FWP 1 dfwp.htm FREE WRITING PROSPECTUS - IPATH BD CHEAT SHEET Free Writing Prospectus - iPath BD Cheat Sheet

Free Writing Prospectus

Filed Pursuant to Rule 433

Registration No. 333-145845

October 24, 2007

 

iPath® Exchange Traded Notes (ETNs)    LOGO
Medium Term Notes issued by Barclays Bank PLC

 

iPath Note

   Note
Ticker
  

Intraday

Indicative

Value Ticker

  

Bloomberg

Index Ticker

   Yearly
Fee1
    Primary
Listing

iPath® Dow Jones-AIG Commodity Index Total ReturnSM ETN

   DJP    DJP.IV    DJAIGTR    0.75 %   NYSE

iPath® Dow Jones-AIG Agriculture Total Return Sub-IndexSM ETN

   JJA    JJA.IV    DJAIGAGT    0.75 %   NYSE Arca

iPath® Dow Jones-AIG Energy Total Return Sub-IndexSM ETN

   JJE    JJE.IV    DJAIENTR    0.75 %   NYSE Arca

iPath® Dow Jones-AIG Grains Total Return Sub-IndexSM ETN

   JJG    JJG.IV    DJAIGRTR    0.75 %   NYSE Arca

iPath® Dow Jones-AIG Industrial Metals Total Return Sub-IndexSM ETN

   JJM    JJM.IV    DJAIINTR    0.75 %   NYSE Arca

iPath® Dow Jones-AIG Livestock Total Return Sub-IndexSM ETN

   COW    COW.IV    DJAILITR    0.75 %   NYSE Arca

iPath® Dow Jones-AIG Copper Total Return Sub-IndexSM ETN

   JJC    JJC.IV    DJAIHGTR    0.75 %   NYSE Arca

iPath® Dow Jones-AIG Natural Gas Total Return Sub-IndexSM ETN

   GAZ    GAZ.IV    DJAINGTR    0.75 %   NYSE Arca

iPath® Dow Jones-AIG Nickel Total Return Sub-IndexSM ETN

   JJN    JJN.IV    DJAINITR    0.75 %   NYSE Arca

iPath® S&P GSCITM Total Return Index ETN

   GSP    GSP.IV    GSCITR    0.75 %   NYSE

iPath® S&P GSCITM Crude Oil Total Return Index ETN

   OIL    OIL.IV    GSCLTR    0.75 %   NYSE

iPath® CBOE S&P 500 BuyWrite IndexSM ETN

   BWV    BWV.IV    BXM    0.75 %   AMEX

Term of Notes: 30 years


Early Redemption (“Redemptions”): At least 50,000 Securities on a daily basis directly to the issuer, Barclays Bank PLC, subject to the procedures described in the relevant prospectus.

 

   

Early Redemption: Subject to the notification requirements described in the prospectus, you may redeem your Securities on any Redemption Date during the term of the Securities. If you redeem your Securities, you will receive a cash payment in an amount equal to the daily redemption value, which is the principal amount of your Securities times the index factor on the applicable Valuation Date minus the investor fee on the applicable Valuation Date. You must redeem at least 50,000 Securities at one time in order to exercise your right to redeem your Securities on any Redemption Date.

 

   

The issuer may from time to time in its sole discretion reduce, in part or in whole, the minimum redemption amount of 50,000 Securities.

Placements: Securities may be placed on a daily basis in blocks of at least 50,000 Securities through Barclays Capital Inc., an affiliate and agent of the issuer, Barclays Bank PLC. Contact Barclays Capital for further information.

Valuation Date: Generally each business day during the term of the iPath ETN, or, if such date is not a trading day, the next succeeding trading day, not to exceed five business days.

Redemption Date: A Redemption Date is the third business day following each Valuation Date.

 

FOR BROKER-DEALER USE RELATING TO REDEMPTIONS


Redemption Value: The principal amount of your Securities times the index factor on the applicable Valuation Date minus the investor fee1 on the applicable Valuation Date.

Early Redemption Mechanics: In order to redeem your Securities on a Redemption Date, you must deliver a notice of redemption to Barclays Capital Inc. (“Barclays Capital”) via email by no later than 4:00 p.m., New York time, on the business day prior to the applicable Valuation Date and follow the procedures set forth in the applicable prospectus and summarized in part below.

