Obbligazione Barclay PLC 0% ( XS2184446107 ) in USD

Barclay PLC

100 USD ⇌

Regno Unito

XS2184446107 ( in USD )

14/10/2021 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Barclays PLC XS2184446107 in USD 0%, scaduta

Barclays PLC è una banca multinazionale britannica che offre una vasta gamma di servizi finanziari a clienti privati, aziende e istituzioni in tutto il mondo.

The Obbligazione issued by Barclay PLC ( United Kingdom ) , in USD, with the ISIN code XS2184446107, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 14/10/2021

THESE SECURITIES DO NOT CONSTITUTE COLLECTIVE INVESTMENT SCHEMES IN THE MEANING OF THE
SWISS FEDERAL ACT ON COLLECTIVE INVESTMENT SCHEMES ("CISA"). ACCORDINGLY, HOLDERS OF
THE SECURITIES DO NOT BENEFIT FROM PROTECTION UNDER CISA OR SUPERVISION BY THE SWISS
FINANCIAL MARKET SUPERVISORY AUTHORITY ("FINMA").
Pricing Supplement

BARCLAYS BANK PLC
(Incorporated with limited liability in England and Wales)
GLOBAL STRUCTURED SECURITIES PROGRAMME
for the issue of Securities
BARCLAYS BANK PLC
Legal Entity Identifier: G5GSEF7VJP5I7OUK5573
USD 900,000 Fund and Equity Index Linked Notes due October 2021 (the "Notes")
Series NX000262877
under the Global Structured Securities Programme
Issue Price: 100 per cent. of par
PROHIBITION OF SALES TO EEA AND UK RETAIL INVESTORS The Securities are not intended to be
offered, sold or otherwise made available to and should not be offered, sold or otherwise made available
to any retail investor in the European Economic Area ("EEA") or in the United Kingdom ("UK"). For these
purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point
(11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); (ii) a customer within the meaning
of Directive (EU) 2016/97 (as amended, the "Insurance Distribution Directive"), where that customer
would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a
qualified investor as defined in Regulation (EU) 2017/1129 (as amended, the "Prospectus Regulation").
Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the
"PRIIPs Regulation") for offering or selling the Securities or otherwise making them available to retail
investors in the EEA or in the UK has been prepared and therefore offering or selling the Securities or
otherwise making them available to any retail investor in the EEA or in the UK may be unlawful under the
PRIIPs Regulation.
What is this document?
This document constitutes the Pricing Supplement of the Securities (the "Pricing Supplement") described
herein and is prepared in connection with the Offering Circular under the Global Structured Securities
Programme established by Barclays Bank PLC (the "Issuer") dated 19 June 2020, as supplemented by the
Supplemental Offering Circulars from time to time.
What other documents do I need to read?
1

This Pricing Supplement sets out the specific details of your particular issuance of Securities and
supplements the terms and conditions and disclosure set out in the Offering Circular including any
Supplemental Offering Circulars. Therefore, full information on the Issuer and the Securities is only
available on the basis of the combination of this Pricing Supplement and the Offering Circular including
any Supplemental Offering Circulars. The Offering Circular is available for viewing and copies may be
obtained from the registered office of the Issuer and by electronic version from the Issue and Paying Agent
whose specified office for the time being is in London.
Capitalised terms used in this Pricing Supplement, if not defined in this Pricing Supplement, have the
meanings given to them in the Offering Circular and/or any Supplemental Offering Circulars.
What should I consider before investing in Securities issued under the Pricing Supplement?
Investment in Securities that are issued under this Pricing Supplement involve a significant degree of risk
and if you invest in them you should be prepared to sustain a loss of all or part of your investment. You
should not acquire any Securities unless (i) you understand the nature of the relevant transaction, the
complexity of the transaction, the risks inherent in securities and the extent of your exposure to potential
loss and (ii) any investment in such Securities is consistent with your overall investment strategy. Before
investing in the Securities you should consider carefully whether the Securities you are considering
acquiring are suitable in light of your investment objectives, financial capabilities and expertise. You should
also consult your own business, financial, investment, legal, accounting, regulatory, tax and other
professional advisers to assist you in determining the suitability of the Securities for you as an investment.
US withholding on dividend equivalent amounts: If in item 51 '871(m) Securities' below the Pricing
Supplement provides that the Issuer has determined that the Securities are subject to US withholding tax
under Section 871(m) of the US Internal Revenue Code and regulations promulgated thereunder, then
certain actual or deemed payments on the Securities held by non-US investors generally will be subject to
US withholding tax of 30 per cent without regard to any reduced rate that may apply under a treaty, as
more fully described in 'US federal tax treatment of Non-US Holders' in the Taxation section of the Offering
Circular. No additional amounts will be payable in respect of such withholding taxes.
Prospective investors are urged to read the section headed "Risk Factors" in the Offering Circular as
supplemented by the Supplemental Offering Circulars for a discussion of certain matters that should be
considered when making a decision to invest in the Securities.
Who is responsible for the content of this Pricing Supplement?
The Issuer accepts responsibility for the information contained in this Pricing Supplement. To the best of
its knowledge and belief, the information contained in this Pricing Supplement is in accordance with the
facts and does not contain anything likely to affect its import.
Barclays
Pricing Supplement dated 14 October 2020
Distribution
The distribution or delivery of this document and the offer of the Securities in certain jurisdictions may
be restricted by law. Persons into whose possession this Pricing Supplement come are required by the
Issuer to inform themselves about and to observe any such restrictions. Details of selling restrictions for
various jurisdictions are set out in "Purchase and Sale" in the Offering Circular.
2

