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FTSE Protected Supertracker Investment Note

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					FTSE 100 Protected Supertracker
Investment Note
Listed on the London Stock Exchange – Initial Offer ends 31/10/2008


        FTSE 100 Protected Supertracker Investment Note at a glance
       • This is a five year growth investment linked to the performance                                        • In addition, it undertakes to repay the total nominal value of
         of the FTSE 100 Index (the “Index”)                                                                      the investment at the end of the five year term
       • It is designed to produce a return of 4 times the rise in the                                          • You can invest from as little as £500
         Index, limited to a maximum return of 50%.                                                             • Trade (Buy or Sell) daily through Barclays Stockbrokers –
         Therefore the Index only has to rise by 12.5% at maturity for                                            though you may receive back less than the nominal value if
         the maximum return to be paid.                                                                           you sell before the end of the term.
         This return will be based on the nominal value of the                                                  • Available as qualifying investment for Investment ISAs† and SIPPs
         investment (see below).                                                                                †
                                                                                                                  Not eligible for ISA investment if purchased after the
                                                                                                                  31 October 2008.


What is the Index?                                                                                              Examples of potential returns
The Index on which your investment return is based measures the                                                 The table below will help you understand how the returns are calculated at
performance of the shares of the 100 largest companies in the UK, by total                                      the end of the five-year period, based on an initial investment of £20,000.
market capitalisation.
                                                                                                                     Total Nominal                    Percentage change                     What you could
Please note that this Index only measures the capital values of the shares                                           Value                            in the Index                          receive after 5 years
included; no allowance is made for dividends paid on the shares.                                                     £20,000                          +20%                                  £30,000
                                                                                                                     £20,000                          +12.5%                                £30,000
FTSE 100 Index (capital return only)                                                                                 £20,000                          +10%                                  £28,000
7000
                                                                                                                     £20,000                          No Change                             £20,000
                                                                                                                     £20,000                          -10%                                  £20,000
6000                                                                                                                 £20,000                          -20%                                  £20,000
                                                                                                                     £20,000                          -50%                                  £20,000
5000

                                                                                                                Payoff Profile
                                                                                                                                                                      200%
4000
                                                                                                                      Underlying Index
                                                                                                                      FTSE 100 Supertracker                           180%



                                                                                                                                                                      160%
3000



                                                                                                                                                                      140%


2000
                                                                                                                                                                      120%



                                                                                                                                                                       100%
                                                                                                                0%   10%   20%   30%   40%    50%   60%   70%   80%   90% 100% 110% 120% 130% 140% 150% 160% 170% 180% 190% 200%
1000
  Oct 1998   Oct 1999   Oct 2000   Oct 2001   Oct 2002   Oct 2003   Oct 2004   Oct 2005   Oct 2006   Oct 2007
                                                                                                                                                                       80%


Source: Bloomberg, 1 October 2008                                                                                                                                      60%



Past performance of the Index is not a guide to how it will perform in the                                                                                             40%


future.
                                                                                                                                                                       20%



                                                                                                                                                                        0%




       Key investment dates
       Offer starts: 13/10/2008                                                                                 Please note that this product is subject to averaging in and out.
       Offer ends*: 31/10/2008                                                                                  This is explained below.
       Investment start date (the date when the Initial Index level is fixed):                                  Proceeds available by: 08/11/2013
       31/10/2008
       Final Valuation Date: 31/10/2013                                                                         *Continued availability after this date through Barclays Stockbrokers

Barclays Bank PLC, authorised and regulated by the Financial Services Authority. Registered in England.
Registered No. 1026167. Registered Office: 1 Churchill Place, London E14 5HP.
Is this Investment Note right for you?
  Yes, I’m happy to invest because:                                              No, this investment probably isn’t right for me because:

  I want to share in the growth potential of the Index.                          I don’t want to risk losing my money if I sell the investment
                                                                                 before the end of its five year term. I don’t have enough spare
  I am looking to invest for a period of five years.                             cash to cover any unexpected emergencies.

  I want the option to invest and potentially receive tax-efficient              I don’t want to risk getting back less than I would have done if I
  returns on my money if I include the Investment Note within an                 had invested in an ordinary deposit account, or indeed risk
  ISA or SIPP.                                                                   getting no return at all.

  I will receive at least the total nominal value if I hold the                  I want regular income from my money and want to participate in
  Investment Note to maturity.                                                   an investment with dividend payments.




Things to consider before investing
This investment may not be suitable for you. You should ensure that you understand the commitment you are making, the nature of this investment and
its risk prior to investing in this or any other Investment Note. Remember, the information in this document is not tax, legal or investment advice and
neither Barclays Stockbrokers Limited nor any other member of the Barclays Group has given you advice. If you are at all unsure about how the investment
works or its suitability for your needs, you should discuss it with a qualified adviser.
In addition to the information below, investors should also read the Base Prospectus and the Final Terms which will detail the terms that are specific to this
Investment Note, details of which are on page 4.


