1. Wealth S tructuring for E ntrepreneurs
E O 2012 NE RVE C onference
A tlanta, GA
Chr opherJ
ist ohnson
Direct , W lh A isor
or eat dv y
W lh a Inv mentM na
eat nd est a gement
PPT0 180 - - 12
- 0 - 41820

2. Barclays : A Leading Global Financ ial S ervices Organization*
The G ateway to B arclays for Private C lients : Wealth and Inves tment
W l a InvestmentM na
eath nd a gement
Management
 Sel gr ofexper
ect oup ienced inv mentr esent t es
est epr aiv  Dedicaed t supporingpr ae inv or needs:
t o t iv t est s’
M r ta $ 5
o e hn 2 0  E ch inv mentr esent t e del er ourca bil ies in a
a est epr aiv iv s pa it
b l nin
il io  Inv mentma gement
est na  Banking
cust
omized w yt ea cl
a o ch ient
c ie t s e s
l n a st1  Tustser ices
 Br a
oker ge r v
Op r t n inm r
e a io s oe  Cr &L
edit ending
ta
hn
2 c u t ie
0 o nr s
 Bacl ys l cyoftust st bil ya effect e r ma gement
r a ega r , a it nd iv isk na  Gobal r
l ly ecognized Cor ae a Inv mentBa
por t nd est nking
• 3 - rol UKba
20yea d nk  T r nked equitya fixed income inst ut lr r 3
op a nd it iona eseach
• A l der in IPOs, debtunder r ing, M , der aiv a
mong ea s wit &A iv t es nd
• A / a cr r t 2
+ A3 edit aing 5
t a a oss a cl sses
r ding cr sset a
• E r ed w h $2.4tr l in cl a s4
nt ust it ilion ient sset
• Did notneed governmentba -
ilout
Ref ences t “Bacla r t Bacla PL a it subsidiaies.
er o r ys” efer o r ys C nd s r
1. A s a of12/ 1/ 11. USD figur der ed using excha r t on 12/ 1/ 11 of£1 G = $1.54 0 . 2. Sour Bl
sset s 3 20 es iv nge ae 3 20 BP 48 ce: oomber S&P/ oody's r t a of0 1012. Raings ae ofBacl ys Ba PL beca it t l lent yfr w debtis issued. Bacl ys Pl is t paent
g. M aing s 2/ / t r r a nk C use ’s he ega it om hich r a c he r
compa fr w debtis notcur ent issued. 3 Ba on Institutional Inve stor’s 20 “AlA icaReseach T m” (E y)a “AlA icaF
ny om hich r ly . sed 11 l- mer r ea quit nd l- mer ixed-Income Reseach T m” sur eys, w pol indust yr esent t es (See sl on Impora Discl es: A ads a
r ea v hich l r epr aiv ide t nt osur w r nd
Ra nkings formor det il A ads a r nkings r enced do notr t t inv menta isor pr s orser ices of ed byW lh a Inv mentM na
e a s.) w r nd a efer elae o est dv y oduct v fer eat nd est a gement 4 Bacl ys Pl a s a of12/ 1/ 11. USD f es der ed a in f not 1 a e . 5. Pl se see t A
. . r a c sset s 3 20 igur iv s oot e bov ea he ppendix for
specif Ra
ic nkings. * Ba on Bacla PL r t t a a s of$2.4t ill in a of12/ 1/ 11. See A
sed r ys C epored ot l sset r ion s 3 20 ppendix fordet il
a s.
S ee important dis clos ures pag e at the back of this pres entation.
PPT0 18 418 12
- 0 -0 - -20

