New Issue: Barclays prices $4.5 million 10% reverse convertibles linked to iShares Russell 2000 index

New York, March 28 - Barclays Bank plc priced $4.5 million of 10% reverse convertible notes due Sept. 30, 2008 linked to the iShares Russell 2000 Index fund, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless the iShares Russell 2000 fund falls below the protection price of $55.71, 80% of the initial price of $69.64, during the life of the notes and finishes below the initial price in which case the payout will be 14.359563 shares of the iShares Russell 2000 fund.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	iShares Russell 2000 Index Fund (Symbol: IWM)
Amount:	$4.5 million
Maturity:	Sept. 30, 2008
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless the iShares Russell 2000 fund falls below the protection price of $55.71, 80% of the initial price, and finishes below the initial price, in which case 14.359563 shares of the iShares Russell 2000 fund
Initial price:	$69.64
Protection price:	$55.71, 80% of $69.64
Exchange ratio:	14.359563
Pricing date:	March 26
Settlement date:	March 31
Agent:	Barclays Capital
Fees:	1.5%

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