Pre-Close Briefings

Barclays PLC
28 May 2002


May 28th, 2002



                                  BARCLAYS PLC
                       PRE-CLOSE BRIEFINGS WITH ANALYSTS

Barclays PLC ('Barclays') will be meeting analysts ahead of its close period for
the half - year ended 30th June 2002.

Key trends set out below relate to the first quarter of 2002 and, unless stated
otherwise, are compared to the first quarter of 2001.  Balance sheet comparisons
relate to the equivalent position at 31st December 2001.  The comparisons are
made against 2001 results as outlined in the 'Further analysis of profit and
loss account' in the attached appendix.

Barclays has made a solid start to 2002.  Operating profit rose against the
prior year period, driven by growth in operating income in the first quarter of
2002 which was higher than the quarterly average of 2001.  Operating costs grew
moderately relative to the first quarter of 2001, but were flat versus average
quarterly costs in the second half of 2001.  Provisions increased reflecting the
generally more difficult business environment but were in line with the
quarterly average of the second half of 2001.

Barclays remains on track to deliver against its three primary financial goals:-

-      Producing upper quartile total shareholder returns: during the period
31st December 1999 to 30th April 2002, Barclays was positioned 2nd relative to
the 2002 peer group with a total shareholder return of 48%.

-      Doubling the value of £100 invested in Barclays on 31st December 1999 by
the end of 2003: the £100 was worth £148 on 30th April 2002 (relative to £151
required at this stage to meet the goal).

-      Generating cumulative economic profit of £6.1bn for the financial years
2000 to 2003 inclusive: Barclays remains ahead of target based upon the economic
profit performance for the first quarter of 2002.


Operating income - comprise net interest income, fees and commissions, dealing
profits and other income.

Operating income rose relative to the first quarter of 2001 and was higher than
the quarterly average of 2001

Net interest income - increased compared to the first quarter of last year and
was above the quarterly average for 2001.

In Personal Financial Services, there was solid growth in consumer lending, but
at a rate below the market.  Mortgage lending performance was strong, with
Woolwich branded mortgage volumes increasing significantly through both Woolwich
and Barclays channels.  The Group's UK market share of net mortgage lending was
10.6 percent (an improvement of two percentage points over the 8.6 percent share
of net lending achieved in the fourth quarter of 2001) and exceeded the Group's
share of outstanding UK mortgage balances.

In Barclays Private Clients, net interest income fell but remained in line with
the average of the second half of 2001.

Net interest income performance at Barclaycard showed good growth and was above
the quarterly average for 2001.

Business Banking experienced solid growth in net interest income, which was
similar to the average quarterly level for the second half of 2001.  Lending
growth was slightly ahead of the market.

Barclays Capital saw good growth, and was at a level higher than in any quarter
of 2001, predominantly due to a strong performance in money markets.

Average UK savings within Personal Financial Services grew strongly and exceeded
market growth rates.  This performance was mainly driven by the success of
tracker products and of Openplan. Barclays Private Clients customer deposits
remained broadly flat.

Business Banking deposit balances grew ahead of the market.

Net interest margin - in Personal Financial Services and Woolwich, the
combination of business mix and volume gains in savings and mortgages came at
the expense of modest margin attrition. In Business Banking, the lending margin
fell slightly as a result of lending to higher quality customers; the deposit
margin remained stable. There was some modest margin gain in Barclaycard as a
result of lower average base rates than experienced during 2001.

Net fees and commissions - experienced good growth in the first quarter of 2002
and were in line with the quarterly average of 2001.

In Personal Financial Services, fees and commissions remained broadly similar.
Barclays Private Clients fees and commissions increased, partly reflecting
higher business volumes from the Legal & General alliance.

Barclaycard saw solid growth in fees and commissions.  Card turnover and
merchant transaction volumes both increased.  Business Banking fees and
commissions remained broadly flat.  Barclays Capital fees and commissions grew
relative to the first quarter of last year.

Barclays Global Investors fees saw solid growth.  Assets under management at
31st March 2002 were £555bn (31st December 2001: £530bn).  The increase
comprised £14bn of net new assets together with £10bn attributable to exchange
rate fluctuations and £1bn due to market movements.

Dealing Profits - in Barclays Capital were in line with the first quarter of
last year.

Other operating income - fell compared to the equivalent period in 2001.

Operating costs - comprise business as usual costs, revenue related costs and
strategic investment costs.

Total operating costs grew moderately versus the first quarter of 2001, but were
flat relative to the quarterly average of the second half of 2001.

Business as usual costs rose moderately, in part as a consequence of the
inclusion, since the second half of 2002, of the costs associated with the
regulated sales force.  Revenue related costs reflected the good income
performance.  Strategic investment expenditure was lower than in the first
quarter of last year.

Barclays remains on track to achieve the targeted cost savings of £1.15bn for
the four year period ending 2003.