3. Wealth A dvis ory Offers Tailored A dvice
 Ta ct Pl nning: Pr IPOorPr Sae ofaBusiness
r nsa ion a e- e- l
 E iv Opt a Compensaion Staegies
xecut e ion nd t rt
 Business Succession Pl nning
a
 W lh Ta (E ae a G Pl nning)
eat r nsfer st t nd ift a
 Phil nt opya Phil nt opy-el t T x Issues
a hr nd a hr r aed a
 Insur nce
a
 T Per lSide ofW lh
he sona eat
Neit Bacl ys norit empl
her r a s oyees r s t x orl la ice. Pl se consultw h youra
ender a ega dv ea it ccount nt t x a isor a orat neyf a concer yourpat a cir a T documentis forinf maion pur onl a it
a , a dv , nd/ tor or dvice ning ricul r cumst nces. his or t poses y nd
shoul notbe r r a a offert sellora asolicit t ofa offert buyinsur nce ort secur ies orot inst ument ment in it Neit Bacl ys norit a il t compa sel orsol insur nce. Y shoul consul w h
d egaded s n o s aion n o a he it her r s ioned . her r a s ff iaed nies l icit a ou d t it
yourlicensed insur nce a forfurherinfor t on insur nce pr s orser ices.
a gent t maion a oduct v
PPT0 18 418 12
- 0 -0 - -20

4. Why Wealth S tructuring S olutions A re Relevant Now
Onl 3 ofbusiness ow s ha asuccession pl n in pl ce a a
y% ner d a a s Business succession pl nning is afunda a r son t
a ment l ea o
patoft br derest t pl n
r heir oa ae a ** considertuststuct ing
r r ur
G en t curentl aion in pl ce, neal ¼ofindiv l
iv he r egisl t a ry iduas T shoul ha e adiscussion w h aTustSpeciaist
hey d v it r l
ha incr sed gift pr ct t kids
d ea ing a ices o ** r r funding atustw h t exempt a
egading r it he ion mount
50 did notha e a irev bl tustin pl ce (70 wouta
% v ny r oca e r a % / n Insur nce tust &chait bl tust ae effect e stuct es t
a r s ra e r s r iv r ur o
insur nce tust 90 woutachait bl tust**
a r , % / ra e r ) minimize t impa oft x w e a
he ct a hil ccompl ishing goas
l
A a “l t discussion shoul compl
n sset ocaion” d ementan
27% ofindiv l ha nev discussed int gener t l
iduas d er er aiona inv mental t discussion
est locaion
w lh ta w h t inv mentr esent t e**
eat r nsfer it heir est epr aiv
*
Da at k nf o L d u y e e r hs u y o B r l y ( e l hIs h sB o h r V l m 1 )– Da aa o F b u r 2 1 b s du o a
t a e r m e b r R s a c t d f r a c a s W a t n ig t r c u e o u e 4 t s f er ay 0 1 ae p n
s r e o h n r d o U . HNW in iv u l w h$ .5 m inin e t b ea s t .
u v y f u d e s f .S d id a s it 1 m + v sa l s es
**
Da at k nf o aP o n M r e in It r a io a s u y o U T u t Da aa o F b u r 2 1 b s du o as r e o 4 0U . HNW
t a e r m h e ix a k t g n e n t n l t d f r S r s – t s f e r a y 0 1 a e p n u v y f 5 .S
in iv u l w h$ m + inin e t l a s t . S r e r s o d n sw r 5 % r t o m n: w m n a e a ea eo 6 , 8 % m r ie , 8 % w h
d id a s it 3 m v s ib e s e s u v y e p n e t e e 0 a io f e o e , vr g g f 1 6 ar d 1 it
c il r n
h de.
PPT0 18 418 12
- 0 -0 - -20

5. Planning B efore the S ale or IPO of Your B us ines s
 Ta ct ca mov quickl so setl t ba a d oft
r nsa ions n e y te he sics hea ime
 Seize discount now
s
 E ae pl nning = T x minimizaion
st t a a t
 Cr t a Inv menta T x Pl n, incl postl up seling staegies a l
eae n est nd a a uding ock- l r t nd iquidit pl ns
y a
PPT0 18 418 12
- 0 -0 - -20

