Final Results Part 2 of 2

Barclays PLC 13 February 2003 NOTES 1. Loans and advances to banks 2002 2001 Â£m Â£m Banking business: United Kingdom 11,510 7,116 Other European Union 2,154 2,278 United States 256 930 Rest of the World 1,531 1,924 15,451 12,248 Less provisions (82) (52) 15,369 12,196 Trading business 42,805 35,693 Total loans and advances to banks 58,174 47,889 Of the total loans and advances to banks, placings with banks were Â£48.1bn at 31st December 2002 (31st December 2001: Â£39.5bn). Placings with banks include reverse repos of Â£41.0bn (31st December 2001: Â£32.0bn). The majority of the placings have a residual maturity of less than one year. 2. Loans and advances to customers 2002 2001 . Â£m Â£m Banking business: United Kingdom Financial institutions 6,158 5,616 Agriculture, forestry and fishing 1,747 1,626 Manufacturing 6,435 6,766 Construction 1,825 1,779 Property 5,695 5,600 Energy and water 1,290 1,153 Wholesale and retail distribution and leisure 7,858 7,571 Transport 2,366 1,894 Postal and communication 694 368 Business and other services 11,693 10,581 Home loans* 58,436 50,945 Other personal 21,357 19,678 Overseas customers 6,201 6,472 Finance lease receivables 4,145 4,205 Total United Kingdom 135,900 124,254 Overseas: Other European Union 12,579 10,708 United States 6,138 6,614 Rest of the World 5,599 7,416 Total overseas offices 24,316 24,738 Banking loans and advances to customers 160,216 148,992 Less provisions (2,916) (2,664) Less interest in suspense (78) (75) 157,222 146,253 Trading business 45,176 34,240 Total loans and advances to customers 202,398 180,493 *Excludes commercial property mortgages. Of the total loans and advances to customers, reverse repos were Â£42.5bn (31st December 2001: Â£29.7bn). The UK industry classifications have been prepared at the level of the borrowing entity. This means that a loan to the subsidiary of a major corporation is classified by the industry in which the subsidiary operates even though the parent's predominant business may be in a different industry. The primary growth in the UK occurred in home loans where balances increased 15% to Â£58.4bn. The increase in Other personal loans is due in part to the acquisition of the credit card business of Providian UK. Â£1.4bn of the reduction in the Rest of the World balance arose from the reorganisation of the Group's Caribbean business (see Acquisitions and disposals on page 55). 3. Provisions for bad and doubtful debts 2002 2001 Â£m Â£m Provisions at beginning of period 2,716 2,353 Acquisitions and disposals (11) 46 Exchange and other adjustments (77) (1) Amounts written off United Kingdom (950) (814) Other European Union (31) (36) United States (215) (94) Rest of the World (24) (29) (1,220) (973) Recoveries (analysed below) 106 142 Sub-total 1,514 1,567 Provisions charged against profit: New and increased specific provisions United Kingdom 1,210 1,157 Other European Union 33 35 United States 404 173 Rest of the World 72 75 1,719 1,440 Less: Releases of specific provisions United Kingdom (81) (87) Other European Union (12) (10) United States (10) (10) Rest of the World (24) (26) (127) (133) Less: Recoveries United Kingdom (88) (106) Other European Union (7) (5) United States (9) (27) Rest of the World (2) (4) (106) (142) Net specific provisions charge 1,486 1,165 General provision - release (2) (16) Net credit risk charge to profit 1,484 1,149 Provisions at end of year 2,998 2,716 Total provision for bad and doubtful debts at end of period comprise Specific United Kingdom 1,790 1,605 Other European Union 84 89 United States 257 89 Rest of the World 130 188 Total specific provisions 2,261 1,971 General provisions 737 745 2,998 2,716 The geographic analysis of provisions shown above is based on location of office recording the transaction. The US charge includes specific provisions raised against Argentinean exposures booked in the US. The fall in the Rest of the World provisions is primarily a result of the creation of FirstCaribbean which is now reported as an associated undertaking. 