Order timeline for redemptions:

 

   

Deliver a Notice of Redemption (Notice of Redemption form attached) to Barclays Capital via email no later than 4:00 p.m., New York time, on the business day prior to the applicable Valuation Date. A Confirmation of Redemption Form will be sent to you by the issuer or by Barclays Capital.

 

   

Sign the Confirmation of Redemption Form and fax to 212-412-1232 before 4:00 p.m., New York time, on the same day. The issuer or Barclays Capital must acknowledge receipt in order for the confirmation to be effective.

 

   

Instruct your DTC custodian to book a delivery vs. payment trade with respect to your Securities on the Valuation Date at a price equal to the applicable daily redemption value, facing Barclays Capital 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 time, on the applicable Redemption Date (the third business day following the Valuation Date).

Contact Barclays Capital for Placements/Early Redemptions: (contacts attached below)

Coupon: There will be no interest during the term of the Securities.

Indicative Value: An intraday “indicative value” meant to approximate the intrinsic economic value of each iPath ETN is calculated and published by Bloomberg or a successor under the respective ticker symbols listed above. In connection with iPath ETNs, the term “indicative value” refers to the value at a given time determined based on the following equation:

Indicative Value = Principal Amount per Security X (Current Index Level / Initial Index Level) – Current Investor Fee

where:

Principal Amount per Security = $50

Current Index Level = The most recent published level of the index underlying your iPath ETN as reported by the relevant index sponsor

Initial Index Level = The level of the applicable index on the inception date.

Current Investor Fee = The most recent daily calculation of the investor fee with respect to an iPath ETN, determined as described above (which, during any trading day, will be the investor fee determined on the preceding calendar day).

The indicative value calculation is provided for reference purposes only.2

Value at Maturity: Holders of iPath Securities will receive cash payment at maturity equal to principal amount of the Securities multiplied by the index factor minus the investor fee.


1

The investor fee for the iPath ETNs referenced herein is equal to 0.75% per year times the principal amount of your Securities times the index factor, calculated on a daily basis in the following manner: The investor fee on the inception date will equal zero. On each subsequent calendar day until maturity or early redemption, the investor fee will increase by an amount equal to 0.75% times the principal amount of your Securities times the index factor on that day (or, if such day is not a trading day, the index factor on the immediately preceding trading day) divided by 365. The index factor on any given day will be equal to the closing value of the applicable index on that day divided by the initial index level. The initial index level is the value of the index on the inception date.

2

The indicative value calculation is provided for reference purposes only. It is not intended as a price or quotation, or as an offer or solicitation for the purchase, sale, redemption or termination of the iPath ETNs, nor do they reflect hedging or transaction costs, credit considerations, market liquidity or bid-offer spreads. Published index levels from the sponsors of the indices underlying each iPath ETN may occasionally be subject to delay or postponement. Any such delays or postponements will affect the Current Index Level and therefore the indicative value of each iPath ETN. Index levels provided by the sponsors of the indices underlying the iPath ETNs do not necessarily reflect the depth and liquidity of the underlying commodities, equities or options markets. For this reason and others, the actual trading price of the iPath ETN may be different from their indicative value.

 

FOR BROKER-DEALER USE RELATING TO REDEMPTIONS


DOW JONES-AIG COMMODITY INDEX TOTAL RETURNSM


The Dow Jones–AIG Commodity Index Total ReturnSM (the “Index”) was introduced in July 1998 to provide a unique, diversified, economically rational and liquid benchmark for commodities as an asset class. The Index was created using the following four main principles: economic significance (as measured by liquidity data and dollar-weighted production data of a particular commodity), diversification, continuity, and liquidity. The Index currently is composed of the prices of nineteen exchange-traded futures contracts on physical commodities.

