Free Writing Prospectus

Filed Pursuant to Rule 433

Registration No. 333-145845

April 28, 2008

iPath

inside Barclays Bank plc

Barclays Bank PLC is the principal subsidiary of Barclays PLC, one of the largest financial services companies in the world. Operating in more than 50 countries and with over 134,000 permanent employees, Barclays provides banking, investment banking, and asset management services for over 27 million customers and clients globally.

facts About Barclays

Based in the UK, Barclays maintains a large global presence across Europe, the United States, Africa, and Asia. Barclays has been involved in banking for over 300 years, making it one of the most established financial services companies in the world. By market capitalization, Barclays is one of the largest financial services companies in the world. In the U.S., Barclays maintains significant operations in two businesses: Barclays Capital, one of the world’s fastest growing investment banks; and Barclays Global Investors, the largest money manager in the United States1.

credit profile

Barclays is highly capitalized with a balance sheet of over £1.23 trillion2 and views its strong credit rating and disciplined approach to capital management as a source of competitive advantage. The lowest rating Barclays Bank PLC has had in the past 20 years is AA/Aa2/AA.

Current credit ratings

Rating agency Long-term rating

Standard & Poor’s AA Moody’s Aa1 Fitch AA

A credit rating is subject to revision or withdrawal at any time by the assigning rating organization, and there is no assurance that a credit rating will remain in effect for any given period of time or that it will not be lowered, suspended or withdrawn entirely by the applicable rating agency.

1 July 2007, Institutional Investor.

2 December 2007.

financial highlights

8

7 7.1 7.1

6

5 5.3

4 4.6

(IN BILLIONS £) 3.8

PROFIT BEFORE TAX 3

3.2

2

1

0

2002 2003 2004 2005 2006 2007

YEAR

Awards for Barclays’ Businesses

Barclays Global Investors Asset Manager of the Year (Risk Magazine, 1/08) Best Service Provider (International Securities Finance, 9/07) ETF Provider of the Year (Global Pensions, 4/07) Best Provider of Money Market Funds—Western Europe (Global Finance, 1/07)

Barclays Capital Commodity and Energy Derivatives House of the Year (Risk Awards, 1/08) Global Derivatives House of the Year (Derivatives Week, 11/07) Best Investment Bank in the U.K. (Global Finance European Awards, 4/07) Innovation of the Year for iPath ETNs (Structured Products, Americas, 4/07)

inside Barclays Bank plc

Barclays PLC Business Profile

Marcus Group Chairman Agius, Chris Lucas, Group Finance Director John Varley, Group Chief Executive Paul Idzik, Group Chief Operating Officer

Robert E. Diamond, Jr., President, Barclays PLC, Frits Seegers, Chief Executive, Chief Executive, Investment Banking and Investment Management Global Retail and Commercial Banking

Barclays Wealth Barclays Capital Barclays Global UK Banking Barclaycard International

Management Barclays Capital Investors UK Banking delivers Barclaycard is Retail & Barclays Wealth is the investment Barclays Global banking solutions a multi-brand Commercial Management banking division Investors (BGI) to retail and international credit Banking serves affluent, providing large is one of the business banking card and consumer International high-net-worth corporate, insti- world’s largest customers in the lending business. Retail and and corporate tutional and asset managers United Kingdom It is one of the Commercial clients, providing government clients and a leading through a variety leading credit Banking provides private banking, with solutions global provider of channels com- card businesses Barclays’ interna-offshore banking, to their financing of investment prising the branch in Europe. tional personal stockbroking, and risk manage- management network, cash and corporate asset management ment needs. products and machines, tele- customers with and financial plan- services. phone banking, banking services. ning services. online banking It includes the and relationship Absa Group in managers. South Africa.

Barclays History

1690 1918 1925 1981 1986

Partnership formed Barclays becomes Barclays’ international First foreign bank to First British bank to between two one of the UK’s operations developed file with SEC to raise have shares listed on goldsmith bankers “big five” banks long-term capital on Tokyo and NY stock the NY market exchanges

1896 1995

Barclay & Company Purchases Wells Fargo 2000

1986 2005 joint-stock bank created Nikko Investment Advisers Barclays takes over

Investment banking Barclays Head Office to form Barclays Global the Woolwich, a leading operation formed, which moves to the iconic Canary Investors mortgage bank and former develops into Barclays Capital Wharf building in London’s building society regenerated Docklands

“BGI” may be used to refer to Barclays Global Investors and its affiliates. Barclays Global Investors, N.A., a national banking association operating as a limited purpose trust company, manages collective investment products and services and provides fiduciary and custody services to various institutional investors. Barclays Global Fund Advisors (BGFA) provides investment advisory services to U.S. registered exchange traded funds and other registered investment company products. Barclays Global Investors Services (BGIS) provides marketing support to certain distributors of registered investment companies and other registered securities. BGFA and BGIS are majority-owned subsidiaries of Barclays Global Investors, N.A., which, along with Barclays Capital Inc. are subsidiaries of Barclays Bank PLC. BGI is located at

45 Fremont Street, San Francisco, CA 94105.

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.

©2008 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. 6921-iP-0408 651-24JB-4/08

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BCY-M-005-01008

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