Provisions - increased relative to the first quarter of 2001 but were in line
with the quarterly average of the second half of 2001.  The experience at the
business unit level is mixed, with Business Banking provision levels being
currently below expectation and Barclays Capital ahead.  The retail businesses
are running at or about expectation.

Restructuring charge - the Group restructuring programme continued and the first
half charge is expected to be broadly in line with the second half of 2001.

Woolwich Integration - Barclays expects to achieve targeted pre tax synergies of
at least £190m for 2002.  As a result of the rapid progress of Woolwich
integration, the Woolwich SBU will be incorporated within Personal Financial
Services for reporting purposes at the half - year.

Providian - Barclaycard announced in February 2002 its intention to purchase the
UK credit card operations of Providian Financial Corporation. The transaction
completed on the 19th April 2002.

Caribbean - the transaction between Barclays and CIBC to form FirstCaribbean
International Bank is currently awaiting regulatory and other approvals.

Accounting policy changes - there have been two accounting policy changes in
2002.  These relate to: the treatment of Reserve Capital Instruments as a result
of UITF Abstract 33 which was issued in February 2002; and the adoption by the
Group of FRS19 which relates to deferred tax.  The attached appendix provides
the published Group results for 2001 restated to reflect these changes, and will
be used for comparative purposes in 2002 reporting.

Share split - the resolution to sub-divide all the issued and un-issued ordinary
shares of £1 into four new ordinary shares of 25p was passed at the AGM on the
25th April 2002 and dealing in the new ordinary shares commenced on the 29th
April 2002.  Earnings per share and dividend per share for the Group's 2001
results have been restated to reflect this change and will be used for
comparative purposes in 2002.  Details can be found in the appendix.

The 2002 half - year results will be announced on Thursday 1st August 2002.

For further information please contact:

Investor Relations                     Media Relations

Cathy Turner                           Chris Tucker/Leigh Bruce
020 7699 3638                          020 7699 3161/020 7699 2658


This document contains certain forward-looking statements within the meaning of
Section 21E of the US Securities Exchange Act of 1934, as amended,  and Section
27A of the Securities Act of 1933, as amended,  with respect to certain of the
Group's plans and its current goals and expectations relating to its future
financial condition and performance.  By their nature, forward looking
statements involve risk and uncertainty because they relate to events and
circumstances, including UK domestic and global economic business conditions,
market related risks such as interest and exchange rates, the policies and
actions of regulatory authorities and the impact of competition  a number of
which are beyond the Group's control.  As a result, the Group's actual future
results may differ materially from the plans, goals and expectations set forth
in the forward-looking statements.  A more detailed list of these factors is
contained on page 89 of Barclays PLC Annual Report 2001 which is available on
the Internet at www.investor.barclays.co.uk/results.



                                  APPENDIX

                           ACCOUNTING POLICY CHANGES

The 2001 results are restated to reflect two changes in accounting policy:-

Treatment of Reserve Capital Instruments (RCI's): UITF Abstract 33 was issued in
February 2002.  Its implementation will result in RCIs being treated as undated
loan capital rather than minority interests.  This means the coupon on RCIs will
now be treated as interest payable rather than minority and other non-equity
interests.  The impact on the full 2001 results is a reduction in pre and post
tax profit of £138m and £97m respectively.  The adjustments have been allocated
to the businesses based upon economic capital.  Profit attributable to
shareholders is unaffected.

FRS19 Deferred Tax : FRS 19 is applicable for the Group's 2002 reporting.
Implementing the standard, which requires deferred tax to be recognised on most
types of timing differences, has required a change in accounting policy since
the Group's previous provision was based on timing differences when it was
considered probable that a liability would crystallise.  The application of the
standard also enables deferred tax assets to be recognised on provisions for bad
and doubtful debts and consequently the overall impact on the profit and loss
account is not expected to be significant.  The impact on the full 2001 results
was an increase in profit after tax of £14m.

Earnings per share and dividend per share have been restated to reflect the
sub-division of the ordinary shares of £1 into four new ordinary shares of 25p.
Earnings per share also reflect the impact of FRS19.



          BARCLAYS PLC - CONSOLIDATED PROFIT AND LOSS ACCOUNT 2001

                                                            Full Year              Half-year ended
                                                                 2001              31.12.01         30.06.01

                                                                   £m                    £m               £m
Interest receivable                                            13,458                 6,518            6,940
Interest payable                                              (7,492)               (3,495)          (3,997)
Net interest income                                             5,966                 3,023            2,943

Net fees and commissions receivable                             3,758                 1,972            1,786
Dealing profits                                                 1,011                   441              570
Other operating income                                            452                   234              218
Total non-interest income                                       5,221                 2,647            2,574
Operating income                                               11,187                 5,670            5,517

