The basics of ipath Exchange Traded Notes

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1 The basics of Learn more about ipath Please see important disclaimers at the end of this document. This material is to be read in conjunction with the relevant base prospectus and relevant final terms referred to in the disclaimers.

2 Broschürentitel The basics of OPINIONS SUBJECT TO CHANGE All opinions and estimates are given as of the date hereof and are subject to change. Barclays is not obligated to inform you of any change to such opinions or estimates. Barclays will not be liable for any use you make of any opinion or estimate provided. * The investor fee is the Annual Fee times the applicable closing indicative value times the applicable daily 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 be equal to the Annual Fee times the closing indicative value on the immediately preceding calendar day times the daily index factor on that day (or, if such day is not an index business day, one) divided by

3 What are ipath Exchange Traded Notes (ETNs)? (ETNs) are senior, unsecured, unsubordinated debt securities issued by Barclays Bank PLC and can be traded like a stock. Unlike most bonds, at maturity there is no repayment of capital and no interest distribution over the life of the bond. The return is the direct performance of a specific index. By way of comparison, ipath ETNs are designed to provide exposure to a specific asset class or index in a similar way to Exchange Traded Funds (ETFs) and Exchange Traded Commodities (ETCs). ipath ETNs are different from these products in three key areas: ipath ETNs have a single counterparty risk as they are instruments issued by Barclays Bank PLC. In the event of default by the bank, you may get back less than is due to you or nothing at all. Like ETFs and ETCs, ipath ETNs can be bought and sold on the exchange like a stock. However, ipath ETNs can also be sold back at the relevant redemption value by the investor on a daily basis, subject to minimum redemption amounts. ipath ETNs pay returns directly linked to the performance of the underlying index, and so are not subject to tracking errors. Tracking error is a measure of how closely a portfolio follows the index to which it is tracking. Furthermore, ipath ETNs are typically traded rather than held to maturity by investors. Please also see the TRADING ipath ETNs section for more information. What do ipath ETNs offer access to? ipath ETNs were launched on the London Stock Exchange and the Deutsche Börse (Xetra) in April 2010 with nine ETNs that offer access to commodity indices and three that track stock market volatility, through products tracking the STOXX VSTOXX Index and the CBOE Volatility Index (the VIX ). ipath ETNs are not principal protected. You should not invest in an ipath ETN unless you understand the risks involved of such investments (taking independent professional advice as you deem appropriate), and you are capable of assuming such risks. ipath exchange traded notes (ETNs) ipath ALTERNATIVE ETNs Ticker Symbol Annual Fee* ISin ipath VSTOXX Short -Term Futures ETN VSXX GY / VSXX LN VSXX IM DE000BC2KTT9 DE000BC2KZY6 ipath VSTOXX Mid -Term Futures ETN VSXY GY / VSXY LN VSXY IM DE000BC2KYE1 DE000BC2K050 ipath S&P 500 VIX Short -Term Futures ETN VXIS GY / VXIS LN DE000BC1C7Q6 ipath S&P 500 VIX Mid -Term Futures ETN VXIM GY / VXIM LN DE000BC1C7R4 ipath commodity etns Ticker Symbol Annual Fee* ISin ipath Dow Jones-UBS Commodity Index Total Return SM ETN DJUB GY / DJUB LN 0.75% DE000BC1C7J1 ipath S&P GSCI Index Total Return ETN SPGS GY / SPGS LN 0.75% DE000BC1DBG1 ipath S&P GSCI Agriculture Index Total Return ETN AGGS GY / AGGS LN 0.75% DE000BC1DBJ5 ipath S&P GSCI Energy Index Total Return ETN NRGY GY / NRGY LN 0.75% DE000BC1DBH9 ipath S&P GSCI Grains Index Total Return ETN SEED GY / SEED LN 0.75% DE000BC1DBK3 ipath S&P GSCI Industrial Metals Index Total Return ETN IMET GY / IMET LN 0.75% DE000BC1C7K9 ipath S&P GSCI Livestock Index Total Return ETN MOOO GY / MOOO LN 0.75% DE000BC1DBM9 ipath S&P GSCI Precious Metals Index Total Return ETN PMET GY / PMET LN 0.75% DE000BC1C7L7 ipath S&P GSCI Softs Index Total Return ETN SOFT GY / SOFT LN 0.75% DE000BC1DBL1 3

