Legal Notices

The following are the terms on which you may use the BARX website (the "Site"). The terms "Barclays Capital" and "us" (and its cognate terms) when used in this disclaimer refers to Barclays Bank PLC and its affiliated companies worldwide.

Disclaimer

Because of the possibility of delays and human and/or mechanical error, as well as other factors, Barclays Capital is not responsible for any delays, errors, inaccuracies or omissions in or on the Site and the Content. ALL CONTENT AND THE SITE ITSELF ARE PROVIDED "AS IS" WITHOUT ANY WARRANTY OF ANY KIND. BARCLAYS CAPITAL MAKE NO REPRESENTATIONS OR WARRANTIES AND, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY EXPRESSLY DISCLAIMS ANY AND ALL EXPRESS, IMPLIED AND STATUTORY REPRESENTATIONS AND WARRANTIES OF ANY KIND TO USER AND/OR ANY THIRD PARTY INCLUDING, WITHOUT LIMITATION, ANY WARRANTY AS TO ACCURACY, TIMELINESS, COMPLETENESS, RELIABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, AND/OR FREEDOM FROM COMPUTER VIRUS. User acknowledges that any reliance upon any Content shall be at user’s sole and exclusive risk. Barclays Capital reserves the right (but shall have no obligation) to make any improvements in, updates and/or corrections to any delays, errors, inaccuracies or omissions in any portion of the content or the Site, irrespective of whether same have been brought to the attention of Barclays Capital, and shall bear no responsibility to any person on any basis for any consequence of any delay, error, inaccuracy or omission.

Limitations on Liability

IN NO EVENT SHALL BARCLAYS CAPITAL BE LIABLE FOR ANY DIRECT OR INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES, LOSSES, LIABILITIES OR EXPENSES ARISING DIRECTLY OR INDIRECTLY OUT OF OR IN CONNECTION WITH THIS SITE OR THE USE THEREOF OR INABILITY TO USE BY ANY PARTY, OR IN CONNECTION WITH ANY FAILURE OF PERFORMANCE, ERROR, OMISSION, INTERRUPTION, DEFECT, DELAY IN OPERATION OR TRANSMISSION, COMPUTER VIRUS OR LINE OR SYSTEM FAILURE, EVEN IF BARCLAYS CAPITAL, OR REPRESENTATIVES THEREOF, ARE ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, LOSSES, LIABILITIES OR EXPENSES.

Barclays Capital shall not be liable for any loss or injury (including, without limitation, any loss or injury caused in whole or in part, with respect to procuring, compiling, interpreting, editing, writing, reporting, delivering or transmitting any Content) in tort, contract, strict liability or otherwise to you or any third party except for liability arising out of proven gross negligence or willful misconduct.

Risks

Transactions and securities of the type described in this Site may involve a high degree of risk, and the value of such transactions and securities may be highly volatile. Such risks may include, without limitation, risk of adverse or unanticipated market developments, risk of counterparty or issuer default and risk of illiquidity. In certain transactions investors may lose their entire investment or incur an unlimited loss. This brief statement does not disclose all the risks and other significant aspects in connection with transactions and securities of the type described in this Site, and you should ensure that you fully understand the terms of any transaction/security, including the relevant risk factors and any legal, tax and accounting considerations applicable to them, prior to transacting/investing.

No Offer

The information contained on this Site is for information purposes only. It is not and shall not be construed as an offer to sell or a solicitation of an offer to buy securities, commodities or other instruments, nor to enter into any transactions.

EU Customers

Barclays Capital complies with the Electronic Commerce Directive.

Regulator and Responsibility

The Site is maintained by Barclays Bank PLC and is made available to persons based in the United Kingdom by that company. Barclays Bank PLC is authorized and regulated by The Financial Services Authority in the United Kingdom and is a member of the London Stock Exchange. The section of this site relating to equities is maintained by Barclays Capital Securities Limited which is also authorised and regulated by The Financial Services Authority in the United Kingdom and is also a member of the London Stock Exchange.

For persons in the USA, Barclays Capital Inc. accepts responsibility for the contents of any information on the Site considered to be a research report. Any orders, originating in the USA, resulting from any research report, should be placed through Barclays Capital Inc. Additional information concerning such reports will be furnished upon request.

For persons based elsewhere, the Site is made available at the request of the relevant local Barclays Capital entity in their jurisdiction with Barclays Bank PLC acting merely as agent for that entity. The local Barclays Capital entity takes responsibility for the contents of the Site, and clients should contact and execute transactions through their relevant local Barclays Capital entity unless local regulations permit otherwise.

Valuation

Barclays Capital estimates the mid market value (using at-the-money volatility for option features) of the financial instruments/products mentioned herein (the "Securities") on the date stated for that estimate.

