In Focus

29 June 2012

Markets as we see them

Inside
Investment Ideas: Our strong
convictions
Equities: Second quarter
earnings previewed

For EMEA Distribution Only

Fixed income: Summit offers

peripheral support; global I-L
preferred to UK

Germany takes an early shower

"Some people believe football is a matter of life and death I can assure you it is much, much
more important than that." Bill Shankly

The latest European summit has (so far) been greeted, like so many others, by a classic
beta bounce in the markets. We are sceptical that this bounce will continue through the
summer: the euros existential crisis has not suddenly gone away as weve noted here
often, the necessary integration and reform will take years, not days and there are many
practical uncertainties still to be resolved even around the measures just announced. That
said, the Commissions statement in particular is admirably direct and brief, and does at
least confirm that euro area politicians increasingly get it. A muddle through is still likely.
There are (so far) two components to the summit news: a palliative economic initiative
involving the European Investment Bank, and (more importantly) a package of financial
proposals from the Commission aimed at stabilising the euro area markets and banking
systems. Both hint at some modest compromise by Germany.
The economic initiative involves a small capital increase for the EIB that, when levered and
accompanied by structural funds, could reportedly result in 120bn (roughly 1% of area
GDP) of infrastructure projects in the next year or two. This is hardly transformative, but
may at least offer some modest cyclical and political support to the weaker economies.
The Commissions package has three important elements. First, it tasks the politicians with
considering quickly proposals for a single supervisory system for euro area banks, which
will allow future banking crises to be quickly dealt with centrally, breaking the vicious
circle between banks and sovereigns. Second, it makes it clear that the Spanish banks in
particular will be recapitalised by the EFSF (the short-term rescue fund) and eventually the
ESM, and that this will occur without the rescue funds gaining seniority to other lenders
(note: the statement also refers to Ireland being viewed favourably by the Eurogroup, the
only other country mentioned by name). Thirdly, it affirms that EFSF and ESM funds will be
used to stabilise markets for Member States, with the ECB acting as agent.
We see this as the beginning of the circling of the wagons around the systemically
important banks and markets that weve been expecting. As noted, there are still many
unresolved issues that could cause further volatility tellingly, Greece has not featured in
the commentary and communiqus as we write but progress is slowly being made,
albeit no doubt in a two-steps-forward-one-step-back fashion. Our Tactical Allocation
Committees recent caution on risk assets is focused near-term, over the next 3-6 months:
strategically, we expect neither the euro nor the global economy to meet with disaster,
and still see equities as offering the best long-term risk-adjusted returns.
Meanwhile, the most important economic news weve seen this week has been further
evidence that the US housing market is indeed continuing to stabilise (a key support for
our positive Investment Idea on the US banks aimed at more risk-tolerant investors only).
The July issue of Compass will be published next Friday: In Focus will be back on 13 July

Kevin Gardiner, Head of Investment Strategy EMEA

Commodities and foreign

exchange commentaries will
be back in July

Our views at a glance

End of the beginning for the
euro ECB et al to backstop
until fiscal integration arrives
No double-dip in the US
consumers in better health
than many realise
Stay diversified via a balanced
portfolio containing both risk
and safe haven assets
Corporate securities offer
more long-term risk-adjusted
value than government bonds
Developed markets have
lowest medium-term
expectations and most room
for positive surprises
Dollar collapse unlikely not
least because no comparable
reserve currencies exist

Our strongly-held risk-adjusted Investment Ideas for EMEA investors*

The Ideas should be viewed in the context of Barclays Wealth and Investment Managements wider Investment Philosophy, which
emphasises the importance of investors differing financial personalities and circumstances, and of portfolio diversification. These,
together with the rest of our views, are summarised and discussed in the relevant pages below and online. More detail on each
Investment Idea is available as a separate note.
Inception

Envisaged
time
horizon

13 Jan 2012

Multi-year

Buy Euro STOXX

50 dividend
futures

17 Feb 2011

Blue Chips

Performance
gauge/benchmark

Exit strategy and stop

loss/take profit guide

Current relative valuations imply

a lasting decline in corporate
profitability and continuing
negligible real interest rates

MSCI Developed World equity

index relative to the BarCap
Global Treasury 7-10-yr bond
index, net of a developed market
equity risk premium of 4.5% per
annum

Exit if global recession, banking

crisis or sharply higher corporate
taxes loom, or if valuations
reverse. Stop loss at 15%

2 years

Dividend futures for the Euro

STOXX 50 imply a material fall in
aggregate dividends, but we
expect them to remain largely
intact

Focus on 2013 contract.

