23rd Jul 2007 07:01
Barclays PLC23 July 2007 This document shall not constitute an offer to sell or buy or the solicitationof an offer to buy or sell any securities, nor shall there be any sale orpurchase of securities in any jurisdiction in which such offer, solicitation orsale would be unlawful prior to registration or qualification under thesecurities laws of any such jurisdiction. The availability of the Offer topersons not resident in the United States, the Netherlands and the UnitedKingdom may be affected by the laws of the relevant jurisdictions. Such personsshould inform themselves about and observe any applicable requirements. 23 July 2007 For immediate release BARCLAYS ANNOUNCES INVESTMENTS OF UP TO €13.4 BILLION BY CHINA DEVELOPMENT BANK AND TEMASEK HOLDINGS, AND A REVISED OFFER FOR ABN AMRO •China Development Bank to strengthen strategic partnership with Barclays and to become a major shareholder •Temasek to become a major shareholder of Barclays £££3.6 billion investment by China Development Bank and Temasek in Barclays unconditional on outcome of proposed merger with ABN AMRO •Up to a further €9.8 billion investment by China Development Bank and Temasek in Barclays conditional upon completion of the proposed merger £££2.5 billion (£1.7 billion) of this conditional investment available for clawback, outside of the United States, targeted to existing Barclays shareholders •Revised offer for ABN AMRO of €67.5billion, €42.7 billion in shares and €24.8 billion in cash •Barclays first half earnings per share up 14 per cent. •Share buyback by Barclays of up to €3.6 billion (£2.4 billion) The Board of Directors of Barclays PLC ("Barclays") today announces aninvestment by China Development Bank and Temasek Holdings of up to €13.4 billion(£9.0 billion) in Barclays through the subscription of new shares. Barclays alsoannounces revised terms of its offer ("Revised Offer") for ABN AMRO Holding N.V.("ABN AMRO"). Barclays has submitted the Revised Offer to the Managing andSupervisory Boards of ABN AMRO for their consideration. Investments by China Development Bank and Temasek China Development Bank and Barclays today announce that they will broaden theirrelationship from strategic co-operation to a strategic partnership as a resultof which China Development Bank will become a major shareholder and willsubscribe an initial €2.2 billion (£1.5 billion) of Barclays new ordinary shares(or 3.1 per cent. of Barclays current issued share capital). Subject toregulatory approval and completion of the Revised Offer for ABN AMRO, ChinaDevelopment Bank will subscribe up to a further €7.6 billion (£5.1 billion) ofBarclays ordinary shares, of which €1.8 billion (£1.2 billion) will be madeavailable for clawback, outside of the United States, targeted to existingBarclays shareholders. Temasek Holdings (Private) Limited ("Temasek") will become a major shareholderin Barclays through the subscription of €1.4 billion (£1.0 billion) of Barclaysnew ordinary shares (or 2.1 per cent. of Barclays current issued share capital).Temasek has further agreed to subscribe up to €2.2 billion (£1.5 billion) ofBarclays ordinary shares conditional upon the completion of the Revised Offerfor ABN AMRO, of which €0.7 billion (£0.5 billion) will be made available forclawback, outside of the United States, targeted to existing Barclaysshareholders. The Board and management of Barclays are pleased to build on the long-standingrelationship with China Development Bank making it now a strategic partner and astrategic shareholder. Barclays also welcomes Temasek as a major shareholder.The management of Barclays believes there are substantial benefits for each ofBarclays, China Development Bank and Temasek as a result of these arrangements.The unconditional investments by China Development Bank and Temasek are animportant endorsement of the Barclays strategy and management team. The furtherinvestment, conditional upon the completion of the Revised Offer, underscoresthe confidence of China Development Bank and Temasek in the value potential ofthe combination with ABN AMRO. Barclays Capital, acting as investment banking advisor to Barclays Group,introduced the strategic shareholders and advised on the structuring of theinvestments and the Revised Offer. Revised Offer Terms Barclays announces the terms of a Revised Offer to ABN AMRO ordinaryshareholders. The Revised Offer per ABN AMRO ordinary share consists of: • €13.15 in cash and • 2.13 ordinary shares in Barclays ("New Barclays Shares") The Revised Offer is worth €35.73 per ABN AMRO ordinary share based on theclosing share price of Barclays on 20 July 2007. On this basis, the totalconsideration is currently valued at €67.5 billion (£45.4 billion), withapproximately 37 per cent. in cash. ABN AMRO shareholders will retain asignificant share of a strong and competitive combination for clients withsuperior products and extensive distribution. The merged group is expected togenerate significant and sustained future incremental earnings growth for allshareholders. The combination of ABN AMRO and Barclays will benefit from a diversifiedcustomer base and geographic mix. The proposed merger will create: • A leading force in global retail and commercial banking, with world class products: • 47 million customers, approximately 90 per cent. of whom are in seven key markets • One of the world's leading transaction banking platforms offering world class payment and trade finance solutions • A top five card issuer outside the US with approximately 27 million cards. • A leading global investment bank in risk management and financing with an enhanced product offering across a broader geographical exposure • The world's largest institutional asset manager, with enhanced retail distribution capabilities and complementary products ensuring delivery of world class products and services to a wider customer base • The world's eighth largest wealth manager, with a leading European onshore franchise and attractive positions in growth markets. The Revised Offer delivers the following additional benefits to ABN AMROshareholders: • Greater value: a €2.9 billion (£2.0 billion) increase in the value of the offer • Greater certainty: the cash element of the consideration is already committed at a fixed price • Greater flexibility: those ABN AMRO shareholders who wish to vary the proportion of cash or shares they receive under the Revised Offer will be given the opportunity to do so by way of a Mix and Match facility thus providing short term investors the opportunity of receiving more cash and long term investors with the opportunity to participate to a greater extent in the prospects of the combined entity. The management of Barclays believe that the previously announced €3.5 billionpre-tax synergies estimate remains conservative. It is expected that thesesynergies will be delivered faster than originally anticipated with the resultthat the pre-tax synergy total will be at least €725 million in 2008 and €2,270million in 2009 which compares to the estimates of €400 million and €2,080million announced on 23 April 2007. These synergy estimates do not include anyof the substantial benefits which are expected to be derived from thepartnership with China Development Bank. On the basis of the conservative synergy estimates and taking into account nobenefits from the collaboration with China Development Bank, the Board ofBarclays expects that the proposed merger will be 5 per cent. accretive toBarclays cash earnings per share in 2010 and that the return on investment willbe