For Institutional and Professional Investors
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For Institutional and Professional Investors
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For Institutional and Professional Investors
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For Institutional and Professional Investors
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For Institutional and Professional Investors
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For Institutional and Professional Investors
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For Institutional and Professional Investors
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For Institutional and Professional Investors
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For Institutional and Professional Investors
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For Institutional and Professional Investors
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For Institutional and Professional Investors
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For Institutional and Professional Investors
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For Institutional and Professional Investors
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For Institutional and Professional Investors
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Barclays capital wm170310

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  1. 1. For Institutional and Professional Investors Only For Information Only RADAR – Research Analysis Driven Absolute Return Strategy Not For Further Distribution or Distribution to Retail Investors Global research in action Barclays Capital Fund Solutions February 2010 1
  2. 2. For Institutional and Professional Investors Only For Information Only Barclays Capital Fund Solutions - About us Not For Further Distribution or Distribution to Retail Investors Barclays Capital Fund Solutions is the asset management business of Barclays Capital, the investment banking division of Barclays Bank PLC Mission Providing investors with truly value-added investment solutions value- by combining asset management expertise with unique investment banking insights UK Vision Focused solely on delivering UCITS III absolute return and enhanced beta products across all asset classes leveraging Barclays Capital research, structuring and trading expertise" 2
  3. 3. For Institutional and Professional Investors Only For Information Only Barclays Capital Fund Solutions - Facts and Figures Not For Further Distribution or Distribution to Retail Investors Assets Under Management AUM by asset class 4,500 14% 4,122 4,000 3,931 3,500 3,500 3,000 GBP (millions) 2,505 23% 2,500 56% 2,000 1,500 2% 1,000 814 5% 500 0 Equit ies Commodities Fixed Income Ot her Mult i Asset 2006 2007 2008 2009 2010 Resources Geographic footprint Investment Professionals A global asset manager offering a platform that can distribute domestic funds Dedicated team of 37 people into all major jurisdictions Leveraging 200 structuring professionals Accessing 800 in-house research analysts Technology Uniquely flexible platform World-class banking risk management Cutting-edge asset management technology Operations Five locations (London, New York, Singapore, Tokyo, Sydney) Dedicated team of 55 people in infrastructure Leveraging the full infrastructure of the bank Third-party auditing and reconciliation Where BCFS utilises Barclays Capital this is always at an arms length basis. As of February 2010 3 Source: Barclays Capital
  4. 4. For Institutional and Professional Investors Only For Information Only Not For Further Distribution or Distribution Barclays Capital Fund Solutions – Fund Range to Retail Investors BCFS Flagship Fund range Long/Short Long/Short Market Neutral Systematic Discretionary Launched Nov 2009 FX - FX Elements Launched Feb 2008 Commodities - CORALS Equities Credit Launched April 2008 Launched March 2009 Multi-Asset - CARS Long/Short - RADAR Where BCFS utilises Barclays Capital this is always at an arms length basis. As of December 2009 4 Source: Barclays Capital
  5. 5. For Institutional and Professional Investors Only For Information Only Not For Further Distribution or Distribution Barclays Capital Fund Solutions - RADAR to Retail Investors Fund Objective • Match or exceed World Equity returns during trending equity bull markets • Achieve a positive return during equity bear markets and outperform market neutral hedge funds Fund Description • Long/Short Macro Tactical Asset Allocation fund • Daily liquidity at single price NAV • Established as a “sophisticated” UCITS III fund 5