In particular, the Securities have not been, and will not be, registered under the US Securities Act of 1933,
as amended (the "Securities Act"), or with any securities regulatory authority of any state or other
jurisdiction of the United States, and may not be offered or sold within the United States or to, or for the
account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act ("Regulation S"))
("U.S. persons"). Trading in the Securities has not been approved by the US Commodity Futures Trading
Commission under the US Commodity Exchange Act of 1936, as amended. Securities in bearer form may
be subject to US tax law requirements. Subject to certain exceptions, the Securities may not at any time
be offered, sold or delivered within the United States or its possessions or to United States persons (as
defined in the US Internal Revenue Code of 1986, as amended), nor may any United States persons at any
time trade or maintain a position in such Securities.
REGULATORY REVIEW AND IMPORTANT INFORMATION FOR PROSPECTIVE INVESTORS:
THE OFFERING CIRCULAR HAS NOT BEEN SUBMITTED TO, REVIEWED BY OR APPROVED BY THE
UNITED KINGDOM FINANCIAL CONDUCT AUTHORITY IN ITS CAPACITY AS COMPETENT AUTHORITY
UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000 (THE "FSMA") OR ANY OTHER
REGULATORY AUTHORITY IN ITS CAPACITY AS COMPETENT AUTHORITY IN THE EU OR THE LONDON
STOCK EXCHANGE PLC OR ANY OTHER STOCK EXCHANGE WHICH CONSTITUTES A REGULATED
MARKET FOR THE PURPOSES OF DIRECTIVE 2014/65/EU AND REGULATION (EU) NO 600/2014
(TOGETHER, AS AMENDED, "MiFID II/MiFIR").
THIS MEANS THAT THE OFFERING CIRCULAR DOES NOT COMPRISE (I) A BASE PROSPECTUS FOR THE
PURPOSES OF ARTICLE 8 OF REGULATION (EU) 2017/1129 (AS AMENDED, THE "PROSPECTUS
REGULATION"), OR (II) LISTING PARTICULARS FOR THE PURPOSES OF SECTION 79 OF THE FSMA OR
ANY OTHER RULES OR REGULATIONS RELATED TO A LISTING ON ANY REGULATED MARKET FOR
THE PURPOSES OF MiFID II/MiFIR OF ANY STOCK EXCHANGE.
As a result of the Offering Circular not having been approved by any regulatory authority in its capacity
as a competent authority, you should be aware that:
the Offering Circular may not include the type, level and detail of disclosure required by the
Prospectus Regulation or other UK or EU legislation concerning disclosure requirements; and
if you acquire Securities to which the Offering Circular relates you will not have any recourse to
the Issuer under any Prospectus Regulation related liability regime, including but not limited to
provisions for compensation arising under Section 90 of the FSMA.
The Offering Circular has been prepared on the basis that any offer of Securities in a Member State of the
European Economic Area or the United Kingdom (each, a "Relevant State") will be made under an
exemption in the Prospectus Regulation from the requirement to publish a prospectus for offers of such
Securities. Accordingly, if you are making or intending to make an offer of Securities to which the Offering
Circular as supplemented from time to time (by any Supplemental Offering Circular) relates, as amended
or supplemented by the Pricing Supplement in any Relevant State, you must only do so in circumstances
where no obligation to publish a prospectus under Article 3 of the Prospectus Regulation arises. The
Issuer has not authorised and will not authorise any offer of Securities which would require the Issuer or
any other entity to publish a prospectus in respect of such offer.
Securities issued under the Programme may be unlisted or an application may be made for Securities to
be listed on any stock exchange other than any stock exchange or market which constitutes a regulated
market for the purposes of MiFID II/MiFIR. Please refer to Part B "Listing and Admission to Trading" for
information on if this offer of Securities is unlisted or listed and details on this.
3

