iPath<sup class="product">®</sup> Dow Jones-UBS Cotton Subindex Total Return<sup class="productsm">SM</sup> ETN

iPath^® Dow Jones-UBS Cotton Subindex Total Return^SM ETN (BAL)

The Dow Jones-UBS Cotton Subindex Total Return^SM is a sub-index of the Dow Jones-UBS Commodity Index Total Return^SM and is intended to reflect the returns that are potentially available through an unleveraged investment in the futures contracts on physical commodities comprising the index as well as the rate of interest that could be earned on cash collateral invested in specified Treasury Bills. The Dow Jones-UBS Cotton Subindex Total Return^SM is a single-commodity sub-index currently consisting of one futures contract on the commodity of cotton, which is included in the Dow Jones-UBS Commodity Index Total Return^SM.

Overview

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Profile
Correlations
Returns
Terms

Product Data (as of 02/02/2012)

Daily Indicative Value†	$58.28
Shares Outstanding	751,287
Market Capitalization*	$43,785,006

† Source: Barclays Bank PLC. The "Daily Indicative value" is historical, does not guarantee future performance, and is shown for illustrative purposes only. The issuer or an affiliate will provide the official Redemption Value to the redeeming holder in advance of any redemption. See additional information below.

* Market Capitalization = Daily Indicative Value x Shares Outstanding

Market Data (as of 02/02/2012)

Closing Price	$58.84
Net Change	$1.05
% Change	1.82%

High	$58.84
Low	$57.53
Volume	12,087
20-Day Volume Average	7,894

Profile

Primary Exchange	NYSE Arca
Ticker	BAL
Intraday Indicative Value Ticker	BAL.IV
Bloomberg ETN Keystroke	BAL<EQUITY><GO>
Bloomberg Index Ticker	DJUBCTTR

Yearly Fee	0.75%¹
CUSIP	06739H271
Inception Date	06/24/2008
Maturity Date	06/24/2038

Returns (as of 01/31/2012)

	1 mo.	3 mo.	6 mo.	YTD	1 Yr.	3 Yr.	5 Yr.	10 Yr.	Since Note Incept.
Index	1.58%	-8.51%	-8.04%	1.58%	-31.63%	26.72%	4.43%	-1.91%	4.71%
iPath Indicative Value Return	1.55%	-8.85%	-8.55%	1.55%	-32.57%	25.99%	N/A	N/A	4.04%

Market Price Returns (as of 01/31/2012)

	1 mo.	3 mo.	6 mo.	YTD	1 Yr.	3 Yr.	5 Yr.	10 Yr.	Since Note Incept.
iPath Market Price Return	2.35%	-8.93%	-7.84%	2.35%	-32.78%	24.86%	N/A	N/A	4.11%

Source: BlackRock. Period ending 01/31/2012.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investment, when sold or redeemed may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. See additional market price information.

Correlations (as of 01/31/2012)

Dow Jones-UBS Cotton Subindex Total Return^SM	1.00
Dow Jones-UBS Commodity Index Total Return^SM	0.61
S&P GSCI^® Total Return Index	0.50
S&P 500 Index	0.45
Barclays Capital U.S. Aggregate Bond Index	0.07
MSCI EAFE Index	0.48

Sources: Dow Jones Indexes, UBS Securities LLC, MSCI, Inc., Barclays Capital, S&P, BlackRock (01/97-01/12) based on monthly returns.

Index Returns

Index Returns measure returns over the relevant period using the change in the index level expressed as a percentage from the beginning of the relevant period to the end of the relevant period. Index Returns are for illustrative purposes only and do not represent actual iPath ETN performance. Index Returns do not reflect any management fees, transaction costs, or expenses which would reduce your actual return. Indexes are unmanaged and one cannot invest directly in an index.

Market Returns

Market Returns measure returns over the relevant period using the change in the midpoint of the bid/ask spread at 4:00 pm Eastern time (or the last midpoint of the bid/ask spread prior to 4:00 pm Eastern time) expressed as a percentage from the beginning of the relevant period to the end of the relevant period and do not represent the returns you would receive if you traded at other times. Market Returns do not account for brokerage commissions, which will reduce actual returns.

Indicative Value Returns

The Indicative Value Returns measure the returns over the relevant period using the change in the Indicative Value expressed as a percentage from the beginning of the relevant period to the end of the relevant period and reflect the current investor fee.

Redemption Value

Subject to the notification requirements described in the prospectus, Securities may be redeemed on any redemption date during the term of the Securities. If Securities are redeemed, they will receive a daily redemption value, which is equal to the principal amount per unit times the index factor on the applicable Valuation Date less the investor fee on the applicable Valuation Date. At least 50,000 units² of a particular iPath ETN must be redeemed at one time in order to exercise the right to redeem Securities on any Redemption Date.

A Redemption Date is the third business day following each valuation date. Valuation Date means each business day during the term of the Securities inclusive or, if such date is not a trading day, the next succeeding trading day, not to exceed five business days.