Do I have a claim on the underlying investments that                             Credit risk
make up the Index?                                                               There is a risk that the issuing institution – Barclays Bank PLC - may fail to
                                                                                 meet its obligations. However Barclays Bank PLC’s capacity to meet its
No, you are purchasing an Investment Note – a security issued by a
                                                                                 financial commitments is deemed very strong. This is supported by a
company which acknowledges its obligation to pay the benefits described
                                                                                 number of independent assessments from leading credit rating agencies
– the return on which is linked to the value of the underlying Index but
                                                                                 such as Standard & Poor’s, where the rating is ‘AA’, which has remained
does not include any rights in it.
                                                                                 unchanged since 1994.
                                                                                 The terms of the Investment Note include provisions that permit Barclays,
Will I benefit from the dividends paid by the underlying                         in prescribed (but, in our view, unlikely) circumstances, to adjust the level
companies?                                                                       of the Index, to delay payment, or even terminate the Investment Note,
                                                                                 details of which can be found under ”RISK FACTORS” in the Base
No. The link to the value of the FTSE 100 Index does not include the             Prospectus and Final Terms. While Barclays Bank PLC will exercise due care
dividends that are paid by the underlying companies. This said, investors in     and diligence in undertaking its responsibilities in relation to the
the Investment Note might expect more growth benefit than might have             Investment Note, Barclays will not be liable for the effect of such
been the case if the value of the Investment Note was linked to an index         exceptional circumstances upon the value of your investment.
that included the dividends paid to the investor by the underlying
companies. Investors forego the dividends in favour of these additional
benefits.                                                                        Will I get an income?
                                                                                 No, the objective of the Investment Note is to achieve capital growth.
What is capital protection?                                                      Investing in the Investment Note is not the same as investing in a bank or
                                                                                 building society account where capital is guaranteed and, with instant
Capital protection means that the total nominal value of the investment will     access accounts, is readily available without penalty.
be repaid to you at the end of the term.

If you buy the Note before the investment start date, this means that you        Unexpected events
will get back the sum that you invested. If you buy it in the secondary          The terms of the Investment Note include provisions that permit Barclays,
market, i.e. after the investment start date, the total nominal value may be     in prescribed (but, in our view, unlikely) circumstances, to delay payment,
more or less than you paid.                                                      or even terminate the Investment Note, details of which can be found
                                                                                 under ”RISK FACTORS” in the Base Prospectus and Final Terms. While
What if I sell before maturity?                                                  Barclays Bank PLC will exercise due care and diligence in undertaking its
                                                                                 responsibilities in relation to the Investment Note, Barclays will not be liable
You can sell the Investment Note before the maturity date on the                 for the effect of such exceptional circumstances upon the value of your
secondary market at the prevailing market price. This may be more than, or       investment.
less than, the price at which you initially invested. Consequently, selling
before maturity could result in a loss.
Will I have to pay tax?                                                        To sell your Investment Note
That depends. If you invest via an ISA (subject to the minimum five year       You can keep in touch with the value of your investment via the Barclays
term to maturity) or SIPP there will be no further obligation on you to pay    Stockbrokers website and via your regular statements.
tax: all ISA and SIPP investments are tax-free.
                                                                               There are no cancellation rights after the Investment Start Date. However
If you invest directly into the Investment Note (outside of an ISA) the        trading will be available on a daily basis through Barclays Stockbrokers in
returns will normally be subject to Capital Gains Tax (CGT).                   normal market conditions. In abnormal market conditions, if for some
All UK resident individuals have an annual CGT exemption (for 2008/09 it       reason it has been impossible to calculate the Index level or if we are
is £9,600) which means any gains realised up to this amount will be free of    unable to fulfil our financial obligations in the market, then your ability to
CGT. This could include any gains from the Investment Note. Any gain           cash-in your investment may be restricted.
achieved in excess of this amount is liable to CGT (which at current rates
would be at 18%). The rates of tax and allowances quoted are those             If you sell your Investment Note before the Final Valuation Date, the
applying in the 2008/09 tax year. These rates and the basis of taxation        amount that you receive will be determined by market conditions prevailing
may change.                                                                    at that time, as well as a charge made by Barclays Stockbrokers.
Assuming that the maximum return is paid, ignoring inflation, and              Accordingly, the amount that you receive may be less than or greater than
assuming that the CGT annual exemption rises to £11,100 in 2013/2014,          the total nominal value or than the amount that you originally invested.
you can invest £22,200 today without paying tax on any investment gain.
                                                                               If, on the Final Valuation Date, you still hold this Investment Note with
The tax position described above and the favourable tax treatment of ISAs      Barclays Stockbrokers, they will automatically sell it on your behalf to
and SIPPs might not continue in future. The value of any tax relief will       ensure you receive the Final Valuation Amount.
depend on your individual circumstances. For tax advice potential investors    If at any point during the term of the Investment Note, you transfer your
should consult a professional adviser.                                         holding to another broker, you will need to make your own arrangements
                                                                               with that broker to ensure that your sale instruction is carried out on the
                                                                               Final Valuation Date.
What about fees and commissions?
There are no additional initial charges or ongoing fees related to the         If you do not sell your Investment Note on the Final Valuation Date, you will
product. All costs for structuring and issuing the Investment Note are built   not receive the Final Valuation Amount. The amount you receive may be
into the initial product and are reflected in the terms of the Investment      more or less than the Final Valuation Amount. Failure to sell your
Note. These charges will not normally exceed 5% of your original               Investment Note before the Maturity Date will result in its going through
investment and are shared between Barclays Stockbrokers Limited,               the redemption process which is outlined in Section 4 of the Terms and
(a subsidiary of Barclays Bank PLC) and Barclays Capital (the investment       Conditions of the Notes in the Base Prospectus and Final Terms.
banking division of the Barclays Group). You should note that other
associated companies may receive and retain benefits in connection with        The additional consequences of not selling before the Maturity Date will
the transaction also. You will pay a dealing commission for buying the         include:
investment; the rates will depend on the account the investment is to be       1 Replacement of your Investment Note with a product which will not be
held in.                                                                         eligible for ISAs; and
                                                                               2 Having to pay commission in order to sell your holding.
Summary of benefits and features
                                         Until 31 October 2008
 Offer Period
                                         Continued availability after this date through Barclays Stockbrokers