4. Other assets 2002 2001 restated Â£m Â£m Own shares 55 6 Balances arising from off-balance sheet financial instruments 13,454 13,730 Shareholders' interest in long 867 884 term assurance fund London Metal Exchange 829 1,236 warrants and other metals trading positions Sundry debtors 1,634 2,330 Prepayments and accrued income 2,982 2,553 19,821 20,739 Own shares represent Barclays PLC shares held in employee benefit trusts where the Group retains the risks and rewards related to those shares. 5. Other liabilities 2002 2001 restated Â£m Â£m Obligations under finance leases payable 140 166 Balances arising from off-balance sheet financial 11,538 11,091 instruments Short positions in securities 39,940 26,200 Current tax 641 589 Cash receipts from securitisation 318 605 Sundry creditors 3,987 4,279 Accruals and deferred income 4,352 4,377 Provisions for liabilities and charges 947 1,178 Dividend 788 728 62,651 49,213 Cash receipts from securitisation are in respect of the securitisation of a portfolio of investment debt securities which did not qualify for linked presentation under Financial Reporting Standard 5. 6. Potential credit risk lendings The following table presents an analysis of potential credit risk lendings. The amounts, the geographical presentation of which is based on the location of the office recording the transaction, are stated before deduction of the value of security held, specific provisions carried or interest suspended. 2002 2001 restated Â£m Â£m Non-performing lendings Non-accrual lendings: United Kingdom 1,557 1,292 Other European Union 108 90 United States 744 306 Rest of the World 133 235 Accruing lendings where interest is being suspended: United Kingdom 472 386 Other European Union 44 30 United States - - Rest of the World 95 145 Other accruing lendings against which provisions have been made: United Kingdom 606 660 Other European Union 27 20 United States - 11 Rest of the World 44 43 Sub-totals: United Kingdom 2,635 2,338 Other European Union 179 140 United States 744 317 Rest of the World 272 423 Accruing lendings 90 days overdue, against which no provisions have been made: United Kingdom 687 621 Other European Union 3 - United States - - Rest of the World - 27 Reduced rate lendings: United Kingdom 4 4 Other European Union - - United States - - Rest of the World 2 1 Total non-performing lendings United Kingdom 3,326 2,963 Other European Union 182 140 United States 744 317 Rest of the World 274 451 4,526 3,871 2002 2001 Â£m Â£m Potential problem lendings United Kingdom 993 968 Other European Union 2 2 United States 241 369 Rest of the World 68 63 1,304 1,402 2002 2001 % % Provision coverage of non-performing lendings United Kingdom 73.5 74.9 Other European Union 71.4 78.6 United States 43.7 61.8 Rest of the World 65.0 59.2 Total 68.0 72.1 Provision coverage of total potential credit risk lendings % % United Kingdom 56.6 56.4 Other European Union 70.7 77.5 United States 33.0 28.6 Rest of the World 52.0 51.9 Total 52.8 52.9 % % Specific provision coverage of non performing 50.0 50.9 lendings General provision coverage of performing* 0.28 0.33 Loans 2002 2001 Â£m Â£m Interest forgone on non-performing lendings: Interest income that would have been recognised under 275 279 original contractual terms Interest income included in profit (22) (50) Interest forgone 253 229 *This is the ratio of general provisions to the gross loans and advances to banks and customers (banking and trading)less the non performing loans. The geographical coverage ratios reflect an allocation of general provisions. UK non performing loans increased by Â£363m to Â£3,326m primarily reflecting increases in the large corporate sector. This included loans to foreign borrowers made in the UK and are spread across a number of sectors, with telecommunications and energy being prominent. There were also additions from UK middle market business