Pricing Supplement to the
Prospectus dated July 18, 2016
and the Prospectus Supplement
dated July 18, 2016

$50,000,000 iPath® Series B Bloomberg Agriculture Subindex Total ReturnSM ETN

$50,000,000 iPath® Series B Bloomberg Aluminum Subindex Total ReturnSM ETN

$200,000,000 iPath® Series B Bloomberg Coffee Subindex Total ReturnSM ETN

$100,000,000 iPath® Series B Bloomberg Copper Subindex Total ReturnSM ETN

$50,000,000 iPath® Series B Bloomberg Cotton Subindex Total ReturnSM ETN

$50,000,000 iPath® Series B Bloomberg Energy Subindex Total ReturnSM ETN

$100,000,000 iPath® Series B Bloomberg Grains Subindex Total ReturnSM ETN

$50,000,000 iPath® Series B Bloomberg Industrial Metals Subindex Total ReturnSM ETN

$50,000,000 iPath® Series B Bloomberg Livestock Subindex Total ReturnSM ETN

$50,000,000 iPath® Series B Bloomberg Nickel Subindex Total ReturnSM ETN

$50,000,000 iPath® Series B Bloomberg Platinum Subindex Total ReturnSM ETN

$50,000,000 iPath® Series B Bloomberg Precious Metals Subindex Total ReturnSM ETN

$50,000,000 iPath® Series B Bloomberg Softs Subindex Total ReturnSM ETN

$100,000,000 iPath® Series B Bloomberg Sugar Subindex Total ReturnSM ETN

$50,000,000 iPath® Series B Bloomberg Tin Subindex Total ReturnSM ETN

This pricing supplement relates to 15 series of iPath® Exchange-Traded Notes (the “ETNs”) that Barclays Bank PLC may issue from time to time. Each of the 15 series of ETNs is linked to a sub-index of the Bloomberg Commodity Index Total ReturnSM (the “Commodity Index” or the “BCOM Index”), (the “Sub-Indices”, and together with the Commodity Index, the “Indices”). Each Index is composed of one or more futures contracts on the relevant commodity (the “index components”) and is intended to reflect the returns that are potentially available through (1) an unleveraged investment in those contracts plus (2) the rate of interest that could be earned on cash collateral invested in specified Treasury Bills. The ETNs do not guarantee any return of principal at maturity and do not pay any interest during their term. Instead, you will receive a cash payment in U.S. dollars at maturity or upon early redemption based on the performance of the Index to which your ETNs are linked, less an investor fee.

You may lose some or all of your principal if you invest in the ETNs. Any payment on the ETNs at or prior to maturity is not guaranteed by any third party and is subject to both the creditworthiness of Barclays Bank PLC and to the exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority. If Barclays Bank PLC were to default on its payment obligations or become subject to the exercise of any U.K. Bail-in Power (or any other resolution measure) by the relevant U.K. resolution authority, you might not receive any amounts owed to you under the ETNs. See “Consent to U.K. Bail-in Power” and “Risk Factors” in this pricing supplement and “Risk Factors” in the accompanying prospectus supplement for more information.

The ETNs offer exposure to futures contracts and not direct exposure to the physical commodities. The Indices each track a rolling position in specified commodities futures contracts. Commodities futures markets have historically encountered periods of significant costs to “roll” a position in the respective futures contracts. The Indices may experience significant declines as a result of these roll costs, especially accrued over a longer period of time. In turn, an investment in the ETNs may experience a significant decline in value over time, the risk of which increases the longer that the ETNs are held. Additionally, future prices of the futures contracts comprising the applicable Index that are different relative to their current prices may result in a reduced amount payable at maturity or upon redemption. Accordingly, the ETNs may underperform a similar investment that reflects the return on the physical commodity.

Furthermore, because the investor fee reduces the amount of your return at maturity or upon early redemption, the level of the relevant Index will need to increase significantly in order for you to receive at least the principal amount of your ETNs at maturity or upon early redemption. If the increase in the level of the relevant Index is insufficient to offset the negative effect of the investor fee, or if the Index level decreases, you will receive less than the principal amount of your ETNs at maturity or upon early redemption. Our estimated value of each series of ETNs as of the inception date is $50.00 per ETN. See “Risk Factors” beginning on page PS-11 of this pricing supplement for risks relating to an investment in the ETNs.

The principal terms of each series of ETNs are as follows:

Issuer: Barclays Bank PLC

Series: Global Medium-Term Notes, Series A

Inception and Issue Dates: The ETNs were first sold on January 17, 2018 (the “inception date”) and are expected to be first issued on January 19, 2018 (the “issue date”).

Maturity Date: January 23, 2048 (the “maturity date”)

Underlying Indices: The return on each series of ETNs is linked to the performance of the Index to which those ETNs are linked. The Commodity Index is designed to be a benchmark for commodities as an asset class, and the Sub-Indices are each designed to be benchmarks for specific types of commodities as an asset class. Each Index is intended to reflect the returns that are potentially available through an unleveraged investment in the futures contract or contracts on the physical commodity or commodities comprising the relevant Index plus the Treasury Bill rate of interest that could be earned on funds committed to the trading of the underlying futures contracts. On July 1, 2014, UBS Securities LLC (collectively with its affiliates, “UBS”) entered into a Commodity Index License Agreement with Bloomberg Finance L.P. (collectively with its affiliates “Bloomberg” and together with UBS, the “Index Sponsors”),

Table of Contents

Cover Page, continued

whereby UBS has engaged Bloomberg’s services for calculation, publication, administration and marketing of the Bloomberg Commodity IndexesSM.

Secondary Market: We have applied to list each ETN on the NYSE Arca stock exchange (“NYSE Arca”). The ticker symbols, CUSIP numbers and ISINs for the respective ETNs are as follows:

ETN	Ticker Symbol	CUSIP	ISIN
iPath® Series B Bloomberg Agriculture Subindex Total ReturnSM ETN	JJAB	06746P589	US06746P5897
iPath® Series B Bloomberg Aluminum Subindex Total ReturnSM ETN	JJUB	06746P571	US06746P5715
iPath® Series B Bloomberg Coffee Subindex Total ReturnSM ETN	BJO	06746P563	US06746P5632
iPath® Series B Bloomberg Copper Subindex Total ReturnSM ETN	JJCB	06746P555	US06746P5558
iPath® Series B Bloomberg Cotton Subindex Total ReturnSM ETN	BALB	06746P548	US06746P5483
iPath® Series B Bloomberg Energy Subindex Total ReturnSM ETN	JJEB	06746P530	US06746P5301
iPath® Series B Bloomberg Grains Subindex Total ReturnSM ETN	JJGB	06746P522	US06746P5228
iPath® Series B Bloomberg Industrial Metals Subindex Total ReturnSM ETN	JJMB	06746P514	US06746P5145
iPath® Series B Bloomberg Livestock Subindex Total ReturnSM ETN	COWB	06746P498	US06746P4981
iPath® Series B Bloomberg Nickel Subindex Total ReturnSM ETN	BJJN	06746P480	US06746P4809
iPath® Series B Bloomberg Platinum Subindex Total ReturnSM ETN	PGMB	06746P472	US06746P4726
iPath® Series B Bloomberg Precious Metals Subindex Total ReturnSM ETN	JJPB	06746P464	US06746P4643
iPath® Series B Bloomberg Softs Subindex Total ReturnSM ETN	JJSB	06746P456	US06746P4569
iPath® Series B Bloomberg Sugar Subindex Total ReturnSM ETN	SGGB	06746P449	US06746P4494
iPath® Series B Bloomberg Tin Subindex Total ReturnSM ETN	JJTB	06746P431	US06746P4312

If our application for a series of ETNs is approved, to the extent that such series of ETNs is listed and an active secondary market in that series of ETNs exists, we expect that investors will purchase and sell that series of ETNs primarily in this secondary market. We are not required to maintain any listing of any series of the ETNs on NYSE Arca or any other securities exchange.

Consent to U.K. Bail-in Power: Notwithstanding any other agreements, arrangements or understandings between Barclays Bank PLC and any holder of the ETNs, by acquiring the ETNs, each holder of the ETNs acknowledges, accepts, agrees to be bound by, and consents to the exercise of, any U.K. Bail-in Power by the relevant U.K. resolution authority. See “Consent to U.K. Bail-in Power” on page PS-36 of this pricing supplement.

Payment at Maturity

Payment at Maturity: If you hold your ETNs to maturity, you will receive a cash payment per ETN at maturity in U.S. dollars equal to the closing indicative value of your ETN on the final valuation date.

Closing Indicative Value: The closing indicative value for each series of ETN on the initial valuation date will equal $50. On each subsequent calendar day until maturity or early redemption, the closing indicative value for each series of ETN will equal (1) the daily index factor for such series of ETN on such calendar day (or, if such day is not an index business day, one) times (2) the closing indicative value for such series of ETN on the immediately preceding calendar day minus (3) the investor fee on such calendar day. An “index business day” is a day on which the Index is calculated and published by the Index Sponsors. If the ETNs undergo a split or reverse split, the closing indicative value will be adjusted accordingly.

Daily Index Factor: The daily index factor for each series of ETNs on any index business day will equal (1) the closing level of the Index to which those ETNs are linked on such index business day divided by (2) the closing level of the Index to which those ETNs are linked on the immediately preceding index business day.

Investor Fee: The investor fee for each series of ETN on the initial valuation date will equal zero. On each subsequent calendar day until maturity or early redemption, the investor fee for each series of ETN will be equal to (1) 0.45% times (2) the daily index factor for such series of ETN on that day (or, if such day is not an index business day, one) times (3) the closing indicative value for such ETN on the immediately preceding calendar day divided by (4) 365. Because the investor fee is calculated and subtracted from the closing indicative value on a daily basis, the net effect of the fee accumulates over time and is subtracted at the rate of 0.45% per year. Because the net effect of the investor fee is a fixed percentage of the value of each ETN, the aggregate effect of the investor fee will increase or decrease in a manner directly proportional to the value of each ETN and the amount of ETNs that are held, as applicable.

Business Day: A business day means a Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions in New York City generally are authorized or obligated by law, regulation, or executive order to close.

Trading Day: A trading day with respect to the ETNs is a day (i) that is an index business day, (ii) on which trading is generally conducted on NYSE Arca and (iii) on which trading is generally conducted on the markets on which the futures contracts underlying the relevant Index are traded, in each case as determined by the calculation agent in its sole discretion.

Valuation Date: A valuation date means each trading day from January 17, 2018 to January 17, 2048, inclusive, subject to postponement due to the occurrence of a market disruption event, such postponement not to exceed five trading days. We refer to January 17, 2018 as the “initial valuation date” and January 17, 2048 as the “final valuation date” for the ETNs.

Table of Contents

Cover Page, continued

Early Redemption

Holder Redemption: Subject to the notification requirements set forth under “Specific Terms of the ETNs—Early Redemption Procedures” in this pricing supplement, you may redeem your ETNs on any redemption date during the term of the ETNs. If you redeem your ETNs, you will receive a cash payment in U.S. dollars per ETN on such date in an amount equal to the closing indicative value on the applicable valuation date. You must redeem at least 50,000 ETNs of the same series at one time in order to exercise your right to redeem your ETNs on any redemption date. If you hold fewer than 50,000 ETNs of the same series or fewer than 50,000 ETNs of the same series are outstanding, you will not be able to exercise your right to redeem your ETNs. We may from time to time, in our sole discretion, reduce this minimum redemption amount on a consistent basis for all holders of the ETNs.

Issuer Redemption: We may redeem the ETNs (in whole but not in part) at our sole discretion on any business day on or after the inception date until and including the maturity date. To exercise our right to redeem, we must deliver notice to the holders of the ETNs not less than ten calendar days prior to the redemption date on which we intend to redeem the ETNs. If we redeem the ETNs, you will receive a cash payment in U.S. dollars per ETN in an amount equal to the applicable closing indicative value on the valuation date specified by us in such notice.

Redemption Date: In the case of holder redemption, a redemption date is the second business day following each valuation date (other than the final valuation date). The final redemption date will be the second business day following the valuation date that is immediately prior to the final valuation date. In the case of issuer redemption, the redemption date for the ETNs is the fifth business day after the valuation date specified by us in the issuer redemption notice, which will in no event be prior to the tenth calendar day following the date on which we deliver the redemption notice.

Sale to Public

We sold a portion of the ETNs on the inception date at 100% of the stated principal amount through Barclays Capital Inc., our affiliate, as principal in the initial distribution. The remainder of the ETNs of each series will be offered and sold from time to time through Barclays Capital Inc., as agent. Sales of the ETNs by us after the inception date will be made at market prices prevailing at the time of sale, at prices related to market prices or at negotiated prices. Barclays Capital Inc. will not receive an agent’s commission in connection with sales of the ETNs. Please see “Supplemental Plan of Distribution” in this pricing supplement for more information.

We may use this pricing supplement in the initial sale of the ETNs. In addition, Barclays Capital Inc. or another of our affiliates may use this pricing supplement in market-making transactions in any ETNs after their initial sale. Unless we or our agent informs you otherwise in the confirmation of sale or in a notice delivered at the same time as the confirmation of sale, this pricing supplement is being used in a market-making transaction.

The ETNs are not deposit liabilities of Barclays Bank PLC and are not insured by the United States Federal Deposit Insurance Corporation or any other governmental agency of the United States, the United Kingdom or any other jurisdiction.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these ETNs or determined that this pricing supplement is truthful or complete. Any representation to the contrary is a criminal offense.

Pricing Supplement dated January 17, 2018

Issued in denominations of $50

PRICING SUPPLEMENT SUMMARY

The following is a summary of terms of 15 series of iPath® Exchange-Traded Notes (the “ETNs”) that Barclays Bank PLC may issue from time to time, as well as a discussion of risks and other considerations you should take into account when deciding whether to invest in the ETNs. The information in this section is qualified in its entirety by the more detailed explanations set forth elsewhere in this pricing supplement and the accompanying prospectus and prospectus supplement. References to the “prospectus” mean our accompanying prospectus, dated July 18, 2016, and references to the “prospectus supplement” mean our accompanying prospectus supplement, dated July 18, 2016, which supplements the prospectus.

We may, without your consent, create and issue additional securities having the same terms and conditions as the ETNs. We may consolidate the additional securities to form a single class with the outstanding ETNs. However, we are under no obligation to sell additional ETNs at any time, and if we do sell additional ETNs, we may limit such sales and stop selling additional ETNs at any time.

This section summarizes the following aspects of the ETNs:

· What are the ETNs and how do they work?

· How do you redeem your ETNs?

· What are some of the risks of the ETNs?

· Is this the right investment for you?

· What are the tax consequences?

What Are the ETNs and How Do They Work?

Each series of ETNs are medium-term notes that are senior, unsecured debt obligations of Barclays Bank PLC. The ETNs will be issued in denominations of $50. The return on each series of ETNs is linked to a sub-index of the Bloomberg Commodity Index Total ReturnSM (the “Commodity Index” or the “BCOM Index”), (the “Sub-Indices”, and together with the Commodity Index, the “Indices”).

The Indices

Each Index is composed of one or more futures contracts on physical commodities (the “index

components”) and is intended to reflect the returns that are potentially available through (1) an unleveraged investment in those contracts plus (2) the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.

UBS acquired AIG Financial Product Corp.’s commodity business as of May 6, 2009, at which time, UBS Securities LLC (collectively with its affiliates, “UBS”) and Dow Jones & Company, Inc. (“Dow Jones”) entered into an agreement to jointly market the Index. The joint marketing agreement with Dow Jones was terminated and on July 1, 2014, UBS entered into a commodity index license agreement (“CILA”) with Bloomberg Finance L.P. (collectively with its affiliates “Bloomberg” and together with UBS, the “Index Sponsors”), whereby UBS has engaged Bloomberg’s services for calculation, publication, administration and marketing of the Indices. As a result of Bloomberg’s assumption of these functions, on July 1, 2014, the Dow Jones-UBS Commodity IndexesSM were re-branded as the Bloomberg Commodity IndexesSM.

The Indices are as follows (for additional information on each Index, please see the section entitled “The Indices—General Information”, as well as the Index-specific sections, in this pricing supplement):

· The Bloomberg Agriculture Subindex Total ReturnSM (the “Agriculture Sub-Index”) is designed to be a benchmark for agricultural commodities as an asset class and is currently composed of futures contracts on the following eight commodities: coffee, corn, cotton, soybean meal, soybean oil, soybeans, sugar and wheat (futures contracts for Soft (Chicago) and Hard Red Winter (Kansas City)). We refer to the series of ETNs linked to the Agriculture Sub-Index as the “Agriculture ETNs”.

· The Bloomberg Aluminum Subindex Total ReturnSM (the “Aluminum Sub-Index”) is designed to be a benchmark for aluminum as an asset class and is currently composed of one futures contract on the commodity of aluminum. We refer to the series of ETNs linked to the Aluminum Sub-Index as the “Aluminum ETNs”.

· The Bloomberg Coffee Subindex Total ReturnSM (the “Coffee Sub-Index”) is designed to be a benchmark for coffee as an asset class and is currently composed of one futures contract on the commodity of coffee. We refer to the series of ETNs linked to the Coffee Sub-Index as the “Coffee ETNs”.

· The Bloomberg Copper Subindex Total ReturnSM (the “Copper Sub-Index”) is designed to be a benchmark for copper as an asset class and is currently composed of one futures contract on the commodity of copper. We refer to the series of ETNs linked to the Copper Sub-Index as the “Copper ETNs”.

· The Bloomberg Cotton Subindex Total ReturnSM (the “Cotton Sub-Index”) is designed to be a benchmark for cotton as an asset class and is currently composed of one futures contract on the commodity of cotton. We refer to the series of ETNs linked to the Cotton Sub-Index as the “Cotton ETNs”.

· The Bloomberg Energy Subindex Total ReturnSM (the “Energy Sub-Index”) is designed to be a benchmark for energy-related commodities as an asset class and is currently composed of futures contracts on the following four commodities: crude oil (futures contract for Brent crude oil and WTI crude oil), ULS diesel, natural gas and unleaded gasoline. We refer to the series of ETNs linked to the Energy Sub-Index as the “Energy ETNs”.

· The Bloomberg Grains Subindex Total ReturnSM (the “Grains Sub-Index”) is designed to be a benchmark for grains as an asset class and is currently composed of futures contracts on the following three commodities: corn, soybeans and wheat (futures contracts for Soft (Chicago) and Hard Red Winter (Kansas City)). We refer to the series of ETNs linked to the Grains Sub-Index as the “Grains ETNs”.

· The Bloomberg Industrial Metals Subindex Total ReturnSM (the “Industrial Metals Sub-Index”) is designed to be a benchmark for industrial metals as an asset class and is currently composed of futures contracts on the following four commodities:

aluminum, copper, nickel and zinc. We refer to the series of ETNs linked to the Industrial Metals Sub-Index as the “Industrial Metals ETNs”.

· The Bloomberg Livestock Subindex Total ReturnSM (the “Livestock Sub-Index”) is designed to be a benchmark for livestock as an asset class and is currently composed of futures contracts on the following two commodities: lean hogs and live cattle. We refer to the series of ETNs linked to the Livestock Sub-Index as the “Livestock ETNs”.

· The Bloomberg Nickel Subindex Total ReturnSM (the “Nickel Sub-Index”) is designed to be a benchmark for nickel as an asset class and is currently composed of one futures contract on the commodity of nickel. We refer to the series of ETNs linked to the Nickel Sub-Index as the “Nickel ETNs”.

· The Bloomberg Platinum Subindex Total ReturnSM (the “Platinum Sub-Index”) is designed to be a benchmark for platinum as an asset class and is currently composed of one futures contract on the commodity of platinum. We refer to the series of ETNs linked to the Platinum Sub-Index as the “Platinum ETNs”.

· The Bloomberg Precious Metals Subindex Total ReturnSM (the “Precious Metals Sub-Index”) is designed to be a benchmark for precious metals as an asset class and is currently composed of futures contracts on the following two commodities: gold and silver. We refer to the series of ETNs linked to the Precious Metals Sub-Index as the “Precious Metals ETNs”.

· The Bloomberg Softs Subindex Total ReturnSM (the “Softs Sub-Index”) is designed to be a benchmark for soft commodities as an asset class and is currently composed of futures contracts on the following three commodities: coffee, cotton and sugar. We refer to the series of ETNs linked to the Softs Sub-Index as the “Softs ETNs”.

· The Bloomberg Sugar Subindex Total ReturnSM (the “Sugar Sub-Index”) is designed to be a benchmark for sugar as

an asset class and is currently composed of one futures contract on the commodity of sugar. We refer to the series of ETNs linked to the Sugar Sub-Index as the “Sugar ETNs”.

· The Bloomberg Tin Subindex Total ReturnSM (the “Tin Sub-Index”) is designed to be a benchmark for tin as an asset class and is currently composed of one futures contract on the commodity of tin. We refer to the series of ETNs linked to the Tin Sub-Index as the “Tin ETNs”.

We refer to the Sub-Indices with multiple index components as the “multiple-component Sub-Indices”, and we refer to the Sub-Indices with a single index component as the “single-component Sub-Indices”.

Inception, Issuance and Maturity

Each series of ETNs were first sold on January 17, 2018 (the “inception date”), is expected to be first issued on January 19, 2018 (the “issue date”) and will be due on January 23, 2048 (the “maturity date”).

Understanding the Value of the ETNs

The “stated principal amount” is $50.00 per ETN, which is the initial offering price at which the ETNs will be sold on the inception date.

The “closing indicative value” for any series of ETNs is the value of the ETNs calculated by us on a daily basis and is used to determine the payment at maturity or upon early redemption. The calculation of the closing indicative value on any valuation date following the initial valuation date is based on the closing indicative value for the immediately preceding calendar day. The closing indicative value for each series of ETN on the initial valuation date will equal $50. On each subsequent calendar day until maturity or early redemption, the closing indicative value for each series of ETN will equal (1) the daily index factor for such series of ETNs on such calendar day (or, if such day is not an index business day, one) times (2) the closing indicative value for such series of ETN on the immediately preceding calendar day minus (3) the investor fee on such calendar day. If the ETNs undergo any splits or reverse splits, the closing indicative value will be adjusted accordingly.

The “intraday indicative value” for any series of ETNs is intended to provide investors with an approximation of the effect that changes in the

level of the Index underlying the ETNs during the current trading day would have on the closing indicative value of such series of ETNs from the previous day. Intraday indicative value differs from the closing indicative value in two important respects. First, intraday indicative value is based on the most recent Index level published by the Index Sponsor, which reflects the most recent reported sales prices for the index components, rather than the closing indicative value of a series of ETNs for the immediately preceding calendar day. Second, the intraday indicative value only reflects the accrued investor fee for a series of ETNs at the close of business on the preceding calendar day, but does not include any adjustment for the accrued investor fee of such series of ETNs accruing during the course of the current day.

If you sell your ETNs on the secondary market, you will receive the “trading price” for your ETNs, which may be substantially above or below the stated principal amount, closing indicative value and/or the intraday indicative value because the trading price reflects investor supply and demand for the ETNs. In addition, if you purchase your ETNs at a price which reflects a premium over the closing indicative value, you may experience a significant loss if you sell or redeem your ETNs at a time when such premium is no longer present in the market place or if we exercise our right to redeem the ETNs.

The intraday indicative value is calculated and published by ICE Data Indices, LLC (ICE Data) or a successor for each series of ETNs under the intraday indicative value (IIV) ticker symbols listed in the following table:

ETNs	IIV Ticker
Agriculture ETNs	JJAB.IV
Aluminum ETNs	JJUB.IV
Coffee ETNs	BJO.IV
Copper ETNs	JJCB.IV
Cotton ETNs	BALB.V
Energy ETNs	JJEB.IV
Grains ETNs	JJGB.IV
Industrial Metals ETNs	JJMB.IV
Livestock ETNs	COWB.IV
Nickel ETNs	BJJN.IV
Platinum ETNs	PGMB.IV
Precious Metals ETNs	JJPB.IV
Softs ETNs	JJSB.IV
Sugar ETNs	SGGB.IV
Tin ETNs	JJTB.IV

The ETN performance is linked to the performance of the Index underlying your ETNs less an investor fee. There is no minimum limit to the level of the Index underlying your ETNs. Moreover, the ETNs are not principal protected. Therefore, a decrease in the level of the Index underlying your ETNs could cause you to lose up to your entire investment in the ETNs.

Furthermore, because the investor fee reduces the amount of your return at maturity or upon early redemption; the level of the Index underlying your ETNs must increase significantly in order for you to receive at least the principal amount of your investment at maturity or upon early redemption. If the level of the Index decreases or does not increase sufficiently, you will receive less than the principal amount of your ETNs at maturity or upon early redemption.

How Do You Redeem Your ETNs?

We have applied to list the ETNs on NYSE Arca. If an active secondary market in the ETNs exists, we expect that investors will purchase and sell the ETNs primarily in the secondary market.

To redeem your ETNs, you must instruct your broker or other person through whom you hold your ETNs to take the following steps:

· deliver a notice of holder redemption, which is attached as Annex A, to us via facsimile or email by no later than 4:00 p.m., New York City time, on the business day prior to the valuation date specified in your notice of redemption. If we receive your notice by the time specified in the preceding sentence, we will respond by sending you a form of confirmation of holder redemption, which is attached as Annex B;

· deliver the signed confirmation of holder redemption to us via facsimile or email in the specified form by 5:00 p.m., New York City time, on the same day. We or our affiliate must acknowledge receipt in order for your confirmation to be effective;

· instruct your Depository Trust Company (“DTC”) custodian to book a delivery vs. payment trade with respect to your ETNs on the valuation date at a price equal to the applicable closing indicative value per ETN, facing Barclays DTC 5101; and

· cause your DTC custodian to deliver the trade as booked for settlement via DTC at or prior to 10:00 a.m., New York City time, on the applicable redemption date (the second business day following the applicable valuation date).

Different brokerage firms may have different deadlines for accepting instructions from their customers. Accordingly, you should consult the brokerage firm through which you own your interest in the ETNs in respect of such deadlines. If we do not receive your notice of holder redemption by 4:00 p.m., New York City time, or your confirmation of holder redemption by 5:00 p.m., New York City time, on the business day prior to the valuation date specified in your notice of redemption, your notice will not be effective and we will not redeem your ETNs on the applicable redemption date. Any redemption instructions for which we (or our affiliate) receive a valid confirmation in accordance with the procedures described above will be irrevocable.

The redemption value is determined according to a formula which relies upon the closing indicative value and will be calculated on a valuation date that will occur after the redemption notice is submitted. It is not possible to publicly disclose, or for you to determine, the precise redemption value prior to your election to redeem. The redemption value may be below the most recent intraday indicative value or closing indicative value of your ETNs at the time when you submit your redemption notice.

For more information regarding the intraday indicative value, see “Valuation of the ETNs—Intraday Indicative Value” in this pricing supplement.

What Are Some of the Risks of the ETNs?

An investment in the ETNs involves risks. Some of these risks are summarized here, but we urge

you to read the more detailed explanation of risks in “Risk Factors” in this pricing supplement.

