UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549


                                   __________


                                    FORM 6-K


                        REPORT OF FOREIGN PRIVATE ISSUER
                        PURSUANT TO RULE 13A-16 OR 15D-16
                    UNDER THE SECURITIES EXCHANGE ACT OF 1934

                                9 September 2004

                                Barclays PLC and
                                Barclays Bank PLC
                             (Names of Registrants)

                                54 Lombard Street
                                 London EC3P 3AH
                                     England
                    (Address of Principal Executive Offices)


Indicate by check mark whether the registrant files or will file annual reports
                     under cover of Form 20-F or Form 40-F.


                   Form 20-F   X             Form 40-F

Indicate by check mark whether the  registrant  by  furnishing  the  information
contained  in this  Form is  also  thereby  furnishing  the  information  to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

                        Yes                         No   X

If "Yes" is marked, indicate below the file number assigned to the registrant in
                        connection with Rule 12g3-2(b):






THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE  INCORPORATED  BY REFERENCE IN THE
REGISTRATION STATEMENTS ON FORM F-3 (NOS. 333-85646,  333-12384 AND 333-8054) OF
BARCLAYS BANK PLC AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS
FURNISHED,  TO THE EXTENT NOT  SUPERSEDED  BY DOCUMENTS OR REPORTS  SUBSEQUENTLY
FILED OR FURNISHED.


This  Report is a joint  Report on Form 6-K filed by Barclays  PLC and  Barclays
Bank PLC. All of the issued ordinary share capital of Barclays Bank PLC is owned
by Barclays PLC.

This Report comprises:

     The results of Barclays PLC and Barclays  Bank PLC for the six months ended
     30  June  2004,  including  the  reconciliation  to US  generally  accepted
     accounting   principles  of  certain  financial   information  prepared  in
     accordance with UK generally accepted accounting principles.

--------------------------------------------------------------------------------

                                TABLE OF CONTENTS

Signatures
Interim Results - US GAAP reconciliation



--------------------------------------------------------------------------------


                                                SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each of the
registrants  has duly  caused  this  report to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.

                                                   BARCLAYS PLC
                                                   (Registrant)

Date: September 9, 2004                            By:      /s/ Toby Vero
                                                            --------------------
                                                            Toby Vero
                                                            Assistant Secretary



                                                    BARCLAYS BANK PLC
                                                    (Registrant)

Date: September 9, 2004                              By:     /s/ Toby Vero
                                                             -------------------
                                                             Toby Vero
                                                             Assistant Secretary



--------------------------------------------------------------------------------


















                                  Barclays PLC

                       Interim Results Announcement 2004







This document  consists of the  previously  published  results  announcement  of
Barclays PLC for the six months ended 30th June 2004,  as amended to comply with
the  requirements  of Regulation G and Item 10 (e) of Regulation S-K promulgated
by the U.S.  Securities  and Exchange  Commission.  In addition,  this  document
includes  data  relating to Barclays  Bank PLC, the wholly owned  subsidiary  of
Barclays PLC, and a reconciliation of the attributable  profit and shareholders'
funds for both Barclays PLC and Barclays Bank PLC prepared in accordance with UK
generally accepted accounting  principles to net income and shareholders' equity
prepared in accordance with US generally  accepted  accounting  principles.  The
purpose of this document is to provide such additional disclosure as required by
Regulation G and Regulation S-K Item 10 (e), to delete certain  information  not
in  compliance  with  SEC  regulations  and  to  include  such  reconciliations,
consistent with Barclays' past practice,  as of, and for the period ended,  30th
June 2004, and does not update or otherwise supplement the information contained
in the results announcement, which speaks only as of its date.

In this document certain  non-GAAP  measures are reported.  Barclays  management
believes that these non-GAAP measures provide valuable information to readers of
its financial  statements  because they enable the reader to focus more directly
on the  underlying  day-to-day  performance  of its  businesses and provide more
detail  concerning  the  elements  of  performance  which the  managers of these
businesses  are most directly able to influence.  They also reflect an important
aspect of the way in which  operating  targets are defined  and  performance  is
monitored by Barclays management.

The interim  financial  data as of 30th June 2004 and for the six months  ending
30th June 2004 and 2003 is unaudited;  however, in the opinion of the Group, the
interim  data  includes  all   adjustments,   consisting  of  normal   recurring
adjustments,  necessary  for a fair  statement  of the  results  of the  interim
periods.

                                      (i)


                                  BARCLAYS PLC




                                                                        PAGE
Summary                                                                   1
Financial highlights                                                      3
Half-year review                                                          4
Consolidated profit and loss account                                      6
Consolidated balance sheet                                                7
Financial review                                                          8
Additional information                                                   48
Notes                                                                    51
Consolidated statement of changes in shareholders' funds                 62
Statement of total recognised gains and losses                           63
Summary consolidated cashflow statement                                  64
Average balance sheet and net interest income                            65
US GAAP data (unaudited)                                                 67
Barclays Bank PLC data                                                   76
Consolidated profit and loss account (unaudited)                         77
Consolidated balance sheet (unaudited)                                   78
Consolidated statement of changes in shareholders' funds (unaudited)     79
Statement of total recognised gains and losses (unaudited)               80
Summary consolidated cashflow statement (unaudited)                      81
Financial summary - US GAAP (unaudited)                                  82
Other information                                                        84
Appendix A                                                               85

The  information  in this  announcement,  which  was  approved  by the  Board of
Directors on 4th August 2004,  does not comprise  statutory  accounts within the
meaning of Section 240 of the Companies Act 1985 (the "Act"). Statutory accounts
for the year ended 31st December  2003,  including the Group's  Annual Report on
Form 20-F to the US Securities and Exchange Commission (SEC) and which contained
an  unqualified  audit report under  Section 235 of the Act and did not make any
statements under Section 237 of the Act, have been delivered to the Registrar of
Companies in accordance with Section 242 of the Act.

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 US 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.  These  forward-looking  statements can be
identified  by the fact that they do not relate  only to  historical  or current
facts.  Forward-looking  statements  sometimes  use words such as  "anticipate",
"target",  "expect",  "estimate",  "intend", "plan", "goal", "believe", or other
words of similar meaning.  By their nature,  forward-looking  statements involve
risk and  uncertainty  because they relate to future  events and  circumstances,
including,  but not limited to, UK domestic  and global  economic  and  business
conditions,  market related risks such as changes in interest rates and exchange
rates,  the policies and actions of  governmental  and  regulatory  authorities,
changes in  legislation,  the outcome of pending and future  litigation  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 Group's forward-looking statements. Any
forward-looking statements made by or on behalf of Barclays speak only as of the
date they are  made.  Barclays  does not  undertake  to  update  forward-looking
statements to reflect any changes in Barclays  expectations  with regard thereto
or any  changes  in  events,  conditions  or  circumstances  on  which  any such
statement  is  based.  The  reader  should,  however,   consult  any  additional
disclosures  that Barclays has made or may make in documents it has filed or may
file with the SEC including its most recent Annual Report on Form 20-F.

Comparative  figures have been restated for the changes in accounting policy and
presentation  detailed on page 48. In this document the profit and loss analysis
compares,  unless  stated  otherwise,  the  half-year  to 30th  June 2004 to the
corresponding   period  of  2003.  Balance  sheet  comparisons,   unless  stated
otherwise,  relate to the corresponding  position at 31st December 2003. Average
balance  sheet  comparisons  relate  the  half-year  to  30th  June  2004 to the
corresponding period of 2003.




BARCLAYS  PLC,  54 LOMBARD  STREET,  LONDON EC3P 3AH,  TELEPHONE  020 7699 5000,
COMPANY NO. 48839.

                                      (i)


                                                                 5th August 2004

                             BARCLAYS PLC - SUMMARY

              RESULTS FOR SIX MONTHS TO 30TH JUNE 2004 (UNAUDITED)







Group Results
                                                              Half-year ended
                                                          30.06.04    30.06.03    % Change
                                                              GBPm        GBPm
                                                                               
Operating income                                             6,852       5,993          14

Operating expenses                                         (3,911)     (3,387)          15

Provisions for bad and doubtful debts                        (589)       (652)        (10)

Profit before tax                                            2,411       1,963          23

Profit after tax                                             1,736       1,396          24

Earnings per share                                           26.7p       21.3p          25

Dividend per share                                           8.25p       7.05p          17


Post-tax return on average shareholders' funds               20.4%       17.7%





                                       1











                             BARCLAYS PLC - SUMMARY



o    Group performance was very strong:

     -    profit before tax up 23% to GBP2,411m
     -    earnings per share up 25% at 26.7p
     -    dividend per share up 17% to 8.25p
     -    return on equity of 20.4%

o    All businesses had higher profits,  demonstrating  good progress across the
     whole portfolio.

o    Income  growth was  particularly  strong,  up 14%,  with good  broad  based
     contributions by business and by income type.

o    Expenses  increased broadly in line with income growth with the majority of
     the  increase   attributable  to  increased   variable   performance  based
     compensation costs and to higher levels of investment spend.

o    Provisions fell 10% to GBP589m reflecting a decline in non-performing loans
     and potential problem loans.

o    Delinquency  and arrears  experience in the UK retail  businesses  remained
     stable.

o    The core UK businesses  performed well with good profit generation  despite
     absorbing  considerable  investment  in  infrastructure  and in  additional
     customer facing staff.

o    The global product  businesses  performed very strongly  demonstrating  the
     success of prior period investments.

o    The  integrations  of  the  acquisitions  of  Charles  Schwab  Europe,  and
     Clydesdale Financial Services,  made during 2003, have been completed.  The
     integrations of Banco  Zaragozano and Gerrard are progressing  well and are
     ahead of schedule.

o    Balance sheet growth reflects higher levels of customer activity across the
     Group.

o    Group net  interest  margin of 2.56% was almost  identical to the margin of
     2.57% in the second half of 2003 and 10 basis  points  lower than the first
     half of 2003.

o    The Group's capital position remained healthy. Almost GBP1.5bn was returned
     to  shareholders  through the final dividend for 2003 and share buybacks of
     GBP600m.

o    The Group  continues to be well  positioned for growth across its portfolio
     of businesses.

                                       2



                                  BARCLAYS PLC

                        FINANCIAL HIGHLIGHTS (UNAUDITED)





                                                                           Half-year ended
                                                                  30.06.04    31.12.03    30.06.03
RESULTS                                                               GBPm        GBPm        GBPm
                                                                                      
Net interest income                                                  3,341       3,368       3,236
Non-interest income                                                  3,511       3,050       2,757
Operating income                                                     6,852       6,418       5,993
Operating expenses                                                 (3,911)     (3,866)     (3,387)
Provisions for bad and doubtful debts                                (589)       (695)       (652)
Provisions for contingent liabilities and commitments                    -           1           -
Operating profit                                                     2,352       1,858       1,954
Profit from joint ventures and associated undertakings                  14          19          10
Exceptional items                                                       45           5         (1)
Profit before tax                                                    2,411       1,882       1,963
Profit after tax                                                     1,736       1,373       1,396
Profit attributable to shareholders                                  1,716       1,361       1,383
Economic profit1                                                     1,054         685         745

BALANCE SHEET
Shareholders' funds                                                 16,934      16,374      15,957
Loan capital                                                        12,468      12,339      12,553
Total capital resources                                             29,580      28,996      28,703
Total assets                                                       497,994     443,262     446,624
Weighted risk assets                                               203,333     188,997     181,414

PER ORDINARY SHARE                                                       p           p           p
Earnings                                                              26.7        21.0        21.3
Dividend                                                              8.25       13.45        7.05
Net asset value                                                      262.7       249.5       243.7

PERFORMANCE RATIOS                                                       %           %           %
Post-tax return on average shareholders' funds                        20.4        16.4        17.7

CAPITAL RATIOS                                                           %           %           %
Equity Tier 1 ratio                                                    6.4         6.5         6.9
Tier 1 ratio                                                           7.7         7.9         8.4
Risk asset ratio                                                      12.2        12.8        13.2

GROUP YIELDS, SPREADS & MARGINS                                          %           %           %
Gross yield                                                           4.95        4.84        5.00
Interest spread                                                       2.26        2.29        2.37
Interest margin                                                       2.56        2.57        2.66

ECONOMIC DATA
Period end - US$/GBP                                                  1.81        1.78        1.65
Average - US$/GBP                                                     1.82        1.64        1.61
Period end - EUR/GBP                                                    1.49        1.41        1.44
Average -  EUR/GBP                                                      1.48        1.45        1.46
FTSE 100 index period end                                            4,464       4,477       4,031
FTSE 100 index average                                               4,468       4,051       3,844


1    A  reconciliation  of  economic  profit  to profit  after tax and  minority
     interests is included on page 46.

                                        3




                                  BARCLAYS PLC

                                HALF-YEAR REVIEW

Barclays had a record half-year with all businesses  delivering  higher profits.
Good progress in our core UK businesses and excellent performances in our global
product businesses demonstrate the benefits of our distinctive portfolio.

Financial  performance  was very  strong.  Profit  before tax  increased  23% to
GBP2,411m (2003: GBP1,963m). Earnings per share rose 25% to 26.7p (2003: 21.3p).
We have increased the interim dividend by 17% to 8.25p (2003: 7.05p).

Income  increased 14% to GBP6,852m  (2003:  GBP5,993m).  Net revenue  (operating
income less provisions) rose 17%. The income  contributions were broadly based -
by business and by income type - and reflected the return on the investment made
in prior years.  Customer activity levels were higher,  and we achieved good new
customer flows across the portfolio of businesses.

Costs in the first half were  GBP3,911m  (2003:  GBP3,387m)  and grew broadly in
line with  income.  The majority of the cost growth was  attributable  to higher
variable costs consequent on good financial performance and increased investment
spend.  At our results in February  2004, we said we expected to accelerate  the
pace of  implementation  of our organic growth plans,  in particular in Barclays
Capital and Barclaycard International, and we have done so.

Credit quality  remained  good,  with  provisions  falling 10% to GBP589m (2003:
GBP652m). The credit environment in wholesale improved significantly relative to
2003 whilst  retail  remained  benign.  Delinquency  trends across our UK retail
businesses continued to be very stable.

In our  core  UK  Banking  franchise,  we  made  good  progress  with  increased
investment  in customer  facing  staff and  systems  being paid for by good cost
discipline  elsewhere and by new efficiencies  identified from the merger of the
UK Retail Banking and UK Business Banking businesses.

Private Clients performed strongly, assisted by recent acquisitions and provided
evidence  that we have  seen  the  beginning  of a  recovery  in this  business.
Customer activity was higher across private banking, stockbrokers and investment
services,   underpinned  by  better  market  conditions  and  improved  investor
confidence.

International,  our non UK retail and commercial  business,  performed strongly.
The merger of Banco  Zaragozano  with  Barclays  Spain is ahead of schedule.  We
expect to achieve synergies earlier than planned, and at lower cost.  Underlying
performance across the Spanish business was strong.

Our global  product  businesses  -  Barclaycard,  Barclays  Capital and Barclays
Global Investors - delivered a very good performance.

Barclaycard continued to achieve good financial results. The business coped well
with the headwinds of higher interest rates,  vigorous competition and continued
regulatory scrutiny.  Barclaycard International made good progress, investing in
its growth and delivering growth across all key financial measures.

Barclays  Capital  delivered  record results for the first half including income
growth of 27%. Performance was broadly based across products and geographies. We
continued  to invest  strongly in this  business,  building on its strong  track
record.

                                        4



                                  BARCLAYS PLC

                                HALF-YEAR REVIEW

Barclays  Global  Investors had an excellent first half  performance.  With over
US$1.1 trillion of assets under management,  it continued to benefit from strong
flows of net new assets,  growth in higher margin  products and  continued  good
investment performance.

We made excellent  progress relative to the economic profit performance goal for
the 2004 to 2007 period: economic profit was GBP1,054m1. This was some 41% ahead
of the prior year period, and significantly  exceeded the rate of growth we need
to hit our goal over time.  However,  although it is still early in the new goal
period, the combination of strong economic profit performance,  healthy dividend
growth  and an  active  share  buy  back  programme,  have not  translated  into
correspondingly   strong  total  shareholder  return:  the  UK  banks,  Barclays
included,  have lagged the performance of continental European and US members of
our peer group since January.

Achieving world class productivity  standards across all businesses is important
in delivering  performance  on a sustained  basis.  All our  businesses  are set
targets to achieve top quartile  productivity  and to improve  continually  once
this target is attained.  In UK Banking,  where current  levels of  productivity
fall  short of the  benchmark,  we expect  to  deliver  a two  percentage  point
improvement per annum in the cost:income  ratio for each of the years 2005, 2006
and 2007. This should be achieved by progress on both income and in costs.

The  economic  outlook for the  remainder of the year looks  healthy.  The world
economy continues to expand briskly, with the US performing strongly, the modest
recovery in the Eurozone persisting, and Asia growing well. This provides a very
helpful backdrop for the UK, where growth remains above trend and is expected to
continue to do so for the rest of the year. It is an encouraging environment for
Barclays clients and customers.

We made good progress in implementing  our future  leadership  strategy,  and we
recently  announced that,  with effect from 1st September 2004,  Matthew Barrett
will become Chairman and John Varley Group Chief Executive.


Sir Peter Middleton                                           Matthew W. Barrett
Chairman                                                   Group Chief Executive












1    A  reconciliation  of  economic  profit  to profit  after tax and  minority
     interests is included on page 46.

                                       5






                                  BARCLAYS PLC

                CONSOLIDATED PROFIT AND LOSS ACCOUNT (UNAUDITED)



                                                                          Half-year ended
                                                            30.06.04          31.12.03         30.06.03
                                                                GBPm              GBPm             GBPm
                                                                                            
Interest receivable                                            6,463             6,334            6,093
Interest payable                                             (3,122)           (2,966)          (2,857)
                                                     ---------------- -------------------- -------------
Net interest income                                            3,341             3,368            3,236
                                                     ---------------- -------------------- -------------
Net fees and commissions receivable                            2,378             2,233            2,030
Dealing profits                                                  806               524              530
Other operating income                                           327               293              197
                                                     ---------------- -------------------- -------------
Total non-interest income                                      3,511             3,050            2,757
                                                     ---------------- -------------------- -------------
Operating income                                               6,852             6,418            5,993
                                                     ---------------- -------------------- -------------
Administration expenses - staff costs                        (2,397)           (2,269)          (2,026)
Administration expenses - other                              (1,226)           (1,312)          (1,092)
Depreciation                                                   (140)             (145)            (144)
Goodwill amortisation                                          (148)             (140)            (125)
                                                     ---------------- -------------------- -------------
Operating expenses                                           (3,911)           (3,866)          (3,387)
                                                     ---------------- -------------------- -------------
Operating profit before provisions                             2,941             2,552            2,606
Provisions for bad and doubtful debts                          (589)             (695)            (652)
Provisions for contingent liabilities and commitments              -                 1                -
                                                     ---------------- -------------------- -------------
Operating profit                                               2,352             1,858            1,954
Profit from joint ventures and associated
undertakings                                                      14                19               10
Exceptional items                                                 45                 5              (1)
                                                     ---------------- -------------------- -------------
Profit on ordinary activities before tax                       2,411             1,882            1,963
Tax on profit on ordinary activities                           (675)             (509)            (567)
                                                     ---------------- -------------------- -------------
Profit on ordinary activities after tax                        1,736             1,373            1,396
Minority interests: equity                                      (20)              (12)             (13)
                                                     ---------------- -------------------- -------------
Profit for the period attributable
to the members of Barclays PLC                                 1,716             1,361            1,383
Dividends                                                      (528)             (883)            (457)
                                                     ---------------- -------------------- -------------
Profit retained for the financial period                       1,188               478              926
                                                     ---------------- -------------------- -------------

Earnings per ordinary share                                    26.7p             21.0p            21.3p
Fully diluted earnings per share                               26.6p             20.8p            21.3p

Post tax return on average shareholders' funds                 20.4%             16.4%            17.7%

Dividends per ordinary share:
Interim                                                        8.25p                 -            7.05p
Final                                                              -            13.45p                -


                                       6









                                  BARCLAYS PLC

                     CONSOLIDATED BALANCE SHEET (UNAUDITED)


                                                                   30.06.04         31.12.03         30.06.03
Assets:                                                                GBPm             GBPm             GBPm
                                                                                                  
Cash and balances at central banks                                    1,829            1,726            1,717
Items in course of collection from other banks                        2,527            2,006            3,155
Treasury bills and other eligible bills                               6,547            7,177            7,842
                                                           ----------------- ---------------- ----------------
Loans and advances to banks          - banking                       17,577           17,254           14,937
                                     - trading                       59,100           44,670           52,534
                                                           ----------------- ---------------- ----------------
                                                                     76,677           61,924           67,471
                                                           ----------------- ---------------- ----------------
Loans and advances to customers      - banking                      174,180          167,858          164,912
                                     - trading                       72,893           58,961           59,447
                                                           ----------------- ---------------- ----------------
                                                                    247,073          226,819          224,359
Debt securities                                                     117,387           97,393          100,122
Equity shares                                                         9,365            7,859            5,157
Interests in joint ventures and associated undertakings                 429              428              454
Intangible fixed assets - goodwill                                    4,263            4,406            3,867
Tangible fixed assets                                                 1,746            1,790            1,572
Other assets                                                         22,240           23,657           23,266
                                                           ----------------- ---------------- ----------------
                                                                    490,083          435,185          438,982
Retail life-fund assets attributable to policyholders                 7,911            8,077            7,642
                                                           ----------------- ---------------- ----------------
Total assets                                                        497,994          443,262          446,624
                                                           ----------------- ---------------- ----------------

Liabilities:
                                                           ----------------- ---------------- ----------------
Deposits by banks  - banking                                         62,905           57,641           51,357
                   - trading                                         52,931           36,451           41,844
                                                           ----------------- ---------------- ----------------
                                                                    115,836           94,092           93,201
                                                           ----------------- ---------------- ----------------
Customer accounts  - banking                                        162,830          155,814          153,893
                   - trading                                         43,374           29,054           44,223
                                                           ----------------- ---------------- ----------------
                                                                    206,204          184,868          198,116
Debt securities in issue                                             55,280           49,569           48,431
Items in course of collection due to other banks                      1,442            1,286            1,662
Other liabilities                                                    81,741           76,374           68,869
Undated loan capital - non-convertible                                6,233            6,310            6,570
Dated loan capital - convertible to preference shares                    15               17               11
Dated loan capital - non-convertible                                  6,220            6,012            5,972
                                                           ----------------- ---------------- ----------------
                                                                    472,971          418,528          422,832
                                                           ----------------- ---------------- ----------------

Minority interests and shareholders' funds:
Minority interests: equity                                              178              283              193
                                                           ----------------- ---------------- ----------------
Called up share capital                                               1,613            1,642            1,638
Reserves                                                             15,321           14,732           14,319
                                                           ----------------- ---------------- ----------------
Shareholders' funds: equity                                          16,934           16,374           15,957
                                                           ----------------- ---------------- ----------------
                                                                     17,112           16,657           16,150
                                                           ----------------- ---------------- ----------------
                                                                    490,083          435,185          438,982
Retail life-fund liabilities attributable to policyholders            7,911            8,077            7,642
                                                           ----------------- ---------------- ----------------
Total liabilities and shareholders' funds                           497,994          443,262          446,624
                                                           ----------------- ---------------- ----------------


                                       7








                                  BARCLAYS PLC

                                FINANCIAL REVIEW

Results by nature of income and expense




                                                                         Half-year ended
Net interest income                                         30.06.04          31.12.03         30.06.03
                                                                GBPm              GBPm             GBPm
                                                                                           
Interest receivable                                            6,463             6,334            6,093
Interest payable                                             (3,122)           (2,966)          (2,857)
                                                            ------------    -------------     ---------
                                                               3,341             3,368            3,236
                                                            ------------    -------------     ---------



Group net interest income increased 3% (GBP105m) to GBP3,341m (2003: GBP3,236m),
reflecting  growth in balances  which more than offset a 10 basis points fall in
the Group net interest margin to 2.56%. The Group net interest margin versus the
second half of 2003 was stable.

