New Issue: Barclays prices $500,000 14% reverse convertibles linked to Freeport-McMoRan

New York, Feb. 25 - Barclays Bank plc priced $500,000 of 14% reverse convertible notes due May 31, 2011 linked to Freeport-McMoRan Copper & Gold Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Freeport-McMoRan shares fall below the protection price of $40.81, 80% of the initial price of $51.01, during the life of the notes and finish below the initial price in which case the payout will be 19.603999 shares of Freeport-McMoRan stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
Amount:	$500,000
Maturity:	May 31, 2011
Coupon:	14%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Freeport-McMoRan shares fall below the protection price of $40.81, 80% of the initial price, and finish below the initial price, in which case 19.603999 shares of Freeport-McMoRan stock
Initial price:	$51.01
Protection price:	$40.81, 80% of $51.01
Exchange ratio:	19.603999
Pricing date:	Feb. 23
Settlement date:	Feb. 28
Agent:	Barclays Capital
Fees:	1.25%
Cusip:	06741JEC9

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