The valuations are based upon Barclays Capital’s valuation models and assumptions (which are subject to change without notice) and publicly available information.

No representation is made as to the reasonableness of the assumptions or the accuracy or completeness of the models or publicly available information. No representation is made that such values could actually be achieved upon disposal of the relevant Security by you or that such values are in any way indicative of future performance. The values do not include adjustments for transaction and hedging costs, liquidity or credit considerations or other significant factors external to Barclays Capital’s valuation models, which may change the actual values materially. The values may differ materially from the values for the relevant Security on the books and records of Barclays Capital. The valuations are indicative and are subject to change, and are provided for information purposes only and do not constitute an offer to buy or sell or a solicitation of an offer to buy or sell any of the Securities. Barclays Capital and/or its affiliates may, from time to time, have positions in, and may, as principal or agent, buy or sell the Securities. Barclays Capital shall not be liable to any person on any basis for any losses or expenses arising directly or indirectly out of the use of or reliance on any of the valuations or information set out herein. This information is for your private use only and may not be reproduced, distributed or published (in the case of the information contained herein, insofar as reference is made to the fact that Barclays Capital has produced the information) without the prior written consent of Barclays Capital. In particular it may not without such consent be passed on to the trustees, custodians or other agents of or investors in any funds managed by you.

Accuracy of Information

All information on the Site is issued subject to Barclays Capital’s terms of business which clients are encouraged to read. Clients can obtain a copy of the terms of business from Barclays Capital’s legal or compliance departments.

The information contained on the Site has been taken from trade and statistical services and other sources which Barclays Capital utilizes. We do not represent that such information is accurate or complete and it should not be relied upon as such. The information contained on the Site is not intended to predict actual results and no assurances are given with respect thereto. Any opinions expressed on the Site reflect our judgement at the date of issue of the relevant report and are subject to change without notice. Any pricing is indicative and is subject to change, and does not, and is not intended to, constitute either an offer to buy or sell nor a representation that a purchase or sale can be effected at that price. Past performance is not indicative of future results.

Barclays Capital may, where permitted by law, act upon material available on the Site prior to its publication on the Site.

Disclosure of interests

Barclays Capital or its employees may, from time to time, maintain a long or short position in securities referred to on the Site or other securities of issuers referred to on the Site or in related futures or options; purchase or sell, make a market in, or engage in any other transactions involving such securities or issuers, earn brokerage or other compensation in respect of the foregoing; and provide investment banking, credit or other services to any issuer named on the Site. Barclays Capital may have acted as manager or co-manager of a public offering of securities discussed on the Site in the past three years.

Local Legal Restrictions

The distribution of material on the Site may be restricted by the laws or regulations of the country from which you are accessing this Site. Where there are such restrictions then this information is not intended for distribution to, or use by, any person or entity in any such jurisdiction and persons accessing these pages are required to ensure that they are aware of and observe any such restrictions.

Where they are permitted by local law to do so, clients should execute transactions through their relevant local Barclays Capital entity.

Email Communications

Please do not send confidential information over the Internet. Information is sent at your own personal risk. Internet communications may not be secure. Barclays Capital recommends that you do not send confidential information to us over the Internet unless it is sent by some secure method of transmission using appropriate encryption technology. Barclays Capital does not accept legal responsibility for any confidential information sent to us over the Internet without using such security protection.

Links to Other Websites

Please note that Barclays Capital is not responsible for the accuracy or content of websites of other providers which may have links from this Site. In creating hypertext links to any other website, Barclays Capital is not recommending that website or giving any assurances as to its standing.

Copyright

The Content contained in the Site including, without limitation, all design, text and images are owned by Barclays Capital and/or its licensors and are protected by copyright and other intellectual property laws. This website is for your own personal use. You may not sell, copy, publish, distribute, transfer, modify, display, reproduce and/or create any derivative works from the information or software on this Site except for your own non-commercial use. You also may not redeliver any of the pages, text, images, or content of this site using "framing" or similar technology.

The information and software on this Site may not be taken out of context or presented in an unfair, misleading or discriminating manner. You agree not to remove any copyright notice or other notice signifying Barclays Capital’s or any third party's intellectual property rights. Except as expressly provided herein, nothing contained on the Site shall be deemed or construed to confer any license or right, expressly, by implication, estoppel or otherwise, under any of Barclays Capital’s intellectual property rights.

Trademark

Barclays, Barclays Capital, BARX, STRAX, iShares are service marks and/or trademarks of Barclays Capital. Other featured logos are service marks and/or trademarks and /or trade names of their respective owners.

We reserve the right to amend or supplement these disclaimers at any time and your continued use of the Site constitutes your agreement to any such amendments or supplements.