The Group net  interest  margin of 2.56%  (2003:  2.66%)  includes  0.45% (2003:
0.50%)  arising  from the benefit of free funds.  A component  of the benefit of
free funds is the structural hedge against  short-term  interest rate movements.
As expected,  the  contribution  of the structural  hedge has decreased to 0.16%
(2003: 0.21%) largely due to the impact of higher short term interest rates.

Group average  interest  earning  assets  increased  GBP17bn to GBP261bn  (2003:
GBP244bn).  Domestic  average  interest  earning  assets  increased  GBP15bn  to
GBP173bn  (2003:  GBP158bn).  This  reflected  an increase of GBP9bn in Barclays
Capital  and a GBP5bn  increase in UK Banking.  International  average  interest
earning  assets   increased  GBP2bn  to  GBP88bn  (2003:   GBP86bn),   primarily
attributable to the inclusion of Banco Zaragozano.

The domestic net  interest  margin fell 24 basis points to 3.43% (2003:  3.67%),
with a significant majority of the move attributable to the increased proportion
of  wholesale  assets  in the  domestic  balance  sheet  and the  impact  of the
structural  hedge. The remainder  reflected  increased margins in retail savings
and UK  Business  Banking  lending,  which were  broadly  offset by a decline in
mortgage and credit card margins as a result of interest rate rises.

The international net interest margin improved by 5 basis points to 0.85% (2003:
0.80%) largely due to a change in the mix, in particular in the Barclays Capital
portfolio.

The Group net interest  margin was impacted by the factors  described above with
the reduction  partially  mitigated by an increase in the proportion of domestic
interest earning assets.


                                       8








                                  BARCLAYS PLC

Yields, spreads and margins - banking business1




                                                                               Half-year ended
                                                                 30.06.04          31.12.03         30.06.03
Gross yield2                                                            %                 %                %
                                                                                                 
Group                                                                4.95              4.84             5.00
Domestic                                                             5.63              5.40             5.75
International                                                        3.62              3.85             3.64

Interest spread3
Group                                                                2.26              2.29             2.37
Domestic                                                             3.04              3.28             3.29
International                                                        0.78              0.64             0.72

Interest margin4
Group                                                                2.56              2.57             2.66
Domestic                                                             3.43              3.61             3.67
International                                                        0.85              0.74             0.80

Average UK base rate                                                 4.06              3.59             3.80



1    Domestic   business  is   conducted   primarily  in  the  UK  in  Sterling.
     International  business is conducted  primarily in foreign  currencies.  In
     addition to the business carried out by overseas branches and subsidiaries,
     some international business is transacted in the UK by Barclays Capital.

     The yields,  spreads,  and margins shown above exclude  non-margin  related
     items,  including  profits and losses on the repurchase of loan capital and
     the unwinding of the discount on vacant leasehold property provisions.

2    Gross yield is the interest rate earned on average interest earning assets.

3    Interest  spread is the  difference  between  the  interest  rate earned on
     average  interest  earning  assets  and the  interest  rate paid on average
     interest bearing liabilities.

4    Interest margin is net interest income as a percentage of average  interest
     earning assets.


Average interest earning assets and liabilities - banking business




                                                                               Half-year ended
                                                                 30.06.04          31.12.03         30.06.03
Average interest earning assets                                      GBPm              GBPm             GBPm
                                                                                                 
Group                                                             261,310           261,807          243,668
Domestic                                                          172,823           167,303          157,565
International                                                      88,487            94,504           86,103

Average interest bearing liabilities
Group                                                             232,638           232,850          216,707
Domestic                                                          146,413           141,082          132,796
International                                                      86,225            91,768           83,911


                                       9









                                  BARCLAYS PLC

Net fees and commissions




                                                                        Half-year ended
                                                            30.06.04          31.12.03         30.06.03
                                                                GBPm              GBPm             GBPm
                                                                                           
Fees and commissions receivable                                2,720             2,598            2,298
Less: fees and commissions payable                             (342)             (365)            (268)
                                                     ---------------- --------------------- ------------
                                                               2,378             2,233            2,030
                                                     ---------------- --------------------- ------------


Group net fees and  commissions  increased  17%  (GBP348m) to  GBP2,378m  (2003:
GBP2,030m), reflecting increases in all businesses.

Fees and commissions  receivable rose 18% to GBP2,720m (2003:  GBP2,298m) driven
by increases in:  Barclays  Global  Investors,  reflecting  very strong business
growth;  Barclays Capital,  consequent on improved client activity;  and Private
Clients,  as a result of stronger  business  volumes and better market levels as
well as the  impact of  acquisitions.  Strong  growth  was also  achieved  in UK
Banking and in Barclaycard.

Fees and commissions payable increased 28% to GBP342m (2003: GBP268m).  This was
primarily driven by an increase in fees and commissions  payable in Barclaycard,
reflecting higher business volumes in cards and loans.

Dealing profits




                                                                        Half-year ended
                                                            30.06.04          31.12.03         30.06.03
                                                                GBPm              GBPm             GBPm
                                                                                           
Rates related business                                           698               460              449
Credit related business                                          108                64               81
                                                     ---------------- ---------------------- -----------
                                                                 806               524              530
                                                     ---------------- ---------------------- -----------


Almost all the Group's dealing profits are generated in Barclays Capital.

Dealing   profits  grew  52%  to  GBP806m  (2003:   GBP530m)  with  very  strong
performances  in the  Rates and  Credit  businesses.  This was  driven by higher
volumes of client led activity across a broad range of products, the benefits of
recent  headcount  investments  in  product  depth  and  geographical  reach and
reflected  the level of average  Daily  Value at Risk  (DVaR).  The very  strong
growth  in  the  Rates  businesses  was  across  fixed  income,  equity  related
activities and commodities.  The performance in the Credit businesses  reflected
an increase in the contribution from credit derivatives.

Total  foreign  exchange  income was GBP260m  (2003:  GBP277m) and  consisted of
revenues earned from both retail and wholesale activities.  The foreign exchange
income  earned on  customer  transactions  by UK  Banking,  Private  Clients and
International and Barclaycard,  both externally and within Barclays Capital,  is
reported in those business units, within fees and commissions.








                                       10










                                  BARCLAYS PLC

Other operating income




                                                                      Half-year ended
                                                            30.06.04          31.12.03         30.06.03
                                                                GBPm              GBPm             GBPm
                                                                                           
Premium income on insurance underwriting                         128               156              108
Profits on disposal of investment securities                      67                18               55
Income from the long term assurance business                     (3)               (2)             (31)
Property rentals                                                   5                 6                9
Dividend income from equity shares                                 6                 3                3
Other income                                                     124               112               53
                                                     ---------------- ----------------------- ----------
                                                                 327               293              197
                                                     ---------------- ----------------------- ----------


Other operating income increased 66% (GBP130m) to GBP327m (2003: GBP197m).

Income on insurance  underwriting rose by GBP20m to GBP128m (2003: GBP108m) as a
result of income from  increased  consumer  lending  activities and a favourable
claims experience.

The increase in profits on disposal of  investment  securities  and other income
includes  the effects of  realisations  in the private  equity  business  and in
structured capital markets within Barclays Capital.

Virtually  all of the Group's long term  assurance  activity is based in the UK.
This UK business,  which closed to new business  following  the formation of the
strategic  alliance with Legal and General in 2001, was the main  contributor to
the loss of GBP3m for the first half of 2004 and the losses experienced in 2003.
The result for 2004 included costs of redress for customer  claims in respect of
endowment policies of GBP33m (2003: GBP50m).

                                       11







                                  BARCLAYS PLC

Operating expenses

The Group manages core costs on the basis of three specific categories: business
as usual,  revenue related and strategic  investment.  Revenue related costs are
costs that are directly  associated  with a  corresponding  change in revenue or
profits.  Strategic  investment  costs are costs that can generate or enable new
revenue streams or definable  growth in a revenue stream,  or generate or enable
reduced costs.  Acquisition  and disposal  costs are those expenses  incurred in
2004 or 2003 by those  businesses  that were  purchased  or sold by the group in
2004 or  2003.  Restructuring  costs  and  goodwill  amortisation  are  reported
separately.

The Group's expenses are summarised in the following table:




                                                                        Half-year ended
                                                            30.06.04          31.12.03         30.06.03
                                                                GBPm              GBPm             GBPm
                                                                                           
Business as usual costs                                        2,755             2,744            2,572
Revenue related costs                                            596               528              454
Strategic investment costs                                       216               247              145
Acquisitions and disposals                                       132                72               17
Restructuring costs                                               64               135               74
Goodwill amortisation                                            148               140              125
                                                     ---------------- ---------------------- -----------
                                                               3,911             3,866            3,387
                                                     ---------------- ---------------------- -----------


Operating  expenses rose 15% (GBP524m) to GBP3,911m (2003:  GBP3,387m).  Against
the second half of 2003 operating expenses were up 1% (GBP45m).

Business as usual costs increased 7% (GBP183m) to GBP2,755m  (2003:  GBP2,572m),
reflecting higher business volumes and increased investment.  In addition, costs
associated with the  implementation  of regulatory and  legislative  programmes,
including  Mortgages and General Insurance,  International  Financial  Reporting
Standards, Basel II and Sarbanes Oxley, represented GBP41m of the increase.

Revenue  related  costs rose 31%  (GBP142m) to GBP596m  (2003:  GBP454m)  driven
largely by increased  performance related payments primarily in Barclays Capital
and Barclays Global Investors.

Strategic  investment  costs increased 49% (GBP71m) to GBP216m (2003:  GBP145m).
This  reflected  increased  spend in  Barclays  Capital,  due to the  impact  of
continued investment in product, client coverage and distribution  capabilities,
and, in UK Retail Banking, reflecting investment in the business infrastructure.

Acquisitions  and disposals  costs reflect the  acquisitions  of Charles  Schwab
Europe, Clydesdale Financial Services, Banco Zaragozano and Gerrard in 2003.

                                       12







                                  BARCLAYS PLC

Administrative expenses - staff costs




                                                                           Half-year ended
                                                                 30.06.04          31.12.03         30.06.03
                                                                     GBPm              GBPm             GBPm
                                                                                                 
Salaries and accrued incentive payments                             1,954             1,810            1,631
Social security costs                                                 167               148              130
Pension costs                                                          75                83               97
Post-retirement health care                                            10                10                9
Other staff costs                                                     191               218              159
                                                          ---------------- -------------------- -------------
                                                                    2,397             2,269            2,026
                                                          ---------------- -------------------- -------------



                                                                 30.06.04          31.12.03         30.06.03
Number of staff at period end:
UK Banking                                                         40,700            41,000           42,300
                                                          ---------------- -------------------- -------------
         UK Retail Banking                                         33,500            34,000           35,100
         UK Business Banking                                        7,200             7,000            7,200
                                                          ---------------- -------------------- -------------
Private Clients and International                                  19,100            19,000           17,000
                                                          ---------------- -------------------- -------------
         Private Clients                                            7,100             6,900            6,200
         International                                             12,000            12,100           10,800
                                                          ---------------- -------------------- -------------
Barclaycard                                                         6,600             6,200            5,900
Barclays Capital                                                    6,900             5,800            5,500
Barclays Global Investors                                           1,900             2,000            2,000
Head office functions and other operations                          1,000               800              900
                                                          ---------------- -------------------- -------------
Total Group permanent and contract staff worldwide                 76,200            74,800           73,600
Temporary and agency staff worldwide                                5,600             4,100            3,800
                                                          ---------------- -------------------- -------------
Total including temporary and agency staff                         81,800            78,900           77,400
                                                          ---------------- -------------------- -------------


Staff costs increased by 18%  (GBP371m) to GBP2,397m (2003: GBP2,026m).

Salaries  and accrued  incentive  payments  rose by 20%  (GBP323m)  to GBP1,954m
(2003:  GBP1,631m) principally reflecting increased performance related payments
primarily within Barclays Capital and Barclays Global  Investors,  the impact of
the businesses acquired in 2003 and increased headcount.

Pension costs comprise all UK and international pension schemes. Included in the
costs is the charge of GBP53m  (2003:  GBP73m) in respect of the Group's main UK
pension schemes.

Staff  numbers  shown  are on a  full  time  equivalent  basis.  United  Kingdom
permanent and contract staff are 58,900 (31st December 2003:  58,000;  30th June
2003: 58,300).

During the first half of 2004,  permanent and contract staff increased by 1,400.
The implementation of restructuring  programmes  resulted in a decrease of 1,100
staff,  but this was more than offset by the  recruitment  of  additional  staff
throughout the Group. Significant areas of recruitment were Barclays Capital, to
support the expansion of their business,  and Barclaycard  through the growth of
Barclaycard  International  and the  addition of front  office  staff to improve
customer service in Barclaycard UK.

Head office functions and other operations includes staff undertaking activities
which support the operating business and provide central information  technology
services and their costs are predominantly passed onto the businesses.

                                       13








                                  BARCLAYS PLC

Administrative expenses - other




                                                                      Half-year ended
                                                            30.06.04          31.12.03         30.06.03
                                                                GBPm              GBPm             GBPm
                                                                                           
Property and equipment expenses                                  494               583              510
Other administrative expenses                                    732               729              582
                                                     ---------------- -------------------- -------------
                                                               1,226             1,312            1,092
                                                     ---------------- -------------------- -------------


Administrative  expenses  - other  rose by 12%  (GBP134m)  to  GBP1,226m  (2003:
GBP1,092m) as a result of increased  outsourcing,  higher business  activity and
the impact of acquisitions.


Depreciation




                                                                      Half-year ended
                                                            30.06.04          31.12.03         30.06.03
                                                                GBPm              GBPm             GBPm
                                                                                            
Property depreciation                                             42                48               45
Equipment depreciation                                            97                99               97
Loss/(profit) on sale of equipment                                 1               (2)                2
                                                     ---------------- -------------------- -------------
                                                                 140               145              144
                                                     ---------------- -------------------- -------------



                                       14








                                  BARCLAYS PLC

Provisions for bad and doubtful debts




                                                                      Half-year ended
                                                            30.06.04          31.12.03         30.06.03
                                                                GBPm              GBPm             GBPm
                                                                                           
The provisions charge for the period in respect of
bad and doubtful debts comprises:

Specific provisions
New and increased                                                836               857              771
Releases                                                        (56)             (125)             (70)
Recoveries                                                     (115)              (51)             (62)
                                                     ---------------- --------------------- ------------
                                                                 665               681              639
General provision (release) / charge                            (76)                14               13
                                                     ---------------- --------------------- ------------
Net charge                                                       589               695              652
                                                     ---------------- --------------------- ------------

Total provisions balances for bad and doubtful
debts at end of the period comprise:

Specific provisions                                            2,223             2,233            2,261
General provisions                                               713               795              752
                                                     ---------------- --------------------- ------------
                                                               2,936             3,028            3,013
                                                     ---------------- --------------------- ------------



The provisions  charge decreased 10% (GBP63m) to GBP589m (2003:  GBP652m) due to
lower  provisions  charges  in the  corporate  and  wholesale  businesses  which
reflected a fall in  non-performing  loans and  potential  problem  loans.  As a
percentage of average banking loans and advances, the annualised provisions rate
decreased to 0.60% (2003: 0.71%).

The  provisions  charge was higher in the retail  businesses  at GBP412m  (2003:
GBP393m). The increase occurred mainly in Barclaycard,  following high levels of
new customer recruitment. The annualised retail provisions rate remained broadly
stable at 0.92% of loans and advances (2003: 0.90%).

The provisions  charge  decreased  significantly  in the corporate and wholesale
businesses,  declining to GBP177m (2003:  GBP260m).  Barclays Capital provisions
fell significantly.  The annualised  wholesale provisions rate improved to 0.34%
of loans and advances (2003: 0.54%).

Total provisions  balances declined slightly.  Specific provisions balances were
flat, but the general  provisions  balance decreased 10% from December 2003. The
decline in the general  provisions  balance largely relates to the restructuring
of an individual  corporate exposure,  where a general provision was transferred
to new specific  provisions.  This individual  transfer had no effect on the net
provisions charge.

                                       15







                                  BARCLAYS PLC

Profit from joint ventures and associated undertakings




                                                                       Half-year ended
                                                              30.06.04         31.12.03         30.06.03
                                                                  GBPm             GBPm             GBPm
                                                                                            
(Loss)/profit from joint ventures                                  (2)                1                -
Profit from associated undertakings                                 16               18               10
                                                      ----------------- ---------------- ----------------
                                                                    14               19               10
                                                      ----------------- ---------------- ----------------


The majority of the profit from associated  undertakings for the year relates to
the investment in FirstCaribbean.


Exceptional items




                                                                       Half-year ended
                                                              30.06.04         31.12.03         30.06.03
                                                                  GBPm             GBPm             GBPm
                                                                                            
Profit on disposal of associated undertakings                       44                -                -
Profit / (loss) on disposal of Group undertakings                    1                5              (1)
                                                      ----------------- ---------------- ----------------
                                                                    45                5              (1)
                                                      ----------------- ---------------- ----------------


The profit on disposal relates mainly to the sale of Edotech, an investment in a
management buy out of the former Barclays in-house statement printing operation.


Tax rate

The charge for the period is based upon a UK corporation tax rate of 30% for the
calendar  year 2004 (full year 2003:  30%).  The  effective  rate of tax for the
first half of 2004 was 28.0 % (2003:  28.9%).  This is lower  than the  standard
rate primarily due to the beneficial effects of lower tax on overseas income.

                                       16







                                  BARCLAYS PLC

Earnings per ordinary share




                                                                           Half-year ended
                                                                  30.06.04         31.12.03         30.06.03
                                                                                                
Profit for the financial year attributable to the members
of Barclays PLC                                                  GBP1,716m        GBP1,361m        GBP1,383m


Weighted average number of ordinary shares in issue                 6,421m           6,477m           6,488m
Dilutive effect of share options outstanding                           31m              31m              17m
                                                          -------------------- ---------------- -------------
Diluted weighted average number of shares                           6,452m           6,508m           6,505m
                                                          -------------------- ---------------- -------------

                                                                     pence            pence            pence
Earnings per ordinary share                                           26.7             21.0             21.3

Fully diluted earnings per ordinary share                             26.6             20.8             21.3



Dividends on ordinary shares

The Board has decided to pay, on 1st October 2004,  an interim  dividend for the
six  months  ended  30th June  2004 of 8.25p  per  ordinary  share,  for  shares
registered  in the books of the  Company at the close of business on 20th August
2004.  Shareholders  who have  their  dividends  paid  direct  to their  bank or
building society account will receive a consolidated  tax voucher  detailing the
dividends paid in the 2004/2005 tax year in mid-October 2004.

For  qualifying US and Canadian  resident ADR holders,  the interim  dividend of
8.25p per ordinary share becomes 33.0p per ADS (representing  four shares).  The
ADR depositary  will mail the dividend on 1st October 2004 to ADR holders on the
record on 20th August 2004.

For qualifying Japanese shareholders, the interim dividend of 8.25p per ordinary
share will be distributed in mid-October to  shareholders  on the record on 20th
August 2004.

Shareholders  may have their  dividends  reinvested  in  Barclays  PLC shares by
participating in the Barclays Dividend  Reinvestment Plan. The plan is available
to all  shareholders,  including members of Barclays  Sharestore,  provided that
they do not live in or are  subject to the  jurisdiction  of any  country  where
their participation in the plan would require Barclays or The Plan Administrator
to take action to comply with local  government or regulatory  procedures or any
similar  formalities.  Any  shareholder  wishing to obtain details and a form to
join the plan  should  contact  The Plan  Administrator  by writing to: The Plan
Administrator to Barclays,  The Causeway,  Worthing BN99 6DA; or by phoning 0870
609 4535. The completed form should be returned to The Plan  Administrator on or
before 10th September 2004 for it to be effective in time for the payment of the
interim  dividend on 1st October 2004.  Shareholders who are already in the plan
need take no action unless they wish to change their  instructions in which case
they should write to The Plan Administrator.


                                       17







                                  BARCLAYS PLC

Balance Sheet

Capital resources




                                                            30.06.04          31.12.03         30.06.03
                                                                GBPm              GBPm             GBPm
                                                                                           
Shareholders' funds                                           16,934            16,374           15,957
Minority interests                                               178               283              193
                                                     ---------------- -------------------- -------------
                                                              17,112            16,657           16,150
Loan capital                                                  12,468            12,339           12,553
                                                     ---------------- -------------------- -------------
                                                              29,580            28,996           28,703
                                                     ---------------- -------------------- -------------


Total capital resources increased in the half-year by GBP584m.

Equity shareholders' funds increased by GBP560m, reflecting profit retentions of
GBP1,188m,  net  proceeds  of share  issues of GBP22m  and  gains  arising  from
transactions  with  third  parties  which  are  reflected  in the  statement  of
recognised  gains and losses of GBP20m,  offset by share  repurchases of GBP600m
(and a further  GBP5m of costs),  an increase  in treasury  shares of GBP22m and
exchange rate losses of GBP43m.

Loan capital rose by GBP129m reflecting raisings of GBP769m, partially offset by
redemptions of GBP401m,  exchange rate movements of GBP238m and  amortisation of
issue expenses of GBP1m.

                                       18







                                  BARCLAYS PLC

Capital ratios

Weighted risk assets and capital resources,  as defined for supervisory purposes
by the Financial Services Authority, comprise:




                                                            30.06.04          31.12.03         30.06.03
Weighted risk assets:                                           GBPm              GBPm             GBPm
                                                                                           
Banking book
         on-balance sheet                                    138,021           133,816          131,320
         off-balance sheet                                    23,894            22,987           22,358
Associated undertakings and joint ventures                     3,386             2,830            2,777
                                                     ---------------- ------------------- --------------
Total banking book                                           165,301           159,633          156,455
                                                     ---------------- ------------------- --------------

Trading book
         Market risks                                         20,338            13,861           11,336
         Counterparty and settlement risks                    17,694            15,503           13,623
                                                     ---------------- ------------------- --------------
Total trading book                                            38,032            29,364           24,959
                                                     ---------------- ------------------- --------------
Total weighted risk assets                                   203,333           188,997          181,414
                                                     ---------------- ------------------- --------------

Capital resources:
Tier 1
Called up share capital                                        1,613             1,642            1,638
Eligible reserves                                             15,245            14,657           14,288
Minority interests - equity                                      571               637              592
Reserve capital instruments1                                   1,656             1,705            1,783
Tier one notes 1                                                 951               960            1,005
Less: goodwill                                               (4,427)           (4,607)          (4,084)
                                                     ---------------- ------------------- --------------
Total qualifying tier 1 capital                               15,609            14,994           15,222
                                                     ---------------- ------------------- --------------

Tier 2
Revaluation reserves                                              25                25               23
General provisions                                               713               795              752
Qualifying subordinated liabilities2
         Undated loan capital                                  3,595             3,636            3,750
         Dated loan capital                                    5,773             5,652            5,448
Other                                                              2                 2                1
                                                     ---------------- ------------------- --------------
Total qualifying tier 2 capital                               10,108            10,110            9,974
                                                     ---------------- ------------------- --------------
Tier 3: short term subordinated liabilities2                     267               280              441
                                                     ---------------- ------------------- --------------

Less: Supervisory deductions
Investments not consolidated for Supervisory
purposes3                                                      (923)             (979)          (1,363)
Other deductions                                               (343)             (182)            (247)
                                                     ---------------- ------------------- --------------
                                                             (1,266)           (1,161)          (1,610)
                                                     ---------------- ------------------- --------------
Total net capital resources                                   24,718            24,223           24,027
                                                     ---------------- ------------------- --------------

                                                                   %                 %                %
Equity Tier 1 ratio4                                             6.4               6.5              6.9
Tier 1 ratio                                                     7.7               7.9              8.4
Risk asset ratio                                                12.2              12.8             13.2


1    Reserve capital  instruments  (RCIs) and tier one notes (TONs) are included
     in the undated loan capital in the consolidated balance sheet.

