Obligation Barclay's 0% ( US06741TSE81 ) en USD

Barclay's

70.565 % ▼

Royaume-Uni

US06741TSE81 ( en USD )

19/04/2033

Prospectus brochure de l'obligation Barclays US06741TSE81 en USD 0%, échéance 19/04/2033

1 000 USD

3 000 000 USD

06741TSE8

A+ ( Qualité moyenne supérieure )

N/A

Barclays est une banque internationale offrant une large gamme de services financiers aux particuliers, entreprises et institutions, incluant la banque de détail, l'investissement, la gestion d'actifs et les cartes de crédit.

L'Obligation émise par Barclay's ( Royaume-Uni ) , en USD, avec le code ISIN US06741TSE81, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 19/04/2033
L'Obligation émise par Barclay's ( Royaume-Uni ) , en USD, avec le code ISIN US06741TSE81, a été notée A+ ( Qualité moyenne supérieure ) par l'agence de notation Standard & Poor's ( S&P ).

http://www.sec.gov/Archives/edgar/data/312070/000110465913026457/...
424B2 1 a13-9244_4424b2.htm 424B2 - - 20Y 5S30S STEEPENER

CALCULATION OF REGISTRATION FEE

Title of Each Class of Securities Offered
Maximum Aggregate Offering Price
Amount of Registration Fee(1)

Global Medium-Term Notes, Series A
$3,000,000
$409.20

(1) Calculated in accordance with Rule 457(r) of the Securities Act of 1933

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Pricing Supplement dated April 2, 2013
Filed Pursuant to Rule 424(b)(2)
(To Prospectus dated August 31, 2010 and
Registration No. 333-169119
the Prospectus Supplement dated May 27, 2011)

US$3,000,000

CAPPED CALLABLE CMS STEEPENER NOTES DUE APRIL 19, 2033

Principal Amount:
US$3,000,000
Issuer:
Barclays Bank PLC

Issue Price:
Variable Price Re-Offer
Series:
Global Medium-Term Notes, Series A

Payment at Maturity:
If you hold the Notes to maturity, you wil
Original Issue Date:
April 19, 2013
receive 100% of your principal, subject to the
creditworthiness of Barclays Bank PLC. The
Notes are not, either directly or indirectly, an
obligation of any third party, and any
payment to be made on the Notes, including
any principal protection provided at maturity,
depends on the ability of Barclays Bank PLC
to satisfy its obligations as they come due.

Original Trade Date:
April 2, 2013

Maturity Date:
April 19, 2033, subject to Redemption at the Option of
the Company (as set forth below).

CUSIP:
06741TSE8
Denominations:
Minimum denominations of US$1,000 and in integral

multiples of US$1,000 thereafter.
ISIN:
US06741TSE81

Business Day:
x New York
Business Day Convention:
x Fol owing
x London
o Modified Fol owing
o Euro
o Preceding
o Other

o Adjusted or x Unadjusted

Day Count Convention (or Fraction):

o Actual/360
o NL/365
x 30/360
o 30/365
o Actual/Actual
o Actual/366

o Actual/365
o Actual/252 or Business Days/252

Reference Asset/Reference Rate: The CMS Spread.
Maximum Interest Rate:
10.25% per annum

CMS Spread: An amount determined by the Calculation Agent, which is the CMS Rate with a
Minimum Interest Rate:
0.00% per annum
maturity of 30 years minus CMS Rate with a maturity of 5 years minus the Fixed Percentage
Amount.

The CMS Rate with a maturity of 30 years ("30 Year CMS Rate") and the CMS Rate with a
maturity of 5 years ("5 Year CMS Rate"), which appears on Reuters ISDAFIX1 page (the
"ISDAFIX1 Page") as of 11:00 a.m., New York City time, on the relevant Interest
Determination Date. Please see the information contained in "Reference Assets--CMS
Rate" starting on page S-73 of the Prospectus Supplement for additional detail, including
information on procedures that wil be applied by the Calculation Agent when the Reference
Rate cannot be determined in the manner described above on any Interest Determination
Date.