You may obtain more information about the Dow Jones–AIG Commodity Index Total ReturnSM at http://djindexes.com

CONTRACTS INCLUDED IN THE DOW JONESAIG COMMODITY INDEX TOTAL RETURNSM FOR 2007

 

Commodity

   Ticker   

# of contracts as of

2007*

  

Contract Close

(see after hours

sessions below)

   Trading Facility    Sector

Coffee “C”

   KC    4.58    12:30 PM EST    NYBOT - CSC    Agriculture

Corn

   C    21.14    1:15 PM CST    CBT    Agriculture

Cotton #2

   CT    7.88    2:15 PM EST    NYBOT - NYC    Agriculture

Soybeans

   S    15.63    1:15 PM CST    CBT    Agriculture

Soybean Oil

   BO    11.37    1:15 PM CST    CBT    Agriculture

Sugar #11

   SB    17.06    12:00 PM EST    NYBOT - CSC    Agriculture

Wheat - Chicago

   W    13.88    1:15 PM CST    CBT    Agriculture

Natural Gas

   NG    13.09    2:30 PM EST    NYM    Energy

Oil - No. 2 Heating Oil, NY

   HO    3.86    2:30 PM EST    NYM    Energy

Unleaded Gasoline

   RB    4.23    2:30 PM EST    NYM    Energy

Oil - WTI Crude Oil

   CL    15.15    2:30 PM EST    NYM    Energy

Copper

   HG    6.69    17:00 London    CMX    Industrial Metals

High Grade Primary Aluminum

   IA    7.10    17:00 London    LME    Industrial Metals

Primary Nickel

   IN    0.98    16:55 London    LME    Industrial Metals

Special High Grade Zinc

   IZ    2.05    16:55 London    LME    Industrial Metals

Cattle - Live

   LC    11.24    1:00 PM CST    CME    Livestock

Lean Hogs

   LH    8.53    1:00 PM CST    CME    Livestock

Gold

   GC    7.65    1:30 PM EST    CMX    Precious Metals

Silver

   SI    2.53    1:25 PM EST    CMX    Precious Metals

* # of contracts serves as the hedge for 100 CBOT DJ-AIGCI Futures contracts. The CBOT DJ AIG contract is $100 times the Dow Jones-AIG Futures Price Index. Once fixed, as of the close on the fourth business day of the year, the DJ-AIGCI futures hedge ratios remain constant throughout the year. http://cbot.com/cbot/pub/cont_detail/0,3206,1568+35700,00.html

As of January 2007. Source: AIG. NYM-NYMEX Division New York Mercantile Exchange, IPE – International Petroleum Exchange, CBT – Chicago Board of Trade, CME – Chicago Mercantile Exchange, LME – London Mercantile Exchange, CMX – COMEX Division – New York Mercantile Exchange, NYC – New York Cotton Exchange (Division of NYBOT), KBT – Kansas City Board of Trade, CSC – Coffee, Sugar and Cocoa Exchange (Division of NYBOT).

 

FOR BROKER-DEALER USE RELATING TO REDEMPTIONS


DOW JONES-AIG COMMODITY TOTAL RETURN SUB-INDEXES


The following commodity indexes are sub-indexes of the Dow Jones-AIG Commodity Index Total ReturnSM:

Dow Jones-AIG Agriculture Total Return Sub-IndexSM

Dow Jones-AIG Energy Total Return Sub-IndexSM

Dow Jones-AIG Grains Total Return Sub-IndexSM

Dow Jones-AIG Industrial Metals Total Return Sub-IndexSM

Dow Jones-AIG Livestock Total Return Sub-IndexSM

Dow Jones-AIG Copper Total Return Sub-IndexSM

Dow Jones-AIG Natural Gas Total Return Sub-IndexSM

Dow Jones-AIG Nickel Total Return Sub-IndexSM

Dow Jones-AIG Agriculture Total Return Sub-IndexSM

32.82% of Dow Jones-AIG Commodity Index Total ReturnSM, as of September 28, 2007. Contracts include:

 

Commodity

   Weight  

Soybeans

   28.03 %

Wheat

   23.58 %

Corn

   14.26 %

Soybean Oil

   9.87 %

Cotton

   9.26 %

Coffee

   7.98 %

Sugar

   7.01 %

As of September 28, 2007. Source: Dow Jones, AIG-FP.

Dow Jones-AIG Energy Total Return Sub-IndexSM

33.95% of Dow Jones-AIG Commodity Index Total ReturnSM, as of September 28, 2007. Contracts include:

 

Commodity

   Weight  

Crude Oil

   43.27 %

Natural Gas

   31.43 %

RBOB

   12.67 %

Heating Oil

   12.64 %

As of September 28, 2007. Source: Dow Jones, AIG-FP.