2    Subordinated  liabilities  are  included in tiers 2 or 3, subject to limits
     laid down in the supervisory  requirements.  Barclays  retains  significant
     capacity to raise additional capital within these limits.

3    Includes GBP436m (31st December 2003: GBP478m;  30th June 2003: GBP799m) of
     shareholders' interest in the retail life fund.

4    Equity defined as total qualifying tier 1 capital less RCIs and TONs.

                                       19






                                  BARCLAYS PLC

Capital ratios (continued)

Net capital  resources grew 2% (GBP0.5bn).  Tier 1 capital rose by GBP0.6bn with
retained  profits of GBP1.2bn  being  partially  offset by share  repurchases of
GBP0.6bn.  Tier 2 and  tier 3  capital  remained  broadly  as  reported  at 31st
December 2003. Supervisory deductions increased by GBP0.1bn.

Growth in net capital  resources was more than offset by the impact of 8% growth
(GBP14.3bn)  in weighted  risk assets.  The increase in weighted  risk assets is
primarily accounted for by a rise of 30% (GBP8.7bn) in the Trading book. Banking
book weighted risk assets grew 4% (GBP5.7bn).

The risk asset ratio was 12.2% (31st December 2003: 12.8%). The Tier 1 ratio was
7.7% (31st December 2003: 7.9%). The Equity Tier 1 ratio was 6.4% (31st December
2003: 6.5%).


                                       20









                                  BARCLAYS PLC

Results by business

The following  section  analyses the Group's  performance by business.  From 1st
January  2004,  for reporting  purposes,  Barclays has been  organised  into the
following business groupings:

o    UK Banking, comprising

     -    UK Retail Banking
     -    UK Business Banking

o        Private Clients and International, comprising

     -    Private Clients
     -    International

o    Barclaycard

o    Wholesale and Institutional, comprising

     -    Barclays Capital
     -    Barclays Global Investors

The Group  restructure has had no impact on the Group profit and loss account as
reported in the 2003 Annual Report.

The  analysis  of  results  by  business  excludes  goodwill   amortisation  and
exceptional items. The  reconciliations of profit on ordinary  activities before
tax  excluding  goodwill and  exceptional  items to profit  before tax and total
assets excluding goodwill to total assets are shown on pages 23 to 25.

UK Banking

UK Banking delivers banking solutions to Barclays UK retail and business banking
customers.  It offers a range of integrated  products and services and access to
the expertise of other Group businesses.  Customers are served through a variety
of channels comprising: the branch network, automated teller machines, telephone
banking, online banking and relationship managers. UK Banking is managed through
two business groupings, UK Retail Banking and UK Business Banking.

UK Retail Banking

UK Retail Banking comprises Personal Customers, mortgages, Small Business and UK
Premier.  The bringing together of these businesses  provides the opportunity to
build broader and deeper  relationships  with both  existing and new  customers.
Personal  Customers and mortgages  provide a wide range of products and services
to over 14  million  retail  customers,  including  current  accounts,  savings,
mortgages,  and general  insurance.  Small Business provides banking services to
over 565,000 small businesses. UK Premier provides banking,  investment products
and advice to some 270,000 mass affluent customers.

UK Business Banking

UK Business  Banking  provides  relationship  banking to the Group's  larger and
medium  business  customers  in the United  Kingdom.  Customers  are served by a
network of  relationship  and industry  sector  specialist  managers who provide
local access to an extensive range of products and services, as well as offering
business  information  and support.  Customers  are also  offered  access to the
products and expertise of other businesses in the Group,  particularly  Barclays
Capital.

                                       21









                                  BARCLAYS PLC

Private Clients and International

Private Clients and  International  brings together  Barclays wealth  management
operations  and  the  Group's   non-domestic   retail  and  commercial   banking
activities.  It is managed as two distinct  businesses;  Private  Clients  which
serves  affluent and high net worth clients;  and  International  which provides
banking services to personal and corporate customers internationally.

Private Clients

Private Clients serves affluent and high net worth clients,  primarily in the UK
and  continental   Europe,   providing   private  banking,   offshore   banking,
stockbroking  and asset  management  services,  as well as  providing  financial
planning services to a broader customer base. It comprises the following ongoing
businesses: International Banking, Private Banking, Barclays Financial Planning,
Barclays  Stockbrokers  and the Gerrard  business which was acquired in December
2003.

International

International provides a range of banking services,  including current accounts,
savings,  investments  mortgages  and consumer  loans to personal and  corporate
customers across Spain,  Portugal,  France,  Italy,  Africa and the Middle East.
International  also  includes  the  results  of  the  FirstCaribbean   business,
accounted for as an associated undertaking.

Barclaycard

Barclaycard is one of the leading credit card businesses in Europe.  Barclaycard
now  incorporates  all of the Group's UK unsecured and card lending products and
expertise.  Barclaycard  works  closely with the UK Retail  Banking  business to
leverage the branch  distribution  capability.  In addition to its operations in
the United Kingdom,  Barclaycard is active in Germany,  Spain,  Greece,  France,
Italy, Portugal, the Republic of Ireland and across Africa.

Wholesale and Institutional - Barclays Capital

Barclays Capital is the investment banking division of Barclays, providing large
corporate,   institutional  and  government  clients  with  solutions  to  their
financing and risk management needs.

The Barclays  Capital  business  model  focuses on a broad span of financing and
risk management services in the interest rate, foreign exchange, commodities and
credit markets  combined with certain  capabilities in equities.  Activities are
divided between two areas: Rates, which includes fixed income, foreign exchange,
commodities,  emerging markets, money markets sales, trading and research, prime
brokerage and equity related activities; and Credit, which includes origination,
sales, trading and research relating to loans, debt capital markets,  structured
capital markets, commercial mortgage backed securities, private equity and large
asset leasing.

Wholesale and Institutional - Barclays Global Investors

Barclays Global Investors (BGI) is one of the world's largest asset managers and
a leading global provider of investment management products and services.

BGI offers  structured  investment  strategies such as indexing,  tactical asset
allocation  and  risk-controlled  active  products.  BGI also  provides  related
investment  services such as securities  lending,  cash management and portfolio
transition services.  In addition,  BGI is the product leader in Exchange Traded
Funds (iShares), with over 100 funds for institutions and individuals trading in
ten global  markets.  BGI's  investment  philosophy  is founded on managing  all
dimensions of performance - a consistent focus on controlling  risk,  return and
cost.

                                       22







                                  BARCLAYS PLC

              RECONCILIATION OF PROFIT BEFORE TAX AND TOTAL ASSETS

In the  detailed  business  analyses  shown on pages 26 to 43,  results are also
presented  excluding  goodwill  amortisation  and  exceptional  items.  Barclays
management believes that these non-GAAP measures provide valuable information to
readers of its financial statements because they enable the reader to focus more
directly on the underlying  day-to-day  performance  of Barclays  businesses and
provide more detail concerning the elements of performance which the managers of
these  businesses  are most  directly  able to  influence.  They also reflect an
important  aspect  of  the  way in  which  operating  targets  are  defined  and
performance  is monitored  by Barclays  management.  The tables below  reconcile
profit  before tax  excluding  goodwill and  exceptional  items and total assets
excluding  goodwill,  which are non GAAP numbers used in the presentation of the
results of the businesses, to the relevant UK GAAP numbers.





PROFIT BEFORE TAX BY BUSINESS                                                 Half-year ended
                                                                                  30.06.04
                                                             ---------------------------------------------------
                                                                   Excluding          Goodwill           Profit
                                                                    goodwill               and           before
                                                                         and       Exceptional              tax
                                                                 exceptional             Items
                                                                       items
                                                                        GBPm              GBPm             GBPm
                                                                                                   
UK Banking                                                             1,217              (45)            1,172
                                                             ---------------- ----------------------------------
  UK Retail Banking                                                      588              (37)              551
  UK Business Banking                                                    629               (8)              621
                                                             ---------------- ----------------------------------
Private Clients and International                                        196              (35)              161
                                                             ---------------- ----------------------------------
  Private Clients  - ongoing business                                     81              (31)               50
                   - closed life assurance activities                   (29)                 -             (29)
  International                                                          144               (4)              140
                                                             ---------------- ----------------------------------
Barclaycard                                                              428              (21)              407
Barclays Capital                                                         599                 -              599
Barclays Global Investors                                                157               (7)              150
Head office functions and other operations                              (80)                 2             (78)
Exceptional items                                                         45              (45)                -
Goodwill relating to associated undertakings                             (3)                 3                -
Goodwill amortisation                                                  (148)               148                -
                                                             ---------------- ----------------------------------
Profit before tax                                                      2,411                 -            2,411
                                                             ---------------- ----------------------------------




                                       23







                                  BARCLAYS PLC

              RECONCILIATION OF PROFIT BEFORE TAX AND TOTAL ASSETS




PROFIT BEFORE TAX BY BUSINESS                       Half-year ended                             Half-year ended
                                                       31.12.03                                    30.06.03
                                      --------------------------------------------- ------------------------------------------
                                            Excluding       Goodwill       Profit       Excluding       Goodwill       Profit
                                             goodwill            and       before        goodwill            and       before
                                                  and    exceptional          tax             and    exceptional          tax
                                          exceptional          items                  exceptional          items
                                                items                                       items
                                                 GBPm           GBPm         GBPm            GBPm           GBPm         GBPm
                                                                                                        
UK Banking                                      1,137           (97)        1,040           1,149           (86)        1,063
                                      ------------------ ------------ -------------- --------------- ------------ ------------
  UK Retail Banking                               569           (89)          480             582           (79)          503
  UK Business Banking                             568            (8)          560             567            (7)          560
                                      ------------------ ------------ -------------- --------------- ------------ ------------
Private Clients and International                 151           (24)          127             129           (18)          111
                                      ------------------ ------------ -------------- --------------- ------------ ------------
  Private Clients  - ongoing business              40           (21)           19              58           (15)           43
                   - closed life                 (32)              -         (32)            (48)              -         (48)

  International                                   143            (3)          140             119            (3)          116
                                      ------------------ ------------ -------------- --------------- ------------ ------------
Barclaycard                                       374           (21)          353             387           (17)          370
Barclays Capital                                  398              -          398             438              -          438
Barclays Global Investors                         100            (7)           93              91            (6)           85
Head office functions and other
operations                                      (139)             10        (129)           (102)            (2)        (104)
Exceptional items                                   5            (5)            -             (1)              1            -
Goodwill relating to associated
undertakings                                      (4)              4            -             (3)              3            -
Goodwill amortisation                           (140)            140            -           (125)            125            -
                                      ------------------ ------------ -------------- --------------- ------------ ------------
Profit before tax                               1,882              -        1,882           1,963              -        1,963
                                      ------------------ ------------ -------------- --------------- ------------ ------------



                                       24







                                  BARCLAYS PLC

              RECONCILIATION OF PROFIT BEFORE TAX AND TOTAL ASSETS

TOTAL ASSETS BY BUSINESS




                                                                                          30.06.04
                                                                    -----------------------------------------------------
                                                                            Excluding         Goodwill             Total
                                                                             goodwill                             assets
                                                                                 GBPm             GBPm              GBPm
                                                                                                            
UK Banking                                                                    114,683            2,706           117,389
                                                                    ------------------ ---------------- -----------------
  UK Retail Banking                                                            67,502            2,665            70,167
  UK Business Banking                                                          47,181               41            47,222
                                                                    ------------------ ---------------- -----------------
Private Clients and International                                              27,794            1,116            28,910
                                                                    ------------------ ---------------- -----------------
  Private Clients          - ongoing business                                   4,426            1,089             5,515
                           - closed life assurance activities                     480                -               480
  International                                                                22,888               27            22,915
                                                                    ------------------ ---------------- -----------------
Barclaycard                                                                    20,689              271            20,960
Barclays Capital                                                              317,027                -           317,027
Barclays Global Investors                                                         706              165               871
Head office functions and other operations                                      4,921                5             4,926
Goodwill                                                                        4,263          (4,263)                 -
Retail life-fund assets                                                         7,911                -             7,911
                                                                    ------------------ ---------------- -----------------
Total assets                                                                  497,994                -           497,994
                                                                    ------------------ ---------------- -----------------







                                                      31.12.03                                  30.06.03
                                       ---------------------------------------- -----------------------------------------
                                         Excluding      Goodwill         Total     Excluding      Goodwill         Total
                                          goodwill                      assets      goodwill                      assets
                                              GBPm          GBPm          GBPm          GBPm          GBPm          GBPm
                                                                                                   
UK Banking                                 110,995         2,793       113,788       109,529         2,876       112,405
                                       ------------ ------------- ------------- ------------- ------------- -------------
  UK Retail Banking                         67,001         2,744        69,745        66,415         2,823        69,238
  UK Business Banking                       43,994            49        44,043        43,114            53        43,167
                                       ------------ ------------- ------------- ------------- ------------- -------------
Private Clients and International           26,492         1,155        27,647        21,170           526        21,696
                                       ------------ ------------- ------------- ------------- ------------- -------------
  Private Clients - ongoing business         3,867         1,144         5,011         4,072           513         4,585
                  - closed life                528             -           528           872             -           872
  International                             22,097            11        22,108        16,226            13        16,239
                                       ------------ ------------- ------------- ------------- ------------- -------------
Barclaycard                                 20,348           291        20,639        19,054           307        19,361
Barclays Capital                           268,702             -       268,702       279,963             -       279,963
Barclays Global Investors                      533           162           695           607           153           760
Head office functions and other
operations                                   3,709             5         3,714         4,792             5         4,797
Goodwill                                     4,406       (4,406)             -         3,867       (3,867)             -
Retail life-fund assets                      8,077             -         8,077         7,642             -         7,642
                                       ------------ ------------- ------------- ------------- ------------- -------------
Total assets                               443,262             -       443,262       446,624             -       446,624
                                       ------------ ------------- ------------- ------------- ------------- -------------



                                       25







                                  BARCLAYS PLC
UK Banking




                                                                              Half-year ended
                                                                     30.06.04         31.12.03         30.06.03
                                                                         GBPm             GBPm             GBPm
                                                                                                   
Net interest income                                                     1,691            1,667            1,634
Net fees and commissions                                                  957              926              881
Other operating income                                                    134              217              180
                                                             ------------------- -------------- ----------------
Operating income                                                        2,782            2,810            2,695
Operating expenses excluding goodwill                                 (1,418)          (1,510)          (1,393)
                                                             ------------------- -------------- ----------------

Operating profit before provisions excluding goodwill                   1,364            1,300            1,302
Provisions for bad and doubtful debts                                   (152)            (169)            (157)
                                                             ------------------- -------------- ----------------
Operating profit excluding goodwill                                     1,212            1,131            1,145
Profit from associated undertakings                                         5                6                4
                                                             ------------------- -------------- ----------------
Profit on ordinary activities before tax excluding
goodwill and exceptional items1                                         1,217            1,137            1,149
                                                             ------------------- -------------- ----------------

Total assets excluding goodwill 1                                  GBP114.7bn       GBP111.0bn        GBP109.5bn
Weighted risk assets                                                GBP87.5bn        GBP84.5bn         GBP83.1bn

Risk Tendency                                                         GBP360m          GBP385m          GBP420m



UK Banking delivered profitable growth notwithstanding significant investment in
infrastructure.

The  formation  of UK Banking  provides  more  integrated  banking  solutions to
customers  and  enables  opportunities  to  streamline  back  office and support
functions.

UK Banking profit before tax including  goodwill and exceptional items increased
10%  (GBP109m) to  (GBP1,172m)  (2003:  GBP1,063m).  Profit before tax excluding
goodwill  and  exceptional  items  increased  6%  (GBP68m) to  GBP1,217m  (2003:
GBP1,149m).

Operating income increased 3% (GBP87m) to GBP2,782m (2003: GBP2,695m) reflecting
good  growth  in fees  and  commissions,  whilst  operating  expenses  excluding
goodwill  increased  2%  (GBP25m)  to  GBP1,418m  (2003:  GBP1,393m).  Operating
expenses  including  goodwill  and  exceptional  items  decreased 1% (GBP16m) to
GBP1,463m (2003: 1,479m).




1    The  reconciliation  of profit on ordinary  activities before tax excluding
     goodwill and  exceptional  items to profit  before tax is on pages 23 to 24
     and the  reconciliation of total assets excluding  goodwill to total assets
     is on page 25.

                                       26






                                  BARCLAYS PLC



UK Retail Banking




                                                                                Half-year ended
                                                                      30.06.04         31.12.03         30.06.03
                                                                          GBPm             GBPm             GBPm
                                                                                                     
Net interest income                                                      1,013            1,003              997
Net fees and commissions                                                   566              550              524
Other operating income                                                     131              204              161
                                                               ---------------- ---------------- ----------------
Operating income                                                         1,710            1,757            1,682
Operating expenses excluding goodwill                                  (1,063)          (1,147)          (1,041)
                                                               ---------------- ---------------- ----------------
Operating profit before provisions excluding goodwill                      647              610              641
Provisions for bad and doubtful debts                                     (62)             (45)             (62)
                                                               ---------------- ---------------- ----------------
Operating profit excluding goodwill                                        585              565              579
Profit from associated undertakings                                          3                4                3
                                                               ---------------- ---------------- ----------------
Profit on ordinary activities before tax excluding goodwill                588              569              582
and exceptional items1
                                                               ---------------- ---------------- ----------------


Loans and advances to customers - banking (period end)               GBP64.3bn        GBP63.2bn        GBP63.0bn
Customer deposits - banking (period end)                             GBP70.7bn        GBP69.5bn        GBP67.6bn
Total assets excluding goodwill1                                     GBP67.5bn        GBP67.0bn        GBP66.4bn
Weighted risk assets                                                 GBP36.5bn        GBP35.8bn        GBP36.0bn


Risk Tendency
                                                                       GBP150m          GBP150m          GBP185m










1    The  reconciliation  of profit on ordinary  activities before tax excluding
     goodwill and  exceptional  items to profit  before tax is on pages 23 to 24
     and the  reconciliation of total assets excluding  goodwill to total assets
     is on page 25.

                                       27







                                  BARCLAYS PLC

Most of the businesses  within UK Retail Banking  delivered  solid income growth
during the first  half of the year.  However,  the  results  were  significantly
impacted  by  margin  pressure  in the  mortgage  business  and  lower  mortgage
redemption  income.  The  level  of  investment  in the  infrastructure  of this
business to improve customer service  increased  significantly and good progress
has been made in recruiting the targeted additional 1,000 front-line staff. Risk
metrics  remained  stable,  while the  quality  of the loan  portfolio  has been
maintained.

UK Retail Banking  profit before tax including  goodwill and  exceptional  items
increased 10% (GBP48m) to GBP551m (2003:  GBP503m).  Profit before tax excluding
goodwill and exceptional items increased 1% (GBP6m) to GBP588m (2003:  GBP582m).
There was steady income  growth  partly  offset by cost growth which  included a
significant  increase in investment  spend.  The risk position  remained stable.
Operating  income  increased 2% (GBP28m) to  GBP1,710m  (2003:  GBP1,682m).  Net
revenue  (operating  income less provisions)  increased 2% (GBP28m) to GBP1,648m
(2003: GBP1,620m).

Net interest income increased 2% (GBP16m) to GBP1,013m (2003:  GBP997m).  Growth
was driven by higher customer  deposit  balances,  and an increase in the margin
associated with the savings business.  Income  attributable to growth in average
UK mortgage balances was more than offset by margin pressure.

A selective  approach to the  mortgage  market has been  maintained.  Average UK
residential mortgage balances increased 3% to GBP60.6bn (2003: GBP58.6bn). Gross
advances were  GBP9.2bn  (2003:  GBP8.8bn)  and net lending was GBP1.0bn  (2003:
GBP1.2bn).  UK residential mortgage balances ended the period at GBP60.8bn (31st
December 2003: GBP59.8bn). The loan to value ratio within the mortgage book on a
current valuation basis averaged 38% (2003:  40%).  Average  overdraft  balances
within Personal Customers increased by 8%.

Average customer deposit balances  increased 5% to GBP67.5bn (2003:  GBP64.0bn).
There was good growth in both UK Premier and Small Business  balances.  Personal
Customer current account  balances  increased 10% whilst retail savings balances
were maintained in highly competitive market conditions.

Openplan  customer  numbers  totalled  2.8m  (2003:  2.4m).   Mortgage  balances
increased 20% to GBP31.5bn (2003:  GBP26.2bn) and savings balances  increased 4%
(GBP0.9bn) to GBP21.5bn (2003: GBP20.6bn).

Net fees and  commissions  increased  8%  (GBP42m) to GBP566m  (2003:  GBP524m),
driven  by a good  performance  in  Personal  Customers,  including  value-added
fee-based current accounts.

Other operating income decreased by 19% (GBP30m) to GBP131m (2003: GBP161m). The
prior period included income from a revision of the estimated  amounts  expected
to be repaid on banking  liabilities.  The  absence of this income in the period
has been partly offset by an increase in income  arising from general  insurance
activities.

Operating  expenses including goodwill decreased 2% (GBP20m) to GBP1,100m (2003:
GBP1,120m).  Operating expenses excluding goodwill rose 2% (GBP22m) to GBP1,063m
(2003: GBP1,041m).  Cost growth was due primarily to increased investment in the
infrastructure  of the  business  and costs  associated  with  preparations  for
complying  with the new  regulatory  environment  in the  mortgage  and  general
insurance businesses.

Provisions  remained  stable at GBP62m (2003:  GBP62m).  The quality of the loan
portfolio has been maintained and mortgage  arrears  balances  remained low over
the period.


