlying Equity or the securities composing the Underlying Index, may adversely affect the price of the Underlying Equity and, therefore, the market value of the Securities.
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¨
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The Payment at Maturity on Your Securities Is Not Based on the Price of the Underlying Equity at Any Time Other Than the Final Valuation Date —The Final Price and the Equity Return will be based solely on the closing price of the Underlying Equity on the Final Valuation Date (subject to adjustments as described in the prospectus supplement). Therefore, if the price of the Underlying Equity drops precipitously on the Final Valuation Date, the payment at maturity on your Securities that the Issuer pays you may be significantly less than it would otherwise have been had the payment at maturity been linked to the price of the Underlying Equity at a time prior to such drop. Although the price of the Underlying Equity on the maturity date or at other times during the life of your Securities may be higher than the price of the Underlying Equity on the Final Valuation Date, you will not benefit from the price of the Underlying Equity at any time other than the Final Valuation Date.
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¨
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Certain Features of the Underlying Equity Will Impact the Value of the Securities — The performance of the Underlying Equity will not fully replicate the performance of the Underlying Index, and the Underlying Equity may hold securities not included in the Underlying Index. The value of the Underlying Equity to which your Securities are linked is subject to:
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|
¨
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Management risk. This is the risk that the investment strategy for the Underlying Equity, the implementation of which is subject to a number of constraints, may not produce the intended results.
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¨
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Derivatives risk. The Underlying Equity may invest in derivatives, including forward contracts, futures contracts, options on futures contracts, options and swaps. A derivative is a financial contract, the value of which depends on, or is derived from, the value of an underlying asset such as a security or an index. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices, and thus the Underlying Equity’s losses, and, as a consequence, the losses of your Securities, may be greater than if the Underlying Equity invested only in conventional securities.
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¨
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The Underlying Equity May Underperform the Underlying Index — The performance of the Underlying Equity may not replicate the performance of, and may underperform, the Underlying Index. Unlike the Underlying Index, the Underlying Equity will reflect transaction costs and fees that will reduce its relative performance. Moreover, it is also possible that the Underlying Equity may not fully replicate or may, in certain circumstances, diverge significantly from the performance of the Underlying Index; for example, due to the temporary unavailability of certain securities in the secondary market, the performance of any derivative instruments contained in the Underlying Equity, differences in trading hours between the Underlying Equity and the Underlying Index or due to other circumstances. Because the payment due at maturity of your Securities is linked to the performance of the Underlying Equity and not the Underlying Index, the return on your Securities may be less than that of an alternative investment linked directly to the Underlying Index.
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¨
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Non-U.S. Securities Markets Risks — The component securities held by the Underlying Equity are issued by non-U.S. companies in non-U.S. securities markets. These securities may be more volatile and may be subject to different political, market, economic, exchange rate, regulatory and other risks which may have a negative impact on the performance of the financial products linked to the Underlying Equity, which may have an adverse effect on the Securities. Also, the public availability of information concerning the issuers of the component securities held by the Underlying Equity will vary depending on their home jurisdiction and the reporting requirements imposed by their respective regulators. In addition, the issuers of the component securities held by the Underlying Equity may be subject to accounting, auditing and financial reporting standards and requirements that differ from those applicable to United States reporting companies.
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¨
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The Price of the Underlying Equity Is Subject to Currency Exchange Risk — Because the price of the Underlying Equity is related to the U.S. dollar value of the component securities held by the Underlying Equity, you will be exposed to the currency exchange rate risk with respect to each of the currencies in which such component securities trade. Exchange rate movements for a particular currency are volatile and are the result of numerous factors including the supply of, and the demand for, those currencies, as well as the relevant government policy, intervention or actions, but are also influenced significantly from time to time by political or economic developments, and by macroeconomic factors and speculative actions related to the relevant region. An investor’s net exposure will depend on the extent to which the currencies of the component securities strengthen or weaken against the U.S. dollar and the relative weight of each currency. If, taking into account such weighting, the dollar strengthens against the currencies of the component securities held by the Underlying Equity, the price of the Underlying Equity will be adversely affected and the payment at maturity on the Securities may be reduced.