· Commodity Market Risk – The return on each series of ETNs is linked to the performance of an Index which, in turn, is linked to the prices of its index components. The index components of each Index are one or more futures contracts on physical commodities. See the section entitled “The Indices—General Information”, as well as the Index-specific sections below for more information. Commodity prices may change unpredictably, affecting the level of the Indices and, consequently, the value of your ETNs in unforeseeable ways.

· Uncertain Principal Repayment – There is no minimum limit to the level of each Index. Moreover, the ETNs are not principal protected. Therefore, a decrease in the level of the Index underlying your ETNs could cause you to lose up to your entire investment in the ETNs. Furthermore, because the investor fee reduces the amount of your return at maturity or upon early redemption, the level of the Index underlying your ETNs will need to increase significantly in order for you to receive at least the principal amount of your ETNs at maturity or upon early redemption. If the increase in the level of the Index underlying your ETNs is not sufficient to offset the negative effect of the investor fee, or if the level of the Index underlying your ETNs decreases, you will receive less than the principal amount of your ETNs at maturity or upon early redemption.

· Issuer Redemption – Subject to the procedures described in this pricing supplement, we have the right to redeem or “call” the ETNs (in whole but not in part) at our sole discretion without your consent on any business day on or after the inception date until and including maturity.

· Limited or Lack of Portfolio Diversification – The index components of the Sub-Indices are concentrated in one part of the commodities sector or in one commodity. Your investment may therefore carry risks similar to a concentrated securities investment in one industry or sector (in the case of the series of ETNs

linked to multiple-component Sub-Indices) or in one issuer (in the case of the series of ETNs linked to single-component Sub-Indices).

· No Interest Payments – You will not receive any periodic interest payments on the ETNs.

· A Trading Market for the ETNs May Not Exist – We have applied to list each series of ETNs on NYSE Arca but we cannot guarantee that these applications will be approved, and a trading market for any series of the ETNs may not exist at any time. Even if there is a secondary market for the ETNs, whether as a result of any listing of the ETNs or on an over-the-counter basis, it may not provide enough liquidity to trade or sell your ETNs easily. Although certain affiliates of Barclays Bank PLC may engage in limited purchase and resale transactions in the ETNs, they are not required to do so, and if they decide to engage in such transactions, they may stop at any time. We are not required to maintain the listing of any series of ETNs on NYSE Arca or on any other securities exchange.

· Regulatory Risk – Commodity futures contracts, such as the index components, are subject to legal and regulatory regimes that have undergone substantial changes in recent years in the United States and, in some cases, in other countries. Although the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd Frank Act”) regulatory scheme (including the rulemaking authority granted to the Commodity Futures Trading Commission (the “CFTC”) thereunder has been substantially implemented by CFTC rulemaking, many of the regulatory changes have only recently been implemented and the ultimate impact of the regulations on the markets and market participants cannot yet be determined. It is possible, however, that such regulatory changes will reduce liquidity in the markets, due to increased costs and regulatory requirements, which could lead to greater volatility and adverse effects on prices. Similarly, other regulatory organizations (such as relevant European Union

rulemaking bodies) have proposed, and in the future may propose, further reforms similar to those enacted by the Dodd-Frank Act or other legislation which could have an adverse impact on the liquidity and depth of the commodities, futures and derivatives markets. Any such adverse impact may have a material adverse effect on the market value of the ETNs and, consequently, any amounts payable or property deliverable on the ETNs. In addition, holders of the ETNs will not benefit from the regulatory protections of the CFTC or any non-U.S. regulatory authority that they may have received had they invested in commodities or commodities futures contracts directly or in funds, or “commodity pools,” trading such contracts.

Is This the Right Investment for You?

The ETNs may be a suitable investment for you if:

· You do not seek a guaranteed return of principal and you are willing to risk losing up to your entire investment in the ETNs.

· You do not seek current income from this investment.

· You seek an investment with a return linked to the performance of the Index underlying your ETNs.

· You are willing to accept the risk of fluctuations in commodities prices in general and prices of the index components of the Index underlying your ETNs in particular.

· You believe the level of the Index underlying your ETNs will not decrease and will increase by an amount sufficient to offset the investor fee during the term of the ETNs.

· You are willing to hold securities that are subject to an issuer redemption right on or after the inception date.

· You are willing and able to assume the credit risk of Barclays Bank PLC, as issuer of the ETNs, for all payments under the ETNs and understand that if Barclays Bank PLC were to default on its payment

obligations or become subject to the exercise of any U.K. Bail-in Power, you might not receive any amounts due to you under the Notes, including any repayment of principal.

The ETNs may not be a suitable investment for you if:

· You seek a guaranteed return of principal and you are not willing to risk losing up to your entire investment in the ETNs.

· You seek current income from your investment.

· You are not willing to be exposed to fluctuations in commodities prices in general and prices of the index components of the Index underlying your ETNs in particular.

· You believe the level of the Index underlying your ETNs will decrease or will not increase by an amount sufficient to offset the investor fee during the term of the ETNs.

· You are not willing to hold securities that are subject to an issuer redemption right on or after the inception date.

· You prefer the lower risk and therefore accept the potentially lower returns of fixed income investments with comparable maturities and credit ratings.

· You are unwilling or unable to assume the credit risk of Barclays Bank PLC, as issuer of the ETNs, for all payments under the ETNs or you are not willing to be exposed to the risk that if Barclays Bank PLC were to default on its payment obligations or become subject to the exercise of any U.K. Bail-in Power, you might not receive any amounts due to you under the Notes, including any repayment of principal.

What Are the Tax Consequences?

Absent a change in law or an administrative or judicial ruling to the contrary, pursuant to the terms of the ETNs, by purchasing the ETNs you agree to treat each series of the ETNs for all U.S. federal income tax purposes as a pre-paid derivative contract with respect to the relevant Index. If the ETNs are so treated, you should

Table of Contents

Hypothetical Examples

The following examples show how a series of ETNs would perform in hypothetical circumstances, assuming a starting level for the relevant Index of 100.

Because the investor fee is calculated and subtracted from the closing indicative value on a daily basis, the net effect of the fee accumulates over time and is subtracted at the rate of 0.45% per year. The figures in these examples use the annualized effect of the investor fee for convenience.

The hypothetical examples in this section do not take into account the effects of applicable taxes. The after-tax return you receive on a series of ETNs will depend on the U.S. tax treatment of your ETNs and on your particular circumstances. Accordingly, the after-tax rate of return of your ETNs could be different than the after-tax return of a direct investment in the components of the relevant Index or the relevant Index itself.

Figures for year 30 are as of the final valuation date, and figures for each year prior to year 30 represent the hypothetical amount that would be paid upon early redemption at each anniversary of the inception date, assuming that the relevant valuation date for each early redemption occurs on each anniversary of the inception date. The figures in these examples have been rounded for convenience.

Assumptions:

Investor Fee Rate	Days	Principal	Starting Index
0.45% per annum	365	$50.00	100.00

A	B	C	D	E	F
Year	Index Level	Annualized Index Return	Yearly Fee	Total	Closing Indicative Value

A	B	C	C x Previous CINV x 0.45%	Running total of D	C x Previous CINV – E
0	100.0000	-	-	-	$50.0000
1	103.0000	3.00%	$0.2318	$0.2318	$51.2683
2	106.0900	3.00%	$0.2376	$0.4694	$52.5687
3	109.2727	3.00%	$0.2437	$0.7130	$53.9021
4	112.5509	3.00%	$0.2498	$0.9629	$55.2693
5	115.9274	3.00%	$0.2562	$1.2190	$56.6712
6	119.4052	3.00%	$0.2627	$1.4817	$58.1087
7	122.9874	3.00%	$0.2693	$1.7510	$59.5826
8	126.6770	3.00%	$0.2762	$2.0272	$61.0939
9	130.4773	3.00%	$0.2832	$2.3104	$62.6436
10	134.3916	3.00%	$0.2904	$2.6007	$64.2325
11	138.4234	3.00%	$0.2977	$2.8985	$65.8618
12	142.5761	3.00%	$0.3053	$3.2037	$67.5324
13	146.8534	3.00%	$0.3130	$3.5167	$69.2453
14	151.2590	3.00%	$0.3210	$3.8377	$71.0017
15	155.7967	3.00%	$0.3291	$4.1668	$72.8027
16	160.4706	3.00%	$0.3374	$4.5042	$74.6493
17	165.2848	3.00%	$0.3460	$4.8502	$76.5428
18	170.2433	3.00%	$0.3548	$5.2050	$78.4843
19	175.3506	3.00%	$0.3638	$5.5688	$80.4751
20	180.6111	3.00%	$0.3730	$5.9418	$82.5163
21	186.0295	3.00%	$0.3825	$6.3242	$84.6093
22	191.6103	3.00%	$0.3922	$6.7164	$86.7554
23	197.3587	3.00%	$0.4021	$7.1185	$88.9560
24	203.2794	3.00%	$0.4123	$7.5308	$91.2124
25	209.3778	3.00%	$0.4228	$7.9536	$93.5260
26	215.6591	3.00%	$0.4335	$8.3871	$95.8983
27	222.1289	3.00%	$0.4445	$8.8316	$98.3307
28	228.7928	3.00%	$0.4558	$9.2873	$100.8249
29	235.6566	3.00%	$0.4673	$9.7547	$103.3823
30	242.7262	3.00%	$0.4792	$10.2338	$106.0046
			Annualized Index Return		3.00%
			Annualized ETN Return		2.54%

PS-8

Table of Contents

Hypothetical Examples

A	B	C	D	E	F
Year	Index Level	Annualized Index Return	Yearly Fee	Total	Closing Indicative Value

A	B	C	C x Previous CINV x 0.45%	Running total of D	C x Previous CINV – E
0	100.0000	-	-	-	$50.0000
1	100.4000	0.40%	$0.2259	$0.2259	$49.9741
2	100.8016	0.40%	$0.2258	$0.4517	$49.9482
3	101.2048	0.40%	$0.2257	$0.6773	$49.9223
4	101.6096	0.40%	$0.2255	$0.9029	$49.8965
5	102.0161	0.40%	$0.2254	$1.1283	$49.8706
6	102.4241	0.40%	$0.2253	$1.3536	$49.8448
7	102.8338	0.40%	$0.2252	$1.5788	$49.8190
8	103.2452	0.40%	$0.2251	$1.8039	$49.7932
9	103.6581	0.40%	$0.2250	$2.0289	$49.7674
10	104.0728	0.40%	$0.2248	$2.2537	$49.7416
11	104.4891	0.40%	$0.2247	$2.4785	$49.7158
12	104.9070	0.40%	$0.2246	$2.7031	$49.6901
13	105.3266	0.40%	$0.2245	$2.9276	$49.6643
14	105.7480	0.40%	$0.2244	$3.1520	$49.6386
15	106.1709	0.40%	$0.2243	$3.3762	$49.6129
16	106.5956	0.40%	$0.2242	$3.6004	$49.5872
17	107.0220	0.40%	$0.2240	$3.8244	$49.5615
18	107.4501	0.40%	$0.2239	$4.0483	$49.5358
19	107.8799	0.40%	$0.2238	$4.2721	$49.5102
20	108.3114	0.40%	$0.2237	$4.4958	$49.4845
21	108.7447	0.40%	$0.2236	$4.7194	$49.4589
22	109.1796	0.40%	$0.2235	$4.9429	$49.4333
23	109.6164	0.40%	$0.2233	$5.1662	$49.4077
24	110.0548	0.40%	$0.2232	$5.3894	$49.3821
25	110.4950	0.40%	$0.2231	$5.6125	$49.3565
26	110.9370	0.40%	$0.2230	$5.8355	$49.3309
27	111.3808	0.40%	$0.2229	$6.0584	$49.3054
28	111.8263	0.40%	$0.2228	$6.2812	$49.2798
29	112.2736	0.40%	$0.2226	$6.5038	$49.2543
30	112.7227	0.40%	$0.2225	$6.7263	$49.2288

			Annualized Index Return		0.40%
			Annualized ETN Return		-0.05%

PS-9

Table of Contents

Hypothetical Examples

A	B	C	D	E	F
Year	Index Level	Annualized Index Return	Yearly Fee	Total	Closing Indicative Value

A	B	C	C x Previous CINV x 0.45%	Running total of D	C x Previous CINV – E
0	100.0000	-	-	-	$50.0000
1	103.0000	3.00%	$0.2318	$0.2318	$51.2683
2	106.0900	3.00%	$0.2376	$0.4694	$52.5687
3	109.2727	3.00%	$0.2437	$0.7130	$53.9021
4	112.5509	3.00%	$0.2498	$0.9629	$55.2693
5	115.9274	3.00%	$0.2562	$1.2190	$56.6712
6	119.4052	3.00%	$0.2627	$1.4817	$58.1087
7	122.9874	3.00%	$0.2693	$1.7510	$59.5826
8	126.6770	3.00%	$0.2762	$2.0272	$61.0939
9	130.4773	3.00%	$0.2832	$2.3104	$62.6436
10	134.3916	3.00%	$0.2904	$2.6007	$64.2325
11	138.4234	3.00%	$0.2977	$2.8985	$65.8618
12	142.5761	3.00%	$0.3053	$3.2037	$67.5324
13	146.8534	3.00%	$0.3130	$3.5167	$69.2453
14	151.2590	3.00%	$0.3210	$3.8377	$71.0017
15	155.7967	3.00%	$0.3291	$4.1668	$72.8027
16	151.2590	-2.91%	$0.3181	$4.4849	$70.3641
17	146.8534	-2.91%	$0.3074	$4.7923	$68.0073
18	142.5761	-2.91%	$0.2971	$5.0894	$65.7294
19	138.4234	-2.91%	$0.2872	$5.3766	$63.5278
20	134.3916	-2.91%	$0.2775	$5.6541	$61.3999
21	130.4773	-2.91%	$0.2683	$5.9224	$59.3433
22	126.6770	-2.91%	$0.2593	$6.1816	$57.3556
23	122.9874	-2.91%	$0.2506	$6.4322	$55.4344
24	119.4052	-2.91%	$0.2422	$6.6744	$53.5777
25	115.9274	-2.91%	$0.2341	$6.9085	$51.7831
26	112.5509	-2.91%	$0.2262	$7.1347	$50.0486
27	109.2727	-2.91%	$0.2187	$7.3534	$48.3722
28	106.0900	-2.91%	$0.2113	$7.5647	$46.7520
29	103.0000	-2.91%	$0.2043	$7.7690	$45.1860
30	100.0000	-2.91%	$0.1974	$7.9664	$43.6725

			Annualized Index Return		0.00%
			Annualized ETN Return		-0.45%

PS-10

RISK FACTORS

The ETNs are senior unsecured debt obligations of Barclays Bank PLC and are not secured debt. The ETNs are riskier than ordinary unsecured debt securities. The return on a series of ETNs is linked to the performance of the Index underlying those ETNs. Investing in a series of ETNs is not equivalent to investing directly in the underlying index components or Index itself. See the section entitled “The Indices—General Information”, as well as the Index-specific sections, in this pricing supplement for more information.

This section describes the most significant risks relating to an investment in the ETNs. We urge you to read the following information about these risks, together with the other information in this pricing supplement and the accompanying prospectus and prospectus supplement, before investing in the ETNs.

Risks Associated with Each Series of ETNs

The ETNs Do Not Guarantee Any Return of Principal, and You May Lose Some or All of Your Investment

Furthermore, because the investor fee reduces the amount of your return at maturity or upon early redemption, the level of the Index underlying your ETNs will need to increase significantly in order for you to receive at least the principal amount of your ETNs at maturity or upon early redemption. If the increase in the level of the Index underlying your ETNs is insufficient to offset negative effect of the investor fee, or if the level of the Index underlying your ETNs decreases, you will receive less than the principal amount of your ETNs at maturity or upon early redemption.

The ETNs Are Subject to the Credit Risk of the Issuer, Barclays Bank PLC

The ETNs are senior unsecured 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 ETNs depends on the ability of Barclays Bank PLC to satisfy its obligations as they come due and are not guaranteed by a third party. As a result, the actual and perceived creditworthiness of Barclays Bank PLC may affect the market value of the ETNs and, in the event Barclays Bank PLC were to default on its obligations, you may not receive the amounts owed to you under the terms of the ETNs.

We May Redeem the ETNs at Any Time on or after the Inception Date

We have the right to redeem or “call” the ETNs (in whole but not in part) at our sole discretion without your consent on any business day on or after the inception date until and including the maturity date. If we elect to redeem the ETNs, we will deliver written notice of such election to redeem to the holders of the ETNs not less than ten calendar days prior to the redemption date on which we intend to redeem the ETNs. In this scenario, the ETNs will be redeemed on the fifth business day following the valuation date specified by us in the issuer redemption notice, but in no event prior to the tenth calendar day following the date on which we deliver such notice.

If we exercise our right to redeem the ETNs, the payment you receive may be less than the payment that you would have otherwise been entitled to receive at maturity and may be less than the secondary market trading price of the ETNs. Also, you may not be able to reinvest any amounts received on the redemption date in a comparable investment. Our right to redeem the ETNs may also adversely impact your ability to sell your ETNs, and/or the price at which you may be able to sell your ETNs, particularly after delivery of the issuer redemption notice.

You Will Not Benefit from Any Increase in the Level of the Underlying Index If Such Increase Is Not Reflected in the Index on the Applicable Valuation Date

If the positive effect of any increase in the level of the Index underlying your ETNs is insufficient

to offset the negative effect of the investor fee between the inception date and the applicable valuation date (including the final valuation date), we will pay you less than the principal amount of your ETNs at maturity or upon early redemption. This will be true even if the level of the Index underlying your ETNs as of some date or dates prior to the applicable valuation date would have been sufficiently high to offset the negative effect of the investor fee.

Owning the ETNs is Not the Same as Owning the Index Components or a Security Directly Linked to the Performance of the Index due to the Negative Effect of the Investor Fee and Other Factors Affecting the Market Value of the ETNs

The return on your ETNs will not reflect the return you would have realized if you had actually owned the index components or a security directly linked to the performance of the applicable Index and held such investment for a similar period. Any return on your ETNs includes the negative effect of the accrued investor fee. Furthermore, if the level of the Index underlying your ETNs increases during the term of the ETNs, the market value of the ETNs may not increase by the same amount or may even decline.

You Will Not Receive Interest Payments on the ETNs or Have Rights in Any of the Index Components

You will not receive any periodic interest payments on your ETNs. As an owner of a series of ETNs, you will not have rights that investors in the index components included in the Index underlying those ETNs may have. Your ETNs will be paid in cash, and you will have no right to receive delivery of any index components or commodities underlying index components.

The Market Value of Each Series of ETNs May Be Influenced by Many Unpredictable Factors, Including Volatile Commodities Prices

The market value of your ETNs may fluctuate between the date you purchase them and the applicable valuation date. You may also sustain a significant loss if you sell the ETNs in the

secondary market. We expect that generally the value of the index components will affect the Index underlying your ETNs and thus the market value of those ETNs and the payment you receive at maturity or upon early redemption, more than any other factor. Several other factors, many of which are beyond our control, and many of which could themselves affect the prices of the index components, will influence the market value of a series of the ETNs, including the following:

· prevailing spot prices for the commodities underlying the index component or components (See the risk factor “Risks Associated with Indices Generally—Commodity Prices May Change Unpredictably, Affecting the Level of the Indices and the Value of Your ETNs in Unforeseeable Ways”);

· the time remaining to the maturity of the ETNs;

· supply and demand for the ETNs, including inventory positions with Barclays Capital Inc. or any market maker and any decision we may make not to issue additional ETNs or to cease or suspend sales of ETNs from inventory;

· interest rates;

· economic, financial, political, regulatory, geographical, biological, or judicial events that affect the level of the underlying Index or the market price of the index components included in that Index;

· the perceived creditworthiness of Barclays Bank PLC;

· supply and demand in the listed and over-the-counter commodity derivative markets; or

· supply and demand as well as hedging activities in the commodity-linked structured product markets.

These factors interrelate in complex ways, and the effect of one factor on the market value of your ETNs may offset or enhance the effect of another factor.

If a Market Disruption Event Has Occurred or Exists on a Valuation Date, the Calculation Agent Can Postpone the Determination of the Closing Indicative Value or the Maturity Date or a Redemption Date

The determination of the value of the ETN on a valuation date, including the final valuation date, may be postponed if the calculation agent determines that a market disruption event has occurred or is continuing on such valuation date. If such a postponement occurs, the value of the index components unaffected by the market disruption event shall be determined on the scheduled valuation date and the value of the affected index component shall be determined using the closing value of the affected index component on the first trading day after that day on which no market disruption event occurs or is continuing. In no event, however, will a valuation date for any series of ETNs be postponed by more than five trading days. As a result, the maturity date or a redemption date for a series of ETNs could also be postponed to the fifth business day following such valuation date, as postponed. If a valuation date is postponed until the fifth trading day following the scheduled valuation date but a market disruption event occurs or is continuing on such day, that day will nevertheless be the valuation date and the calculation agent will make a good faith estimate in its sole discretion of the level of the relevant Index for such day. See “Specific Terms of the ETNs—Market Disruption Event” in this pricing supplement.

Postponement of a Valuation Date May Result in a Reduced Amount Payable at Maturity or Upon Early Redemption

As the payment at maturity or upon early redemption is a function of, among other things, the change in Index level on the final valuation date or applicable valuation date, as the case may be, the postponement of any valuation date may result in the application of a different applicable change in Index level and an increase in the accrued value of the investor fee and, accordingly, decrease the payment you receive at maturity or upon early redemption.

Risks Associated with Indices Generally

Future Prices of the Index Components That Are Different Relative to Their Current Prices May Affect the Level of the Indices and Result in a Reduced Amount Payable on Your ETNs at Maturity or Upon Redemption

Each Index is composed of commodity futures contracts on physical commodities, rather than on the underlying physical commodities themselves. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, commodity futures contracts normally specify a certain future month for delivery of the underlying physical commodity. As the exchange-traded futures contracts that comprise the Indices approach expiration, they are replaced by similar contracts that have a later expiration. Thus, for example, a futures contract purchased and held in August may specify an October expiration date. As time passes, the contract expiring in October may be replaced by a contract for delivery in December. This process is referred to as “rolling”.

If the market for these contracts is (putting aside other considerations) in “backwardation”, which means that the prices are lower in the distant delivery months than in the nearer delivery months, the purchase of the December contract would take place at a price that is lower than the sale price of the October contract. Conversely, if the market for these contracts is in “contango”, which means that the prices are higher in the distant delivery months than in the nearer delivery months, the purchase of the December contract would take place at a price that is higher than the sale price of the October contract.

“Roll yield” refers to any profit (i.e., positive roll yield) or loss (i.e., negative roll yield) represented by the difference between (i) the return of buying and selling a futures contract in connection with the rolling process and (ii) the return reflected by the movement in the spot price of the underlying commodity between the purchase date and the sale date of the futures contract. A positive roll yield generally occurs when the price of the longer tenor futures contract is lower than the spot price for the underlying commodity or the price of the shorter tenor futures contract, which is typically realized when the market for such contracts are in

“backwardation”; and a negative roll yield generally occurs when the price of the longer tenor futures contract is higher than the spot price for the underlying commodity or the price of the shorter tenor futures contract, which is typically realized when the market for such contracts are in “contango.”

The presence of contango or the absence of backwardation in the commodity markets could result in negative “roll yields”. Because of the potential effects of negative roll yields, it is possible for the level of the Indices to decrease significantly over time even when the spot prices of underlying commodities are stable or increasing. This would accordingly decrease the payment you receive at maturity or upon early redemption of your ETNs.

Certain of the commodities included in the Indices, such as gold, have historically traded in contango markets, and the Indices have experienced periods in which many of the commodities in the Indices are in contango. Although certain of the contracts included in the Indices have historically experienced periods of backwardation, it is possible that such backwardation will not be experienced in the future.

The ETNs Offer Exposure to Futures Contracts and Not Direct Exposure to Physical Commodities

The ETNs offer investors exposure to the price of futures contracts and not to the spot price of physical commodities. The price of a commodity futures contract reflects the expected value of the commodity upon delivery in the future, whereas the spot price of a commodity reflects the immediate delivery value of the commodity. A variety of factors can lead to a disparity between the expected future price of a commodity and the spot price at a given point in time, such as the cost of storing the commodity for the term of the futures contract, interest charges to finance the purchase of the commodity, market demand for the futures contract and expectations concerning supply and demand for the commodity. The price movement of a futures contract is typically correlated with the movements of the spot price of the reference commodity, but the correlation is generally imperfect and price moves in the spot market may not be reflected in the futures market (and vice versa). Accordingly, the ETNs

may underperform a similar investment that reflects the return on the physical commodity.

Concentration Risks Associated with the Indices May Adversely Affect the Value of the ETNs

Because each series of ETNs is linked to an Index, which is comprised of one or more contracts on physical commodities, it will be less diversified than other funds, investment portfolios or indices investing in or tracking a broader range of products and, therefore, could experience greater volatility. You should be aware, in particular, that other commodities indices may be more diversified in terms of both the number of and variety of futures contracts on commodities than the Index underlying your ETNs. Your investment may carry risks similar to a concentrated securities investment in one industry or sector (in the case of the series of ETNs linked to multiple-component Sub-Indices) or in one issuer (in the case of the series of ETNs linked to single-component Sub-Indices).

Commodity Prices May Change Unpredictably, Affecting the Level of the Indices and the Value of Your ETNs in Unforeseeable Ways

Trading in futures contracts on physical commodities, including trading in the index components, is speculative and can be extremely volatile. Market prices of the index components may fluctuate rapidly based on numerous factors, including: changes in supply and demand relationships (whether actual, perceived, anticipated, unanticipated or unrealized); weather; agriculture; trade; fiscal, monetary and exchange control programs; domestic and foreign political and economic events and policies; disease; pestilence; technological developments; changes in interest rates, whether through governmental action or market movements; and monetary and other governmental policies, action and inaction. The current or “spot” prices of the underlying physical commodities may also affect, in a volatile and inconsistent manner, the prices of futures contracts in respect of the relevant commodity. These factors may affect the level of the Index underlying your ETNs and therefore the value of your ETNs in varying ways, and different factors may cause the prices of index

components, and the volatilities of their prices, to move in inconsistent directions at inconsistent rates.

Supply of and Demand for Physical Commodities Tends to be Particularly Concentrated, So Prices Are Likely to Be Volatile

The prices of physical commodities, including the commodities underlying index components, can fluctuate widely due to supply and demand disruptions in major producing or consuming regions or industries.

Certain commodities are used primarily in one industry, and fluctuations in levels of activity in (or the availability of alternative resources to) one industry may have a disproportionate effect on global demand for a particular commodity. Moreover, recent growth in industrial production and gross domestic product has made China and other developing nations oversized users of commodities and has increased the extent to which certain commodities rely on the those markets. Political, economic and other developments that affect those countries may affect the value of the commodities underlying the index components included in an Index and, thus, the level of the ETNs linked to that Index.

In addition, because certain of the commodities underlying the index components may be produced in a limited number of countries and may be controlled by a small number of producers, political, economic and supply-related events in such countries or with such producers could have a disproportionate impact on the prices of such commodities and therefore the value of your ETNs.