4 The basics of TRADING ipath ETNs Where are ipath ETNs listed? The ipath ETNs currently available are listed on the Frankfurt Stock Exchange (XETRA) and the London Stock Exchange (LSE). How do I buy an ipath ETN in Europe? All currently available ipath ETNs are listed on the Frankfurt Stock Exchange (XETRA) and the London Stock Exchange (LSE) and are available for purchase similar to other publicly traded securities through a broker. How do I sell an ipath ETN? Investors can liquidate ipath ETNs in one of three ways: Sell in the secondary market during trading hours. Redeem a large block of securities (Commodity-linked: 50,000 ETNs, Volatility-linked: 25,000 ETNs) directly to the issuer, Barclays Bank PLC, subject to the procedures described in the relevant prospectus. A redemption charge will apply to certain ipath ETNs. Hold until maturity and receive a cash payment from the issuer, Barclays Bank PLC, equal to the indicative value on the immediately preceding calendar day times the index factor on the final valuation date minus the investor fee on the final valuation date. When can I buy or sell ipath ETNs? ipath ETNs can be bought or sold anytime during market hours. Can the ipath ETNs currently available be shorted? Yes, they can be shorted subject to the ability to locate notes to borrow. 1 Is there a minimum trade size for ipath ETNs? No. ipath ETNs can be bought and sold at their market price on the secondary market similar to other publicly traded securities. What is the redemption charge? The redemption charge is a one-time transaction charge imposed only in the case of early redemptions for certain ipath ETNs. The charge is intended to allow the issuer to recoup brokerage and other costs incurred in connection with an early redemption (although the proceeds from the charge may be more or less than such costs). Investors transacting on the secondary market will not incur a redemption charge. Is there a capacity constraint with respect to the ipath ETNs? Should demand for any ipath ETN exceed the initial amount of securities issued, subsequent issuances may be made. The terms of the new issue-maturity date, investor fee, ticker, ISIN will be the same as the original issue, and it is expected that both issues would be immediately fungible. How can ipath ETNs be redeemed directly to the issuer prior to the maturity date? Investors may redeem a large block of securities, typically at least USD 2,500,000 notional of a particular ipath ETN, directly to the issuer, subject to the procedures described in the relevant prospectus. A redemption charge may apply. What are the Minimum Redemption Amounts of ipath ETNs? 2 The Minimum Redemption Amounts are equal to a notional amount of USD 2,500,000. The number of units required to satisfy the Minimum Redemption Amount will depend on the ipath ETN. For example, the ipath S&P 500 VIX Futures ETNs contain a Minimum Redemption Amount of 25,000 units, since these ETNs were issued with a face value of USD 100. The ipath Dow Jones-UBS and S&P GSCI ETNs contain a Minimum Redemption Amount of 50,000 units as these were issued with a face value of USD 50. Who are the current official market makers for ipath ETNs? Flow Traders B.V. Susquehanna International Group, LLP. 1 With short sales, you risk paying more for a security than you received from its sale. Shorting may be restricted on certain exchanges and in certain jurisdictions. Short selling can expose the investor to unlimited losses and is a sophisticated trading strategy for professional investors only. 2 The issuer may from time to time in its sole discretion reduce, in part or in whole, the minimum redemption amount. Any such reduction will be applied on a consistent basis for all holders of units at the time the reduction becomes effective. 4