Fixed Percentage Amount:
0.50%
Initial Interest Rate:
10.25% per annum

Interest Rate Formula:
For each Interest Period commencing on or after the Original Issue Date to but excluding April 19, 2014: the Initial Interest Rate

For each Interest Period commencing on or after April 19, 2014, the interest rate per annum wil be equal to the product of (1) the Multiplier
times (2) the Reference Rate, subject to the Minimum Interest Rate and the Maximum Interest Rate.

Multiplier:
For Interest Periods
commencing on or after:
Multiplier

April 19, 2014

4.00

Interest Payment Dates:
o Monthly, o Quarterly, x Semi-Annual y, o Annual y,

payable in arrears on the 19th of each April and October, commencing on October 19, 2013 and ending on the Maturity Date or the Early
Redemption Date, if applicable.

Interest Period:
The first Interest Period wil begin on, and include, the Original Issue Date and end on, but exclude, the first Interest Payment Date. Each
subsequent Interest Period wil begin on, and include, the Interest Payment Date for the preceding Interest Period and end on, but exclude, the
next fol owing Interest Payment Date. The final Interest Period wil end on, but exclude, the Maturity Date (or the Early Redemption Date, if
applicable).

Interest Reset Dates:
For each Interest Period commencing on or after April 19, 2014, the first day of such Interest Period

Interest Determination Date:
Two New York Business Days prior to the relevant Interest Reset Date

Redemption at the Option of the
We may redeem your Notes, in whole or in part, at the Redemption Price set forth below, on any Interest Payment Date commencing on April
Company:
19, 2014, provided we give at least five business days' prior written notice to the trustee. If we exercise our redemption option, the Interest

Payment Date on which we so exercise wil be referred to as the "Early Redemption Date".

Redemption Price:
If we exercise our redemption option, you wil receive on the Early Redemption Date 100% of the principal amount, together with any accrued

and unpaid interest to but excluding the Early Redemption Date.

Settlement:
DTC; Book-entry; Transferable.

Listing:
The Notes wil not be listed on any U.S. securities exchange or quotation system.

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Calculation Agent:
Barclays Bank PLC

Barclays Capital Inc. has agreed to purchase the Notes from us at 100% of the principal amount minus a commission equal to $40.00 per $1,000 principal amount, or 4.00%,
resulting in aggregate proceeds to Barclays Bank PLC of $2,880,000. Barclays Capital Inc. proposes to offer the Notes from time to time for sale in negotiated transactions, or
otherwise, at varying prices to be determined at the time of each sale. Barclays Capital Inc. may also use all or a portion of its commissions on the Notes to pay selling
concessions or fees to other dealers.

Any payment on the Notes is subject to the creditworthiness of the Issuer and is not guaranteed by any third party. For a description of risks with respect to the ability of
Barclays Bank PLC to satisfy its obligations as they come due, see "Issuer Credit Risk" in this pricing supplement.

Investing in the Notes involves a number of risks. See "Risk Factors" beginning on page S-6 of the prospectus supplement and "Selected Risk Factors" on page PS-1 below.

The Notes wil not be listed on any U.S. securities exchange or quotation system. Neither the Securities and Exchange Commission nor any state securities commission has approved or
disapproved of the Notes or determined that this pricing supplement is truthful or complete. Any representation to the contrary is a criminal offense.

We may use this pricing supplement in the initial sale of Notes. In addition, Barclays Capital Inc. or another of our affiliates may use this pricing supplement in market resale transactions in any
Notes after their initial sale. Unless we or our agent informs you otherwise in the confirmation of sale, this pricing supplement is being used in a market resale transaction.

The Notes constitute our direct, unconditional, unsecured and unsubordinated obligations and are not deposit liabilities of Barclays Bank PLC and are not insured by the U.S.
Federal Deposit Insurance Corporation or any other governmental agency of the United States, the United Kingdom or any other jurisdiction.