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|
¨
|
existing and expected rates of inflation;
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¨
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existing and expected interest rate levels;
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|
¨
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the balance of payments; and
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|
¨
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the extent of governmental surpluses or deficits in the relevant countries and the United States.
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¨
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Many Economic and Market Factors Will Impact the Value of the Securities — In addition to the price of the Underlying Equity on any day, the value of the Securities will be affected by a number of economic and market factors that may either offset or magnify each other, including:
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|
¨
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the expected volatility of the Underlying Equity and the component securities held by the Underlying Equity;
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¨
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the time to maturity of the Securities;
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¨
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the market price and dividend rate on the Underlying Equity;
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¨
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interest and yield rates in the market generally;
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¨
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supply and demand for the Securities;
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¨
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a variety of economic, financial, political, regulatory or judicial events;
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¨
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the exchange rates relative to the U.S. dollar with respect to each of the currencies in which the securities held by the Underlying Equity trade; and
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|
¨
|
our creditworthiness, including actual or anticipated downgrades in our credit ratings.
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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 Securities on the Trade Date is lower than the initial issue price of your Securities. The difference between the initial issue price of your Securities and the estimated value of the Securities is a result of certain factors, such as any sales commissions to be paid to Barclays Capital Inc. or another affiliate of ours, any selling concessions, discounts, commissions or fees to be allowed or paid to non-affiliated intermediaries, the estimated profit that we or any of our affiliates expect to earn in connection with structuring the Securities, the estimated cost that we may incur in hedging our obligations under the Securities, and estimated development and other costs that we may incur in connection with the Securities.
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¨
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The Estimated Value of Your Securities Might Be Lower if Such Estimated Value Were Based on the Levels at Which Our Debt Securities Trade in the Secondary Market — The estimated value of your Securities on the Trade Date is based on a number of variables, including our internal funding rates. Our internal funding rates may vary from the levels at which our benchmark debt securities trade in the secondary market. As a result of this difference, the estimated value referenced above might be lower if such estimated value were based on the levels at which our benchmark debt securities trade in the secondary market. Also, this difference in funding rate as well as certain factors, such as sales commissions, selling concessions, estimated costs and profits mentioned below, reduces the economic terms of the Securities to you.
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¨
|
The Estimated Value of the Securities Is Based on Our Internal Pricing Models, Which May Prove to Be Inaccurate and May Be Different from the Pricing Models of Other Financial Institutions — The estimated value of your Securities on the Trade Date is based on our internal pricing models, which take into account a number of variables and are based on a number of subjective assumptions, which may or may not materialize. These variables and assumptions are not evaluated or verified on an independent basis. Further, our pricing models may be different from other financial institutions’ pricing models and the methodologies used by us to estimate the value of the Securities may not be consistent with those of other financial institutions that may be purchasers or sellers of Securities in the secondary market. As a result, the secondary market price of your Securities may be materially different from the estimated value of the Securities determined by reference to our internal pricing models.
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¨
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The Estimated Value of Your Securities Is Not a Prediction of the Prices at Which You May Sell Your Securities in the Secondary Market, if Any, and Such Secondary Market Prices, if Any, Will Likely Be Lower Than the Initial Issue Price of Your Securities and May Be Lower Than the Estimated Value of Your Securities — The estimated value of the Securities will not be a prediction of the prices at which Barclays Capital Inc., other affiliates of ours or third parties may be willing to purchase the Securities from you in secondary market transactions (if they are willing to purchase, which they are not obligated to do). The price at which you may be able to sell your Securities in the secondary market at any time will be influenced by many factors that cannot be predicted, such as market conditions, and any bid and ask spread for similar sized trades, and may be substantially less than our estimated value of the Securities. Further, as secondary market prices of your Securities take into account the levels at which our debt securities trade in the secondary market, and do not take into account our various costs related to the Securities such as fees, commissions, discounts, and the costs of hedging our obligations under the Securities, secondary market prices of your Securities will likely be lower than the initial issue price of your Securities. As a result, the price at which Barclays Capital Inc., other affiliates of ours or third parties may be willing to purchase the Securities from you in secondary market transactions, if any, will likely be lower than the price you paid for your Securities, and any sale prior to the maturity date could result in a substantial loss to you.