                                       28







                                  BARCLAYS PLC

UK Business Banking




                                                                               Half-year ended
                                                                     30.06.04         31.12.03         30.06.03
                                                                         GBPm             GBPm             GBPm
                                                                                                   
Net interest income                                                       678              664              637
Net fees and commissions                                                  391              376              357
Other operating income                                                      3               13               19
                                                              ---------------- ---------------- ----------------
Operating income                                                        1,072            1,053            1,013
Operating expenses excluding goodwill                                   (355)            (363)            (352)
                                                              ---------------- ---------------- ----------------
Operating profit before provisions excluding goodwill                     717              690              661
Provisions for bad and doubtful debts                                    (90)            (124)             (95)
                                                              ---------------- ---------------- ----------------
Operating profit excluding goodwill                                       627              566              566
Profit from associated undertakings                                         2                2                1
                                                              ---------------- ---------------- ----------------
Profit on ordinary activities before tax excluding                        629              568              567
goodwill and exceptional items1
                                                              ---------------- ---------------- ----------------


Loans and advances to customers - banking (period end)              GBP44.7bn        GBP41.4bn        GBP40.0bn
Customer deposits - banking (period end)                            GBP42.4bn        GBP38.5bn        GBP37.7bn
Total assets excluding goodwill1                                    GBP47.2bn        GBP44.0bn        GBP43.1bn
Weighted risk assets                                                GBP51.0bn        GBP48.6bn        GBP47.0bn


Risk Tendency                                                         GBP210m          GBP235m          GBP235m










1    The  reconciliation  of profit on ordinary  activities before tax excluding
     goodwill and  exceptional  items to profit  before tax is on pages 23 to 24
     and the  reconciliation of total assets excluding  goodwill to total assets
     is on page 25.

                                       29







                                  BARCLAYS PLC

UK Business  Banking  maintained its momentum,  with good growth in both lending
and deposit  balances.  Both Larger  Business and Medium  Business  continued to
perform well. Market shares of primary banking relationships for Larger Business
and Medium Business were maintained at 26% and 25% respectively.

UK Business Banking profit before tax including  goodwill and exceptional  items
increased 11% (GBP61m) to GBP621m (2003:  GBP560m).  Profit before tax excluding
goodwill also increased 11% (GBP62m) to GBP629m (2003:  GBP567m), as a result of
good income growth, tight cost management and well controlled risk.

Operating  income  increased 6% (GBP59m) to  GBP1,072m  (2003:  GBP1,013m).  Net
revenue   (operating   income  less   provisions)   increased   7%  (GBP64m)  to
GBP982m(2003: GBP918m).

Net interest  income  increased  6% (GBP41m) to GBP678m  (2003:  GBP637m),  as a
result of good balance sheet growth.  Average lending  balances  increased 8% to
GBP42.7bn (2003: GBP39.4bn).  Average deposit balances increased 9% to GBP40.4bn
(2003:  GBP37.1bn).  The lending  margin  remained  firm,  whilst there was some
downward pressure on the deposit margin.

Net fees and  commissions  increased  10% (GBP34m) to GBP391m  (2003:  GBP357m),
driven by lending related fees which rose strongly and accompanied the growth in
balances.

Operating  expenses  including  goodwill  rose  1%  (GBP4m)  to  GBP363m  (2003:
GBP359m).  Operating  expenses  excluding  goodwill also increased 1% (GBP3m) to
GBP355m (2003: GBP352m). Business as usual costs were well controlled, remaining
flat  despite  higher  business  volumes.  Strategic  investment  was focused on
improving direct channels and shared technology infrastructure.

Provisions  decreased 5% (GBP5m) to GBP90m (2003:  GBP95m)  notwithstanding  the
good growth in lending.  The overall  quality of the portfolio  remained  stable
with  total  potential  credit  risk  loans  balances  lower  than  the year end
position.


                                       30










                                  BARCLAYS PLC

                            Intentionally left blank

                                       31






                                  BARCLAYS PLC

Private Clients and International




                                                                             Half-year ended
                                                                    30.06.04         31.12.03         30.06.03
                                                                        GBPm             GBPm             GBPm
                                                                                                  
Net interest income                                                      409              410              339
Net fees and commissions                                                 416              364              319
Other operating income                                                    25               24               12
                                                            -------------------- ----------------- -----------
Operating income                                                         850              798              670
Operating expenses excluding goodwill                                  (619)            (608)            (488)
                                                            -------------------- ----------------- -----------
Operating profit before provisions excluding goodwill                    231              190              182
Provisions for bad and doubtful debts                                   (19)             (22)             (14)
                                                            -------------------- ----------------- -----------
Operating profit excluding goodwill - ongoing business                   212              168              168
Profit from associated undertakings                                       13               15                9
                                                            -------------------- ----------------- -----------
Profit on ordinary activities before tax excluding                       225              183              177
goodwill and exceptional items - ongoing business
Contribution from closed life assurance activities                      (29)             (32)             (48)
                                                            -------------------- ----------------- -----------
Profit on ordinary activities before tax excluding                       196              151              129
goodwill and exceptional items1
                                                            -------------------- ----------------- -----------

Total assets excluding goodwill 1                                  GBP27.8bn        GBP26.5bn        GBP21.2bn
Weighted risk assets                                               GBP20.9bn        GBP18.2bn        GBP15.6bn


Risk Tendency                                                         GBP80m           GBP75m           GBP50m




The improved  performance  reflects good growth in both the Private  Clients and
International  businesses,  supported by improving market  conditions,  together
with the benefits of the acquisitions  made in 2003 and the reduced deficit from
the closed life assurance business.

Private  Clients and  International  profit  before tax  including  goodwill and
exceptional  items  increased 45% (GBP50m) to GBP161m  (2003:  GBP111m).  Profit
before tax excluding  goodwill and  exceptional  items increased 52% (GBP67m) to
GBP196m (2003: GBP129m).





1    The  reconciliation  of profit on ordinary  activities before tax excluding
     goodwill and  exceptional  items to profit  before tax is on pages 23 to 24
     and the  reconciliation of total assets excluding  goodwill to total assets
     is on page 25.

                                       32







                                  BARCLAYS PLC

Private Clients



                                                                              Half-year ended
                                                                     30.06.04         31.12.03         30.06.03
                                                                         GBPm             GBPm             GBPm
                                                                                                   
Net interest income                                                       148              148              140
Net fees and commissions                                                  261              206              188
Other operating income                                                      3                1                3
                                                             ------------------- -------------- ----------------
Operating income                                                          412              355              331
Operating expenses excluding goodwill                                   (331)            (314)            (271)
                                                             ------------------- -------------- ----------------
Operating profit before provisions excluding goodwill                      81               41               60
Provisions for bad and doubtful debts                                       -              (1)              (2)
                                                             ------------------- -------------- ----------------
Profit on ordinary activities before tax excluding goodwill                81               40               58
and exceptional items - ongoing business
Contribution from closed life assurance activities                       (29)             (32)             (48)
                                                             ------------------- -------------- ----------------
Profit on ordinary activities before tax excluding goodwill                52                8               10
and exceptional items1
                                                             ------------------- -------------- ----------------

Loans and advances to customers - banking (period end)               GBP3.6bn         GBP3.1bn         GBP3.0bn
Customer deposits - banking (period end)                            GBP20.4bn        GBP20.2bn        GBP20.8bn
Total assets excluding goodwill - ongoing business1                  GBP4.4bn         GBP3.9bn         GBP4.1bn
Weighted risk assets - ongoing business                              GBP3.6bn         GBP3.2bn         GBP3.0bn


Risk Tendency                                                           GBP5m            GBP5m            GBP5m









1    The  reconciliation  of profit on ordinary  activities before tax excluding
     goodwill and  exceptional  items to profit  before tax is on pages 23 to 24
     and the  reconciliation of total assets excluding  goodwill to total assets
     is on page 25.

                                       33







                                  BARCLAYS PLC

The  comparison  with the prior period is affected by  acquisitions  made during
2003. The retail stockbroking business Charles Schwab Europe was acquired at the
end of January and the Gerrard business in mid December.

The improved performance reflected growth across the Private Clients businesses,
supported by the  improvements  in the market  environment.  The  integration of
Charles  Schwab  Europe  is now  complete  and the  integration  of  Gerrard  is
progressing well.

Private Clients profit before tax including  goodwill and exceptional  items for
the ongoing  business  increased  16% (GBP7m) to GBP50m (2003:  GBP43m).  Profit
before tax excluding  goodwill and  exceptional  items for the ongoing  business
increased 40% (GBP23m) to GBP81m (2003: GBP58m).

Operating income increased 24% (GBP81m) to GBP412m (2003: GBP331m).

Net interest  income  increased  6% (GBP8m) to GBP148m  (2003:  GBP140m).  Total
average customer deposits remained flat at GBP20.5bn (2003: GBP20.6bn) and total
average  loans  increased  21% to  GBP3.4bn  (2003:  GBP2.8bn).  Good  growth in
offshore  corporate  deposits and loans  reflected  the success of investment in
relationship managers and internet based offerings. Margins remained stable.

Net fees and  commissions  increased  39%  (GBP73m) to  GBP261m(2003:  GBP188m).
Excluding the contribution from Gerrard, net fees and commissions increased 11%.
Business volumes improved as higher average equity market levels  contributed to
increased sales of investment products and higher fund management fees.

The  average  level of the FTSE 100 Index was 16% higher  than in the prior year
period at 4,468 (2003: 3,844).  Stockbroking fee income increased 16% during the
first half of 2004,  reflecting improved volumes.  Average daily deal volumes in
UK retail  stockbroking,  including  Charles Schwab  Europe,  increased to 8,300
(2003:  7,000).  Fee income in Private Banking increased 13%,  reflecting higher
volumes and asset  management fees.  Activity levels moderated  somewhat towards
the end of the period as the momentum in the equity markets slowed.

Operating  expenses  including  goodwill  rose 27%  (GBP76m)  to GBP362m  (2003:
GBP286m).  Operating  expenses  excluding  goodwill  increased  22%  (GBP60m) to
GBP331m (2003:  GBP271m).  Excluding the  contribution  from Gerrard,  operating
expenses increased 3%.

Total customer funds,  comprising  customer deposits and assets under management
(including  assets  managed by Legal & General  under the  strategic  alliance),
remained flat at GBP75bn (31st December 2003:  GBP75bn).  Growth in new business
was offset by unfavourable exchange rate movements. Stock market levels remained
broadly  flat during the period.  Private  Clients  customer  deposits  remained
stable at GBP20bn (31st December 2003: GBP20bn).

The integration of Gerrard is progressing well. The business  delivered a strong
performance  with  operating  profit  higher  than in the  first  half of  2003,
supported by income growth of 10%.

The  contribution  from the closed life assurance  activities,  a loss of GBP29m
(2003: loss of GBP48m), comprises the embedded value of the closed Barclays Life
fund together with the costs of GBP33m  (2003:  GBP50m)  relating to redress for
customers in respect of sales of endowment  policies.  Of the loss of GBP29m, in
the Group's results,  GBP9m is included within other operating income and GBP20m
within net interest income.

                                       34







                                  BARCLAYS PLC


International




                                                                                Half-year ended
                                                                      30.06.04         31.12.03          30.06.03
                                                                          GBPm             GBPm              GBPm
                                                                                                     
Net interest income                                                        261              262               199
Net fees and commissions                                                   155              158               131
Other operating income                                                      22               23                 9
                                                               ---------------- ---------------- -----------------
Operating income                                                           438              443               339
Operating expenses excluding goodwill                                    (288)            (294)             (217)
                                                               ---------------- ---------------- -----------------
Operating profit before provisions excluding goodwill                      150              149               122
Provisions for bad and doubtful debts                                     (19)             (21)              (12)
                                                               ---------------- ---------------- -----------------
Operating profit excluding goodwill                                        131              128               110
Profit from associated undertakings                                         13               15                 9
                                                               ---------------- ---------------- -----------------
Profit on ordinary activities before tax excluding goodwill                144              143               119
and exceptional items1
                                                               ---------------- ---------------- -----------------

Loans and advances to customers - banking (period end)               GBP17.6bn        GBP16.8bn         GBP11.9bn
Customer deposits - banking (period end)                              GBP9.4bn         GBP9.9bn          GBP6.9bn
Total assets excluding goodwill1                                     GBP22.9bn        GBP22.1bn         GBP16.2bn
Weighted risk assets                                                 GBP17.3bn        GBP14.9bn         GBP12.6bn


Risk Tendency                                                           GBP75m           GBP70m            GBP45m










1    The  reconciliation  of profit on ordinary  activities before tax excluding
     goodwill and  exceptional  items to profit  before tax is on pages 23 to 24
     and the  reconciliation of total assets excluding  goodwill to total assets
     is on page 25.

                                       35






                                  BARCLAYS PLC

The  comparison  with the prior period is affected by the  acquisition  of Banco
Zaragozano which completed in mid July 2003.

The businesses  within  International  performed  well. The integration of Banco
Zaragozano  is ahead of schedule,  and the combined  Spanish  businesses  showed
significant  progress.  International  has delivered  good  performances  across
continental Europe, Africa and the Middle East.

International  profit  before  tax  including  goodwill  and  exceptional  items
increased 21% (GBP24m) to GBP140m (2003:  GBP116m).  Profit before tax excluding
goodwill  and  exceptional  items  increased  21%  (GBP25m)  to  GBP144m  (2003:
GBP119m),  reflecting growth across its core businesses,  including a continuing
strong performance in the mortgage market in continental Europe.

Operating income increased 29% (GBP99m) to GBP438m (2003: GBP339m).

Net interest  income  increased 31% (GBP62m) to GBP261m  (2003:  GBP199m),  as a
result of the inclusion of Banco  Zaragozano and good  performances in Spain and
Africa.

Total average  customer  deposits  increased 50% to GBP9.6bn  (2003:  GBP6.4bn),
including growth of 64% in European balances and 21% in African balances.  Total
average loans increased 61% to GBP17.1bn (2003: GBP10.6bn),  including growth of
66% in European balances and 24% in African balances. Margins reduced during the
first half due mainly to the impact of changes in the product mix.

Net fees and  commissions  increased  18% (GBP24m) to GBP155m  (2003:  GBP131m),
reflecting principally the inclusion of Banco Zaragozano,  the continued success
of the Openplan  mortgage  products in Spain and a strong  performance in France
from increased fund management related fees.

Operating  expenses  including  goodwill  rose 33%  (GBP72m)  to GBP292m  (2003:
GBP220). Operating expenses excluding goodwill increased 33% (GBP71m) to GBP288m
(2003:  GBP217m)  mainly due to the  inclusion  of Banco  Zaragozano.  Strategic
investment  and  restructuring  costs  increased as a result of the inclusion of
costs  associated  with  the  integration  of  Banco  Zaragozano  and  continued
infrastructure investment in Africa.

Provisions  increased  58%  (GBP7m) to GBP19m  (2003:  GBP12m),  reflecting  the
inclusion of Banco Zaragozano.

Barclays share of income from the  FirstCaribbean  business  increased to GBP13m
(2003: GBP9m).

Barclays  Spain  (including  Banco  Zaragozano  in 2004)  continued  to  perform
strongly, with profit before tax, including goodwill of EUR16m, up 14% to EUR57m
(2003:  EUR50m).  Profit  before tax  excluding  goodwill  of EUR16m rose 46% to
EUR73m (2003: EUR50m). Good progress has been made with the integration:  we are
ahead  of plan  in the  combination  of head  office  functions  and  technology
integration;  the Banco  Zaragozano  branch  network  has been  co-branded;  and
Barclays  products,  particularly  mortgages  and  investment  funds,  have been
successfully launched into the Banco Zaragozano customer base.

Openplan in Spain  continued its  successful  growth and its  penetration of the
customer  base of Banco  Zaragozano.  Total  customer  numbers at the end of the
first half of 2004 were 44,200 (2003:  27,600),  mortgages were EUR6.4bn  (2003:
EUR3.7bn) and savings were EUR1.3bn (2003: EUR0.8bn).

Profit before tax in Africa and the Middle East remained stable at GBP58m (2003:
GBP58m) with a good income  performance and strong growth in corporate  balances
offset by increased restructuring costs and investment costs.


                                       36








                                  BARCLAYS PLC

Barclaycard



                                                                                Half-year ended
                                                                      30.06.04          31.12.03         30.06.03
                                                                          GBPm              GBPm             GBPm
                                                                                                     
Net interest income                                                        810               804              751
Net fees and commissions                                                   361               350              323
                                                               ---------------- ------------------ ---------------
Operating income                                                         1,171             1,154            1,074
Operating expenses excluding goodwill                                    (388)             (409)            (352)
                                                               ---------------- ------------------ ---------------
Operating profit before provisions excluding goodwill                      783               745              722
Provisions for bad and doubtful debts                                    (357)             (373)            (335)
                                                               ---------------- ------------------ ---------------
Operating profit excluding goodwill                                        426               372              387
Profit from joint ventures                                                   2                 2                -
                                                               ---------------- ------------------ ---------------
Profit on ordinary activities before tax excluding goodwill                428               374              387
and exceptional items1
                                                               ---------------- ------------------ ---------------

Loans and advances to customers - banking (period end)               GBP20.1bn         GBP19.6bn        GBP18.4bn
Total assets excluding goodwill1                                     GBP20.7bn         GBP20.3bn        GBP19.1bn
Weighted risk assets                                                 GBP18.4bn         GBP18.3bn        GBP17.6bn

Risk Tendency                                                          GBP810m           GBP775m          GBP710m









1    The  reconciliation  of profit on ordinary  activities before tax excluding
     goodwill and  exceptional  items to profit  before tax is on pages 23 to 24
     and the  reconciliation of total assets excluding  goodwill to total assets
     is on page 25.


                                       37







                                  BARCLAYS PLC

Barclaycard  combined the UK consumer  lending  business with its UK credit card
operations  to  create  an  integrated  business  focused  on  meeting  personal
customers' short and medium term borrowing needs.

Barclaycard  International continued to execute its international card strategy,
which  the  Group  expects  to be  achieved  through a  combination  of  organic
activity, partnerships, alliances and acquisitions.

The  comparison  with  the  prior  period  is  impacted  by the  acquisition  of
Clydesdale Financial Services in May 2003.

Barclaycard profit before tax including goodwill and exceptional items increased
10% (GBP37m) to GBP407m (2003:  GBP370m).  Profit before tax excluding  goodwill
and exceptional items increased 11% (GBP41m) to GBP428m (2003: GBP387m).

Operating  income  increased 9% (GBP97m) to  GBP1,171m  (2003:  GBP1,074m).  Net
revenue  (operating  income less  provisions)  increased 10% (GBP75m) to GBP814m
(2003: GBP739m).

Net interest income increased 8% (GBP59m) to GBP810m (2003:  GBP751m) reflecting
growth  in UK  average  extended  credit  balances,  up 10% to  GBP7.9bn  (2003:
GBP7.2bn)  and UK average  loan  balances up 11% to GBP9.2bn  (2003:  GBP8.3bn).
Rising funding costs reduced  margins on UK extended  credit  balances.  Balance
transfer  activity at  promotional  initial rates  remained a key feature of the
market.

Recruitment of UK card customers at 560,000 remained strong (2003: 650,000).

Sales of the Barclayloan product were good, up 10% to GBP2.2bn (2003:  GBP2.0bn)
in the period.  In addition,  First Plus average loan balances  increased 27% to
GBP1.4bn (2003: GBP1.1bn).

Net fees and commissions  increased 12% (GBP38m) to GBP361m (2003: GBP323m) as a
result of increased  cardholder activity fees and growth in the consumer lending
business and good volume growth within the merchant acquiring business.

Operating  expenses  including  goodwill  rose 11%  (GBP40m)  to GBP409m  (2003:
GBP369m).  Operating  expenses  excluding  goodwill rose 10% (GBP36m) to GBP388m
(2003: GBP352m). The increase reflected the growth in Barclaycard International,
business as usual costs in the UK business and brand related investment.

Provisions increased 7% (GBP22m) to GBP357m (2003: GBP335m) broadly in line with
the growth in lendings.

Barclaycard  International  made good progress with its international  expansion
strategy.  Income  increased 23% to GBP73m due to the growth in average extended
credit  balances,  up 22% (GBP142m) to GBP777m  (2003:  GBP635m).  The number of
Barclaycard  International  cards in issue rose to 1.8m  (2003:1.5m).  Operating
costs increased in line with income.

                                       38








                                  BARCLAYS PLC

Wholesale and Institutional - Barclays Capital



                                                                                Half-year ended
                                                                      30.06.04          31.12.03         30.06.03
                                                                          GBPm              GBPm             GBPm
                                                                                                     
Net interest income                                                        463               509              515
Dealing profits                                                            787               515              527
Net fees and commissions                                                   276               298              253
Other operating income                                                     175                61               48
                                                               ---------------- ------------------- --------------
Operating income                                                         1,701             1,383            1,343
Operating expenses                                                     (1,053)             (863)            (775)
                                                               ---------------- ------------------- --------------
Operating profit before provisions                                         648               520              568
Provisions for bad and doubtful debts                                     (49)             (122)            (131)
                                                               ---------------- ------------------- --------------
Operating profit                                                           599               398              437
Profit from associated undertakings                                          -                 -                1
                                                               ---------------- ------------------- --------------
Profit on ordinary activities before tax                                   599               398              438
                                                               ---------------- ------------------- --------------

Net revenue per member of staff ('000)                                  GBP260            GBP223           GBP220

Total assets                                                         GBP317.0bn        GBP268.7bn       GBP280.0bn
Weighted risk assets                                                 GBP72.7bn         GBP65.1bn        GBP62.1bn


Risk Tendency                                                           GBP80m           GBP135m          GBP190m









                                      39








                                  BARCLAYS PLC

Barclays Capital  delivered  record first half operating income and profit.  The
very strong  performance  has been  driven by growth in business  volumes as the
franchise  continued  the  planned  expansion  into  targeted   geographies  and
products.  There has been significant  headcount growth in the first half of the
year in Europe, the United States and Asia. These investments were broadly based
across product,  distribution  and support  capabilities  particularly in equity
derivatives, commodities, foreign exchange and mortgage backed securities.

Barclays  Capital  profit before tax  increased 37% (GBP161m) to GBP599m  (2003:
GBP438m),  as a result of very strong  operating  income growth and the improved
credit environment.

Operating income increased 27% (GBP358m) to a record GBP1,701m (2003: GBP1,343m)
and reflected broadly based growth across most of the product areas in Rates and
Credit. Net revenue  (operating income less provisions)  increased 36% (GBP440m)
to GBP1,652m (2003: GBP1,212m). Higher average DVaR at GBP38m (2003: GBP23m) was
driven by increased business volumes and market  opportunities.  Average DVaR in
the first  half  remained  in line with the 2003 year end  position  of  GBP37m.
Period  end DVaR at 30th June  2004 of  GBP26m  reflected  lower  interest  rate
positions during the last few weeks of the period.

Secondary income,  comprising dealing profits and net interest income,  which is
primarily   generated  from  providing  client  risk  management  and  financing
solutions, increased 20% (GBP208m) to GBP1,250m (2003: GBP1,042m).

Dealing profits grew 49% (GBP260m) to GBP787m (2003: GBP527m),  with very strong
performances  in the  Rates and  Credit  businesses.  This was  driven by higher
volumes of client led activity across a broad range of products,  the benefit of
recent  headcount  investments  in  product  depth  and  geographical  reach and
reflected  the level of average DVaR.  Net interest  income fell 10% (GBP52m) to
GBP463m (2003:  GBP515m) due to lower  contributions  from both money markets as
the size of the book was reduced and from the loan  portfolio  as average  drawn
credit balances fell to GBP7bn (2003: GBP10bn).

Primary income,  comprising net fees and commissions,  grew 9% to GBP276m (2003:
GBP253m),  with  good  contributions  from  primary  bonds as a result of higher
issuance  volumes.  This  performance was achieved  despite the market trends of
lower  corporate  issuance.  Net fees and  commissions  included  GBP46m  (2003:
GBP40m) of internal fees for structured capital markets  activities  arranged by
Barclays Capital.