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Investing in the Notes involves a number of risks. See "Risk Factors" beginning on page S-6 of the prospectus supplement and "Selected
Risk Factors" below. We urge you to consult your investment, legal, tax, accounting and other advisers and to invest in the Notes only
after you and your advisors have carefully considered the suitability of an investment in the Notes in light of your particular circumstances.

Barclays Bank PLC has filed a registration statement (including a prospectus) with the SEC for the offering to which this pricing supplement
relates. Before you invest, you should read the prospectus dated August 31, 2010, the prospectus supplement dated May 27, 2011, and
other documents Barclays Bank PLC has filed with the SEC for more complete information about Barclays Bank PLC and this offering.
Buyers should rely upon this pricing supplement, the prospectus, the prospectus supplement, and any relevant preliminary pricing
supplement for complete details. You may get these documents and other documents Barclays Bank PLC has filed for free by visiting
EDGAR on the SEC website at www.sec.gov, and you may also access the prospectus and prospectus supplement through the links below:

·
Prospectus dated August 31, 2010:

http://www.sec.gov/Archives/edgar/data/312070/000119312510201448/df3asr.htm

·
Prospectus Supplement dated May 27, 2011:

http://www.sec.gov/Archives/edgar/data/312070/000119312511152766/d424b3.htm

Our Central Index Key, or CIK, on the SEC website is 0000312070.

Alternatively, Barclays Capital Inc. or any agent or dealer participating in this offering will arrange to send you this pricing supplement, the
prospectus, the prospectus supplement and any relevant preliminary pricing supplement if you request it by calling your Barclays Capital
Inc. sales representative, such dealer or 1-888-227-2275 (Extension 2-3430). A copy of the prospectus may be obtained from Barclays
Capital Inc., 745 Seventh Avenue--Attn: US InvSol Support, New York, NY 10019.

You may revoke your offer to purchase the Notes at any time prior to the time at which we accept such offer by notifying the applicable agent. We
reserve the right to change the terms of, or reject any offer to purchase the Notes prior to their issuance. In the event of any changes to the terms of
the Notes, we wil notify you and you wil be asked to accept such changes in connection with your purchase. You may also choose to reject such
changes in which case we may reject your offer to purchase.

As used in this term sheet, the "Company," "we," "us," or "our" refers to Barclays Bank PLC.

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SELECTED RISK FACTORS

An investment in the Notes involves significant risks not associated with an investment in conventional floating rate or fixed rate medium
term notes. You should read the risks summarized below in connection with, and the risks summarized below are qualified by reference to,
the risks described in more detail in the "Risk Factors" section beginning on page S-6 of the prospectus supplement. We urge you to
consult your investment, legal, tax, accounting and other advisers and to invest in the Notes only after you and your advisors have
carefully considered the suitability of an investment in the Notes in light of your particular circumstances.

·
Reference Rate / Interest Payment Risk-- Investing in the Notes is not equivalent to investing in securities directly linked to the relevant CMS

Rates or the Reference Rate. Instead, the amount of interest payable on the Notes (after the initial Interest Periods for which the Initial Interest
Rate is payable) is determined by multiplying the (a) applicable Multiplier by (b) the difference between the CMS Rates of the two maturities
identified on the cover page hereof minus the Fixed Percentage Amount (the Reference Rate, or "CMS Spread"), as determined on the
Interest Determination Date applicable to the relevant Interest Period, subject to the Minimum Interest Rate and the Maximum Interest Rate.
Accordingly, the amount of interest payable on the Notes is dependent on whether, and the extent to which, the CMS Spread is greater than
zero on the Interest Determination Date. If the CMS Spread on any Interest Determination Date is equal to or less than zero (i.e., the
difference between the CMS Rates of the two maturities identified on the cover page hereof minus the Fixed Percentage is equal to or less
than zero), you would receive no interest payment on the related Interest Payment Date (i.e., the interest rate for that Interest Payment Date
would be equal to the Minimum Interest of 0.00%). If the CMS Spread is equal to or less than zero on every Interest Determination Date
throughout the term of the Notes, then you would receive no interest payments on your Notes throughout their term.