customers. US non performing loans increased by Â£427m to Â£744m reflecting the impact of Argentinean exposures booked in the US and the continued difficult economic conditions faced by the telecommunications and energy sectors. US potential problem loans fell by Â£128m to Â£241m primarily due to the reclassification of balances into the non performing categories. Other European Union non performing loans increased from Â£140m to Â£182m. However, in the Rest of the World they fell to Â£274m, a decrease of Â£177m, primarily reflecting the completion in October 2002 of the Caribbean combination with the Canadian Imperial Bank of Commerce. The overall effect of these movements is that the Group coverage of non performing loans (31st December 2001: 72.1%) fell slightly to 68.0%. The coverage of total potential credit risk lendings at 52.8% was at a similar level to the end of 2001(52.9%). The ratio of specific provisions to non performing loans was 50.0% (31st December 2001: 50.9%). The general provisions coverage ratio over performing loans was 0.28% (31st December 2001: 0.33%). These two ratios relate the provision balances to the relevant parts of the loan portfolio. Specific provisions are created specifically for non performing loans, while general provisions apply to losses on loans in the portfolio that have not yet been identified as impaired. 7. Exposure to countries subject to International Monetary Fund (IMF) liquidity support programmes The table below provides data on total country exposure, which includes both cross border and local currency obligations. Exposure includes amounts outstanding plus commitments, and is net of provisions. The sample of countries is based on those that make significant use of IMF liquidity support programmes, i.e. those drawing more than Special Drawing Rights 2bn. 2002 2001 Â£bn Â£bn Europe Turkey 0.1 0.2 0.1 0.2 Asia Indonesia 0.1 0.1 0.1 0.1 Latin America Argentina 0.1 0.3 Brazil* 0.2 0.7 0.3 1.0 Total 0.5 1.3 *Â£0.1 billion of this total relates to local currency exposure The total comprises: Â£bn Â£bn Banks 0.2 0.7 Governments and sovereigns 0.1 0.1 Corporates and project financings 0.2 0.5 0.5 1.3 8. European Economic and Monetary Union (EMU) Barclays is maintaining a prudent programme to validate and develop further its existing plans relating to the potential membership of EMU by the UK, and to conduct feasibility studies with selected suppliers and partners. Barclays has contributed to the development of, and supports the conclusions arising from, the British Bankers' Association and Association for Payment Clearing Services' UK Banking Industry Outline Euro Blueprint published in June 2002. Given the considerable uncertainty that continues to surround whether and when the UK may enter, it has not been possible to draw any definitive conclusions as to the final overall cost of preparing retail systems and operations. Barclays incurred minimal expenditure during 2002 with respect to any decision to introduce the euro in the UK. 9. Legal proceedings Proceedings have been brought in the United States against a number of defendants including Barclays following the collapse of Enron. In each case the claims are against groups of defendants and it is not possible to estimate Barclays possible loss, if any, in relation to them. Barclays considers the claims against it to be without merit and is defending them vigorously. Barclays does not expect the ultimate resolution of the Enron related claims or the various other legal proceedings to which Barclays is party to have a significant adverse effect on the financial position or profitability of the Group. 10. Geographical analysis 2002 2001 restated Â£m Â£m Profit before tax United Kingdom 2,898 2,680 Other European Union 351 410 United States (218) 85 Rest of the World 174 250 3,205 3,425 2002 2001 restated Total assets Â£m Â£m United Kingdom 302,386 266,830 Other European Union 26,126 20,278 United States 51,919 48,701 Rest of the World 22,635 20,803 403,066 356,612 The geographic presentation above is generally based on the office recording the transaction. Losses relating to and the assets of the South American Corporate Banking portfolio are reflected in the US above. 