BARCAP_RESEARCH_TAG_FONDMI2NBUR7SWED

Global Economics Daily II 14 July 2010

Edited by: Dean Maki +1 212 526 1731 Nicholas Tenev +1 212 526 5452

ƒ We have revised our Q2 US GDP forecast down to 3.0%

ƒ Rebound in core US retail sales, but softer Q2
ƒ US import prices drop 1.3% in June
ƒ The next 24 hours: Today: FOMC minutes; Tomorrow: Empire State mfg, US PPI, US industrial production,
Philadelphia Fed mfg, ECB monthly bulletin

Recent data and events

We have revised our Q2 US GDP forecast down to 3.0%
Incorporating today’s weaker-than-expected news on business inventories and retail sales, we have cut our Q2 GDP forecast
to 3.0%, below our previous tracking estimate of 3.5% and our official 4.5% forecast; the trade report earlier in the week
had lowered our tracking estimate to 3.5%. Business inventories rose 0.1% in May, below our (0.3%) and the consensus
(0.2%) forecast, and this suggests that inventory accumulation is unlikely to make as big a positive contribution to Q2 GDP
as we previously projected. Meanwhile, as discussed below, although core retail sales rose 0.2% in June, downward revisions
to April and May point to private consumption growth of about 2.5% in Q2 as a whole, compared to our previous forecast
of 3.5%. Finally, May’s trade data suggest the trade deficit widened further in Q2, implying more of a drag on GDP growth
than we had previously expected. Elsewhere, we expect government spending and business investment to contribute
positively to Q2 GDP growth, with particular strength in equipment and software spending. We have not revised our GDP
forecast for future quarters; while recent data have been softer than expected, we do not see this as the beginning of a
persistent slowdown in growth. In our view, the underlying trend in business investment and consumer spending remains
solid, and we expect this to show through over the next several months.
Dean Maki
Rebound in core US retail sales, but softer Q2
Core retail sales continue to grow Retail sales declined 0.5% in June, below our and the
consensus forecast (both -0.3%). However, this was
y/y % chg dragged lower by sharp declines in autos, gasoline and
10
building materials. Core retail sales (which exclude these
three components and feed into our GDP tracking
5
estimate) rose 0.2%, above our 0.1% forecast. That said,
0 this upside surprise was tempered by downward
revisions to May and April, the former to -0.2% from
-5 Retail sales 0.1% and the latter to -0.4% from -0.2%. This is likely to
Core retail sales translate into small downward revisions to personal
-10 consumption growth and thus leave Q2 consumption
growth tracking close to 2.5%.
-15
07 07 08 08 09 09 10 Among non-core items in June, gasoline fell 2.0%, autos
2.3% and building materials 1.0%. Within the core, gains
Source: Census Bureau, Haver Analytics
in electronics (1.3%), clothing (0.6%) and health care

Please see analyst certification(s) and important disclosures starting on page 6.

BARCAP_RESEARCH_TAG_FONDMI2NBUR7SWED

(0.5%) offset declines in furniture (-1.1%) and food (-0.5%). All in all, although retail sales have disappointed in Q2 as a
whole, the rebound in core retail sales in June is an encouraging sign for prospects for Q3, during which consumer spending
should continue to be supported by solid wage and employment growth.
Peter Newland
US import prices drop 1.3% in June
After a sharp cyclical rebound, import prices are easing Import prices fell 1.3% in June after a revised 0.5%
decrease in May, a steeper drop than we (-0.2%) or the
% y/y Import prices consensus (-0.4%) had expected. While much of the
25
decline was due to a 4.4% decline in petroleum prices,
20
15
nonpetroleum import prices declined 0.5%, much softer
10 than the 0.1% increase we had forecast. Import prices
5 declined in all major categories, with foods and
0 beverages dropping 1.7%, capital goods slipping 0.3%,
-5 industrial supples ex-petroleum falling 1.3%, autos and
-10 parts edging 0.2% lower, and consumer goods import
Total
-15 prices decreasing 0.4%.
-20 Nonpetroleum
-25 It is possible that the June drop in nonpetroleum import
00 02 04 06 08 10 prices is reflecting the effects of the increase in the value
of the dollar over the past few months. While import
Source: BLS, Haver Analytics
prices were quite soft in May and June, it is worth noting
that this comes on the heels of several quarters of rapid import price inflation. Today's report brings the y/y headline rate
down to 4.5% from 8.7%, and the y/y ex-petroleum rate to 3.1% from 3.7% – both still near the upper end of the range
over the past decade.
Nicholas Tenev