·
Maximum Interest Rate --The interest rate on the Notes for each Interest Period commencing on or after April 19, 2014 is capped for that

period at the Maximum Interest Rate of 10.25% per annum. Interest rates may change significantly over the term of the Notes, and it is
impossible to predict what interest rates wil be at any point in the future. Although the interest rate on the Notes (for each Interest Period
commencing on or after April 19, 2014) wil be based on the levels of the CMS Rates (less the Fixed Percentage Amount), the interest that wil
apply during each such Interest Period on the may be more or less than other prevailing market interest rates at such time and in any event will
never exceed the applicable Maximum Interest Rate regardless of the levels of the CMS Rates on any relevant Interest Determination Date. In
addition, if the product of the CMS Spread and the Multiplier of 4.00 is less than the Maximum Interest Rate for any Interest Period for which
the floating rate applies, the cumulative interest rate for such year wil be less than the Maximum Interest Rate. As a result, the amount of
interest you receive on the Notes may be less than the return you could earn on other investments with a comparable maturity.

·
Issuer Credit Risk-- The Notes are our unsecured debt obligations, and are not, either directly or indirectly, an obligation of any third party.

Any payment to be made on the Notes, including any principal protection provided at maturity, depends on our ability to satisfy our obligations
as they come due. As a result, the actual and perceived creditworthiness of Barclays Bank PLC may affect the market value of the Notes and,
in the event we were to default on our obligations, you may not receive the principal protection or any other amounts owed to you under the
terms of the Notes.

·
Early Redemption--We may redeem the Notes prior to the Maturity Date on any Interest Payment Date, beginning on April 19, 2014. If you

intend to purchase the Notes, you must be wil ing to have your Notes redeemed early. We are general y more likely to redeem the Notes during
periods when we expect that interest wil accrue on the Notes at a rate that is greater than that which we would pay on our traditional interest-
bearing deposits or debt securities having a maturity equal to the remaining term of the Notes. In general, the more that 30 Year CMS Rate
exceeds 5 Year CMS Rate--that is, the higher the expected interest payments--the more likely it wil be that we wil elect to redeem the
Notes. In contrast, we are general y less likely to redeem the Notes during periods when we expect interest to accrue on the Notes at a rate
that is less than that which we would pay on those instruments. If we redeem the Notes prior to the Maturity Date, accrued interest will be paid
on the Notes prior to such early redemption, but you wil not receive any future interest payments from the Notes redeemed and you may be
unable to reinvest your proceeds from the redemption in an investment with a return that is as high as the return on the Notes would have been
if they had not been redeemed.

PS-1
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·
Certain Built-In Costs Are Likely to Adversely Affect the Value of the Notes Prior to Maturity--Although you wil not receive less than the

principal amount of the Notes if you hold the Notes to maturity (subject to Issuer credit risk), the Original Issue Price of the Notes includes the
Agent's commission and the cost of hedging our obligations under the Notes through one or more of our affiliates. As a result, assuming no
change in market conditions or any other relevant factor, the price, if any, at which Barclays Capital Inc. and other affiliates of Barclays Bank
PLC wil be wil ing to purchase Notes from you in secondary market transactions wil likely be lower than the Original Issue Price, and any sale
prior to the Maturity Date could result in a substantial loss to you.

