Slide 1: Investor Presentation, 8th August 2007
Filed by Barclays PLC Pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14d-2 under the Securities Exchange Act of 1934 Subject Companies: Barclays PLC (Commission File No. 1-09246) Barclays Bank PLC (Commission File No. 1-10257) ABN AMRO Holding N.V. (Commissio
Slide 2: Investment case: Barclays and ABN AMRO
Investment BARCLAYS Barclays 1 Valuation AMRO 3 4 5 6 7 8 9 10 11 12 13 2 ABN Track World Positioned Fast Scale Substantial Strong Barclays Technical Trading Upside Underpinned growing AMRO in record class franchises and UK potential management at attractions to share ABN new an investment and of in
Slide 3: Delivering on promises: economic profit and TSR
1 Economic BARCLAYS Delivering •Delivery Share 4 10 0 7% TSR 6 46 56% (d)(e) 4% 10% 15% Source: Note: (b) 3 Higher Profit Rising UK Barclays Track 7% 01% 8% year % FY %outperformance Retail Stated price 1(d) 2003 diversification record Datastream, Non year growth on 1Wealth Capital on outperformance
Slide 4: Economic profit, earnings and dividend growth record
1 Track BARCLAYS Barclays 54.4 41.4 2004 Economic 4 51.0 31.0 – 06 2005 record earnings track 36.3 EPS DPS profit 2006record 24.0 of CAGR: CAGR: H1 (£m) delivery and 26.6 2005 of 1,568 dividend 19% 14% strong 29.1 H1 on1,752 71.9 growth 2006 9.2 earnings growth 10.5 2004 2,704 H1and 11.5 2007 –and 1
Slide 5: Globalisation and universal banking trend
2 ource: BARCLAYS Globalisation •A Universal Non 370 320 220 1997 70 Indexed: S 5 Trend Financial Retail Developing Barclays Following Capturing Leveraging Positioned handful 270 170 Universal 1998 of and Datastream 120 1997 banks Banks of globalisation believes 1999 institutions new commercial exis
Slide 6: Positioned to take advantage of universal banking
2 Positioned BARCLAYS Barclays Over International £7.1bn 50% £3.8bn 4% 6% 51% Average 2000-03 Basis (1) Business 16% 2% 30% 32% the of£4.1bn 10% 6% preparation 2006 UK 9% last universal 39% not to 20% banking growth 6H1 £3.5bn years take directly 17% 2007 50% banking advantage 2003: Business Barclay
Slide 7: Investment banking and investment management opportunity
3 World BARCLAYS Provides Estimated 7-10% Asset 280 AuM, 870 Wealth 340 Investment 7 ~6% %expected ~1% class significant Global 250 Asset Banking banking, Management, investment Management, annual Wealth Revenue opportunity and 34 Barclays 66 Investment Total banking 14 ~3% Estimated 24 86 Revenue r
Slide 8: Investment banking and management growth
3 World BARCLAYS Barclays 25% 15% BarCap 1% Investment 23% 39% 11% 7% -4% Street (1) Note: 6% 5% -8% 10% 19% 21% Bernstein 6% GS class growth Barclays Investment 9% Banking Management 5% LBinvestment 4% SG has BlackrockState DB 4% PBT been management MLPBT banking CAGR industry CSCAGR BNP (2000-2006
Slide 9: Barclays Capital performance and rankings
3 World BARCLAYS Barclays Leading (£m) 3,412 4,143 4,394 33% 1,431 2002 Performance Global Rankings: US Awards Best Sterling Past the July 9 Year IG 5Debt 2007 CAGR 2003 3,367 1,660 years 13 all for Bond class investment House Capital 10 July bonds House 2004 Excellence 2,582 1,142 House (02-06) 10
Slide 10: Barclays Global Investors