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¨
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The Temporary Price at Which We May Initially Buy the Securities in the Secondary Market and the Value We May Initially Use for Customer Account Statements, if We Provide Any Customer Account Statements at All, May Not Be Indicative of Future Prices of Your Securities — Assuming that all relevant factors remain constant after the Trade Date, the price at which Barclays Capital Inc. may initially buy or sell the Securities in the secondary market (if Barclays Capital Inc. makes a market in the Securities, which it is not obligated to do) and the value that we may initially use for customer account statements, if we provide any customer account statements at all, may exceed our estimated value of the Securities on the Trade Date, as well as the secondary market value of the Securities, for a temporary period after the initial issue date of the Securities. The price at which Barclays Capital Inc. may initially buy or sell the Securities in the secondary market and the value that we may initially use for customer account statements may not be indicative of future prices of your Securities. Please see “Additional Information Regarding Our Estimated Value of the Securities” on page PS-2 for further information.
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¨
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We and Our Affiliates May Engage in Various Activities or Make Determinations That Could Materially Affect Your Securities in Various Ways and Create Conflicts of Interest — We and our affiliates establish the offering price of the Securities for initial sale to the public, and the offering price is not based upon any independent verification or valuation. Additionally, the role played by Barclays Capital Inc., as a dealer in the Securities, could present it with significant conflicts of interest with the role of Barclays Bank PLC, as issuer of the Securities. For example, Barclays Capital Inc. or its representatives may derive compensation or financial benefit from the distribution of the Securities and such compensation or financial benefit may serve as an incentive to sell these Securities instead of other investments. We may pay dealer compensation to any of our affiliates acting as agents or dealers in connection with the distribution of the Securities. Furthermore, we and our affiliates make markets in and trade various financial instruments or products for their own accounts and for the account of their clients and otherwise provide investment banking and other financial services with respect to these financial instruments and products. These financial instruments and products may include securities, instruments or assets that may serve as the underliers or constituents of the underliers of the Securities. Such market making, trading activities, other investment banking and financial services may negatively impact the value of the Securities. Furthermore, in any such market making, trading activities, and other services, we or our affiliates may take positions or take actions that are inconsistent with, or adverse to, the investment objectives of the holders of the Securities. We and our affiliates have no obligation to take the needs of any buyer, seller or holder of the Securities into account in conducting these activities.
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¨
|
The U.S. Federal Income Tax Consequences of an Investment in the Securities Are Uncertain — There is no direct legal authority regarding the proper U.S. federal income tax treatment of the Securities, and we do not plan to request a ruling from the Internal Revenue Service (the “IRS”) . Consequently, significant aspects of the tax treatment of the Securities are uncertain, and the IRS or a court might not agree with the treatment of the Securities as prepaid forward contracts. If the IRS were successful in asserting an alternative treatment for the Securities, the tax consequences of the ownership and disposition of the Securities could be materially and adversely affected.
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Hypothetical Examples and Return Table of the Securities at Maturity
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Term:
|
5 years
|
Hypothetical Initial Price:
|
$100.00
|
Hypothetical Trigger Price
|
$75.00 (75% of the hypothetical Initial Price)
|
Participation Rate:
|
141.00%
|
Final Price
|
Equity Return1
|
Payment at Maturity
|
Total Return on Securities
at Maturity2
|
$180.00
|
80.00%
|
$21.28
|
112.80%
|
$170.00
|
70.00%
|
$19.87
|
98.70%
|
$160.00
|
60.00%
|
$18.46
|
84.60%
|
$150.00
|
50.00%
|
$17.05
|
70.50%
|
$140.00
|
40.00%
|
$15.64
|
56.40%
|
$130.00
|
30.00%
|
$14.23
|
42.30%
|
$120.00
|
20.00%
|
$12.82
|
28.20%
|
$110.00
|
10.00%
|
$11.41
|
14.10%
|
$105.00
|
5.00%
|
$10.71
|
7.05%
|
$100.00
|
0.00%
|
$10.00
|
0.00%
|
$95.00
|
-5.00%
|
$10.00
|
0.00%
|
$90.00
|
-10.00%
|
$10.00
|
0.00%
|
$80.00
|
-20.00%
|
$10.00
|
0.00%
|
$75.00
|
-25.00%
|
$10.00
|
0.00%
|
$70.00
|
-30.00%
|
$7.00
|
-30.00%
|
$60.00
|
-40.00%
|
$6.00
|
-40.00%
|
$50.00
|
-50.00%
|
$5.00
|
-50.00%
|
$40.00
|
-60.00%
|
$4.00
|
-60.00%
|
$30.00
|
-70.00%
|
$3.00
|
-70.00%
|
$20.00
|
-80.00%
|
$2.00
|
-80.00%
|
$10.00
|
-90.00%
|
$1.00
|
-90.00%
|
$0.00
|
-100.00%
|
$0.00
|
-100.00%
|
1
|
The Equity Return excludes any cash dividend payments.
