The iPath Global Carbon ETN (Ticker: GRN) seeks investment results that correspond generally to the performance, before fees and expenses, to the Dow Barclays Capital Global Carbon Index Total Return. The objective of the index is to provide exposure to the global price of carbon. To achieve this, the index references the price of carbon emissions credits from the world’s largest and most robust emissions related mechanisms. With respect to each mechanism, various data in respect of the liquidity, quality and robustness of the mechanism, including the nature and number of the participants in the mechanism, the tenure of the mechanism and the volume (by metric tone) of carbon emissions credits issued and traded under the mechanism is reviewed. The mechanisms that exhibit the greatest liquidity, quality and robustness are selected. The mechanisms currently included are the European Union Emission Trading Scheme (“EU ETS”) and the Kyoto Protocol’s Clean Development Mechanism (“CDM”). The index is composed of allocations in futures or forward contracts on a carbon emissions credit from each mechanism. Weighting of the components is determined in a manner that reflects the relative financial value of trading, taking into account past trading volume (on exchanges and OTC) together with expected future volume. The mechanisms may be changed and new mechanisms may be added to the index. The primary re-weighting of the index will take place annually each November. The index is calculated by applying the impact of the changes to the futures prices of commodities included in the index components (based on their relative weightings). The ETN is issued by Barclays Bank PLC.