·
Lack of Liquidity--The Notes wil not be listed on any securities exchange. Barclays Capital Inc. and other affiliates of Barclays Bank PLC

intend to make a secondary market for the Notes but are not required to do so, and may discontinue any such secondary market making at any
time, without notice. Even if there is a secondary market, it may not provide enough liquidity to al ow you to trade or sel the Notes easily.
Barclays Bank PLC or its affiliates may hold inventory in the Notes, which may further impair the development of a secondary market.
Because other dealers are not likely to make a secondary market for the Notes, the price at which you may be able to trade your Notes is
likely to depend on the price, if any, at which Barclays Capital Inc. and other affiliates of Barclays Bank PLC are wil ing to buy the Notes. The
Notes are not designed to be short-term trading instruments. Accordingly, you should be able and wil ing to hold your Notes to maturity.

·
Potential Conflicts--We and our affiliates play a variety of roles in connection with the issuance of the Notes, including acting as calculation

agent and hedging our obligations under the Notes. In performing these duties, the economic interests of the calculation agent and other
affiliates of ours are potential y adverse to your interests as an investor in the Notes.

In addition, Barclays Wealth, the wealth management division of Barclays Capital Inc., may arrange for the sale of the Notes to certain of its
clients. In doing so, Barclays Wealth wil be acting as agent for Barclays Bank PLC and may receive compensation from Barclays Bank PLC in
the form of discounts and commissions. The role of Barclays Wealth as a provider of certain services to such customers and as agent for
Barclays Bank PLC in connection with the distribution of the Notes to investors may create a potential conflict of interest, which may be adverse
to such clients. Barclays Wealth is not acting as your agent or investment adviser, and is not representing you in any capacity with respect to
any purchase of Notes by you. Barclays Wealth is acting solely as agent for Barclays Bank PLC. If you are considering whether to invest in
the Notes through Barclays Wealth, we strongly urge you to seek independent financial and investment advice to assess the merits of such
investment.

·
Historical Levels Are Not Indicative of Future Performance--In the past, the levels of the CMS Rates have experienced significant

fluctuations. You should note that historical levels, fluctuations and trends of the CMS Rates are not necessarily indicative of future levels. Any
historical upward or downward trend in the CMS Rates is not an indication that the CMS Rates are more or less likely to increase or decrease
at any time during the Floating Interest Rate Interest Periods. Changes in the levels of CMS Rates wil affect the value of the Notes, but neither
we nor you can predict the future performances of the CMS Rates based on their historical performances. The actual performances of the
CMS Rates, as wel as the interest payable on each Interest Payment Date for which the floating rate of interest applies, may bear little or no
relation to the hypothetical levels of the CMS Rates or to the hypothetical examples shown in this pricing supplement.

·
Many Economic and Market Factors Will Impact the Value of the Notes--In addition to the level of the Reference Rate on any day, the

value of the Notes wil be affected by a number of economic and market factors that may either offset or magnify each other, including:

o
the difference between 30 Year CMS Rate and 5 Year CMS Rate. In general, the value of the Notes wil increase when the difference

between the CMS Rates increases (to the extent that 30 Year CMS Rate is greater than 5 Year CMS Rate), and the value of the
Notes wil decrease when the difference between the CMS Rates decreases (to the extent that 30 Year CMS Rate is greater than 5
Year CMS Rate). Conversely, the value of the Notes wil decrease when the difference between the CMS Rates increases (to the
extent that 5 Year CMS Rate is greater than 30 Year CMS Rate), and the value of the Notes wil increase when the difference between
the CMS Rates decreases (to the extent that 5 Year CMS Rate is greater than 30 Year CMS Rate). Because short-term interest rates
are more sensitive than long-term interest rates, a decreasing interest rate environment may increase the value of the Notes (by
widening the spread between the short-term and long-term rates) while an increasing interest rate