Dow Jones-AIG Grains Total Return Sub-IndexSM

21.62% of Dow Jones-AIG Commodity Index Total ReturnSM, as of September 28, 2007. Contracts include:

 

Commodity

   Weight  

Soybean

   42.55 %

Wheat

   35.80 %

Corn

   21.65 %

As of September 28, 2007. Source: Dow Jones, AIG-FP.

 

FOR BROKER-DEALER USE RELATING TO REDEMPTIONS


Dow Jones-AIG Industrial Metals Total Return Sub-IndexSM

16.46% of Dow Jones-AIG Commodity Index Total ReturnSM, as of September 28, 2007. Contracts include:

 

Commodity

   Weight  

Copper

   43.86 %

Aluminum

   32.02 %

Nickel

   12.82 %

Zinc

   11.30 %

As of September 28, 2007. Source: Dow Jones, AIG-FP.

Dow Jones-AIG Livestock Total Return Sub-IndexSM

7.85% of Dow Jones-AIG Commodity Index Total ReturnSM, as of September 28, 2007. Contracts include:

 

Commodity

   Weight  

Live Cattle

   67.90 %

Lean Hogs

   32.10 %

As of September 28, 2007. Source: Dow Jones, AIG-FP.

Dow Jones-AIG Copper Total Return Sub-IndexSM

7.22% of Dow Jones-AIG Commodity Index Total ReturnSM, as of September 28, 2007. Contracts include:

 

Commodity

   Weight  

Copper

   100 %

As of September 28, 2007. Source: Dow Jones, AIG-FP.

Dow Jones-AIG Natural Gas Total Return Sub-IndexSM

10.67% of Dow Jones-AIG Commodity Index Total ReturnSM, as of September 28, 2007. Contracts include:

 

Commodity

   Weight  

Natural Gas

   100 %

As of September 28, 2007. Source: Dow Jones, AIG-FP.

Dow Jones-AIG Nickel Total Return Sub-IndexSM

2.11% of Dow Jones-AIG Commodity Index Total ReturnSM, as of September 28, 2007. Contracts include:

 

Commodity

   Weight  

Nickel

   100 %

As of September 28, 2007. Source: Dow Jones, AIG-FP.

 

FOR BROKER-DEALER USE RELATING TO REDEMPTIONS


S&P GSCITM TOTAL RETURN INDEX


The S&P GSCITM Total Return Index reflects the excess returns that are potentially available through an unleveraged investment in the contracts comprising the S&P GSCITM Index, plus the Treasury bill rate of interest that could be earned on funds committed to the trading of the underlying contracts. The S&P GSCITM Index is a production-weighted index of the prices of a diversified basket of 24 futures contracts on physical commodities traded on trading facilities in major industrialized countries.

You may obtain more information about the S&P GSCITM Total Return Index at http://www.gs.com/gsci/

CONTRACTS INCLUDED IN THE S&P GSCITM TOTAL RETURN INDEX FOR 2007

 

Commodity

   Ticker   

# of contracts

as of 1/5/07*

  

Contract Close

(see after hours sessions below)

  

Trading

Facility

   Sector

Cocoa

   CC    1.39    11:50 AM EST    NYBOT - CSC    Agriculture

Coffee “C”