approximately 13 per cent. in 2010. Assuming the clawback placing is taken upin full by existing Barclays ordinary shareholders, they will own 57 per cent.of the enlarged share capital after completion of the Revised Offer. The Merger Protocol signed by Barclays and ABN AMRO on 23 April 2007 remains inplace but has been amended in order to facilitate these arrangements and toallow ABN AMRO to consider the Revised Offer whilst preserving each party'srights. The transaction documentation for the Revised Offer will need to be filed, andwhere appropriate, approved by the appropriate regulators and will be publishedto ABN AMRO and Barclays shareholders as soon as possible. The expected date ofcompletion remains the same as for Barclays original offer. Share Buyback The total proceeds from issuance of Barclays shares to Temasek and ChinaDevelopment Bank on 14 August 2007 will amount to €3.6 billion (£2.4 billion)and this amount is unconditionally committed. Barclays intends to minimise thedilutive effect of the issuance on its existing shareholders by commencing ashare buyback programme for up to €3.6 billion (£2.4 billion). The earliest datethe buyback would start is shortly after publication of Barclays interim resultson 2 August 2007 and the latest is after conclusion of its offer for ABN AMRO.Further details will be announced with publication of our interim results. Current Trading In the first half of 2007 Barclays continued to make substantial progress on itsstrategic priorities and delivered record financial results. Double digit profitand earnings growth built on the exceptionally strong performance of 2006. Barclays profit before tax increased 12 per cent. to £4,101 million. Earningsper share increased 14 per cent. to 41.4p and the interim dividend will increase10 per cent. to 11.5p per share. The full Barclays Interim Results Announcement will be published on 2 August2007. For more information, please refer to Appendix III John Varley, CEO of Barclays, said: "Today's announcement represents an important new step in the continuedtransformation of Barclays towards our stated ambition to be one of the world'sleading universal banks. Through the introduction of two highly respectedshareholders, from whom we will derive support and advice, we will be able todrive our future development in the rapidly growing Asian markets. We aredelighted that China Development Bank and Temasek have chosen to invest inBarclays and this reflects their confidence in our growth strategy. We haveannounced a restructuring of our proposed offer for ABN AMRO that represents animproved deal for both Barclays and ABN AMRO shareholders and introduces asignificant element of cash and a greater opportunity to share in future valuegeneration." Bob Diamond, President of Barclays, said: "Barclays Capital and Barclays Global Investors have strong long-standingrelationships with China Development Bank and Temasek and approached them in Mayabout this opportunity. Cementing these valuable relationships through theirinvestments in Barclays will dramatically accelerate the investment banking,cash management, trade finance, private wealth and asset management franchisesof Barclays and of the combined Barclays and ABN AMRO group in the region. Theagreement with China Development Bank provides Barclays with unprecedentedaccess jointly to provide financial services to the rapidly growing Chinesemarket and Chinese companies trading internationally. We are delighted at theopportunity of working together." Governor Chen of China Development Bank said: "We are delighted to make this investment, building on the current successfulhistorical co-operation we have with Barclays. This strategic and financialcollaboration is the next step in the evolution of China Development Bank into acommercially operated financial institution. The investment in Barclaysrepresents a unique and compelling financial opportunity. Furthermore, ChinaDevelopment Bank supports Barclays strategy of building a leading diversifiedfull service bank and supports Barclays management in pursuit of its globalstrategy. China Development Bank strongly believes that this long terminvestment in Barclays will be financially attractive." Simon Israel, Executive Director of Temasek, said: "Barclays is a very well-managed bank. We are very impressed with its board andmanagement, specifically on their strategy, track record and focus on valuecreation for shareholders. We believe the Barclays board and managementunderstand what it takes to make the merger with ABN AMRO work and delivervalue." Financial Advisers The Board of Barclays, which has received financial advice from BarclaysCapital, Citi, Credit Suisse, Deutsche Bank, JPMorgan Cazenove and Lazard(collectively, the "Barclays Advisers") considers that the terms of the RevisedOffer are fair and reasonable. In providing their advice to the Board ofBarclays, the Barclays Advisers have relied upon the Board's commercialassessment of the Revised Offer. China Development Bank has received financial advice from Blackstone Advisoryand Blackstone Advisory has provided a fairness opinion to China DevelopmentBank on the terms of its investment. 1. Investment by China Development Bank China Development Bank will invest a total of up to €9.8 billion (£6.6 billion)in the combined group and has entered into a strategic partnership with Barclayswhich establishes a framework for their strategic co-operation. Barclays willassist and advise China Development Bank in its evolution into a commerciallyoperated financial institution. The two parties will jointly exploitinternational business opportunities, including: • cross-referral of clients, when the clients' needs can better be met by the other partner • extensive training and talent management. China Development Bank will use Barclays global presence to identify and to recruit talent outside China, and will benefit from the provision of extensive training and the regular secondment of managers from Barclays • collaboration in commodities products, where Barclays Capital is already established as one of the world's leading firms In addition, China Development Bank will use Barclays Global Investors as one ofits preferred asset managers. Both parties have agreed to co-operate wherefurther opportunities to develop new markets and products in the region areidentified. Barclays will provide expertise and advice in fields including riskmanagement, corporate governance and IT strategy and procurement. Barclays and China Development Bank have agreed that: • China Development Bank will invest €2.2 billion (£1.5 billion) in Barclays through an unconditional subscription of 201 million new Barclays ordinary shares, or 3.1 per cent. of Barclays existing issued share capital, at a price of £7.20 per share on 14 August 2007. • China Development Bank has agreed to invest up to a further €7.6 billion (£5.1 billion) in Barclays through a conditional investment agreement at a price of £7.40 per new ordinary share conditional on the merger with ABN AMRO completing. • €1.8 billion (£1.2 billion) of the conditional investment will be available, outside the United States, targeted to existing Barclays shareholders through a clawback placing. If this clawback placing is taken up in full, China Development Bank's resulting shareholding in the combined group would be 6.3 per cent. and in the event that none of the clawback placing is taken up the resulting shareholding would be 7.7 per cent. • Conditional upon the completion of the proposed merger, China Development