5 Some of the risks factors I should consider The secondary market for ipath ETNs is not guaranteed ipath ETNs are exchange traded and the secondary market liquidity is provided by market participants. There may not always be a secondary market for ipath ETNs, even under ordinary conditions. Thus a sale might not always be possible at the market value. If a secondary market exists, prices in that market may be lower than the issue price or purchase price of the ipath ETN. Note however, that subject to minimum redemption amounts, ipath ETNs can also be sold back to Barclays at the relevant redemption value. Early redemption Barclays, in its capacity as issuer, may redeem the ipath ETNs at any time for any reason or following the occurrence of certain specific disruption events. Please refer to the prospectus for further information. On early redemption the product may return less than your original investment. The early redemption value may take account of the costs of terminating hedging and funding arrangements relating to the product. This may reduce the amount payable to you. This product is not guaranteed by an exchange and does not confer any ownership of any exchange traded contracts. Barclays is a market participant Its general trading and hedging activity may adversely affect the product. Barclays and its associates may have positions or deal in financial instruments identical or similar to those described herein. Barclays and its associates may also act in various capacities or functions in relation to this product. Barclays may at any time establish, maintain, adjust or unwind hedge positions in respect of its obligations under the product, but it is not obliged to do so. Hedging activity may adversely affect the value of assets underlying the product and the performance of the product. Barclays may disclose any information relating to your investment in the product which is required by regulators. 5

6 The basics of What are the advantages of ipath ETNs? The advantages of ipath ETNs ipath ETNs provide investors with convenient exposure to the returns of market benchmarks, less an investor fee, with easy transferability and an exchange listing. The ETN structure is designed to allow investors cost-effective exposure to investments in often expensive or difficult-to reach market sectors or strategies. What other important risk factors should I be aware of? ipath ETNs are not Principal Protected ipath ETNs are designed to provide exposure to the returns of an index, the returns on which may be both positive or negative. ipath ETNs may return less than your original investment and investors may lose their entire investment. Transparency ipath ETNs are designed to provide straightforward exposure to the returns of an index or market segment that could otherwise be difficult or expensive to access. A single identified counterparty risk. Returns directly linked to the performance of the underlying index. ipath ETNs allow investors to obtain clearly identified exposure to markets that have traditionally been difficult or expensive to access. The returns represent the performance of the index less the annual management fee. Liquidity Freely transferrable. Exchange listed and traded on London Stock Exchange and Deutsche Boerse (XETRA). Low denominations, minimum exchange trade: one unit. Efficiency Fee Structure - ipath ETNs carry an explicit allinclusive annual management charge and there are no additional charges levied to the product. No administration, custodian fees as it is possible with an ETF. ipath ETNs are exposed to Barclays credit risk ipath ETNs are bonds issued by Barclays. If Barclays becomes insolvent it will not be able to meet its payment obligations under the ipath ETNs and investors may lose their entire investment. The product is not protected by either the UK or German deposit protection scheme. A rating is not a recommendation as to Barclays credit worthiness or the risks, returns or suitability of the product. Credit ratings may be lowered or withdrawn without notice. ipath ETN investment may be volatile The level of change in value of a product is its volatility. The product s volatility may be affected by performance of the underlying assets, along with financial, political and economic events and other market conditions. The investor in the Sterling version of the LSE listed ipath ETN may be exposed to the risk that the value of the Euro or the US Dollar would decrease compared to the value of the British Pound. Markets may become disrupted ipath ETNs have exposure to non-uk markets and may be subject, directly or indirectly, to disruptions in these local markets. Local market disruptions can have a global effect. Market disruption can adversely affect the performance of the product. Tax Tax may apply. Payments from Barclays may be subject to tax, withholding and other deductions. 6