   KC    1.88    12:30 PM EST    NYBOT - CSC    Agriculture

Corn

   C    20.85    1:15 PM CST    CBT    Agriculture

Cotton #2

   CT    3.65    2:15 PM EST    NYC    Agriculture

Soybeans

   S    5.52    1:15 PM CST    CBT    Agriculture

Sugar #11

   SB    11.96    12:00 PM EST    NYBOT - CSC    Agriculture

Wheat - Chicago

   W    13.68    1:15 PM CST    CBT    Agriculture

Wheat - Kansas

   KW    4.77    1:15 PM CST    KBT    Agriculture

Natural Gas

   NG    12.54    2:30 PM EST    NYM    Energy

Oil - Brent Crude Oil

   LCO    25.36    22:00 London    ICE    Energy

Oil - Gasoil

   LGO    10.03    22:00 London    ICE    Energy

Oil - No. 2 Heating Oil, NY

   HO    8.54    2:30 PM EST    NYM    Energy

Reformulated Gasoline for Oxygen Blending

   RB    0.02    2:30 PM EST    NYM    Energy

Oil - WTI Crude Oil

   CL    62.06    2:30 PM EST    NYM    Energy

Copper - Grade A

   IC    2.63    17:00 London    LME    Industrial Metals

High Grade Primary Aluminum

   IA    5.75    17:00 London    LME    Industrial Metals

Primary Nickel

   IN    0.83    16:55 London    LME    Industrial Metals

Special High Grade Zinc

   IZ    1.61    16:55 London    LME    Industrial Metals

Standard Lead

   IL    1.14    16:50 London    LME    Industrial Metals

Cattle - Feeder

   FC    1.33    1:00 PM CST    CME    Livestock

Cattle - Live

   LC    8.43    1:00 PM CST    CME    Livestock

Lean Hogs

   LH    6.46    1:00 PM CST    CME    Livestock

Gold

   GC    3.60    1:30 PM EST    CMX    Precious Metals

Silver

   SI    0.51    1:25 PM EST    CMX    Precious Metals

* # of contracts based on a normalizing constant of 5769.679 and serves as the hedge for 100 CME GSCI contracts. The CME GSCI contract size is $250 times the Goldman Sachs Commodity Price Index. http://www.cme.com/trading/prd/overview_GI724.html

As of January 2007. Source: Goldman Sachs. NYM-NYMEX Division New York Mercantile Exchange, IPE – International Petroleum Exchange, CBT – Chicago Board of Trade, CME – Chicago Mercantile Exchange, LME – London Mercantile Exchange, CMX – COMEX Division – New York Mercantile Exchange, NYC – New York Cotton Exchange (Division of NYBOT), KBT – Kansas City Board of Trade, CSC – Coffee, Sugar and Cocoa Exchange (Division of NYBOT).

 

FOR BROKER-DEALER USE RELATING TO REDEMPTIONS


S&P GSCITM CRUDE OIL TOTAL RETURN INDEX


 

The S&P GSCITM Crude Oil Total Return Index is a sub-index of the S&P GSCITM Index and reflects the excess returns that are potentially available through an unleveraged investment in the contracts comprising the relevant components of the Index (which currently includes only the WTI crude oil futures contract traded on the New York Mercantile Exchange) plus the Treasury bill rate of interest that could be earned on funds committed to the trading of the underlying contracts. The 2007 reference price dollar weighting of WTI crude oil contract in the S&P GSCITM Index is 33.72%.

You may obtain more information about the S&P GSCITM Crude Oil Total Return Index at http://www.gs.com/gsci/

CONTRACTS INCLUDED IN THE S&P GSCITM CRUDE OIL TOTAL RETURN INDEX FOR 2007

 

Commodity

  

Ticker

  

# of contracts

as of 2007*

  

Contract Close

(see after hours sessions below)

   Trading Facility    Sector
Oil - WTI Crude Oil    CL    100    2:30 PM EST    NYM    Energy

As of January 2007. Source: Goldman Sachs. NYM-NYMEX Division New York Mercantile Exchange

CBOE S&P 500 BUYWRITE INDEXSM


The CBOE S&P 500 BuyWrite IndexSM is a passive total return index based on (1) buying an S&P 500 stock index portfolio, and (2) “writing”(or selling) the near-term S&P 500 Index “covered” call option (the “SPX call option”), generally on the third Friday of each month. The SPX call written will have about one month remaining to expiration, with an exercise price just above the prevailing index level (i.e., slightly out of the money). The SPX call is held until expiration and cash settled, at which time a new one-month, near-the-money call is written.

You may obtain more information about the CBOE S&P 500 BuyWrite IndexSM at http://www.cboe.com/micro/bxm/introduction.aspx

SECURITIES INCLUDED IN THE CBOE S&P 500 BUYWRITE INDEXSM

 

Security

  

Ticker

  

Trading Facility

  

Security Close

S&P 500® Index portfolio   

Bloomberg: SPX

Reuters: .GSPC

  

Index consists of 500 individual stocks that

trade on NYSE, AMEX and NASDAQ

  

NYSE: 4 PM EST

AMEX: 4 PM EST

NASDAQ: 24 hrs

S&P 500® Index call options       CBOE    3:15 PM CST

 

FOR BROKER-DEALER USE RELATING TO REDEMPTIONS



After Hours Trading Session Information

NYBOT – CSC: The New York Board of Trade is a designated marketplace for Futures and Options on Futures Contracts on a variety of food, fiber and financial products.