The ETNs Will Be Subject to Significant Movements in Underlying Commodities Futures Markets Outside of the Hours During Which the ETNs are Traded on NYSE Arca

The commodities futures markets on which certain of the index components are traded are located in Europe and, therefore, are open for trading in different time zones than that of NYSE Arca. Significant price movements may take place in the underlying commodities futures markets during hours when the ETNs are not traded on NYSE Arca, and those movements may be reflected in the market value of the

ETNs when trading of the ETNs commences on NYSE Arca.

Historical Levels of the Indices or Any Index Component Should Not Be Taken as an Indication of the Future Performance of the Indices During the Term of the ETNs

It is impossible to predict whether the level of the Indices will fall or rise. The actual performance of the Index underlying your ETNs or any index component over the term of the ETNs, as well as the amount payable at maturity or upon early redemption, may bear little relation to the historical values of that Index or the index components, which in most cases have been highly volatile.

Suspension or Disruptions of Market Trading in Commodities and Related Futures May Adversely Affect the Value of Your ETNs

The commodity futures markets occasionally experience disruptions in trading (including temporary distortions or other disruptions) due to various factors, such as lack of liquidity in the markets, the participation of speculators and government regulation and intervention. In addition, U.S. futures exchanges (including the New York Mercantile Exchange) and some foreign exchanges have regulations that limit the amount of fluctuation in some futures contract prices that may occur during a single business day. These limits are generally referred to as “daily price fluctuation limits” and the maximum or minimum price of a contract on any given day as a result of these limits is referred to as a “limit price”. Once the limit price has been reached in a particular contract, no trades may be made at a price beyond the limit, or trading may be limited for a set period of time. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at potentially disadvantageous times or prices. These circumstances could adversely affect the level of the Index underlying your ETNs and, therefore, the value of your ETNs.

Changes in Law or Regulation Relating to Commodities Futures Contracts May Adversely Affect the Market Value of the ETNs and the Amounts Payable on Your ETNs.

Commodity futures contracts, such as the index components, are subject to legal and regulatory regimes that have undergone substantial changes in recent years in the United States and, in some cases, in other countries. Although the Dodd-Frank Act regulatory scheme (including the rulemaking authority granted to the CFTC thereunder has been substantially implemented by CFTC rulemaking, many of the regulatory changes have only recently been implemented and the ultimate impact of the regulations on the markets and market participants cannot yet be determined. It is possible, however, that such regulatory changes will reduce liquidity in the markets, due to increased costs and regulatory requirements, which could lead to greater volatility and adverse effects on prices. Also, on December 6, 2016, the CFTC re-proposed rules to establish new position limits that would apply to a party’s combined futures, options and swaps positions in any one of 28 physical commodities and economically equivalent futures, options and swaps. These limits would, among other things, expand existing position limits applicable to options and futures contracts to apply to swaps. In addition, on December 5, 2016, the CFTC adopted final rules to require aggregation of positions across certain affiliated and controlled entities and accounts, for purposes of determining compliance with the position limits. If position limit rules or substantially similar rules are ultimately adopted and implemented by the CFTC, such rules could interfere with our ability to enter into or maintain hedge positions to hedge our obligations under the ETNs. Such restrictions may also have the effect of making the markets for futures contracts and options on futures contracts less liquid and more volatile.

Other regulatory organizations (such as relevant European Union rulemaking bodies) have proposed, and in the future may propose, further reforms similar to those enacted by the Dodd-Frank Act or other legislation which could have an adverse impact on the liquidity and depth of the commodities, futures and derivatives markets. Any such adverse impact may have a material adverse effect on the market value of

the ETNs and, consequently, any amounts payable or property deliverable on the ETNs.

Holders of the ETNs will not benefit from the regulatory protections of the CFTC or any non-U.S. regulatory authority that they may have received had they invested in commodities or commodities futures contracts directly or in funds, or “commodity pools,” trading such contracts.

Data Sourcing, Calculation and Concentration Risks Associated with the Indices May Adversely Affect the Market Price of the ETNs

Because the ETNs are linked to Indices which are composed of a basket of exchange-traded futures contracts on commodities, the Indices will be less diversified than other funds or investment portfolios investing in, or notes linked to, a broader range of products and, therefore, could experience greater volatility. Additionally, the annual composition of the Indices will be recalculated in reliance upon historic price, liquidity and production data that are subject to potential errors in data sources or other errors that may affect the weighting of components of the Indices. Any discrepancies that require revision are not applied retroactively but will be reflected in the weighting calculations of the Indices for the following period. Additionally, the Index Oversight Committee, Bloomberg and UBS may not discover every discrepancy.

Furthermore, the weightings for the Indices are determined by the Index Oversight Committee, which has a significant degree of discretion in exercising its supervisory duties with respect to Indices. This discretion would permit, among other things, changes to the composition of the Indices or changes to the manner or timing of the publication of the levels of the Indices, at any time during the year if the Index Oversight Committee deemed the changes necessary in light of factors that include, but are not limited to (i) changes in liquidity of the underlying futures contracts that are included in the Indices or (ii) changes in legal, regulatory, sourcing or licensing matters relating to publication or replication of the Indices. In particular, without limitation, UBS’s and Bloomberg’s access and rights to use data in connection with calculating, publishing and licensing the Indices remain subject to the ongoing consent of the sources of

such data (including, without limitation, exchanges), which consent can be revoked at any time. Further, the sources of such data reserve the right to revise the terms and conditions of access and use of their data upon notice to UBS and Bloomberg. The Index Oversight Committee reserves the right to modify the composition of the Indices on an as needed basis to minimize the impact of any loss of access to or revised terms of use with respect to such source data on the Indices.

The Index Oversight Committee has no obligation to take the needs of any parties to transactions involving the Indices into consideration when reweighting or making any other changes to the Indices.

UBS May Be Required to Replace a Designated Contract if the Existing Futures Contract Is Terminated or Replaced

A futures contract known as a “designated contract” has been selected as the reference contract for the physical commodity underlying each index component. Data concerning this designated contract will be used to calculate each Index that includes that index component. If a designated contract were to be terminated or replaced in accordance with the rules set forth in the Bloomberg Commodity Index Methodology, (a document that is considered proprietary to the Index Sponsors, and is available at http://www.bloombergindices.com), a comparable futures contract would be selected by the Index Oversight Committee, if available, to replace that designated contract. The termination or replacement of any designated contract may have an adverse impact on the value of any Index in which the relevant index component is included.

Changes in the Treasury Bill Rate of Interest May Affect the Level of the Indices and Your ETNs

Because the level of each the Indices is linked, in part, to the Treasury Bill rate of interest that could be earned on cash collateral invested in specified Treasury Bills, changes in the Treasury Bill rate of interest may affect the amount payable on your ETNs at maturity or upon redemption and, therefore, the market value of your ETNs. Assuming the trading prices of the index components included in the Index to which

your ETNs is linked remain constant, an increase in the Treasury Bill rate of interest will increase the level of the Index and, therefore, the value of your ETNs. A decrease in the Treasury Bill rate of interest will adversely impact the level of the Index and, therefore, the value of your ETNs.

The Indices May in the Future Include Contracts That Are Not Traded on Regulated Futures Exchanges

At present, the Index is composed exclusively of futures contracts traded on regulated futures exchanges (referred to in the United States as “designated contract markets”). As described below, however, any of the Indices may in the future include over-the-counter contracts (such as swaps and forward contracts) traded on trading facilities that are subject to lesser degrees of regulation or, in some cases, no substantive regulation. As a result, trading in such contracts, and the manner in which prices and volumes are reported by the relevant trading facilities, may not be subject to the provisions of, and the protections afforded by, the U.S. Commodity Exchange Act, or other applicable statutes and related regulations, that govern trading on regulated U.S. futures exchanges, or similar statutes and regulations that govern trading on regulated foreign exchanges. In addition, many electronic trading facilities have only recently initiated trading and do not have significant trading histories. As a result, the trading of contracts on such facilities, and the inclusion of such contracts in any of the Indices, may be subject to certain risks not presented by most exchange-traded futures contracts, including risks related to the liquidity and price histories of the relevant contracts.

Barclays Bank PLC and Its Affiliates Have No Affiliation with UBS or Bloomberg and Are Not Responsible for Their Public Disclosure of Information, Which May Change Over Time

We and our affiliates are not affiliated with UBS or Bloomberg in any way and have no ability to control or predict their actions, including any errors in, or discontinuation of disclosure regarding their methods or policies relating to the calculation of the Indices. UBS and Bloomberg are not under any obligation to

continue to calculate the Indices or required to calculate any successor indices. If UBS and Bloomberg discontinue or suspend the calculation of an Index, it may become difficult to determine the market value of the ETNs linked to that Index or the amount payable at maturity or upon redemption. The calculation agent may designate a successor index selected in its sole discretion. If the calculation agent determines in its sole discretion that no successor index comparable to the discontinued or suspended Index exists, the amount you receive at maturity or upon redemption of the ETNs linked to that Index will be determined by the calculation agent in its sole discretion. See “Specific Terms of the ETNs—Market Disruption Event” and “—Discontinuance or Modification of an Index” in this pricing supplement.

We have derived all information in this pricing supplement regarding the Indices, including, without limitation, its make-up, method of calculation and changes in its components, from (i) publicly available sources and (ii) the Bloomberg Commodity Index Methodology (a document that is considered proprietary to Bloomberg and UBS, and is available at http://www.bloombergindices.com). We have not independently verified this information. You, as an investor in the ETNs, should make your own investigation into the Indices, UBS and Bloomberg. UBS and Bloomberg have no obligation to consider your interests as a holder of the ETNs.

Barclays Bank PLC Has a Non-Exclusive Right to Use the Indices

We have been granted a non-exclusive right to use the Indices and related service marks and trademarks in connection with the ETNs. If we breach our obligations under the license, UBS and Bloomberg will have the right to terminate the license. If UBS and Bloomberg choose to terminate the license agreement, we still have the right to use the Indices and related service marks and trademarks in connection with the ETNs until their maturity, provided that we cure our breach within thirty days of the termination of the license. If we fail to cure this breach, it may become difficult for us to determine the closing indicative value or your payment at maturity in the ETNs. The calculation agent in this case will determine the level of the Indices or the fair market value of the ETNs—and thus the amount

payable at maturity or the closing indicative value—in a manner it considers appropriate in its reasonable discretion.

The Policies of UBS and Bloomberg and Changes That Affect the Composition and Valuation of the Indices or the Index Components Could Affect the Amount Payable on Your ETNs and Their Market Value

The policies of UBS and Bloomberg concerning the calculation of the level of the Indices, additions, deletions or substitutions of index components and the manner in which changes affecting the index components are reflected in any Index could affect the levels of the Indices and, therefore, the amount payable on your ETNs at maturity or upon early redemption and the market value of your ETNs prior to maturity.

Additional commodity futures contracts may satisfy the eligibility criteria for inclusion in an Index, and the commodity futures contracts currently included in an Index may fail to satisfy such criteria. The weighting factors applied to each futures contract included in each Index may change annually, based on changes in commodity production and volume statistics. In addition, UBS and Bloomberg may modify the methodology for determining the composition and weighting of each Index, for calculating its value in order to assure that the relevant Index represents an adequate measure of market performance or for other reasons, or for calculating the level of the relevant Index. UBS and Bloomberg may also discontinue or suspend calculation or publication of any of the Indices, in which case it may become difficult to determine the level of that Index. Any such changes could adversely affect the value of your ETNs.

Modifications of the methodology for determining the composition and weighting of an Index could adversely affect the amount paid in connection with or the value of the relevant ETNs, which will continue to be based on the relevant Index. In addition, if events such as those identified above occur, or if the level of any Index is not available or cannot be calculated because of a market disruption event or for any other reason, the calculation agent may be required to make a good faith estimate in its sole discretion of the level of such Index. The circumstances in which

the calculation agent will be required to make such a determination are described more fully under “Specific Terms of the ETNs—Market Disruption Event”, “—Discontinuance or Modification of an Index” and “—Role of Calculation Agent”.

Risks Relating to Liquidity and the Secondary Market

The Estimated Value of the ETNs Is Not a Prediction of the Prices at Which the ETNs May Trade in the Secondary Market, If Any Such Market Exists, and Such Secondary Market Prices, If Any, May Be Lower Than the Principal Amount of the ETNs and May Be Lower Than Such Estimated Value of the ETNs

The estimated value of the ETNs will not be a prediction of the prices at which the ETNs may be redeemed or at which the ETNs may trade in secondary market transactions, if any such market exists, including on NYSE Arca. The price at which you may be able to sell the ETNs 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 ETNs at the time of pricing as of the inception date. For more information regarding additional factors that may influence the market value of the ETNs, please see the risk factor “Risks Associated with Each Series of ETNs—The Market Value of Each Series of ETNs May Be Influenced by Many Unpredictable Factors, Including Volatile Commodities Prices”.

There May Not Be an Active Trading Market in the ETNs; Sales in the Secondary Market May Result in Significant Losses

We have applied to list each series of ETNs on NYSE Arca, but we cannot guarantee that these applications will be approved, and a trading market for any series of ETNs mat not exist at any time. Even if there is a secondary market for one or more series of the ETNs, whether as a result of any listing of the ETNs of such series or on an over-the-counter basis, it may not provide enough liquidity for you to trade or sell your ETNs easily. Although certain affiliates of Barclays Bank PLC may engage in limited purchase and resale transactions in the ETNs,

they are not required to do so. If they decide to engage in such transactions, they may stop at any time. We are not required to maintain the listing of any series of ETNs on NYSE Arca or any other securities exchange.

The Liquidity of the Market for the ETNs May Vary Materially Over Time

As stated on the cover of this pricing supplement, we sold a portion of the ETNs on the inception date, and the remainder of the ETNs may be offered and sold from time to time through Barclays Capital Inc., our affiliate, as agent. Also, the number of ETNs of any series outstanding or held by persons other than our affiliates could be reduced at any time due to holder redemptions of the ETNs. Accordingly, the liquidity of the market for a series of ETNs could vary materially over the term of the ETNs. While you may elect to redeem your ETNs prior to maturity, holder redemption is subject to the conditions and procedures described elsewhere in this pricing supplement, including the condition that you must redeem at least 50,000 ETNs of the same series at one time in order to exercise your right to redeem your ETNs on any redemption date.

The ETNs May Trade at a Substantial Premium to or Discount from the Closing Indicative and/or Intraday Indicative Value

The ETNs may trade at a substantial premium to or discount from the closing indicative value and/or the intraday indicative value. The closing indicative value is the value of the ETNs calculated by us on a daily basis and is used to determine the payment at maturity or upon early redemption. The intraday indicative value is meant to approximate on an intraday basis the component of the ETN’s value that is attributable to the Index and is provided for reference purposes only. If you sell your ETNs on the secondary market, you will receive the market price for your ETNs, which may be substantially above or below the closing indicative value and/or the intraday indicative value. In addition, paying a premium purchase price over the intraday indicative value could lead to significant losses if you sell your ETNs at a time when such premium is no longer present in the market place or if we exercise our right to redeem the ETNs.

Changes in Our Credit Ratings May Affect the Market Value of Your ETNs

Our credit ratings are an assessment of our ability to pay our obligations, including those on the ETNs. Consequently, actual or anticipated changes in our credit ratings may affect the market value of your ETNs. However, because the return on your ETNs is dependent upon certain factors in addition to our ability to pay our obligations on your ETNs, an improvement in our credit ratings will not reduce the other investment risks related to your ETNs.

We Have No Obligation to Issue Additional ETNs, and We May Cease or Suspend Sales of the ETNs

As further described in the accompanying prospectus supplement under “Summary—Medium-Term Notes—Amounts That We May Issue” on page S-4 and “Summary—Medium-Term Notes—Reissuances or Reopened Issues” on page S-4, we have the right to issue additional ETNs once the initial distribution is complete, but, except as described herein under “Specific Terms of the ETNs—Further Issuances,” we are under no obligation to do so. We also reserve the right to cease or suspend sales of the ETNs from inventory held by our affiliate Barclays Capital Inc. at any time after the inception date. If we choose not to issue additional ETNs or to cease or suspend sales of the ETNs from inventory, this will impact supply and demand for the ETNs and may impact the liquidity and price of the ETNs in the secondary market. As a result, if you buy or sell your ETNs on the secondary market, the price that you pay or receive may be higher or lower than if we had decided to issue additional ETNs or not to cease or suspend sales of the ETNs from inventory at that time.

There Are Restrictions on the Minimum Number of ETNs You May Redeem and on the Dates on Which You May Redeem Them

You must redeem at least 50,000 ETNs of the same series at one time in order to exercise your right to redeem your ETNs on any redemption date. Accordingly, if you hold fewer than 50,000 ETNs of the same series or fewer than 50,000 ETNs of the same series are outstanding, you will not be able to exercise your right to redeem your ETNs. If the ETNs undergo

a reverse split, the number of ETNs required in order to exercise your right to redeem the ETNs will not be adjusted. As a result, because a reverse split will increase the closing indicative value of the ETNs and will reduce the number of ETNs outstanding, a reverse split may adversely affect your ability to exercise your right to redeem your ETNs. You may redeem your ETNs on a redemption date only if we receive a notice of redemption from you by no later than 4:00 p.m., New York City time, and a confirmation of redemption by no later than 5:00 p.m., New York City time, on the business day prior to the valuation date specified in your notice of redemption. If we do not receive your notice of redemption by 4:00 p.m., New York City time, or your confirmation of redemption by 5:00 p.m., New York City time, on the business day prior to the valuation date specified in your notice of redemption, your notice will not be effective and we will not redeem your ETNs on the applicable redemption date. Your notice of redemption and confirmation of redemption will not be effective until we confirm receipt. See “Specific Terms of the ETNs—Early Redemption Procedures” in this pricing supplement for more information.

There May Be Restrictions on Your Ability to Purchase Additional ETNs From Us

We may, but are not required to, offer and sell ETNs after the inception date through Barclays Capital Inc., our affiliate, as agent. We may impose a requirement to purchase a particular minimum amount of ETNs from our inventory in a single purchase, though we may waive this requirement with respect to any purchase at any time in our sole discretion. In addition, we may offer to sell ETNs from our inventory at a price that is greater or less than the prevailing closing indicative value at the time such sale is made. However, we are under no obligation to create or sell additional ETNs at any time, and if we do create or sell additional ETNs, we may limit such sales and stop selling additional ETNs at any time. Any limitations or restrictions that we place on the sale of the ETNs from inventory, and the price at which we sell the ETNs from inventory, may impact supply and demand for the ETNs and may impact the liquidity and price of the ETNs in the secondary market. See “Specific Terms of the ETNs—Further Issuances” and “Supplemental Plan of

Distribution” in this pricing supplement for more information.

Risks Relating to the ETNs Generally

You May Lose Some or All of Your Investment If Any U.K. Bail-in Power Is Exercised by the Relevant U.K. Resolution Authority

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

Risks Relating to Conflicts of Interest and Hedging

There Are Potential Conflicts of Interest Between You and the Calculation Agent

Currently, Barclays Bank PLC serves as the calculation agent. We will, among other things, determine the amount of the return paid out to you on the ETNs at maturity or upon early redemption. For a more detailed description of the calculation agent’s role, see “Specific Terms of the ETNs—Role of Calculation Agent” in this pricing supplement.

If UBS and Bloomberg were to discontinue or suspend calculation or publication of an Index, it may become difficult to determine the market value of the ETNs linked to that Index. If events such as these occur, or if the level of the Index underlying your ETNs is not available or cannot be calculated because of a market disruption event or for any other reason, the calculation agent may be required to make a good faith estimate in its sole discretion of the level of that Index. The circumstances in which the calculation agent will be required to make such a determination are described more fully under “Specific Terms of the ETNs—Role of Calculation Agent” in this pricing supplement.

The calculation agent will exercise its judgment when performing its functions. For example, the calculation agent may have to determine whether a market disruption event affecting an Index has occurred or is continuing on a valuation date, including the final valuation date. This determination may, in turn, depend on the calculation agent’s judgment as to whether the event has materially interfered with our ability to unwind our or our affiliates’ hedge positions. Since these determinations by the calculation agent may affect the market value of the ETNs, the calculation agent may have a conflict of interest if it needs to make any such decision.

Trading and Other Transactions by Barclays Bank PLC or Its Affiliates in Instruments Linked to Indices or Index Components May Impair the Market Value of the ETNs

As described below under “Use of Proceeds and Hedging” in this pricing supplement, we or one or more of our affiliates may hedge our obligations under any series of ETNs by

purchasing index components (including the underlying physical commodities), futures or options on index components or Indices, or other derivative instruments with returns linked to the performance of index components or Indices, and we may adjust these hedges by, among other things, purchasing or selling any of the foregoing. Any of these hedging activities may adversely affect the market price of index components and the level of the Indices and, therefore, the market value of the ETNs. It is possible that we or one or more of our affiliates could receive substantial returns from these hedging activities while the market value of the ETNs declines.

We or one or more of our affiliates may also engage in trading in index components, futures or options on index components, the physical commodities underlying the index components or the Indices, and other investments relating to index components or the Indices on a regular basis as part of our general broker-dealer and other businesses, for proprietary accounts, for hedging or reducing risk of loss to us or an affiliate, for other accounts under management or to facilitate transactions for customers. Any of these activities could adversely affect the market price of the index components or the level of the Indices and, therefore, the market value of the ETNs. We or one or more of our affiliates may also issue or underwrite other securities or financial or derivative instruments with returns linked or related to changes in the performance of any of the foregoing. By introducing competing products into the marketplace in this manner, we or one or more of our affiliates could adversely affect the market value of the ETNs. With respect to any of the activities described above, neither Barclays Bank PLC nor any of its affiliates has any obligation to take the needs of any buyer, seller or holder of the ETNs into consideration at any time.

Our Business Activities May Create Conflicts of Interest

We and our affiliates expect to play a variety of roles in connection with the issuance of the ETNs. As noted above, we and our affiliates expect to engage in trading activities related to the index components (including the underlying physical commodities), futures or options on index components or Indices, or other derivative instruments with returns linked to the

performance of index components or Indices that are not for the account of holders of the ETNs or on their behalf. These trading activities may present a conflict between the holders’ interest in the ETNs and the interests that we and our affiliates will have in our and our affiliates’ proprietary accounts, in facilitating transactions, including options and other derivatives transactions, for our and our affiliates’ customers and in accounts under our and our affiliates’ management. These trading activities, if they influence the value of the index components or the level of any Indices, could be adverse to the interests of the holders of the ETNs. Moreover, we and our affiliates have published and in the future expect to publish research reports with respect to some or all of the physical commodities underlying the index components and physical commodities generally. This research is modified from time to time without notice and may express opinions or provide recommendations that are inconsistent with purchasing or holding the ETNs. The research should not be viewed as a recommendation or endorsement of the ETNs in any way and investors must make their own independent investigation of the merits of this investment. Any of these activities by us, Barclays Capital Inc. or our other affiliates may affect the market price of the index components and the level of the Indices and, therefore, the market value of the ETNs. With respect to any of the activities described above, neither Barclays Bank PLC nor its affiliates has any obligation to take the needs of any buyer, seller or holder of the ETNs into consideration at any time.

Risks Relating to Tax Consequences

The Tax Consequences are Uncertain

The U.S. federal income tax treatment of each series of ETNs is uncertain and the Internal Revenue Service could assert that any series of ETNs should be taxed in a manner that is different than described in this pricing supplement. As discussed further below, the Internal Revenue Service issued a notice in 2007 indicating that it and the Treasury Department are actively considering whether, among other issues, you should be required to accrue interest over the term of an instrument such as the ETNs and whether all or part of the

gain you may recognize upon the sale, early redemption or maturity of an instrument such as the ETNs should be treated as ordinary income. Similarly, the Internal Revenue Service and the Treasury Department have current projects open with regard to the tax treatment of pre-paid forward contracts and contingent notional principal contracts. While it is impossible to anticipate how any ultimate guidance would affect the tax treatment of instruments such as the ETNs (and while any such guidance may be issued on a prospective basis only), such guidance could require you to accrue income over the term of an instrument such as the ETNs even though you will not receive any payments with respect to the ETNs until early redemption or maturity. The outcome of this process is uncertain.

Moreover, it is possible that the Internal Revenue Service could seek to tax your ETNs by reference to your deemed ownership of the relevant index components. In such a case, it is possible that Section 1256 of the Internal Revenue Code could apply to your ETNs, in which case any gain or loss that you recognize with respect to the ETNs that is attributable to the regulated futures contracts represented in the Index underlying your ETNs could be treated as 60% long-term capital gain or loss and 40% short-term capital gain or loss, without regard to your holding period in the ETNs. Under this approach, you could also be required to mark such portion of the relevant ETN to market at the end of each taxable year (i.e., recognize gain, and possibly recognize loss, as if the relevant portion of your ETNs had been sold for fair market value). Under this alternative treatment, you could also be required to (i) recognize gain or loss, at least some of which could be short-term capital gain or loss, each time the relevant Index rebalances or each time a futures contract tracked by the relevant Index rolls, and (ii) currently accrue ordinary interest income in respect of the notional interest component of the relevant Index.

recognize gain or loss with respect to such instruments on a “mark-to-market” basis and to treat any such gain or loss as ordinary income or loss. It is not possible to predict whether any such legislation will be enacted in the future, or whether any such legislation would affect the tax treatment of your ETNs.

For a discussion of the U.S. federal income tax treatment applicable to your ETNs as well as other potential alternative characterizations for your ETNs, please see the discussion under “Material U.S. Federal Income Tax Considerations” below. You should consult your tax advisor as to the possible alternative treatments in respect of the ETNs.

Additional Risks Associated with ETNs Linked to an Index that Includes Aluminum

The ETNs May Be Subject to Certain Risks Specific to Aluminum as a Commodity

Aluminum is an industrial metal. Consequently, in addition to factors affecting commodities generally that are described above, each Index that includes aluminum (currently the Aluminum Sub-Index and the Industrial Metals Sub-Index) may be subject to a number of additional factors specific to industrial metals, and in particular aluminum, that might cause price volatility. These may include, among others:

· changes in the level of industrial activity using industrial metals, and in particular aluminum, including the availability of substitutes such as man-made or synthetic substitutes;

· changes in demand from China and other economies which have become oversized users of aluminum and risk of economic downturns in such economies;

· disruptions in the supply chain, from mining to storage to smelting or refining;

· adjustments to inventory in response to changes in economic activity and/or pricing levels;

· variations in production costs, including storage, labor and energy costs;

· costs associated with regulatory compliance, including environmental regulations; and

· changes in industrial, government and consumer demand, both in individual consuming nations and internationally.

These factors interrelate in complex ways, and the effect of one factor on the level of an Index, and the market value of the ETNs linked to that Index, may offset or enhance the effect of another factor.

The London Metal Exchange’s Use of or Omission to Use Price Controls May Result in Limited Appreciation but Unlimited Depreciation in the Price of the Index Component and, Therefore, the Value of Your ETNs

The futures contract on aluminum that is included in the Aluminum Sub-Index and the Industrial Metals Sub-Index is traded on the London Metal Exchange (the “LME”) and not on a U.S. futures exchange. U.S. exchanges have regulations that limit the amount of fluctuation in some futures contract prices that may occur during a single business day. These limits are generally referred to as “daily price fluctuation limits”. In contrast, the LME has no daily price fluctuation limits to restrict the extent of daily fluctuations in the prices of contracts traded on the LME, including the index components. In a declining market, therefore, it is possible that prices for one or more contracts traded on the LME, including the index components, would continue to decline without limitation within a trading day or over a period of trading days. A steep decline in the price of the index component could have a significant adverse impact on the level of each Index in which aluminum is included and, therefore, the value of the ETNs linked to that Index.

