If the Required Consents are received for an issue of ETNs in accordance with the Consent Solicitation Statements, the Proposed Amendment would amend the terms of that issue to provide Barclays with the following unqualified rights as of the date on which the Proposed Amendment is made effective:
- the right to redeem all, but not less than all, of the outstanding ETNs of that issue of ETNs, prior to maturity, on the terms described in the Consent Solicitation Statements; and
- the right to initiate a split or reverse split of the ETNs of that issue on the terms described in the Consent Solicitation Statements.
In addition, if the Required Consents are received for an issue of ETNs in accordance with the Consent Solicitation Statements, the Proposed Amendment would also amend the terms of that issue as follows:
- The investor fee for that issue of ETNs would be reduced during the period from the Effective Time of the Proposed Amendment for that issue to the maturity date of the ETNs of that issue. The reduced investor fee would be an amount equal to 0.70% per annum times the principal amount of a holder’s ETNs times the relevant index factor, calculated on a daily basis. The current investor fee is an amount equal to 0.75% per annum times the principal amount of a holder’s ETNs times the relevant index factor, calculated on a daily basis.
- The minimum number of ETNs of that issue required to be redeemed for a holder to exercise its right to redeem ETNs of such issue prior to maturity will be reduced from 50,000 ETNs to 30,000 ETNs.
The Proposed Amendment for each issue of ETNs cannot be partitioned and will take effect as a single proposal if all conditions are met. If any conditions fail to be met for any issue of ETNs, none of the amendments listed above will become effective for that issue.
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