11. Contingent liabilities and commitments 2002 2001 Contingent liabilities Â£m Â£m Acceptances and endorsements 2,589 2,460 Guarantees and assets pledged as collateral security 16,043 14,826 Other contingent liabilities 7,914 7,313 26,546 24,599 Commitments Standby facilities, credit lines and 101,378 99,917 other commitments 12. Derivatives The tables set out below analyse the contract or underlying principal amounts of derivative financial instruments held for trading purposes and for the purposes of managing the Group's structural exposures. 2002 2001 Foreign exchange derivatives Â£m Â£m Contract or underlying principal amount Forward foreign exchange 271,646 242,277 Currency swaps 159,132 146,297 Other exchange rate related contracts 64,399 75,114 495,177 463,688 Interest rate derivatives Contract or underlying principal amount Interest rate swaps 2,164,312 1,556,457 Forward rate agreements 180,043 103,447 OTC options bought and sold 592,137 502,703 Other interest rate related contracts 788,878 675,246 3,725,370 2,837,853 Credit derivatives 18,401 16,640 Equity, stock index and commodity derivatives Contract or underlying principal amount 110,205 96,218 Other exchange rate related contracts are primarily over the counter (OTC) options. Other interest rate related contracts are primarily exchange traded options and futures. Derivatives entered into as trading transactions, together with any associated hedging thereof, are measured at fair value and the resultant profits and losses are included in dealing profits. The tables below summarise the positive and negative fair values of such derivatives, including an adjustment for netting where the Group has the ability to insist on net settlement which is assured beyond doubt, based on a legal right that would survive the insolvency of the counterparty. 2002 2001 Â£m Â£m Positive fair values Foreign exchange derivatives 10,639 8,262 Interest rate derivatives 62,942 32,659 Credit derivatives 660 508 Equity, stock index and commodity derivatives 2,750 1,990 Effect of netting (60,327) (29,173) Cash collateral meeting offset criteria (3,210) (516) 13,454 13,730 Negative fair values Foreign exchange derivatives 11,281 7,554 Interest rate derivatives 61,332 31,432 Credit derivatives 106 161 Equity, stock index and commodity derivatives 2,778 2,031 Effect of netting (60,327) (29,173) Cash collateral meeting offset criteria (3,632) (914) 11,538 11,091 13. Market risk Market Risk is the risk that the Group's earnings or capital, or its ability to meet business objectives, will be adversely affected by changes in the level or volatility of market rates or prices such as interest rates including credit spreads, foreign exchange rates, equity prices and commodity prices. It is incurred as a result of both trading and asset/liability management activities. The market risk management policies of the Group are determined by the Group Risk Oversight Committee, which also recommends overall market risk appetite to the Board Risk Committee. The Group's policy is that exposure to market risk arising from trading activities should be concentrated in Barclays Capital. The Group's banking businesses are also subject to market risk, which arises in relation to non-trading positions, such as capital balances, demand deposits and customer originated transactions and flows. The Group uses a 'value at risk' measure as the primary mechanism for controlling market risk. Daily Value at Risk (DVaR) is an estimate, with a confidence level of 98%, of the potential loss which might arise if the current positions were to be held unchanged for one business day. Daily losses exceeding the DVaR figure are likely to occur, on average, only twice in