Dividend futures are more
volatile than cash equities:
compare with LIBOR plus a
higher risk premium of 5.5% per
annum

Exit if the ability of the euro area

corporate sector to pay dividends
is materially threatened. Stop
loss at 15%, take profit at 30%

6 Jan 2012

Multi-year

A basket of liquid and solvent US

and European companies with
competitive franchises offers a
good risk/reward mix at current
prices

Compare basket performance

against LIBOR plus a developed
equity risk premium of 4.5% per
annum

Exit if macro picture changes as

above, if a new sector fad
emerges, or valuations exceed
trend. Stop loss at 15%

Gaining Exposure
to Income stocks

6 Jan 2012

2 years

With interest rates low, equities

carrying high (and sustainable)
dividends can be attractive to
income-seeking investors
familiar with equity risk

Compare basket performance

against LIBOR plus a developed
equity risk premium of 4.5% per
annum

Exit if macro picture changes as

above, or if the ability to pay
dividends is threatened. Stop loss
at 15%

Buy US Banks

4 May 2012

12 months

The effects of the US economic

recovery on the US banking
sector are potentially being
underestimated judging by
current valuations in the sector

Compare basket performance

against LIBOR plus a higher risk
premium of 6.75% per annum to
account for the higher Beta
sector

Exit if the US Financials sector

falls 15% in absolute terms

Idea

Rationale

Cross asset
Developed
equities to
outperform
bonds by more
than enough to
compensate for
risk
Equities

Fixed income & hybrids

Own a
convertibles fund

2 Mar 2011

2 years

A hybrid investment for low

composure investors who see
some growth in stock markets
but are wary of full equity risk

LIBOR plus 200bps per annum as

a compensation for risk

Exit if the Barclays Capital US

Convertible index return falls
below 5% or exceeds 10% per
year and/or beta falls below 60%

Own a defensive
investment grade
credit portfolio

6 Jan 2012

2 years

For low composure investors

looking for medium-term
income without much added risk

LIBOR plus 25bps per annum as

a compensation for risk

Exit if a significant recession

looms, or if spreads narrow to
extreme levels. Stop loss at 5%.

Buy a basket of
oversold
European
Financials

08 Jun 2012

2 years

High risk, high composure

investors can benefit from the
sell off in European financials

LIBOR plus 500bps per annum as

a compensation for risk

Exit if stability of banks is

threatened by European crisis.
Stop loss at 7%, take profits if
annual return exceeds 15%

Buy basket of
selected EM Asian
currencies

4 Jan 2010

Multi-year

Ongoing renminbi appreciation

and positive growth differentials
should support EM Asia
currencies as risk appetite
stabilises

LIBOR plus 150bps as a

compensation for risk

Exit if China faces hard landing

and/or further sharp decline in
risk appetite looms. Stop loss
10%

Buy euro against

Swiss franc: an
asymmetric risk

3 Feb 2012

6-12 months

For risk aware investors: we

believe that the SNB will succeed
in maintaining the euros 1.200
floor vs the franc

LIBOR plus 135bps as a

compensation for risk

We strongly advise a stop loss at

EUR/CHF 1.199, and would take
profits at 1.240-1.250

16 Mar 2012

Multi-year

Ongoing tightness in the supplydemand market balance and

geopolitical risks will likely
underpin prices in the long term

LIBOR plus 4.5% per annum as a

compensation for risk

Exit if the global economy reenters a recession, or if the

futures price reaches $135. Stop
loss at 20%

Foreign exchange

Commodities
Gain exposure to
long-dated Brent
crude futures

Overall performance to be reported quarterly in a separate note. Unless otherwise stated, Ideas are intended for investors with a moderate risk appetite