7 OTHER CHARACTERISTICS OF ipath ETNs Do the ipath ETNs currently available make interest payments /dividend distributions? No. ipath ETNs are non-interest bearing securities. This means that they do not make any distribution payments such as coupons or dividends and they do not make any payments of interest. When purchasing an ipath ETN, you are buying the performance of the underlying index less an investor fee. Do the ipath ETNs currently available offer principal protection? No. Investors will receive the performance of the index to which the ipath ETN is linked, less an investor fee. The index may go up or down. Even if the index goes up, investors may not recover their principal once the investor fee is deducted. Investors may lose their entire investment, for example if Barclays Bank Plc becomes insolvent. Are ipath ETNs rated? No. ipath ETNs are not rated, but rely on the ratings of their issuer, Barclays Bank PLC. Barclays moves, lends, invests and protects money for over 49 million customers and clients worldwide. For further information about Barclays, please visit our website www. barclays.co.uk. Who is Barclays Capital? Barclays Capital is the investment banking division of Barclays Bank PLC. Do ipath ETNs have voting rights? No. ipath ETNs are debt securities and have no equity voting rights. Do ipath ETNs contain an issuer redemption right? ipath ETNs contain an issuer redemption right. This means that Barclays, at their sole discretion, has a daily right to redeem all outstanding ETNs in issuance at their Redemption Value. What is the current credit rating of Barclays Bank PLC? 3 Standard & Poor s: AA- Moody s: Aa3 4 Credit ratings can be a useful way to compare the credit risk associated with different product issuers and related investments. Credit ratings are assigned by independent companies known as ratings agencies and reviewed regularly. Both Standard & Poor s Ltd and Moody s has its own scale of credit ratings, so please refer to either or for further information. Are ipath ETNs collateralised? No. Index linked ipath ETNs are not backed by a pool of collateral. This means that when you buy an ipath ETN you are exposed to the counterparty risk of Barclays Bank PLC. However, as ipath ETNs are not backed by collateral, there are no hidden costs such as collateral management fees embedded within the product. ipath ETNs are designed to be simple and transparent products where the only fee payable will be the published investor fee. Who is the issuer? Barclays Bank PLC, which is part of the Barclays group, is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services, with an extensive international presence in Europe, the USA, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs 145,000 people. Are ipath ETNs linked to commodity indices CFTC? (Commodities Futures Trading Commission) regulated? No. ipath ETNs are debt securities issued by Barclays Bank PLC and are not regulated by the US regulator, the CFTC; however, futures contracts underlying the relevant market index may be regulated by the CFTC. Where can I find additional information about ipath ETNs? Additional information is available on 3 Credit ratings are subject to revision or withdrawal at any time by the assigning rating organisation, which may have an adverse effect on the market price or marketability of the ipath ETNs. 4 As of 01 November

8 The basics of How are ipath ETNs similar to Exchange Traded Funds (ETFs) and Exchange Traded Commodities (ETCs)? Both ipath and ETFs/ETCs provide investors with access to the returns of various market benchmark indices. Similarly, both ipath ETNs and ETFs are listed on an exchange and can be traded during the exchange trading hours. However, ETNs are senior, unsecured debt securities issued by Barclays Bank PLC, whereas ETFs are typically registered investment companies and are collateralised by an underlying portfolio of securities. ipath ETNs ETFs/ ETCs Structure Unsecured debt securities Registered investment companies Liquidity Daily on exchange Daily on exchange Counterparty Risk Issuer (Barclays) Portfolio of securities or derivatives from potentially undisclosed issuers Redemptions Daily to the issuer 5 Daily to the issuer Listed on an Exchange Yes Yes Trading Through market markers Through market markers Tracking Error No Typically Yes Transparency Yes Typically No Fee Structure One explicit all-inclusive annual management charge (accrued on a daily basis) Management fee plus hidden costs due to possible custodian & administrator fees Trading hours Exchange trading hours Exchange trading hours Source: Barclays Capital 5 Subject to the minimum redemption volume. 8