every one hundred business days. Actual outcomes are monitored regularly to test the validity of the assumptions made in the calculation of DVaR. Barclays Capital In Barclays Capital, where the Group's trading activities are concentrated, the formal process for the management of risk is through the Barclays Capital Risk Management Committee. Day-to-day responsibility for market risk lies with the senior management of Barclays Capital, supported by the Global Market Risk Management Unit that operates independently of the trading areas. DVaR is the main tool used for controlling market risk. In addition to DVaR, there are a number of complementary techniques used to control market risk. These include revenue loss triggers and fortnightly firm wide stress tests which are also subject to trigger limits. Barclays Capital uses the historical simulation method for calculating DVaR. The length of the historical sample is two years. The interest rate DVaR methodology maps interest rate exposures into government and non-governments (six credit grades and interest rate swaps). This allows the measurement process to discriminate between the market risk of holding bonds with different credit qualities, for example AAA securities as against non-investment grade securities. In particular, it shows the effectiveness of hedging strategies such as shorting government bonds or swaps against non-government bond portfolios. The DVaR numbers shown in the table below are all based on the above methodology. Analysis of market risk exposures Barclays Capital market risk exposure increased in 2002 compared to 2001, due mainly to interest rate opportunities taken in the second half of 2002. The year end DVaR for 2002 was Â£25.8m (2001: Â£21.3m). DVaR Twelve months to Twelve months to 31st December 2002 31st December 2001* Average High** Low** Average High** Low** Restated Restated Restated Â£m Â£m Â£m Â£m Â£m Â£m Interest rate risk 21.7 34.5 10.0 14.9 24.1 7.6 Credit spread risk 9.4 12.5 6.0 8.8 14.7 4.6 Foreign exchange 2.9 4.4 1.9 2.3 6.2 0.6 risk Equities risk 3.6 5.4 2.1 3.3 6.4 2.1 Commodities risk 1.8 3.3 0.8 1.7 4.3 0.6 Diversification (16.2) (12.5) effect Total DvaR 23.2 35.7 13.4 18.5 25.4 11.3 * Restatements of interest rate DVaRs, total DVaRs and diversification effect reflect the move to a methodology that identifies credit spread risk separately. ** The high (and low) DVaR figures reported for each category did not necessarily occur on the same day as the high (and low) DVaR reported as a whole. A corresponding diversification effect cannot be calculated and is therefore omitted from the above table. CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' FUNDS 2002 2001 restated Â£m Â£m At beginning of year 14,485 13,183 Proceeds of shares issued (net of expenses) 135 210 Exchange rate translation differences (61) 3 Repurchase of ordinary shares* (546) (101) Goodwill written back on disposals 10 - Shares issued to the QUEST in relation to share Option schemes for staff (48) (107) Gain arising from transaction with third parties 206 - Other items - (39) Profit retained 1,024 1,336 At end of year 15,205 14,485 * Including nominal amount of Â£30m (2001: Â£5m) STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 2002 2001 restated Â£m Â£m Profit attributable to the members of 2,230 2,446 Barclays PLC Exchange rate translation differences (61) 3 Gain arising from transaction with third parties 206 - Other items 8 (24) Joint ventures and associated undertakings 2 (15) Total recognised gains and losses relating 2,385 2,410 to the period Prior period adjustment (23) - (as explained on pages 55 and 56) Total gains and losses recognised since 2,362 2,410 31st December 2001 Historical cost profits and losses There is no material difference between profit before tax and profit retained, as reported, and historical cost profits. AVERAGE BALANCE SHEET AND NET INTEREST INCOME 31.12.02 31.12.02 31.12.02 31.12.01 31.12.01 31.12.01 restated