Jim Davies +44 (0) 203 555 8397

Jim.davies@barclays.com

Ryan Gregory +44 (0) 203 555 8403

ryan.j.gregory@barclays.com

William Hobbs +44 (0) 203 555 8415

william.hobbs@barclays.com

Equities

Q2 earnings season starts on 9th July

Expectations have understandably fallen

We think markets are more than pricing this in

Q2 Earnings Season
Q2 reporting season is nearly upon us, with Alcoa (usually the first
company to report) set to unofficially kick off proceedings on 9th
July. The quoted corporate sector has exceeded analysts earnings
expectations for 13 consecutive quarters and analysts will be keen
to see whether this run can continue in what are difficult
conditions.
The effects of weaker-than-expected global growth, as well as the
uncertainty caused by the sovereign debt crisis, are likely to
impact on many companies results. Expectations for this quarter
have fallen consistently this year (Figure 1). A number of
companies have reduced guidance recently and 13 consecutive
quarters of earnings beats might suggest that corporate
management are simply improving their control over analysts
forecasts.

European companies have suffered the most

Earnings forecasts have been lowered on both sides of the
Atlantic over the current quarter, and it is unsurprising to see that
Europe ex UK has seen the largest revisions. Year-on-year Euro
STOXX earnings growth forecasts for the second quarter have
declined sharply from 7.0% to -2.3% over the past three months.
This compares to a downward revision to S&P 500 earnings
growth from 9.2% to 6.2% over the same period. US companies
have fared better but below trend economic growth is still likely to
have dented corporate profits.

Focus on the bigger picture

The reporting season gains a lot of attention and gives investors a
good insight into corporate profitability, but quarterly profits tend
to be volatile. We believe investors should instead focus on the
medium term picture. Full year 2012 estimates have also fallen
since the beginning of the second quarter, but not nearly as
sharply (Figure 2). In the US, S&P 500 earnings are now expected
to grow by 7.9% this year, only a slight slip from the 8.4%
Figure 1 Q2 earnings estimates have consistently fallen
Q2 2012 EPS (USD)
26.6

Q2 2012 EPS (EUR)

7.3

expected at the end of March. The US economy is in relatively

good health when compared to the rest of the developed world,
and this should translate into superior earnings growth, one of the
main reasons why the US is our most preferred equity market.
The Euro STOXX has seen a larger fall, from 9.7% to 3.3%.
However, given the current state of the euro area, we would be
encouraged should such growth be realised. We also remain
positive on Continental European equities as we do not expect the
region to plunge into the severe recession that some
commentators are predicting and European companies exposure
to global growth should help offset any domestic weakness.

Developed stocks still appear good value

Despite the earnings downgrades we remain constructive on
equity markets over the next 12-18 months. Modest economic
and revenue growth continues to be translated into stronger
corporate earnings growth. Management efficiency has played its
part, but weak labour markets have also helped to preserve
margins. We believe these factors are unlikely to be quickly
reversed, and corporate profitability should help drive markets
higher in our view. Meanwhile, balance sheets look pretty healthy.
Developed equity market valuations appear to suggest that these
earnings revisions are more than priced into the market already.
The S&P 500 currently trades on an estimated 2012 P/E of under
13x, while the Euro STOXX index is below 10x, comfortably below
their five year historical averages. If earnings were to disappoint,
equity markets would likely still be attractively valued in our view.
We see this as an attractive long-term entry point.
Our four Regional Portfolios (Global, US, Europe ex UK, and UK)
provide investors with a way to gain exposure to these
inexpensive markets, primarily focussing on higher quality, largercap companies.

Figure 2 2012 earnings revisions are not as dramatic

2012 EPS (USD)
107.0

2012 EPS (EUR)

29

7.1

26.4

106.5

28

106.0

27

105.5

26

105.0

25

104.5

24

6.9

26.2

6.7

26.0

6.5
25.8
6.3
25.6

6.1

25.4

5.9

25.2
25.0
Dec-11
Jan-12
S&P 500 (lhs)

Source: FactSet, Barclays

5.7

Feb-12
Mar-12
Euro Stoxx (rhs)

Apr-12

May-12

5.5
Jun-12

104.0
Dec-11

Jan-12

S&P 500 (lhs)

Feb-12

Mar-12

Apr-12

May-12

23
Jun-12

Euro Stoxx (rhs)

Source: FactSet, Barclays

Market valuation data as at 28th June 2012

MSCI indices

P/E ratio (x)