Other  operating  income  increased to GBP175m  (2003:  GBP48m) as a result of a
number of private equity and structured capital markets investment realisations.

Operating  expenses  increased  36%  (GBP278m)  to  GBP1,053m  (2003:  GBP775m).
Business  as usual  costs  grew as a result of  higher  business  volumes  and a
significant  increase in headcount  across  Europe,  the United States and Asia.
Revenue  related  costs  increased  due to  the  strong  financial  performance.
Strategic  investment  costs were  higher  reflecting  continued  investment  in
product, client coverage and distribution capabilities. The ratio of staff costs
to net revenue remained broadly stable at 53% (2003:52%).

Provisions fell 63% (GBP82m) to GBP49m (2003:  GBP131m),  reflecting the ongoing
improvement in the wholesale credit environment.

                                       40







                                                             BARCLAYS PLC

Wholesale and Institutional - Barclays Global Investors



                                                                              Half-year ended
                                                                     30.06.04         31.12.03         30.06.03
                                                                         GBPm             GBPm             GBPm
                                                                                                   
Net interest income                                                         4                4                5
Net fees and commissions                                                  418              356              306
Other operating income                                                      1                1                -
                                                             ------------------- ------------- ----------------
Operating income                                                          423              361              311
Operating expenses excluding goodwill                                   (265)            (260)            (220)
                                                             ------------------- ------------- ----------------
Operating profit excluding goodwill                                       158              101               91
Loss from joint ventures                                                  (1)              (1)                -
                                                             ------------------- ------------- ----------------
Profit on ordinary activities before tax excluding goodwill1              157              100               91
                                                             ------------------- ------------- ----------------

Net revenue per member of staff ('000)                                 GBP217           GBP181           GBP152
Total assets excluding goodwill 1                                    GBP0.7bn         GBP0.5bn         GBP0.6bn

Weighted risk assets                                                 GBP1.0bn         GBP1.1bn         GBP1.1bn












1    The  reconciliation  of profit on ordinary  activities before tax excluding
     goodwill and  exceptional  items to profit  before tax is on pages 23 to 24
     and the  reconciliation of total assets excluding  goodwill to total assets
     is on page 25.

                                       41




                                  BARCLAYS PLC

Barclays Global Investors  continued to deliver a very strong  performance.  The
success  has been  achieved  from a  combination  of: a  commitment  to  product
innovation;  a more diverse product range; success in attracting net new assets;
the  investment  performance  of the active  business;  and increased  operating
efficiency.

Barclays Global  Investors  profit before tax including  goodwill  increased 77%
(GBP65m)  to  GBP150m  (2003:  GBP85m).  Profit  before tax  excluding  goodwill
increased 73% (GBP66m) to GBP157m (2003:  GBP91m)  reflecting very strong income
growth  and good cost  control.  Growth in income and costs was  constrained  by
adverse foreign exchange movements.  Approximately 55% of income is generated in
the US and 31% in the UK.

Net fees and  commissions  increased 37% (GBP112m) to GBP418m  (2003:  GBP306m),
with strong income generation  across both the active and index businesses.  The
increase  was largely  driven by growth of  investment  management  fees.  These
resulted from strong net new sales,  growth in sales of higher margin  products,
continued solid investment performance and stronger global equity markets, which
more than  compensated  for the adverse  impact of foreign  exchange  movements.
Securities  lending  income growth was also strong,  benefiting  from  increased
volumes.

Operating  expenses  including  goodwill  rose 24%  (GBP52m)  to GBP272m  (2003:
GBP220m).  Operating  expenses  excluding  goodwill  increased  20%  (GBP45m) to
GBP265m  (2003:  GBP220m)  primarily  as a result  of higher  performance  based
expenses.

Total assets under  management  increased 6% (GBP36bn) to GBP634bn or US$1,151bn
(31st December 2003:  GBP598bn or US$1,070bn).  This growth came from GBP28bn of
net new assets and GBP16bn attributable to market movements, partially offset by
GBP8bn of adverse exchange rate movements.

                                       42




                                  BARCLAYS PLC

Head office functions and other operations

Head office  functions  comprise all the Group's  central  costs,  including the
following areas that fall within Group Functions: Executive Management, Finance,
Marketing,  Communications,  Human  Resources,  Strategy and Planning,  Internal
Audit, Legal,  Corporate  Secretariat,  Tax, Compliance and Risk. Costs incurred
wholly on behalf of the business units are recharged to them.

Transition  Businesses  comprise  discontinued South American and Middle Eastern
corporate banking businesses and other centrally managed Transition  Businesses.
These  non-core  relationships  are managed  separately  with the  objective  of
maximising the recovery from the assets concerned.

Central items include  internal fees charged by Barclays  Capital for structured
capital  markets   activities,   income  from  the  management  of  the  Group's
operational  premises,   property  related  services  and  other  central  items
including activities which support the operating business.




                                                                      Half-year ended
                                                            30.06.04          31.12.03         30.06.03
                                                                GBPm              GBPm             GBPm
                                                                                           
Head office functions and central items                         (65)             (124)             (76)
Transition Businesses                                            (9)               (5)             (20)
Restructuring costs                                              (6)              (10)              (6)
                                                     --------------- --------------------- ------------

Loss on ordinary activities before tax excluding                (80)             (139)            (102)
goodwill and exceptional items1
                                                     --------------- --------------------- ------------



Head office  functions and central items costs  decreased 14% (GBP11m) to GBP65m
(2003: GBP76m). Central items included internal fees charged by Barclays Capital
for structured capital market activities of GBP46m (2003: GBP40m).

The improved  performance of Transition  Businesses,  from a loss of GBP20m to a
loss of GBP9m, primarily reflected provisions released in the current year.


Woolwich integration synergies

Total Woolwich integration benefits of GBP227m were achieved by the programme in
the  half-year  ended 30th June 2004.  This  comprises  ongoing cost and revenue
synergies totalling GBP226m and tax savings of GBP1m.

The  Group  is on track to  exceed  the  targeted  GBP400m  in cost and  revenue
synergies for the full year to 31st December 2004.



1    The  reconciliation  of profit on ordinary  activities before tax excluding
     goodwill and  exceptional  items to profit  before tax is on pages 23 to 24
     and the  reconciliation of total assets including  goodwill to total assets
     is on page 25.
                                       43





                                  BARCLAYS PLC

Economic Capital

Barclays assesses capital requirements by measuring the Group risk profile using
both  internally and externally  developed  models.  The Group assigns  economic
capital primarily within six risk categories: Credit Risk, Market Risk, Business
Risk, Operational Risk, Insurance Risk, Fixed Assets and Private Equity.

The Group regularly enhances its economic capital methodology.  During the first
half of 2004  enhancements  included  improvements  in the modelling of the time
horizon,  correlation of risks and risk concentrations.  The developments in the
methodology  are  consistent  with the  capital  proposals  within  the Basel II
accord.

Average economic capital by business is set out below:




                                                                            Half-year ended
                                                                   30.06.04         31.12.03         30.06.03
                                                                       GBPm             GBPm             GBPm
                                                                                                 
UK Banking                                                            4,450            4,800            4,800
                                                           --------------------- ---------------- -----------
  UK Retail Banking                                                   2,150            2,250            2,250
  UK Business Banking                                                 2,300            2,550            2,550
                                                           --------------------- ---------------- -----------
Private Clients and International                                     1,400            1,350            1,050
                                                           --------------------- ---------------- -----------
  Private Clients - ongoing business                                    300              250              200
                  - closed life assurance activities                    100              150              150
  International                                                       1,000              950              700
                                                           --------------------- ---------------- -----------
Barclaycard                                                           2,450            2,250            2,150
Barclays Capital                                                      2,050            2,100            2,150
Barclays Global Investors                                               150              150              150
Head office functions and other operations1                             200              250              250
                                                           --------------------- ---------------- -----------
Average business unit economic capital                               10,700           10,900           10,550
Capital held at Group centre2                                         1,600            1,300            1,050
Average historical goodwill                                           5,600            5,300            4,900
                                                           --------------------- ---------------- -----------
Total average shareholders' funds                                    17,900           17,500           16,500
                                                           --------------------- ---------------- -----------


1    Includes Transition Businesses and capital for central functional risks.

2    The Group's practice is to maintain an appropriate level of excess capital,
     held at Group  centre,  which is not  allocated  to  business  units.  This
     variance  arises as a result of  capital  management  timing  and  includes
     capital held to cover pension contribution risk.

Total average shareholders' funds including unamortised goodwill rose by GBP400m
to GBP17,900m in the first half of 2004.

UK Retail Banking economic capital allocation has decreased GBP100m to GBP2,150m
primarily  as a  result  of the  sale  of  non-core  mortgage  assets  that  had
previously been acquired with the Woolwich.

UK  Business  Banking  economic  capital  allocation  has  decreased  GBP250m to
GBP2,300m as a consequence of both general improvements in the credit quality of
counterparties  within Larger Business and of continued  improvement in the risk
assessment of complex transactions within Assets Sales and Venture Finance.

                                       44





                                  BARCLAYS PLC

Private  Clients and  International  economic  capital  allocation has increased
GBP50m to GBP1,400m  reflecting  the impact of including an entire  half-year of
the two acquisitions made in the second half of 2003.

Barclaycard  economic capital  allocation has increased GBP200m due to continued
growth in the loan book and methodology improvements in First Plus.

                                       45




                                  BARCLAYS PLC

Economic Profit

Economic profit for the half-year 2004 was GBP1,054m (2003: GBP745m).

The reconciliation of economic profit to profit after tax and minority interests
is shown below:




                                                                             Half-year ended
                                                                   30.06.04         31.12.03          30.06.03
                                                                       GBPm             GBPm              GBPm
                                                                                                  
                                                            ---------------- ---------------- -----------------
Profit after tax and minority interests                               1,716            1,361             1,383
Goodwill amortisation                                                   148              140               125
Tax credit on goodwill                                                  (5)              (4)               (3)
Goodwill relating to associated undertakings                              3                4                 3
                                                            ---------------- ---------------- -----------------

Profit after tax and minority interests excluding goodwill
amortisation                                                          1,862            1,501             1,508

Gain/(loss) on disposal recognised in the statement
of total recognised gains and losses                                     20              (4)                 -
                                                            ---------------- ---------------- -----------------
                                                                      1,882            1,497             1,508

                                                            ---------------- ---------------- -----------------
Average shareholders' funds including
average historical goodwill1                                         17,900           17,517            16,521
Post tax cost of equity                                                9.5%             9.5%              9.5%
                                                            ---------------- ---------------- -----------------

Cost of average shareholders' funds including
average historical goodwill2                                          (828)            (812)             (763)
                                                            ---------------- ---------------- -----------------
Economic profit                                                       1,054              685               745
                                                            ---------------- ---------------- -----------------


1    The difference between the average  shareholders' funds (excluding minority
     interests) of  GBP16,789m  and that reported  above  represents  cumulative
     goodwill  amortisation  charged  and  goodwill  previously  written  off to
     reserves.

2    The cost  includes  a charge  for  purchased  goodwill  of  GBP242m  (2003:
     GBP211m).  A  post-tax  cost of equity  of 8.5% has been used for  goodwill
     associated  with the acquisition of Woolwich plc. A post-tax cost of equity
     of 9.5% has been used for all other  goodwill.  The post tax cost of equity
     is unchanged for 2004.

                                       46





                                  BARCLAYS PLC

Risk Tendency

As part of its credit  risk  measurement  system,  the Group uses a  model-based
methodology  to assess the  quality of the credit  portfolios  across  different
customer  categories.  The  approach is termed Risk  Tendency and applies to all
performing  credit  exposures in both wholesale and retail sectors.  Looking one
year ahead, it provides a statistical  estimate that is the average in the range
of possible losses expected from the current  performing  portfolio.  The actual
outcome in any one year is likely to be  different.  Thus it is not a prediction
of specific  provisions but it gives management a clear view of the evolution of
the quality of the credit portfolio.




                                                                       Half-year ended
                                                              30.06.04         31.12.03         30.06.03
                                                                  GBPm             GBPm             GBPm
                                                                                            
UK Banking                                                         360              385              420
                                                      ------------------- -------------- ----------------
  UK Retail Banking                                                150              150              185
  UK Business Banking                                              210              235              235
                                                      ------------------- -------------- ----------------
Private Clients and International                                   80               75               50
                                                      ------------------- -------------- ----------------
  Private Clients                                                    5                5                5
  International                                                     75               70               45
                                                      ------------------- -------------- ----------------
Barclaycard                                                        810              775              710
Barclays Capital                                                    80              135              190
Transition businesses                                               10               20               20
                                                      ------------------- -------------- ----------------
                                                                 1,340            1,390            1,390
                                                      ------------------- -------------- ----------------



Risk Tendency fell 4% to GBP1,340m (31st December 2003: GBP1,390m).

Barclaycard  Risk  Tendency  increased  due to  high  levels  of  card  customer
recruitment.

International  Risk  Tendency  increased as a result of continued  growth in the
portfolio, particularly in Spain. The rise in the second half of 2003 was mainly
a consequence of the acquisition of Banco Zaragozano.

Risk  Tendency  fell in UK  Business  Banking  and in  Barclays  Capital  due to
improved credit conditions in the corporate and wholesale environment.

                                       47




                                  BARCLAYS PLC

                             ADDITIONAL INFORMATION

Group Structure changes from 2003

From 1st January 2004, for reporting purposes,  Barclays has been organised into
the business  groupings  outlined on pages 21 and 22.  Results are also provided
for Head office functions and other operations.

The  restructure  has had no impact  on the Group  profit  and loss  account  as
reported in the 2003 Annual Report.

Acquisitions and disposals

On 11th March 2004,  Barclays  purchased  the  remaining  40% minority  share in
Barclays Cairo Bank.

On 7th April 2004, Barclays completed the disposal of Edotech Limited to Astron,
the business process outsourcing group.

Accounting policies

A change in  accounting  policy arose from the adoption in 2004 of UITF Abstract
38 (UITF 38), 'Accounting for ESOP trusts'. UITF 38 requires Barclays PLC shares
held in Employee  Share  Ownership  Plans (ESOP) trusts to be accounted for as a
deduction in arriving at shareholders' funds, rather than as assets. The balance
sheets for June 2003 and December 2003 have been restated accordingly, and other
assets and  shareholders'  funds have been  reduced by GBP100m at 30th June 2003
and  GBP99m at 31st  December  2003.  The impact of UITF 38 on the June 2003 and
December 2003 profit and loss account was immaterial,  and the comparatives have
not been restated.

In addition, the June 2003 balance sheet has been restated to reflect the impact
of UITF Abstract 37 (UITF 37),  'Purchases  and sales of own shares',  which was
implemented  in the 2003  year-end  accounts.  As a  result  equity  shares  and
shareholders'  funds have been reduced by GBP7m at 30th June 2003. The impact of
UITF 37 on the  June  2003  profit  and loss  account  was  immaterial,  and the
comparatives have not been restated.

Apart from UITF 38,  there have been no  significant  changes to the  accounting
policies as described in the 2003 Annual Report.

                                       48




                                  BARCLAYS PLC

                             ADDITIONAL INFORMATION

Future UK accounting developments

In July 2004 the Accounting  Standards Board issued Financial Reporting Exposure
Draft 34 on Life Assurance,  which sets out a proposed standard to apply for the
December  2004  year-end.  The Group is  currently  assessing  the impact of the
proposals on its life assurance business.

Conversion to International Financial Reporting Standards in 2005

By Regulation,  the EU has agreed that  virtually all listed  companies must use
International  Financial Reporting Standards (IFRS) adopted for use in the EU in
the  preparation  of their 2005  consolidated  accounts.  Barclays  will have to
comply with this Regulation. The objective is to improve financial reporting and
enhance transparency to assist the free flow of capital throughout the EU and to
improve the efficiency of the capital markets.

Work to meet  the  requirements  of IFRS  fully  in 2005 is  advancing  to plan.
Differences  are  being  identified,   revised  accounting  policies  are  being
developed,  design work is advancing  for the  necessary  changes to systems and
processes whilst the building of the identified changes is progressing well.

The main risks and uncertainties  relate to the standards that have not yet been
finalised  and  adopted  by the  EU.  How  IFRS  financial  statements  will  be
interpreted for tax and regulatory capital purposes also remains unclear at this
time.  However,  the programme is following  normal project  controls and change
management and the Group is confident that it will be able to meet  requirements
for financial reporting in 2005.

While almost all standards are now  finalised,  there remains  uncertainty  with
respect  to  the  application  of  one  key  standard,  'Financial  Instruments:
Recognition and  Measurement'  (IAS 39).  Although a final text was published on
31st March 2004,  it is currently  unclear  whether or not the standard  will be
endorsed by the EU for use in 2005. In these circumstances it is not practicable
to provide further information about likely impacts on 2005 results.

IAS 39 will have a  significant  impact on the IFRS  accounts  as it changes the
recognition and  measurement of the majority of the assets and liabilities  held
by the bank,  including  loans,  investment  securities and derivatives used for
risk management purposes.  'Financial Instruments:  Presentation and Disclosure'
(IAS 32),  which  contains  different  requirements  for off setting  assets and
liabilities than UK GAAP, will also have a significant  impact,  particularly in
the  presentation  of  the  balance  sheet.   Other  standards  that  will  have
significant   impact  on  the  reported  results  include:   employee   benefits
(pensions),  share based payment,  goodwill  (amortisation),  intangible  assets
(capitalisation of software), consolidation and insurance contracts.

Barclays  intends to hold  briefings on IFRS in the fourth  quarter of 2004. The
restated  2004 IFRS  results and the  opening  2005 IFRS  balance  sheet will be
issued in the first half of 2005.  The first  financial  information  on an IFRS
basis will be provided for the June 2005 half-year.

                                       49




                                  BARCLAYS PLC

                             ADDITIONAL INFORMATION

Changes in accounting presentation

The prior period  presentation has, where appropriate,  been restated to conform
with  current  year  classification,  and the  changes  in  accounting  policies
discussed above.

Share capital

The Group manages both its debt and equity capital  actively.  The Group renewed
its authority to buy back ordinary  shares at the 2004 Annual General Meeting to
provide  additional  flexibility  in  the  management  of  the  Group's  capital
resources.

Group share schemes

The  independent  trustees of the Group's  share  schemes may make  purchases of
Barclays PLC ordinary  shares in the market at any time or times  following this
announcement of the Group's  results for the purposes of those schemes'  current
and future requirements. The total number of ordinary shares purchased would not
be material in relation to the issued share capital of Barclays PLC.


                                       50




                                  BARCLAYS PLC

                                      NOTES

1.    Loans and advances to banks





                                                                 30.06.04          31.12.03         30.06.03
      Banking business                                               GBPm              GBPm             GBPm
                                                                                                
      United Kingdom                                               15,105            14,315           11,347
      Other European Union                                          1,000             1,702            1,594
      United States                                                    94               110              377
      Rest of the World                                             1,385             1,143            1,640
                                                          ---------------- --------------------- ------------
                                                                   17,584            17,270           14,958
      Less - provisions                                               (7)              (16)             (21)
                                                          ---------------- --------------------- ------------
                                                                   17,577            17,254           14,937
      Trading business                                             59,100            44,670           52,534
                                                          ---------------- --------------------- ------------
      Total loans and advances to banks                            76,677            61,924           67,471
                                                          ---------------- --------------------- ------------



      Of the total  loans and  advances to banks,  placings  with banks were
      GBP71.2bn at 30th June 2004 (31st December 2003: GBP56.5bn;  30th June
      2003:  GBP57.1bn).  Placings  with  banks  include  reverse  repos  of
      GBP59.5bn (31st December 2003: GBP50.4bn;  30th June 2003: GBP43.3bn).
      The majority of the placings have a residual maturity of less than one
      year.
                                       51






                                  BARCLAYS PLC

2.     Loans and advances to customers





                                                                 30.06.04          31.12.03         30.06.03
      Banking business - United Kingdom:                             GBPm              GBPm             GBPm
                                                                                                 
      Financial institutions                                        8,681             7,721            7,612
      Agriculture, forestry and fishing                             1,932             1,766            1,860
      Manufacturing                                                 6,219             5,967            6,860
      Construction                                                  2,007             1,883            1,961
      Property                                                      7,214             6,341            6,515
      Energy and water                                              1,128             1,286            1,064
      Wholesale and retail distribution and leisure                 9,339             8,886            8,147
      Transport                                                     2,324             2,579            2,878
      Postal and communication                                        503               476              373
      Business and other services                                  12,009            12,030           11,713
      Home loans1                                                  63,114            61,905           60,715
      Other personal                                               22,202            21,905           21,151
      Overseas customers                                            6,377             5,477            6,367
      Finance lease receivables                                     5,447             5,587            4,204
                                                          ---------------- ------------------- --------------
      Total United Kingdom                                        148,496           143,809          141,420
                                                          ---------------- ------------------- --------------

      Business Banking - Overseas:
      Other European Union                                         18,432            19,027           15,255
      United States                                                 5,435             3,573            4,764
      Rest of the World                                             4,791             4,510            6,540
                                                          ---------------- ------------------- --------------
                                                                   28,658            27,110           26,559
                                                          ---------------- ------------------- --------------

      Total banking loans and advances to customers               177,154           170,919          167,979
      Less provisions                                             (2,929)           (3,012)          (2,992)
      Less interest in suspense                                      (45)              (49)             (75)
                                                          ---------------- ------------------- --------------
                                                                  174,180           167,858          164,912
      Trading business                                             72,893            58,961           59,447
                                                          ---------------- ------------------- --------------
      Total loans and advances to customers                       247,073           226,819          224,359
                                                          ---------------- ------------------- --------------


      1    Excludes commercial property mortgages

      Of the total  loans and  advances  to  customers,  reverse  repos were
      GBP55.3bn (31st December 2003: GBP50.0bn; 30th June 2003: GBP39.8bn)

      The geographic presentation above is based on the office recording the
      transaction.

      The UK industry classifications have been prepared at the level of the
      borrowing entity.  This means that a loan to the subsidiary of a major
      corporation  is  classified  by the  industry in which the  subsidiary
      operates  even though the  parent's  predominant  business may be in a
      different industry.

      The above numbers  include  securitised  loans of GBP2,995m which meet
      the criteria for linked presentation (31st December 2003: GBP81m; 30th
      June 2003:  GBP83m),  stated net of non-recourse  finance of GBP2,954m
      (31st December 2003: GBP80m; 30th June 2003: GBP82m).