Bank will subscribe for warrants in respect of 61 million new Barclays ordinary shares with an exercise price of £7.80 per share and an exercise period of two years. If the warrants were exercised, China Development Bank's shareholding in the combined group would rise by 0.5% • China Development Bank will be entitled to nominate a non-executive Director to the Barclays Board. • China Development Bank will be free to acquire additional shares in Barclays on the open market subject to a standstill agreement limiting its shareholding to below 10 per cent. for three years. • China Development Bank has agreed not to enter into a business collaboration agreement of a similar nature with another major banking institution with global operations. This partnership will provide Barclays unprecedented access jointly to deliverfinancial services to the rapidly growing Chinese market. Through BarclaysCapital and Barclays Global Investors, Barclays has built leading franchisesacross Asia. The partnership with China Development Bank will strengthenBarclays already strong Asian franchise. Particular areas of focus for Barclaysinclude near term opportunities in Wealth and Asset Management. The merger withABN AMRO creates even greater opportunities both for China Development Bank andthe combined group, particularly as ABN AMRO brings a world class trade financeand payments platform to service Chinese businesses and has an attractive retailand wholesale franchise both in China and in countries that represent importanttrade partners for China. Through its investment in Barclays and strategic partnership, China DevelopmentBank will enhance its ability to serve Chinese corporations and institutions.China Development Bank will gain access to Barclays extensive internationalfranchise in order to facilitate international commerce for Chinese companies.The partnership will also give China Development Bank access to the leadingproduct expertise that Barclays has developed in its universal banking model,such as in structured products, enabling China Development Bank to leveragethese skills in its domestic market. China Development Bank will haveopportunities to learn best practices from Barclays in terms of customerservice, product development and corporate governance. This will improve ChinaDevelopment Bank's understanding of global financial services. 2. Investment by Temasek Temasek has agreed to become a major shareholder in Barclays and will invest atotal of up to €3.6 billion (£2.4 billion) in the combined group. The key termsof the Temasek investment are set out below. • Temasek will invest €1.4 billion (£1.0 billion), or 2.1 per cent. of Barclays existing issued share capital, in Barclays through an unconditional placing of 135 million new Barclays ordinary shares at a price of £7.20 per share on 14 August 2007. • Temasek will also invest up to a further €2.2 billion (£1.5 billion) in Barclays shares at a price of £7.40 per share conditional on the merger completing. • €0.7 billion (£0.5 billion) of this subscription amount will be available through a clawback placing, outside the United States, targeted to existing Barclays shareholders. Assuming this clawback placing is taken up in full, Temasek's resulting shareholding in the combined group would be 2.4 per cent. and in the event that none of the clawback placing is taken up the resulting shareholding would be 2.9 per cent. • Conditional upon completion of the proposed merger, Temasek will subscribe for warrants in respect of 61 million Barclays ordinary shares with an exercise price of £7.80 per share and an exercise period of two years. If the warrants were exercised, Temasek's shareholding would rise by 0.5%. • Temasek will be entitled to nominate a non-executive Director to the Barclays Board if the merger becomes unconditional. The investment by Temasek in Barclays is consistent with its strategy ofcreating successful partnerships through long-term investments. Temasek believesthat, in addition to Barclays current growth prospects, the proposed merger withABN AMRO will create value enhancing growth opportunities. Temasek will be ableto bring its deep rooted knowledge and expertise in the Asian market to theBoard of Barclays. Temasek is widely recognised as one of the world's mostsuccessful international equity investors. Temasek also has extensive experienceinvesting in the financial services sector and currently owns significantinvestments in 14 banks. 3. Clawback Placing Of the Barclays shares which China Development Bank and Temasek haveconditionally agreed to acquire, up to 230 million shares are today beingoffered, by way of a clawback placing, targeted at certain Barclays shareholdersoutside of the United States (to be determined in Barclays sole discretion) at aprice of £7.40 per share. To the extent that the clawback placing is not takenup, these shares will be subscribed by China Development Bank and Temasek. Theshares subject to the clawback placing will only be issued following andconditional upon the Revised Offer being declared unconditional. 4. Terms of the Revised Offer Under the terms of the Revised Offer, ABN AMRO ordinary shareholders will beentitled to receive: - 2.13 New Barclays Shares and €13.15 in cash for every 1 ABN AMRO ordinary share - 0.5325 New Barclays ADSs and $18.19 in cash for every 1 ABN AMRO ADS ABN AMRO ordinary shareholders and ABN AMRO ADS holders may elect under theterms of the Revised Offer, subject to availability, to vary the proportions inwhich they receive New Barclays Shares and cash in respect of their holdings ofABN AMRO ordinary shares. The total number of New Barclays Shares to be issuedand the maximum aggregate amount of cash to be paid under the Revised Offer willnot be varied as a result of elections under the Mix and Match Facility.Accordingly, satisfaction of elections made by ABN AMRO ordinary shareholdersand ABN AMRO ADS holders under the Mix and Match Facility will depend on theextent to which other ABN AMRO ordinary shareholders and ABN AMRO ADS holdersmake offsetting elections. Satisfaction of elections under the Mix and MatchFacility will be effected on the basis of £8.00 in cash for each New BarclaysShare (and vice versa). To the extent that elections cannot be satisfied infull, they will be scaled down pro rata. As a result, ABN AMRO ordinaryshareholders and ABN AMRO ADS holders who make an election under the Mix andMatch Facility will not necessarily know the exact number of New Barclays Sharesor the amount of cash they will receive until settlement of the considerationunder the Revised Offer. If ABN AMRO ordinary shareholders make no such election, they will receive€13.15 in cash and 2.13 New Barclays Shares in respect of each ordinary ABN AMROshare tendered. If ABN AMRO ADS holders make no such election, they will receive$18.19 in cash and 0.5325 New Barclays ADSs in respect of each ABN AMRO ADStendered. Further details on the Mix and Match facility will be included in theRevised Offer documentation. The record date for the Barclays interim dividend for the 2007 financial year is17 August 2007, which will be before the closing date of the Revised Offer.Accordingly, assuming the merger is effective before the record date for theBarclays final dividend for 2007, which is expected to be in early March 2008,the first dividend payable to holders of the Barclays Ordinary Shares issued toABN AMRO shareholders under the Revised Offer is likely to be the Barclays finaldividend for 2007. ABN AMRO ordinary shareholders will be entitled to receivethe