2012

2013

2012

2013

87.5
47.8
14.1
8.3
7.9
9.3
12.5

9.4
8.7
7.0
3.3
45.4
12.1
9.5

13.6
12.7
13.4
9.9
27.0
14.4
12.5

11.9
12.8
10.3
9.9
13.1
10.9
9.9

10.5
11.3
9.1
9.1
10.3
9.5
8.8

Developed markets
US
Europe ex UK
UK
Japan
Asia ex Japan
Emerging markets
1 LTM

EPS growth (%)

Global Market
Capitalisation
(%)

LTM

10 Year Ave.
LTM1

12.5
18.0
13.3
18.6
10.7
16.3
10.1
13.2
16.1
0.5
11.5
15.4
10.4
14.1
Source: FactSet, Barclays Strategy

= Last Twelve Months, i.e. trailing

Equity Insights
We have compiled lists of stocks that we believe will give clients the means to take advantage of certain identified trends in the market
place. Please speak to your relationship manager for more details.

Asian Fusion
We continue to like emerging market economies, in particular in Asia, where our bullish economic growth story still prevails. Developed
market equities with a proportion of revenues pointing to emerging economies are one means of accessing this theme.

Energy Stocks
We continue to carry a positive recommendation on the energy sector globally, seeing valuations as attractive and oil prices as well
underpinned by tight supply, even in the absence of elevated tensions in the Persian Gulf, and recovering demand. We have compiled a list
of stocks enabling clients to gain exposure to the sector through our preferred names.

M&A
Gaining exposure to rising M&A activity has been an investment theme we have had in place since the start of the 2010. The basis for it
remains unchanged. Put simply, funding is cheap and equity valuations, particularly those of developed market equities, look appealing.
For clients willing to get exposure to this theme, we have assembled a list of stocks which we believe offer some potential for M&A /
restructuring activity, and where this potential is not already priced in.

Pricing Power
Consensus forecasts for inflation suggest mild and manageable rises in US CPI for the next couple of years, and a gradual pull back in UK
CPI this year. Whilst it is not our central view, there are fears that these forecasts underestimate the effects of ongoing easy monetary
policy. In terms of hedging this risk, unfortunately there is no magic bullet no single investment that serves as a perfect hedge in all
periods of inflation. However, one option is equities
Weekly vs. year to date equity market returns
YTD % return
-8
-6

-4

-2

Global sector tilts

2

Consumer Discretionary
20

Utilities
MSCI dev. mrkts

15

Consumer Staples

10
S&P 500

Telecoms

DJ Eurostoxx 50

Energy

Nikkei 225

Materials

Financials

FTSE100

Information Technology

Health Care

MSCI EM

Industrials
-2.0
-1.5
Weekly % return

-1.0

-0.5

0.0

0.5
Weekly

1.0
1.5
Year to date

Source: DataStream, Barclays

MSCI AC World

Barclays Wealth Equity Strategy

Source: FactSet, Barclays

Amie Stow +44 (0) 20 3134 2692

Fadi Zaher, PhD +44 (0) 20 3134 8949

amie.stow@barclays.com

fadi.zaher@barclays.com

Fixed income

The EU summit seems to be on the right track

We have revised our UK inflation forecast lower

and suggest refuelling with a global inflation linked basket

EU Summit: Positive engagement

Refuelling: Switch from UK ILG to a global basket

Despite the German defeat to Italy in Euro 2012, the latest EU

summit brought positive engagement by Chancellor Merkel to
the outstanding items on the euro area agenda. The summit has,
as noted above, delivered incremental progress. The road may
seem unclear but the destination is known: greater political,
banking and fiscal union.

The UK treasury has been busy backtracking on a variety of

measures it originally outlined it its May budget including the so
called pasty and caravan taxes. This week the scheduled
increase in fuel duty did not suffer the same fate and get
scrapped completely but it was postponed until January 2013.
This would have had a slight negative impact on inflation leaving
us to revise our UK inflation forecast lower.