                                       52




                                  BARCLAYS PLC

3.     Provision balances for bad and doubtful debts





                                                                                Half-year ended
      Movements in provisions for bad and doubtful debts
                                                                       30.06.04         31.12.03         30.06.03
                                                                           GBPm             GBPm             GBPm
                                                                                                     
      Provisions at beginning of period                                   3,028            3,013            2,998
      Acquisitions and disposals                                              -               48               14
      Exchange and other adjustments                                       (25)             (20)                2
      Amounts written off (see below)                                     (771)            (759)            (715)
      Recoveries (see below)                                                115               51               62
      Provisions charged against profit (see below)                         589              695              652
                                                               ----------------- ---------------- ----------------
      Provisions balance at end of period                                 2,936            3,028            3,013
                                                               ----------------- ---------------- ----------------

      Amounts written off

               United Kingdom                                             (705)            (615)            (560)
               Other European Union                                        (26)             (39)             (15)
               United States                                               (36)             (82)            (133)
               Rest of the World                                            (4)             (23)              (7)
                                                               ----------------- ---------------- ----------------
               Total amounts written off                                  (771)            (759)            (715)
                                                               ----------------- ---------------- ----------------

      Recoveries

               United Kingdom                                                97               44               51
               Other European Union                                           9                2                5
               United States                                                  7                4                6
               Rest of the World                                              2                1                -
                                                               ----------------- ---------------- ----------------
         Total recoveries                                                   115               51               62
                                                               ----------------- ---------------- ----------------

      Provisions charged against profit

      New and increased specific provisions
               United Kingdom                                               745              751              622
               Other European Union                                          44               27               30
               United States                                                 28               47               71
               Rest of the World                                             19               32               48
                                                               ----------------- ---------------- ----------------
                                                                            836              857              771
                                                               ----------------- ---------------- ----------------
      Releases of specific provisions
               United Kingdom                                              (28)             (96)             (55)
               Other European Union                                        (10)              (7)              (6)
               United States                                                (9)             (20)              (4)
               Rest of the World                                            (9)              (2)              (5)
                                                               ----------------- ---------------- ----------------
                                                                           (56)            (125)             (70)
                                                               ----------------- ---------------- ----------------

      Recoveries                                                          (115)             (51)             (62)
                                                               ----------------- ---------------- ----------------

      Net specific provisions charge                                        665              681              639
      General provision (release) / charge                                 (76)               14               13
                                                               ----------------- ---------------- ----------------
      Net charge to profit                                                  589              695              652
                                                               ----------------- ---------------- ----------------



                                       53





                                  BARCLAYS PLC

3.     Provision balances for bad and doubtful debts (continued)

       Total provisions for bad and doubtful debts at end of period comprise:





                                                                 30.06.04          31.12.03         30.06.03
      Specific provisions                                            GBPm              GBPm             GBPm
                                                                                                
               United Kingdom                                       1,865             1,856            1,812
               Other European Union                                   101                97               99
               United States                                          101               121              187
               Rest of the World                                      156               159              163
                                                          ---------------- -------------------- -------------
      Total specific provisions                                     2,223             2,233            2,261
      General provisions                                              713               795              752
                                                          ---------------- -------------------- -------------
                                                                    2,936             3,028            3,013
                                                          ---------------- -------------------- -------------




      The  geographic  analysis  of  provisions  shown above is based on the
      location of the office  recording the  transaction.  These  provisions
      balances (and  interest in suspense - see note 2) provide  coverage of
      the  non-performing  loans and potential credit risk loans as shown in
      note 4 below.

                                       54





                                  BARCLAYS PLC

4.   Potential credit risk loans

     The  following  table  presents an analysis of potential  credit risk loans
     (non-performing and potential problem loans). The geographical presentation
     is based on the location of the office recording the  transaction,  and the
     amounts are stated before deduction of the value of security held, specific
     provisions carried or interest suspended.




     Potential credit risk loans
                                                                     30.06.04          31.12.03         30.06.03
     Summary                                                             GBPm              GBPm             GBPm
                                                                                                     
     Non-accrual loans:                                                 2,235             2,261            2,455
     Accruing where interest is being suspended with or
     without provisions                                                   432               629              542
     Other accruing loans against which provisions
     have been made                                                       911               821              768
                                                               ---------------- ------------------- -------------
                                                                         3,578             3,711            3,765
     Accruing loans 90 days overdue, against which
     no provisions have been made                                         569               590              785
     Reduced rate loans                                                    10                 4                8
                                                               ---------------- ------------------- -------------
     Total non-performing loans                                         4,157             4,305            4,558
     Potential problem loans                                              824             1,327            1,171
                                                               ---------------- ------------------- -------------
     Total potential credit risk loans                                  4,981             5,632            5,729
                                                               ---------------- ------------------- -------------


     Non-performing loans declined to GBP4,157m (31st December 2003: GBP4,305m).
     The  potential  problem loan balance fell to GBP824m (31st  December  2003:
     GBP1,327m) reflecting regradings,  settlements,  write-offs and a reduction
     in emergence of new potential problem loans.

     Geographical split:




                                                                      30.06.04          31.12.03         30.06.03
     Non-accrual loans                                                    GBPm              GBPm             GBPm
                                                                                                      
               United Kingdom                                            1,634             1,572            1,628
               Other European Union                                        135               143              126
               United States                                               315               383              570
               Rest of the World                                           151               163              131
                                                               ---------------- ------------------- -------------
               Total                                                     2,235             2,261            2,455
                                                               ---------------- ------------------- -------------

      Accruing loans where interest is being suspended with
      or without provisions:
               United Kingdom                                              341               559              435
               Other European Union                                         48                29               23
               United States                                                 -                 -                -
               Rest of the World                                            43                41               84
                                                               ---------------- ------------------- -------------
               Total                                                       432               629              542
                                                               ---------------- ------------------- -------------

      Other accruing loans against which provisions
      have been made:
               United Kingdom                                              858               760              713
               Other European Union                                         26                35               40
               United States                                                 -                 -                -
               Rest of the World                                            27                26               15
                                                               ---------------- ------------------- -------------
               Total                                                       911               821              768

                                                               ---------------- ------------------- -------------



                                       55






                                                             BARCLAYS PLC

4.   Potential credit risk loans (continued)




                                                                      30.06.04          31.12.03         30.06.03
                                                                                                     
      Accruing loans 90 days overdue, against which
      no provisions have been made:
               United Kingdom                                              542               566              757
               Other European Union                                         27                24               28
               United States                                                 -                 -                -
               Rest of the World                                             -                 -                -
                                                               ---------------- ------------------ ---------------

               Total                                                       569               590              785
                                                               ---------------- ------------------ ---------------

      Reduced rate loans:
               United Kingdom                                               10                 4                6
               Other European Union                                          -                 -                -
               United States                                                 -                 -                -
               Rest of the World                                             -                 -                2
                                                               ---------------- ------------------ ---------------
               Total                                                        10                 4                8
                                                               ---------------- ------------------ ---------------

      Total non-performing loans:
               United Kingdom                                            3,385             3,461            3,539
               Other European Union                                        236               231              217
               United States                                               315               383              570
               Rest of the World                                           221               230              232
                                                               ---------------- ------------------ ---------------
               Total                                                     4,157             4,305            4,558
                                                               ---------------- ------------------ ---------------

      Potential problem loans:
               United Kingdom                                              554               989              878
               Other European Union                                          -                23               25
               United States                                               191               259              202
               Rest of the World                                            79                56               66
                                                               ---------------- ------------------ ---------------
         Total                                                             824             1,327            1,171
                                                               ---------------- ------------------ ---------------

      Total potential credit risk loans:
         United Kingdom                                                  3,939             4,450            4,417
         Other European Union                                              236               254              242
         United States                                                     506               642              772
         Rest of the World                                                 300               286              298
                                                               ---------------- ------------------ ---------------
         Total                                                           4,981             5,632            5,729
                                                               ---------------- ------------------ ---------------

      Provision coverage of non-performing loans:                            %                 %                %
               United Kingdom                                             74.0              74.2             71.1
               Other European Union                                       71.6              71.4             59.0
               United States                                              37.8              39.2             43.2
               Rest of the World                                          85.5              83.9             85.3
                                                               ---------------- ------------------ ---------------
               Total                                                      71.7              71.5             67.7
                                                               ---------------- ------------------ ---------------

      Provision coverage of total potential credit risk
      loans:                                                                 %                 %                %
               United Kingdom                                             63.6              57.7             57.0
               Other European Union                                       71.6              65.0             52.9
               United States                                              23.5              23.4             31.9
               Rest of the World                                          63.0              67.5             66.4
                                                               ---------------- ------------------ ---------------
               Total                                                      59.8              54.6             53.9
                                                               ---------------- ------------------ ---------------


                                       56




                                  BARCLAYS PLC

4.   Potential credit risk loans (continued)

     The   geographical   coverage  ratios  include  an  allocation  of  general
     provisions.

     The coverage of non-performing loans by the Group's stock of provisions and
     interest in suspense  remained broadly stable at 71.7% (31st December 2003:
     71.5%).  The  coverage of total  potential  credit risk loans was higher at
     59.8% (31st December 2003: 54.6%).

5.   Other assets




                                                                   30.06.04         31.12.03         30.06.03
                                                                       GBPm             GBPm             GBPm
                                                                                                 
      Balances arising from off-balance sheet
      financial instruments (see note 10)                            14,000           15,812           16,039
      Shareholders' interest in long term assurance fund                436              478              799
      London Metal Exchange warrants and other metals
      trading positions                                               1,443            1,290              794
      Sundry debtors                                                  1,786            2,156            2,223
      Prepayments and accrued income                                  4,575            3,921            3,411
                                                           ----------------- ---------------- ----------------
                                                                     22,240           23,657           23,266
                                                           ----------------- ---------------- ----------------


6.       Other liabilities





                                                                   30.06.04         31.12.03          30.06.03
                                                                       GBPm             GBPm              GBPm
                                                                                                  
      Obligations under finance leases payable                          352              110               129
      Balances arising from off-balance sheet financial
      instruments (See note 10)                                      12,829           14,797            12,900
      Short positions in securities                                  57,438           49,934            44,337
      Current tax                                                       680              497               731
      Sundry creditors                                                3,643            4,159             4,941
      Accruals and deferred income                                    5,212            4,983             4,476
      Provisions for liabilities and charges                          1,058            1,015               899
      Dividend                                                          529              879               456
                                                           ----------------- ---------------- -----------------
                                                                     81,741           76,374            68,869
                                                           ----------------- ---------------- -----------------


7.   Loans and advances to borrowers in currencies other than the local currency
     of the borrower

     At 30th June 2004, the countries  where these  outstandings  exceeded 1% of
     total Group  assets were the United  States and Germany.  In this  context,
     assets comprise total assets as presented in the consolidated balance sheet
     and include acceptances.

     Loans and advances to borrowers in currencies other than the local currency
     of the borrower for  countries  where  borrowing  exceeds 1% of total Group
     assets




                                                                                 As % of            Total
                                                                                  assets             GBPm
                                                                                                
      At 30th June 2004
      United States                                                                  2.5           12,337
      Germany                                                                        1.1            5,286

      At 31st December 2003
      United States                                                                  2.7           12,110
      Germany                                                                        1.2            5,127


                                       57



     As at 30th June 2004, only France had such  outstandings  between 0.75% and
     1% of total Group assets,  which amounted to GBP4,581m (31st December 2003:
     GBP3,570m).

                                       58




                                  BARCLAYS PLC

8.   Legal proceedings

     Proceedings  have been  brought  in the United  States  against a number of
     defendants including Barclays following the collapse of Enron. In each case
     the claims are  against  groups of  defendants  and it is not  possible  to
     estimate  Barclays  possible  loss,  if any, in relation to them.  Barclays
     considers  that the claims  against it are without  merit and is  defending
     them vigorously.  A court ordered mediation commenced in September 2003 but
     no material progress has been made towards a resolution of the litigation.

     Barclays is engaged in various  other  litigation  proceedings  both in the
     United Kingdom and a number of overseas jurisdictions, including the United
     States,  involving  claims by and against it,  which arise in the  ordinary
     course of business.

     Barclays does not expect the ultimate  resolution of any of the proceedings
     to which  Barclays  is party to have a  significant  adverse  effect on the
     financial position or profitability of the Group.

9.   Contingent liabilities and commitments





                                                                     30.06.04         31.12.03         30.06.03
      Contingent liabilities                                             GBPm             GBPm             GBPm
                                                                                                   
      Acceptances and endorsements                                        530              671            2,259
      Guarantees and assets pledged as collateral security             26,334           24,596           22,655
      Other contingent liabilities                                      7,800            8,427            7,964
                                                             ----------------- ----------------- ----------------

                                                                       34,664           33,694           32,878
                                                             ----------------- ----------------- ----------------
      Commitments
      Standby facilities, credit lines and other commitments          119,887          114,847          106,472
                                                             ----------------- ----------------- ----------------


                                       59





                                                             BARCLAYS PLC

10.  Derivatives

     The tables set out below  analyse  the  contract  or  underlying  principal
     amounts of derivative  financial  instruments held for trading purposes and
     for the purposes of managing the Group's structural exposures.




      Foreign exchange derivatives
                                                                    30.06.04          31.12.03         30.06.03
      Contract or underlying principal amount                           GBPm              GBPm             GBPm
                                                                                                    
      Forward foreign exchange                                       415,997           310,319          336,079
      Currency swaps                                                 239,440           207,364          175,115
      Other exchange rate related contracts                          145,238           167,643          130,864
                                                             ----------------  ------------------ --------------

                                                                     800,675           685,326          642,058
                                                             ----------------  ------------------ --------------
      Interest rate derivatives
      Contract or underlying principal amount
      Interest rate swaps                                          3,676,218         2,944,310        2,471,207
      Forward rate agreements                                        588,977           381,511          245,529
      OTC options bought and sold                                  1,095,615           842,631          707,160
      Other interest rate related contracts                        2,408,350         2,051,161        1,341,117
                                                             ----------------  ------------------ --------------
                                                                   7,769,160         6,219,613        4,765,013
                                                             ----------------  ------------------ --------------

      Credit derivatives                                              82,835            47,450           29,621
                                                             ----------------  ------------------ --------------

      Equity, stock index and commodity derivatives
      Contract or underlying principal amount                        196,964           171,939          151,054
                                                             ----------------  ------------------ --------------



     Other exchange rate related  contracts are primarily over the counter (OTC)
     options.  Other  interest rate related  contracts  are  primarily  exchange
     traded options, futures and swaps.

     The increased nominal amounts reflect the expansion of the Barclays Capital
     business and the continued  growth in customer usage of electronic  dealing
     systems.

     Derivatives  entered  into  as  trading  transactions,  together  with  any
     associated  hedging  thereof,  are measured at fair value and the resultant
     profits  and  losses are  included  in dealing  profits.  The tables  below
     summarise  the  positive  and  negative  fair  values of such  derivatives,
     including  an  adjustment  for  netting  where the Group has the ability to
     insist on net settlement  which is assured  beyond doubt,  based on a legal
     right that would survive the insolvency of the counterparty.

                                       60




                                  BARCLAYS PLC

10.   Derivatives (continued)





                                                                    30.06.04          31.12.03         30.06.03
                                                                        GBPm              GBPm             GBPm
                                                                                                   
      Positive fair values
      Foreign exchange derivatives                                    11,332            17,129           12,071
      Interest rate derivatives                                       45,563            51,776           73,905
      Credit derivatives                                                 750               798              828
      Equity, stock index and commodity derivatives                    7,021             4,721            3,716
      Effect of netting                                             (47,390)          (55,030)         (70,106)
      Cash collateral meeting offset criteria                        (3,276)           (3,582)          (4,375)
                                                             ---------------- ------------------- -------------

                                                                      14,000            15,812           16,039
                                                             ---------------- ------------------- -------------


      Negative fair values
      Foreign exchange derivatives                                    11,233            18,393           12,335
      Interest rate derivatives                                       43,944            49,735           70,990
      Credit derivatives                                                 488               584              476
      Equity, stock index and commodity derivatives                    7,928             5,733            4,215
      Effect of netting                                             (47,390)          (55,030)         (70,106)
      Cash collateral meeting offset criteria                        (3,374)           (4,618)          (5,010)
                                                             ---------------- ------------------- -------------
                                                                      12,829            14,797           12,900
                                                             ---------------- ------------------- -------------


                                       61




                                  BARCLAYS PLC

11.  Market risk

     Market  risk is the risk  that the  Group's  earnings  or  capital,  or its
     ability to meet business objectives,  will be adversely affected by changes
     in the level or volatility of market rates or prices such as interest rates
     including  credit  spreads,  foreign  exchange  rates,  equity prices,  and
     commodity prices.

     Barclays Capital's market risk exposure, as measured by average total Daily
     Value at Risk (DVaR), increased in the first half of 2004 compared to 2003.
     This was due mainly to interest rate opportunities taken and an increase in
     credit spread risk.  The latter  increase was primarily a result of growing
     client  business in  corporate  bonds and credit  derivatives.  Market risk
     exposure decreased towards the end of the first half 2004. Total DVaR as at
     30th June 2004 was GBP26.0m (31st December 2003: GBP37.2m;  30th June 2003:
     GBP24.6m).

     Analysis of Barclays Capital's market risk exposures

     The daily average,  maximum and minimum  values of DVaR were  calculated as
     below:





                                                                     Half-year ended
                                                                        30.06.04
                                                           Average             High1             Low1
                                                              GBPm              GBPm             GBPm
                                                                                         
      Interest rate risk                                      30.5              53.6             19.0
      Credit spread risk                                      25.0              32.9             16.0
      Foreign exchange risk                                    1.8               3.0              0.9
      Equities risk                                            4.1               7.9              2.2
      Commodities risk                                         3.7               7.8              2.2
      Diversification effect                                (27.0)
                                                    ---------------   --------------- ----------------
      Total DVaR                                              38.1              46.8             25.7
                                                    ---------------   --------------- ----------------

                                                                     Half-year ended
                                                                        31.12.03
                                                           Average             High1             Low1
                                                              GBPm              GBPm             GBPm
      Interest rate risk                                      21.3              34.1             13.6
      Credit spread risk                                      20.6              29.2             14.8
      Foreign exchange risk                                    1.8               3.1              1.0
      Equities risk                                            2.7               4.9              1.5
      Commodities risk                                         4.2               7.0              2.2
      Diversification effect                                (21.8)
                                                    ---------------   --------------- ----------------
      Total DVaR                                              28.8              38.6             20.5
                                                    ---------------   --------------- ----------------

                                                                     Half-year ended
                                                                        30.06.03
                                                           Average             High1             Low1
                                                              GBPm              GBPm             GBPm
      Interest rate risk                                      20.7              27.7             13.7
      Credit spread risk                                      11.7              16.0              8.9
      Foreign exchange risk                                    2.9               5.0              1.3
      Equities risk                                            2.5               3.8              1.7
      Commodities risk                                         4.6               6.2              2.2
      Diversification effect                                (19.4)
                                                    ---------------   --------------- ----------------
      Total DVaR                                              23.0              29.5             17.6
                                                    ---------------   --------------- ----------------


1    The  high  (and  low)  DVaR  figures  reported  for each  category  did not
     necessarily  occur on the same day as the high (and low) DVaR reported as a
     whole.  Consequently a diversification effect number for the high (and low)
     DVaR figures would not be meaningful  and it is therefore  omitted from the
     above table.

                                       62




                                  BARCLAYS PLC

                      CONSOLIDATED STATEMENT OF CHANGES IN
                         SHAREHOLDERS' FUNDs (UNAUDITED)




                                                                           Half-year ended
                                                                 30.06.04          31.12.03         30.06.03
Share capital 1                                                      GBPm              GBPm             GBPm
                                                                                                
At beginning of period                                              1,642             1,638            1,645
Shares issued                                                           2                 8                1
Repurchase of shares                                                 (31)               (4)              (8)
                                                          ---------------   --------------- ----------------
At end of period                                                    1,613             1,642            1,638
                                                          ---------------   --------------- ----------------

Share premium account
At beginning of period                                              5,417             5,292            5,277
Premium arising on shares issued                                       20               125               15
                                                          ---------------   --------------- ----------------
At end of period                                                    5,437             5,417            5,292
                                                          ---------------   --------------- ----------------

Revaluation reserve
At beginning of period                                                 24                22               24
Other                                                                   -                 2              (2)
                                                          ---------------   --------------- ----------------
At end of period                                                       24                24               22
                                                          ---------------   --------------- ----------------

Capital redemption reserve
At beginning of period                                                274               270              262
Repurchase of ordinary shares                                          31                 4                8
                                                          ---------------   --------------- ----------------
                                                                      305               274              270
                                                          ---------------   --------------- ----------------

Other capital reserve
                                                          ---------------   --------------- ----------------
At beginning and end of period                                        617               617              617
                                                          ---------------   --------------- ----------------

Profit retained
At beginning of period                                              8,400             8,118            7,321
Profit retained                                                     1,188               478              926
Exchange rate translation differences                                (43)              (67)               36
Repurchase of ordinary shares                                        (31)               (4)              (8)
Premium and legal costs on                                          (574)              (81)            (111)
repurchase of ordinary shares
Shares issued to Quest in relation to                                   -              (36)                -
share option schemes for staff
Increase in Treasury shares                                          (22)               (4)             (48)
Other items                                                            20               (4)                2
                                                          ---------------   --------------- ----------------
At end of period                                                    8,938             8,400            8,118
                                                          ---------------   --------------- ----------------
Total reserves                                                     15,321            14,732           14,319
                                                          ---------------   --------------- ----------------
Total shareholders' funds                                          16,934            16,374           15,957
                                                          ---------------   --------------- ----------------


1    Share capital comprises 6,447m (31st December 2003: 6,563m; 30th June 2003:
     6,549m)  ordinary  shares of 25p each and 1m (31st December  2003:1m;  30th
     June 2003:1m) staff shares of GBP1 each.