6. Gift A s s ets at Today’s Lower Value (“ Life Planning” )
Non-taxable Trans fers
How It Works
Any transfe r of asse ts is taxab l unl ss it
e e Marital Deduc tion
fals within one of the se e xcl
l usions Unl ed t x-fr t a s to U.S. cit spouse
imit a ee r nsfer izen
C haritable Deduc tion
Unl
imited t x- ee t a s to quaified chait
a fr r nsfer l r ies;
income t x deduct ma be l ed in cera situaions
a ions y imit t in t
YOUR Direct Payments for E duc ation / Healthc are
A S S E TS Payments ma dir l to the pr iderforschool
de ecty ov
t ion orheat cae expenses ae notconsider ta bl gifts
uit lh r r ed xa e
A nnual E xclus ion for G ifts
$13 0 perr
,0 0 ecipientperyea ($26,0 0w h spouse)
r 0 it
E s tate and G ift Tax E xc lus ions
Per t a s dur l of$5 mill giftt x- ee a a deah of$5milion, r
mits r nsfer ing ife ion a fr nd t t l educed byl
ifetime gifts, est te ta fr
a x- ee
A ll Other Trans fers
S ub j ct to fe d e ral transfe r tax (and
e
G eneration-S kipping Tax E xc lus ion
whe re ap p l icab l , fe d e ral G S T tax.
e
C e rtain state s al asse ss a transfe r
so Ta s t gr ndchil en a beyond ae subj t asecond, sepaa l eloft a t x. T e is a
r nsfer o a dr nd r ect o r te ev r nsfer a her
$5 milion excl fr this t x, at
l usion om a lhough t gift he
tax) oresta t x w lcontinue t a
te a il o pply
Neit Bacla int U.S. norit W lt a Inv mentM na
her r ys he s ea h nd est a gementemployees in t U.S. r
he endert x orlega a ice. Plea consultw h youra
a l dv se it ccount nt t x a isor a orator fora ice
a , a dv , nd/ t ney dv
concer yourpat rcir a
ning ricula cumst nces.
PPT0 18 418 12
- 0 -0 - -20

7. What You C an Do: Grantor Retained A nnuity Trus ts
(G RA Ts )
 V bl ta t x staegyfora a expect t significa l a
ia e r nsfer a r t n sset ed o nty ppreciae
t
 Litl orno giftt x w lbe due upon creaion ofG A
te a il t RT
- Betert per ma greaert v l t a red, forl te orno giftt x
t he for nce, t he aue r nsfer itl a
- Ifa fa s t a
sset il o ppreciae, a giftt x pa w lbe w st
t ny a id il a ed
 A ypa t gr nt “in kind” bya distibut from G A w h no income t x
nnuit id o a or sset r ion R T it a
 T lyfunded w h asingl st posit oraporfol ofsecur ies
ypical it e ock ion t io it
 Usual stuct forat m of2 t 5 yeas
ly r ured er o r
S tep 1: C ontribute asse ts t are
hat
e xpe ct d t app re ciat
e o e
Ga or
r nt Beneficiaies
r
GA
RT
S tep 2: G R AT p ays an annuit b ack to
y
S tep 3: At t rm inat of G R AT, re m aind e r of asse ts pass t
e ion o
grant for t rm of trust
or e
be ne ficiarie s wit no ad d itional gift or e stat tax
h e
Neit Bacla int U.S. norit W lt a Inv mentM na
her r ys he s ea h nd est a gementemployees in t U.S. r
he endert x orlega a ice. Plea consultw h youra
a l dv se it ccount nt t x a isor a orator fora ice
a , a dv , nd/ t ney dv
concer yourpat rcir a
ning ricula cumst nces.