9 How are the returns of ipath ETNs calculated? If held for the life of the ETN, your return will be the difference between the issue price and the maturity value. It will reflect the movement of the underlying index over the life of the ETN, less the annual management charge (please see the factsheets on for more information about this fee). If bought and sold during the life of the ETN, the market price will be influenced by the movement of the underlying index and potentially the credit risk of the counterparty (Barclays Bank PLC). How are the fees calculated? The Investor Fee is the Annual Fee multiplied by the applicable closing indicative value multiplied by the applicable daily 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 be equal to the Annual Fee multiplied by the closing indicative value on the immediately preceding calendar day times the daily index factor on that day (or, if such day is not an index business day, one) divided by 365. Note details on the relevant Final Terms and factsheets for further information on this fee. There are no sundry or other expenses incurred. ipath ETN Investor Fee Volatility ipath S&P 500 VIX Short-Term Futures ETN ipath S&P 500 VIX Mid-Term Futures ETN ipath VSTOXX Short-Term Futures ETN ipath VSTOXX Mid-Term Futures ETN 89 basis points per annum 89 basis points per annum 89 basis points per annum 89 basis points per annum Commodity ipath Dow Jones-UBS Commodity Index Total Return SM ETN ipath S&P GSCI Index Total Return ETN ipath S&P GSCI Agriculture Index Total Return ETN ipath S&P GSCI Energy Index Total Return ETN ipath S&P GSCI Grains Index Total Return ETN ipath S&P GSCI Softs Index Total Return ETN ipath S&P GSCI Industrial Metals Index Total Return ETN ipath S&P GSCI Precious Metals Index Total Return ETN ipath S&P GSCI Livestock Index Total Return ETN 9

10 The basics of ipath PERFORMANCE MONITORING How are the returns of ipath ETNs calculated? ipath ETNs are designed to provide investors a return that is linked to the performance of a market index, less an investor fee. Where can I monitor the prices of ipath ETNs? Information regarding the values of ETNs can be found on Bloomberg by typing the relevant ETN s trading symbol, then the key <EQUITY>, then <GO>. Alternatively, you can find further information on the website or other sources of financial information. Who calculates the underlying index and where is this information published? The calculation of the underlying index will depend on who the index provider is for the particular ETN. For example for the S&P 500 VIX Futures indices, the index provider is Standard & Poor s. Please see Product Factsheets for more details. The underlying indices are published on Bloomberg. For example the S&P 500 VIX Mid -Term Futures Index Total Return and the S&P 500 VIX Short -Term Futures Index Total Return have the tickers SPVXMTR and SPVXSTR respectively. Alternatively, information regarding the indices can be found on the websites of the respective index providers, i.e. Standard & Poor s or Dow Jones. Do ipath ETNs track the underlying index value? Yes. ipath ETNs are designed to track, one for one, the underlying index or strategy performance to which they reference. Unlike funds, where the investor is exposed to the performance of a portfolio of assets that a fund manager uses to replicate the Index, ipath ETNs have a formula based redemption value reflecting the underlying index performance minus an investor fee. Is a net asset value (NAV) calculated? No. As ipath ETNs are debt securities, and not mutual funds, they will not have a NAV. However, the daily redemption value of each ipath ETN is published at the end of each trading day on Do ipath ETNs trade at their indicative value? 