Indicative Value

An intraday "indicative value" meant to approximate the intrinsic economic value of each iPath ETN is calculated and published by Bloomberg or a successor under the respective ticker symbols listed above. Additionally, the Daily Indicative value of each iPath ETN is calculated and posted each trading day to the Indicative Values table above. In connection with iPath ETNs, the term "indicative value" refers to the value at a given time determined based on the following equation:

Indicative Value = Principal Amount per Unit X (Current Index Level / Initial Index Level) - Current Investor Fee

Where:

Principal Amount per Unit = $50

Current Index Level = The most recent published level of the index underlying your iPath ETN as reported by the relevant index sponsor.

Initial Index Level = The level of the relevant index on the inception date.

Current Investor Fee = The most recent daily calculation of the investor fee with respect to an iPath ETN, determined as described above (which, during any trading day, will be the investor fee determined on the preceding calendar day).

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 the iPath ETNs, nor do they reflect hedging or transaction costs, credit considerations, market liquidity, or bid-offer spreads. Published index levels from the sponsors of the indices underlying each iPath ETN 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 each iPath ETN. Index levels provided by the sponsors of the indices underlying the iPath ETNs do not necessarily reflect the depth and liquidity of the underlying commodities markets. For this reason and others, the actual trading price of the iPath ETN may be different from their indicative value.

¹ The investor fee is equal to the Yearly Fee times the principal amount of your Securities times the 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 increase by an amount equal to the Yearly Fee times the principal amount of your Securities times the index factor on that day (or, if such day is not a trading day, the index factor on the immediately preceding trading day) divided by 365. The index factor on any given day will be equal to the closing value of the Index on that day divided by the initial index level. The initial index level is the value of the Index on the inception date.

² The issuer may from time to time in its sole discretion reduce, in part or in whole, the minimum redemption amount of 50,000 units, applicable to all holders, at the time the reduction becomes effective.

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Privacy Policy

Effective date: May 10, 2006

INTRODUCTION

This Privacy Policy applies to information that visitors transmit to Barclays Bank PLC and/or its affiliates (together, "BBPLC") through this iPath ETN website (the "Site").

BBPLC is committed to your privacy. This Privacy Policy is designed to inform you of what information we collect from you on this Site and how we and our affiliates handle that information.

To put it simply: We will not sell non-public, personal information we collect about you on this Site to anyone. We will store the information using generally accepted encryption and data-storage technology. And we will give you the ability to opt out of our using the information to send you separate online marketing and advertising.

Please direct any questions to ipathetn@blackrock.com or call 1-877-764-7284.

US ONLY

This Privacy Policy explains the Site's processing and storage practices in the United States for personal information transmitted through the Site. Visitors subject to the jurisdiction of other countries must not submit information through this Site, and by doing so waive any and all liability BBPLC may have to them in connection with such information. By browsing the Site and communicating electronically with us, Site visitors acknowledge that we are processing and storing their personal information in the United States under US privacy standards.

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Personally Identifiable Information

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We do share non-public, personally identifiable information with our affiliates. We only disclose non-public, personally identifiable information to unaffiliated third parties as follows.

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CHOICE

Opting out

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Reviewing your information and requesting changes to your Profile

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MORE ON PRIVACY

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Phishing

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Security

The Site uses generally accepted standards of technology and operational security to protect personal information. Personal information received through the Site is encrypted.

CHANGES TO THIS POLICY

This Privacy Policy may be updated from time to time as our services change and grow. We will indicate any such changes at the privacy link at the bottom of our home page, and your continued use of the Site will signify your acknowledgement of any new terms. The most current version of the Privacy Policy can be found by visiting the privacy link at http://www.ipathetn.com/privacypolicy.

CONTACT

We welcome inquiries or comments about our Privacy Policy and any queries or concerns about iPath at ipathetn@blackrock.com or call 1-877-764-7284.

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iPath^® Dow Jones-UBS Cotton Subindex Total Return^SM ETN (BAL)

Index Returns

Market Returns

Indicative Value Returns

Redemption Value

Indicative Value

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INTRODUCTION

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LIMITED DISCLOSURE OF YOUR PERSONAL INFORMATION TO THIRD PARTIES

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Related Resources

Index Returns

Market Returns

Indicative Value Returns

Redemption Value

Indicative Value

Email this Page

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Message:

Your Information:

Thank you!

Rate your experience on this site:

Thank you

Privacy Policy

Effective date: May 10, 2006

INTRODUCTION

US ONLY

WHAT WE COLLECT AND WHEN

HOW WE USE YOUR PERSONALLY IDENTIFIABLE INFORMATION

LIMITED DISCLOSURE OF YOUR PERSONAL INFORMATION TO THIRD PARTIES

CHOICE

MORE ON PRIVACY

CHANGES TO THIS POLICY

CONTACT

iPath^® Dow Jones-UBS Cotton Subindex Total Return^SM ETN (BAL)