                                       63




                                  BARCLAYS PLC



           Statement of total recognised gains and losses (UNAUDITED)





                                                                              Half-year ended
                                                                     30.06.04         31.12.03         30.06.03
                                                                         GBPm             GBPm             GBPm
                                                                                                   
Profit attributable to the members of Barclays PLC                      1,716            1,361            1,383
Exchange rate translation differences                                    (39)             (38)               34
Gain / (loss) arising from transactions with third parties                 20              (4)                -
Joint ventures and associated undertakings                               (10)             (40)               18
Other items                                                                 6               13             (16)
                                                             ----------------- ---------------- ----------------
Total gains and losses recognised in the period                         1,693            1,292            1,419
                                                             ----------------- ---------------- ----------------



                                       64




                                  BARCLAYS PLC

              SUMMARY CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)




                                                                         Half-year ended
                                                               30.06.04          31.12.03         30.06.03
                                                                   GBPm              GBPm             GBPm
                                                                                              
Net cash inflow/(outflow) from operating activities               4,299           (3,690)            1,400
Dividends received from joint ventures and associated
undertakings                                                          5                 6                1
Net cash outflow from returns on investment and
servicing of finance                                              (301)             (326)            (294)
Tax paid                                                          (319)             (532)            (378)
Net cash (outflow)/inflow  from capital expenditure and
financial investment                                            (4,307)               661              771
Net cash inflow/(outflow) from acquisitions and
disposals                                                            18             (913)             (17)
Equity dividend paid                                              (878)             (462)            (787)
                                                        ---------------- -------------------- -------------
Net cash (outflow)/inflow before financing                      (1,483)           (5,256)              696
Net cash inflow from financing                                    2,877             3,297              891
                                                        ---------------- -------------------- -------------
Increase/(decrease)in cash                                        1,394           (1,959)            1,587
                                                        ---------------- -------------------- -------------


                                       65







                                  BARCLAYS PLC

            AVERAGE BALANCE SHEET AND NET INTEREST INCOME (UNAUDITED)

                                                                      Half-year ended
                                              30.06.04    30.06.04    30.06.04    30.06.03   30.06.03    30.06.03
                                               Average                 Average     Average                Average
                                               Balance    Interest        Rate     Balance   Interest        Rate
Assets                                            GBPm        GBPm           %        GBPm       GBPm           %
                                                                                            
Treasury bills and other eligible bills:
In offices in the UK                             1,638          31         3.8       4,772         65         2.7
In offices outside the UK                        1,941          30         3.1       1,152         31         5.4
Loans and advances to banks:
In offices in the UK                            16,819         299         3.6      11,715        281         4.8
In offices outside the UK                        4,290          51         2.4       4,871         61         2.5
Loans and advances to customers:
In offices in the UK                           140,509       4,146         5.9     133,980      3,886         5.8
In offices outside the UK                       27,291         574         4.2      25,463        544         4.3
Lease receivables:
In offices in the UK                             5,586         120         4.3       4,167         96         4.6
In offices outside the UK                          363          10         5.5         263          9         6.8
Debt securities:
In offices in the UK                            54,726       1,052         3.8      53,078      1,009         3.8
In offices outside the UK                        8,147         150         3.7       4,207        111         5.3
------------------------------------------------------------------------------------------------------------------
Average assets of banking business             261,310       6,463         4.9     243,668      6,093         5.0
Average assets of trading business             284,584       2,779         2.0     189,544      2,518         2.7
------------------------------------------------------------------------------------------------------------------
Total average interest earning assets          545,894       9,242         3.4     433,212      8,611         4.0
Provisions                                     (2,820)                             (2,800)
Non-interest earning assets                     65,395                              55,735
------------------------------------------------------------------------------------------------------------------
Total average assets and
Interest income                                608,469       9,242         3.0     486,147      8,611         3.5
------------------------------------------------------------------------------------------------------------------
Percentage of total average
assets in offices outside the UK                 28.2%                               27.1%

------------------------------------------------------------------------------------------------------------------
Average interest earning assets
and net interest income:
Banking business                               261,310       3,341         2.6     243,668      3,237         2.7
Trading business                               284,584        (78)       (0.1)     189,544        141         0.1
Discount rate adjustment on provisions               -           -           -           -        (1)           -
------------------------------------------------------------------------------------------------------------------
Total average interest earning
assets and net interest income                 545,894       3,263         1.2     433,212      3,377         1.6
------------------------------------------------------------------------------------------------------------------
Total average interest earning
assets related to:
Interest income                                              9,242         3.4                  8,611         4.0
Interest expense                                           (5,979)       (2.2)                (5,233)       (2.4)
Discount rate adjustment on provisions                           -           -                    (1)           -
------------------------------------------------------------------------------------------------------------------
                                                             3,263         1.2                  3,377         1.6
------------------------------------------------------------------------------------------------------------------



1    Loans and advances to customers  and banks  include all doubtful  lendings,
     including  non-accrual  lendings.  Interest receivable on such lendings has
     been  included  to the  extent  to which  either  cash  payments  have been
     received  or  interest  has been  accrued  in  accordance  with the  income
     recognition policy of the Group.

2    Average  balances  are  based  upon  daily  averages  for  most UK  banking
     operations and monthly averages elsewhere.

3    The average  balance  sheet does not include  the retail  life-fund  assets
     attributable to policyholders nor the related liabilities.

                                       66







                                                             BARCLAYS PLC

                                       AVERAGE BALANCE SHEET AND NET INTEREST INCOME (UNAUDITED)

                                                                                            

                                                                         Half-year ended
                                              30.06.04    30.06.04    30.06.04    30.06.03   30.06.03    30.06.03
                                               Average                 Average     Average                Average
                                               Balance    Interest        Rate     Balance   Interest        Rate
Liabilities and shareholders' funds               GBPm        GBPm           %        GBPm       GBPm           %

Deposits by banks:

In offices in the UK                            41,689         506         2.4      40,867        486         2.4

In offices outside the UK                       16,039         124         1.5       8,028         95         2.4

Customer accounts - demand accounts:

In offices in the UK                             20,438        117         1.1      17,517         93         1.1

In offices outside the UK                         3,220         16         1.0       2,055         14         1.4

Customer accounts - savings accounts:

In offices in the UK                             47,309        580         2.5      44,849        508          2.3

In offices outside the UK                         1,105         10         1.8         767         13         3.4

Customer accounts -

Other time deposits - retail:

In offices in the UK                             34,018        587         3.5      33,271        568         3.4

In offices outside the UK                         5,205         59         2.3       3,617         51         2.8

Customer accounts -

Other time deposits - wholesale:

In offices in the UK                             62,456      1,039         3.3      55,263        830         3.0

In offices outside the UK                        12,735        150         2.4       8,412        134         3.2

Debt securities in issue:

In offices in the UK                              32,161       496         3.1      33,067        489         3.0

In offices outside the UK                         12,949       128         2.0      12,650        124         2.0

Dated and undated loan capital
and other subordinated liabilities

Principally in offices in the UK                  12,557       341         5.4      12,159        345          5.7

Internal funding of trading business            (69,243)   (1,031)         3.0    (55,815)      (894)          3.2
------------------------------------------------------------------------------------------------------------------
Average liabilities of banking business          232,638     3,122         2.7     216,707      2,856          2.6

Average liabilities of trading business          291,859     2,857         2.0     190,567      2,377          2.5
------------------------------------------------------------------------------------------------------------------
Total average interest
bearing liabilities                              524,497     5,979         2.3     407,274      5,233          2.6

Interest free customer deposits:

In offices in the UK                              15,441                            12,807

In offices outside the UK                          1,278                             1,170

Other non-interest bearing liabilities            50,271                            49,020

Minority interests and                            16,982                            15,876
shareholders' funds
------------------------------------------------------------------------------------------------------------------
Total average liabilities, shareholders'
funds and interest expense                       608,469     5,979         2.0     486,147      5,233         2.2
------------------------------------------------------------------------------------------------------------------
Percentage of total average
non-capital liabilities in offices
outside the UK                                     25.5%                             24.0%
------------------------------------------------------------------------------------------------------------------



                                                       67




                                                             BARCLAYS PLC

                                                       US GAAP DATA (UNAUDITED)

The following unaudited  financial  information has been adjusted from data
prepared under UK GAAP to reflect significant differences from US GAAP.




                                                                                             
                                                                      Half-year ended

                                                     30.06.04        30.06.04       30.06.03        30.06.03
                                                           UK              US             UK              US
                                                         GAAP            GAAP           GAAP            GAAP

RESULTS                                                  GBPm            GBPm           GBPm            GBPm

Profit attributable to the members
of Barclays PLC - Net income                            1,716           1,530          1,383             213

BALANCE SHEET

Shareholders' funds                                    16,934          16,274         15,957          16,559

Total assets                                          497,994         598,898        446,624         530,647

PER ORDINARY SHARE                                      Pence           Pence          Pence           Pence

Earnings                                                 26.7            23.8           21.3             3.3

Diluted Earnings - US GAAP                                  -            23.5              -             3.2

Dividend                                                 8.25           13.45           7.05            12.0

PERFORMANCE RATIOS                                          %               %              %               %

Net income as a percentage of:

average total assets                                      0.6             0.4            0.6             0.1
average shareholders' funds                              20.4            18.3           17.7             2.6
Dividends as a percentage of net income                  30.8            57.7           33.0           369.5
Average shareholders' funds as
a percentage of average total assets                      2.8             2.4            3.2             3.2




                                                       68




                                                             BARCLAYS PLC

                                                       US GAAP DATA (UNAUDITED)

Differences between UK and US accounting principles

Significant  differences  between  UK GAAP and US GAAP  that are  applicable  to
Barclays are explained in Note 61 to the financial  statements  contained in the
joint Annual  Report on Form 20-F of Barclays PLC and Barclays  Bank PLC for the
year ended 31st December 2003.

Developments under US GAAP

FIN 46-R: Consolidation of Variable Interest Entities

In December 2003, the Financial  Accounting  Standards  Board (FASB) issued FASB
Interpretation  No. 46(R)  (Revised  December 2003)  "Consolidation  of Variable
Interest  Entities,  an interpretation of ARB No. 51" (FIN 46-R). FIN 46-R is an
update  of FASB  Interpretation  No.  46  "Consolidation  of  Variable  Interest
Entities,  an  interpretation  of ARB No.  51" (FIN 46) and  contains  different
implementation  dates based on the types of entities subject to the standard and
based on whether a company  had  already  adopted  FIN 46. The Group  originally
adopted FIN 46 for all Variable  Interest  Entities  (VIEs)  created or acquired
after 31st January 2003 during the year ended 31st December  2003. The Group has
adopted FIN 46-R for all VIEs, including those created or acquired prior to 31st
January 2003 from 1st January 2004.

The  impact  of the  adoption  of FIN 46-R in the  first  half of 2004 was a net
credit to pre-tax income of GBP115m,  resulting from the release of the majority
of the shareholders'  equity  adjustment for  leasing-lessor to income (GBP139m)
offset by an additional  adjustment  under US GAAP from differing  consolidation
treatment  of certain  entities  which  gave rise to a pre-tax  charge of GBP24m
included in the consolidation adjustment.

For additional information on VIEs see Note (f) to US GAAP data on page 72.

SFAS 150: 'Accounting For Certain Financial  Instruments with Characteristics of
both Liabilities and Equity'

Statement of Financial  Accounting Standards No.150 (SFAS 150) was issued in May
2003. The Statement sets out the  accounting for certain  financial  instruments
that, under previous guidance,  issuers could account for as equity and requires
that these  instruments  be classified as liabilities in statements of financial
position.   The  Group  adopted  the  Statement   prospectively   for  financial
instruments  entered into or modified  after 31st May 2003 during the year ended
31st  December  2003.  It has  adopted  the  Statement  for all other  financial
instruments  from 1st January 2004.  Adoption did not have a material  effect on
the Group's results of operations or financial  condition as determined under US
GAAP for the 6 months ended and as of 30th June 2004.

SOP 03-1:  Accounting  and  Reporting by Insurance  Enterprises  for Certain Non
traditional Long-Duration Contracts and for Separate Accounts.

The  Statement  of  Position  03-01  (SOP  03-01)   provides   guidance  on  the
classification  and  valuation  of  long-duration   contract  liabilities,   the
accounting  for  sales   inducements  and  separate  account   presentation  and
valuation.  The Group adopted SOP 03-01 from 1st January 2004.  Adoption did not
have a  material  impact on the  Group's  results  of  operations  or  financial
condition as determined under US GAAP for the 6 months ended and as of 30th June
2004.


                                       69




                                  BARCLAYS PLC

                            US GAAP DATA (UNAUDITED)

The following table  summarises the significant  adjustments  which would result
from the  application of US GAAP instead of UK GAAP in the calculation of US net
income.




                                                                                                     

                                                                                                     Half-year ended
                                                               Note
                                                                           30.06.04        31.12.03         30.06.03
                                                                               GBPm            GBPm             GBPm

Attributable profit of Barclays PLC Group (UK GAAP)                           1,716           1,361            1,383

Goodwill                                                        (a)             108             144              128
Intangible assets                                                              (73)           (143)             (32)
Pensions                                                        (b)            (80)            (83)             (56)
Post-retirement benefits                                        (b)             (2)               -               27
Leasing - lessor                                                (f)             139             (2)               23
Compensation arrangements                                       (c)            (46)            (38)             (36)
Shareholders' interest in long term assurance fund                             (35)            (35)               29
Provisions for restructuring of business                                          -            (10)              (6)
Extinguishment of liabilities                                                     -            (52)             (83)
Revaluation of property                                                           -               1                6
Business combinations                                                            20             (4)                -
Internal use software                                                            45               5             (19)
Derivatives                                                     (d)           (759)           (632)            (470)
Fair value of securities                                                        166             431             (57)
Foreign exchange on available for sale securities               (e)             326             689          (1,132)
Loan origination                                                               (89)            (88)             (26)
Consolidation                                                   (f)               1               -                -
Securitisations                                                                  12             130                -
Guarantees                                                      (g)             (4)             (8)                -
Tax effect on the above UK/US GAAP reconciling items                             85           (139)              534
                                                                    ---------------- --------------- ----------------
Net income (US GAAP)                                                          1,530           1,527              213
                                                                    ---------------- --------------- ----------------



                                                  70




                                                             BARCLAYS PLC

                                                       US GAAP DATA (UNAUDITED)

The following table  summarises the significant  adjustments  which would result
from the  application  of US GAAP  instead of UK GAAP in the  calculation  of US
shareholders' equity.




                                                                                                 


                                                           Note        30.06.04        31.12.03         30.06.03
                                                                           GBPm            GBPm             GBPm

Equity shareholders' funds (UK GAAP)                                     16,934          16,473           16,064
Prior period adjustment (UK GAAP)                           (i)               -            (99)            (107)
                                                                ---------------- ---------------  ---------------
                                                                         16,934          16,374           15,957
Goodwill                                                                    678             570              426
Intangible assets                                                         (388)           (315)            (172)
Pensions                                                                (1,068)           (988)            (887)
Post-retirement benefits                                                   (25)            (23)             (23)
Leasing - lessor                                                            (6)           (145)            (143)
Compensation arrangements                                                  (12)             (1)                6
Shareholders' interest in long-term assurance fund                        (590)           (555)            (520)
Provisions for restructuring of business                                      -               -               10
Extinguishment of liabilities                                             (294)           (294)            (242)
Revaluation of property                                                   (224)           (224)            (219)
Internal use software                                                       112              67               62
Derivatives                                                               (423)             341            1,046
Fair value of securities                                                    564             876              760
Dividend payable                                                            528             883              457
Loan origination                                                          (112)            (23)               65
Consolidation                                                              (34)               -                -
Securitisations                                                             142             130                -
Guarantees                                                                 (12)             (8)                -
Tax effect on the above UK/US GAAP
reconciling items                                                           504             165             (24)
                                                                ---------------- ---------------  ---------------
Shareholders' equity (US GAAP)                                           16,274          16,830           16,559
                                                                ---------------- ---------------  ---------------



                                             71





                                  BARCLAYS PLC

                                  US GAAP DATA

(a) Goodwill

Goodwill  recorded  by the  Group  under US GAAP  includes  amounts  related  to
interests  acquired following the restructuring of businesses to which the Group
had previously  advanced funds.  During 2004, the Group  identified an excess in
the carrying  value of such goodwill over its implied fair value and recorded an
impairment  charge of GBP43m (2003:  nil).  The  impairment was based on revised
cashflow  projections  which  were lower than  forecasted  due to going  concern
issues within these businesses.

(b) Pensions and post retirement benefits

The components of the pension and  post-retirements  expense (where an actuarial
basis is appropriate) which arise under US GAAP are as follows:




                                                                                                

                                                     Half-year ended                   Half-year ended
                                                         30.06.04                          30.06.03
                                             --------------------------------- ---------------------------------
                                                                        Post-                             Post-
                                                                   retirement                        retirement
                                                    Pensions         benefits         Pensions         benefits
Components of net periodic benefit cost                 GBPm             GBPm             GBPm             GBPm

Service cost                                             151                1              141                1
Interest cost                                            346                3              315                2
Expected return on plan assets                         (369)                -            (332)                -
Amortisation of transition adjustments                     -                -              (6)                1
Recognised net actuarial deficit                          14                1               20                1
                                             ---------------- ---------------- ---------------------------------
Net periodic benefit cost                                142                5              138                5
                                             ---------------- ---------------- ---------------------------------




The Group  previously  disclosed in its financial  statements for the year ended
31st  December  2003 that it expected to  contribute  GBP4m to the UK Retirement
Fund (UKRF) and GBP3m to the  Woolwich  Pension  Fund (WPF) in 2004.  As of 30th
June 2004, GBP6m and GBP2m of contributions  have been made to UKRF and WPF. The
Group presently anticipates contributing an additional GBP2m to fund the pension
schemes in 2004 for a total of GBP10m.

The additional  pensions cost under US GAAP of GBP80m (2003:  GBP56m) includes a
GBP4m credit (2003:  GBP4m) relating to amortisation of an additional fair value
adjustment  under US GAAP. This is being amortised over the expected life of the
relevant pension liability.

(c) Compensation arrangements

The Group complies with SFAS 123, Accounting for Stock-Based Compensation, which
encourages the adoption of accounting for share compensation  schemes,  based on
their estimated fair values at the date of grant. Accordingly, the Group charges
this fair value to the profit and loss account over the period to their  vesting
dates.

The SFAS 123  charge  for the  period to 30th  June  2004 for the fair  value of
options granted since 1995 is GBP35m (2003: GBP36m). The net charge with respect
to other deferred compensation plans is GBP11m (2003: GBPnil).

(d) Derivatives

SFAS 133  requires  all  derivatives  to be recorded  at fair value.  If certain
conditions  are met then the  derivative  may be  designated  as a fair value or
cashflow  hedge,  or  the  hedge  of a  net  investment  in a  foreign  currency
subsidiary.  In general,  Barclays  derivatives  do not qualify for treatment as
hedges under US GAAP and are treated as trading positions.

                                       72





                                  BARCLAYS PLC

                                  US GAAP DATA

(e) Foreign exchange differences on available for sale (AFS) securities

Within  individual  legal  entities,  Barclays  holds  securities in a number of
different  currencies which are classified as available for sale. In general, no
foreign exchange exposure arises from this activity because,  although the value
of the assets changes in sterling terms according to the exchange rate, there is
an identical offsetting change in the sterling value of the related funding.

Under UK GAAP,  both the assets and  liabilities  are  generally  translated  at
closing  exchange rates and the  differences  between  historical book value and
current value are reflected in the profit and loss account.  Under US GAAP,  the
change in value of the  investments  is taken directly to  shareholders'  equity
while the  offsetting  change in sterling terms of the borrowing is taken to the
profit and loss account.

A similar  difference  arises where the foreign currency assets are hedged using
forward  contracts  but where the Group does not manage  these hedges to conform
with the detailed US designation requirements.

Primarily due to the combination of a notable  contraction in the Euro portfolio
and a  significant  depreciation  of the Euro  during  2004,  the impact of this
requirement  was a credit to  pre-tax  income  of  GBP326m  with a  commensurate
reduction in other  comprehensive  income. No difference  between the Group's UK
and US GAAP shareholders' equity arises from this requirement.

(f) Consolidation

The business  activities  within Barclays Group where Variable Interest Entities
(VIEs) are used are  multi-seller  conduit  programmes,  asset  securitisations,
client   intermediation,   credit  structuring,   asset  realisations  and  fund
management.

For further detail of these  activities,  excluding asset  realisations and fund
management,  see  note  61 -  Differences  between  UK  and US  GAAP  accounting
principles,  (p) Consolidation,  in the 2003 Annual Report. In the case of asset
realisations,  the Group  establishes SPEs to facilitate the recovery of banking
facilities in circumstances where the borrower has suffered financial loss.

In the case of fund management,  the Group provides asset management services to
a large number of  investment  entities on an  arm's-length  basis and at market
terms and prices.  The majority of these entities are investment  funds that are
owned by a large and  diversified  number of investors.  In addition,  there are
various partnerships, funds and open-ended investment companies that are used by
a limited  number of  independent  third  parties to facilitate  their  tailored
private equity, debt securities or hedge fund investment strategies.


                                       73





                                  BARCLAYS PLC

                                  US GAAP DATA

(f) Consolidation (continued)

The Group is the primary  beneficiary of the following VIEs,  classified by type
of activity:


                                                      30.06.04        31.12.031
                                                         Total            Total
                                                        assets           assets
                                                          GBPm             GBPm
Asset securitisations                                    6,600            4,982
Multi-seller conduit programmes                         12,975                -
Client intermediation                                      227                -
Credit structuring                                       2,973                -
Asset realisations                                          62                -

1 Due to the transitional  arrangements of FIN 46, the disclosures  provided for
31st  December  2003  reflect  only VIEs  created  after 31st January 2003 where
Barclays  either  is  the  primary  beneficiary  or has a  significant  variable
interest.

The creditors do not have recourse to the general credit of the Group in respect
of the variable interest entities consolidated by the Group.

At 30th June 2004,  the Group also has  significant  variable  interests  in the
following  VIEs,  classified  by type of  activity,  where  the Group is not the
primary beneficiary:




                                                                                            

                                                            30.06.04                        31.12.03(1)
                                                      Total         Maximum            Total        Maximum
                                                     assets            loss           assets           loss
                                                       GBPm            GBPm             GBPm           GBPm

Asset securitisations                                13,480           3,690            4,435          2,271
Client intermediation                                 9,363           1,027            5,400            453
Credit structuring                                      299              12                -              -
Fund management                                       1,670             913                -              -




(1) Due to the transitional arrangements of FIN 46, the disclosures provided for
31st  December  2003  reflect  only VIEs  created  after 31st January 2003 where
Barclays  either  is  the  primary  beneficiary  or has a  significant  variable
interest.

A number  of  Group  companies  holding  finance  lease  receivables  have  been
designated  as  VIEs  where  parties  other  than  the  Group  are  the  primary
beneficiary. Consequently, these entities have been deconsolidated, resulting in
a pre-tax credit to net income of GBP139m.

                                       74





                                  BARCLAYS PLC

                                  US GAAP DATA

(g) Guarantees

An element of Barclays normal banking  business is to issue guarantees on behalf
of its customers. In almost all cases, Barclays will hold collateral against the
exposure,  have a right  of  recourse  to the  customer  or both.  In  addition,
Barclays  issues  guarantees  on its own behalf.  The major  categories of these
guarantees are provided in note 61 Differences between UK and US GAAP accounting
principles, (u) Guarantees, in the 2003 Annual Report.

The table below provides an analysis of the guarantees  issued by the Group. The
amounts  disclosed  represent the maximum  potential  amount of future  payments
(undiscounted)  the Group could be required to make under the guarantee,  before
any recovery through recourse or collateralisation provisions.

                                                    30.06.04          31.12.03
                                                        GBPm              GBPm
 Financial guarantees                                 19,673            18,812
 Standby letters of credit                             6,661             5,784
 Other guarantees                                      7,800             8,427

Credit card guarantees

Under the  Consumer  Credit Act of 1974,  Barclays may be liable to customers to
refund  payments  made for  unsatisfactory  goods  or  services  or  unfulfilled
contracts  where  the  payment  was made  through  a credit  card.  The  maximum
liability  that  Barclays  could  have is the  total  credit  limits  marked  to
customers of  GBP34,132m  (31st  December  2003:  GBP32,734m).  These limits are
included within  commitments with a maturity of less than one year, as the limit
can be revoked at any time.

Warranties and indemnities  given as part of acquisition  and disposal  activity

Warranties and indemnities are routinely  provided to  counterparties as part of
the terms  and  conditions  required  in a  business  acquisition,  disposal  or
investing in joint  ventures.  Most  commonly,  these relate to  indemnification
against tax liabilities  arising from  pre-transaction  activities.  Usually the
total  aggregate  liability  in  respect of  warranties  and  indemnities  for a
transaction is capped and the maximum  exposure  under these is GBP3,500m  (31st
December  2003:  GBP4,000m).  No  collateral  or  recourse  to third  parties is
generally available.

Certain derivative contracts

In addition  to the  contracts  detailed  above,  there are  certain  derivative
contracts to which the Group is a counterparty that meet the  characteristics of
a guarantee under FIN 45. These  derivatives are recorded in the Group's balance
sheet at fair value under US GAAP.