Moreover, the LME has discretion to impose “backwardation limits” by permitting short sellers who are unable to effect delivery of an underlying commodity and/or borrow such commodity at a price per day that is no greater than the backwardation limit to defer their delivery obligations by paying a penalty in the amount of the backwardation limit to buyers for whom delivery was deferred. Backwardation limits tend to either constrain appreciation or cause depreciation of the prices of futures contracts expiring in near delivery months. Impositions of such backwardation limits could adversely affect the level of each Index in which

aluminum is included and, therefore, the value of the ETNs linked to that Index.

Contracts Traded on the LME Are Exposed to Concentration Risks Beyond Those Characteristic of Futures Contracts on U.S. Futures Exchanges

Futures contracts traded on U.S. futures exchanges generally call for delivery of the physical commodities to which such contracts relate in stated delivery months. In contrast, contracts traded on the LME may call for delivery on a daily, weekly or monthly basis. As a result, there may be a greater risk of a concentration of positions in contracts trading on the LME on particular delivery dates than for futures contracts traded on U.S. futures exchanges, since, for example, contracts calling for delivery on a daily, weekly or monthly basis could call for delivery on the same or approximately the same date. Such a concentration of positions, in turn, could cause temporary aberrations in the prices of contracts traded on the LME for delivery dates to which such positions relate. To the extent such aberrations are in evidence on a given valuation date with respect to the price of the index component, they could adversely affect the level of each Index in which aluminum is included and, therefore, the value of the ETNs linked to that Index.

Additional Risks Associated with ETNs Linked to an Index that Includes Coffee

The ETNs May Be Subject to Certain Risks Specific to Coffee as a Commodity

Coffee is an agricultural commodity and a soft commodity. Consequently, in addition to factors affecting commodities generally that are described above, each Index that includes coffee (currently the Agriculture Sub-Index, the Coffee Sub-Index and the Softs Sub-Index) may be subject to a number of additional factors specific to agricultural commodities and softs, and in particular coffee, that might cause price volatility. These may include, among others:

· weather conditions, including floods, drought and freezing conditions;

· changes in government policies with regard to number of trees planted, price support programs and world export quotas;

· changes in global demand for food;

· planting decisions and harvesting practices; and

· changes in demand for agricultural products or softs, and in particular coffee, both with end users and as inputs into various industries.

Additional Risks Associated with ETNs Linked to an Index that Includes Copper

The ETNs May Be Subject to Certain Risks Specific to Copper as a Commodity

Copper is an industrial metal. Consequently, in addition to factors affecting commodities generally that are described above, each Index that includes copper (currently the Copper Sub-Index and the Industrial Metals Sub-Index) may be subject to a number of additional factors specific to industrial metals, and in particular copper, that might cause price volatility. These may include, among others:

· changes in the level of industrial activity using industrial metals, and in particular copper, including the availability of substitutes such as man-made or synthetic substitutes;

· changes in demand from China and other economies which have become oversized users of copper and risk of economic downturns in such economies;

· disruptions in the supply chain, from mining to storage to smelting or refining;

· adjustments to inventory;

· governmental programs and policies;

· variations in production costs, including storage, labor and energy costs;

· costs associated with regulatory compliance, including environmental regulations; and

· changes in industrial, government and consumer demand, both in individual consuming nations and internationally.

Additional Risks Associated with ETNs Linked to an Index that Includes Corn

The ETNs May Be Subject to Certain Risks Specific to Corn as a Commodity

Corn is an agricultural commodity and a grain. Consequently, in addition to factors affecting commodities generally that are described above, each Index that includes corn (currently the Agriculture Sub-Index and the Grains Sub-Index) may be subject to a number of additional factors specific to agricultural commodities and grains, and in particular corn, that might cause price volatility. These may include, among others:

· weather conditions, including floods, drought and freezing conditions;

· changes in government policies, including government requirements regarding use of ethanol;

· changes in demand from China and other economies which have become oversized users of corn and risk of economic downturns in such economies;

· changes in global demand for food;

· changes in ethanol demand;

· planting decisions, crop yields and technological developments; and

· changes in demand for agricultural products or grains, and in particular corn, both with end users and as inputs into various industries.

These factors interrelate in complex ways, and the effect of one factor on the level of an Index, and the market value of the ETNs linked to that

Index, may offset or enhance the effect of another factor.

Additional Risks Associated with ETNs Linked to an Index that Includes Cotton

The ETNs May Be Subject to Certain Risks Specific to Cotton as a Commodity

Cotton is an agricultural commodity and a soft commodity. Consequently, in addition to factors affecting commodities generally that are described above, each Index that includes cotton (currently the Agriculture Sub-Index, the Cotton Sub-Index and the Softs Sub-Index) may be subject to a number of additional factors specific to agricultural commodities and softs, and in particular cotton, that might cause price volatility. These may include, among others:

· weather conditions, including floods, drought and freezing conditions;

· changes in government policies regarding agriculture and trade, fiscal and monetary issues;

· changes in demand from China and other economies which have become oversized users of cotton and risk of economic downturns in such economies;

· planting decisions, crop yields and technological developments; and

· changes in demand for agricultural products or softs, and in particular cotton, both with end users and as inputs into various industries.

Additional Risks Associated with ETNs Linked to an Index that Includes Crude Oil

The ETNs May Be Subject to Certain Risks Specific to Crude Oil as a Commodity

Crude oil is an energy-related commodity. Consequently, in addition to factors affecting commodities generally that are described above, each Index that includes crude oil (currently the

Energy Sub-Index) may be subject to a number of additional factors specific to energy-related commodities, and in particular crude oil, that might cause price volatility. These may include, among others:

· changes in the level of industrial and commercial activity with high levels of energy demand;

· changes in demand from China and other economies which have become oversized users of crude oil and risk of economic downturns in such economies;

· disruptions in the supply chain or in the production or supply of other energy sources;

· changes in governmental regulations, such as environmental or consumption policies;

· political events, labor activity and direct governmental intervention (such as embargos);

· development of and price changes in alternative sources of energy;

· production decisions by the Organization of the Petroleum Exporting Countries and other crude oil producers;

· adjustments to inventory;

· variations in production and shipping costs;

· costs associated with regulatory compliance, including environmental regulations; and

· changes in industrial, government and consumer demand, both in individual consuming nations and internationally.

Additional Risks Associated with ETNs Linked to an Index that Includes Gold

The ETNs May Be Subject to Certain Risks Specific to Gold as a Commodity

Gold is a precious metal. Consequently, in addition to factors affecting commodities

generally that are described above, each Index that includes gold (currently the Precious Metals Sub-Index) may be subject to a number of additional factors specific to precious metals, and in particular gold, that might cause price volatility. These may include, among others:

· disruptions in the supply chain, from mining to storage to smelting or refining;

· changes in demand from China and other economies which have become oversized users of precious metals and risk of economic downturns in such economies;

· adjustments to inventory;

· domestic and international monetary policies;

· variations in production costs, including storage, labor and energy costs;

· costs associated with regulatory compliance, including environmental regulations;

· changes in industrial, government and consumer demand, both in individual consuming nations and internationally;

· precious metal leasing rates;

· currency exchange rates;

· level of economic growth and inflation; and

· degree to which consumers, governments, corporate and financial institutions hold physical gold as a safe haven asset (hoarding) which may be caused by a banking crisis/recovery, a rapid change in the value of other assets (both financial and physical) or changes in the level of inflation or geopolitical tension.

Additional Risks Associated with ETNs Linked to an Index that Includes ULS Diesel

The ETNs May Be Subject to Certain Risks Specific to ULS Diesel as a Commodity

ULS diesel is an energy-related commodity. Consequently, in addition to factors affecting commodities generally that are described above, each Index that includes ULS diesel (currently the Energy Sub-Index) may be subject to a number of additional factors specific to energy-related commodities, and in particular ULS diesel, that might cause price volatility. These may include, among others:

· changes in the level of industrial and commercial activity with high levels of energy demand;

· changes in demand from China and other economies which have become oversized users of ULS diesel and risk of economic downturns in such economies;

· disruptions in the supply chain or in the production or supply of other energy sources;

· price changes in alternative sources of energy;

· adjustments to inventory;

· variations in production and shipping costs;

· costs associated with regulatory compliance, including environmental regulations; and

· changes in industrial, government and consumer demand, both in individual consuming nations and internationally.

Additional Risks Associated with ETNs Linked to an Index that Includes Lean Hogs

ETNs May Be Subject to Certain Risks Specific to Lean Hogs as a Commodity

Lean hogs are a type of livestock. Consequently, in addition to factors affecting

commodities generally that are described above, each Index that includes lean hogs (currently the Livestock Sub-Index) may be subject to a number of additional factors specific to livestock, and in particular lean hogs, that might cause price volatility. These may include, among others:

· weather conditions, including floods, drought and freezing conditions;

· disease and famine;

· availability of and prices for livestock feed;

· changes in government policies; and

· changes in end-user demand for livestock.

Additional Risks Associated with ETNs Linked to an Index that Includes Live Cattle

ETNs May Be Subject to Certain Risks Specific to Live Cattle as a Commodity

Live cattle are a type of livestock. Consequently, in addition to factors affecting commodities generally that are described above, each Index that includes live cattle (currently the Livestock Sub-Index) may be subject to a number of additional factors specific to livestock, and in particular live cattle, that might cause price volatility. These may include, among others:

· weather conditions, including floods, drought and freezing conditions;

· disease and famine;

· availability of and prices for livestock feed;

· changes in government policies; and

· changes in end-user demand for livestock.

Additional Risks Associated with ETNs Linked to an Index that Includes Natural Gas

The ETNs May Be Subject to Certain Risks Specific to Natural Gas as a Commodity

Natural gas is an energy-related commodity. Consequently, in addition to factors affecting commodities generally that are described above, each Index that includes natural gas (currently the Energy Sub-Index) may be subject to a number of additional factors specific to energy-related commodities, and in particular natural gas, that might cause price volatility. These may include, among others:

· changes in the level of industrial and commercial activity with high levels of energy demand;

· changes in demand from China and other economies which have become oversized users of natural gas and risk of economic downturns in such economies;

· disruptions in the supply chain or in the production or supply of other energy sources;

· changes in governmental regulations, such as environmental or consumption policies;

· price changes in alternative sources of energy;

· adjustments to inventory;

· variations in production and shipping costs;

· costs associated with regulatory compliance, including environmental regulations; and

· changes in industrial, government and consumer demand, both in individual consuming nations and internationally.

Additional Risks Associated with ETNs Linked to an Index that Includes Nickel

The ETNs May Be Subject to Certain Risks Specific to Nickel as a Commodity

Nickel is an industrial metal. Consequently, in addition to factors affecting commodities generally that are described above, each Index that includes nickel (currently the Industrial Metals Sub-Index and the Nickel Sub-Index) may be subject to a number of additional factors specific to industrial metals, and in particular nickel, that might cause price volatility. These may include, among others:

· changes in the level of industrial activity using industrial metals, and in particular nickel, including the availability of substitutes such as man-made or synthetic substitutes;

· changes in demand from China and other economies which have become oversized users of nickel and risk of economic downturns in such economies;

· disruptions in the supply chain, from mining to storage to smelting or refining;

· adjustments to inventory;

· variations in production costs, including storage, labor and energy costs;

· costs associated with regulatory compliance, including environmental regulations; and

· changes in industrial, government and consumer demand, both in individual consuming nations and internationally.

The LME’s Use of or Omission to Use Price Controls May Result in Limited Appreciation but Unlimited Depreciation in the Price of the Index Component and, Therefore, the Value of Your ETNs

The futures contract on nickel that is included in the Industrial Metals Sub-Index and the Nickel Sub-Index is traded on the LME and not on a

U.S. futures exchange. U.S. exchanges have regulations that limit the amount of fluctuation in some futures contract prices that may occur during a single business day. These limits are generally referred to as “daily price fluctuation limits”. In contrast, the LME has no daily price fluctuation limits to restrict the extent of daily fluctuations in the prices of contracts traded on the LME, including the index component. In a declining market, therefore, it is possible that prices for one or more contracts traded on the LME, including the index component, would continue to decline without limitation within a trading day or over a period of trading days. A steep decline in the price of the index component could have a significant adverse impact on the level of each Index in which nickel is included and, therefore, the value of the ETNs linked to that Index.

Contracts Traded on the LME Are Exposed to Concentration Risks Beyond Those Characteristic of Futures Contracts on U.S. Futures Exchanges

approximately the same date. Such a concentration of positions, in turn, could cause temporary aberrations in the prices of contracts traded on the LME for delivery dates to which such positions relate. To the extent such aberrations are in evidence on a given valuation date with respect to the price of the index component, they could adversely affect the level of each Index in which nickel is included and, therefore, the value of the ETNs linked to that Index.

Additional Risks Associated with ETNs Linked to an Index that Includes Platinum

The ETNs May Be Subject to Certain Risks Specific to Platinum as a Commodity

Platinum is a precious metal. Consequently, in addition to factors affecting commodities generally that are described above, each Index that includes platinum (currently only the Platinum Sub-Index) may be subject to a number of additional factors specific to precious metals, and in particular platinum, that might cause price volatility. These may include, among others:

· disruptions in the supply chain, from mining to storage to smelting or refining;

· changes in demand from China and other economies which have become oversized users of precious metals and risk of economic downturns in such economies;

· adjustments to inventory;

· variations in production costs, including storage, labor and energy costs;

· costs associated with regulatory compliance, including environmental regulations; and

· changes in industrial, government and consumer demand, both in individual consuming nations and internationally.

Additional Risks Associated with ETNs Linked to an Index that Includes Silver

The ETNs May Be Subject to Certain Risks Specific to Silver as a Commodity

Silver is a precious metal. Consequently, in addition to factors affecting commodities generally that are described above, each Index that includes silver (currently the Precious Metals Sub-Index) may be subject to a number of additional factors specific to precious metals, and in particular silver that might cause price volatility. These may include, among others:

· disruptions in the supply chain, from mining to storage to smelting or refining;

· changes in demand from China and other economies which have become oversized users of precious metals and risk of economic downturns in such economies;

· adjustments to inventory;

· variations in production costs, including storage, labor and energy costs;

· costs associated with regulatory compliance, including environmental regulations;

· changes in industrial, government and consumer demand, both in individual consuming nations and internationally;

· precious metal leasing rates;

· currency exchange rates;

· level of economic growth and inflation; and

· degree to which consumers, governments, corporate and financial institutions hold physical silver as a safe haven asset (hoarding) which may be caused by a banking crisis/recovery, a rapid change in the value of other assets (both financial and physical) or changes in the level of geopolitical tension.

Additional Risks Associated with ETNs Linked to an Index that Includes Soybean Oil

The ETNs May Be Subject to Certain Risks Specific to Soybean Oil as a Commodity

Soybean oil is an agricultural commodity. Consequently, in addition to factors affecting commodities generally that are described above, each Index that includes soybean oil (currently the Agriculture Sub-Index) may be subject to a number of additional factors specific to agricultural commodities, and in particular soybean oil, that might cause price volatility. These may include, among others:

· weather conditions, including floods, drought and freezing conditions;

· changes in demand from China and other economies which have become oversized users of soybean oil and risk of economic downturns in such economies;

· changes in government policies;

· changes in global demand for food;

· changes in bio-diesel demand;

· planting decisions, crop yields and technological developments; and

· changes in demand for agricultural products, and in particular soybean oil, both with end users and as inputs into various industries.

Additional Risks Associated with ETNs Linked to an Index that Includes Soybeans

The ETNs May Be Subject to Certain Risks Specific to Soybeans as a Commodity

Soybeans are an agricultural commodity and a grain. Consequently, in addition to factors affecting commodities generally that are described above, each Index that includes soybeans (currently the Agriculture Sub-Index and the Grains Sub-Index) may be subject to a number of additional factors specific to

agricultural commodities and grains, and in particular soybeans, that might cause price volatility. These may include, among others:

· weather conditions, including floods, drought and freezing conditions;

· changes in demand from China and other economies which have become oversized users of soybeans and risk of economic downturns in such economies;

· changes in government policies;

· changes in global demand for food;

· changes in bio-diesel demand;

· planting decisions, crop yields and technological developments; and

· changes in demand for agricultural products or grains, and in particular soybeans, both with end users and as inputs into various industries.

Additional Risks Associated with ETNs Linked to an Index that Includes Sugar

The ETNs May Be Subject to Certain Risks Specific to Sugar as a Commodity

Sugar is an agricultural commodity and a soft commodity. Consequently, in addition to factors affecting commodities generally that are described above, each Index that includes sugar (currently the Agriculture Sub-Index, the Softs Sub-Index and the Sugar Sub-Index) may be subject to a number of additional factors specific to agricultural commodities and softs, and in particular sugar, that might cause price volatility. These may include, among others:

· weather conditions, including floods, drought and freezing conditions;

· changes in demand from China and other economies which have become oversized users of sugar and risk of economic downturns in such economies;

· changes in government policies regarding agriculture and energy and international trade agreements;

· changes in global demand for food;

· changes in ethanol demand;

· planting decisions, crop yields and technological developments; and

· changes in demand for agricultural products or softs, and in particular sugar, both with end users and as inputs into various industries.

Additional Risks Associated with ETNs Linked to an Index that Includes Tin

The ETNs May Be Subject to Certain Risks Specific to Tin as a Commodity

Tin is an industrial metal. Consequently, in addition to factors affecting commodities generally that are described above, each Index that includes tin (currently only the Tin Sub-Index) may be subject to a number of additional factors specific to industrial metals, and in particular tin, that might cause price volatility. These may include, among others:

· changes in the level of industrial activity using industrial metals, and in particular tin, including the availability of substitutes such as man-made or synthetic substitutes;

· changes in demand from China and other economies which have become oversized users of tin and risk of economic downturns in such economies;

· disruptions in the supply chain, from mining to storage to smelting or refining;

· adjustments to inventory;

· variations in production costs, including storage, labor and energy costs;

· costs associated with regulatory compliance, including environmental regulations; and

· changes in industrial, government and consumer demand, both in individual consuming nations and internationally.

The LME’s Use of or Omission to Use Price Controls May Result in Limited Appreciation but Unlimited Depreciation in the Price of the Index Component and, Therefore, the Value of Your ETNs

The futures contract on tin that is included in the Tin Sub-Index and eligible to be included in the Commodity Index is traded on the LME and not on a U.S. futures exchange. U.S. exchanges have regulations that limit the amount of fluctuation in some futures contract prices that may occur during a single business day. These limits are generally referred to as “daily price fluctuation limits”. In contrast, the LME has no daily price fluctuation limits to restrict the extent of daily fluctuations in the prices of contracts traded on the LME, including the index component. In a declining market, therefore, it is possible that prices for one or more contracts traded on the LME, including the index component, would continue to decline without limitation within a trading day or over a period of trading days. A steep decline in the price of the index component could have a significant adverse impact on the level of each Index in which tin is included and, therefore, the value of the ETNs linked to that Index.

Contracts Traded on the LME Are Exposed to Concentration Risks Beyond Those Characteristic of Futures Contracts on U.S. Futures Exchanges

Futures contracts traded on U.S. futures exchanges generally call for delivery of the physical commodities to which such contracts relate in stated delivery months. In contrast, contracts traded on the LME may call for delivery on a daily, weekly or monthly basis. As a result, there may be a greater risk of a concentration of positions in contracts trading on the LME on particular delivery dates than for futures contracts traded on U.S. futures exchanges, since, for example, contracts calling for delivery on a daily, weekly or monthly basis could call for delivery on the same or approximately the same date. Such a concentration of positions, in turn, could cause temporary aberrations in the prices of contracts traded on the LME for delivery dates to which such positions relate. To the extent such aberrations are in evidence on a given valuation date with respect to the price of the index component, they could adversely affect the level of each Index in which tin is included and, therefore, the value of the ETNs linked to that Index.

Additional Risks Associated with ETNs Linked to an Index that Includes Unleaded Gasoline

The ETNs May Be Subject to Certain Risks Specific to Unleaded Gasoline as a Commodity

Unleaded gasoline is an energy-related commodity. Consequently, in addition to factors affecting commodities generally that are described above, each Index that includes unleaded gasoline (currently the Energy Sub-Index) may be subject to a number of additional factors specific to energy-related commodities, and in particular unleaded gasoline, that might cause price volatility. These may include, among others:

· changes in the level of industrial and commercial activity with high levels of energy demand;

· changes in demand from China and other economies which have become oversized

users of unleaded gasoline and risk of economic downturns in such economies;

· disruptions in the supply chain or in the production or supply of other energy sources;

· changes in governmental regulations, such as environmental or consumption policies;

· price changes in alternative sources of energy;

· adjustments to inventory;

· variations in production and shipping costs;

· costs associated with regulatory compliance, including environmental regulations; and

· changes in industrial, government and consumer demand, both in individual consuming nations and internationally.

Additional Risks Associated with ETNs Linked to an Index that Includes Wheat

The ETNs May Be Subject to Certain Risks Specific to Wheat as a Commodity

Wheat is an agricultural commodity and a grain. Consequently, in addition to factors affecting commodities generally that are described above, each Index that includes wheat (currently the Agriculture Sub-Index and the Grains Sub-Index) may be subject to a number of additional factors specific to agricultural commodities and grains, and in particular wheat, that might cause price volatility. These may include, among others:

· weather conditions, including floods, drought and freezing conditions;

· changes in demand from China and other economies which have become oversized users of wheat and risk of economic downturns in such economies;

· changes in government policies;

· planting decisions, crop yields and technological developments; and

· changes in demand for agricultural products or grains, and in particular wheat, both with end users and as inputs into various industries.

Additional Risks Associated with ETNs Linked to an Index that Includes Zinc

The ETNs May Be Subject to Certain Risks Specific to Zinc as a Commodity

Zinc is an industrial metal. Consequently, in addition to factors affecting commodities generally that are described above, each Index that includes zinc (currently the Industrial Metals Sub-Index) may be subject to a number of additional factors specific to industrial metals, and in particular zinc, that might cause price volatility. These may include, among others:

· changes in the level of industrial activity using industrial metals, and in particular zinc, including the availability of substitutes such as man-made or synthetic substitutes;

· changes in demand from China and other economies which have become oversized users of zinc and risk of economic downturns in such economies;

· disruptions in the supply chain, from mining to storage to smelting or refining;

· adjustments to inventory;

· variations in production costs, including storage, labor and energy costs;

· costs associated with regulatory compliance, including environmental regulations; and

· changes in industrial, government and consumer demand, both in individual consuming nations and internationally.

These factors interrelate in complex ways, and the effect of one factor on the level of an Index, and the market value of the ETNs linked to that

Index, may offset or enhance the effect of another factor.

The LME’s Use of or Omission to Use Price Controls May Result in Limited Appreciation but Unlimited Depreciation in the Price of the Index Component and, Therefore, the Value of Your ETNs

The futures contract on zinc that is included in the Industrial Metals Sub-Index is traded on the LME and not on a U.S. futures exchange. U.S. exchanges have regulations that limit the amount of fluctuation in some futures contract prices that may occur during a single business day. These limits are generally referred to as “daily price fluctuation limits”. In contrast, the LME has no daily price fluctuation limits to restrict the extent of daily fluctuations in the prices of contracts traded on the LME, including the index component. In a declining market, therefore, it is possible that prices for one or more contracts traded on the LME, including the index component, would continue to decline without limitation within a trading day or over a period of trading days. A steep decline in the price of the index component could have a significant adverse impact on the level of each Index in which zinc is included and, therefore, the value of the ETNs linked to that Index.

Contracts Traded on the LME Are Exposed to Concentration Risks Beyond Those Characteristic of Futures Contracts on U.S. Futures Exchanges

Futures contracts traded on U.S. futures exchanges generally call for delivery of the

THE INDICES – GENERAL INFORMATION

We have derived all information contained in this pricing supplement regarding each Index, including, without limitation, its make-up, method of calculation and changes in its components, from (i) publicly available sources and (ii) the Bloomberg Commodity Index Methodology (a document that is considered proprietary to Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”) and UBS Securities LLC (collectively with its affiliates, “UBS” and together with Bloomberg, the “Index Sponsors”), and is available at http://www.bloombergindices.com). Such information reflects the policies of, and is subject to change by the Index Sponsors.

In connection with any offering of ETNs, neither we nor any of our agents or dealers have participated in the preparation of the information described in the first paragraph of this section or made any due diligence inquiry with respect to the Index Sponsors. Neither we nor any of our agents or dealers make any representation or warranty as to the accuracy or completeness of such information or any other publicly available information regarding the Indices or the Index Sponsors.

You, as an investor in the ETNs, should make your own investigation into the Indices and the Index Sponsors. Neither the Index Sponsors nor any of the Bloomberg Commodity Index Oversight and Advisory Committees and/or members of the Oversight and Advisory Committees are involved in any offer of ETNs in any way and have no obligation to consider your interests as a holder of the ETNs. The Index Sponsors have no obligation to continue to publish any Index and may discontinue or suspend publication of any Index at any time in their sole discretion.

One or more of UBS and its affiliates may engage in trading in futures contracts and options on futures contracts on the commodities that underlie the Indices, as well as commodities, including commodities included in the Indices and other investments relating to commodities included in the Indices on a regular basis as part of its general business, for proprietary accounts, for other accounts under management, to facilitate transactions for customers or to hedge obligations under products linked to the Indices. Although to our

knowledge they are not intended to, any of these activities could adversely affect the market price of the index components or the level of the Indices. It is possible that one or more of UBS and its affiliates could receive substantial returns from these hedging activities while the market value of the commodities that underlie the Indices and the level of the Indices decline.

With respect to any of the activities described above, neither UBS nor its affiliates has any obligation to take into consideration at any time the needs of any buyer, seller, holder or issuer of the ETNs.

UBS or its affiliates may also issue or underwrite securities or financial or derivative instruments with returns linked or related to changes in the performance of any of the foregoing.

Historical performance of the Indices is not an indication of future performance. Future performance of the Indices may differ significantly from historical performance, either positively or negatively.

Information contained on certain websites mentioned below is not incorporated by reference in, and should not be considered part of, this pricing supplement or the accompanying prospectus supplement and prospectus.

Because each Sub-Index is a sub-index of the Commodity Index, disclosure in this pricing supplement relating to the Commodity Index accordingly relates to each of the Sub-Indices as well and should be read in conjunction with the individual descriptions of the Sub-Indices.