The next 24 hours

European data/events: Tomorrow: ECB monthly bulletin
The ECB monthly bulletin will be published at 4:00am/08:00 GMT tomorrow.
US data/events: Today: FOMC minutes; Tomorrow: Empire State mfg, PPI, industrial production, Philadelphia Fed mfg
FOMC minutes (2:00pm/18:00 GMT today): We look for the June FOMC minutes to show greater concern about the state of
the economic recovery, as reflected in the cautious tone of the statement regarding softness in the housing sector and less
supportive financial market conditions. We expect them to reflect the view that inflation will remain subdued for some time
due to stable longer-term inflation expectations and substantial resource slack. They may also provide context regarding
the degree to which Committee members see declines in energy and commodity prices as pushing trend inflation lower. We
expect the minutes to remain largely silent on the early testing of the Term Deposit Facility, as the Fed continues to state
that the auctions are a "matter of prudent planning and have no implications for the near-term conduct of monetary
policy." We would not be surprised to see some discussion of potential policy alternatives should the economic outlook
worsen, though we would view any such discussion as part of normal contingency planning, rather than signaling an
expectation that these measures would actually be used. Finally, the minutes should also provide updated FOMC forecasts;
we expect the FOMC to modestly lower its growth forecasts for 2010.
Empire State mfg index (8:30am/12:30 GMT tomorrow): We and the consensus expect the Empire State manufacturing
index to slip to 18.0 in July from 19.57 in June, consistent with continuing strong growth in the New York-area
manufacturing sector. The new orders and delivery time indices, both forward-looking indicators, improved in June.

Barclays Capital 2
BARCAP_RESEARCH_TAG_FONDMI2NBUR7SWED

However, national manufacturing growth seems to be moving sideways, so we look for the Empire index to follow suit in
July.
PPI (8:30am/12:30 GMT tomorrow): We expect a 0.1% decline in the PPI in June and a 0.1% increase in the core PPI, in line
with consensus forecasts. Within non-core components, declines in gasoline will likely push the headline index lower,
although a rebound in food prices (following a decline in May) is likely to provide a partial offset. Within the core, there
have been fairly broad-based price gains in recent months. We expect this trend to continue in June, although there may be
some negative payback in the tobacco component, following a strong gain in May.
Industrial production (9:15am/13:15 GMT tomorrow): We expect a 0.2% decline in industrial production in June (cf.
consensus: -0.2%). Recent data suggest that the recovery in the manufacturing sector lost some momentum at the end of
Q2. For example, in June, the production component of the ISM fell to 61.4 from 66.6 and manufacturing hours worked
declined. As a result, we expect manufacturing output to fall 0.3%. However, this would still be consistent with robust
growth in Q2 as a whole. The annual revision to industrial production data, published since the May release, left Q1 growth
lower than initially reported but that in Q4 higher, although the broad picture remains the same.
Philadelphia Fed mfg index (10:00am/14:00 GMT tomorrow): After dropping 13.4 points to 8.0 in June, we expect the
Philadelphia Fed manufacturing index to increase to 12.0 in July (cf. cosnensus: 10.0). The forward-looking new orders
index actually improved in June, signaling a likely acceleration in demand. Furthermore, the June decline in the national ISM
index was much milder than that in the Philadelphia index.
Barclays Capital economics teams