restated restated Average Interest Average Average Interest Average Balance Rate Balance Rate Assets Â£m Â£m % Â£m Â£m % Treasury bills and other eligible bills: In offices in the UK 4,496 158 3.5 3,952 189 4.8 In offices outside the UK 960 66 6.9 1,114 89 8.0 Loans and advances to banks: In offices in the UK 12,560 561 4.5 7,615 346 4.5 In offices outside the UK 5,535 161 2.9 5,827 265 4.5 Loans and advances to customers: In offices in the UK 126,306 7,712 6.1 116,279 8,406 7.2 In offices outside the UK 25,896 1,132 4.4 23,573 1,498 6.4 Lease receivables: In offices in the UK 4,245 209 4.9 4,384 245 5.6 In offices outside the UK 222 15 6.8 226 18 8.0 Debt securities: In offices in the UK 40,115 1,790 4.5 36,858 2,069 5.6 In offices outside the UK 4,843 240 5.0 5,189 333 6.4 Average assets of banking business 225,178 12,044 5.3 205,017 13,458 6.6 Average assets of trading business 160,647 4,372 2.7 132,904 5,437 4.1 Total average interest earning assets 385,825 16,416 4.2 337,921 18,895 5.6 Provisions (2,808) (2,513) Non-interest earning assets 46,753 48,796 Total average assets and 429,770 16,416 3.8 384,204 18,895 4.9 Interest income Percentage of total average assets in offices outside the UK 27.2% 27.5% Average interest earning assets and net interest income: Banking business 225,178 6,188 2.7 205,017 5,970 2.9 Trading business 160,647 75 0.0 132,904 (387) (0.3) Non margin interest 17 - (4) - Total average interest earning 385,825 6,280 1.6 337,921 5,579 1.7 assets and net interest income Total average interest earning Assets related to: Interest income 16,416 4.2 18,895 5.6 Interest expense (10,153) (2.6) (13,312) (3.9) Adjustment for non margin interest 17 - (4) - 6,280 1.6 5,579 1.7 Notes 1 Loans and advances to customers and banks include all doubtful lendings, including non-accrual lendings. Interest receivable on such lendings has been included to the extent to which either cash payments have been received or interest has been accrued in accordance with the income recognition policy of the Group. 2 Average balances are based upon daily averages for most UK banking operations and monthly averages elsewhere. 3 The average balance sheet does not include the retail life-fund assets attributable to policyholders nor the related liabilities. AVERAGE BALANCE SHEET AND NET INTEREST INCOME 31.12.02 31.12.02 31.12.02 31.12.01 31.12.01 31.12.01 restated restated restated Average Interest Average Average Interest Average Balance Rate Balance Rate Liabilities and shareholders' funds Â£m Â£m % Â£m Â£m % Deposits by banks: In offices in the UK 31,880 987 3.1 27,547 1,144 4.2 In offices outside the UK 8,908 200 2.2 10,548 366 3.5 Customer accounts - demand accounts: In offices in the UK 16,260 164 1.0 14,646 209 1.4 In offices outside the UK 1,846 27 1.5 1,734 37 2.1 Customer accounts - savings accounts: In offices in the UK 41,722 982 2.4 37,341 1,153 3.1 In offices outside the UK 1,262 32 2.5 1,297 50 3.9 Customer accounts - Other time deposits - retail: In offices in the UK 40,075 1,303 3.3 38,521 1,906 4.9 In offices outside the UK 5,479 139 2.5 5,611 251 4.5 Customer accounts - Other time deposits - wholesale: In offices in the UK 35,607 1,175 3.3 31,474 1,316 4.2 In offices outside the UK 7,959 231 2.9 7,240 340 4.7 Debt securities in issue: In offices in the UK 28,596 1061 3.7 30,378 1,546 5.1 In offices outside the UK 11,728 339 2.9 11,083 522 4.7 Dated and undated loan capital and other subordinated liabilities Principally in offices in the UK 11,012 645 5.9 9,165 601 6.6 Internal funding of trading business (42,626) (1,429) (3.4) (42,480) (1,953) (4.6) Average liabilities of banking business 199,708 5,856 2.9 184,105 7,488 4.1 Average liabilities of trading business 162,858 4,297 2.6 134,609 5,824 4.3 Total average interest bearing 362,566 10,153 2.8 318,714 13,312 4.2 liabilities Interest free customer deposits: In offices in the UK 11,614 10,282 In offices outside the UK 2,132 2,151 Other non-interest bearing