ABN AMRO interim dividend for the 2007 financial year. The total consideration payable under the Revised Offer equates to €67.5 billion(£45.4 billion) and the implied value per ABN AMRO ordinary share represents aprice to 2006 reported earnings multiple of 14.3 times and a price to 2006 bookmultiple of 2.8 times. Barclays intends to make an offer for all the depositary receipts whichrepresent the ABN AMRO convertible financing preference shares. Barclayscurrently intends to offer holders cash and is also considering offering analternative instrument which will potentially enable those holders who currentlyenjoy a participation exemption to continue to do so. The terms of the proposalfor the formerly convertible preference shares remain unchanged at €27.65 pershare in cash. 5. Financing of the Revised Offer Barclays will finance the €24.8 billion (£16.7 billion) cash component of theRevised Offer from the following sources: LASALLE SALE PROCEEDS €12 billion (£8.1 billion) of capital released from the sale of LaSalle to Bankof America and previously intended to be returned to shareholders post closingof the transaction will be used to fund part of the cash consideration. CHINA DEVELOPMENT BANK AND TEMASEK CONDITIONAL INVESTMENT €9.8bn (£6.6 billion) of cash consideration is funded by the proposedinvestments of Temasek and China Development Bank. Of that amount, €2.5 billion(£1.7 billion) is subject to the clawback placing described above. AVAILABLE CASH RESOURCES Barclays will fund €3 billion (£2 billion) of the consideration from availablecash resources. 6. Financial effects of the Revised Offer Based on the terms of the Revised Offer ABN AMRO shareholders will benefit fromsignificant accretion in cash earnings per share and dividend income oncompletion of the Revised Offer. On the basis of the conservative synergy estimates and taking into account nobenefits from the collaboration with China Development Bank, the Board ofBarclays expect that the proposed merger will be 5 per cent. accretive toBarclays cash earnings per share in 2010 and that the return on investment willbe approximately 13 per cent. in 2010. Under the terms of the Revised Offer, assuming full takeup of the clawbackplacing by existing Barclays ordinary shareholders, they will own approximately57 per cent. of the issued ordinary share capital of the combined group,compared with 52 per cent. under the terms of the offer announced on 23 April2007; existing ABN AMRO ordinary shareholders would own approximately 35 percent. In addition, Temasek would own 2 per cent. and China Development Bank 6per cent. These figures assume all of the ABN AMRO ordinary shares and ADSscurrently in issue are tendered under the Revised Offer and are all taken up inthe clawback placing. The pro forma Tier 1 ratio of the combined group will be 7.5 per cent. onclosing and the Core Equity Tier 1 ratio 5 per cent.. The combined group willseek to maintain the Tier 1 ratio at 7.5 per cent. and rebuild the Core EquityTier 1 ratio to 5.25 per cent. by the end of 2009 from the retention of cashflow from earnings. The €3.6 billion (£2.4 billion) proceeds of the unconditional investments byChina Development Bank and Temasek will be used to fund the share buyback. 7. Conditions and Indicative Timetable The launch of the Revised Offer is conditional on the same pre-conditions as setout in our announcement of 23 April with the addition of a further pre-conditionrequiring ABN AMRO to confirm to us that they will continue their recommendationno later than 30 July or such later date as Barclays may agree. This additionalcondition is for the sole benefit of Barclays. Barclays reserves the right toextend the date for satisfaction of this pre-condition or waive thepre-condition in the event that it is not satisfied. As announced on 19 July, the AFM has agreed that an announcement on the formaloffer documentation being available can be made on or before 6 August 2007. The conditions to the Revised Offer remain consistent with those detailed in ourannouncement of 23 April 2007 with limited additions regarding regulatoryconsents to the investments by Temasek and China Development Bank and a consentfrom De Nederlandsche Bank ("DNB") relating to a dividend by ABN AMRO toBarclays of the LaSalle proceeds to finance part of the cash component of theRevised Offer and provisions to deal with the competitive situation which hasnow developed. Barclays has made all of the relevant regulatory filings globally which are nowdue where a consent or notification is required in respect of the Revised Offer.Some approvals have already been received (including from the FSA in respect ofa change in control of ABN AMRO's UK subsidiaries) and it is expected thatsubstantially all remaining approvals will be received by the end of August. The DNB is currently assessing Barclays application for a declaration of noobjection ("DNO") in connection with the Revised Offer. Barclays made theapplication to the DNB on 14 May 2007, is co-operating fully in this process andexpects to receive the DNO by mid-August. Until all approvals have been received, Barclays and ABN AMRO will continue tocommunicate and to work with the appropriate regulatory authorities to ensurethat all approvals are received in good time for the anticipated closing. Barclays has made pre-completion competition/antitrust filings in all 12applicable jurisdictions and has currently received the majority of thepre-completion approvals. ABN AMRO and Barclays will seek to obtain all necessary regulatory andcompetition approvals and clearances and will complete all requisite employeeconsultation and information processes as soon as reasonably possible with aview to receiving the required regulatory, competition and other consents orapprovals for the Revised Offer. Following consultation on the proposed mergerwith Barclays and ABN AMRO, ABN AMRO's Dutch Central Works Council and itsEuropean Staff Council have issued a positive advice and an opinion respectivelyin relation to the proposed merger on 20 July 2007. Indicative timetable August 2007 Publication of Revised Offer documentation, Prospectus and Barclays circular to shareholders September 2007 Extraordinary General Meeting of Barclays shareholders to approve the Revised Offer End September 2007 Closing date of the Revised Offer The indicative timetable is included for illustrative purposes only and may besubject to change. 