BARCLAYS BANK PLC Barclays Capital

-12-
Impact of Strategic Decisions taken by the Group
The Group devotes substantial management and planning resources to the development of strategic
plans for organic growth and identification of possible acquisitions, supported by substantial
expenditure to generate growth in customer business. If these strategic plans do not deliver as
anticipated, the Group's earnings could grow more slowly or decline.
Competition
The global financial services markets in which the Group operates are highly competitive. Innovative
competition for corporate, institutional and retail clients and customers comes both from incumbent
players and a steady stream of new market entrants. The landscape is expected to remain highly
competitive in all areas, which could adversely affect the Group's profitability if the Group fails to
retain and attract clients and customers.
Impact of External Factors on the Group and Peer Group
The Group's primary performance goal is to achieve top quartile total shareholder return performance
for 2004 to 2007 (inclusive) against a group of peer financial institutions. This goal assumes that
external factors will impact all peer group entities similarly. The Group's ability to achieve the goal will
be significantly impacted if the Group is disproportionately impacted by negative external factors. Even
if the Group performs well, if others perform better or the market believes others have performed
better, we may not achieve our goal. Additionally some peers are listed on exchanges other than the
London Stock Exchange and so may react to differing external factors.
Regulatory compliance risk
Regulatory compliance risk arises from a failure or inability to comply fully with the laws, regulations
or codes applicable specifically to the financial service industry. Non compliance could lead to fines,
public reprimands, damage to reputation, enforced suspension of operations or, in extreme cases,
withdrawal of authorisations to operate.
B. Summary of the "Terms and Conditions of the Notes and Related Information"
I. General Information
Method of Issue
Notes will be issued on a continuous basis in tranches (each a "Tranche"), each Tranche consisting of
Notes which are identical in all respects. One or more Tranches, which are expressed to be consolidated
and forming a single series and identical in all respects, but having different issue dates, interest
commencement dates, issue prices and dates for first interest payments may form a series ("Series") of
Notes. Further Notes may be issued as part of existing Series. The specific terms of each Tranche
(which will be supplemented, where necessary, with supplemental terms and conditions, the
"Supplemental Terms and Conditions") will be set forth in the Final Terms. In the context of the
issue of Notes under this Programme, from time to time, Notes may also be referred to as certificates
(the "Certificates"), whereby Certificates are Notes in the meaning of § 793 German Civil Code. For
Certificates and structured Notes the payment of interest and/or redemption amounts is usually linked
to the performance of an underlying. In connection with the issue of Certificates all references in this
summary to Noteholders shall be regarded as reference to Certificateholders. Generally, Notes may be
referred to as "Certificates" in cases where the listing of the relevant Tranche or the determination of
the specified denomination is effected by way of a quotation per unit.
Currencies and Regulatory Matters
Subject to any applicable legal or regulatory restrictions, any currency agreed between the Issuer and
the relevant Manager(s).
The Issuer shall ensure that Notes denominated or payable in Yen ("Yen Notes") will only be issued in
compliance with applicable Japanese laws, regulations, guidelines and policies. The Issuer or its
designated agent shall submit such reports or information as may be required from time to time by
applicable laws, regulations and guidelines promulgated by Japanese authorities in the case of Yen
Notes. Each Manager agrees to provide any necessary information relating to Yen Notes to the Issuer
(which shall not include the names of clients) so that the Issuer may make any required reports to the
competent authority of Japan for itself or through its designated agent.