PS-2
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environment may decrease the value of the Notes (by narrowing the spread between the short-term and long-term rates);

o
the volatility (i.e., the frequency and magnitude of changes in the level) of the difference between the CMS Rates, which may have an

adverse impact on the value of the Notes;

o
the time to maturity of the Notes. As a result of a "time premium," the Notes may have a value above that which would be expected

based on the levels of interest rates and the levels of the CMS Rates at such time the longer the time remaining to maturity. A "time
premium" results from expectations concerning the levels of the CMS Rates during the period prior to maturity of the Notes. As the time
remaining to the maturity of the Notes decreases, this time premium wil likely decrease and, depending on the levels of the CMS Rates
at such time, may adversely affect the value of the Notes;

o
Interest and yield rates in the market general y;

o
the fluctuations of the CMS Rates and the possibility that the interest rate on the Notes wil decrease so that only the Minimum

Interest Rate wil be paid during the term of the Notes fol owing the first year;
o
our right to redeem the Notes;

o
a variety of economic, financial, political, regulatory or judicial events; and

o
our creditworthiness, whether actual or perceived, including actual or anticipated downgrades in our credit ratings.

HYPOTHETICAL INTEREST RATE AND INTEREST PAYMENT CALCULATIONS

As described above, after the initial Interest Periods for which the Initial Interest Rate is payable, the Notes wil pay interest on each Interest Payment
Date at a per annum interest rate calculated based on the CMS Spread. The fol owing il ustrates the process by which the interest rate and interest
payment amount are determined for any such Interest Periods.

For purposes of these examples, we assume that the Notes are not being redeemed on the applicable Interest Payment Date pursuant to the
Redemption at the Option of the Company provisions above. If we exercise our redemption option, you wil receive on the Early Redemption Date the
Early Redemption Price applicable to that Early Redemption Date, calculated as described above. The examples below are based on the Minimum
Interest Rate of 0.00% per annum and the Maximum Interest Rate of 10.25% per annum.

Interest Rate Calculation

Step 1: Calculate the Reference Rate.

For each Interest Period commencing on after April 19, 2014, a value for the Reference Rate is determined by calculating the CMS Spread, which is
the difference between the CMS Rates of the two maturities identified on the cover page hereof on the Interest Determination Date for that Interest
Period (that is, two New York Business Days prior to the first day of the Interest Period) minus the Fixed Percentage Amount. If the value of the first
CMS Rate is not sufficiently greater than the second CMS Rate (after taking into account the Fixed Percentage Amount), the subtraction of the second
CMS Rate from the first CMS Rate minus the Fixed Percentage Amount wil result in a negative CMS Spread or a CMS Spread of zero, and therefore
a negative Reference Rate or a Reference Rate that is equal to zero.

Step 2: Calculate the per annum interest rate for each Interest Payment Date.

For each Interest Period commencing on after April 19, 2014, the per annum interest rate is determined by multiplying the Multiplier by the Reference
Rate, determined on the Interest Determination Date applicable to the relevant Interest Period as described above, subject to the Minimum Interest
Rate and the Maximum Interest Rate. Because the Minimum Interest Rate on the Notes is equal to 0%, if the Reference Rate on any Interest
Determination Date is equal to or less than zero, you would receive no interest payment on the related Interest Payment Date. See "Selected Risk
Factors-- Reference Rate / Interest Payment Risk". The per annum interest rate may also be limited to any Maximum Interest Rate specified on the
cover page hereof.

PS-3
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Step 3: Calculate the interest payment amount payable for each Interest Payment Date.

For each Interest Period, once the Calculation Agent has determined the applicable interest rate per annum, the Calculation Agent wil calculate the
effective interest rate for the Interest Period by multiplying the annual interest rate determined for that Interest Period by the applicable day count
fraction (180/360 in light of the semi-annual Interest Payment Dates). The resulting effective interest rate is then multiplied by the relevant principal
amount of the Notes to determine the actual interest amount payable on the related Interest Payment Date. No adjustments to the amount of interest
calculated wil be made in the event an Interest Payment Date is not a Business Day.