Commodity Futures Markets

As discussed in the descriptions of the individual Indices below, each Index is composed of one or more futures contracts on physical commodities. Futures contracts on physical commodities and commodity indices are traded on regulated futures exchanges, and physical commodities and other derivatives on physical commodities and commodity indices are traded in the over-the-counter market and on various types of physical and electronic trading facilities and markets. At present, all of the contracts included in the Indices are exchange-traded futures contracts. An exchange-traded futures contract provides for the purchase and sale of a specified type and quantity of a commodity or

financial instrument during a stated delivery month for a fixed price. A futures contract on an index of commodities provides for the payment and receipt of cash based on the level of the index at settlement or liquidation of the contract. A futures contract provides for a specified settlement month in which the cash settlement is made or in which the commodity or financial instrument is to be delivered by the seller (whose position is therefore described as “short”) and acquired by the purchaser (whose position is therefore described as “long”).

There is no purchase price paid or received on the purchase or sale of a futures contract. Instead, an amount of cash or cash equivalents must be deposited with the broker as “initial margin”. This amount varies based on the requirements imposed by the exchange clearing houses, but may be as low as 5% or less of the notional value of the contract. This margin deposit provides collateral for the obligations of the parties to the futures contract.

By depositing margin, which may vary in form depending on the exchange, with the clearing house or broker involved, a market participant may be able to earn interest on its margin funds, thereby increasing the total return that it may realize from an investment in futures contracts. The market participant normally makes to, and receives from, the broker subsequent daily payments as the price of the futures contract fluctuates. These payments are called “variation margin” and are made as the existing positions in the futures contract become more or less valuable, a process known as “marking to the market”.

Futures contracts are traded on organized exchanges, known as “designated contract markets” in the United States. At any time prior to the expiration of a futures contract, subject to the availability of a liquid secondary market, a trader may elect to close out its position by taking an opposite position on the exchange on which the trader obtained the position. This operates to terminate the position and fix the trader’s profit or loss. Futures contracts are cleared through the facilities of a centralized clearing house and a brokerage firm, referred to as a “futures commission merchant”, which is a member of the clearing house. The clearing house guarantees the performance of each clearing member that is a party to a futures

contract by, in effect, taking the opposite side of the transaction. Clearing houses do not guarantee the performance by clearing members of their obligations to their customers.

Unlike equity securities, futures contracts, by their terms, have stated expirations and, at a specified point in time prior to expiration, trading in a futures contract for the current delivery month will cease. As a result, a market participant wishing to maintain its exposure to a futures contract on a particular commodity with the nearest expiration must close out its position in the expiring contract and establish a new position in the contract for the next delivery month, a process referred to as “rolling”. For example, a market participant with a long position in November crude oil futures that wishes to maintain a position in the nearest delivery month will, as the November contract nears expiration, sell November futures, which serves to close out the existing long position, and buy December futures. This will “roll” the November position into a December position, and, when the November contract expires, the market participant will still have a long position in the nearest delivery month.

Futures exchanges and clearing houses in the United States are subject to regulation by the Commodities Futures Trading Commission. Exchanges may adopt rules and take other actions that affect trading, including imposing speculative position limits, maximum price fluctuations and trading halts and suspensions and requiring liquidation of contracts in certain circumstances. Futures markets outside the United States are generally subject to regulation by comparable regulatory authorities. The structure and nature of trading on non-U.S. exchanges, however, may differ from this description.

THE BLOOMBERG COMMODITY INDEXSM

UBS acquired AIG Financial Product Corp.’s commodity business as of May 6, 2009, at which time, UBS and Dow Jones & Company, Inc. (“Dow Jones”) entered into an agreement to jointly market the Index. The joint marketing agreement with Dow Jones was terminated and UBS entered into a commodity index license agreement (“CILA”) with Bloomberg, whereby UBS has engaged Bloomberg’s services for calculation, publication, administration and marketing of the Indices, effective as of July 1,

2014. Pursuant to the CILA, Bloomberg, on behalf of UBS, calculates the Indices. As a result of Bloomberg’s assumption of these functions, the Dow Jones-UBS Commodity IndexesSM have been re-branded as the Bloomberg Commodity IndexesSM effective July 1, 2014.

The Commodity Index was introduced in July 1998 to provide unique, diversified, economically rational and liquid benchmarks for commodities as an asset class. The Commodity Index currently is composed of the prices of twenty-two exchange-traded futures contracts on twenty physical commodities. An exchange-traded futures contract is a bilateral agreement providing for the purchase and sale of a specified type and quantity of a commodity or financial instrument during a stated delivery month for a fixed price. For a general description of the commodity future markets, see “—The Commodity Futures Markets” above. The commodities included in the Commodity Index for 2018 are as follows: aluminum, coffee, copper, corn, cotton, crude oil (WTI and Brent), gold, ULS diesel, lean hogs, live cattle, natural gas, nickel, silver, soybeans, soybean meal, soybean oil, sugar, unleaded gas (RBOB), wheat (soft and hard red winter) and zinc.

The Bloomberg Commodity IndexSM Oversight and Advisory Committees

Bloomberg has established the Bloomberg Commodity Index Oversight and Advisory Committees to assist it in connection with the operation of the Commodity Index. The Bloomberg Commodity Index Oversight Committee (the “Oversight Committee”) is comprised of senior representatives from various Bloomberg units. The Bloomberg Commodity Index Advisory Committee (the “Advisory Committee”) consists of members drawn from the investment community. The Oversight Committee holds ordinary meetings annually to consider any changes to be made to the Commodity Index for the coming year. The Oversight Committee may also meet at such other times as may be necessary. The Oversight Committee is supported by the Advisory Committee, whose role is to advise the Oversight Committee on a non-binding basis on the Commodity Index composition, accuracy, transparency and methodology, and to make non-binding proposals from time to time with respect to the Commodity Index. The Oversight Committee may adopt or reject any recommendation made by the Advisory Committee or any other proposals.

As described in more detail below, the Commodity Index is reweighted and rebalanced each year on a price-percentage basis. The annual weightings for the Commodity Index are determined each year by Bloomberg under the supervision of the Oversight Committee. Following the Oversight Committee’s annual meeting, the annual weightings are publicly announced and take effect in the January following the announcement. The Oversight and Advisory Committees may also meet at such other times as may be necessary for purposes of their respective responsibilities in connection with oversight of the Commodity Index.

The Oversight Committee has a significant degree of discretion in making determinations relating to the Commodity Index. The Oversight Committee may exercise this discretion as it determines to be most appropriate.

Four Main Principles Guiding the Creation of the Commodity Index

The Commodity Index was created using the following four main principles:

· Economic Significance. A commodity index should fairly represent the importance of a diversified group of commodities to the world economy. To achieve a fair representation, the Commodity Index uses both liquidity data and U.S. dollar-weighted production data in determining the relative quantities of included commodities. The Commodity Index primarily relies on liquidity data, or the relative amount of trading activity of a particular commodity, as an important indicator of the value placed on that commodity by financial and physical market participants. The Commodity Index also relies on production data as a useful measure of the importance of a commodity to the world economy. Production data alone, however, may underestimate the economic significance of storable commodities (e.g., gold) relative to non-storable commodities (e.g., live cattle). Production data alone also may underestimate the investment value that

financial market participants place on certain commodities, and/or the amount of commercial activity that is centered around various commodities. Accordingly, production statistics alone do not necessarily provide as accurate a blueprint of economic importance as the pronouncements of the markets themselves. The Commodity Index thus relies on data that is both endogenous to the futures markets (liquidity) and exogenous to the futures markets (production) in determining relative weightings.

· Diversification. A second major goal of the Commodity Index is to provide diversified exposure to commodities as an asset class. Disproportionate weightings of any particular commodity or sector increase volatility and negate the concept of a broad-based commodity index. Instead of diversified commodities exposure, the investor is unduly subjected to micro-economic shocks in one commodity or sector. As described further below, diversification rules have been established and are applied annually. Additionally, the Commodity Index is rebalanced annually on a price-percentage basis in order to maintain diversified commodities exposure over time.

· Continuity. A third goal of the Commodity Index is to be responsive to the changing nature of commodity markets in a manner that does not completely reshape the character of the Commodity Index from year to year. The Commodity Index is intended to provide a stable benchmark, so that end-users may be reasonably confident that historical performance data (including such diverse measures as correlation, spot yield, roll yield and volatility) is based on a structure that bears some resemblance to both the current and future composition of the Commodity Index.

· Liquidity. Another goal of the Commodity Index is to provide a highly liquid index. The explicit inclusion of liquidity as a weighting factor helps to ensure that the Commodity Index can accommodate substantial investment flows. The liquidity of an index affects transaction costs associated with current investments. It also may affect the reliability of historical price performance data.

These principles represent goals of the Commodity Index, its creators and owners and there can be no assurance that these goals will be reached by the Index Sponsors.

Composition of the Commodity Index

Commodities available for inclusion in the Commodity Index

The commodities that have been selected for possible inclusion in the Commodity Index are believed by the Index Sponsors to be sufficiently significant to the world economy to merit consideration for inclusion in the Commodity Index, and each such commodity is the subject of a qualifying related futures contract (a “Designated Contract”).

The 24 commodities currently eligible for inclusion in the Commodity Index are as follows: aluminum, cocoa, coffee, copper, corn, cotton, crude oil (WTI and Brent), gold, ULS diesel, lead, lean hogs, live cattle, natural gas, nickel, platinum, silver, soybean meal, soybean oil, soybeans, sugar, tin, unleaded gasoline, wheat (Soft (Chicago) and Hard Red Winter (Kansas City)) and zinc.

Designated contracts for each commodity

The 20 commodities selected to be included in the Commodity Index for 2018 are as follows: aluminum, coffee, copper, corn, cotton, crude oil (WTI and Brent), gold, ULS diesel, lean hogs, live cattle, natural gas, nickel, silver, soybeans, soybean meal, soybean oil, sugar, unleaded gasoline, wheat (Soft (Chicago) and Hard Red Winter (Kansas City)), and zinc.

Historically, through and including the composition of the Commodity Index for 2018, each commodity is the subject of at least one Designated Contract that is traded in North America and denominated in U.S. dollars (with the exception of several LME contracts, which are traded in London), with the exception of crude oil, for which two contracts have been selected starting in 2012, and wheat, for which two contracts have been selected starting in 2013. This process is reviewed by the Oversight and Advisory Committees. The termination or replacement of a futures contract on an

Table of Contents

The target weights for the commodities included in the Commodity Index and the target weights for the commodity groups as of 2018 are as follows:

2018 Commodity Index Target Weights Breakdown by Commodity and Commodity Group

Commodity Group	Commodity	Code	2018 Target Weight	Group Weight
Energy	Natural Gas	NG	8.0140970%	30.43%
	Brent Crude Oil	CO	7.6806710%
	WTI Crude Oil	CL	7.3193290%
	Unleaded Gasoline	XB	3.7506600%
	ULS Diesel	HO	3.6652400%
Grains	Corn	C	6.1344250%	22.44%
	Soybeans	S	5.9596950%
	Wheat	W	3.2589240%
	Soybean Meal	SM	3.0355430%
	Soybean Oil	BO	2.7481210%
	HRW Wheat	KW	1.3048540%
Industrial Metals	Copper	HG	7.1586790%	17.53%
	Aluminum	LA	4.5087010%
	Zinc	LX	3.0976320%
	Nickel	LN	2.7616480%
Precious Metals	Gold	GS	11.9458820%	15.62%
Precious Metals	Silver	SI	3.6729800%	15.62%
Softs	Sugar	SB	3.5366250%	7.60%
	Coffee	KC	2.6050390%
	Cotton	CT	1.4537110%
Livestock	Live Cattle	LC	4.3115070%	6.39%
Livestock	Lean Hogs	LH	2.0760360%	6.39%

Source: Bloomberg as of 2018.

PS-42

Determination of Relative Weightings

The relative weightings of the component commodities included in the Commodity Index are determined annually according to both liquidity and U.S. dollar-adjusted production data in 2/3 and 1/3 shares, respectively. For each of the commodities designated for potential inclusion in the Commodity Index, liquidity is measured by the Commodity Liquidity Percentage (“CLP”) and production by the Commodity Production Percentage (“CPP”). The CLP for each commodity is determined by taking a five-year average of the product of trading volume and the historic U.S. dollar value of the Designated Contract for that commodity, and dividing the result by the sum of such products for all commodities which were designated for potential inclusion in the applicable index. The CPP is determined for each commodity by taking a five-year average of annual world production figures, adjusted by the historic U.S. dollar value of the Designated Contract, and dividing the result by the sum of such production figures for all the commodities which were designated for potential inclusion in the applicable index. For primary commodities that appear in the Commodity Index along with their derivatives (e.g., crude oil, together with ULS diesel and unleaded gasoline), the CPPs within that group of commodities are reassigned among the primary commodity and its derivative commodities to eliminate the double-counting production figures for the primary commodity that would otherwise occur if no adjustment were made. The same process is applied when more than one Designated Contract has been selected for a particular commodity. The CLP and the CPP are then combined (using a ratio of 2:1) to establish the Commodity Index Percentage (“CIP”) for each commodity. This CIP is then adjusted in accordance with the diversification rules in order to determine the commodities which will be included in the Commodity Index and their respective percentage weights.

Diversification Rules

The Commodity Index is designed to provide diversified exposure to commodities as an asset class. To ensure that no single commodity or commodity sector dominates the Commodity Index, the following diversification rules are applied to the annual reweighting and rebalancing of the Commodity Index as of January of the applicable year:

· No single commodity (e.g., natural gas or silver) may constitute over 15% of the Commodity Index.

· No single commodity, together with its derivatives (e.g., WTI Crude Oil and Brent Crude Oil, together with ULS diesel and unleaded gas), may constitute more than 25% of the Commodity Index,

· No related group of commodities (e.g., energy, precious metals, livestock or grains) may constitute more than 33% of the Commodity Index.

· No single commodity (e.g., natural gas or silver) may constitute less than 2% of the Commodity Index, as liquidity allows.

The last rule helps to increase the diversification of the Commodity Index by giving even the smallest commodity within the basket a reasonably significant weight. Commodities with small weights initially may have their weights increased to higher than 2% by prior steps.

Following the annual reweighting and rebalancing of the Commodity Index in January, the percentage of any single commodity or group of commodities at any time prior to the next reweighting or rebalancing will fluctuate and may exceed or be less than the percentages set forth above.

Commodity Index Multipliers

The new unit weights for each commodity included in the Commodity Index are determined by calculating the applicable Commodity Index Multiples (“CIMs”). Following application of the diversification rules discussed above, CIPs are incorporated into the Commodity Index by calculating the new unit weights for each commodity. On the fourth business day of the month of January (the “CIM Determination Date”) following the calculation of the CIPs, the CIPs are combined with the settlement prices of all Designated Contacts for such day to create the CIM for each Designated Contract for each index component. This CIM is used to achieve the percentage weightings of the index components, in U.S. dollar terms, indicated by their respective CIPs. After the CIMs are calculated, they remain fixed throughout the year. As a result, the observed price percentage of each index component will float throughout the year, until the CIMs are reset the following year based on new CIPs.

Calculation of the Commodity Index

The Commodity Index is calculated by Bloomberg, on behalf of UBS, by applying the impact of the changes to the futures prices of commodities included in the Commodity Index (based on their relative weightings).

Once the CIMs are determined as discussed above, the calculation of the Commodity Index is a mathematical process that reflects the performance of each index component and the returns that correspond to the weekly announced interest rate for specified 3-month U.S. Treasury Bills.

At present, Bloomberg disseminates the Commodity Index levels approximately every 15 seconds (assuming the Commodity Index levels have changed within such 15-second interval) from 10:00 p.m. to 3:20 p.m., New York City time, and publishes daily levels at approximately 5:00 p.m., New York City time, on Bloomberg page “BCOMTR <Index>”.

The Commodity Index is a rolling index

The Commodity Index is composed of futures contracts on physical commodities. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, commodity futures contracts normally specify a certain date for the delivery of the underlying physical commodity. In order to avoid delivering the underlying physical commodities and to maintain exposure to the underlying physical commodities, periodically futures contracts on physical commodities specifying delivery on a nearby date must be sold and futures contracts on physical commodities that have not yet reached the delivery period must be purchased. The rollover for each contract occurs over a period of five BCOM Business Days each month according to a pre-determined schedule. This process is known as “rolling” a futures position. The Commodity Index is a “rolling index”.

A “BCOM Business Day” means any day on which the sum of the CIPs for those index components that are open for trading is greater than 50%. For purposes of this definition, the CIPs used during any calendar year are those calculated in the preceding year and applied on the CIM Determination Date for that year; provided however, that on any day during such calendar year falling prior to or on the CIM Determination Date, the preceding year’s CIPs

will be used for purposes of determining the existence of a BCOM Business Day.

The Commodity Index is calculated on a Total Return Basis

The Commodity Index is a “total return” index. The overall return on the Commodity Index is generated by two components: (i) unleveraged returns on futures contracts on the physical commodities comprising the Commodity Index and (ii) the returns that correspond to the weekly announced interest rate for specified 3-month U.S. Treasury Bills. The returns are calculated by using the most recent weekly auction high rate for 13-week U.S. Treasury Bills, as reported on the website http://www.treasurydirect.gov/ under the tab entitled “Auction Results” published by the Bureau of the Fiscal Service of the Department of the Treasury, or any successor source, which is generally published once per week on Monday.

Commodity Index Calculation Disruption Events

From time to time, disruptions can occur in trading futures contracts on various commodity exchanges. The daily calculation of the Commodity Index may be adjusted in the event that Bloomberg determines that any of the following index calculation disruption events exists:

· the termination or suspension of, or material limitation or disruption in the trading of any futures contract used in the calculation of the Commodity Index on that day;

· the settlement price of any futures contract used in the calculation of the Commodity Index reflects the maximum permitted price change from the previous day’s settlement price;

· the failure of an exchange to publish official settlement prices for any futures contract used in the calculation of the Commodity Index; or

· with respect to any futures contract used in the calculation of the Commodity Index that trades on the LME, a BCOM Business Day on which the LME is not open for trading.

Additional information on the Commodity Index is available on the following website: http://www.bloombergindices.com.

THE AGRICULTURE SUB-INDEX

The Agriculture Sub-Index is a multiple-component Sub-Index that is designed to be a benchmark for agricultural commodities as an asset class. It is composed of the futures contracts on agricultural commodities that are included in the Commodity Index and is intended to reflect the returns that are potentially available through (1) an unleveraged investment in those contracts plus (2) the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.

Composition of the Agriculture Sub-Index

The Agriculture Sub-Index currently is composed of the nine exchange-traded futures contracts included in the Commodity Index that relate to agricultural commodities: coffee, corn, cotton, soybean meal, soybean oil, soybeans, sugar and wheat (Soft (Chicago) and Hard Red Winter (Kansas City)).

The target weights for 2018 for the contracts included in the Agriculture Sub-Index are as follows:

Commodity		Weighting
Corn		20.42%
Soybeans		19.84%
Sugar		11.77%
Wheat (Chicago)		10.85%
Soybean Meal		10.11%
Soybean Oil		9.15%
Coffee		8.67%
Cotton		4.84%
Kansas City Wheat		4.34%

Calculation and Publication of the Agriculture Sub-Index

The Agriculture Sub-Index is calculated using the same methodology as the Commodity Index but with reference only to the contracts included in the Agriculture Sub-Index and to their respective weightings within the Agriculture Sub-Index.

At present, Bloomberg disseminates the Agriculture Sub-Index levels approximately every 15 seconds (assuming the Agriculture Sub-Index levels have changed within such 15-second interval) from 10:00 p.m. to 3:20 p.m., New York City time, and publishes daily levels at approximately 5:00 p.m., New York City time, on Bloomberg page “BCOMAGTR <Index>”.

Historical Closing Levels of the Agriculture Sub-Index

Since its inception, the Agriculture Sub-Index has experienced significant fluctuations. Any historical upward or downward trend in the value of the Agriculture Sub-Index during any period shown below is not an indication that the value of the Agriculture Sub-Index is more or less likely to increase or decrease at any time during the term of the Agriculture ETNs. The historical levels do not give an indication of future performance of the Agriculture Sub-Index. There can be no assurance that the future performance of the Agriculture Sub-Index or its index components will result in holders of the Agriculture ETNs receiving a positive return on their investment.

The Agriculture Sub-Index was launched on July 7, 2005. All data relating to the period prior to the launch of the Agriculture Sub-Index is an historical estimate by the sponsors using available data as to how the Index may have performed in the pre-launch period based upon the percentage weightings in effect in 2005. Such data does not represent actual performance and should not be interpreted as an indication of actual performance. Accordingly, the following table illustrates:

(i) on a hypothetical basis, how the Agriculture Sub-Index would have performed from December 31, 1991 to December 31, 2004 based on the selection criteria and methodology described above; and

(ii) on an actual basis, how the Agriculture Sub-Index has performed from December 31, 2005 onwards.

December 31, 1991	102.665
December 31, 1992	93.956
December 31, 1993	111.159
December 30, 1994	120.360
December 29, 1995	149.251
December 31, 1996	152.354
December 31, 1997	176.881
December 31, 1998	140.753
December 31, 1999	111.838
December 29, 2000	108.975
December 31, 2001	90.102
December 31, 2002	107.342
December 31, 2003	122.268
December 31, 2004	106.556
December 31, 2005	107.711
December 29, 2006	123.064
December 31, 2007	159.846
December 31, 2008	115.94
December 31, 2009	131.843
December 31, 2010	182.595
December 30, 2011	156.385
December 31, 2012	162.614
December 31, 2013	139.387
December 31, 2014	126.529
December 31, 2015	106.786
December 30, 2016	109.024
December 29, 2017	96.979
January 12, 2018	95.868

Hypothetical and actual historical performance of the Index is not an indication of future performance. Future performance of the Index may differ significantly from hypothetical and actual historical performance, either positively or negatively.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

THE ALUMINUM SUB-INDEX

The Aluminum Sub-Index is a single-component Sub-Index that is designed to be a benchmark for aluminum as an asset class. It is composed of the futures contract on aluminum that is included or eligible to be included in the Commodity Index and is intended to reflect the returns that are potentially available through (1) an unleveraged investment in that contract plus (2) the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.

Calculation and Publication of the Aluminum Sub-Index

The Aluminum Sub-Index is calculated using the same methodology as the Commodity Index but with reference only to the contract included in the Aluminum Sub-Index (which, for purposes of the calculation, has a weighting of 100%).

At present, Bloomberg disseminates the Aluminum Sub-Index levels approximately every 15 seconds (assuming the Aluminum Sub-Index levels have changed within such 15-second interval) from 10:00 p.m. to 3:20 p.m., New York City time, and publishes daily levels at approximately 5:00 p.m., New York City time, on Bloomberg page “BCOMALTR <Index>”.

Historical Closing Levels of the Aluminum Sub-Index

Since its inception, the Aluminum Sub-Index has experienced significant fluctuations. Any historical upward or downward trend in the value of the Aluminum Sub-Index during any period shown below is not an indication that the value of the Aluminum Sub-Index is more or less likely to increase or decrease at any time during the term of the Aluminum ETNs. The historical levels do not give an indication of future performance of the Aluminum Sub-Index. There can be no assurance that the future performance of the Aluminum Sub-Index or its index components will result in holders of the Aluminum ETNs receiving a positive return on their investment.

The Aluminum Sub-Index was launched on February 1, 2006. All data relating to the period

prior to the launch of the Aluminum Sub-Index is an historical estimate by the sponsors using available data as to how the Index may have performed in the pre-launch period based upon the weightings in effect in the Commodity Index. Such data does not represent actual performance and should not be interpreted as an indication of actual performance. Accordingly, the following table illustrates:

(i) on a hypothetical basis, how the Aluminum Sub-Index would have performed from December 31, 1991 to December 31, 2005 based on the selection criteria and methodology described above; and

(ii) on an actual basis, how the Aluminum Sub-Index has performed from December 29, 2006 onwards.

December 31, 1991		70.392
December 31, 1992		73.349
December 31, 1993		63.105
December 30, 1994		109.359
December 29, 1995		93.704
December 31, 1996		82.439
December 31, 1997		84.268
December 31, 1998		66.788
December 31, 1999		86.608
December 29, 2000		85.518
December 31, 2001		73.962
December 31, 2002		72.065
December 31, 2003		86.724
December 31, 2004		107.482
December 31, 2005		128.195
December 29, 2006		160.569
December 31, 2007		136.205
December 31, 2008		81.544
December 31, 2009		109.128
December 31, 2010		114.996
December 30, 2011		90.069
December 31, 2012		86.487
December 31, 2013		68.547
December 31, 2014		66.434
December 31, 2015		51.196
December 30, 2016		56.182
December 29, 2017		73.698
January 12, 2018		71.767

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

COFFEE SUB-INDEX

The Coffee Sub-Index is a single-component Sub-Index that is designed to be a benchmark for coffee as an asset class. It is composed of the futures contract on coffee that is included or eligible to be included in the Commodity Index and is intended to reflect the returns that are potentially available through (1) an unleveraged investment in that contract plus (2) the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.

Calculation and Publication of the Coffee Sub-Index

The Coffee Sub-Index is calculated using the same methodology as the Commodity Index but with reference only to the contract included in the Coffee Sub-Index (which, for purposes of the calculation, has a weighting of 100%).

At present, Bloomberg disseminates the Coffee Sub-Index levels approximately every 15 seconds (assuming the Coffee Sub-Index levels have changed within such 15-second interval) from 10:00 p.m. to 3:20 p.m., New York City time, and publishes daily levels at approximately 5:00 p.m., New York City time, on Bloomberg page “BCOMKCTR <Index>“.

Historical Closing Levels of the Coffee
Sub-Index

Since its inception, the Coffee Sub-Index has experienced significant fluctuations. Any historical upward or downward trend in the value of the Coffee Sub-Index during any period shown below is not an indication that the value of the Coffee Sub-Index is more or less likely to increase or decrease at any time during the term of the Coffee ETNs. The historical levels do not give an indication of future performance of the Coffee Sub-Index. There can be no assurance that the future performance of the Coffee Sub-Index or its index components will result in holders of the Coffee ETNs receiving a positive return on their investment.

The Coffee Sub-Index was launched on February 1, 2006. All data relating to the period

prior to the launch of the Coffee Sub-Index is an historical estimate by the sponsors using available data as to how the Index may have performed in the pre-launch period based upon the weightings in effect in the Commodity Index. Such data does not represent actual performance and should not be interpreted as an indication of actual performance. Accordingly, the following table illustrates:

(i) on a hypothetical basis, how the Coffee Sub-Index would have performed from December 31, 1991 to December 31, 2005 based on the selection criteria and methodology described above; and

(ii) on an actual basis, how the Coffee Sub-Index has performed from December 29, 2006 onwards.

December 31, 1991		78.741
December 31, 1992		67.006
December 31, 1993		52.106
December 30, 1994		118.365
December 29, 1995		70.377
December 31, 1996		111.682
December 31, 1997		252.681
December 31, 1998		223.594
December 31, 1999		226.536
December 29, 2000		100.741
December 31, 2001		55.521
December 31, 2002		55.720
December 31, 2003		48.986
December 31, 2004		66.318
December 31, 2005		60.490
December 29, 2006		64.129
December 31, 2007		62.786
December 31, 2008		46.362
December 31, 2009		51.139
December 31, 2010		85.399
December 30, 2011		75.847
December 31, 2012		44.303
December 31, 2013		30.783
December 31, 2014		42.415
December 31, 2015		29.039
December 30, 2016		28.648
December 29, 2017		24.060
January 12, 2018		23.320

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

COPPER SUB-INDEX

The Copper Sub-Index is a single-component Sub-Index that is designed to be a benchmark for copper as an asset class. It is composed of the futures contract on copper that is included or eligible to be included in the Commodity Index and is intended to reflect the returns that are potentially available through (1) an unleveraged investment in that contract plus (2) the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.