8. Advisors Barclays Capital, Citigroup Global Markets Limited, Credit Suisse Securities(Europe) Limited, Deutsche Bank AG, London Branch, JPMorgan Cazenove Limited andLazard & Co., Limited are acting as financial advisers for Barclays. CliffordChance LLP and Sullivan and Cromwell LLP are acting as legal advisers toBarclays. Blackstone Advisory is acting as financial adviser to China Development Bank. Analyst, Investor and Press Information ANALYSTS AND INVESTORS A meeting for analysts and institutional investors will be hosted by JohnVarley, Barclays Group Chief Executive. The details of the meeting are asfollows: Venue: 1 Churchill Place, Canary Wharf, London E14 5HP. The nearest station isCanary Wharf, Docklands Light Railway and Jubilee Line Date & Time: Monday 23 July 9.30am - 11.00am (BST) (10.30am - 12.00pm (CET).Registration will commence at 9.00am (BST) and coffee will be served. Please note as seating is limited, it may be necessary to restrict the number ofattendees from each institution. If you are unable to attend the meeting in person, you can listen through any ofthe following options: a live webcast of the event is available at www.investorrelations.barclays.com a live conference call by dialling 0845 401 9092 (UK) or +44 (0) 20 3023 4419(Overseas) and quoting 'Barclays Announcement'. A replay of the conference call will be available by dialling 020 8196 1998(UK), or +44 (0) 20 8196 1998 (Overseas) and entering the access code: 585734#. PRESS Barclays today will hold a press conference for members of the media in London.The press conference will be hosted by John Varley, Barclays Group ChiefExecutive. The details of the press conference are as follows: Venue: 1 Churchill Place, Canary Wharf, London E14 5HP. The nearest station isCanary Wharf, Docklands Light Railway and Jubilee Line Date & Time: Monday 23 July 11.45am (BST) (12.45pm CET). The press conference can also be accessed via a live conference call by dialling0845 401 9093 (UK) or +44 (0)20 3023 4420 (overseas) and quoting 'BarclaysAnnouncement'. The slides will be able to view www.incommuk.com/customers/barclaysevent. PINnumber: 956503 There will be a separate conference call for Newswires: Time: 07.30am (BST) / 08.30am (CET) The dial-in details are as follows and those participating will need to ask forthe Barclays Announcement. UK: 0845 401 9091Overseas: +44 (0) 20 3023 4418 The conference calls will be recorded and available for 4 weeks. Replay accessdetails are shown below: UK: 020 8196 1998Overseas: +44 (0) 20 8196 1998 Newswires conference call replay PIN number: 426323#UK Press Conference replay PIN number: 956503# Enquiries: Barclays ANALYSTS AND INVESTORS Mark Merson +44 (0) 20 7116 5752James S Johnson +44 (0) 20 7116 2927 MEDIA Stephen Whitehead +44 (0) 20 7116 6060Alistair Smith +44 (0) 20 7116 6132 China Development Bank (Blackstone)John Studzinski +44 (0) 20 7451 4053Global Head of Corporate Advisory Services +44 (0) 7770 811 955 Sophia Harrison +44 (0) 20 7451 4295Vice President European Corporate Communications +44 (0) 7900 162 417 TemasekLim Siow Joo +65 6828 6503Corporate Affairs This announcement is a public announcement as defined in section 9b paragraph 1of the Dutch Securities Markets Supervision Decree (Besluit toezichteffectenverkeer 1995). About BarclaysBarclays is a major global financial services provider engaged in retail andcommercial banking, credit cards, investment banking, wealth management andinvestment management services with an extensive international presence inEurope, the USA, Africa and Asia. It is one of the largest financial servicescompanies in the world by market capitalisation. With over 300 years of historyand expertise in banking, Barclays operates in over 50 countries and employs123,000 people. Barclays moves, lends, invests and protects money for over 27million customers and clients worldwide. For further information about Barclays,please visit our website www.barclays.com. About ABN AMROABN AMRO is a prominent international bank with a clear focus on consumer andcommercial clients in our local markets and focus globally on selectmultinational corporations and financial institutions, as well as privateclients. ABN AMRO ranks eighth in Europe and 13th in the world based on totalassets, with more than 4,500 branches in 53 countries, a staff of more than105,000 full-time equivalents and total assets of • 987 billion (as at31 December 2006). Pro forma 2006 attributable profits from continuingoperations excluding LaSalle were €3,228million. Pro forma total assetsexcluding LaSalle were €901billion (as at 31 December 2006). Further informationabout ABN AMRO can be found on its website, www.abnamro.com About TemasekTemasek Holdings is an investment house, anchored in Asia and headquartered inSingapore. It manages a diversified S$129 billion (US$80 billion) portfolio,concentrated principally in Singapore, Asia and the OECD economies. The Temasekportfolio spans various industries including telecommunications & media,financial services, real estate, transportation & logistics, energy & resources,infrastructure, engineering & technology, consumer & lifestyle as well asbioscience & healthcare. Temasek's total shareholder return since inception in1974 has been 18 per cent. compounded annually. It has a corporate credit ratingof AAA/Aaa by rating agencies Standard & Poor's and Moody's respectively. Forfurther information on Temasek please visit www.temasekholdings.com.sg About China Development BankChina Development Bank was founded in 1994, and reports directly to the StateCouncil of China. China Development Bank specializes in financing infrastructuredevelopments, core industries, high technology industries and key nationalprojects. It also actively explores cooperative opportunities internationally.China Development Bank had total assets of RMB 2,314 billion (approximately £150billion) at the year end of 2006. In early 2007, the Chinese government announced that China Development Bank willtransform into a commercially operated financial institution focusing on mediumto long term businesses. For further information on China Development Bankplease visit www.cdb.com.cn/english Other information Future SEC Filings : Important InformationIn connection with the proposed business combination transaction between ABNAMRO and Barclays, Barclays has filed with the U.S. Securities and ExchangeCommission ("SEC") a Registration Statement on Form F-4 ("Form F-4"), whichincludes a preliminary version of the Barclays offer document/prospectus. TheForm F-4 has not yet become effective. Barclays expects that it will also filewith the SEC a Statement on Schedule TO and other relevant materials. Inaddition, ABN AMRO expects that it will file with the SEC a RecommendationStatement on Schedule 14D-9 and other relevant materials. Following the Form F-4being declared effective by the SEC, Barclays intends to mail the final offerdocument/prospectus to holders of ABN AMRO ordinary shares located in the UnitedStates and Canada and to holders of ABN AMRO ADSs wherever located. Such final offer document/prospectus, however, is not currently available.INVESTORS ARE URGED TO READ THE FINAL OFFER DOCUMENT/PROSPECTUS AND ANYDOCUMENTS REGARDING THE POTENTIAL TRANSACTION IF AND WHEN THEY BECOME AVAILABLE,BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors will be able to obtain a free copy of the Form F-4, the final offerdocument/prospectus and other filings without charge, at the SEC's website(www.sec.gov) if and when such documents are filed with the SEC. Copies of suchdocuments may also be obtained from ABN AMRO and Barclays without charge, if andwhen they are filed with the SEC. Forward Looking StatementsThis document contains certain forward-looking statements with respect tocertain of Barclays plans and their current goals and expectations relatingto their future financial condition and performance and which involve a numberof risks and uncertainties. Barclays caution readers that no forward-lookingstatement is a guarantee of future performance and that actual results coulddiffer materially from those contained in the forward-looking statements. Theseforward-looking statements can be identified by the fact that they do not relateonly to historical or current facts. Forward-looking statements sometimes usewords such as 'aim', 'anticipate', 'target', 'expect', 'estimate', 'intend','plan', 'goal', 'believe', or other words of similar meaning. Examples offorward-looking statements include, among others, statements regarding theconsummation of the business combination between ABN AMRO and Barclays withinthe expected timeframe and on the expected terms (if at all), the