Swiss Distribution Rules:
The Securities may not be distributed to retail investors in Switzerland. This Pricing Supplement shall not
be dispatched, copied to or otherwise made available to, and the Securities may not be offered for sale to
any person in Switzerland, except to Professional and Institutional Investors as defined in article 4 (3)
and (4) of the Swiss Federal Financial Services Act ("FinSA"), i.e. to a) financial intermediaries according
to the Swiss Federal Banking Act of 8 November 1934, the Swiss Federal Financial Institutions Act of 15
June 2018 and the Swiss Federal Collective Investment Scheme Act, b) insurance institutions according to
the Swiss Federal Insurance Supervision Act, c) foreign clients who are under prudential supervision
similar to a) and b), d) central banks, e) public entities with professional treasury department, f )
retirement benefits institutions with professional treasury department g) companies with professional
treasury department, h) large companies (as defined below) i) investment structures with professional
treasury department established for high net worth retail investors.
Large companies are defined in Art 4 (5) FinSA as companies which exceed two of the following
criteria: (i) balance sheet total of CHF 20 million; (ii) sales revenue of CHF 40 million; (iii) shareholder's
equity of CHF 2 million. High net worth retail investors and investment structures established for such
investors can confirm in writing to be professional investors (opting-out), Art 5 (1) FinSA. High net worth
retail investors are defined in Art 5 (2) FinSA as individuals who provide evidence that (i) based on his/her
education and his/her professional experience or based on a comparable experience in the financial
sector, he/she has the necessary know-how, to understand the risks connected to the investment in the
Securities and who has financial assets of at least CHF 500,000 at his/her disposal, or (ii) who has financial
assets of at least CHF 2 million at his/her disposal. Professional investors who are not Institutional
Investors can confirm in writing to be retail investors (opting-in).
This document is neither a prospectus according to Art 652a or Art 1156 of the Swiss Federal Code of
Obligations or Art 40 et seq. FinSA nor a simplified prospectus according to Art 5 of the Swiss Act on
Collective Investment Schemes ("CISA") (status as of 1 March 2013). The Securities do not constitute an
investment in a collective investment scheme and are not subject to the CISA nor to the supervision of
the Swiss Financial Market Supervisory Authority FINMA.

Index Disclaimer:
MSCI World Net Total Return USD Index
We have entered into a non-exclusive license agreement with MSCI whereby we, in exchange for a fee, are
permitted to use the MSCI Indices in connection with certain securities, including the Securities. We are
not affiliated with MSCI; the only relationship between MSCI and us is any licensing of the use of MSCI's
indices and trademarks relating to them.
THE SECURITIES ARE NOT SPONSORED OR ENDORSED BY MSCI, ANY AFFILIATE OF MSCI OR ANY OTHER
PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX. THE SECURITIES ARE
NOT SOLD OR PROMOTED BY MSCI, ANY AFFILIATE OF MSCI OR ANY OTHER PARTY INVOLVED IN, OR
RELATED TO, MAKING OR COMPILING ANY MSCI INDEX. THE MSCI INDICES ARE THE EXCLUSIVE
PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARKS OF MSCI OR ITS
AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY THE ISSUER.
4

NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING
OR COMPILING ANY MSCI INDEX MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED,
TO THE OWNERS OF THE SECURITIES OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY
OF INVESTING IN FINANCIAL SECURITIES GENERALLY OR IN THE SECURITIES PARTICULARLY OR THE
ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR
ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES
AND OF THE MSCI INDICES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI
WITHOUT REGARD TO THE SECURITIES OR TO THE ISSUER OR ANY OWNER OF THE SECURITIES.
NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING
OR COMPILING ANY MSCI INDEX HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR
OWNERS OF THE SECURITIES INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING
THE MSCI INDICES. NEITHER MSCI, ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED
TO, MAKING OR COMPILING ANY MSCI INDEX IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE
DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THE SECURITIES TO BE ISSUED OR
IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY WHICH THE SECURITIES ARE
REDEEMABLE FOR CASH. NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN,
OR RELATED TO, THE MAKING OR COMPILING ANY MSCI INDEX HAS ANY OBLIGATION OR LIABILITY
TO THE OWNERS OF THE SECURITIES IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR
OFFERING OF THIS FINANCIAL PRODUCT.
NOTWITHSTANDING THE FOREGOING, CERTAIN AFFILIATES OF MSCI MAY ACT AS DEALERS IN
CONNECTION WITH THE SALE OF THE SECURITIES AND, AS SUCH, MAY SELL OR PROMOTE THE
SECURITIES OR MAY BE INVOLVED IN THE ADMINISTRATION, MARKETING OR OFFERING OF THIS
FINANCIAL PRODUCT.
ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION
OF THE MSCI INDICES FROM SOURCES WHICH MSCI CONSIDERS RELIABLE, NEITHER MSCI, ANY OF ITS
AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI
INDEX WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF
ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN.
NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING
OR COMPILING ANY MSCI INDEX MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE
OBTAINED BY THE ISSUER, THE ISSUER'S CUSTOMERS OR COUNTERPARTIES, OWNERS OF THE
SECURITIES, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA
INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER
USE.
NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING
OR COMPILING ANY MSCI INDEX SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR
INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN.
FURTHER, NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED
TO, MAKING OR COMPILING ANY MSCI INDEX MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY
KIND, AND MSCI, ANY OF ITS AFFILIATES AND ANY OTHER PARTY INVOLVED IN, OR RELATED TO,
MAKING OR COMPILING ANY MSCI INDEX HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO ANY MSCI INDEX AND
ANY DATA INCLUDED THEREIN.
5

WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL MSCI, ANY OF ITS AFFILIATES OR
ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX HAVE ANY
LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES
(INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
No purchaser, seller or holder of the Securities, nor any other person or entity, should use or refer to any
MSCI trade name, trademark or service mark to sponsor, endorse, market or promote the Securities
without first contacting MSCI to determine whether MSCI's permission is required. Under no
circumstances may any person or entity claim any affiliation with MSCI without the prior written
permission of MSCI.

6

PART A
Terms and Conditions of the Securities
The Securities shall have the following terms and conditions, which shall complete, modify and/or amend
the Base Conditions and/or any applicable Relevant Annex(es) set out in the Offering Circular dated 19
June 2020.
Issuer:
Barclays Bank PLC
Manager:
Barclays Bank PLC
Determination Agent:
Barclays Bank PLC
Issue and Paying Agent:
The Bank of New York Mellon
Stabilising Manager:
N/A
Registrar: N/A
CREST Agent:
N/A
Paying Agents:
N/A
Transfer Agent:
N/A
Exchange Agent:
N/A
Additional Agents:
N/A

THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE US SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"). SUBJECT TO CERTAIN EXCEPTIONS, THE SECURITIES
MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR ITS POSSESSIONS OR TO UNITED
STATES PERSONS (AS DEFINED IN THE US INTERNAL REVENUE CODE OF 1986 (THE "CODE")). THIS
PRICING SUPPLEMENT HAS BEEN PREPARED BY THE ISSUER FOR USE IN CONNECTION WITH THE
OFFER AND SALE OF THE SECURITIES OUTSIDE THE UNITED STATES TO NON-US PERSONS IN
RELIANCE ON REGULATION S. FOR A DESCRIPTION OF THESE AND CERTAIN FURTHER RESTRICTIONS
ON OFFERS AND SALES OF THE SECURITIES AND DISTRIBUTION OF THIS PRICING SUPPLEMENT, THE
OFFERING CIRCULAR AND THE SUPPLEMENTAL OFFERING CIRCULARS, SEE "PURCHASE AND SALE" IN
THE OFFERING CIRCULAR.

7

1 Series:
NX000262877
2
Issue Currency:
United States dollars ("USD")
3 Notes:
Applicable

(i)
Aggregate Nominal Amount as at the
USD 900,000
Issue Date:
(ii)
Specified
Denomination:
USD
50,000

(iii)
Minimum Tradable Amount:
N/A

(iv)
Calculation Amount as at the Trade
Specified Denomination
Date and Issue Date:
4 Certificates:
N/A
5 Form:

(i) Global/Definitive/Uncertificated
and
Global Bearer Securities:
dematerialised:
Permanent Global Security
(ii)
NGN
Form:
N/A