BARCLAYS Barclays A H1 1,3 8 6 3 19 2002 #1 Largest 29% Index 37% Active PBT World 9global 372 1Growth League 631810 714 and by 18% 943 364 2003 iShares 59% Global European 7product class leader AuM Global 54 845 388 iShares Table 2004 Active (06 7 investment 54 well institutional in –(£388m) Invest
Slide 11: Barclays Wealth
3 World BARCLAYS Barclays Building H1 1,158 577 164 245 2004 90 Private UK’s Wealth 2005, Growth 633 129 2005 LargestUK’s 1,032 2006 Asset ManagerWealth class 173 Wealth a platform 2006 Stockbroker (06 943 Managers investment –H1 07) Largest for 06(£m) H1 growth Manager 11 banking CAGR 07 & 2007 Wea
Slide 12: Absa, GRCB and international growth
4 Africa BARCLAYS 8,000 12,000 11,417 Rand 4,000 IRCB 200 195 250 International 1,838 2004 830 South Absa PBT GRCB •Established Strongly Barclaycard 12 8.7m 87,000 812 RoI Spain France Italy Portugal Middle India Fast 19% +17% 2005 PBT is branches 17% m7,035 6,429 1,613 Africa ex growing retail –Wes
Slide 13: UK Banking earnings and further upside
5 Further BARCLAYS Earnings •market 3,000 £m 1,000 0 PBT Barclays 30% 40% UK 65% 70% 60% 61% 56% 50% 13High Strong 26% 15% Scope Scale 40% 50% Banking Retail (£m) 26% 65% 58% 55% 13 2,546 45% business current 2005 RoE share) in for FY04 market UK upside growth 30% UK Cost:income Banking 48% earnings
Slide 14: Substantial investment by CDB and Temasek
6 asek BARCLAYS Temasek Substantial Firm Conditional CDB/Temasek Clawed Total Largest 10 £bn 3.0 4.9 7.9 1.5 0 CDB/Tem Source: 14Substantial 9.0 2.2 0.9 5CDB @ new 2.0 0.5 minority News back £7.20 and Temasek equity -Barclays 0.5 new @by new CDB’s reports. 1.5 investment £7.40 investments Barclays i
Slide 15: CDB strategic partnership
6 CDB BARCLAYS Barclays This “This spread and Lord CDB •Strategic * 15China CDB’s Represents Exclusive Barclays Substantial Lord CDB ground George, agreement across is commitment to George Development mandate has partnership controlled nominate will will cooperation breaking the created new all form
Slide 16: Identified opportunities with CDB
6 Trade BARCLAYS Identified Barclays 1 opportunities 2 Joint Africa •product 16 This BGI Strategic CDB China Barclays Asset Substantial Commodities business is4has will flows management is consumption the opportunities has four the one has is now partnership offer aworld’s prime also the identified
Slide 17: Temasek investment
6 Temasek BARCLAYS •Temasek’s Temasek 18% 27% 33y Source: 17 US$41bn Investments Commitment Substantial since 18%Temasek News isinception investment has strong of a commercial new include financial reports. atospecialisation Barclays investment investors 3track years Standard Estimated institution i
Slide 18: Combination enhances retail and commercial banking
7.5 BARCLAYS •Combination share 2.5 market Global 0 % Uni- BNP Barclays 18Able Creation Enhances Delivers Brings ABNSant- RBS 2to 1Retail AMRO 1.5 strong ABN deploy complementary of JPM Sumi- growth awith and AMRO top transaction presence BofA economies Wells Commercial ABN 4inplayer global HSBC Bar
Slide 19: ABN AMRO Retail and Commercial Banking
7 Top BARCLAYS Global UK •Position Branches SME 19 ABNNetherlands Customers 3 Retail AMRO • •3rd 1,810 A leading largest and transaction 643 Italy 0.8m Commercial UK retail 1,045 Iberia 0.4m • Top Northern 623 fully 0.2m player Retail Banking: consistent 0.1m Region in Customers • Creating 8th with
Slide 20: Developing markets positions