benefits ofthe business combination transaction involving ABN AMRO and Barclays, includingthe achievement of synergy targets, ABN AMRO's and Barclays future financialposition, income growth, impairment charges, business strategy, projected costsand estimates of capital expenditure and revenue benefits, projected levels ofgrowth in the banking and financial markets, the combined group's futurefinancial and operating results, future financial position, projected costs andestimates of capital expenditures, and plans and objectives for futureoperations of ABN AMRO, Barclays and the combined group and other statementsthat are not historical fact. Additional risks and factors are identified in ABNAMRO and Barclays filings with the SEC including ABN AMRO and Barclays AnnualReports on Form 20-F for the fiscal year ending December 31, 2006, which areavailable on ABN AMRO's website at www.abnamro.com and Barclays website atwww.barclays.com respectively, and on the SEC's website at www.sec.gov. Any forward-looking statements made by or on behalf of ABN AMRO and Barclaysspeak only as of the date they are made. ABN AMRO and Barclays do not undertaketo update forward-looking statements to reflect any changes in expectations withregard thereto or any changes in events, conditions or circumstances on whichany such statement is based. The reader should, however, consult any additionaldisclosures that ABN AMRO and Barclays have made or may make in documents theyhave filed or may file with the SEC. Nothing in this announcement is intended, or is to be construed, as a profitforecast or to be interpreted to mean that earnings per ABN AMRO or Barclaysshare for the current or future financial years, or those of the combined group,will necessarily match or exceed the historical published earnings per ABN AMROor Barclays share. This document shall not constitute an offer to buy sell or issue or thesolicitation of an offer to buy, sell or issue any securities, nor shall therebe any sale of securities in any jurisdiction in which such offer, solicitationor sale would be unlawful prior to registration or qualification under thesecurities laws of any such jurisdiction. This announcement has been issued by and is the sole responsibility of Barclays.No representation or warranty express or implied, is or will be made as to, orin relation to, and no responsibility or liability is or will be accepted by theBookrunners or by any of their respective affiliates or agents as to or inrelation to, the accuracy or completeness of this announcement or any otherwritten or oral information made available to or publicly available to anyinterested party or its advisers, and any liability therefore is expresslydisclaimed. The distribution of this announcement, the offering of the new Barclays ordinaryshares pursuant to the placing and the availability of the Revised Offer topersons not resident in the United States, the Netherlands and the UnitedKingdom may be affected by the laws of the relevant jurisdictions (the"Restricted Jurisdictions"). No action has been taken by Barclays or theBookrunners that would permit an offering of such shares or possession ordistribution of this announcement or any other offering or publicity materialrelating to such shares in any jurisdiction where action for that purpose isrequired. Persons into whose possession this announcement comes are required byBarclays and the Bookrunners to inform themselves about, and to observe, anyapplicable requirements. The Revised Offer will not be made, directly or indirectly, in any RestrictedJurisdiction unless by means of lawful prior registration or qualification underthe applicable laws of the Restricted Jurisdiction, or under an exemption fromsuch requirements. Accordingly, copies of this announcement, including theappendices, are not being, and must not be, mailed or otherwise distributed orsent in, into or from such Restricted Jurisdiction into which the same would beunlawful. Persons receiving this announcement (including, without limitation,custodians, nominees and trustees) must not distribute, mail or send it in, intoor from any Restricted Jurisdiction, and so doing may render any purportedacceptance of the Revised Offer invalid. The New Barclays Shares to be issued pursuant to the Revised Offer have notbeen, and will not be, admitted to trading on any stock exchange other than theLondon Stock Exchange, Euronext Amsterdam, the New York Stock Exchange and theTokyo Stock Exchange. Barclays Capital, which is authorised and regulated in the United Kingdom by theFinancial Services Authority, is acting as joint financial adviser to BarclaysBank PLC and Barclays PLC and is acting for no-one else in connection with theRevised Offer, and will not be responsible to anyone other than Barclays BankPLC and Barclays PLC for providing the protections afforded to customers ofBarclays Capital nor for providing advice to any other person in relation to theRevised Offer. Citigroup Global Markets Limited ("Citi"), which is authorised and regulated inthe United Kingdom by the Financial Services Authority, is acting as jointfinancial adviser to Barclays Bank PLC and Barclays PLC and is acting for no-oneelse in connection with the Revised Offer, and will not be responsible to anyoneother than Barclays Bank PLC and Barclays PLC for providing the protectionsafforded to customers of Citi nor for providing advice to any other person inrelation to the Revised Offer. Credit Suisse Securities (Europe) Limited ("Credit Suisse"), which is authorisedand regulated in the United Kingdom by the Financial Services Authority, isacting as joint financial adviser, joint sponsor and joint corporate broker toBarclays Bank PLC and Barclays PLC and is acting for no-one else in connectionwith the Revised Offer, and will not be responsible to anyone other thanBarclays Bank PLC and Barclays PLC for providing the protections afforded tocustomers of Credit Suisse nor for providing advice to any other person inrelation to the Revised Offer. Deutsche Bank AG ("Deutsche Bank"), which is authorised under German Banking Law(competent authority: BaFin - Federal Financial Supervising Authority) and withrespect to UK commodity derivatives business by the Financial ServicesAuthority; regulated by the Financial Services Authority for the conduct of UKbusiness. Deutsche Bank is acting as joint financial adviser to Barclays BankPLC and Barclays PLC and is acting for no-one else in connection with theRevised Offer, and will not be responsible to anyone other than Barclays BankPLC and Barclays PLC for providing the protections afforded to customers ofDeutsche Bank nor for providing advice to any other person in relation to theRevised Offer. JPMorgan Cazenove Limited ("JPMorgan Cazenove"), which is authorised andregulated in the United Kingdom by the Financial Services Authority, is actingas joint financial adviser, joint sponsor and joint corporate broker to BarclaysBank PLC and Barclays PLC and is acting for no-one else in connection with theRevised Offer, and will not be responsible to anyone other than Barclays BankPLC and Barclays PLC for providing the protections afforded to customers ofJPMorgan Cazenove nor for providing advice to any other person in relation tothe Revised Offer. Lazard & Co., Limited, which is authorised and regulated in the United Kingdomby the Financial Services Authority, is acting as joint financial adviser toBarclays Bank PLC and Barclays PLC and is acting for no-one else in connectionwith the Revised Offer, and will not be responsible to anyone other thanBarclays Bank PLC and Barclays PLC for providing the protections afforded tocustomers of Lazard nor for providing advice to any other person in relation tothe Revised Offer. The Blackstone Group LP, which is authorised and regulated in the United Kingdomby the Financial Services Authority, is acting for China Development Bank andno-one else in connection with the arrangements described in this document andwill not be responsible to anyone other than China Development Bank forproviding the protections afforded to customers of The Blackstone Group LP norfor providing advice to any other person in relation to such matters. APPENDIX I Sources and Bases of Information Unless otherwise stated or outlined below, the sources and bases of informationin this announcement remain as set out in ABN AMRO and Barclays announcement ofmerger terms on 23 April 2007. 