New Issue: Barclays prices $310,000 9.25% reverse convertibles linked to Lincoln National

New York, April 2 - Barclays Bank plc priced $310,000 of 9.25% reverse convertible notes due Oct. 4, 2012 linked to Lincoln National Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Lincoln National shares fall below the protection price of $19.77, 75% of the initial price of $26.36, during the life of the notes and finish below the initial price in which case the payout will be 37.936267 shares of Lincoln National stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Lincoln National Corp. (Symbol: LNC)
Amount:	$310,000
Maturity:	Oct. 4, 2012
Coupon:	9.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Lincoln National shares fall below the protection price of $19.77, 75% of the initial price, and finish below the initial price, in which case 37.936267 shares of Lincoln National stock
Initial price:	$26.36
Protection price:	$19.77, 75% of $26.36
Exchange ratio:	37.936267
Pricing date:	March 30
Settlement date:	April 4
Agent:	Barclays Capital
Fees:	1.3%
Cusip:	06741JSQ3

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