  6. 6. For Institutional and Professional Investors Only For Information Only Not For Further Distribution or Distribution Barclays Capital Fund Solutions - RADAR Process to Retail Investors GAA Team “Strategy Adviser” Develops and makes recommendation BCFS RADAR Trading Team Platform Establishes best way to implement recommendation: Efficiency Market Liquidity Best Execution Counterparties Cost effectiveness Timing Custodian & Administrator Fund Management Final approval for any trade Ensures trades do not breach UCITS III investment guidelines, e.g.: Daily VaR <5% of the NAV Collateral Exposure <5% of any equity issuer Exposure <20% of any government bond issuer Exposure <5% of any non-government bond issuer 6
  7. 7. For Institutional and Professional Investors Only Experience For Information Only Not For Further Distribution or Distribution Tim Bond is an award-winning analyst with over 20 years’ experience to Retail Investors Tim Bond Managing Director, Head of Global Asset Allocation Research Team Tim Bond is a Managing Director and Head of Global Asset Allocation Research Team at Barclays Capital. He is responsible for leveraging the firm's research within the various product areas to produce trading ideas across products, including fixed income, foreign exchange, commodities, emerging markets, credit and equities. Mr. Bond has been with Barclays Capital since 1998. He joined the firm from the hedge fund, Moore Capital, where he worked as a portfolio strategist. Prior to Moore, he worked in sales, strategy and proprietary trading roles for ten years at Tokai Bank in London. Before joining Tokai Bank, Mr. Bond spent three years as a market-maker in floating rate notes. Mr. Bond graduated from Oriel College, Oxford, with a BA Hons in English Literature. Mr. Bond was ranked number one Investment Analyst for Fixed Income Strategy in the Thomson Extel Survey for three years running. 7
  8. 8. For Institutional and Professional Investors Only Resources - The GAA research team draws on a team of 800 research analysts, this includes 80+ For Information Only Not For Further Distribution or Distribution Managing Directors to Retail Investors Research analysts operate Commodities Globally Convertible Bonds Across product class including macro research Emerging Markets Using sophisticated analytics Equities Equity Derivatives Product Research Foreign Exchange Government Bonds Global Asset Allocation Global Asset Allocation Global Asset Allocation Global Asset Allocation Global Asset Allocation Global Asset Allocation Global Asset Allocation Global Asset Allocation Investment Grade Credit High Yield Credit Inflation-linked Securitisation Structured Credit Economics Macro Research Credit Strategy Technical Strategy 8
  9. 9. For Institutional and Professional Investors Only GAA Research Team Publications For Information Only Not For Further Distribution or Distribution Allocation recommendations in turbulent times to Retail Investors Allocation recommendations published by GAA research 27/ 27/9/07 6/11/08 11/ team • Long vol & commodities 26/6/08 • Large weightings in 26/ 26/3/09 • Short US small caps vs. • Long vol & investment grade credit • Rebuild equity exposure, Major occurrences at the large caps. commodities • Small exposure to equities targeting cyclical sectors time • Reduce equity exposure • Low exposure to • Long TIPS (energy, industrials) equities, • Overweight investment grade • Short bonds and senior financials • Long inflation-linked 200 RADAR (USD) bonds GS ART (USD) 30/ 30/3/07 180 • Positioned for credit spread S&P 500 widening and repricing of risk • Short small cap vs large cap 160 27/ 27/9/06 equities. • Long equities • Longs in long-dated oil. • Stay out of bonds 140 • Add to US inflation breakevens • Long equity volatility 120 19/05/08 Concern 100 over other bankruptcies (e.g. 12/10/07 UBS, Lehman) 03/03/09 Peak of market followed by Bear 80 15/9/08 Lehman Beginning of ‘green Stearns bankruptcy & beginning of Bankruptcy shoots’ the ‘credit crunch’ 60 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Pro-forma data Jan 06 – Feb 09, live performance since Mar 09 to Jan 10. For GS ART: Pro-forma data from Jan 06 – Dec 06, live performance since Jan 07 Pro-forma data from Jan 06 when the first Global Asset Allocation (GAA) report was published. Source: Barclays Capital, based on data available on Bloomberg, as of Jan 10. 9 Any prediction or data on past performance, modelling or back-testing contained herein is no indication as to future performance.