Barclays Capital 3
BARCAP_RESEARCH_TAG_FONDMI2NBUR7SWED

Calendar
Wednesday 14 July Period Prev 2 Prev 1 Latest Forecast Consensus
- Thailand: Interest rate announcement, % - 1.25 1.25 1.25 1.50 1.50 A
- France: Bank holiday
18:00 US: Minutes of June FOMC meeting released
0:00 Singapore: Advance GDP estimate, % y/y Q2 0.9 3.5 13.1 14.5 19.3 A
6:00 Finland: HICP, % m/m (y/y) Jun 0.6 (1.5) 0.3 (1.6) -0.2 (1.4) 0.3 (1.3) 0.2 (1.3) A
8:00 Austria: HICP, % y/y Jun 1.0 (1.8) 0.2 (1.8) -0.1 (1.7) 0.4 (2.3) 0.0 (1.8) A
8:00 Italy: Final CPI, % m/m (y/y) Jun 0.0 (1.6) 0.0 (1.4) 0.0 (1.3) P 0.0 (1.3) 0.0 (1.3) A
8:00 Italy: Final HICP, % m/m (y/y) Jun 0.9 (1.6) 0.1 (1.6) 0.0 (1.4) P 0.0 (1.4) 0.1 (1.5) A
8:30 UK: Claimant count, change k Jun -32.7 32.0 -30.9 -26.0 -20.8 A
8:30 UK: ILO unemployment rate, % May 8.0 8.0 7.9 7.8 7.8 A
8:30 UK: Average weekly earnings, % 3m y/y May 2.5 4.3 4.1 R 3.1 2.7 A
8:30 UK: Core average weekly earnings, % 3m y/y May 1.7 2.0 1.9 1.9 1.8 A
9:00 E16: HICP, % m/m (y/y) Jun 0.5 (1.5) 0.1 (1.6) (1.4) "flash" 0.0 (1.4) 0.0 (1.4) A
9:00 E16: HICP ex tobacco, index (2005 = 100) Jun 109.09 109.58 109.71 109.68 R 109.70 A
9:00 E16: 'Eurostat' core (HICP x fd, alc, tob, ene), % m/m (y/y) Jun 0.8 (1.0) 0.3 (0.8) 0.1 (0.8) 0.0 (0.9) 0.0 (0.9) A
9:00 E16: 'ECB' core (HICP x unproc.fd, ene), % m/m (y/y) Jun 0.7 (0.9) 0.2 (0.7) 0.1 (0.8) 0.0 (0.8) 0.1 (0.9) A
9:00 E16: Industrial production, % m/m (y/y wda) May 0.8 (4.1) 1.5 (7.8) 0.9 R 1.4 (9.3) 0.9 (9.4) A
12:30 US: Retail sales, % m/m Jun 2.1 0.3 R -1.1 R -0.3 -0.5 A
12:30 US: Retail sales ex autos, % m/m Jun 1.2 0.3 R -1.2 R 0.0 -0.1 A
12:30 US: Core retail sales, % m/m Jun 0.6 -0.4 R -0.2 R 0.1 0.2 A
12:30 US: Import prices, % m/m (y/y) Jun 0.4 (11.2) 1.1 (11.2) -0.5 (8.7) R -0.2 (5.5) -1.3 (4.5) A
12:30 US: Nonpetroleum import prices, % m/m (y/y) Jun -0.1 (2.8) 0.5 (3.5) 0.5 (3.7) -0.1 (3.1) -0.5 (3.1) A
14:00 US: Business inventories, % m/m May 0.6 0.7 0.4 0.3 0.1 A
19:00 Argentina: CPI, % m/m Jun 1.1 0.8 0.7 -0.2 0.7
09:00 Germany: 5y OBL Auction 74.0 €5bn
09:00 Italy: 5y, 13y and 30y BTP Auctions €7bn
09:30 Portugal: 2y & 9y PGB taps €1bn
09:30 UK: 2046 Gilt Auction £2.25bn
17:00 US: 30y Note Auction $13bn