8. How a G RA T C an Prove B eneficial - S ample
 2- ea or5- ea GR T funded w h 1,0 0,0 0sha a $10persha ($10,0 0,0 0
Y r Y r A, it 0 0 res t re 0 0)
 IR r t ofret n (7520r t of1.4 (forGR T cur l est bl
S ae ur ae) % As renty a ished)
 M xima possibl a ypa outt gr nt (“zeroing out
a l e nnuit id o a or ”)
 Pa s t t gr nt inv ed in porfol w h sa r t ofret n a G A a s
yment o he a or est t io it me ae ur s R T sset
5-Year GRA T 2-Year GRA T
S cenario 1 S cenario 2 S cenario 3 S cenario 4
Grantor: 10% Growth 12% Growth 10% Growth 12% Growth
NumberofShaes R ur
r et ned 790,291 751,512 8 6,0
8 21 862,799
Scenaio Dola V l Y r2
r l r aue ea $10 ,8 9
,720 4 $10 22,953
,8
Scenaio Dola V l Y r5
r l r aue ea $12,727,709 $13 4 4
,24 ,20
B eneficiaries :
NumberofShaes R ed
r eceiv 20 9
9,70 24 ,4 8
88 113,979 13 1
7,20
Scenaio Dola V l Y r2
r l r aue ea $1,379,151 $1,721,047
Scenaio Dola V l Y r5
r l r aue ea $3,377,391 $4,379,213
N ote : P aym e nts to the grantor are inve ste d in a portfol that has the sam e rate of re turn as asse ts in the G R AT.
io
Scenaios ae forill r t e pur onl a do notr a ua per ma
r r ust aiv poses y nd eflect ct l for nce.

9. Trus ts C an Help to Pres erve Wealth for Generations
 Asepaae l lent y, cr t byawiten a eementin w ow ship ofpr t is ta r fr one per (t gr nt )t
r t ega it eaed r t gr hich ner opery r nsfered om son he a or o
a her(t tust t hol on behafofat d per (t beneficiay)
not he r ee) o d l hir son he r
 Ga ordefines tustgoas, a s tust funds t tust a pa a giftt x
r nt r l ppoint r ee, he r , nd ys ny a
 Atust in a da w h t t ms oft tusta eement contol t inv menta distibut ofa s
r ee, ccor nce it he er he r gr , r s he est nd r ion sset
 Fexibl in Obj iv a Distibut Inv ment
l e ect es nd r ions/ est s
 E a ished dur yourl ime (atusta eement orupon deah (aw l
st bl ing ifet r gr ) t il)
A icaions ofaTustSt uct e
ppl t r r ur Benefit ofaCor ae Tust
s por t r ee
 E ae a int gener t lw lh t a pla
st t nd er aiona eat r nsfer nning  Offer aper ua &pr
s pet l ofessiona solut fort ust
l ion r eeship
 Phil nt opic pl nning
a hr a  E bles cont yofinv mentma gement
na inuit est na
 R ir
et ementorlega pla
cy nning  Pr ides obj iv ya apr forfa ymember
ov ect it s oxy mil s
 In a icipaion ofal
nt t ife-cha ev (e.g. birh ofachild)
nging ent t  Ca ma ge hea ya
n na v dminist aiv bur
r t e dens
 W funct
hen ioning a abusiness ow
s ner  Offer asea coor t a execut ofser ices
s mless dinaion nd ion v
Neit Bacla int U.S. norit W lt a Inv mentM na
her r ys he s ea h nd est a gementemployees in t U.S. r
he endert x orlega a ice. Plea consultw h youra
a l dv se it ccount nt t x a isor a orator fora ice
a , a dv , nd/ t ney dv
concer yourpat rcir a
ning ricula cumst nces.
PPT0 18 418 12
- 0 -0 - -20

10. Philanthropic Planning Options
Vehicles for G ranting
Potential G ifting
 M ximum cont olov chait ble gr nt
a r er r a a s
S trategy
Private  Long-t m fa yinv ement
er mil olv
Foundation
F actors to C ons ider C haritable  M na
a gementresponsibilit
y
in Donating L ead
Trus t
 Desir t pr ide curentchait ble benefit
e o ov r ra
 M ximum t x deduct
a a ion
 Ret inlong-er economic
a tm
benefitforfamily  Ir ev ble t a
r oca r nsfer
 E se ofa
a dministaion
rt
 T x-efficientw lt ta
a ea h r nsfer  Immediae giftt chait
t o ry Public
 L contolov disbur
ess r er sement
s
C harity
Outright  Geaert x deduct it
r t a ibil y
Donor G ift
 Geaert x deduct it
r t a ibil y
 Ret in curentincome int est
a r er Donor
 Geaerdegr ofcontol(compaed t publ
r t ee r r o ic
 L er economic benefitt chait
ong-t m o ry A dvis ed Fund
chait ov disbur
r y) er sement
s
 T x defera onincome a ga
a rl nd ins
 Pat lt x deduct
ria a ion C haritable
Remainder
Trus t  Geaert x deduct it
r t a ibil y
S upporting
Organization  Dedicaiont aspecific chait
t o ry
Neit Bacla int U.S. norit W lt a Inv mentM na
her r ys he s ea h nd est a gementemployees in t U.S. r
he endert x orlega a ice. Plea consultw h youra
a l dv se it ccount nt t x a isor a orat neyfora ice
a , a dv , nd/ tor dv
concer yourpat rcir a
ning ricula cumst nces.
PPT0 18 418 12
- 0 -0 - -20