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 ipath ETNs, nor does it reflect hedging or transaction costs, credit considerations, market liquidity or bid-offer spreads. Published index levels from the sponsors of the indices underlying ipath ETNs 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 your ipath ETNs. Index levels provided by the sponsors of the indices underlying the ipath ETNs do not necessarily reflect the depth and liquidity of the underlying relevant market. For this reason and others, the actual trading price of the ipath ETNs may be different from their indicative value. In addition to being available for trading on an exchange, the early redemption feature allows a large block of securities, typically at least USD 2,500,000 notional of a particular ipath ETN, to be redeemed directly to Barclays Bank PLC for the redemption value, which is published daily on and as described in the applicable Final Terms. If Barclays Bank PLC s credit rating is downgraded, what happens to the indicative value? The indicative value calculation of ipath ETNs will not change in response to a Barclays Bank PLC credit event. However, the trading price of the ipath ETNs may be adversely impacted. What is the relationship between the underlying index value, the indicative value, the redemption value and the market price of the ETN? The underlying index value is provided by the respective index provider, such as Standard and Poors, and reflects the performance of the underlying index that the ETN is tracking. The inav, or indicative Net Asset Value, provides a guide for the value of the ETN and is based on a formula contained in the prospectus. It can be used as an indicative value for the ETN during the trading day (intra-day) and at market close. The Redemption Value is the value that the investor will receive when they redeem the ETN. The market or trading price is the price at which investors can buy or sell the ETN on the exchange. This value is affected by market fundamental factors such as supply and demand for the ETN and issuer credit risk. Under normal market conditions, the trading price will be similar to the inav. 10

11 Barclays has issued (ETNs) designed to provide investors with a new way to access difficult-toreach markets. ipath ETNs provide investors with convenient access to the returns of key implied volatility and commodity indices (less an investor fee), and may be one of the most convenient and cost effective means yet of gaining exposure. Please consult your financial adviser before considering an investment in ipath ETNs. An investment in ipath ETNs involves risks, including possible loss of principal. In addition, ipath ETNs do not pay any coupon or dividends. For a description of the main risks, see the relevant Final Terms and the Risk Factors in the applicable prospectus. Please refer to ipath exchange traded notes (ETNs) ipath Alternative etns Ticker Symbol Annual Fee* ISin ipath VSTOXX Short -Term Futures ETN VSXX GY / VSXX LN VSXX IM DE000BC2KTT9 DE- 000BC2KZY6 ipath VSTOXX Mid -Term Futures ETN VSXY GY / VSXY LN VSXY IM DE000BC2KYE1 DE000BC2K050 ipath S&P 500 VIX Short -Term Futures ETN VXIS GY / VXIS LN DE000BC1C7Q6 ipath S&P 500 VIX Mid -Term Futures ETN VXIM GY / VXIM LN DE000BC1C7R4 ipath commodity etns Ticker Symbol Annual Fee* ISin ipath Dow Jones-UBS Commodity Index Total Return SM ETN DJUB GY / DJUB LN 0.75% DE000BC1C7J1 ipath S&P GSCI Index Total Return ETN SPGS GY / SPGS LN 0.75% DE000BC1DBG1 ipath S&P GSCI Agriculture Index Total Return ETN AGGS GY / AGGS LN 0.75% DE000BC1DBJ5 ipath S&P GSCI Energy Index Total Return ETN NRGY GY / NRGY LN 0.75% DE000BC1DBH9 ipath S&P GSCI Grains Index Total Return ETN SEED GY / SEED LN 0.75% DE000BC1DBK3 ipath S&P GSCI Industrial Metals Index Total Return ETN IMET GY / IMET LN 0.75% DE000BC1C7K9 ipath S&P GSCI Livestock Index Total Return ETN MOOO GY / MOOO LN 0.75% DE000BC1DBM9 ipath S&P GSCI Precious Metals Index Total Return ETN PMET GY / PMET LN 0.75% DE000BC1C7L7 ipath S&P GSCI Softs Index Total Return ETN SOFT GY / SOFT LN 0.75% DE000BC1DBL1 * The investor fee is the Annual Fee times the applicable closing indicative value times the applicable daily 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 be equal to the Annual Fee times the closing indicative value on the immediately preceding calendar day times the daily index factor on that day (or, if such day is not an index business day, one) divided by 365. Find Your ipath 11

