New Issue: Barclays prices $3.5 million 20% reverse convertibles linked to DryShips

New York, June 26 - Barclays Bank plc priced $3.5 million of 20% reverse convertible notes due Dec. 30, 2008 linked to DryShips Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless DryShips shares fall below the protection price of $49.18, 60% of the initial price of $81.97, during the life of the notes and finishes below the initial price in which case the payout will be 12.199585 shares of DryShips stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	DryShips Inc. (Symbol: DRYS)
Amount:	$3.5 million
Maturity:	Dec. 30, 2008
Coupon:	20%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless DryShips stock falls below the protection price of $49.18, 60% of the initial price, and finishes below the initial price, in which case 12.199585 shares of DryShips stock
Initial price:	$81.97
Protection price:	$49.18, 60% of $81.97
Exchange ratio:	12.199585
Pricing date:	June 25
Settlement date:	June 30
Agent:	Barclays Capital
Fees:	2.5%

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