Business: iPath GBP/USD Exchange Rate Exchange Traded Note (ETN), due May 14, 2037, is issued by Barclays Bank PLC and is part of the Series A, Global Medium-Term Notes. <p> INVESTMENT OBJECTIVE: The Barclays iPath GBP/USD Exchange Rate ETN is designed to provide investors with cost-effective exposure to the British pound/U.S. dollar exchange rate (the Index). <p> INDEX DESCRIPTION: The GBP/USD exchange rate is a foreign exchange spot rate that measures the relative values of two currencies, the British pound and the U.S. dollar. When the British pound appreciates relative to the U.S. dollar, the GBP/USD exchange rate (and the value of the Securities) increases; when the British pound depreciates relative to the U.S. dollar, the GBP/USD exchange rate (and the value of the Securities) decreases. The Index is expressed as a rate that reflects the number of U.S. dollars that can be exchanged for one British pound in the interbank market for settlement in two days. Effective December 18, 2008 the Index will be the rate reported each day on Bloomberg screen GBPUSD WMCO Curncy <GO> at approximately 4:00 p.m., London time, or any successor page. <p> RETURNS AND MATURITY: The return on the Securities may be positive or negative, and is directly linked to the performance of the Index, which is based on a variety of market and economic factors, interest rates in the markets and economic, financial, political, regulatory, judicial or other events that affect the markets generally. If you hold your Securities to Maturity, May 14, 2037, you will receive a cash payment per ETN equal to the applicable closing indicative value on the applicable final valuation date, minus (3) the investor fee on the final valuation date. <p> REDEMPTION AND FEES: You may redeem your Securities on any redemption date during the term of the Securities. If you redeem your Securities, you will receive a cash payment in an amount equal to the daily redemption value, which is (1) the principal amount of your Securities times (2) the index factor on the applicable valuation date minus (3) the investor fee on the applicable valuation date. Issued in denominations of $50.00, you must redeem at least 50,000 Securities at one time and agree to the redemption procedures in order to exercise your right to redeem your Securities on any redemption date. The investor fee is equal to 0.40% per annum accrued on a daily basis. For calculations of fees and any further information on this ETN click on the Link to IPO Prospectus provided.