12 Disclaimer THIS DOCUMENT IS AN INDICATIVE SUMMARY OF THE PRODUCT. It has been prepared by Barclays Capital, the investment banking division of Barclays Bank PLC ( Barclays ). It is subject to change. THE PROSPECTUS AND FINAL TERMS FOR ALL RELEVANT ETNs ARE AVAILABLE ON THE WEBSITE THIS DOCUMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT BINDING. Barclays is not offering to sell or seeking offers to buy the Products described in this document. Any transaction requires Barclays subsequent formal agreement which will be set out in binding transaction documents and which is subject to internal approvals. THIS DOCUMENT DOES NOT AND CANNOT DISCLOSE ALL POSSIBLE RISKS RELATING TO THE PRODUCT. Before investing, you must satisfy yourself that you fully understand the Product and the risks of investing in it. YOU SHOULD OBTAIN INDEPENDENT PROFESSIONAL ADVICE BEFORE INVESTING IN THE PRODUCT. Barclays is not your advisor or fiduciary. In any resulting transaction, Barclays will act as principal. It is not advising or recommending investment in the Product or making any representations as to suitability. Barclays is not responsible for the accuracy or completeness of information stated to be obtained or derived from third party sources or statistical services. If you on-sell any Product described herein, you will comply with all applicable regulations, and to the extent required you will fully disclose any fees or commissions received or paid by you in connection with such Product. YOU ARE RESPONSIBLE FOR COMPLYING WITH ANY APPLICABLE LAWS AND REGULATIONS IF YOU OFFER, SELL, RESELL OR DELIVER THE PRODUCT OR DISTRIBUTE ANY OFFERING MATERIAL RELATING TO SUCH PRODUCT TO THE PUBLIC IN ANY JURISDICTION. The EURO STOXX 50 Index, EURO STOXX 50 Volatility Index (the VSTOXX Index ) and the EURO STOXX 50 Volatility Short-Term Futures Total Return Index and the trademarks used in the index name are the intellectual property of STOXX Limited, Zurich, Switzerland and/or its licensors. The indices are used under license from STOXX. The securities based on the index are in no way sponsored, endorsed, sold or promoted by STOXX and/or its licensors and neither STOXX nor its licensors shall have any liability with respect thereto. Dow Jones, DJ UBS, Dow Jones-UBS Commodity Index SM, DJUBSCI SM and Dow Jones-UBS Commodity Index Total Return SM are servicemarks of Dow Jones & Company, Inc. ( Dow Jones ) and UBS AG ( UBS AG ), as the case may be, and have been licensed for use for certain purposes by Barclays Bank PLC. The Securities based on the Dow Jones- UBS Commodity Index Total ReturnSM are not sponsored, endorsed, sold or promoted by Dow Jones, UBS AG, UBS Securities LLC ( UBS Securities ), or any of their respective subsidiaries or affiliates and none of Dow Jones, UBS AG, UBS Securities, or any of their respective subsidiaries or affiliates makes any representation regarding the advisability of investing in such Securities. Standard & Poor s, S&P GSCI, S&P GSCI, S&P GSCI Index, S&P GSCI Index Total Return and S&P GSCI 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 GSCI Index, the S&P GSCI Index Total Return, the S&P GSCI Energy Index Total Return, and S&P GSCI 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 GSCI Index or any of its subindices to track general commodity market performance. Standard & Poor s, S&P, S&P 500, Standard & Poor s 500, S&P 500 VIX Short -Term Futures and S&P 500 VIX Mid -Term Futures are trademarks of Standard & Poor s, a division of The McGraw- Hill Companies, Inc. and have been licensed for use by Barclays. VIX is a registered trademark of the Chicago Board Options Exchange, Incorporated and has been licensed for use by S&P. 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. Barclays is authorised and regulated by the UK Financial Services Authority and a member of the London Stock Exchange. Barclays Bank PLC is registered in England No Registered Office: 1 Churchill Place, London E14 5HP. Copyright Barclays Bank PLC, 2011 (all rights reserved). No part of this document may be reproduced, distributed or transmitted without Barclays written permission. Find Your ipath