liabilities 38,172 38,828 Minority interests and shareholders' funds 15,286 14,229 Total average liabilities, shareholders' funds and interest expense 429,770 10,153 2.4 384,204 13,312 3.5 Percentage of total average non-capital liabilities in offices outside the UK 25.5% 26.4% SUMMARY CONSOLIDATED CASH FLOW STATEMENT 2002 2001 Â£m Â£m Net cash inflow from operating activities 7,391 3,799 Dividends received from joint ventures and 1 3 associated undertakings Net cash outflow from returns on investment and servicing of (630) (620) finance Tax paid (828) (1,004) Net cash (outflow)/inflow from capital expenditure and financial (6,756) (1,330) investment Net cash (outflow)/inflow from acquisitions and disposals (612) 6 Equity dividend paid (1,146) (1,014) Net cash inflow/(outflow) before financing (2,580) (160) Net cash inflow from financing 1,373 2,158 (Decrease)/increase in cash (1,207) 1,998 OTHER INFORMATION Financial Summary 2002 2001 2000 1999 1998 restated restated restated restated Â£m Â£m Â£m Â£m Â£m Profit before tax 3,205 3,425 3,392 2,478 1,910 Profit after tax 2,250 2,482 2,491 1,823 1,389 Total capital resources 26,898 24,606 21,153 13,442 11,902 p P p p P Earnings per ordinary share 33.7 36.8 40.4 29.6 22.3 Dividends per ordinary share 18.35 16.625 14.5 12.5 10.75 Net asset value per ordinary share 231 217 198 142 130 Dividend cover (times) 1.8 2.2 2.8 2.4 2.1 Risk asset ratios: % % % % % Tier 1 ratio 8.2 7.8 7.2 7.5 7.3 Total ratio 12.8 12.5 11.0 11.3 10.6 Performance ratios Return on average shareholders' funds: % % % % % Pre-tax 21.0 23.9 33.8 29.2 23.8 Post-tax 14.7 17.4 24.8 21.5 17.3 Return on average total assets: Pre-tax 0.7 0.9 1.1 1.0 0.8 Post-tax 0.5 0.6 0.8 0.7 0.6 Return on average weighted risk assets: Pre-tax 1.9 2.2 2.6 2.2 1.7 Post-tax 1.4 1.6 1.9 1.6 1.3 Non interest income/total income 45.2 46.5 46.2 44.9 41.5* Operating expenses/total income** 53.6 54.3 54.8 57.2 65.9 * Excluding the impact of the Finance Act 1998. ** Excluding the restructuring charges in the four years ended 31st December 2002, Woolwich integration costs and fair value adjustments since 2000, goodwill amortisation, the results of the former BZW businesses and the impact of the Finance Act 1998. PROFIT BEFORE TAX 31.12.02 30.06.02 31.12.01 30.06.01 restated restated (half-year ended - unaudited) Â£m Â£m Â£m Â£m Personal Financial Services 527 500 474 475 Barclays Private Clients 113 220 314 282 Barclaycard 312 316 266 254 Business Banking 622 640 519 581 Barclays Africa 57 48 62 68 Barclays Capital 223 370 325 337 Barclays Global Investors 50 60 41 37 Other operations (52) (117) (28) 19 Head office functions (70) (39) (52) (23) Operating profit 1,782 1,998 1,921 2,030 Restructuring charge (132) (55) (108) (63) Woolwich integration costs (48) (32) (70) (19) Woolwich fair value adjustments (25) (26) (17) (16) Goodwill amortisation (124) (130) (114) (115) Exceptional items (3) - - (4) 1,450 1,755 1,612 1,813 TOTAL ASSETS Personal Financial Services 71,871 67,877 64,314 62,433 Barclays Private Clients 14,016 14,854 13,886 13,451 Barclaycard 10,669 10,278 9,404 9,469 Business Banking 47,315 44,509 44,132 44,228 Barclays Africa 2,632 2,366 2,756 2,649 Barclays Capital 236,472 230,511 201,301 210,044 Barclays Global Investors 494 389 308 263 Other operations and Head office functions 8,379 7,035 8,250 8,780 Goodwill 3,934 4,055 4,091 4,198 Retail life-fund assets 7,284 7,879 8,170 8,395 403,066 389,753 356,612 363,910 WEIGHTED RISK ASSETS Personal Financial Services 41,100 38,673 36,154 35,229 Barclays Private Clients 11,713 9,856 9,197 8,682 Barclaycard 10,647 10,009 9,467 9,378 Business Banking 50,449 47,159 46,272 45,269 Barclays Africa 1,892 1,672 1,943 1,859 Barclays Capital 53,496 53,974 51,943 50,083 Barclays Global Investors 666 636 563 535 Other operations and Head office functions 2,785 3,189 3,334 3,787 Goodwill - - - - Retail life-fund assets - - - - 172,748 165,168 158,873 154,822 Consolidated profit and loss