 Investment Start Date                   31/10/2008

 Maturity Date                           31/10/2013

 Index                                   FTSE 100 Index

 Index Performance                       The difference between the Initial Index Level and the level of the Index at the time in question.

                                         The average of the Index Performance recorded on the last business day of each month over the first six months
 Initial Index Level                     of the Term, starting on 31 October 2008 and ending on 30 April 2009.

                                         While this averaging can reduce the potential for gain it can also lessen the effects of falls in value.

                                         The average of the Index Performance recorded on the last business day of each month over the final six months
 Final Index Level                       of the Term, starting on 30 April 2013 and ending on 31 October 2013.

                                         While this averaging can reduce the potential for gain it can also lessen the effects of falls in value.

                                         To receive the nominal value back at the end of the Term of the investment plus a return (rounded down to two
 Investment Objective                    decimal places) on the nominal value. This return is equal to 4 times the rise, if any, in the Index, limited to a
                                         maximum return of 50%.

                                         On the Investment Start Date, the sum of investments into the Note will be split into units, each having a value of £1.
                                         For example, if you invest £500 into the Note, you will receive £500 units, costing £1 each.
 Nominal Value
                                         If you invest in the secondary market you may pay less than or more than this £1 nominal value.
                                         At maturity, all investors will receive £1 for each unit of the note you hold in addition to any investment return.

                                         On 31 October 2013, the Note will mature, at which time we will work out the Final Index Performance.

                                         If the Index has risen, we multiply the percentage rise by 4. This will be the investment return you receive, up to a
 Final Valuation Amount
                                         maximum of 50%, in addition to the repayment of the total nominal value.

                                         If the Index has fallen you will get no investment return, you will receive the total nominal value only.

 Minimum Investment                      £500



This schedule is given for illustrative purposes only. The terms of the agreement will be in the Base Prospectus and Final Terms (see page 5 below).
How easy is it to invest?
Investing couldn’t be easier.

Just call the Barclays Stockbrokers Client Services team on


0845 300 9040*
www.stockbrokers.barclays.co.uk/in
*Lines are open from 7.30am to 7.30pm Monday to Thursday and from 7.30am to 6pm Friday, excluding bank holidays. Calls made to 0845 numbers will
cost no more that 4p per minute, plus 6p call set-up fee (current as at October 2008) for BT residential customers. The price on non-BT phone lines may
be different. The price on non-BT phone lines may be different.


Complaints
Further information is available from the FSA’s Consumer Helpline on 0845 606 1234 or their website:
www.fsa.gov.uk/consumer

Index Disclaimer
This document is intended to describe the main features of the the Note only. Full details of the terms of the Note will be contained in the Base Prospectus
Offering Circular of the £12,000,000,000 Programme for the issuance of Structured Investment Management Plan Linked to Equity (S.I.M.P.L.E.) Notes,
(“Base Prospectus”) and the Final Terms of the Investment Note (“Final Terms”) which will detail the terms that are specific to this Investment Note both
of which are available at http://www.stockbrokers.barclays.co.uk at least one week before the strike date of the Note. These terms will remain on the site
throughout the term of the Note.

The FTSE 100 Protected Supertracker Investment Note is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or
by the London Stock Exchange Plc (the “Exchange”) or by The Financial Times Limited (“FT”) and neither FTSE nor Exchange nor FT makes any warranty
or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE 100 Index (“the Index”) and/or the
figure at which the said Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However,
neither FTSE nor Exchange nor FT shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE or
Exchange or FT shall be under any obligation to advise any person of any error therein.

“FTSE®”, “FT-SE®” and “Footsie®” are trade marks of the London Stock Exchange Plc and The Financial Times Limited and are used by FTSE International
Limited under licence. “All-World”, “All-Share” and “All-Small” are trade marks of FTSE International Limited.




                                                                                                                                   Item Ref: BWL0891. October 2008

				
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