Example Interest Rate and Interest Payment Calculations

The fol owing examples il ustrate how the per annum interest rate and interest payment amounts would be calculated for a given Interest Period
commencing on or after April 19, 2014 under scenarios for the CMS Rates and the Reference Rate. These examples are based on the applicable
Reference Rate for the Notes, which is equal to the difference of 30 Year CMS Rate minus 5 Year CMS Rate minus the Fixed Percentage Amount of
0.50%, the Multiplier of 4.00, the Minimum Interest Rate of 0.00% and the Maximum Interest Rate is 10.25% per annum. The examples are also based
on the Notes having semi-annual Interest Payment Dates, and that interest payments wil be calculated using a 30/360 day count basis (such that the
applicable day count fraction for the semi-annual interest payment for the Interest Period wil be 180/360).

These values and assumptions have been chosen arbitrarily for the purpose of these examples, and should not be taken as indicative of the terms of
any particular Notes or the future performance of the relevant CMS Rates or the Reference Rate. The specific terms for each issuance of Notes wil be
determined at the time such Notes are priced. Numbers in the table below have been rounded for ease of analysis. These examples assume that he
Notes are held until maturity and do not take into account any tax consequences from investing in the Notes.

Interest Payment
Interest Rate
Effective
Amount
30 Year CMS Rate
5 Year CMS Rate
Reference Rate1
(per annum)2
Interest Rate5

(per $1,000 Note) 6

3.00%
4.20%
1.70%
0.00%3
0.00%
$0.00

4.00%
4.60%
1.10%
0.00%3
0.00%
$0.00

5.00%
5.00%
-0.50%
0.00%
0.00%
$0.00

6.00%
5.30%
0.20%
0.80%
0.40%
$4.00

8.00%
5.10%
2.40%
9.60%
4.80%
$48.00

9.00%
5.70%
2.80%
10.25%4
5.125%
$51.25

1.
For the Interest Period, the value of the Reference Rate is equal to the CMS Spread (the 30 Year CMS Rate minus the 5 Year CMS Rate minus the Fixed Percentage Amount), as
determined on the related Interest Determination Date.
2.
The interest rate per annum is equal to the product of the Multiplier (4) and the Reference Rate for that Interest Period, subject to the Minimum Interest Rate (0.00%) and the Maximum
Interest Rate (10.25%).
3.
The interest rate per annum for any Interest Period shall not be less than the Minimum Interest Rate, in this case 0.00%.
4.
The interest rate per annum for any Interest Period shall not be greater than the Maximum Interest Rate, in this case 10.25%.
5.
The effective interest rate for any Interest Period equals the applicable interest rate per annum multiplied by the day count fraction (180/360).
6.
The interest payment amount for an Interest Payment Date equals the principal amount times the effective interest rate for the related Interest Period.

Example 1: If on the Interest Determination Date for the relevant Interest Period the value of the 30 Year CMS Rate is 6.00% and the 5 Year CMS
Rate is 5.30%, the Reference Rate for the Interest Period would be 0.20% (equal to the 30 Year CMS Rate minus the 5 Year CMS Rate minus the
Fixed Percentage Amount of 0.50%). In this case, the per annum interest rate for that Interest Period would be 1.00% (equal to the Reference Rate
times the Multiplier of 4), and you would receive an interest payment of $4.00 per $1,000 principal amount of Notes on the related semi-annual Interest
Payment Date, calculated as fol ows:

Effective Interest Rate = 0.80% x (180/360) = 0.40%

Interest Payment = $1,000 x 0.40% = $4.00

Example 2: If on the Interest Determination Date for the relevant Interest Period the value of the 30 Year CMS Rate is 4.00% and the 5 Year CMS
Rate is 4.60%, the Reference Rate for the Interest Period would be -1.10% (equal to the 30 Year CMS Rate minus the 5 Year CMS Rate minus the
Fixed Percentage Amount of 0.50%). Because the value of the

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Reference Rate times the Multiplier of 4 results in a per annum interest rate of -1.10%, which is less that Minimum Interest Rate of 0.00%, the per
annum interest rate for that Interest Period would be 0.00% (the Minimum Interest Rate), and you would receive no interest payment on the related
quarterly Interest Payment Date (the interest payment would be $0).