account by half-year (unaudited) 31.12.02 30.06.02 31.12.01 30.06.01 restated restated Â£m Â£m Â£m Â£m Interest receivable 6,007 6,037 6,518 6,940 Interest payable (2,935) (2,904) (3,495) (3,997) Net interest income 3,072 3,133 3,023 2,943 Net fees and commissions receivable 1,961 1,964 1,957 1,780 Dealing profits 320 513 441 570 Other operating income 240 124 253 175 Total non-interest income 2,521 2,601 2,651 2,525 Operating income 5,593 5,734 5,674 5,468 Administration expenses - staff costs (1,877) (1,878) (1,921) (1,793) Administration expenses - other (1,213) (1,099) (1,215) (1,088) Depreciation and amortisation (271) (286) (273) (264) Operating expenses (3,361) (3,263) (3,409) (3,145) Operating profit before provisions 2,232 2,471 2,265 2,323 Provisions for bad and doubtful debts (771) (713) (651) (498) Provisions for contingent liabilities and commitments (2) 1 1 (2) Operating profit 1,459 1,759 1,615 1,823 Loss from joint ventures and associated Undertakings (6) (4) (3) (6) Exceptional items (3) - (4) Profit on ordinary activities before tax 1,450 1,755 1,612 1,813 Tax on profit on ordinary activities (446) (509) (425) (518) Profit on ordinary activities after tax 1,004 1,246 1,187 1,295 Minority interests (equity and non-equity) (11) (9) (11) (25) Profit for the financial period attributable to the members of Barclays PLC 993 1,237 1,176 1,270 Dividends (787) (419) (727) (383) Profit retained for the financial year 206 818 449 887 Earnings per ordinary share 15.1p 18.6p 17.7p 19.1p Dividend per ordinary share: Interim - 6.35p - 5.75p Final 12.0p - 10.875p - OTHER INFORMATION Registered office 54 Lombard Street, London, EC3P 3AH, England, United Kingdom. Tel: 020 7699 5000. Company number: 48839. Website www.barclays.com Registrar The Registrar to Barclays PLC, PO Box 82, The Pavilions, Bridgwater Road, Bristol, BS99 7NH Tel: 0870 702 0196 Listing The principal trading market for Barclays PLC ordinary shares is the London Stock Exchange. Ordinary shares are also listed on the New York Stock Exchange and the Tokyo Stock Exchange. Trading on the New York Stock Exchange is in the form of ADSs under the ticker symbol 'BCS'. Each ADS represents four ordinary shares of 25p each and is evidenced by an ADR. The ADR depositary is The Bank of New York whose international telephone number is +1 (610) 312 5315, whose domestic telephone number is 1-888-269-2377 and whose address is 22nd Floor, 101 Barclay Street, New York, NY 10286. Filings with the SEC Statutory accounts for the year ended 31st December 2002, which also include the joint annual report on Form 20-F of Barclays PLC and Barclays Bank PLC to the US Securities and Exchange Commission (SEC), can be obtained from Corporate Communications, Barclays Bank PLC, 200 Park Avenue, New York, NY 10166 or from the Head of Investor Relations at Barclays registered office address shown above, once they have been published in mid-March. Once filed with the SEC, copies of the Form 20-F will also be available from the SEC's website (www.sec.gov). Results timetable 2002 preliminary results announcement: Thursday 13th February 2003 Ex dividend date: Wednesday 26th February 2003 Dividend record date: Friday 28th February 2003 2003 Annual General Meeting: Thursday 24th April 2003 Dividend payment date: Monday 28th April 2003 2003 interim results pre-close briefing: Tuesday 3rd June 2003 2003 interim results announcement: Thursday 7th August 2003 For further information, please contact: John Varley Finance Director +44 20 7699 5000 - Switchboard Cathy Turner Head of Investor Relations +44 20 7699 3638 - Direct Line Leigh Bruce Corporate Communications Director +44 20 7699 2658 - Direct Line More information on Barclays, including the 2002 results, can be found on our website at the following address: http://www.investor.barclays.com This information is provided by RNS The company news service from the London Stock Exchange

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