1. The values placed on the entire issued ordinary share capital of ABNAMRO by the Revised Offer and the proportion of the combined group which will beowned by ABN AMRO ordinary shareholders and Barclays ordinary shareholders arebased on 1,889,108,963 ABN AMRO fully diluted ordinary shares in issue as at 16July 2007 and 6,545,328,537 Barclays ordinary shares in issue as at 16 July2007. 2. Unless otherwise stated, the exchange rates used in this announcementare €1.4856:£1.00 and $1.3835:€1.00 as published in the Financial Times on 21July 2007. 3. The percentage holdings of Barclays and combined group issued ordinaryshare capital include the effect of the share buy-back and percentage holdingsof combined group issued ordinary share capital also assume 97.5% acceptances ofthe Revised Offer. 4. The value of the Revised Offer is based on the middle market price ofBarclays ordinary shares of £7.135 at the close of business on 20 July 2007. 5. Nothing in this announcement including the statement in relation toBarclays earnings enhancement and return on investment is intended nor should beinterpreted to mean that future cash earnings per share of Barclays or ABN AMROfor current or future financial years, or those of the combined group willnecessarily match or exceed its historical published cash earnings per share APPENDIX II Details of Subscription Arrangements with Temasek and China Development Bank and the Clawback Placing China Development Bank Barclays and China Development Bank have today entered into two agreements inrelation to China Development Bank's proposed investments in Barclays, inaddition to the warrants and the strategic partnership agreement. Under the China Development Bank Subscription Agreement, China Development Bankhas agreed to subscribe for 201 million new Barclays ordinary shares on 14August 2007 at a price of £7.20 per share. This subscription is not conditionalon the outcome of the Revised Offer for ABN AMRO. Pursuant to the Conditional Investment Agreement (the "CIA"), China DevelopmentBank will pay to Barclays on behalf of accepting ABN AMRO ordinary shareholdersa portion of the cash consideration due to them under the Revised Offer, and inconsideration thereof Barclays will allot and issue new Barclays ordinary sharesto China Development Bank on the basis of a price of £7.40 per share. The cashpayments to accepting ABN AMRO ordinary shareholders will be distributed on thesettlement date(s) by Barclays together with the balance of the cashconsideration and the share consideration due to them. These arrangements arepart of, and are therefore conditional upon, the Revised Offer. The maximumnumber of new Barclays ordinary shares which China Development Bank couldacquire pursuant to these arrangements is 693 million, although 166 million ofthese shares are subject to a clawback placing. Shortly following the Revised Offer being declared unconditional, ChinaDevelopment Bank will subscribe for a maximum of 693 million new Barclaysordinary shares, less any shares taken up under the clawback placing; in theunlikely event that such number of shares would breach any regulatory approvalthreshold in any jurisdiction where clearance had not been obtained, the numberof shares acquired by China Development Bank under these arrangements would bereduced to the maximum number which would avoid breaching such threshold. Inthose circumstances, shortly before any subsequent settlement date(s) during orfollowing any post acceptance period, China Development Bank would subscribe foradditional new Barclays ordinary shares to take it to the lower of the desirednumber of 693 million shares or such number of shares which would allow ChinaDevelopment Bank to remain just below any relevant regulatory threshold on thebasis of the further enlarged Barclays share capital at that time. China Development Bank will at the same time as subscribing for these newBarclays ordinary shares make the cash payments described above in partsettlement of the cash consideration due to them from Barclays. The maximumaggregate amount which may be paid by China Development Bank pursuant to thesearrangements will be the product of £7.40 and the number of new Barclaysordinary shares subscribed by China Development Bank under the CIA. The consideration for the allotment of the new Barclays ordinary shares to ChinaDevelopment Bank under the CIA shall be the transfer to Barclays by tenderingABN AMRO ordinary shareholders of the appropriate portion of their shares, andthe agreement by China Development Bank (or relevant placees under the clawbackplacing arrangements described below) to make the cash payments as describedabove. Temasek Under the Temasek Subscription Agreement, Temasek has agreed to subscribe for135 million New Barclays ordinary shares on 14 August 2007 at a price of £7.20per share. This subscription is not conditional on the outcome of the RevisedOffer for ABN AMRO. Subject to and shortly following the Revised Offer being declared unconditional,Temasek will subscribe for a further 196 million New Barclays ordinary shares ata price of £7.40 per share. Of these shares, 64 million are subject to aclawback placing. The Temasek subscriptions are to be effected by way of a cashbox placing. Clawback Placing Of the Barclays shares which China Development Bank and Temasek haveconditionally agreed to subscribe, up to 230 million shares (having an aggregatesubscription price of up to £1.7 billion) are to be made available, by way of aclawback placing, targeted at existing Barclays shareholders outside of theUnited States (determined in Barclays sole discretion) at a price of £7.40 pershare. 