|
2
|
The “total return” is the number, expressed as a percentage, that results from comparing the payment at maturity per $10 principal amount Security to the purchase price of $10 per Security.
|
What Are the Tax Consequences of an Investment in the Securities?
|
iShares® MSCI EAFE ETF
|
Quarter Begin
|
Quarter End
|
Quarterly High
|
Quarterly Low
|
Quarterly Close
|
1/1/2008
|
3/31/2008
|
$78.35
|
$68.31
|
$71.90
|
4/1/2008
|
6/30/2008
|
$78.52
|
$68.10
|
$68.70
|
7/1/2008
|
9/30/2008
|
$68.04
|
$53.08
|
$56.30
|
10/1/2008
|
12/31/2008
|
$55.88
|
$35.71
|
$44.87
|
1/1/2009
|
3/31/2009
|
$45.44
|
$31.69
|
$37.59
|
4/1/2009
|
6/30/2009
|
$49.04
|
$38.57
|
$45.81
|
7/1/2009
|
9/30/2009
|
$55.81
|
$43.91
|
$54.70
|
10/1/2009
|
12/31/2009
|
$57.28
|
$52.66
|
$55.30
|
1/1/2010
|
3/31/2010
|
$57.96
|
$50.45
|
$56.00
|
4/1/2010
|
6/30/2010
|
$58.03
|
$46.29
|
$46.51
|
7/1/2010
|
9/30/2010
|
$55.42
|
$47.09
|
$54.92
|
10/1/2010
|
12/31/2010
|
$59.46
|
$54.25
|
$58.23
|
1/1/2011
|
3/31/2011
|
$61.91
|
$55.31
|
$60.09
|
4/1/2011
|
6/30/2011
|
$63.87
|
$57.10
|
$60.14
|
7/1/2011
|
9/30/2011
|
$60.80
|
$46.66
|
$47.75
|
10/1/2011
|
12/31/2011
|
$55.57
|
$46.45
|
$49.53
|
1/1/2012
|
3/31/2012
|
$55.80
|
$49.15
|
$54.90
|
4/1/2012
|
6/30/2012
|
$55.51
|
$46.55
|
$49.96
|
7/1/2012
|
9/30/2012
|
$55.15
|
$47.62
|
$53.00
|
10/1/2012
|
12/31/2012
|
$56.88
|
$51.96
|
$56.82
|
1/1/2013
|
3/31/2013
|
$59.89
|
$56.90
|
$58.98
|
4/1/2013
|
6/30/2013
|
$63.53
|
$57.03
|
$57.38
|
7/1/2013
|
9/30/2013
|
$65.05
|
$57.55
|
$63.79
|
10/1/2013
|
12/31/2013
|
$67.06
|
$62.71
|
$67.06
|
1/1/2014
|
3/31/2014
|
$68.03
|
$62.31
|
$67.17
|
4/1/2014
|
6/30/2014
|
$70.67
|
$66.26
|
$68.37
|
7/1/2014
|
9/30/2014
|
$69.25
|
$64.12
|
$64.12
|
10/1/2014
|
12/26/2014*
|
$64.51
|
$59.53
|
$62.24
|
Supplemental Plan of Distribution
|
Validity of the Securities
|
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