Calculation and Publication of the Copper Sub-Index

The Copper Sub-Index is calculated using the same methodology as the Commodity Index but with reference only to the contract included in the Copper Sub-Index (which, for purposes of the calculation, has a weighting of 100%).

At present, Bloomberg disseminates the Copper Sub-Index levels approximately every 15 seconds (assuming the Copper Sub-Index levels have changed within such 15-second interval) from 10:00 p.m. to 3:20 p.m., New York City time, and publishes daily levels at approximately 5:00 p.m., New York City time, on Bloomberg page “BCOMHGTR <Index>”.

Historical Closing Levels of the Copper
Sub-Index

Since its inception, the Copper Sub-Index has experienced significant fluctuations. Any historical upward or downward trend in the value of the Copper Sub-Index during any period shown below is not an indication that the value of the Copper Sub-Index is more or less likely to increase or decrease at any time during the term of the Copper ETNs. The historical levels do not give an indication of future performance of the Copper Sub-Index. There can be no assurance that the future performance of the Copper Sub-Index or its index components will result in holders of the Copper ETNs receiving a positive return on their investment.

The Copper Sub-Index was launched on February 1, 2006. All data relating to the period

prior to the launch of the Copper Sub-Index is an historical estimate by the sponsors using available data as to how the Index may have performed in the pre-launch period based upon the weightings in effect in the Commodity Index. Such data does not represent actual performance and should not be interpreted as an indication of actual performance. Accordingly, the following table illustrates:

(i) on a hypothetical basis, how the Copper Sub-Index would have performed from December 31, 1991 to December 31, 2005 based on the selection criteria and methodology described above; and

(ii) on an actual basis, how the Copper Sub-Index has performed from December 29, 2006 onwards.

December 31, 1991		93.852
December 31, 1992		102.887
December 31, 1993		81.793
December 30, 1994		145.666
December 29, 1995		157.850
December 31, 1996		158.254
December 31, 1997		143.182
December 31, 1998		123.356
December 31, 1999		155.247
December 29, 2000		153.271
December 31, 2001		118.121
December 31, 2002		122.198
December 31, 2003		178.567
December 31, 2004		257.498
December 31, 2005		415.010
December 29, 2006		631.804
December 31, 2007		688.285
December 31, 2008		323.062
December 31, 2009		742.970
December 31, 2010		962.468
December 30, 2011		727.563
December 31, 2012		763.980
December 31, 2013		697.041
December 31, 2014		581.652
December 31, 2015		435.477
December 30, 2016		504.015
December 29, 2017		651.021
January 12, 2018		635.204

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

COTTON SUB-INDEX

The Cotton Sub-Index is a single-component Sub-Index that is designed to be a benchmark for cotton as an asset class. It is composed of the futures contract on cotton that is included or eligible to be included in the Commodity Index and is intended to reflect the returns that are potentially available through (1) an unleveraged investment in that contract plus (2) the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.

Calculation and Publication of the Cotton Sub-Index

The Cotton Sub-Index is calculated using the same methodology as the Commodity Index but with reference only to the contract included in the Cotton Sub-Index (which, for purposes of the calculation, has a weighting of 100%).

At present, Bloomberg disseminates the Cotton Sub-Index levels approximately every 15 seconds (assuming the Cotton Sub-Index levels have changed within such 15-second interval) from 10:00 p.m. to 3:20 p.m., New York City time, and publishes daily levels at approximately 5:00 p.m., New York City time, on Bloomberg page “BCOMCTTR <Index>”.

Historical Closing Levels of the Cotton
Sub-Index

Since its inception, the Cotton Sub-Index has experienced significant fluctuations. Any historical upward or downward trend in the value of the Cotton Sub-Index during any period shown below is not an indication that the value of the Cotton Sub-Index is more or less likely to increase or decrease at any time during the term of the Cotton ETNs. The historical levels do not give an indication of future performance of the Cotton Sub-Index. There can be no assurance that the future performance of the Cotton Sub-Index or its index components will result in holders of the Cotton ETNs receiving a positive return on their investment.

The Cotton Sub-Index was launched on February 1, 2006. All data relating to the period

prior to the launch of the Cotton Sub-Index is an historical estimate by the sponsors using available data as to how the Index may have performed in the pre-launch period based upon the weightings in effect in the Commodity Index. Such data does not represent actual performance and should not be interpreted as an indication of actual performance. Accordingly, the following table illustrates:

(i) on a hypothetical basis, how the Cotton Sub-Index would have performed from December 31, 1991 to December 31, 2005 based on the selection criteria and methodology described above; and

(ii) on an actual basis, how the Cotton Sub-Index has performed from December 29, 2006 onwards.

December 31, 1991		94.976
December 31, 1992		88.700
December 31, 1993		100.423
December 30, 1994		142.241
December 29, 1995		202.343
December 31, 1996		193.905
December 31, 1997		165.050
December 31, 1998		148.593
December 31, 1999		123.310
December 29, 2000		134.921
December 31, 2001		67.353
December 31, 2002		78.345
December 31, 2003		93.981
December 31, 2004		53.229
December 31, 2005		54.108
December 29, 2006		46.221
December 31, 2007		47.217
December 31, 2008		27.020
December 31, 2009		35.161
December 31, 2010		69.675
December 30, 2011		54.557
December 31, 2012		47.613
December 31, 2013		51.921
December 31, 2014		40.929
December 31, 2015		42.143
December 30, 2016		46.587
December 29, 2017		52.431
January 12, 2018		54.495

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

ENERGY SUB-INDEX

The Energy Sub-Index is a multiple-component Sub-Index that is designed to be a benchmark for energy-related commodities as an asset class. It is composed of the futures contracts on energy-related commodities that are included in the Commodity Index and is intended to reflect the returns that are potentially available through (1) an unleveraged investment in those contracts plus (2) the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.

Composition of the Energy Sub-Index

The Energy Sub-Index currently is composed of the five exchange-traded futures contracts included in the Commodity Index that relate to energy-related commodities: Brent crude oil, ULS diesel, natural gas, unleaded gasoline and WTI crude oil.

The target weights for 2018 for the contracts included in the Energy Sub-Index are as follows:

Commodity		Weighting
Natural Gas		26.34%
Brent Crude Oil		25.24%
WTI Crude Oil		24.05%
Unleaded Gasoline		12.33%
ULS Diesel		12.04%

Calculation and Publication of the Energy Sub-Index

The Energy Sub-Index is calculated using the same methodology as the Commodity Index but with reference only to the contracts included in the Energy Sub-Index and to their respective weightings within the Energy Sub-Index.

At present, Bloomberg disseminates the Energy Sub-Index levels approximately every 15 seconds (assuming the Energy Sub-Index levels have changed within such 15-second interval) from 10:00 p.m. to 3:20 p.m., New York City time, and publishes daily levels at approximately 5:00 p.m., New York City time, on Bloomberg page “BCOMENTR <Index>”.

Historical Closing Levels of the Energy Sub-Index

Since its inception, the Energy Sub-Index has experienced significant fluctuations. Any historical upward or downward trend in the value of the Energy Sub-Index during any period shown below is not an indication that the value of the Energy Sub-Index is more or less likely to increase or decrease at any time during the term of the Energy ETNs. The historical levels do not give an indication of future performance of the Energy Sub-Index. There can be no assurance that the future performance of the Energy Sub-Index or its index components will result in holders of the Energy ETNs receiving a positive return on their investment.

The Energy Sub-Index was launched on November 15, 2001. All data relating to the period prior to the launch of the Energy Sub-Index is an historical estimate by the sponsors using available data as to how the Index may have performed in the pre-launch period based upon the percentage weightings in effect in 2001. Such data does not represent actual performance and should not be interpreted as an indication of actual performance. Accordingly, the following table illustrates:

(i) on a hypothetical basis, how the Energy Sub-Index would have performed from December 31, 1991 to December 29, 2000 based on the selection criteria and methodology described above; and

(ii) on an actual basis, how the Energy Sub-Index has performed from December 31, 2001 onwards.

December 31, 1991			88.767
December 31, 1992			100.648
December 31, 1993			75.850
December 30, 1994			87.814
December 29, 1995			109.188
December 31, 1996			204.849
December 31, 1997			158.488
December 31, 1998			85.458
December 31, 1999			155.294
December 29, 2000			342.212
December 31, 2001			215.135
December 31, 2002			333.642
December 31, 2003			439.460
December 31, 2004			523.493
December 31, 2005			744.210
December 29, 2006			436.062
December 31, 2007			526.268
December 31, 2008			277.168
December 31, 2009			262.465
December 31, 2010			234.779
December 30, 2011			197.294
December 31, 2012			178.826
December 31, 2013			188.120
December 31, 2014			114.106
December 31, 2015			69.751
December 30, 2016			81.100
December 29, 2017			77.602
January 12, 2018			80.896

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

GRAINS SUB-INDEX

The Grains Sub-Index is a multiple-component Sub-Index that is designed to be a benchmark for grains as an asset class. It is composed of the futures contracts on grains that are included in the Commodity Index and is intended to reflect the returns that are potentially available through (1) an unleveraged investment in those contracts plus (2) the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.

Composition of the Grains Sub-Index

The Grains Sub-Index currently is composed of the four exchange-traded futures contracts included in the Commodity Index that relate to grains: corn, soybeans and wheat.

The target weights for 2018 for the contracts included in the Grains Sub-Index are as follows:

Commodity		Weighting
Corn		36.83%
Soybeans		35.78%
Wheat (Chicago)		19.56%
Kansas City Wheat		7.83%

Calculation and Publication of the Grains Sub-Index

The Grains Sub-Index is calculated using the same methodology as the Commodity Index but with reference only to the contracts included in the Grains Sub-Index and to their respective weightings within the Grains Sub-Index.

At present, Bloomberg disseminates the Grains Sub-Index levels approximately every 15 seconds (assuming the Grains Sub-Index levels have changed within such 15-second interval) from 10:00 p.m. to 3:20 p.m., New York City time, and publishes daily levels at approximately 5:00 p.m., New York City time, on Bloomberg page “BCOMGRTR <Index>”.

Historical Closing Levels of the Grains Sub-Index

Since its inception, the Grains Sub-Index has experienced significant fluctuations. Any historical upward or downward trend in the value of the Grains Sub-Index during any period shown below is not an indication that the value of the Grains Sub-Index is more or less likely to increase or decrease at any time during the term of the Grains ETNs. The historical levels do not

give an indication of future performance of the Grains Sub-Index. There can be no assurance that the future performance of the Grains Sub-Index or its index components will result in holders of the Grains ETNs receiving a positive return on their investment.

The Grains Sub-Index was launched on November 15, 2001. All data relating to the period prior to the launch of the Grains Sub-Index is an historical estimate by the sponsors using available data as to how the Index may have performed in the pre-launch period based upon the percentage weightings in effect in 2001. Such data does not represent actual performance and should not be interpreted as an indication of actual performance. Accordingly, the following table illustrates:

(i) on a hypothetical basis, how the Grains Sub-Index would have performed from December 31, 1991 to December 29, 2000 based on the selection criteria and methodology described above; and

(ii) on an actual basis, how the Grains Sub-Index has performed from December 31, 2001 onwards.

December 31, 1991		107.489
December 31, 1992		98.296
December 31, 1993		123.665
December 30, 1994		104.503
December 29, 1995		141.546
December 31, 1996		135.392
December 31, 1997		147.845
December 31, 1998		114.389
December 31, 1999		92.413
December 29, 2000		90.890
December 31, 2001		74.585
December 31, 2002		87.244
December 31, 2003		106.209
December 31, 2004		81.057
December 31, 2005		78.368
December 29, 2006		96.872
December 31, 2007		137.627
December 31, 2008		101.406
December 31, 2009		99.736
December 31, 2010		129.936
December 30, 2011		111.218
December 31, 2012		131.518
December 31, 2013		109.291
December 31, 2014		99.054
December 31, 2015		79.814
December 30, 2016		75.124
December 29, 2017		66.629
January 12, 2018		66.076

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

INDUSTRIAL METALS SUB-INDEX

The Industrial Metals Sub-Index is a multiple-component Sub-Index that is designed to be a benchmark for industrial metals as an asset class. It is composed of the futures contracts on industrial metals that are included in the Commodity Index and is intended to reflect the returns that are potentially available through (1) an unleveraged investment in those contracts plus (2) the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.

Composition of the Industrial Metals
Sub-Index

The Industrial Metals Sub-Index currently is composed of the four exchange-traded futures contracts included in the Commodity Index that relate to industrial metals: aluminum, copper, nickel and zinc.

The target weights for 2018 for the contracts included in the Industrial Metals Sub-Index are as follows:

Commodity		Weighting
Copper		40.84%
Aluminum		25.72%
Zinc		17.67%
Nickel		15.75%

Calculation and Publication of the Industrial Metals Sub-Index

The Industrial Metals Sub-Index is calculated using the same methodology as the Commodity Index but with reference only to the contracts included in the Industrial Metals Sub-Index and to their respective weightings within the Industrial Metals Sub-Index.

At present, Bloomberg disseminates the Industrial Metals Sub-Index levels approximately every 15 seconds (assuming the Industrial Metals Sub-Index levels have changed within such 15-second interval) from 10:00 p.m. to 3:20 p.m., New York City time, and publishes daily levels at approximately 5:00 p.m., New York City time, on Bloomberg page “BCOMINTR <Index>”.

Historical Closing Levels of the Industrial Metals Sub-Index

Since its inception, the Industrial Metals Sub-Index has experienced significant fluctuations. Any historical upward or downward trend in the value of the Industrial Metals Sub-Index during any period shown below is not an indication that the value of the Industrial Metals Sub-Index is more or less likely to increase or decrease at any time during the term of the Industrial Metals ETNs. The historical levels do not give an indication of future performance of the Industrial Metals Sub-Index. There can be no assurance that the future performance of the Industrial Metals Sub-Index or its index components will result in holders of the Industrial Metals ETNs receiving a positive return on their investment.

The Industrial Metals Sub-Index was launched on November 15, 2001. All data relating to the period prior to the launch of the Industrial Metals Sub-Index is an historical estimate by the sponsors using available data as to how the Index may have performed in the pre-launch period based upon the percentage weightings in effect in 2001. Such data does not represent actual performance and should not be interpreted as an indication of actual performance. Accordingly, the following table illustrates:

(i) on a hypothetical basis, how the Industrial Metals Sub-Index would have performed from December 31, 1991 to December 29, 2000 based on the selection criteria and methodology described above; and

(ii) on an actual basis, how the Industrial Metals Sub-Index has performed from December 31, 2001 onwards.

December 31, 1991		86.470
December 31, 1992		90.324
December 31, 1993		75.839
December 30, 1994		126.387
December 29, 1995		121.396
December 31, 1996		113.539
December 31, 1997		111.532
December 31, 1998		90.497
December 31, 1999		123.622
December 29, 2000		120.305
December 31, 2001		97.855
December 31, 2002		100.693
December 31, 2003		144.527
December 31, 2004		181.048
December 31, 2005		241.645
December 29, 2006		416.470
December 31, 2007		375.397
December 31, 2008		194.208
December 31, 2009		349.541
December 31, 2010		406.319
December 30, 2011		307.878
December 31, 2012		309.949
December 31, 2013		267.695
December 31, 2014		249.305
December 31, 2015		182.297
December 30, 2016		218.606
December 29, 2017		282.771
January 12, 2018		278.491

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

LIVESTOCK SUB-INDEX

The Livestock Sub-Index is a multiple-component Sub-Index that is designed to be a benchmark for livestock as an asset class. It is composed of the futures contracts on livestock that are included in the Commodity Index and is intended to reflect the returns that are potentially available through (1) an unleveraged investment in those contracts plus (2) the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.

Composition of the Livestock Sub-Index

The Livestock Sub-Index currently is composed of the two exchange-traded futures contracts included in the Commodity Index that relate to livestock: lean hogs and live cattle.

The target weights for 2018 for the contracts included in the Livestock Sub-Index are as follows:

Commodity		Weighting
Live Cattle		67.50%
Lean Hogs		32.50%

Calculation and Publication of the Livestock Sub-Index

The Livestock Sub-Index is calculated using the same methodology as the Commodity Index but with reference only to the contracts included in the Livestock Sub-Index and to their respective weightings within the Livestock Sub-Index.

At present, Bloomberg disseminates the Livestock Sub-Index levels approximately every 15 seconds (assuming the Livestock Sub-Index levels have changed within such 15-second interval) from 10:00 p.m. to 3:20 p.m., New York City time, and publishes daily levels at approximately 5:00 p.m., New York City time, on Bloomberg page “BCOMLITR <Index>”.

Historical Closing Levels of the Livestock Sub-Index

Since its inception, the Livestock Sub-Index has experienced significant fluctuations. Any historical upward or downward trend in the value of the Livestock Sub-Index during any period shown below is not an indication that the value of the Livestock Sub-Index is more or less likely to increase or decrease at any time during the term of the Livestock ETNs. The historical levels do not give an indication of future

performance of the Livestock Sub-Index. There can be no assurance that the future performance of the Livestock Sub-Index or its index components will result in holders of the Livestock ETNs receiving a positive return on their investment.

The Livestock Sub-Index was launched on November 15, 2001. All data relating to the period prior to the launch of the Livestock Sub-Index is an historical estimate by the sponsors using available data as to how the Index may have performed in the pre-launch period based upon the percentage weightings in effect in 2001. Such data does not represent actual performance and should not be interpreted as an indication of actual performance. Accordingly, the following table illustrates:

(i) on a hypothetical basis, how the Livestock Sub-Index would have performed from December 31, 1991 to December 29, 2000 based on the selection criteria and methodology described above; and

(ii) on an actual basis, how the Livestock Sub-Index has performed from December 31, 2001 onwards.

December 31, 1991		101.203
December 31, 1992		127.855
December 31, 1993		138.078
December 30, 1994		124.555
December 29, 1995		130.599
December 31, 1996		151.002
December 31, 1997		142.237
December 31, 1998		101.495
December 31, 1999		116.346
December 29, 2000		126.184
December 31, 2001		125.452
December 31, 2002		111.108
December 31, 2003		106.760
December 31, 2004		135.694
December 31, 2005		135.341
December 29, 2006		127.058
December 31, 2007		113.498
December 31, 2008		81.259
December 31, 2009		69.014
December 31, 2010		75.413
December 30, 2011		73.679
December 31, 2012		71.069
December 31, 2013		68.552
December 31, 2014		76.474
December 31, 2015		62.073
December 30, 2016		58.577
December 29, 2017		62.304
January 12, 2018		60.840

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

NICKEL SUB-INDEX

The Nickel Sub-Index is a single-component Sub-Index that is designed to be a benchmark for nickel as an asset class. It is composed of the futures contract on nickel that is included or eligible to be included in the Commodity Index and is intended to reflect the returns that are potentially available through (1) an unleveraged investment in that contract plus (2) the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.

Calculation and Publication of the Nickel Sub-Index

The Nickel Sub-Index is calculated using the same methodology as the Commodity Index but with reference only to the contract included in the Nickel Sub-Index (which, for purposes of the calculation, has a weighting of 100%).

At present, Bloomberg disseminates the Nickel Sub-Index levels approximately every 15 seconds (assuming the Nickel Sub-Index levels have changed within such 15-second interval) from 10:00 p.m. to 3:20 p.m., New York City time, and publishes daily levels at approximately 5:00 p.m., New York City time, on Bloomberg page “BCOMNITR <Index>”.

Historical Closing Levels of the Nickel Sub-Index

Since its inception, the Nickel Sub-Index has experienced significant fluctuations. Any historical upward or downward trend in the value of the Nickel Sub-Index during any period shown below is not an indication that the value of the Nickel Sub-Index is more or less likely to increase or decrease at any time during the term of the Nickel ETNs. The historical levels do not give an indication of future performance of the Nickel Sub-Index. There can be no assurance that the future performance of the Nickel Sub-Index or its index components will result in holders of the Nickel ETNs receiving a positive return on their investment.

The Nickel Sub-Index was launched on February 1, 2006. All data relating to the period

prior to the launch of the Nickel Sub-Index is an historical estimate by the sponsors using available data as to how the Index may have performed in the pre-launch period based upon the weightings in effect in the Commodity Index. Such data does not represent actual performance and should not be interpreted as an indication of actual performance. Accordingly, the following table illustrates:

(i) on a hypothetical basis, how the Nickel Sub-Index would have performed from December 31, 1991 to December 31, 2005 based on the selection criteria and methodology described above; and

(ii) on an actual basis, how the Nickel Sub-Index has performed from December 29, 2006 onwards.

December 31, 1991		90.748
December 31, 1992		74.436
December 31, 1993		65.116
December 30, 1994		108.756
December 29, 1995		96.199
December 31, 1996		77.880
December 31, 1997		72.706
December 31, 1998		48.462
December 31, 1999		101.943
December 29, 2000		99.047
December 31, 2001		89.010
December 31, 2002		117.759
December 31, 2003		280.755
December 31, 2004		268.788
December 31, 2005		255.078
December 29, 2006		714.957
December 31, 2007		621.979
December 31, 2008		272.542
December 31, 2009		422.125
December 31, 2010		558.007
December 30, 2011		420.297
December 31, 2012		337.347
December 31, 2013		301.500
December 31, 2014		323.537
December 31, 2015		185.587
December 30, 2016		207.577
December 29, 2017		260.680
January 12, 2018		259.815

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

PLATINUM SUB-INDEX

The Platinum Sub-Index is a single-component Sub-Index that is designed to be a benchmark for platinum as an asset class. It is composed of the futures contract on platinum that is included or eligible to be included in the Commodity Index and is intended to reflect the returns that are potentially available through (1) an unleveraged investment in that contract plus (2) the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.

At present, platinum is one of the four commodities eligible for inclusion but not included in the Commodity Index. The contract included in the Platinum Sub-Index is the “Platinum” contract traded on the New York Mercantile Exchange, which is the contract that would be eligible for inclusion in the Commodity Index if platinum were one of the commodities included in the Commodity Index.

Calculation and Publication of the Platinum Sub-Index

The Platinum Sub-Index is calculated using the same methodology as the Commodity Index but with reference only to the contract included in the Platinum Sub-Index (which, for purposes of the calculation, has a weighting of 100%).

At present, Bloomberg disseminates the Platinum Sub-Index levels approximately every 15 seconds (assuming the Platinum Sub-Index levels have changed within such 15-second interval) from 10:00 p.m. to 3:20 p.m., New York City time, and publishes daily levels at approximately 5:00 p.m., New York City time, on Bloomberg page “BCOMPLTR <Index>”.

Historical Closing Levels of the Platinum Sub-Index

Since its inception, the Platinum Sub-Index has experienced significant fluctuations. Any historical upward or downward trend in the value of the Platinum Sub-Index during any period shown below is not an indication that the value of the Platinum Sub-Index is more or less likely to increase or decrease at any time during the term of the Platinum ETNs. The historical levels do not give an indication of future performance of the Platinum Sub-Index. There can be no assurance that the future performance of the Platinum Sub-Index or its index components will

result in holders of the Platinum ETNs receiving a positive return on their investment.

The Platinum Sub-Index was launched on March 7, 2008. All data relating to the period prior to the launch of the Platinum Sub-Index is an historical estimate by the sponsors using available data as to how the Index may have performed in the pre-launch period based upon the weightings in effect in the Commodity Index. Such data does not represent actual performance and should not be interpreted as an indication of actual performance. Accordingly, the following table illustrates:

(i) on a hypothetical basis, how the Platinum Sub-Index would have performed from December 31, 1991 to December 31, 2007 based on the selection criteria and methodology described above; and

(ii) on an actual basis, how the Platinum Sub-Index has performed from March 7, 2008 onwards.

December 31, 1991		79.211
December 31, 1992		85.599
December 31, 1993		99.317
December 30, 1994		106.351
December 29, 1995		106.224
December 31, 1996		101.439
December 31, 1997		106.799
December 31, 1998		112.277
December 31, 1999		140.490
December 29, 2000		238.084
December 31, 2001		206.344
December 31, 2002		271.644
December 31, 2003		397.291
December 31, 2004		444.141
December 31, 2005		522.497
December 29, 2006		619.368
December 31, 2007		841.008
December 31, 2008		519.555
December 31, 2009		800.327
December 31, 2010		955.178
December 30, 2011		746.560
December 31, 2012		811.338
December 31, 2013		715.791
December 31, 2014		627.722
December 31, 2015		461.663
December 30, 2016		465.139
December 29, 2017		479.002
January 12, 2018		508.843

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

PRECIOUS METALS SUB-INDEX

The Precious Metals Sub-Index is a multiple-component Sub-Index that is designed to be a benchmark for precious metals as an asset class. It is composed of the futures contracts on precious metals that are included in the Commodity Index and is intended to reflect the returns that are potentially available through (1) an unleveraged investment in those contracts plus (2) the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.

Composition of the Precious Metals Sub-Index

The Precious Metals Sub-Index currently is composed of the two exchange-traded futures contracts included in the Commodity Index that relate to precious metals: gold and silver.

The target weights for 2018 for the contracts included in the Precious Metals Sub-Index are as follows:

Commodity	Weighting
Gold	76.48%
Silver	23.52%

Calculation and Publication of the Precious Metals Sub-Index

The Precious Metals Sub-Index is calculated using the same methodology as the Commodity Index but with reference only to the contracts included in the Precious Metals Sub-Index and to their respective weightings within the Precious Metals Sub-Index.

At present, Bloomberg disseminates the Precious Metals Sub-Index levels approximately every 15 seconds (assuming the Precious Metals Sub-Index levels have changed within such 15-second interval) from 10:00 p.m. to 3:20 p.m., New York City time, and publishes daily levels at approximately 5:00 p.m., New York City time, on Bloomberg page “BCOMPRTR <Index>”.

Historical Closing Levels of the Precious Metals Sub-Index

Since its inception, the Precious Metals Sub-Index has experienced significant fluctuations. Any historical upward or downward trend in the value of the Precious Metals Sub-Index during any period shown below is not an indication that the value of the Precious Metals Sub-Index is more or less likely to increase or decrease at any time during the term of the Precious Metals ETNs. The historical levels do not give an indication of future performance of the Precious Metals Sub-Index. There can be no assurance that the future performance of the Precious Metals Sub-Index or its index components will result in holders of the Precious Metals ETNs receiving a positive return on their investment.

The Precious Metals Sub-Index was launched on November 15, 2001. All data relating to the period prior to the launch of the Precious Metals Sub-Index is an historical estimate by the sponsors using available data as to how the Index may have performed in the pre-launch period based upon the percentage weightings in effect in 2001. Such data does not represent actual performance and should not be interpreted as an indication of actual performance. Accordingly, the following table illustrates:

(i) on a hypothetical basis, how the Precious Metals Sub-Index would have performed from December 31, 1991 to December 29, 2000 based on the selection criteria and methodology described above; and

(ii) on an actual basis, how the Precious Metals Sub-Index has performed from December 31, 2001 onwards.