Thursday 15 July Period Prev 2 Prev 1 Latest Forecast Consensus

8:00 E16: ECB monthly bulletin published Jul
12:30 US: Fed Governor Duke (FOMC voter) gives opening remarks at an Atlanta Fed hearing on the Home Mortgage Disclosure Act
14:00 US: Senate Banking Committee holds confirmation hearing for nominations of Yellen, Raskin, and Diamond to the Fed Board of Governors
16:00 Turkey: Interest rate announcement, % Jul 7.0 7.0 7.0 7.0 -
22:00 Chile: Interest rate announcement, % Jul 0.5 0.5 1.0 1.5 1.5
23:15 US: Richmond Fed President Lacker (FOMC non-voter) speaks on the economic outlook to business leaders
- Peru: GDP, % y/y May 5.9 8.8 9.3 8.8 9.4
- Greece: Unemployment rate, % Apr 11.3 12.1 11.6 - 11.9
1:00 Australia: Inflation expectations, % y/y Jul 4.1 3.6 3.4 - -
2:00 China: Real GDP, % y/y Q2 9.1 10.7 11.9 10.4 10.4
2:00 China: CPI, % y/y Jun 2.4 2.8 3.1 3.4 3.3
2:00 China: PPI, % y/y Jun 5.9 6.8 7.1 6.8 6.8
2:00 China: Industrial production, % y/y Jun 18.1 17.8 16.5 14.5 15.5
2:00 China: YTD, FAI, % y/y Jun 26.4 26.1 25.9 25.1 25.3
2:00 China: Retail sales, % y/y Jun 18 18.5 18.7 18.9 18.8
6:00 E16: New car registrations, % y/y (nsa) Jun 10.8 -7.4 -9.3 - -
8:30 UK: BoE housing equity withdrawal, £ bn Q1 -6.1 -5.1 -4.0 - -
12:30 US: Initial jobless claims, thous (4wma) 10-Jul 459 (463) 475 (467) 454 (466) 435 (456) 445 (458)
12:30 US: Empire State manufacturing index Jul 31.86 19.11 19.57 18.0 18.00
12:30 US: Producer price index, % m/m (y/y) Jun 0.7 (6.0) -0.1 (5.5) -0.3 (5.3) -0.1 (3.1) -0.1 (3.1)
12:30 US: Core producer price index, % m/m (y/y) Jun 0.1 (0.9) 0.2 (1.0) 0.2 (1.3) 0.1 (1.1) 0.1 (1.1)
13:15 US: Industrial production, % m/m Jun 0.3 0.6 1.3 -0.2 -0.1
13:15 US: Capacity utilization, % Jun 72.7 73.1 74.1 74.0 74.1
14:00 US: Philadelphia Fed manufacturing index Jul 20.2 21.4 8.0 12.0 10.0
15:30 Israel: CPI, % y/y Jun 3.2 3.0 3.0 2.6 2.4
08:30 Spain: 15y SPGB tap €2.5bn
09:00 France: BTAN taps €8.5bn
09:30 UK: 2022 UK Linker Auction £1.1bn
10:00 France: Linker taps €1.5bn

Sources: Reuters, Market News, Bloomberg, Barclays Capital

Barclays Capital 4
BARCAP_RESEARCH_TAG_FONDMI2NBUR7SWED

Global Economics Research

Global
Piero Ghezzi Nick Verdi
Head of Economic and Emerging International Economist
Markets Research +44 (0)20 7773 2173
+44 (0)20 3134 2190 nick.verdi@barcap.com
piero.ghezzi@barcap.com

The Americas
Dean Maki Michael Gavin Guillermo Mondino Marcelo Salomon
Head of US Economics Research Head of Emerging Markets Strategy Head of Latin American Research Chief Brazil Economist
+1 212 526 1731 +1 646 412 5915 +1 212 412 7961 +55 (0)11 5509 3295
dean.maki@barcap.com michael.gavin@barcap.com guillermo.mondino@barcap.com marcelo.salomon@barcap.com
Theresa Chen Michael Gapen Alejandro Grisanti Peter Newland
US Economist US Economist Senior Economist – Ecuador, Peru, US Economist
+1 212 526 7195 +1 212 526 8536 Venezuela, Central America and the +1 212 526 3153
theresa.chen@barcap.com michael.gapen@barcap.com Caribbean peter.newland@barcap.com
+1 212 412 5982
alejandro.grisanti@barcap.com
Nicholas Tenev Sebastian Vargas Jimena Zuniga
US Economist Economist – Argentina Economist – Chile, Colombia, Mexico
+1 212 526 5452 +54 (0)11 4850 1230 +1 212 412 5361
nicholas.tenev@barcap.com sebastian.vargas@barcap.com jimena.zuniga@barcap.com

Europe
Julian Callow
Chief European Economist
+44 (0)20 7773 1369
julian.callow@barcap.com
Leef H Dierks
German Economist
+49 69 7161 1781
leef.dierks@barcap.com
Christian Keller
Chief Economist – Emerging Europe
+44 (0)20 7773 2031
christian.keller@barcap.com
Matthew Vogel
Head of Emerging EMEA Research
+44 (0)20 7773 2833
matthew.vogel@barcap.com
Fabio Fois
European Economist
+44 (0) 20 3134 1136
fabio.fois@barcap.com
Kerri Maddock
European Economist
+44 (0)20 313 42300
kerri.maddock@barcap.com
Varun Bhabha Laurence Boone
UK Economist Chief French Economist
+44 (0)20 313 42155 +33 1 44 58 3236
varun.bhabha@barcap.com laurence.boone@barcap.com
Jeff Gable Simon Hayes
Head of ABSA Capital Research Chief UK Economist
+27 11 895 5368 +44 (0)20 7773 4637
jeff.gable@absacapital.com simon.hayes@barcap.com
Alia Moubayed Thorsten Polleit
Senior Economist – Middle East Chief German Economist
& North Africa +49 69 7161 1757
+44 (0)20 313 41120 thorsten.polleit@barcap.com
alia.moubayed@barcap.com