CME – 12:00PM CST indicate close on last day of trading (Central Time). RTH = REGULAR TRADING HOURS

COMEX – After-hours electronic trading is conducted from 6:00 PM until 5:15 PM via the CME Globex® trading platform, Sunday through Friday. There is a 45-minute break each day between 5:15 PM (current trade date) and 6:00 PM (next trade date).

NYMEX – After hours electronic trading is conducted from 6:00 PM until 5:15 PM via the CME Globex® trading platform, Sunday through Friday. There is a 45-minute break each day between 5:15 PM (current trade date) and 6:00 PM (next trade date).

CBT – Electronic 6:30 PM – 6 AM and 9:30 AM – 1:15 PM CST; Pre-open Hours - Pre-open is the time in which orders can be entered, deleted and amended on electronic trading system, but trade matching does not take place. Pre-opening rotation runs 5:30 PM. to 6:35 PM for agricultural products with a special pre-open for agricultural futures only from 2:30 PM - 3:55 PM., 5:30 PM - 6:05 PM for financial products and 5:30 PM - 6:17 PM for equity products.

ICE – LCO: Except Monday morning/Sunday evening when the opening time is 00:00 London (local time), 19:00 New York (EST), 18:00 Chicago (CST).

LME – The LME generates information continually throughout the trading day via its three trading platforms – this data is invaluable to the financial and industrial sectors, as well as anyone wishing to monitor the daily activity of the world’s premier non-ferrous metal Exchange.

Access to Prices 24 Hours A Day. The London Metal Exchange operation allows brokers to trade internationally 24-hours a day via three trading platforms. Data is streamed directly to distributors live, in real time.

Ring Trading—During ring trading (11:45-17:00 London time), LME staff constantly input bid, ask and trade prices for the metal and plastics futures and options contracts which are broadcast live as trading occurs.

Inter Office Market – 24 hours a day, brokers are able to trade “inter-office” over the telephone, during which time contributing member firms input pre-trade indicative bid and ask prices for metal and plastics futures and options contracts.

LME Select – Between 07:00 and 19:00 (London time), LME Member firms execute trades electronically for all LME contracts that are published directly via the LME Select feed to licensed distributors and Member firms

Source: ICE www.theice.com, NYMEX www.nymex.com, LME www.lme.co.uk, CBOT www.cbot.com, CME www.cme.com, and NYBOT www.NYBOT.com

 

FOR BROKER-DEALER USE RELATING TO REDEMPTIONS


Who to call for questions:

Barclays Capital Inc. Front Office:

Team Line        (212) 412-5150        Redemption and block buys

Greg King, Nick Cherney, Christian Rieben

Email: ipathdesk@barclayscapital.com

Barclays Capital Inc. Back Office:

 

Lolombahang Rai   (212) 412-3475
Craig Ramirez   (212) 412-2858
Roseann Tsandiotis   (212) 412-3544

Email address for the Notice of Redemption: ipathredemptions@barclayscapital.com

Fax number for signed Confirmation of Redemption Form: 212-412-1232

Any issues with faxing should go to Barclays Capital’s back office

Barclays Capital Inc. iPath Lending Desk

Brian O’Hagen or Brian Bendowski (212) 412-2182

 


iShares Product Management3

 

Katie Waltemyer    (415) 402-4692    Katie.Waltemyer@barclaysglobal.com    Trading/market making questions
Nicole Hunter    (415) 402-4619    Nicole.Hunter@barclaysglobal.com    Trading/market making questions
Matt Lewis    (415) 402-4921    Matthew.Lewis@barclaysglobal.com    Sr. Product Manager
Tony Kelly    (415) 402-4671    Tony.Kelly@barclaysglobal.com    Head of Product Management

3

Associates of Barclays Global Investors Services, a subsidiary of Barclays Global Investors, N.A.