The summit proposes a single bank supervisor by the end of

2012; the empowering of the European Stability Mechanism
(ESM) to recapitalize banks directly rather than through
governments; a growth pact; and perhaps most important in the
short term, that bailout loans to Spain would not be granted
seniority.
Going forward, the ESM is likely to pick up the bill to support
banks instead of governments being intermediaries that facilitate
loans for national banks. In our view, the separation of the
financial institutions balance sheets from those of the sovereign
is likely to bring more comfort to the market with the banking
system less likely to be a drag on government borrowing costs.
The outstanding question is whether the ESM firepower of the
500bn is likely to be enough for sovereign and banks support.
The growth pact, comprising funding to support growth in the
European Union, is expected to include infrastructure financing
and support of small and medium-sized businesses to address
long-term issues of the euro area. Actions with instant impact are
most needed for Spain and Italy in the short term.
The summit does not look likely to be a game changer, though it
is not yet over and could deliver surprises later. Meanwhile, it has
so far had a positive impact on sentiment Spanish and Italian
10-year bond yields fell by 20-30bps following the
announcement.
Figure 1 10-year peripheral bond yields over German bunds

We now expect CPI to fall to the 2% target rate in October 2012

and for this to remain stable through to the second half of 2013.
Our RPI profile is also lower; we expect it to fall from its current
3.1% to 2.7% by year end. At next weeks Bank of England
meeting we expect more quantitative easing which we have
factored into the new profile. The lower inflation outlook leaves
the door open for more easing further down the line, either in the
form of asset purchases or, possibly a rate cut.
In the short term additional quantitative easing is likely to support
valuations or even push corporate and government yields slightly
lower. Further soft UK data and the continuing euro area debt
crisis will also be a factor, anchoring yields near historic lows.
However over the medium term we expect a moderate move
higher in yields. This alongside a lackluster inflation outlook leads
us to reaffirm our call to reduce holdings in UK index linked gilts
and switch to a global inflation linked basket of bonds.
Uncertainties stemming from the risk the RPI measurement could
be adjusted downwards due to it coming in persistently above
RPI also support this call. Year to date this strategy has performed
well, and we believe the case for EM inflation over developed
inflation remains strong. We advocate a global basket of inflation
linked bonds as it exposes investors to different inflation and
business cycles. Furthermore, it provides an option to hedge
against geopolitical risks.
Figure 2 There is a large disparity in inflation forecasts

3500

CPI, %
7

3000

2500

2000

1500

1000

500
0
03/01/2012

03/03/201

Italy 10Y vs Germany 10Y

Portugal 10Y vs Germany 10Y

03/05/201
Spain 10Y vs Germany 10Y
Greece 10Y vs Germany 10

Source: Bloomberg, Barclays

0
UK

2010
2011
Developed Emerging

2012

2013

Source: Bloomberg, Barclays

Fixed income market data and views

Figure 3 Yield curves in UK, US and Germany

Figure 4 Credit spreads*/indicators

Yield, %
3.0
2.5
2.0
1.5
1.0
0.5
0.0
1

3
US

7 9 11 13 15 17 19 21 23 25 27 29
Germany
UK

Data as of close 28/06/2012

* Rising credit spreads tend to indicate a fall in prices

Source: Bloomberg, Barclays

Source: Barclays

**Markit provides a family of credit default swap (CDS) indices. iTraxx main 125 European IG issuers; iTraxx Snr financials 25 European senior financials;
CDX IG 125 North American IG issuers; iTraxx XO 50 European HY issuers; CDX HY 100 North American HY issuers

Fixed Income Insights

Switch from peripheral governments into covered bonds
For investors holding Spanish and Italian government debt, we recommend switching to covered bonds which have recourse to a pool of
collateral. While the yield is lower, it provides investors an additional safety net against volatility in the euro area.

Switch from UK index-linked gilts into a global inflation-linked basket

UK index-linked gilts had an impressive 2011. Valuations now look expensive and we expect RPI inflation to stabilise at these levels and
moderate in the fourth quarter this year. We recommend investors reduce their holdings in UK index-linked gilts and switch to a global
inflation-linked basket where holders are likely to benefit from different business cycles, central bank policies and geopolitical risks.

CoCos
For high composure and high risk profile investors, contingent convertibles (CoCos) provide attractive risk-adjusted yields. Recent
market volatility has caused these to sell-off but we believe prices will rebound. Lloyds remains our favoured issuer in this space.

Figure 5 Typical bank capital structure

Low risk

Cash overweight: Reduces risk in the portfolio and leaves funds

available for opportunities ahead.