  10. 10. For Institutional and Professional Investors Only GAA Research Team Publications For Information Only Not For Further Distribution or Distribution Allocation recommendations in turbulent times to Retail Investors 30th March 2007 • Long European equity, selected commodities • Expect losses in US Sub-prime to affect CDO structures 27th September 2007 • Lower equity exposure slightly • Shorting US CDX High yield • Increase exposure to shorts in US small caps v longs in large caps • Bullish on long equity volatility • Negative on $ and £ 26th June 2008 • Low exposure to equities • Long exposure to implied volatility • Short position in Bonds • Long position in commodities Pro-forma data Jan 06 – Feb 09, live performance since Mar 09 to Jan 10. Pro-forma data from Jan 06 when the first Global Asset Allocation (GAA) report was published. Source: Barclays Capital, based on data available on Bloomberg, as of Jan 10. Any prediction or data on past performance, modelling or back-testing contained herein is no indication as to future performance. Please Note this is not an exhaustive list of positions taken and represents a snapshot, please ask Barcap for further information if required 10
  11. 11. For Institutional and Professional Investors Only RADAR (USD) For Information Only Not For Further Distribution or Distribution Monthly performance to Retail Investors Pro- Pro-forma and live performance from January 2006 to February 2010 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total 2006 5.41% 0.35% 2.94% 2.51% -4.68% 0.05% -0.43% -0.28% 0.97% 1.90% 1.12% 1.42% 11.53% 2007 0.01% -0.21% 0.80% 3.18% 2.74% 0.65% -0.63% -0.73% 3.87% 3.07% 5.84% 0.46% 20.53% 2008 3.30% 2.25% 0.44% 2.50% -0.99% 1.43% -3.47% 0.93% -3.65% 4.46% -3.94% 5.21% 8.24% 2009 -3.16% -6.56% 3.34% 6.41% 9.73% -1.20% 5.98% 2.20% 1.89% 0.05% 3.48% 1.81% 25.47% 2010 -1.64% -0.94% -2.57% Live Performance Best Performing Months Worst Performing Months Pro-forma data Jan 06 – Feb 09, live performance since Mar 09 to Feb 10. Pro-forma data from Jan 06 when the first Global Asset Allocation (GAA) report was published. Source: Barclays Capital, based on data available on Bloomberg, as of Feb 10. 11 Any prediction or data on past performance, modelling or back-testing contained herein is no indication as to future performance.
  12. 12. For Institutional and Professional Investors Only For Information Only Not For Further Distribution or Distribution RADAR (USD) to Retail Investors Our Current Asset Allocation View Equity: Neutral to bullish, expect equities to grind slowly higher, lower returns relative to past year. Commodities: Expect a steady move higher in oil, agriculture complex to remain stable Rates: Official rates slow to rise and curve to remain steep Fixed Income: Recommend roll down and carry trades in short dated high yield corporate bonds Inflation: Mid- Mid-part of the TIPS breakeven curve provides long-term buy opportunity long- FX: €, £, $ remain weak against Asian and other developing economy currencies. Key Trades in RADAR as at 11th March 2010 Equity: Long selected Financials basket Equity: Long high dividend stocks Equity: Long Chinese equities Fixed Income: Long High yield short duration 12
  13. 13. For Institutional and Professional Investors Only For Information Only Not For Further Distribution or Distribution RADAR (USD) to Retail Investors How can I find out more information? Visit our website www.bcfs.barcap.com Email us on barclayscapitalfundsolutions@barcap.com Phone us on 0207 773 5718 We run quarterly lunchtime investor updates – next one is on the 8th April Conference calls on the fund for new and existing investors Monthly strategy update document available for investors 13