Asia
Peter Redward Wensheng Peng Kyohei Morita Rahul Bajoria
Head of Emerging Asia Research Head of China Research Chief Japan Economist Regional Economist – India, Malaysia,
+65 6308 3528 +852 2903 2651 +81 3 4530 1688 Thailand
peter.redward@barcap.com wensheng.peng@barcap.com kyohei.morita@barcap.com +65 6308 2153
rahul.bajoria@barcap.com
James Barber Jian Chang David Forrester Wai Ho Leong
Japan Research Regional Economist – China, FX Strategy – Australia, Senior Regional Economist – Korea,
+81 3 4530 1542 Hong Kong New Zealand Malaysia, Singapore, Taiwan
james.barber@barcap.com +852 2903 2654 +65 6308 3406 +65 6308 3292
jian.chang@barcap.com david.forrester@barcap.com waiho.leong@barcap.com
Yuichiro Nagai Prakriti Sofat
Japan Economist Regional Economist – Indonesia,
+81 3 4530 1064 Philippines, Vietnam
yuichiro.nagai@barcap.com +65 6308 3201
prakriti.sofat@barcap.com
BARCAP_RESEARCH_TAG_FONDMI2NBUR7SWED

Analyst Certification: The persons named as the authors of this report hereby certify that: (i) all of the views expressed in the research report accurately
reflect the personal views of the authors about the subject securities and issuers; and (ii) no part of their compensation was, is, or will be, directly or
indirectly, related to the specific recommendations or views expressed in the research report.
Important disclosures: For current important disclosures regarding companies that are the subject of this research report, please send a written request to:
Barclays Capital Research Compliance, 745 Seventh Avenue, 17th Floor, New York, NY 10019 or refer to https://ecommerce.barcap.com/research/cgi-
bin/all/disclosuresSearch.pl or call 212-526-1072.
Barclays Capital does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that Barclays Capital may
have a conflict of interest that could affect the objectivity of this report. Any reference to Barclays Capital includes its affiliates. Barclays Capital and/or an
affiliate thereof (the "firm") regularly trades, generally deals as principal and generally provides liquidity (as market maker or otherwise) in the debt securities
that are the subject of this research report (and related derivatives thereof). The firm's proprietary trading accounts may have either a long and / or short
position in such securities and / or derivative instruments, which may pose a conflict with the interests of investing customers. Where permitted and subject to
appropriate information barrier restrictions, the firm's fixed income research analysts regularly interact with its trading desk personnel to determine current
prices of fixed income securities. The firm's fixed income research analyst(s) receive compensation based on various factors including, but not limited to, the
quality of their work, the overall performance of the firm (including the profitability of the investment banking department), the profitability and revenues of the
Fixed Income Division and the outstanding principal amount and trading value of, the profitability of, and the potential interest of the firms investing clients in
research with respect to, the asset class covered by the analyst. To the extent that any historical pricing information was obtained from Barclays Capital trading
desks, the firm makes no representation that it is accurate or complete. All levels, prices and spreads are historical and do not represent current market levels,
prices or spreads, some or all of which may have changed since the publication of this document. Barclays Capital produces a variety of research products
including, but not limited to, fundamental analysis, equity-linked analysis, quantitative analysis, and trade ideas. Recommendations contained in one type of
research product may differ from recommendations contained in other types of research products, whether as a result of differing time horizons,
methodologies, or otherwise.