                                       75





                                  BARCLAYS PLC

                                  US GAAP DATA




                                                                                                  

(h) US GAAP EPS
                                            Half-year ended                               Half-year ended
                                               30.06.04                                      30.06.03
                              --------------------------------------------  --------------------------------------------
                                                  Weighted                                     Weighted
                                                   Average                                      average
                                       Net           Share                           Net          Share
                                    income          number      Per-Share         income         number       Per-Share
                                      GBPm     (in millions)       amount           GBPm    (in millions)        amount
                                                                    Pence                                         Pence

Basic EPS                            1,530           6,421           23.8            213          6,488             3.3
                              -------------  -------------- --------------  -------------  -------------  --------------
Effect of dilutive
securities:

Employee share schemes                                  99                                           75
                              -------------  -------------- --------------  -------------  -------------  --------------
Diluted EPS                          1,530           6,520           23.5            213          6,563             3.2
                              -------------  -------------- --------------  -------------  -------------  --------------




(i) Changes in UK GAAP

In  2004,   Barclays  restated  the  30th  June  2003  and  31st  December  2003
shareholders'  funds under UK GAAP in respect of a change in  accounting  policy
for shares held in ESOP trusts, as required by UITF Abstract 38, as described on
page 48. The restatement  had no impact on net income.  There has been no effect
on the reported US GAAP figures.




                                                                                               

                                                                 Original            Prior         Restated
                                                           reconciliation             year   reconciliation
                                                                     item       adjustment             item
 31st December 2003                                                  GBPm             GBPm             GBPm
 Own shares                                                          (99)               99                -
                                                          ---------------- ---------------- ----------------
 Total affected reconciling items                                    (99)               99                -
                                                          ---------------- ---------------- ----------------

 30th June 2003
 Own shares                                                         (107)              107                -
                                                          ---------------- ---------------- ----------------
 Total affected reconciling items                                   (107)              107                -
                                                          ---------------- ---------------- ----------------




(j) Comparative net income

Net income  adjustments  resulting in an increase of GBP88m in the six months to
31st December 2003 have, upon further investigation, been identified as relating
to the six  months to 30th June 2003.  There is no impact on US GAAP  income for
the year ended 31st December 2003.

                                       76





                             BARCLAYS BANK PLC DATA

Consolidated UK GAAP data for Barclays Bank PLC, the wholly owned  subsidiary of
Barclays  PLC,  is set out on  pages  77 to 81.  Consolidated  US  GAAP  data is
included on pages 82 and 83.

                                       77





                                BARCLAYS BANK PLC

                CONSOLIDATED PROFIT AND LOSS ACCOUNT (UNAUDITED)




                                                                                                

                                                                                 Half-year ended

                                                                   30.06.04         31.12.03        30.06.03
                                                                       GBPm             GBPm            GBPm

Interest receivable                                                   6,463            6,334           6,093
Interest payable                                                    (3,122)          (2,966)         (2,857)
                                                             --------------- ---------------- ---------------
Net interest income                                                   3,341            3,368           3,236
                                                             --------------- ---------------- ---------------
Net fees and commissions receivable                                   2,378            2,233           2,030
Dealing profits                                                         806              524             530
Other operating income                                                  327              293             197
                                                             --------------- ---------------- ---------------
Total non-interest income                                             3,511            3,050           2,757
                                                             --------------- ---------------- ---------------
Operating income                                                      6,852            6,418           5,993
                                                             --------------- ---------------- ---------------
Administration expenses - staff costs                               (2,397)          (2,269)         (2,026)
Administration expenses - other                                     (1,226)          (1,312)         (1,092)
Depreciation and amortisation                                         (288)            (285)           (269)
                                                             --------------- ---------------- ---------------
Operating expenses                                                  (3,911)          (3,866)         (3,387)
                                                             --------------- ---------------- ---------------
Operating profit before provisions                                    2,941            2,552           2,606
Provisions for bad and doubtful debts                                 (589)            (695)           (652)
Provisions for contingent liabilities and commitments                     -                1               -
                                                             --------------- ---------------- ---------------
Operating profit                                                      2,352            1,858           1,954
Profit/(loss) from joint ventures
and associated undertakings                                              14               19              10
Exceptional items                                                        45                5             (1)
                                                             --------------- ---------------- ---------------
Profit on ordinary activities before tax                              2,411            1,882           1,963
Tax on profit on ordinary activities                                  (675)            (509)           (567)
                                                             --------------- ---------------- ---------------
Profit on ordinary activities after tax                               1,736            1,373           1,396
Minority interests - equity and non-equity                             (20)             (12)            (13)
                                                             --------------- ---------------- ---------------
Profit for the financial period attributable to the members           1,716            1,361           1,383
of Barclays Bank PLC
Dividends payable to Barclays PLC                                   (1,133)          (1,004)           (576)
                                                             --------------- ---------------- ---------------
Profit retained for the financial period                                583              357             807
                                                             --------------- ---------------- ---------------



                                       78







                                BARCLAYS BANK PLC

                     CONSOLIDATED BALANCE SHEET (UNAUDITED)





                                                                                                   
                                                                                 Half-year ended

                                                                    30.06.04         31.12.03         30.06.03
Assets:                                                                 GBPm             GBPm             GBPm
Cash and balances at central banks                                     1,829            1,726            1,717
Items in course of collection from other banks                         2,527            2,006            3,155
Treasury bills and other eligible bills                                6,547            7,177            7,842
                                                              ---------------  --------------- ----------------
Loans and advances to banks     - banking                             17,577           17,254           14,937
                                - trading                             59,100           44,670           52,534
                                                              ---------------  --------------- ----------------
                                                                      76,677           61,924           67,471
                                                              ---------------  --------------- ----------------
Loans and advances to customers - banking                            174,180          167,858          164,912
                                - trading                             72,893           58,961           59,447
                                                              ---------------  --------------- ----------------
                                                                     247,073          226,819          224,359
Debt securities                                                      117,387           97,393          100,122
Equity shares                                                          9,378            7,871            5,164
Interests in joint ventures and associated undertakings                  429              428              454
Intangible fixed assets                                                4,263            4,406            3,867
Tangible fixed assets                                                  1,746            1,790            1,572
Other assets                                                          22,360           23,756           23,366
                                                              ---------------  --------------- ----------------
                                                                     490,216          435,296          439,089
Retail life-fund assets attributable to policyholders                  7,911            8,077            7,642
                                                              ---------------  --------------- ----------------
Total assets                                                         498,127          443,373          446,731
                                                              ---------------  --------------- ----------------
Liabilities:
                                                              ---------------  --------------- ----------------
Deposits by banks               - banking                             62,905           57,641           51,357
                                - trading                             52,931           36,451           41,844
                                                              ---------------  --------------- ----------------
                                                                     115,836           94,092           93,201
                                                              ---------------  --------------- ----------------
Customer accounts               - banking                            162,830          155,814          153,893
                                - trading                             43,374           29,054           44,223
                                                              ---------------  --------------- ----------------
                                                                     206,204          184,868          198,116
Debt securities in issue                                              55,280           49,569           48,431
Items in course of collection due to other banks                       1,442            1,286            1,662
Other liabilities                                                     74,935           69,449           63,055
Balances due to Barclays PLC                                             137               58              113
Accruals and deferred income                                           5,213            4,983            4,476
Provisions for liabilities and charges - deferred tax                    665              646              482
Provisions for liabilities and charges - other                           393              369              417
Dividend payable to Barclays PLC                                         398              869              326
Undated loan capital - convertible to preference shares                    -                -                -
Undated loan capital - non-convertible                                 6,233            6,310            6,570
Dated loan capital - convertible to preference shares                     15               17               11
Dated loan capital - non-convertible                                   6,220            6,012            5,972
                                                              ---------------  --------------- ----------------
                                                                     472,971          418,528          422,832
                                                              ---------------  --------------- ----------------
Minority interests and shareholders' funds:
Minority interests: equity and non-equity                                178              283              193
                                                              ---------------  --------------- ----------------
Called up share capital                                                2,304            2,302            2,294
Reserves                                                              14,763           14,183           13,770
                                                              ---------------  --------------- ----------------
Shareholders' funds: equity                                           17,067           16,485           16,064
                                                              ---------------  --------------- ----------------
                                                                      17,245           16,768           16,257
                                                              ---------------  --------------- ----------------
                                                                     490,216          435,296          439,089

Retail life-fund liabilities attributable to policyholders             7,911            8,077            7,642
                                                              ---------------  --------------- ----------------
Total liabilities and shareholders' funds                            498,127          443,373          446,731
                                                              ---------------  --------------- ----------------



                                             79





                                BARCLAYS BANK PLC

      CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' FUNDS (UNAUDITED)




                                                                                              

                                                                              Half-year ended

                                                                 30.06.04         31.12.03        30.06.03
                                                                     GBPm             GBPm            GBPm
Share capital
At beginning of period                                              2,302            2,294           2,293
Shares issued                                                           2                8               1
                                                           ---------------  --------------- ---------------
At end of period                                                    2,304            2,302           2,294
                                                           ---------------  --------------- ---------------

Share premium account
At beginning of period                                              5,743            5,618           5,603
Premium arising on shares issued                                       20              125              15
                                                           ---------------  --------------- ---------------
At end of period                                                    5,763            5,743           5,618
                                                           ---------------  --------------- ---------------

Revaluation reserve
At beginning of period                                                 24               22              24
Released on disposal                                                    -                2             (2)
                                                           ---------------  --------------- ---------------
At end of period                                                       24               24              22
                                                           ---------------  --------------- ---------------

Profit retained
At beginning of period                                              8,416            8,130           7,285
Profit retained                                                       583              357             807
Exchange rate translation differences                                (43)             (67)              36
Realisation of revaluation reserve                                      -                -               2
Other items                                                            20              (4)               -
                                                           ---------------  --------------- ---------------
At end of period                                                    8,976            8,416           8,130
                                                           ---------------  --------------- ---------------
Total reserves                                                     14,763           14,183          13,770
                                                           ---------------  --------------- ---------------
Total shareholders' funds                                          17,067           16,485          16,064
                                                           ---------------  --------------- ---------------



                                             80






                                BARCLAYS BANK PLC

           STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (UNAUDITED)




                                                                                                    

                                                                                   Half-year ended

                                                                      30.06.04         31.12.03         30.06.03
                                                                          GBPm             GBPm             GBPm
Profit attributable to the members
of Barclays Bank PLC                                                     1,716            1,361            1,383
Exchange rate translation differences                                     (39)             (38)               34
Gains arising from transactions with third parties                          20              (4)                -
Other items                                                                  6               13             (16)
Joint ventures and associated undertakings                                (10)             (40)               18
                                                                ---------------  --------------- ----------------
Total recognised gains and losses in the period                          1,693            1,292            1,419
                                                                ---------------  --------------- ----------------




                                       81





                                BARCLAYS BANK PLC

              SUMMARY CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)





                                                                                                     

                                                                                   Half-year ended

                                                                       30.06.04        31.12.03         30.06.03
                                                                           GBPm            GBPm             GBPm
Net cash inflow/(outflow) from operating activities                       4,423         (3,807)            1,428
Dividends received from joint ventures
and associated undertakings                                                   5               6                1
Net cash outflows from returns on
investment and servicing of finance                                       (301)           (326)            (294)
Tax paid                                                                  (319)           (532)            (378)
Net cash (outflow) /inflow from capital
expenditure and financial investment                                    (4,307)             661              771
Net cash inflow /(outflow) from acquisitions and disposals                   18           (913)             (17)
Equity dividend paid                                                    (1,607)           (466)            (934)
                                                               --------------------------------------------------
Net cash (outflow)/inflow before financing                              (2,088)         (5,377)              577
Net cash inflow from financing                                            3,482           3,418            1,010
                                                               --------------------------------------------------
Increase /(decrease) in cash                                              1,394         (1,959)            1,587
                                                               --------------------------------------------------


                                       82






                                BARCLAYS BANK PLC

                            US GAAP DATA (UNAUDITED)






                                                                                                  

BARCLAYS BANK PLC                                                                      Half-year ended

                                                                                   30.06.04        30.06.03
RESULTS                                                                                GBPm            GBPm

Net income                                                                            1,576             263

BALANCE SHEET

Shareholders' funds                                                                  17,933          18,318
Total assets                                                                        599,031         530,754

                                                                                        Half-year ended
                                                                                   30.06.04        30.06.03
PERFORMANCE RATIOS                                                                        %               %

Net income as a percentage of:
 average total assets                                                                   0.4             0.1
 average shareholders' funds                                                           17.1             2.9
Average shareholders' funds as a percentage of average total assets                     2.6             3.5



                                             83






                                BARCLAYS BANK PLC

                            US GAAP DATA (UNAUDITED)





                                                                                                    
                                                                                   Half-year ended

                                                                      30.06.04         31.12.03         30.06.03
                                                                          GBPm             GBPm             GBPm

Net income (US GAAP) of Barclays PLC Group (page 69)                     1,530            1,527              213

Appropriations of Barclays Bank PLC                                         46               52               50
                                                                ---------------  --------------- ----------------
Barclays Bank PLC Group - Net income (US GAAP)                           1,576            1,579              263
                                                                ---------------  --------------- ----------------

                                                                      30.06.04         31.12.03         30.06.03
                                                                          GBPm             GBPm             GBPm

Equity shareholders' funds (UK GAAP)                                    17,067           16,485           16,064
Goodwill                                                                   678              570              426
Intangible assets                                                        (388)            (315)            (172)
Pensions                                                               (1,068)            (988)            (887)
Post-retirement benefits                                                  (25)             (23)             (23)
Leasing - lessor                                                           (6)            (145)            (143)
Compensation arrangements                                                 (12)              (1)                6
Shareholders' interest in the long-term assurance fund                   (590)            (555)            (520)
Provisions for restructuring of business                                     -                -               10
Extinguishment of liabilities                                            (294)            (294)            (242)
Revaluation of property                                                  (224)            (224)            (219)
Internal use software                                                      112               67               62
Derivatives                                                              (423)              341            1,046
Fair value of securities                                                   564              876              760
Dividend payable                                                           398              883              326
Loan origination                                                         (112)             (23)               65
Consolidation                                                             (34)                -                -
Securitisations                                                            142              130                -
Guarantees                                                                (12)              (8)                -
Reserve Capital instruments                                              1,656            1,705            1,783
Tax effect on the above UK/US GAAP reconciling items                       504              165             (24)
                                                                ---------------  --------------- ----------------
Shareholders' funds (US GAAP)                                           17,933           18,646           18,318
                                                                ---------------  --------------- ----------------



                                             84





                                  BARCLAYS PLC

                                OTHER INFORMATION

Registered office

54 Lombard Street,  London,  EC3P 3AH,  England,  United Kingdom.  Tel: 020 7699
5000. Company number: 48839.

Websites

www.barclays.com

www.investorrelations.barclays.co.uk

Registrar

The Registrar to Barclays PLC, The Causeway, Worthing BN99 6DA.
Tel: 0870 609 4535.

Listing

The  principal  trading  market for Barclays  PLC ordinary  shares is the London
Stock  Exchange.  Ordinary shares are also listed on the New York Stock Exchange
and the Tokyo Stock  Exchange.  Trading on the New York Stock Exchange is in the
form of ADSs under the ticker symbol 'BCS'.  Each ADS  represents  four ordinary
shares of 25p each and is evidenced by an ADR. The ADR depositary is The Bank of
New York whose international telephone number is +1-610-312-5315, whose domestic
telephone number is +1-888-269-2377 and whose address is 22nd Floor, 101 Barclay
Street, New York, NY 10286.

Filings with the SEC

Statutory  accounts for the year ended 31st  December  2003,  which also include
certain  information  required  for the  joint  Annual  Report  on Form  20-F of
Barclays PLC and Barclays Bank PLC to the US Securities and Exchange  Commission
(SEC),  can be obtained from  Corporate  Communications,  Barclays Bank PLC, 200
Park  Avenue,  New  York,  NY 10166 or from the Head of  Investor  Relations  at
Barclays  registered office address.  Copies of the Form 20-F are also available
from the Barclays Investor Relations' website (details below) and from the SEC's
website (www.sec.gov).

Results timetable

Interim 2004 Ex Dividend Date                                18th August 2004
Interim 2004 Dividend Record Date                            20th August 2004
Interim 2004 Dividend Payment Date                           1st October 2004
2004 Preliminary Results                                   10th February 2005

                                       85





                        BARCLAYS PLC & BARCLAYS BANK PLC

                                   APPENDIX A





(1) Ratios of Earnings under UK GAAP to Fixed Charges

                                                                                                      

                                                                                          Half-year ended

                                                                                      30.06.04         30.06.03
                                                                                    (In GBPm except for ratios)
Fixed Charges

Total interest excluding interest on trading
liabilities and interest on deposits                                                       965              958
Interest on trading liabilities                                                          2,857            2,377
One third of rental expense                                                                 43               47
                                                                             ----------------- ----------------
Total fixed charges excluding interest on deposits                                       3,865            3,382
Interest on deposits and current accounts                                                2,157            1,898
                                                                              ----------------- ----------------
Total fixed charges including interest on deposits                                       6,022            5,280
                                                                              ----------------- ----------------

Earnings

Income before taxes and minority interests                                               2,411            1,963
Fixed charges excluding interest on deposits                                             3,865            3,382
                                                                              ----------------- ----------------
                                                                                         6,276            5,345
Less

Unremitted pre-tax income of associated
companies and joint ventures                                                              (11)              (9)
                                                                              ----------------- ----------------
Total earnings excluding interest on deposits                                            6,265            5,336

Interest on deposits and current accounts                                                2,157            1,898
                                                                              ----------------- ----------------
Total earnings including interest on deposits                                            8,422            7,234
                                                                              ----------------- ----------------

Ratio of Earnings to Fixed Charges

Excluding interest on deposits                                                            1.62             1.58
                                                                              ----------------- ----------------

Including interest on deposits                                                            1.40             1.37
                                                                              ----------------- ----------------





                                            86




                        BARCLAYS PLC & BARCLAYS BANK PLC

                                   APPENDIX A




(2) Ratios of Earnings under US GAAP to Fixed Charges

                                                                                                     

                                                                                         Half-year ended

                                                                                     30.06.04         30.06.03
                                                                                   (In GBPm except for ratios)
Fixed Charges

Total interest excluding interest on trading
liabilities and interest on deposits                                                      899              887
Interest on trading liabilities                                                         2,857            2,377
One third of rental expense                                                                43               47
                                                                              ---------------- ----------------
Total fixed charges excluding interest on deposits                                      3,799            3,311
Interests on deposits and current accounts                                              2,157            1,898
                                                                              ---------------- ----------------
Total fixed charges including interest on deposits                                      5,956            5,209
                                                                              ---------------- ----------------

Earnings

Income before taxes and minority interests                                              2,411            1,963
UK/US GAAP adjustments1                                                                 (271)          (1,703)
Payments to Reserve Capital Instrument holders                                             66               71
                                                                              ---------------- ----------------
                                                                                        2,206              331
Fixed charges excluding interest on deposits                                            3,799            3,311
                                                                              ---------------- ----------------
                                                                                        6,005            3,642
Less

Unremitted pre-tax income of associated
companies and joint ventures                                                             (11)              (9)
                                                                              ---------------- ----------------
Total earnings excluding interest on deposits                                           5,994            3,633
Interest on deposits and current accounts                                               2,157            1,898
                                                                              ---------------- ----------------
Total earnings including interest on deposits                                           8,151            5,531
                                                                              ---------------- ----------------

Ratio of Earnings to Fixed Charges

Excluding interest on deposits                                                           1.58             1.10
                                                                              ---------------- ----------------

Including interest on deposits                                                           1.37             1.06
                                                                              ---------------- ----------------





1 For a discussion of significant  differences  between UK GAAP and US GAAP, see
note 61 on pages 177-182 of the 2003 Annual Report.


                                       87





                        BARCLAYS PLC & BARCLAYS BANK PLC

                                   APPENDIX A






(3) Ratios of Earnings  Under UK GAAP to Combined  Fixed Charges and  Preference
    Share Dividends

                                                                                                 

                                                                                     Half-year ended

                                                                                 30.06.04         30.06.03
                                                                               (In GBPm except for ratios)

Combined Fixed Charges and Preference Share Dividends1

Total Interest excluding interest on trading
liabilities and interest on deposits                                                  965              958
Interest on trading liabilities                                                     2,857            2,377
One third of rental expense                                                            43               47
                                                                         ----------------------------------
Total fixed charges excluding interest on deposits                                  3,865            3,382
Interest on deposits and current accounts                                           2,157            1,898
                                                                         ----------------------------------
Total fixed charges including interest on deposits                                  6,022            5,280
                                                                         ----------------------------------

Earnings

Income before taxes and minority interests                                          2,411            1,963
Fixed charges excluding interest on deposits                                        3,865            3,382
                                                                         ----------------------------------
                                                                                    6,276            5,345
Less

Unremitted pre-tax income of associated
companies and joint ventures                                                         (11)              (9)
                                                                         ----------------------------------
Total earnings excluding interest on deposits                                       6,265            5,336
Interest on deposits and current accounts                                           2,157            1,898
                                                                         ----------------------------------
Total earnings including interest on deposits                                       8,422            7,234
                                                                         ----------------------------------


Ratio of Earnings to Combined Fixed
Charges and Preference Share Dividends 1

Excluding interest on deposits                                                       1.62             1.58
                                                                         ----------------------------------

Including interest on deposits                                                       1.40             1.37
                                                                         ----------------------------------





1 There were no Preference Shares in issue during the half-years ended 30th June
2003 and 30th June 2004.


                                       88






                        BARCLAYS PLC & BARCLAYS BANK PLC




                                   APPENDIX A

(4) Ratios of Earnings under US GAAP to Combined Fixed Charges, Preference Share
Dividends and Payments to Reserve Capital Instrument holders


                                                                                                 

                                                                                     Half-year ended

                                                                                 30.06.04         30.06.03
                                                                               (In GBPm except for ratios)

Combined Fixed Charges, Preference Share Dividends and payments to
Reserve Capital Instrument holders1

Total interest excluding interest on trading
liabilities and interest on deposits                                                  899              887
Interest on trading liabilities                                                     2,857            2,377
One third of rental expense                                                            43               47
Payments to Reserve Capital Instrument holders                                         46               50
                                                                         ----------------------------------
Total fixed charges excluding interest on deposits                                  3,845            3,361
Interest on deposits and current accounts                                           2,157            1,898
                                                                         ----------------------------------
Total fixed charges including interest on deposits                                  6,002            5,259
                                                                         ----------------------------------

Earnings

Income before taxes and minority interests                                          2,411            1,963
UK/US GAAP adjustments 2                                                            (271)          (1,703)
Payments to Reserve Capital Instrument Holders                                         66               71
                                                                         ----------------------------------
                                                                                    2,206              331
Fixed charges excluding interests on deposits                                       3,799            3,311
                                                                         ----------------------------------
                                                                                    6,005            3,642
Less

Unremitted pre-tax income of associated
companies and joint ventures                                                         (11)              (9)
                                                                         ----------------------------------
Total earnings excluding interest on deposits                                       5,994            3,633
Interest on deposits and current accounts                                           2,157            1,898
                                                                         ----------------------------------
Total earnings including interest on deposits                                       8,151            5,531
                                                                         ----------------------------------


Ratios of Earnings to Combined Fixed Charges, Preference Share Dividends
and Payments to Reserve Capital Instrument holders 1

Excluding interest on deposits                                                       1.56             1.08
                                                                         ----------------------------------

Including interest on deposits                                                       1.36             1.05
                                                                         ----------------------------------




1 There were no Preference Shares in issue during the half-years ended 30th June
2003 and 30th June 2004.

2 For a discussion of significant  differences  between UK GAAP and US GAAP, see
note 61 on pages 177-182 of the 2003 Annual Report.


                                       89