New Issue: Barclays prices $3 million 16.25% reverse convertibles linked to Research In Motion

New York, March 28 - Barclays Bank plc priced $3 million of 16.25% reverse convertible notes due Sept. 30, 2008 linked to Research In Motion Ltd. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Research In Motion stock falls below the protection price of $70.89, 60% of the initial price of $118.15, during the life of the notes and finishes below the initial price in which case the payout will be 8.463817 shares of Research In Motion stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Research In Motion Ltd. (Symbol: RIMM)
Amount:	$3 million
Maturity:	Sept. 30, 2008
Coupon:	16.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Research In Motion stock falls below the protection price of $70.89, 60% of the initial price, and finishes below the initial price, in which case 8.463817 shares of Research In Motion stock
Initial price:	$118.15
Protection price:	$70.89, 60% of $118.15
Exchange ratio:	8.463817
Pricing date:	March 26
Settlement date:	March 31
Agent:	Barclays Capital
Fees:	1.625%

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