December 31, 1991	91.645
December 31, 1992	86.197
December 31, 1993	106.795
December 30, 1994	103.442
December 29, 1995	106.513
December 31, 1996	101.332
December 31, 1997	93.883
December 31, 1998	90.647
December 31, 1999	94.139
December 29, 2000	86.830
December 31, 2001	87.910
December 31, 2002	104.488
December 31, 2003	125.684
December 31, 2004	134.989
December 31, 2005	162.583
December 29, 2006	206.666
December 31, 2007	260.306
December 31, 2008	249.749
December 31, 2009	322.681
December 31, 2010	460.320
December 30, 2011	481.314
December 31, 2012	511.569
December 31, 2013	353.995
December 31, 2014	330.251
December 31, 2015	292.429
December 30, 2016	320.215
December 29, 2017	355.248
January 12, 2018	360.644

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

SOFTS SUB-INDEX

The Softs Sub-Index is a multiple-component Sub-Index that is designed to be a benchmark for soft commodities as an asset class. It is composed of the futures contracts on soft commodities that are included in the Commodity Index and is intended to reflect the returns that are potentially available through (1) an unleveraged investment in those contracts plus (2) the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.

Composition of the Softs Sub-Index

The Softs Sub-Index currently is composed of the three exchange-traded futures contracts included in the Commodity Index that relate to soft commodities: coffee, cotton and sugar.

The target weights for 2018 for the contracts included in the Softs Sub-Index are as follows:

Commodity	Weighting
Sugar	46.56%
Coffee	34.30%
Cotton	19.14%

Calculation and Publication of the Softs Sub-Index

The Softs Sub-Index is calculated using the same methodology as the Commodity Index but with reference only to the contracts included in the Softs Sub-Index and to their respective weightings within the Softs Sub-Index.

At present, Bloomberg disseminates the Softs Sub-Index levels approximately every 15 seconds (assuming the Softs Sub-Index levels have changed within such 15-second interval) from 10:00 p.m. to 3:20 p.m., New York City time, and publishes daily levels at approximately 5:00 p.m., New York City time, on Bloomberg page “BCOMSOTR <Index>”.

Historical Closing Levels of the Softs Sub-Index

Since its inception, the Softs Sub-Index has experienced significant fluctuations. Any historical upward or downward trend in the value of the Softs Sub-Index during any period shown below is not an indication that the value of the Softs Sub-Index is more or less likely to increase or decrease at any time during the term of the

Softs ETNs. The historical levels do not give an indication of future performance of the Softs Sub-Index. There can be no assurance that the future performance of the Softs Sub-Index or its index components will result in holders of the Softs ETNs receiving a positive return on their investment.

The Softs Sub-Index was launched on November 15, 2001. All data relating to the period prior to the launch of the Softs Sub-Index is an historical estimate by the sponsors using available data as to how the Index may have performed in the pre-launch period based upon the percentage weightings in effect in 1998. Such data does not represent actual performance and should not be interpreted as an indication of actual performance. Accordingly, the following table illustrates:

(i) on a hypothetical basis, how the Softs Sub-Index would have performed from December 31, 1991 to December 29, 2000 based on the selection criteria and methodology described above; and

(ii) on an actual basis, how the Softs Sub-Index has performed from December 31, 2001 onwards.

December 31, 1991	95.408
December 31, 1992	82.248
December 31, 1993	84.495
December 30, 1994	130.755
December 29, 1995	129.052
December 31, 1996	153.343
December 31, 1997	204.213
December 31, 1998	166.665
December 31, 1999	133.983
December 29, 2000	130.453
December 31, 2001	105.968
December 31, 2002	127.912
December 31, 2003	123.838
December 31, 2004	126.890
December 31, 2005	140.339
December 29, 2006	123.540
December 31, 2007	119.273
December 31, 2008	85.358
December 31, 2009	123.124
December 31, 2010	196.873
December 30, 2011	169.372
December 31, 2012	131.447
December 31, 2013	109.282
December 31, 2014	98.245
December 31, 2015	88.564
December 30, 2016	100.219
December 29, 2017	85.387
January 12, 2018	82.869

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

SUGAR SUB-INDEX

The Sugar Sub-Index is a single-component Sub-Index that is designed to be a benchmark for sugar as an asset class. It is composed of the futures contract on sugar that is included or eligible to be included in the Commodity Index and is intended to reflect the returns that are potentially available through (1) an unleveraged investment in that contract plus (2) the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.

Calculation and Publication of the Sugar Sub-Index

The Sugar Sub-Index is calculated using the same methodology as the Commodity Index but with reference only to the contract included in the Sugar Sub-Index (which, for purposes of the calculation, has a weighting of 100%).

At present, Bloomberg disseminates the Sugar Sub-Index levels approximately every 15 seconds (assuming the Sugar Sub-Index levels have changed within such 15-second interval) from 10:00 p.m. to 3:20 p.m., New York City time, and publishes daily levels at approximately 5:00 p.m., New York City time, on Bloomberg page “BCOMSBTR <Index>”.

Historical Closing Levels of the Sugar Sub-Index

Since its inception, the Sugar Sub-Index has experienced significant fluctuations. Any historical upward or downward trend in the value of the Sugar Sub-Index during any period shown below is not an indication that the value of the Sugar Sub-Index is more or less likely to increase or decrease at any time during the term of the Sugar ETNs. The historical levels do not give an indication of future performance of the Sugar Sub-Index. There can be no assurance that the future performance of the Sugar Sub-Index or its index components will result in holders of the Sugar ETNs receiving a positive return on their investment.

The Sugar Sub-Index was launched on February 1, 2006. All data relating to the period

prior to the launch of the Sugar Sub-Index is an historical estimate by the sponsors using available data as to how the Index may have performed in the pre-launch period based upon the weightings in effect in the Commodity Index. Such data does not represent actual performance and should not be interpreted as an indication of actual performance. Accordingly, the following table illustrates:

(i) on a hypothetical basis, how the Sugar Sub-Index would have performed from December 31, 1991 to December 31, 2005 based on the selection criteria and methodology described above; and

(ii) on an actual basis, how the Sugar Sub-Index has performed from December 29, 2006 onwards.

December 31, 1991	116.775
December 31, 1992	127.696
December 31, 1993	141.670
December 30, 1994	193.099
December 29, 1995	209.616
December 31, 1996	250.997
December 31, 1997	289.693
December 31, 1998	183.941
December 31, 1999	146.428
December 29, 2000	253.801
December 31, 2001	215.207
December 31, 2002	289.917
December 31, 2003	232.452
December 31, 2004	288.680
December 31, 2005	430.708
December 29, 2006	321.010
December 31, 2007	286.516
December 31, 2008	229.426
December 31, 2009	427.334
December 31, 2010	529.731
December 30, 2011	466.624
December 31, 2012	406.178
December 31, 2013	325.006
December 31, 2014	224.600
December 31, 2015	214.039
December 30, 2016	262.931
December 29, 2017	196.200
January 12, 2018	183.621

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

TIN SUB-INDEX

The Tin Sub-Index is a single-component Sub-Index that is designed to be a benchmark for tin as an asset class. It is composed of the futures contract on tin that is included or eligible to be included in the Commodity Index and is intended to reflect the returns that are potentially available through (1) an unleveraged investment in that contract plus (2) the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.

At present, tin is one of the four commodities eligible for inclusion but not included in the Commodity Index. The contract included in the Tin Sub-Index is the “Refined Tin” contract traded on the LME, which is the contract that would be eligible for inclusion in the Commodity Index if tin were one of the commodities included in the Commodity Index.

Calculation and Publication of the Tin Sub-Index

The Tin Sub-Index is calculated using the same methodology as the Commodity Index but with reference only to the contract included in the Tin Sub-Index (which, for purposes of the calculation, has a weighting of 100%).

At present, Bloomberg disseminates the Tin Sub-Index levels approximately every 15 seconds (assuming the Tin Sub-Index levels have changed within such 15-second interval) from 10:00 p.m. to 3:20 p.m., New York City time, and publishes daily levels at approximately 5:00 p.m., New York City time, on Bloomberg page “BCOMSNTR <Index>”.

Historical Closing Levels of the Tin Sub-Index

Since its inception, the Tin Sub-Index has experienced significant fluctuations. Any historical upward or downward trend in the value of the Tin Sub-Index during any period shown below is not an indication that the value of the Tin Sub-Index is more or less likely to increase or decrease at any time during the term of the Tin ETNs. The historical levels do not give an indication of future performance of the Tin Sub-Index. There can be no assurance that the future performance of the Tin Sub-Index or its index components will result in holders of the Tin

ETNs receiving a positive return on their investment.

The Tin Sub-Index was launched on March 7, 2008. All data relating to the period prior to the launch of the Tin Sub-Index is an historical estimate by the sponsors using available data as to how the Index may have performed in the pre-launch period based upon the weightings in effect in the Commodity Index. Such data does not represent actual performance and should not be interpreted as an indication of actual performance. Accordingly, the following table illustrates:

(i) on a hypothetical basis, how the Tin Sub-Index would have performed from December 31, 1991 to December 31, 2007 based on the selection criteria and methodology described above; and

(ii) on an actual basis, how the Tin Sub-Index has performed from March 7, 2008 onwards.

December 31, 1991		99.702
December 31, 1992		104.499
December 31, 1993		86.922
December 30, 1994		109.651
December 29, 1995		120.127
December 31, 1996		114.318
December 31, 1997		109.359
December 31, 1998		116.331
December 31, 1999		143.638
December 29, 2000		125.872
December 31, 2001		95.203
December 31, 2002		103.768
December 31, 2003		160.283
December 31, 2004		206.970
December 31, 2005		187.208
December 29, 2006		348.100
December 31, 2007		519.023
December 31, 2008		346.38
December 31, 2009		584.663
December 31, 2010		924.939
December 30, 2011		655.129
December 31, 2012		799.327
December 31, 2013		759.076
December 31, 2014		659.256
December 31, 2015		497.505
December 30, 2016		736.118
December 29, 2017		714.380
January 12, 2018		723.768

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

LICENSE AGREEMENTS

“Bloomberg®”, “Bloomberg Commodity IndexSM”, “Bloomberg Commodity Index Total ReturnSM”, “Bloomberg Agriculture Subindex Total ReturnSM”, “Bloomberg Aluminum Subindex Total ReturnSM”, “Bloomberg Coffee Subindex Total ReturnSM”, “Bloomberg Copper Subindex Total ReturnSM”, “Bloomberg Cotton Subindex Total ReturnSM”, “Bloomberg Energy Subindex Total ReturnSM”, “Bloomberg Grains Subindex Total ReturnSM”, “Bloomberg Industrial Metals Subindex Total ReturnSM”, “Bloomberg Livestock Subindex Total ReturnSM”, “Bloomberg Natural Gas Subindex Total ReturnSM”, “Bloomberg Nickel Subindex Total ReturnSM”, “Bloomberg Platinum Subindex Total ReturnSM”, “Bloomberg Precious Metals Subindex Total ReturnSM”, “Bloomberg Softs Subindex Total ReturnSM”, “Bloomberg Sugar Subindex Total ReturnSM”, “Bloomberg Tin Subindex Total ReturnSM” and “BCOM” are service marks of Bloomberg Finance L.P. and its affiliates (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Barclays Bank PLC.

Any ETNs based on the Bloomberg Commodity Index are not sponsored, endorsed, sold or promoted by Bloomberg, UBS AG, UBS or any of their subsidiaries or affiliates. None of Bloomberg, UBS AG, UBS or any of their subsidiaries or affiliates makes any representation or warranty, express or implied, to the owners of or counterparties to the ETNs or any member of the public regarding the advisability of investing in securities or commodities generally or in the ETNs particularly. The only relationship of Bloomberg, UBS AG, UBS or any of their subsidiaries or affiliates to Barclays Bank PLC is the licensing of certain trademarks, trade names and service marks and of the Bloomberg Commodity IndexSM, which is determined, composed and calculated by Bloomberg in conjunction with UBS without regard to Barclays Bank PLC or the ETNs. Bloomberg and UBS have no obligation to take the needs of Barclays Bank PLC or the owners of the ETNs into consideration in determining, composing or calculating the Bloomberg Commodity IndexSM. None of Bloomberg, UBS AG, UBS or any of their respective subsidiaries or affiliates is responsible for or has participated in the determination of the timing of, prices at, or

quantities of the ETNs to be issued or in the determination or calculation of the equation by which the ETNs are to be converted into cash. None of Bloomberg, UBS AG, UBS or any of their subsidiaries or affiliates shall have any obligation or liability, including, without limitation, to securities customers, in connection with the administration, marketing or trading of the ETNs. Notwithstanding the foregoing, UBS AG, UBS and their respective subsidiaries and affiliates may independently issue and/or sponsor financial products unrelated to the ETNs currently being issued by Barclays Bank PLC, but which may be similar to and competitive with the ETNs. In addition, UBS AG, UBS and their subsidiaries and affiliates actively trade commodities, commodity indexes and commodity futures (including the Bloomberg Commodity IndexSM and the Bloomberg Commodity Index Total ReturnSM), as well as swaps, options and derivatives which are linked to the performance of such commodities, commodity indexes and commodity futures. It is possible that this trading activity will affect the value of the Bloomberg Commodity IndexSM and the ETNs.

Purchasers of the ETNs should not conclude that the inclusion of a futures contract in the Bloomberg Commodity IndexSM is any form of investment recommendation of the futures contract or the underlying exchange-traded physical commodity by Bloomberg, UBS AG, UBS or any of their subsidiaries or affiliates. The information in this index supplement regarding the Bloomberg Commodity IndexSM components has been derived solely from publicly available documents. None of Bloomberg, UBS AG, UBS or any of their subsidiaries or affiliates has made any due diligence inquiries with respect to the Bloomberg Commodity IndexSM components in connection with the ETNs. None of Bloomberg, UBS AG, UBS or any of their subsidiaries or affiliates makes any representation that these publicly available documents or any other publicly available information regarding the Bloomberg Commodity IndexSM components, including without limitation a description of factors that affect the prices of such components, are accurate or complete.

NONE OF BLOOMBERG, UBS AG, UBS OR ANY OF THEIR SUBSIDIARIES OR

VALUATION OF THE ETNS

The market value of each series of ETNs will be affected by several factors, many of which are beyond our control. We expect that generally the level of the Index underlying the ETNs on any day will affect the market value of the ETNs more than any other factors. Other factors that may influence the market value of a series of ETNs include, but are not limited to, supply and demand for the series of ETNs, the volatility of the Index underlying the ETNs, the market price of the index components included in that Index, the Treasury Bill rate of interest, the volatility of commodities prices, economic, financial, political, regulatory, or judicial events that affect the level of the Index underlying the ETNs or the market price of the index components included in that Index, the general interest rate environment, as well as the perceived creditworthiness of Barclays Bank PLC, supply and demand in the listed and over-the-counter equity derivative markets, or supply and demand as well as hedging activities in the commodity-linked structured product markets. See “Risk Factors” in this pricing supplement for a discussion of the factors that may influence the market value of the ETNs prior to maturity.

These factors interrelate in complex ways, and the effect of one factor on the market value of your ETNs may offset or enhance the effect of another factor. See “Risk Factors” in this pricing supplement for a discussion of the factors that may influence the market value of the ETNs prior to maturity.

Intraday Indicative Value

An “intraday indicative value”, meant to approximate changes in the value of the ETNs during the current trading day by reference to the Index, is published for reference purposes only.

The intraday indicative value for any series of ETNs is intended to provide investors with an approximation of the effect that changes in the level of the Index underlying the ETNs during the current trading day would have on the closing indicative value of such series of ETNs from the previous day. Intraday indicative value differs from the closing indicative value in two important respects. First, intraday indicative value is based on the most recent Index level

published by the Index Sponsor, which reflects the most recent reported sales prices for the index components, rather than the closing indicative value of a series of ETNs for the immediately preceding calendar day. Second, the intraday indicative value only reflects the accrued investor fee for a series of ETNs at the close of business on the preceding calendar day, but does not include any adjustment for the accrued investor fee of such series of ETNs accruing during the course of the current day.

The intraday indicative value for any series of ETNs is published as a convenience for reference purposes only and does not represent the actual trading price of such ETNs, which may be influenced by bid-offer spreads, hedging and transaction costs and market liquidity, among other factors.

ETNs	IIV Ticker
Agriculture ETNs		JJAB.IV
Aluminum ETNs		JJUB.IV
Coffee ETNs		BJO.IV
Copper ETNs		JJCB.IV
Cotton ETNs		BALB.V
Energy ETNs		JJEB.IV
Grains ETNs		JJGB.IV
Industrial Metals ETNs		JJMB.IV
Livestock ETNs		COWB.IV
Nickel ETNs		BJJN.IV
Platinum ETNs		PGMB.IV
Precious Metals ETNs		JJPB.IV
Softs ETNs		JJSB.IV
Sugar ETNs		SGGB.IV
Tin ETNs		JJTB.IV

In connection with any series of ETNs, we use the term “intraday indicative value” to refer to the value at a given time on any trading day determined based on the following equation:

Intraday Indicative Value = Closing Indicative Value on the immediately preceding calendar day Í Current Daily Index Factor

where:

Closing Indicative Value = The closing indicative

value of each series of the ETNs as described in this pricing supplement;

Current Daily Index Factor = The most recent published level of the Index underlying the ETNs as reported by the Index Sponsors / the closing level of that Index on the immediately preceding index business day.

ICE Data is not affiliated with Barclays Bank PLC and does not approve, endorse, review or recommend Barclays Bank PLC or the ETNs.

With respect to indices composed of multiple commodity futures contracts, it is possible that some of the underlying commodity futures contracts may have stopped trading, for instance, futures contracts trading on a non-U.S. futures exchange, while other continue to trade at any given time the Commodity Index levels are published by Bloomberg. The Index levels and the intraday indicative value for any series of ETNs will only reflect the last traded price of the impacted commodity futures contracts. Furthermore, the actual trading price of any series of ETNs in the secondary market may vary significantly from their intraday indicative values due to this reason, as secondary markets may price in post-close expectations on the respective impacted commodity futures contracts.

The intraday indicative value will be derived from sources deemed reliable, but ICE Data and its suppliers do not guarantee the correctness or completeness of the intraday indicative value or other information furnished in connection with any series of ETNs. ICE Data makes no warranty, express or implied, as to results to be obtained by Barclays Bank PLC, Barclays Bank PLC’s customers, holders of the ETNs, or any other person or entity from the use of the intraday indicative value or any data included therein. ICE Data makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the intraday indicative value or any data included therein.

ICE Data, its employees, subcontractors, agents, suppliers and vendors shall have no liability or responsibility, contingent or otherwise, for any injury or damages, whether caused by the negligence of ICE Data, its employees, subcontractors, agents, suppliers or vendors or

otherwise, arising in connection with the intraday indicative value or any series of the ETNs, and shall not be liable for any lost profits, losses, punitive, incidental or consequential damages. ICE Data shall not be responsible for or have any liability for any injuries or damages caused by errors, inaccuracies, omissions or any other failure in, or delays or interruptions of, the intraday indicative value, from whatever cause. ICE Data is not responsible for the selection of or use of any Index or any series of the ETNs, the accuracy and adequacy of any Index or information used by Barclays Bank PLC and the resultant output thereof.

The intraday indicative value calculation is not intended as a price or quotation, or as an offer or solicitation for the purchase, sale, redemption or termination of your ETNs. The actual trading price of any series of ETNs in the secondary market may vary significantly from their intraday indicative value. See “Risk Factors—Risks Relating to Liquidity and the Secondary Market—The ETNs May Trade at a Substantial Premium to or Discount from the Closing Indicative Value and/or the Intraday Indicative Value” in this pricing supplement.

Furthermore, as the intraday indicative value is calculated using the closing indicative value on the immediately preceding calendar day, the intraday indicative value published at any time during a given trading day will not reflect the investor fee that may have accrued over the course of such trading day. Published Index levels from the Index Sponsors may occasionally be subject to delay or postponement. Any such delays or postponements will affect the current Index level and therefore the intraday indicative value for a series of ETNs. The actual trading price of any series of ETNs may be different from their intraday indicative value.

SPLIT OR REVERSE SPLIT OF THE ETNS

On any business day we may elect to initiate a split of your ETNs or a reverse split of your ETNs. Such date shall be deemed to be the “announcement date”, and we will issue a notice to holders of the relevant ETNs and a press release announcing the split or reverse split, specifying the effective date of the split or reverse split and the split or reverse split ratio.

If a series of ETNs undergoes a split, we will adjust the terms of such series of ETNs accordingly. For example, if the split ratio is 4 and hence a series of ETNs undergo a 4:1 split, every investor who holds ETNs of such series via DTC on the relevant record date will, after the split, hold four ETNs of such series, and adjustments will be made as described below. The record date for the split will be the 9th business day after the announcement date. The closing indicative value of such series of ETNs on such record date will be divided by 4 to reflect the 4:1 split of your ETNs. Any adjustment of closing indicative value of such series of ETNs will be rounded to 8 decimal places. The split will become effective at the opening of trading of such series of ETNs on the business day immediately following the record date.

In the case of a reverse split of a series of ETNs, we reserve the right to address odd numbers of ETNs of such series (commonly referred to as “partials”) in a commercially reasonable manner determined by us in our sole discretion. For example, if the reverse split ratio is 4 and the a series of ETNs undergo a 1:4 reverse split, every investor who holds 4 ETNs of such series via DTC on the relevant record date will, after the reverse split, hold only one ETN of such series and adjustments will be made as described below. The record date for the reverse split will be on the 9th business day after the announcement date. The closing indicative value of such series of ETNs on such record date will be multiplied by four to reflect the 1:4 reverse split of your ETNs. Any adjustment of closing indicative value of such series of ETNs will be rounded to 8 decimal places. The reverse split will become effective at the opening of trading of such series of ETNs on the business day immediately following the record date.

In the case of a reverse split of a series of ETNs, holders who own a number of ETNs of such series on the record date which is not evenly divisible by the split ratio will receive the same treatment as all other holders of such series of ETNs for the maximum number of ETNs of such series they hold which is evenly divisible by the split ratio, and we will have the right to compensate holders for their remaining or “partial” ETNs in a commercially reasonable

manner determined by us in our sole discretion. Our current intention is to provide holders with a cash payment for their partials on the 17th business day following the announcement date in an amount equal to the appropriate percentage of the closing indicative value of the reverse split-adjusted ETNs on the 14th business day following the announcement date. For example, if the reverse split ratio is 1:4, a holder who held 23 ETNs of the affected series via DTC on the record date would receive 5 post reverse split ETNs of the affected series on the immediately following business day, and a cash payment on the 17th business day following the announcement date that is equal to 3/4 of the closing indicative value of the reverse split-adjusted ETNs on the 14th business day following the announcement date.

In the event of a reverse split, the redemption amount will be adjusted accordingly by the Issuer, in its sole discretion and in a commercially reasonable manner, to take into account the reverse split.

SPECIFIC TERMS OF THE ETNS

In this section, references to “holders” mean those who own the ETNs registered in their own names, on the books that we or the Trustee (as defined below), or any successor trustee, as applicable, maintain for this purpose, and not those who own beneficial interests in the ETNs registered in street name or in the ETNs issued in book-entry form through The Depository Trust Company (“DTC”) or another depositary. Owners of beneficial interests in the ETNs should read the section entitled “Description of Debt Securities—Legal Ownership; Form of Debt Securities” in the accompanying prospectus.

Each series of ETNs is part of a series of debt securities entitled “Global Medium-Term Notes, Series A” (the “medium-term notes”) that we may issue under the indenture, dated September 16, 2004 (the “Indenture”), between Barclays Bank PLC and The Bank of New York Mellon, as trustee, (the “Trustee”) from time to time. This pricing supplement summarizes specific financial and other terms that apply to each series of ETNs. Terms that apply generally to all medium-term notes are described in “Summary—Medium-Term Notes” and “Terms of the Notes” in the accompanying

prospectus supplement, and terms that apply generally to all index-linked notes are described in “Reference Assets—Indices” in the accompanying prospectus supplement. The terms described here (i.e., in this pricing supplement) supplement those described in the accompanying prospectus, prospectus supplement and any related free writing prospectuses and, if the terms described here are inconsistent with those described in those documents, the terms described here are controlling.

Please note that the information about the price to the public and the proceeds to Barclays Bank PLC on the front cover of this pricing supplement relates only to the initial sale of the ETNs. If you have purchased the ETNs in a market-making transaction after the initial sale, information about the price and date of sale to you will be provided in a separate confirmation of sale.

We describe the terms of each series of ETNs in more detail below.

Inception, Issuance and Maturity

The ETNs were first sold on January 17, 2018, which we refer to as the “inception date”. The ETNs are expected to be first issued on January 19, 2018, which we refer to as the “issue date”, and will be due on January 23, 2048.

If the maturity date for a series of ETNs stated on the cover of this pricing supplement is not a business day, the maturity date will be the next following business day. If the final valuation date is postponed (as described above), the maturity date will be the fifth business day following the final valuation date, as postponed. The calculation agent may postpone the final valuation date – and therefore the maturity date – of the ETNs if a market disruption event occurs or is continuing on a day that would otherwise be the final valuation date or if the level of the Index is not available or cannot be calculated. We describe market disruption events under “—Market Disruption Event” below.

In the event that payment at maturity is deferred beyond the stated maturity date, penalty interest will not accrue or be payable with respect to that deferred payment.

Coupon

We will not pay you interest during the term of the ETNs.

Denomination

We will offer the ETNs in denominations of $50. We reserve the right to initiate a split or reverse split of the ETNs in our sole discretion.

Payment at Maturity

If you hold your ETNs to maturity, you will receive a cash payment in U.S. dollars per ETN equal to the closing indicative value on the final valuation date.

The “closing indicative value” for each series of ETN on the initial valuation date will equal $50. On each subsequent calendar day until maturity or early redemption, the closing indicative value for each series of ETN will equal (1) the daily index factor for such series of ETN on such calendar day (or, if such day is not an index business day, one) times (2) the closing indicative value for such series of ETN on the immediately preceding calendar day minus (3) the investor fee on such calendar day. If the ETNs undergo a split or reverse split, the closing indicative value will be adjusted accordingly.

An “index business day” is a day on which the Index is calculated and published by the Index Sponsors.

The “daily index factor” for each series of ETNs on any index business day will equal (1) the closing level of the Index to which those ETNs are linked on such index business day divided by (2) the closing level of the Index to which those ETNs are linked on the immediately preceding index business day.

The “investor fee” for each series of ETN on the initial valuation date will equal zero. On each subsequent calendar day until maturity or early redemption, the investor fee for each series of ETN will be equal to (1) 0.45% times (2) the daily index factor for such series of ETN on that day (or, if such day is not an index business day, one) times (3) the closing indicative value for such ETN on the immediately preceding calendar day divided by (4) 365. Because the investor fee is calculated and subtracted from

the closing indicative value on a daily basis, the net effect of the fee accumulates over time and is subtracted at the rate of 0.45% per year. Because the net effect of the investor fee is a fixed percentage of the value of each ETN, the aggregate effect of the investor fee will increase or decrease in a manner directly proportional to the value of each ETN and the amount of ETNs that are held, as applicable.