 

FOR BROKER-DEALER USE RELATING TO REDEMPTIONS


Email Format:

NOTICE OF REDEMPTION

To: ipathredemptions@barclayscapital.com

Subject: iPath Notice of Redemption, CUSIP No. [            ]

[BODY OF EMAIL]

Name of holder: [                    ]

Number of Securities to be redeemed: [            ]

Applicable Valuation Date: [            ], 20[    ]

Contact Name: [                    ]

Telephone #: [            ]

Acknowledgement: I acknowledge that the Securities specified above will not be redeemed unless all of the requirements specified in the pricing supplement relating to the Securities are satisfied.


Fax Format

CONFIRMATION OF REDEMPTION

Dated:

Barclays Bank PLC

Barclays Bank PLC, as Calculation Agent

Fax: 212-412-1232

Dear Sirs:

The undersigned holder of Barclays Bank PLC’s Medium-Term Notes, Series A, iPath® Index- Linked Securities due             , 203     CUSIP No.              redeemable for a cash amount based on the (Name of Index)                      (the “Securities”) hereby irrevocably elects to exercise, on the Redemption Date of                     , with respect to the number of Securities indicated below, as of the date hereof, the redemption right as described in the prospectus relating to the Securities (the “Prospectus”). Terms not defined herein have the meanings given to such terms in the Prospectus.

The undersigned certifies to you that it will (i) instruct its DTC custodian with respect to the Securities (specified below) to book a delivery vs. payment trade on the Valuation Date with respect to the number of Securities specified below at a price per Security equal to the applicable daily Redemption Value, facing Barclays Capital DTC 5101 and (ii) cause the DTC custodian to deliver the trade as booked for settlement via DTC at or prior to 10:00 a.m. , New York time, on the Redemption Date.

 

Very truly yours,
[NAME OF HOLDER]
Name:  
Title:  
Telephone:  
Fax:  
E-mail:  

Number of Securities surrendered for redemption:

DTC # (and any relevant sub-account):

Contact Name:

Telephone:

(You must redeem at least 50,000 Securities at one time in order to exercise your right to redeem your Securities on any Redemption Date.)

 

FOR BROKER-DEALER USE RELATING TO REDEMPTIONS


An investment in iPath ETNs involves risks, including possible loss of principal. For a description of the main risks see “Risk Factors” in the applicable prospectus.

Barclays Bank PLC has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and other documents Barclays Bank PLC has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting www.iPathETN.com or EDGAR on the SEC website at www.sec.gov. Alternatively, Barclays Bank PLC will arrange for Barclays Capital Inc. to send you the prospectus if you request it by calling toll-free 1-877-76-iPATH, or you may request a copy from any other dealer participating in the offering.

Barclays Global Investors Services, a subsidiary of Barclays Global Investors, N.A. (“BGINA”), assists in the promotion of the Securities. Barclays Global Investors, N.A. and Barclays Capital Inc. (“BCI”) are affiliates of Barclays Bank PLC.

iPath ETNs (the “Securities”) are unsecured obligations of Barclays Bank PLC and are not secured debt. The Securities are riskier than ordinary unsecured debt securities and have no principal protection. Risks of investing in the Securities include limited portfolio diversification, trade price fluctuations, uncertain principal repayment, and illiquidity. Investing in the Securities is not equivalent to direct investment in index or index components. The investor fee will reduce the amount of your return at maturity or on redemption, and as a result you may receive less than the principal amount of your investment at maturity or upon redemption of your Securities even if the value of the relevant index has increased. An investment in iPath ETNs may not be suitable for all investors.

The Securities may be sold throughout the day on the exchange through any brokerage account. There are restrictions on the minimum number of Securities you may redeem directly with the issuer as specified in the applicable prospectus. Commissions may apply and there are tax consequences in the event of sale, redemption or maturity of Securities. Sales in the secondary market may result in significant losses.

The index components for iPath ETNs linked to commodities indexes are concentrated in the commodities sector. The market value of the Securities may be influenced by many unpredictable factors, including, where applicable, highly volatile commodities prices, changes in supply and demand relationships; weather; agriculture; trade; pestilence; changes in interest rates; and monetary and other governmental policies, action and inaction. Index components that track the performance of a single commodity, or index components concentrated in a single sector, are speculative and may typically exhibit higher volatility. 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 value of the index and the value of your Securities in varying ways.