(iii)
Held under the NSS:
N/A
(iv)
CGN
Form:
Applicable
(v)
CDIs:
N/A
6
Trade Date:
29 September 2020
7
Issue Date:
14 October 2020
8
Redemption Date:
The later of (i) the Expected Redemption Date and
(ii) the Adjusted Redemption Date.
Where:
"Expected Redemption Date" means 2 days after
the Final Redemption Dealing Date, expected to
be 18 October 2021.
"Final Redemption Dealing Date" means, in
respect of each Basket Constituent, 14 October
2021, provided that if such date is with respect to
the Basket Constituent that is a Fund not a Dealing
Date and/or with respect to the Basket
Constituent that is an Index not a Scheduled
Trading Date, such date shall be postponed to the
immediately following day that is a Common
Dealing Date. For such purpose, "Common
Dealing Date" means, in respect of the Basket
Constituents, each day that is a Dealing Date for
the Basket Constituent that is a Fund and a
Scheduled Trading Day for the Basket Constituent
that is an Index, all provided that with respect to
the Basket Constituent that is a Fund, if such date
is a Disrupted Day, then the Final Redemption
8

Dealing Date shall be deemed to be postponed in
accordance with Conditions 2 - 4 of Part B of the
Fund Linked Annex and with respect to the Basket
Constituent that is an Index, if such date is a
Disrupted Day, then the Final Redemption Dealing
Date shall be deemed to be postponed in
accordance with Condition 3 of Part B of the
Equity Linked Annex.
9
Issue Price:
100 per cent. of the Aggregate Nominal Amount
10
The following Relevant Annex shall apply to the
Fund Linked Annex; and
Securities:
Equity Linked Annex
11 Interest:
N/A
12 Interest
Amount:
N/A
13 Interest
Rate:
N/A
14 Floating
Rate
Determination:
N/A
15 CMS
Rate
Determination:
N/A
16 Margin:
N/A
17
Minimum/Maximum Interest Rate:
N/A
18 Interest
Commencement
Date:
N/A
19
Interest Determination Date:
N/A
20 Interest
Calculation
Periods:
N/A
21
Interest Payment Dates:
N/A
22 Day
Count
Fraction:
N/A
23
Fall back provisions, rounding provisions, N/A
denominator and any other terms relating to the
method of calculating interest, if different from
those set out in the Base Conditions:
24
Settlement Method:
(i) For the purposes of Condition 5.1 (Redemption
and Redemption by instalments) of the Base
Conditions:
Cash Settlement
(ii) For the purposes of Condition 5.4 (Early
Redemption following the occurrence of an
Additional Disruption Event) of the Base
Conditions:
Cash Settlement
25 Settlement
Currency:
USD
26
Settlement Number:
As defined in Condition 25 (Definitions) of the
Base Conditions
27
Terms relating to Cash Settled Securities:

9

(i)
Final Cash Settlement Amount:
Subject to the Potential Adjustment of Payments
Events, an amount per Calculation Amount,
calculated by the Determination Agent on the
Valuation Date, payable in USD, equal to:
Calculation Amount × Max[Floor; 100% + (Fund Return Index Return - Strike) × PR]

provided that in the calculation of such amount
any portion of the redemption proceeds arising
from a redemption of Fund Shares which the
Determination Agent determines that a
Hypothetical Investor would not have received by
the Receipt Deadline shall be regarded as having a
zero value.
Where:
"Floor" means 0.00 per cent.
"Fund Return" means, subject to the provisions of
Schedule 2, an amount calculated by the
Determination Agent on the Valuation Date in
accordance with the following formula:
NAV
Fund Return =
(T) 100%
NAV(0)
"Hypothetical Investor" means as set out in the
Fund Linked Annex.
"Index Return" means an amount calculated as
follows:
Index Return = (Index(T)/Index(0)) 100%
"Index(0)" means 7,027.34.
"Index(T)" means the level of the Index at the
Valuation Time on the Final Redemption Dealing
Date.
"Max" means the greater of.
"NAV(0)" means USD 909.69, being the Net Asset
Value of the Fund Share in respect of the Strike
Date, provided that should the actual subscription
value per Fund Share differ from the Net Asset
Value per Fund Share in respect of a subscription
of Fund Shares targeted to be effected on the
Strike Date then the Determination Agent in its
sole discretion may adjust such value for the
purposes of the calculation of the "Fund Return"
in order to take into account such difference.
"NAV(T)" means the Net Asset Value of the Fund
Share in respect of the Final Redemption Dealing
Date, provided that should the Hypothetical
10