7 8.7m BARCLAYS Global Developing 23% 17% Nominal 2006 South CAGR Asia Key •Attributes (1) (3) 20China: India: Indonesia: Largest 28 ABN Based Figures branches Income 22%(3) 5% Group PBT Africa customers Retail AMRO 10.3% 12.4% •bank on Assets: India Split based Markets 12.3% profit 29%(3) 8% 2006 a
Slide 21: Ability to exploit ABN AMRO opportunities
7 Ability BARCLAYS Global Mass Credit Trade •-Mid-market 21 ABN EU Merge Offer Expand Enlarged Improved Barclays Significant Deliver Exploit Cross-sell ABNand Affluent Finance Cards AMRO Retail leading AMRO Premier to the Asia; complete distribution is offers customer capture cost wealth opportunity
Slide 22: Crystallises investment banking strength
7 Crystallises BARCLAYS Investment •Combination 2006 19.2 24.9 UBS 9.2 6.1 Barclays 22 Creation Considerably Extensively Leverages Benefits ABN17.2 JPM pro AMRO ABN forma 16.5 from ML ofBanking: ABN awith significant broadens Total AMRO 15.1 top enhances transaction ABN Investment AMRO’s ABN 515.3 (
Slide 23: Attractive investment banking capabilities
7 Attractive BARCLAYS Investment Extended Barclays Asset 03-06 Credit •FX Private (1) 23Solid Leading Strong Leverage Combined ABN Barclays 24%Class CAGR(1) 19% ECM AMRO Equity structured energy sales •Capital product Metals Extensive Barclays Banking: Asian •ABN business Investor capabilities Speci
Slide 24: Broader investment banking geography
7 Banking BARCLAYS Investment Broader Barclays Geography 03-06 Continental Europe 20%+ •Asia Vietnam, (1) Number Significant Extensive Established Strong ABN Barclays Pacific CAGR(1) AMRO Nordic geographical corporate/mid-market Capital Australia, one licenses Income Banking: corporate/mid-market •3
Slide 25: ABN AMRO asset management and PBT
7 ABN BARCLAYS Investment Significant Barclays 1,933 157 280 32% ABN PBT 712 828 529 594 108 100 2002 12% Combined •– Broad Well 25An Considerable ABN Target 496 151 ‘02 extensive (€m) diversified 2003 AMRO ‘02 range AMRO AMRO –ABN 29% Global –Revenue ‘06 business 2004 opportunity Management ‘06 ofA
Slide 26: Wealth management combination
7 Very BARCLAYS Investment The Funds 200 Merrill UBS Credit Wachovia MS Combined Deutsche HSBC Goldman ABN Leading Barclays •– Source: 26No. Complementary Combined Focus Leading ABN Access Creating JP 400 combined Citi AMRO 8under clear SM AMRO globally Lon Bear 600 European ABN 183 to compelling Sa
Slide 27: ABN AMRO cost:income and EPS
8 ABN •BARCLAYS 3.0 2.5 € 1.0 Cost:income 80% 81% 90% 73% 61% 70% 2004 50% 60% 58% ABN 27 Source: world-class Extensive Strong 1.5 2.43 2.0 0.5 75% 72% 61% 1.17 2005 AMRO AMRO 0.0 ABN 2.50 franchises 59% 2006 distribution ratio cash 2.33 AMRO franchises has EPS Barclays distribution has 2007 exhibit
Slide 28: The transaction: synergies
8 Transaction BARCLAYS The Transaction Estimated 150 850 1,800 2,800 GRCB As (1) •Note: 28 Total Conservative GRCB No Synergies Strong % Profit 200 150 transaction incremental All of 1,650 Cost Revenue Investment 3,500 Cost synergies franchises before synergies Total benchmark will synergies synergi
Slide 29: The transaction: value creation
8 arclays BARCLAYS The Transaction 160,000 3,356(15,000) 100,000 57,593 120,000 41% 80,000 creation 40,000 20,000 B 0 59% (a) (b) capitalisation (e) would 29Strong 750p) Barclays Includes ABN transaction €6.7bn transfer 138,866 72,848 BARC for 26,250 Estimated AMRO franchises value (a)60,000 will cl