  14. 14. For Institutional and Professional Investors Only For Information Only Not For Further Distribution or Distribution Disclaimer to Retail Investors This document has been prepared by Barclays Capital, the investment banking division of Barclays Bank PLC ("Barclays"), for information purposes only. This document is an indicative summary of the terms and conditions of the securities/transaction described herein and may be amended, superseded or replaced by subsequent summaries. The final terms and conditions of the securities/transaction will be set out in full in the applicable offering document(s) or binding transaction document(s). This document shall not constitute an underwriting commitment, an offer of financing, an offer to sell, or the solicitation of an offer to buy any securities described herein, which shall be subject to Barclays’ internal approvals. No transaction or service related thereto is contemplated without Barclays' subsequent formal agreement. Barclays is acting solely as principal and not as advisor or fiduciary. Accordingly you must independently determine, with your own advisors, the appropriateness for you of the securities/transaction before investing or transacting. Barclays accepts no liability whatsoever for any consequential losses arising from the use of this document or reliance on the information contained herein. Barclays does not guarantee the accuracy or completeness of information which is contained in this document and which is stated to have been obtained from or is based upon trade and statistical services or other third party sources. Any data on past performance, modelling or back-testing contained herein is no indication as to future performance. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any modelling or back-testing. All opinions and estimates are given as of the date hereof and are subject to change. The value of any investment may fluctuate as a result of market changes. The information in this document is not intended to predict actual results and no assurances are given with respect thereto. Barclays, its affiliates and the individuals associated therewith may (in various capacities) have positions or deal in transactions or securities (or related derivatives) identical or similar to those described herein. This document is being made available in the UK to persons who are investment professionals as defined in Article 19 of the FSMA 2000 (Financial Promotion Order) 2005. Outside of the UK, it is directed at persons who have professional experience in matters relating to investments. Any investments to which this document relates will be entered into only with such persons. Clients should contract and execute transactions through a Barclays Bank PLC branch or affiliate in their home jurisdiction unless local regulations permit otherwise. This document is not for distribution to retail customers. NO ACTION HAS BEEN MADE OR WILL BE TAKEN THAT WOULD PERMIT A PUBLIC OFFERING OF THE SECURITIES DESCRIBED HEREIN IN ANY JURISDICTION IN WHICH ACTION FOR THAT PURPOSE IS REQUIRED. NO OFFERS, SALES, RESALES OR DELIVERY OF THE SECURITIES DESCRIBED HEREIN OR DISTRIBUTION OF ANY OFFERING MATERIAL RELATING TO SUCH SECURITIES MAY BE MADE IN OR FROM ANY JURISDICTION EXCEPT IN CIRCUMSTANCES WHICH WILL RESULT IN COMPLIANCE WITH ANY APPLICABLE LAWS AND REGULATIONS AND WHICH WILL NOT IMPOSE ANY OBLIGATION ON BARCLAYS OR ANY OF ITS AFFILIATES. THIS DOCUMENT DOES NOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ISSUES RELATED TO AN INVESTMENT IN THE SECURITIES/TRANSACTION. PRIOR TO TRANSACTING, POTENTIAL INVESTORS SHOULD ENSURE THAT THEY FULLY UNDERSTAND THE TERMS OF THE SECURITIES/TRANSACTION AND ANY APPLICABLE RISKS. THIS DOCUMENT IS NOT A PROSPECTUS FOR ANY SECURITIES DESCRIBED HEREIN. INVESTORS SHOULD ONLY SUBSCRIBE FOR ANY TRANSFERABLE SECURITIES DESCRIBED HEREIN ON THE BASIS OF INFORMATION IN THE RELEVANT PROSPECTUS (WHICH HAS BEEN OR WILL BE PUBLISHED AND MAY BE OBTAINED FROM BARCLAYS), AND NOT ON THE BASIS OF ANY INFORMATION PROVIDED HEREIN. Barclays Bank PLC is registered in England No. 1026167. Registered Office: 1 Churchill Place, London E14 5HP. Copyright Barclays Bank PLC, 2010 (all rights optimald). This document is confidential, and no part of it may be reproduced, distributed or transmitted without the prior written permission of Barclays. Barclays Capital is the investment banking division of Barclays Bank PLC, which is authorised and regulated by the UK Financial Services Authority and a member of the London Stock Exchange. 14

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