Example 3: If on the Interest Determination Date for the relevant Interest Period the value of the 30 Year CMS Rate is 9.00% and the 5 Year CMS
Rate is 5.70%, the Reference Rate for the Interest Period would be 2.80% % (equal to the 30 Year CMS Rate minus the 5 Year CMS Rate minus the
Fixed Percentage Amount of 0.50%). Because the value of the Reference Rate times the Multiplier of 4 results in a per annum interest rate of 11.20%,
which is greater than the Maximum Interest Rate of 10.25%, the per annum interest rate for that Interest Period would be equal to the Maximum
Interest Rate of 10.25%, and you would receive an interest payment of $51.25 per $1,000 principal amount of Notes on the related quarterly Interest
Payment Date, calculated as fol ows:

Effective Interest Rate = 10.25% x (180/360) = 5.125%

Interest Payment = $1,000 x 5.125% = $51.25

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HISTORICAL INFORMATION

We have provided the fol owing historical information to help you evaluate the behavior of the CMS Rates in various periods. The historical difference
between the CMS Rates should not be taken as an indication of the future difference between the CMS Rates or the performance of the
Notes. Fluctuations in the CMS Rates make the interest rate on the Notes difficult to predict and can result in an interest rate to investors that is lower
than anticipated. Fluctuations in the CMS Rates and interest rate trends that have occurred in the past are not necessarily indicative of fluctuations that
may occur in the future, which may be wider or narrower than those that have occurred historical y.

We cannot guarantee that the difference between the CMS Rates wil be maintained or wil increase or that 30 Year CMS Rate wil be greater than 5
Year CMS Rate over the term of the Notes so that you wil receive a rate of interest greater than the Minimum Interest Rate for any Interest Period
over the term of the Notes. The actual interest rate on the Notes for any Interest Period commencing on or after April 19, 2014 wil depend on the
actual CMS Rates on the applicable Interest Determination Dates.

The fol owing table and graph show historical month-end differences between the CMS Rates (including further reducing such month-end differences by
the Fixed Percentage Amount of 0.50%) from January 2008 through April 2, 2013 based on the CMS Rates as published by Bloomberg L.P. We have
not independently verified the accuracy or completeness of the historical data in the table and graph below. The Calculation Agent wil determine the
actual interest rate on the Notes for any Interest Periods commencing on or after April 19, 2014 by reference to the CMS Rates as published on the
ISDAFIX1 Page.

Historical Difference between 30 Year CMS Rate and 5 Year CMS Rate(1)

2008
2009
2010
2011
2012
2013
January
0.82700%
0.45300%
1.29100%
1.68600%
1.22900%
1.54000%
February
1.01600%
0.29900%
1.37200%
1.49700%
1.20500%
2.007%
March
0.88100%
0.58600%
1.34800%
1.43700%
1.28300%
2.035%
April
0.55400%
0.56400%
1.23400%
1.5500%
1.25500%
2.033%(2)
May
0.44200%
0.88300%
1.15800%
1.58200%
0.90800%

June
0.24700%
0.76000%
1.21400%
1.61800%
1.06500%

July
0.37800%
0.85800%
1.47700%
1.72900%
1.10000%
August
0.31600%
0.87800%
1.14300%
1.48500%
1.25100%

September
0.16800%
0.82100%
1.37000%
1.00900%
1.35000%

October
0.12700%
1.03200%
1.76600%
1.22800%
1.33900%
November
-0.22100%
1.23900%
1.61800%
0.97300%
1.34700%

December
0.14300%
1.09800%
1.50200%
0.90800%
1.45700%

(1)
The Reference Rate wil be an amount determined by the Calculation Agent equal to the CMS Spread, which is 30 Year CMS Rate minus 5 Year CMS Rate minus the Fixed

Percentage Amount.

(2)
As measured on April 2, 2013.

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