Slide 30: Barclays-ABN AMRO management team
9 Barclays BARCLAYS Barclays Barclays-ABN John President Piero CEO Paul Group Execution: Organic Inorganic 30 Idzik Varley Continental Overmars Chief growth: management Frits delivery: management Established Chief Operating Seegers AMRO Barclays Europe Executive Absa team will Executive CEO Barclays
Slide 31: Further upside from CDB partnership
10ABN BARCLAYS Further •ABN Strong 4 969 1,500 US 2003 Imports Source: 31The One year Upside 500 1,000 2004 AMRO’s AMRO enlarged of CAGR: AMRO Chinese upside 0WTO Exports CDB’s 762 potential 2005 Cash 791 21-31% from group’s has cash trade mandates 2006 one bn Management from CDB management growth 5
Slide 32: Strong technical demand for Barclays shares
11The BARCLAYS •Strong FTSE Royal Barclays/ABN Vodafone HSBC BP Anglo Astrazeneca Barclays RBS GlaxoSmithKline 0 Source: 32Expected Significant Over Barclays 20 Technical 40 enlarged 100 Dutch American 50 index 60 Datastream, million index stock announced 80 todemand share Shell demand be 100 Barcla
Slide 33: Trading at attractive valuation
12 Trading BARCLAYS Barclays 11.0x Target 811p 10.5x 10.0x 9.5x Price/earnings 9.0x 600 8.0x 450 8.5x 8.7x 500 2yr Source: Current Sanford Restricted ML Average 33 forw Feb pence 550 400 850 800p 700 prices Datastream, price Bernstein 07 800p 811p Aug-03 ard isratio targets at trading 930 750 P/E: 8
Slide 34: Trading at discount to peers
12 Trading BARCLAYS 5.1% 9.0x EP 8.4x Barclays Note: S 4.5% C15.3% Selected APeer currently GR 13.3% at an ‘05 median peers attractive - trades ‘07 include 2007E atvaluation aBBVA, material D ividend BNP discount yield Paribas, 2008E to its Citigroup, peers P / E despite HBOS, higher HSBC, growth JP
Slide 35: Underpinned by dividend yield
13 Underpinned BARCLAYS Barclays 3.0% 4.0% 700 750 3.5% 800 500 550 5.5% 450 1yr 35 Source: forward 5.0% 850 yield, 400 Datastream, share has Aug-03 % dividend over 650 price byFeb-04 2x Dividend dividend is 3dividend yield August supported Sep-04 Barclays pence yield 2007 cover by Mar-05 600 its sh
Slide 36: 2007 Interim results Appendix
2007 Interim results Appendix BARCLAYS 36
Slide 37: Growing profit
Growing BARCLAYS Profit +109% Indexed: +63% Dividend H1 37 2003before H1 returns 2004 2003 tax +94% H1 = 100 2005 EpS H1 2006 H1 2007
Slide 38: Another strong half
Another BARCLAYS Half £m Income Earnings 38 £m% year10,969 strong per change ended share 11,902 first - June 36.3p half+9% 2006 41.4p Operating 2007 +14% Dividend expenses(6,269)(6,847) per share 10.5p+9% 11.5pImpairment +10% Return charges(1,057)(959) on equity 26% 26%-9%Economic Profit before prof
Slide 39: Divisional profit before tax
Divisional BARCLAYS Profit £m -UK 39 UK£m Banking Retail Business before performance Banking tax 1,253 Banking - half 1,363 600 year 653 651 +9%ended 712 +9%+9% JuneBarclaycard 2006 2007% 326 change 272 -17% IRCB 512 452 - -12% Barclays Capital 1,246 1,660 +33% Barclays Global Investors 364 388 +7%
Slide 40: Disclaimer
DISCLAIMER SEC Filings and this Filing: Important Information This document shall not constitute an offer to sell or buy or the solicitation of an offer to buy or sell any securities, nor shall there be any sale or purchase of securities in any jurisdiction in which such offer, solicitation or sale