iPath® CBOE S&P 500 BuyWrite Index(SM) ETN

The iPath^® CBOE S&P 500 BuyWrite Index

ETN offers investors cost-effective exposure to the CBOE S&P 500 BuyWrite Index

, commonly known as the BXM Index

(the "Index"). The Index is designed to measure the total rate of return of a hypothetical "buy-write", or "covered call", strategy on the S&P 500^® Index. This strategy consists of a hypothetical portfolio consisting of a "long" position indexed to the S&P 500^® Index (i.e. purchasing the common stocks included in the S&P 500^® Index) and the sale of a succession of one-month, at– or slightly out-of-the-money S&P 500^® Index call options that are listed on the Chicago Board Options Exchange ("CBOE").

10-Year Risk Adjusted Returns (As of 09/30/2008)
	BXM	SPX
Annualized Standard Deviation	10.2%	14.4%
Sharpe Ratio*	N/A	N/A

Sources: S&P, CBOE, BGI 09/98-09/08. * The Sharpe ratio is a measure of risk-adjusted returns. It is calculated by dividing the average return in excess of the risk-free rate by the standard deviation.

Standard Deviation: CBOE S&P 500 BuyWrite Index^SM VS S&P 500^® Index (As of 09/30/2008)

Sources: S&P, CBOE, BGI 09/98-09/08.

Rolling 5-year Annualized Standard Deviation: CBOE S&P 500 BuyWrite Index^SM VS S&P 500^® Index (As of 09/30/2008)

Sources: S&P, CBOE, BGI 06/93-09/08.

Rolling 5-year Annualized Returns: CBOE S&P 500 BuyWrite Index^SM VS S&P 500^® Index (As of 09/30/2008)

Sources: S&P, CBOE, BGI 06/93-09/08.

Index returns are for illustrative purposes only and do not represent actual iPath ETN performance. Index performance returns do not reflect any investor fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

"Standard & Poor's^®", "S&P^®", "S&P 500^®", "Standard & Poor's 500", and "500" are trademarks of Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and "BuyWrite" and "CBOE" are trademarks of the Chicago Board Options Exchange, Incorporated ("CBOE"). These marks have been licensed for use by Barclays Bank PLC. The Securities are not sponsored, endorsed, sold or promoted by S&P or CBOE and S&P and CBOE make no representation regarding the advisability of investing in the Securities.