166 million of such shares are from China Development Bank's conditionalallocation and 64 million from Temasek's conditional allocation. In the event that not all of the clawback placing shares are taken up, thosethat are will be deemed to come out of the conditional allocations of ChinaDevelopment Bank and Temasek in a ratio of 2.579 to 1, and the balance willrevert to China Development Bank and Temasek to be subscribed under theconditional arrangements described above. The shares offered by way of the clawback placing will only be issued following,and conditional upon, the Revised Offer being declared unconditional. This announcement does not constitute an offer to sell or issue or thesolicitation of an offer to buy or acquire Barclays shares to be issued in theclawback placing in the United States, Canada, Australia or Japan or anyjurisdiction in which such an offer or solicitation is unlawful. These shareshave not been and will not be registered under the United States Securities Actof 1933, as amended ("Securities Act") and may not be offered, sold ortransferred within the United States except pursuant to an exemption from, or aspart of a transaction not subject to, the registration requirements of theSecurities Act. The Barclays shares to be used in the clawback placing are beingoffered and sold outside the United States only and in accordance withRegulation S under the Securities Act. APPENDIX III BARCLAYS PLC TRADING STATEMENT FOR THE SIX MONTHS TO 30TH JUNE 2007 (UNAUDITED) Group Results Half-year ended 30.06.07 30.06.06 % Change £m £mTotal income net of insuranceclaims 11,902 10,969 9 Impairment charges (959) (1,057) (9) Operating expenses (6,847) (6,269) 9 Profit before tax 4,101 3,673 12 p p Earnings per share 41.4 36.3 14 Dividend per share 11.5 10.5 10 Profit before tax by business (1) £m £m % ChangeUK Banking 1,363 1,253 9UK Retail Banking 651 600 9UK Business Banking 712 653 9Barclaycard 272 326 (17)International Retail and CommercialBanking 452 512 (12)Barclays Capital 1,660 1,246 33Barclays Global Investors 388 364 7Barclays Wealth 173 129 34 (1) Summary excludes Head Office functions and other operations. Group Summary In the first half of 2007, Barclays continued to make substantial progress onits strategic priorities, further diversifying the profit base and deliveringrecord financial results. Profits and earnings grew at a double digit raterelative to the very strong performance recorded in the first half of 2006. Profit before tax increased 12 per cent. to £4,101 million (2006: £3,673 million). This was achieved despite significant adverse currency movements against Sterling. Earnings per share rose 14 per cent. to 41.4p (2006: 36.3p). Profit grew at a rate higher than the rate of growth of both daily value at risk and risk weighted assets. Group income rose 9 per cent. to £11,902 million (2006: £10,969 million). Incomegrowth, which was led by a particularly strong performance in Barclays Capital,was broadly based by business and by geography. Group operating expenses increased 9 per cent. to £6,847 million (2006:£6,269 million). We continued to invest in future business growth, with increased headcount in Barclays Capital, Barclays Global Investors and Absa, andsignificant growth in the branch network in International Commercial and RetailBanking outside the United Kingdom. Operating expenses included gains on thesale of properties at £147 million (2006: £238 million) largely in UK RetailBanking, which were substantially reinvested in the business. Group impairment charges improved 9 per cent. to £959 million (2006:£1,057 million). The improvement reflected reduced flows into delinquency andlower arrears balances in the UK cards and consumer loans business. The numberof UK personal customers missing a payment continued to fall. UK mortgageimpairment charges remained negligible. Impairment levels in the wholesalesector continued to be stable, with low levels of defaults. The 2006 impairmentcharge included £83 million on available for sale assets. Business performance In UK Retail Banking, good income growth (partially offset by settlements onoverdraft fees), coupled with well controlled costs and improved impairment,drove profit growth of 9 per cent. UK Business Banking profit rose 9 per cent.. This was mainly attributable tostrong growth in fees and well controlled costs. We are on track to deliver a further two percentage point improvement in thecost:income ratio of UK Banking during 2007, adding to the six percentage pointimprovement achieved during 2005 and 2006. Headline profit of Barclaycard declined 17 per cent. More than all of theheadline profit decline was due to the impact of property gains in the firsthalf of 2006 and a loss on the disposal of Monument during the first half of2007. Profit more than doubled relative to the second half of 2006 as aconsequence of the reduction in impairment charges. In International Retail and Commercial Banking - excluding Absa, the first halfof 2006 included the gain on the sale of a property together with thecontribution of our former associate FirstCaribbean International Bank. Adjustedfor these, International Retail and Commercial Banking - excluding Absagenerated strong profit growth in the first half of 2007, driven by significantincreases in business volumes. Absa Group Limited announced very strong profit growth in Rand terms, but the 20per cent. depreciation of the Rand versus Sterling caused period on periodprofit of International Retail and Commercial Banking - Absa to be broadlysteady. Barclays Capital delivered record results, with its two best quarters ever.Profit rose 33 per cent. This was due to a very strong income performance drivenby continued strong growth across asset classes and regions, in particularacross the structured credit and credit derivatives, equities and commoditiesplatforms, underpinned by the strength of the client franchise and its focus ondelivering risk management and financing solutions. In Barclays Global Investors profit rose 7 per cent. in sterling, while bothincome and profit were up substantially more in Dollars. This reflected thecontinued strength of the franchise and significant new flows and revenues intoits suite of exchange traded funds, alternative asset classes and quantitativeactive strategies. The profit of Barclays Wealth rose 34 per cent. This reflected strong incomegrowth from increased client funds and transaction volumes partially offset bycontinued investment in the business. Dividends on ordinary shares The Board has decided to pay, on 1 October 2007, an interim dividend for theyear ended 31 December 2007 of 11.5p per ordinary share for shares registered inthe books of the Company at the close of business on 17 August 2007. Theex-dividend date is 15 August 2007. Shareholders who have their dividends paiddirect to their bank or building society account will receive a consolidated taxvoucher detailing the dividends paid in the 2006-2007 UK tax year in mid-October2007. For qualifying US and Canadian resident ADR holders, the interim dividend of11.5p per ordinary share becomes 46p per ADS (representing four shares). The ADRdepositary will mail the dividend on 1 October 2007 to ADR holders on the recordon 17 August 2007. For qualifying Japanese shareholders, the final dividend of 11.5p per ordinaryshare will be distributed in mid-October to shareholders on the record on 17August 2007. Shareholders may have their dividends reinvested in Barclays PLC shares byparticipating in the Barclays Dividend Reinvestment Plan ("The Plan"). The Planis available to all shareholders, including members of Barclays Sharestore,provided that they neither live in nor are subject to the jurisdiction of anycountry where their participation in the Plan would require Barclays or the PlanAdministrator to take action to comply with local government or regulatoryprocedures or any similar formalities. Any shareholder wishing to obtain detailsand a form to join the Plan should contact the Plan Administrator by writing to:the Plan Administrator to Barclays, Share Dividend Team, The Causeway, Worthing,West Sussex, BN99 6DA or by telephoning 0870 609 4535. The completed form shouldbe returned to the Plan Administrator on or before 7th September 2007 for it tobe effective in time for the payment of the interim dividend on 1 October 2007.Shareholders who are already in the Plan need take no further action unless theywish to change their instructions, in which case they should write to the PlanAdministrator. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Barclays