A “business day” means a Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions in New York City generally are authorized or obligated by law, regulation, or executive order to close.

A “trading day” with respect to the ETNs is a day (i) that is an index business day, (ii) on which trading is generally conducted on NYSE Arca and (iii) on which trading is generally conducted on the markets on which the futures contracts underlying the relevant Index are traded, in each case as determined by the calculation agent in its sole discretion.

A “valuation date” means each trading day from January 17, 2018 to January 17, 2048, inclusive, subject to postponement due to the occurrence of a market disruption event, such postponement not to exceed five trading days.

The “initial valuation date” for the ETNs is January 17, 2018.

The “final valuation date” for the ETNs is January 17, 2048.

Payment Upon Holder Redemption and Issuer Redemption

Up to the valuation date immediately preceding the final valuation date, and subject to certain restrictions, you may elect to redeem your ETNs on any redemption date during the term of the ETNs, provided that you present at least 50,000 ETNs of the same series for redemption, or your broker or other financial intermediary (such as a bank or other financial institution not required to register as a broker-dealer to engage in securities transactions) bundles your ETNs for redemption with those of other investors to reach this minimum. We may from time to time, in our sole discretion, reduce this minimum redemption amount on a consistent basis for all holders of ETNs. If you choose to redeem your

ETNs, you will receive a cash payment in U.S. dollars for each ETN on the applicable redemption date equal to the closing indicative value applicable to such ETN on the applicable valuation date.

Prior to maturity, we may redeem the ETNs (in whole but not in part) at our sole discretion on any business day on or after the inception date until and including maturity. If we redeem the ETNs, you will receive a cash payment in U.S. dollars per ETN in an amount equal to the closing indicative value applicable to such ETN on the applicable valuation date.

Redemption Date

A redemption date is:

· in the case of holder redemption, the second business day following each valuation date (other than the final valuation date). The final redemption date will be the second business day following the valuation date that is immediately prior to the final valuation date; and

· in the case of issuer redemption, the fifth business day following the valuation date specified by us in the issuer redemption notice, which will in no event be prior to the tenth calendar day following the date on which we deliver such notice.

In the event that payment upon early redemption is deferred beyond the original redemption date, penalty interest will not accrue or be payable with respect to that deferred payment.

Early Redemption Procedures

Holder Redemption Procedures

You may, subject to the minimum redemption amount described above, elect to redeem your ETNs on any redemption date. To redeem your ETNs, you must instruct your broker or other person through whom you hold your ETNs to take the following steps:

· deliver a notice of holder redemption, which is attached as Annex A, to us via facsimile or email by no later than 4:00 p.m., New York City time, on the business day prior to

the valuation date specified in your notice of redemption. If we receive your notice by the time specified in the preceding sentence, we will respond by sending you a form of confirmation of holder redemption, which is attached as Annex B;

· instruct your DTC custodian to book a delivery vs. payment trade with respect to your ETNs on the valuation date at a price equal to the applicable closing indicative value, facing Barclays DTC 5101; and

If you elect to redeem your ETNs on a redemption date that is later in time than the redemption date resulting from our subsequent election to exercise our issuer redemption right, your election to redeem your ETNs will be deemed to be ineffective, and your ETNs will instead be redeemed on the redemption date pursuant to such issuer redemption.

The redemption value is determined according to a formula which relies upon the

closing indicative value and will be calculated on a valuation date that will occur after the redemption notice is submitted. It is not possible to publicly disclose, or for you to determine, the precise redemption value prior to your election to redeem. The redemption value may be below the most recent intraday indicative value or closing indicative value of your ETNs at the time when you submit your redemption notice.

Issuer Redemption Procedures

We have the right to redeem or “call” the ETNs (in whole but not in part) at our sole discretion without your consent on any business day on or after inception date until and including maturity. If we elect to redeem the ETNs, we will deliver written notice of such election to redeem to the holders of such ETNs not less than ten calendar days prior to the redemption date on which we intend to redeem the ETNs. In this scenario, the final valuation date will be the date specified by us as such in such notice (subject to postponement in the event of a market disruption event as described above in this pricing supplement), and the ETNs will be redeemed on the fifth business day following such valuation date, but in no event prior to the tenth calendar day following the date on which we deliver such notice.

Market Disruption Event

As set forth under “—Payment at Maturity” and “—Payment Upon Holder Redemption and Issuer Redemption” above, the calculation agent will determine the level of the relevant Index on each valuation date, including the final valuation date. As described above, a valuation date for any series of ETNs may be postponed and thus the determination of the level of the relevant Index may be postponed if the calculation agent determines that, on a valuation date, a market disruption event has occurred or is continuing in respect of any index component. If such a postponement occurs, the value of the index components unaffected by the market disruption event shall be determined on the scheduled valuation date and the value of the affected index component shall be determined using the closing value of the affected index component on the first trading day after that day on which no market disruption event occurs or is

continuing. In no event, however, will a valuation date for a series of ETNs be postponed by more than five trading days.

If a valuation date is postponed until the fifth trading day following the scheduled valuation date but a market disruption event occurs or is continuing on such day, that day will nevertheless be the valuation date and the calculation agent will make a good faith estimate in its sole discretion of the level of the relevant Index for such day.

Any of the following will be a market disruption event:

· a material limitation, suspension or disruption in the trading of any index component which results in a failure by the trading facility on which the relevant contract is traded to report a daily contract reference price (the price of the relevant contract that is used as a reference or benchmark by market participants);

· the daily contract reference price for any index component is a “limit price”, which means that the daily contract reference price for such contract has increased or decreased from the previous day’s daily contract reference price by the maximum amount permitted under the applicable rules or procedures of the relevant trading facility;

· failure by the Index Sponsors to publish the closing value of the relevant Index or of the applicable trading facility or other price source to announce or publish the daily contract reference price for one or more index components; or

· any other event, if the calculation agent determines in its sole discretion that the event materially interferes with our ability or the ability of any of our affiliates to unwind all or a material portion of a hedge with respect to the ETNs that we or our affiliates have effected or may effect as described below under “Use of Proceeds and Hedging” in this pricing supplement.

The following events will not be market disruption events:

· a limitation on the hours or numbers of days of trading on a trading facility on which

any index component is traded, but only if the limitation results from an announced change in the regular business hours of the relevant market; or

· a decision by a trading facility to permanently discontinue trading in any index component.

Default Amount on Acceleration

For the purpose of determining whether the holders of our medium-term notes, of which the ETNs are a part, are entitled to take any action under the Indenture, we will treat the stated principal amount of the ETNs outstanding as their principal amount. Although the terms of the ETNs may differ from those of the other medium-term notes, holders of specified percentages in principal amount of all medium-term notes, together in some cases with other series of our debt securities, will be able to take action affecting all the medium-term notes, including the ETNs. This action may involve changing some of the terms that apply to the medium-term notes, accelerating the maturity of the medium-term notes after a default or waiving some of our obligations under the Indenture. We discuss these matters in the attached prospectus under “Description of Debt Securities—Modification and Waiver” and “—Senior Events of Default; Subordinated Events of Default and Defaults; Limitation of Remedies.”

If an event of default occurs and the maturity of the ETNs is accelerated, the amount declared due and payable upon any acceleration of the ETNs will be determined by the calculation agent and will equal, for each ETN, the closing indicative value on the date of acceleration.

Further Issuances

We may, without your consent, create and issue additional securities having the same terms and conditions as any series of ETNs. If there is substantial demand for a series of ETNs, we may issue additional ETNs frequently. We may consolidate the additional securities to form a single class with the outstanding ETNs.

We may, but are not required to, offer and sell ETNs after the inception date through Barclays Capital Inc., our affiliate, as agent. We may

impose a requirement to purchase a particular minimum amount of ETNs from our inventory in a single purchase, though we may waive this requirement with respect to any purchase at any time in our sole discretion. In addition, we may offer to sell ETNs from our inventory at a price that is greater or less than the prevailing closing indicative value at the time such sale is made. However, we are under no obligation to create or sell additional ETNs at any time, and if we do create or sell additional ETNs, we may limit such sales and stop selling additional ETNs at any time.

Discontinuance or Modification of an Index

If the Index Sponsors discontinue publication of an Index and they or any other person or entity publishes an index that the calculation agent determines is comparable to the discontinued Index and approves as a successor index, then the calculation agent will determine the level of the relevant Index on the applicable valuation date and the amount payable at maturity or upon early redemption by reference to such successor index.

If the calculation agent determines that the publication of an Index is discontinued and that there is no successor index, or that the closing level of an Index is not available because of a market disruption event or for any other reason, on the date on which the level of that Index is required to be determined, or if for any other reason an Index is not available to us or the calculation agent on the relevant date, the calculation agent will determine the amount payable by a computation methodology that the calculation agent determines will as closely as reasonably possible replicate the relevant Index.

If the calculation agent determines that an Index, the index components of an Index or the method of calculating an Index has been changed at any time in any respect—Including any addition, deletion or substitution and any reweighting or rebalancing of index components, and whether the change is made by the Index Sponsors under their existing policies or following a modification of those policies, is due to the publication of a successor index, is due to events affecting one or more of the index components, or is due to any other reason—then the calculation agent will be permitted (but

not required) to make such adjustments to that Index or method of calculating that Index as it believes are appropriate to ensure that the level of the Index used to determine the amount payable on the maturity date or upon redemption is equitable.

All determinations and adjustments to be made by the calculation agent with respect to the level of an Index and the amount payable at maturity or upon early redemption or otherwise relating to the value of an Index may be made in the calculation agent’s sole discretion. See “Risk Factors” in this pricing supplement for a discussion of certain conflicts of interest which may arise with respect to the calculation agent.

Manner of Payment and Delivery

Any payment on or delivery of a series of ETNs at maturity will be made to accounts designated by you and approved by us, or at the office of the Trustee in New York City, but only when the ETNs are surrendered to the Trustee at that office. We also may make any payment or delivery in accordance with the applicable procedures of the depositary.

Role of Calculation Agent

Currently, Barclays Bank PLC serves as the calculation agent. We may change the calculation agent after the original issue date of the ETNs without notice. The calculation agent will, in its sole discretion, make all determinations regarding the value of each series of ETNs, including at maturity or upon early redemption, market disruption events, business days, index business days, trading days, valuation dates, the daily index factor, the investor fee, the default amount, the level of any index on any valuation date, the closing indicative value of the ETNs on any valuation date, the maturity date, redemption dates, the amount payable in respect of your ETNs at maturity or upon early redemption and any other calculations or determinations to be made by the calculation agent as specified herein. Absent manifest error, all determinations of the calculation agent will be final, conclusive and binding on you and us, without any liability on the part of the calculation agent. You will not be entitled to any compensation from us for any

MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS

The following section supplements the discussion of U.S. federal income taxation in the accompanying prospectus supplement and is the opinion of Sullivan & Cromwell LLP, our counsel. It applies to you only if you are a U.S. holder (as defined below) and you hold your ETNs as capital assets for tax purposes. This section does not apply to you if you are a member of a class of holders subject to special rules, such as:

· a dealer in securities or currencies;

· a trader in securities that elects to use a mark-to-market method of accounting for your securities holdings;

· a bank;

· a life insurance company;

· a tax-exempt organization;

· a regulated investment company;

· a partnership or other pass-through entity;

· a person that owns an ETN as a hedge or that is hedged against interest rate risks;

· a person that owns an ETN as part of a straddle or conversion transaction for tax purposes; or

· a U.S. holder (as defined below) whose functional currency for tax purposes is not the U.S. dollar.

This section is based on the U.S. Internal Revenue Code of 1986, as amended, its legislative history, existing and proposed regulations under the Internal Revenue Code, published rulings and court decisions, all as currently in effect. These laws are subject to change, possibly on a retroactive basis.

You should consult your tax advisor concerning the U.S. federal income tax and other tax consequences of your investment in the ETNs in your particular circumstances, including the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.

This section describes the tax consequences to a U.S. holder. You are a U.S. holder if you are a beneficial owner of an ETN and you are for U.S. federal income tax purposes:

· a citizen or resident of the United States;

· a domestic corporation;

· an estate whose income is subject to U.S. federal income tax regardless of its source; or

· a trust if a U.S. court can exercise primary supervision over the trust’s administration and one or more U.S. persons are authorized to control all substantial decisions of the trust.

In the opinion of our counsel, Sullivan & Cromwell LLP, each series of ETNs should be treated as a pre-paid derivative contract with respect to the Index underlying those ETNs. Pursuant to the terms of each series of ETNs, Barclays Bank PLC and you agree, in the absence of a change in law or an administrative or judicial ruling to the contrary, to treat such ETNs for all U.S. federal income tax purposes in accordance with such characterization. If the ETNs are so treated, you should generally recognize capital gain or loss upon the sale, early redemption or maturity of your ETNs in an amount equal to the difference between the amount you receive at such time and your tax basis in the ETNs. In general, your tax basis in your ETNs will be equal to the price you paid for your ETNs. Capital gain of a noncorporate U.S. holder is generally taxed at preferential rates in cases where the holder has a holding period of greater than one year. If you receive cash in connection with a reverse split (as described above under “Valuation of the ETNs—Split or Reverse Split of the ETNs”), you should generally recognize capital gain or loss in an amount equal to the difference between the cash you receive and your basis in the ETNs for which you receive such cash.

No statutory, judicial or administrative authority directly discusses how your ETNs should be treated for U.S. federal income tax purposes. As a result, the U.S. federal income tax consequences of your investment in the ETNs are uncertain and alternative characterizations are possible. Accordingly, we urge you to consult your tax advisor in determining the tax consequences of an investment in your ETNs in your particular circumstances, including the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.

Alternative Treatments

There is no judicial or administrative authority discussing how your ETNs should be treated for U.S. federal income tax purposes. Therefore the Internal Revenue Service might assert that your ETNs should be treated in a manner that differs from that described above. For example, the Internal Revenue Service might assert that your ETNs should be treated as debt instruments subject to the special tax rules

governing contingent payment debt instruments. If your ETNs are so treated, you would be required to accrue interest income over the term of your ETNs based upon the yield at which we would issue a non-contingent fixed-rate debt instrument with other terms and conditions similar to your ETNs. You would recognize gain or loss upon the sale, early redemption or maturity of your ETNs in an amount equal to the difference, if any, between the amount you receive at such time and your adjusted basis in your ETNs. In general, your adjusted basis in your ETNs would be equal to the amount you paid for your ETNs, increased by the amount of interest you previously accrued with respect to your ETNs. Any gain you recognize upon the sale, early redemption or maturity of your ETNs would be ordinary income and any loss recognized by you at such time would be ordinary loss to the extent of interest you included in income in the current or previous taxable years in respect of your ETNs, and thereafter, would be capital loss.

Even if you are not treated as owning the underlying components of the relevant Index, it is possible that you would be required to (i)

recognize gain or loss, at least a portion of which could be short-term capital gain or loss, each time the relevant Index rebalances or each time a contract that is tracked by the Index underlying your ETNs rolls and (ii) currently accrue ordinary interest income in respect of the notional interest component of your ETNs. In addition, it is possible that the Internal Revenue Service could assert that any gain or loss that you recognize upon early redemption or maturity of your ETNs should be treated as ordinary gain or loss, or that you should otherwise be required to accrue interest over the term of your ETNs. It is also possible that the ETNs could be treated as notional principal contracts. If the ETNs were treated as notional principal contracts, you could be required to accrue income over the term of your ETNs, and any gain you recognize upon the maturity of your ETNs would likely be treated as ordinary income.

In addition, it is possible that you could be required to recognize gain or loss at any time when the relevant Index is modified, adjusted, discontinued or replaced with a successor index.

If your ETNs are linked to an Index that includes a metal (including both precious metals and industrial metals), it is also possible that the Internal Revenue Service could assert that your ETNs should be treated as giving rise to “collectibles” gain or loss if you hold your ETNs for more than one year, although we do not think such a treatment would be appropriate in this case because a sale or exchange of such ETNs is not the sale or exchange of a collectible but is rather a sale or exchange of a contract that reflects the value of a collectible. Under current law, “collectibles” gain is subject to tax at marginal rates of up to 28%.

Further, it is possible that the Internal Revenue Service could assert that your holding period in respect of your ETNs should end on the date on which the amount you are entitled to receive upon the early redemption or maturity of your ETNs is determined, even though you will not receive any amounts from the issuer in respect of your ETNs prior to the early redemption or maturity of your ETNs. In such a case, you may be treated as having a holding period in respect of your ETNs that is less than one year even if you receive cash upon the early redemption or maturity of your ETNs at a time that is more than

one year after the beginning of your holding period.

In addition, the Internal Revenue Service could potentially assert that you should be required to treat amounts attributable to the investor fee as amounts of expense. The deduction of any such deemed expenses would generally be subject to the 2% floor on miscellaneous itemized deductions. Such amounts would correspondingly increase the amount of gain or decrease the amount of loss that you recognize with respect to your ETNs. Under this alternative treatment, you could also be required to recognize amounts of gain or loss over the term of your ETNs as if you had sold a portion of your ETNs to pay these amounts.

In 2007, the Internal Revenue Service released a notice that may affect the taxation of the ETNs. According to the notice, the Internal Revenue Service and the Treasury Department are actively considering whether the holder of an instrument such as the ETNs should be required to accrue ordinary income on a current basis. The notice also states that the Internal Revenue Service and the Treasury Department are considering other relevant issues, including whether gain or loss from such instruments should be treated as ordinary or capital, whether foreign holders of instruments such as the ETNs should be subject to withholding tax on any deemed income accruals, and whether the special “constructive ownership rules” of Section 1260 of the Internal Revenue Code might be applied to such instruments.

Similarly, the Internal Revenue Service and the Treasury Department have current projects open with regard to the tax treatment of pre-paid forward contracts and contingent notional principal contracts. While it is impossible to anticipate how any ultimate guidance would affect the tax treatment of instruments such as the ETNs (and while any such guidance may be issued on a prospective basis only), such guidance could require you to accrue income over the term of an instrument such as the ETNs even though you will not receive any payments with respect to the ETNs until early redemption or maturity. The outcome of this process is uncertain. Except to the extent otherwise provided by law, we intend to treat the ETNs for U.S. federal income tax purposes in accordance with the treatment described in this section

unless and until such time as the Internal Revenue Service and the Treasury Department determine that some other treatment is more appropriate.

Additionally, members of Congress have periodically made proposals to reform or otherwise modify the U.S. federal income tax treatment of financial instruments such as the ETNs. For example, legislation was proposed in 2017 that, if enacted, would generally require holders of instruments such as the ETNs that are acquired after the bill is enacted to annually recognize gain or loss with respect to such instruments on a “mark-to-market” basis and to treat any such gain or loss as ordinary income or loss. It is not possible to predict whether any such legislation will be enacted in the future, or whether any such legislation would affect the tax treatment of your ETNs.

“Specified Foreign Financial Asset” Reporting

Owners of “specified foreign financial assets” with an aggregate value in excess of $50,000 (and in some circumstances, a higher threshold) may be required to file an information report with respect to such assets with their tax returns. “Specified foreign financial assets” may include any financial accounts maintained by foreign financial institutions as well as any of the following (which may include the ETNs), but only if they are held for investment and not held in accounts maintained by financial institutions: (i) stocks and securities issued by non-U.S. persons, (ii) financial instruments and contracts that have non-U.S. issuers or counterparties and (iii) interests in foreign entities. Holders are urged to consult their tax advisors regarding the application of this legislation to their ownership of the ETNs.

Information Reporting and Backup Withholding

Please see the discussion under “Material U.S. Federal Income Tax Consequences–Information Reporting and Backup Withholding” in the accompanying prospectus supplement for a description of the applicability of the information reporting and backup withholding rules to payments made on your ETNs.

SUPPLEMENTAL PLAN OF DISTRIBUTION

We sold a portion of the ETNs on the inception date, at 100% of their stated principal amount through Barclays Capital Inc., our affiliate, as principal in the initial distribution. The remainder of the ETNs of each series will be offered and sold from time to time through Barclays Capital Inc., as agent. Sales of the ETNs by us after the inception date will be made at market prices prevailing at the time of sale, at prices related to market prices or at negotiated prices. Barclays Capital Inc. will not receive an agent’s commission in connection with sales of the ETNs.

In connection with this offering, we will sell the ETNs to dealers as principal (including our affiliate Barclays Capital Inc.), and such dealers may then resell the ETNs to the public at varying prices that the dealers will determine at the time of resale. In addition, such dealers may make a market in the ETNs, although none of them are obligated to do so and any of them may stop doing so at any time without notice. This prospectus (including this pricing supplement and the accompanying prospectus and prospectus supplement) may be used by such dealers in connection with market-making transactions. In these transactions, dealers may resell an ETN covered by this prospectus that they acquire from us or other holders after the original offering and sale of the ETNs, or they may sell an ETN covered by this prospectus in short sale transactions.

Broker-dealers and other persons are cautioned that some of their activities may result in their being deemed participants in the distribution of the ETNs in a manner that would render them statutory underwriters and subject them to the prospectus delivery and liability provisions of the Securities Act of 1933, as amended (the “Securities Act”). Among other activities, broker-dealers and other persons may make short sales of the ETNs and may cover such short positions by borrowing ETNs from us or our affiliates or by purchasing ETNs from us or our affiliates subject to our obligation to repurchase such ETNs at a later date. As a result of these activities, these market participants may be deemed statutory underwriters. A determination of whether a particular market participant is an underwriter

must take into account all the facts and circumstances pertaining to the activities of the participant in the particular case, and the example mentioned above should not be considered a complete description of all the activities that would lead to designation as an underwriter and subject a market participant to the prospectus-delivery and liability provisions of the Securities Act. This prospectus will be deemed to cover any short sales of ETNs by market participants who cover their short positions with ETNs borrowed or acquired from us or our affiliates in the manner described above.

In connection with this offering, we announced a temporary waiver of the minimum early redemption amounts for the ETNs listed in the table below (the “Old ETNs”), which are listed on the NYSE Arca under the ticker symbols listed in the table below. For a limited period of time, we will waive the minimum early redemption amount of 50,000 Old ETNs so that holders may exercise their right to redeem their ETNs on any redemption date with no minimum amount.

Old ETNs		Ticker Symbol
iPath® Bloomberg Agriculture Subindex Total ReturnSM ETN		JJA
iPath® Bloomberg Aluminum Subindex Total ReturnSM ETN		JJU
iPath® Bloomberg Coffee Subindex Total ReturnSM ETN		JO
iPath® Bloomberg Copper Subindex Total ReturnSM ETN		JJC
iPath® Bloomberg Cotton Subindex Total ReturnSM ETN		BAL
iPath® Bloomberg Energy Subindex Total ReturnSM ETN		JJE
iPath® Bloomberg Grains Subindex Total ReturnSM ETN		JJG
iPath® Bloomberg Industrial Metals Subindex Total ReturnSM ETN		JJM
iPath® Bloomberg Livestock Subindex Total ReturnSM ETN		COW
iPath® Bloomberg Nickel Subindex Total ReturnSM ETN		JJN
iPath® Bloomberg Platinum Subindex Total ReturnSM ETN		PGM
iPath® Bloomberg Precious Metals Subindex Total ReturnSM ETN		JJP
iPath® Bloomberg Softs Subindex Total		JJS

*Title of Each Class of Securities Offered*	*Maximum Aggregate Offering Price*	*Amount of Registration Fee(1)***



Global Medium-Term Notes, Series A	$1,050,000,000	$130,725

PRICING SUPPLEMENT SUMMARY	PS-1
RISK FACTORS	PS-11
CONSENT TO U.K. BAIL-IN POWER	PS-36
THE INDICES – GENERAL INFORMATION	PS-37
THE BLOOMBERG COMMODITY INDEXSM	PS-38
THE AGRICULTURE SUB-INDEX	PS-45
THE ALUMINUM SUB-INDEX	PS-47
COFFEE SUB-INDEX	PS-49
COPPER SUB-INDEX	PS-51
COTTON SUB-INDEX	PS-53
ENERGY SUB-INDEX	PS-55
GRAINS SUB-INDEX	PS-57
INDUSTRIAL METALS SUB-INDEX	PS-59
LIVESTOCK SUB-INDEX	PS-61
NICKEL SUB-INDEX	PS-63
PLATINUM SUB-INDEX	PS-65
PRECIOUS METALS SUB-INDEX	PS-67
SOFTS SUB-INDEX	PS-69
SUGAR SUB-INDEX	PS-71
TIN SUB-INDEX	PS-73
LICENSE AGREEMENTS	PS-75
VALUATION OF THE ETNS	PS-77
SPLIT OR REVERSE SPLIT OF THE ETNS	PS-78
SPECIFIC TERMS OF THE ETNS	PS-79
CLEARANCE AND SETTLEMENT	PS-85
USE OF PROCEEDS AND HEDGING	PS-85
MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS	PS-86
SUPPLEMENTAL PLAN OF DISTRIBUTION	PS-89
NOTICE OF REDEMPTION	A-1
CONFIRMATION OF REDEMPTION	B-1

SUMMARY	S-1
RISK FACTORS	S-7
U.K. BAIL-IN POWER	S-36
TERMS OF THE NOTES	S-39
INTEREST MECHANICS	S-48
TERMS OF THE WARRANTS	S-51
REFERENCE ASSETS	S-58
BENEFIT PLAN INVESTOR CONSIDERATIONS	S-99
PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)	S-101
USE OF PROCEEDS AND HEDGING	S-110
MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES	S-111
VALIDITY OF SECURITIES	S-131

FORWARD-LOOKING STATEMENTS	1
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE	2
THE BARCLAYS BANK GROUP	2
USE OF PROCEEDS	3
DESCRIPTION OF DEBT SECURITIES	4
DESCRIPTION OF WARRANTS	23
GLOBAL SECURITIES	35
CLEARANCE AND SETTLEMENT	37
DESCRIPTION OF PREFERENCE SHARES	43
DESCRIPTION OF AMERICAN DEPOSITARY SHARES	49
DESCRIPTION OF SHARE CAPITAL	55
TAX CONSIDERATIONS	57
EMPLOYEE RETIREMENT INCOME SECURITY ACT	77
PLAN OF DISTRIBUTION	79
SERVICE OF PROCESS AND ENFORCEMENT OF LIABILITIES	82
WHERE YOU CAN FIND MORE INFORMATION	82
FURTHER INFORMATION	82
VALIDITY OF SECURITIES	83
EXPERTS	83
EXPENSES OF ISSUANCE AND DISTRIBUTION	84

	Very truly yours,
	[NAME OF HOLDER]

	Name:
	Title:
	Telephone:
	Fax:
	E-mail:

	Soybean Oil
	Soybean Meal
	Wheat (KC HRW)
Industrial Metals	Aluminum
	Copper
	Nickel
	Zinc
	Lead
	Tin
Precious Metals	Gold
	Silver
	Platinum
Softs	Sugar
	Coffee
	Cotton
	Cocoa
Livestock	Live Cattle
Livestock	Lean Hogs

ReturnSM ETN
iPath® Bloomberg Sugar Subindex Total ReturnSM ETN		SGG
iPath® Bloomberg Tin Subindex Total ReturnSM ETN		JJT