This publication has been prepared by Barclays Capital, the investment banking division of Barclays Bank PLC, and/or one or more of its affiliates as provided
below. This publication is provided to you for information purposes only. Prices shown in this publication are indicative and Barclays Capital is not offering to
buy or sell or soliciting offers to buy or sell any financial instrument. Other than disclosures relating to Barclays Capital, the information contained in this
publication has been obtained from sources that Barclays Capital believes to be reliable, but Barclays Capital does not represent or warrant that it is accurate
or complete. The views in this publication are those of Barclays Capital and are subject to change, and Barclays Capital has no obligation to update its
opinions or the information in this publication.
The analyst recommendations in this report reflect solely and exclusively those of the author(s), and such opinions were prepared independently of any other
interests, including those of Barclays Capital and/or its affiliates.
Neither Barclays Capital, nor any affiliate, nor any of their respective officers, directors, partners, or employees accepts any liability whatsoever for any direct
or consequential loss arising from any use of this publication or its contents. The securities discussed in this publication may not be suitable for all investors.
Barclays Capital recommends that investors independently evaluate each issuer, security or instrument discussed in this publication and consult any
independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant
economic markets (including changes in market liquidity). The information in this publication is not intended to predict actual results, which may differ
substantially from those reflected. Past performance is not necessarily indicative of future results.
This communication is being made available in the UK and Europe to persons who are investment professionals as that term is defined in Article 19 of the
Financial Services and Markets Act 2000 (Financial Promotion Order) 2005. It is directed at, and therefore should only be relied upon by, persons who have
professional experience in matters relating to investments. The investments to which it relates are available only to such persons and will be entered into only
with such persons. Barclays Capital is authorized and regulated by the Financial Services Authority ('FSA') and member of the London Stock Exchange.
Barclays Capital Inc., US registered broker/dealer and member of FINRA (www.finra.org), is distributing this material in the United States and, in connection
therewith accepts responsibility for its contents. Any U.S. person wishing to effect a transaction in any security discussed herein should do so only by
contacting a representative of Barclays Capital Inc. in the U.S. at 745 Seventh Avenue, New York, New York 10019. This material is distributed in Canada by
Barclays Capital Canada Inc., a registered investment dealer and member of IIROC (www.iiroc.ca).
Subject to the conditions of this publication as set out above, Absa Capital, the Investment Banking Division of Absa Bank Limited, an authorised financial
services provider (Registration No.: 1986/004794/06), is distributing this material in South Africa. Absa Bank Limited is regulated by the South African
Reserve Bank. This publication is not, nor is it intended to be, advice as defined and/or contemplated in the (South African) Financial Advisory and
Intermediary Services Act, 37 of 2002, or any other financial, investment, trading, tax, legal, accounting, retirement, actuarial or other professional advice or
service whatsoever. Any South African person or entity wishing to effect a transaction in any security discussed herein should do so only by contacting a
representative of Absa Capital in South Africa, 15 Alice Lane, Sandton, Johannesburg, Gauteng 2196. Absa Capital is an affiliate of Barclays Capital.
Non-U.S. persons should contact and execute transactions through a Barclays Bank PLC branch or affiliate in their home jurisdiction unless local regulations
permit otherwise.
In Japan, foreign exchange research reports are prepared and distributed by Barclays Bank PLC Tokyo Branch. Other research reports are distributed to
institutional investors in Japan by Barclays Capital Japan Limited. Barclays Capital Japan Limited is a joint-stock company incorporated in Japan with
registered office of 6-10-1 Roppongi, Minato-ku, Tokyo 106-6131, Japan. It is a subsidiary of Barclays Bank PLC and a registered financial instruments firm
regulated by the Financial Services Agency of Japan. Registered Number: Kanto Zaimukyokucho (kinsho) No. 143.
Barclays Bank PLC Frankfurt Branch is distributing this material in Germany under the supervision of Bundesanstalt fuer Finanzdienstleistungsaufsicht
(BaFin). This material is distributed in Malaysia by Barclays Capital Markets Malaysia Sdn Bhd.
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.
Barclays Bank PLC in the UAE is regulated by the Central Bank of the UAE and is licensed to conduct business activities as a branch of a commercial bank
incorporated outside the UAE in Dubai (Licence No.: 13/1844/2008, Registered Office: Building No. 6, Burj Dubai Business Hub, Sheikh Zayed Road, Dubai
City) and Abu Dhabi (Licence No.: 13/952/2008, Registered Office: Al Jazira Towers, Hamdan Street, PO Box 2734, Abu Dhabi).
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 licence. 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 Professional Clients as defined by the
DFSA, and Business Customers as defined by the QFCRA.
IRS Circular 230 Prepared Materials Disclaimer: Barclays Capital and its affiliates do not provide tax advice and nothing contained herein should be construed
to be tax advice. Please be advised that any discussion of U.S. tax matters contained herein (including any attachments) (i) is not intended or written to be
used, and cannot be used, by you for the purpose of avoiding U.S. tax-related penalties; and (ii) was written to support the promotion or marketing of the
transactions or other matters addressed herein. Accordingly, you should seek advice based on your particular circumstances from an independent tax
advisor.
© Copyright Barclays Bank PLC (2010). All rights reserved. No part of this publication may be reproduced in any manner without the prior written
permission of Barclays Capital or any of its affiliates. Barclays Bank PLC is registered in England No. 1026167. Registered office 1 Churchill Place, London, E14
5HP. Additional information regarding this publication will be furnished upon request.T
US-FT

Barclays Capital 6