In addition to factors affecting commodities generally, index components composed of futures contracts on nickel or copper, which are industrial metals, may be subject to a number of additional factors specific to industrial metals that might cause price volatility. These include changes in the level of industrial activity using industrial metals (including the availability of substitutes such as man-made or synthetic substitutes); 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. Index components concentrated in futures contracts on agricultural products, including grains, may be subject to a number of additional factors specific to agricultural products that might cause price volatility. These include weather conditions, including floods, drought and freezing conditions; changes in government policies; planting decisions; and changes in demand for agricultural products, both with end users and as inputs into various industries.

An investment in iPath ETNs linked to buy-write strategies limit participation in any appreciation of the underlying indexes above the strike price of the call options sold, but exposure to any decline in the value of the indexes will not be limited. Stock and option prices may change unpredictably, affecting the value of the buy-write strategy and, consequently, the value of your Securities in unforeseeable ways.

“Dow Jones®”, “AIG®”, “Dow Jones-AIG Commodity IndexSM”, “DJ-AIGCISM”, “Dow Jones-AIG Commodity Index Total ReturnSM”, “Dow Jones-AIG Agriculture Total Return Sub-IndexSM”, “Dow Jones-AIG Copper Total Return Sub-IndexSM”, “Dow Jones-AIG Energy Total Return Sub-IndexSM”, “Dow Jones-AIG Grains Total Return Sub-IndexSM”, “Dow Jones-AIG Industrial Metals Total Return Sub-IndexSM”, “Dow Jones-AIG Livestock Total Return Sub-IndexSM”, “Dow Jones-AIG Natural Gas Total Return Sub-IndexSM” and “Dow Jones-AIG Nickel Total Return Sub-IndexSM” are registered trademarks or servicemarks of Dow Jones & Company, Inc. (“Dow Jones”), and American International Group, Inc. (“AIG”), as the case may be, and have been licensed for use for certain purposes by Barclays Bank PLC for the Securities. The Securities based on the Dow Jones–AIG Commodity Index Total ReturnSM are not sponsored, endorsed, sold or promoted by Dow Jones, AIG Financial Products Corp. (“AIG-FP”), AIG, or any of their respective subsidiaries or affiliates and none of Dow Jones, AIG-FP, AIG, or any of their respective subsidiaries or affiliates makes any representation regarding the advisability of investing in such Securities.

 

FOR BROKER-DEALER USE RELATING TO REDEMPTIONS


“Standard & Poor’s®”, “S&P®”, “GSCI®”, “S&P GSCITM”, “S&P GSCITM Index”, “S&P GSCITM Total Return Index”, “S&P GSCITM Crude Oil Total Return Index” and “S&P GSCITM Commodity Index” are trademarks or service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Barclays Bank PLC in connection with the Securities. The S&P GSCITM Index, the S&P GSCITM Total Return Index, the S&P GSCITM Crude Oil Total Return Index, and S&P GSCITM Commodity Index are not owned, endorsed, or approved by or associated with Goldman Sachs & Co. or its affiliated companies. The Securities are not sponsored, endorsed, sold or promoted by Standard & Poor’s, a division of the McGraw-Hill Companies, Inc. or any of its affiliates (“Standard & Poor’s”).Standard & Poor’s does not make any representation or warranty, express or implied, to the owners of the Securities or any member of the public regarding the advisability of investing in securities generally or in the Securities particularly or the ability of the S&P GSCITM Index or any of its subindexes to track general commodity market performance.

“Standard & Poor’s®”, “S&P®”, “S&P 500®”, “Standard & Poor’s 500” and “500” are trademarks of Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and “BuyWrite” and “CBOE” are trademarks of the Chicago Board Options Exchange, Incorporated (“CBOE”). These marks have been licensed for use by Barclays Bank PLC. The Securities are not sponsored, endorsed, sold or promoted by Standard &Poor’s or CBOE and Standard &Poor’s and CBOE make no representation regarding the advisability of investing in the Securities.

© 2007 BGINA. All rights reserved. iPath, iPath ETNs and the iPath logo are registered trademarks of Barclays Bank PLC. All other trademarks, servicemarks or registered trademarks are the property, and used with the permission, of their respective owners.

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FOR BROKER-DEALER USE RELATING TO REDEMPTIONS