Administration expenses - staff costs                         (3,714)               (1,921)          (1,793)
Administration expenses - other                               (2,303)               (1,215)          (1,088)
Depreciation and amortisation                                   (537)                 (273)            (264)
Operating expenses                                            (6,554)               (3,409)          (3,145)
Operating profit before provisions                              4,633                 2,261            2,372
Provisions for bad and doubtful debts                         (1,149)                 (651)            (498)
Provisions for contingent liabilities and commitments             (1)                     1              (2)
Operating profit                                                3,483                 1,611            1,872
Loss from joint ventures and associated undertakings              (9)                   (3)              (6)
Exceptional items                                                 (4)                     -              (4)
Profit on ordinary activities before tax                        3,470                 1,608            1,862
Tax on profit on ordinary activities                            (955)                 (424)            (531)
Profit on ordinary activities after tax                         2,515                 1,184            1,331
Minority and other interests (equity and non-equity)             (36)                  (11)             (25)
Profit for the financial year attributable to the               2,479                 1,173            1,306
members of Barclays PLC
Dividends                                                     (1,110)                 (727)            (383)
Profit retained for the financial year                          1,369                   446              923


Earnings per ordinary share                                     37.3p                 17.6p            19.7p

Dividends                                                     16.625p
First interim                                                                                          5.75p
Second interim                                                                       10.87p





BARCLAYS PLC - FURTHER ANALYSIS OF PROFIT AND LOSS ACCOUNT 2001




                                                              Full Year          Half-year ended
                                                                   2001          31.12.01        30.06.01

                                                                     £m                £m              £m
Interest receivable                                              13,513             6,545           6,968
Interest payable                                                (7,512)           (3,507)         (4,005)
Net interest income                                               6,001             3,038           2,963

Net fees and commissions receivable                               3,758             1,972           1,786
Dealing profits                                                   1,011               441             570
Other operating income                                              452               234             218
Total non-interest income                                         5,221             2,647           2,574
Operating income                                                 11,222             5,685           5,537

Administration expenses - staff costs                           (3,578)           (1,840)         (1,738)
Administration expenses - other                                 (2,181)           (1,119)         (1,062)
Depreciation and amortisation                                     (308)             (156)           (152)
Operating expenses                                              (6,067)           (3,115)         (2,952)
                                                                  5,155             2,570           2,585
Provisions for bad and doubtful debts                           (1,149)             (651)           (498)
Provisions for contingent liabilities and commitments               (1)                 1             (2)
Loss from joint ventures and associated undertakings                (9)               (3)             (6)
Operating profit                                                  3,996             1,917           2,079
Restructuring charge                                              (171)             (108)            (63)
Woolwich integration costs                                         (89)              (70)            (19)
Woolwich fair value adjustments                                    (33)              (17)            (16)
Goodwill amortisation                                             (229)             (114)           (115)
Exceptional items                                                   (4)                 -             (4)
Profit on ordinary activities before tax                          3,470             1,608           1,862




Earnings per ordinary share before restructuring charge,
integration costs, Woolwich fair value adjustments,
goodwill amortisation and exceptional items                       43.7p             21.3p           22.4p



The above results are based on the operating profit shown on page 5 before
charging for costs directly associated with the integration of Woolwich plc,
Woolwich fair value adjustments, goodwill amortisation and the restructuring
charge.

                                         PER SHARE DATA

Earnings per share

Earnings per ordinary share is based upon the results after deducting tax,
profit attributable to minority interests and dividends on staff shares.


                                                                 Full Year            Half Year ended
                                                                   2001          31.12.01         30.06.01

Earnings in year                                                 2,479m            1,173m           1,306m

Earnings in year before restructuring, integration costs,        2,909m            1,418m           1,491m
goodwill amortisation, fair value adjustments and
exceptional items

Weighted average of ordinary shares in issue                     6,652m            6,656m           6,648m

Calculation of adjusted earnings per share                        Pence             Pence            Pence

Basic earnings per ordinary share                                  37.3              17.6             19.7
Restructuring charge                                                1.8               1.1              0.7
Integration costs                                                   0.9               0.7              0.2
Goodwill amortisation                                               3.4               1.7              1.7
Woolwich fair value adjustments                                     0.3               0.2              0.1
Exceptional items                                                   0.0               0.0              0.0
Adjusted earnings per share                                        43.7              21.3             22.4


ECONOMIC PROFIT

Economic profit is the post-tax attributable profit generated by a business over
and above the cost of capital.

                                                                                                  2001
                                                                                                  £m
Profit after tax and minority interests (excluding goodwill amortisation)                         2,703
Average shareholders' funds                                                                       14,546
Post tax cost of equity                                                                           10.5%
Cost of average shareholders' funds*                                                              (1,446)
Economic profit                                                                                   1,257

* The cost includes a charge for purchased goodwill. A post tax cost of equity
of 8.5% has been used for Woolwich plc goodwill.



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