Lower tier 2
Convertibles, dated suboridnated debt
Upper tier 2
CoCos, perpetuals (coupons are deferrable
and cumulative)

Loss absorbance

Senior Unsecured Debt

Priority of payment in liquidation

High risk

Figure 6 Fixed income asset classes in focus (TAA views as of

28th May are expressed for a medium risk profile)

Tier 1 (Core)
Ordinary shares, retained earnings, reserves
(coupons are deferrable and noncumulative)
Source: Barclays

Government bonds neutral: Valuations look expensive but they

provide an additional layer insurance against rising uncertainty.
Investment grade credit underweight: Year to date spreads have
tightened but there are still pockets of value. For high risk profile
investors we like selected European financials. For investors with
lower composure, we advocate a defensive portfolio of bonds
that are more immune to market volatility.
High yield & emerging market bonds overweight: Returns in
high yield are more likely to be from income rather than capital
gain. For emerging markets we prefer local currency debt.

Source: Barclays

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licensed by the Guernsey Financial Services Commission under the Banking Supervision (Bailiwick of Guernsey) Law 1994, as amended, and the Protection of Investors
(Bailiwick of Guernsey) Law 1987, as amended, Barclays Bank PLC, Guernsey Branch has its principal place of business at Le Marchant House, St Peter Port, Guernsey, GY1 3BE.
Ireland Barclays Bank Ireland PLC is regulated by the Central Bank of Ireland. Registered in Ireland. Registered Office: Two Park Place, Hatch Street, Dublin 2. Registered
Number: 396330. In the provision of certain corporate, investment banking and wealth products and services, Barclays Bank Ireland PLC acts as agent for Barclays Bank PLC.
Barclays Bank PLC. Registered in England. Registered Number: 1026167. Registered Office: 1 Churchill Place, London, E14 5HP. Barclays Bank PLC is authorised and regulated
by the Financial Services Authority. Calls will be recorded for quality and security purposes. Isle of Man Barclays Bank PLC is registered in England and is authorised and
regulated by the Financial Services Authority. Registered Number: 1026167. Registered Office: 1 Churchill Place, London E14 5HP. Barclays Bank PLC, Isle of Man Branch is
licensed by the Isle of Man Financial Supervision Commission. Barclays Bank Plc, Isle of Man Branch has its principal business address in the Isle of Man at Barclays House,
Victoria Street, Douglas, Isle of Man. Italy Barclays, attraverso Barclays Bank PLC e le sue controllate, offre ai propri clienti servizi e prodotti di wealth management e di
gestione degli investimenti. Barclays Bank PLC iscritta nel Regno Unito ed soggetta allautorizzazione ed alla regolamentazione della Financial Services Authority. Il rispettivo
numero di registrazione 1026167 e la sua sede legale in Churchill Place, Londra E14 5HP. Barclays Bank PLC Via della Moscova 18 20121 Milano iscritta allalbo delle
banche n. 4862, Registro Imprese Milano n. 80123490155 R.E.A. Milano n. 1040254 Cod. Fiscale 80123490155 Partita IVA 04826660153 Le informazioni presenti in questo
documento non costituiscono una raccomandazione, una sollecitazione o un invito allacquisto o alla vendita di alcuno strumento finanziario n costituiscono una consulenza
strumentale allinvestimento in strumenti finanziari. I rendimenti conseguiti in passato non sono garanzia di rendimenti futuri. Monaco Barclays Bank PLC is registered in
England and authorised and regulated by the Financial Services Authority. Registered No. 1026167. Registered Office: 1 Churchill Place, London E14 5HP. Barclays Bank PLC,
Succursale en Principaut de Monaco - 31, avenue de la Costa, MC 98000 Monaco - is a branch of Barclays Bank PLC, and registered with the Monaco Chamber of Commerce
and Industry under no 68 S01191. Registered VAT No FR 40 00002674 9. Nigeria Barclays Bank PLC is registered in England and authorised and regulated by the Financial
Services Authority. Registered No.1026167. Registered Office: 1 Churchill Place, London E14 5HP. Barclays Group Representative Office (Nigeria) Ltd. Registered Company No:
RC41757 and its mailing address is Barclays Group Representative Office (Nigeria) Ltd, Courier Department, 3rd Floor, 1 Churchill Place, London, E14 5HP. Portugal Barclays
Bank PLC is registered in England and authorised and regulated by the Financial Services Authority. Registered No. 1026167. Registered Office: 1 Churchill Place, London E14
5HP. Barclays Bank PLC activity in Portugal is supervised by Banco de Portugal (BoP) and Comisso de Mercado de Valores Mobilirios (CMVM). Qatar Barclays Bank PLC is
registered in England and is authorised and regulated by the Financial Services Authority. Registered No. 1026167. Registered Office: 1 Churchill Place, London E14 5HP.
Barclays Bank PLC in the Qatar Financial Centre (Registered No. 00018) is authorised by the Qatar Financial Centre Regulatory Authority. Barclays Bank PLC QFC Branch may
only undertake the regulated activities that fall within the scope of its existing QFCRA authorisation. Principal place of business in Qatar: Qatar Financial Centre, Office 1002,
10th Floor, QFC Tower, Diplomatic Area, West Bay, PO Box 15891, Doha, Qatar. This information has been distributed by Barclays Bank PLC. Related financial products or
services are only available to Business Customers as defined by the QFCRA. South Africa Barclays offers wealth and investment management products to its clients through
Barclays Bank PLC and its subsidiaries. Absa Bank Limited t/a ABSA Private Bank. Registration number: 1986/004794/06. Authorised financial services Licence No 523 and
registered credit provider NCRCP7. Spain Barclays Bank, S.A.U. es un banco espaol regulado por el Banco de Espaa e inscrito en el registro de bancos y banqueros del
Banco de Espaa con el n 0065. Domicilio social: Plaza de Coln, 1 28046 Madrid. Inscrito en el R.M. Madrid, T. 3755, F.1, Hoja M62564, I. 1381. NIF: A47001946. Barclays
Bank, S.A.U. es una filial de Barclays Bank PLC, autorizado y regulado por la Autoridad de los Servicios Financieros, e inscrito en Inglaterra con el no: 1026167. Domicilio social 1
Churchill Place, London, E14 5HP. Switzerland Barclays Bank (Suisse) SA - Switzerland. Barclays Bank (Suisse) SA is a Swiss Bank regulated and supervised by FINMA.
Registered in Switzerland. Registered No. 1381/1986. Registered Office: Chemin de Grange-Canal 18-20, P.O. Box 3941, 1211 Geneva 3, Switzerland. Registered VAT No. 288
787. Barclays Bank (Suisse) SA is a subsidiary of Barclays Bank PLC registered in England and authorised and regulated by the Financial Services Authority. Registered number
is 1026167 and its registered office is 1 Churchill Place, London E14 5HP. United Arab Emirates Barclays Bank PLC is registered in England and authorised and regulated by
the Financial Services Authority. Registered No. 1026167. Registered Office: 1 Churchill Place, London E14 5HP. Barclays Bank PLC in the UAE is regulated by the Central Bank
of the U.A.E. and is licensed to conduct business activities as a branch of a foreign bank in the UAE ( Dubai Licence No.: 13/1844/2008, Registered Office: Building No. 6, Burj
Dubai Business Hub, Sheikh Zayed Rd, Dubai City) and Abu Dhabi (Licence No.: 13/952/2008, Registered Office: Al Jazira Towers, Hamdan Street, PO Box 2734, Abu Dhabi).
United Arab Emirates (Dubai International Financial Centre) Barclays Bank PLC is registered in England and authorised and regulated by the Financial Services Authority.
Registered No. 1026167. Registered Office: 1 Churchill Place, London E14 5HP. Barclays Bank PLC in the Dubai International Financial Centre (Registered No. 0060) is regulated
by the Dubai Financial Services Authority. Barclays Bank PLC DIFC Branch may only undertake the financial services activities that fall within the scope of its existing DFSA
licence. Principal place of business: Wealth and investment management, Dubai International Financial Centre, The Gate Village Building No. 10, Level 6, PO Box 506674, Dubai,
UAE. This information has been distributed by Barclays Bank PLC DIFC Branch. Related financial products or services are only available to Professional Clients as defined by the
DFSA. Barclays Bank PLC is registered in England and authorised and regulated by the Financial Services Authority. Registered No. 1026167. Registered Office: 1 Churchill Place,
London E14 5HP.