11. Important Dis clos ures – Products /S ervices A cces s ed Through
Wealth and Inves tment Management
“ B arc lays ” refers to any company in the B arclays PLC group of companies .
Bacla offer w lh ma gementpr s a ser ices t it client t ough Bacla Ba PLC("BBPLC")a funct in t Unit St t t ough Bacla Ca a Inc. ("BCI"), a a t ofBBPL BCI is ar er br dea a inv ment
r ys s eat na oduct nd v o s s hr r ys nk nd ions he ed aes hr r ys pit l n ffiliae C. egist ed oker ler nd est
a iser r t byt U.S. Secur a E nge Commission, w offices a 20 Pak Aenue, NewY k, NewY k 10 M
dv , egulaed he ities nd xcha ith t 0 r v or or 166. emberFINRAa SIPC. BBPLC, r er inE nd a Wles (no. 10
nd egist ed ngla nd a 26167), ha ar er office a 1 Chur l
s egist ed t chil
Pla London, E 5HP, Unit Kingdom, a is r aed byt F ncia Ser ices A hor y
ce, 14 ed nd egul t he ina l v ut it .
Bacla undera it U.S. secur ies a inv mentba business int na ofit w -ow subsidiayBacla s Ca a Inc. Bacl ys offer cor ae ba pr s a ser ices, a inv mentba pr s a ser ices out t
r ys t kes s it nd est nking he me s holly ned r r y pit l ra s por t nking oduct nd v nd est nking oduct nd v side he
U.S., t it client t ough Bacl ys Ba PLC. Bacla Ba PL is a hor a r aed byt UKF ncia Ser ices A hor a amemberoft L
o s s hr r a nk r ys nk C ut ized nd egul t he ina l v ut ity nd he ondonSt E nge. Bacla Ba PL is r er inE a No. 10
ock xcha r ys nk C egist ed ngl nd 26167. Regist ed Office:
er
1 Chur Pla London E 5HP.
chill ce, 14
M t ge loa int U.S. ae offer byBacla Ba Dela ae (NM SID: 50 3 M
orga ns he r ed r ys nk w r L 73 1), emberFDIC. E lHousingL . A morga loa ae subj t cr a pr t a ov l. Notalpr s ae a a ble ina st t orforalloa a s.
qua ender ll t ge ns r ect o edit nd opery ppr a l oduct r v ila ll aes l n mount
Ot r r ions a limit t a Bacl ys Ba Dela ae onlyor t morga loa w hint Unit St t ofA ica Bacla s Ba Dela ae a t or t morga loa forpr t a oa Ar t
her est ict nd aions pply. r a nk w r iginaes t ge ns it he ed aes mer . r y nk w r ffiliaes iginae t ge ns operies br d. elaionship w h t W lt a
it he ea h nd
Inv mentM na
est a gementdiv ofBacla does notha e t be est bl orma a t obt in t pr s orpr offer byBacl ys Ba Dela ae.
ision r ys v o a ished int ined o a he oduct icing ed r a nk w r
Cust Cr L ns ae ma byBacla Ba PLC, NewY k Br nch. Ba r tions r e tha t loa r iewa a ov lpr es t be independentof, a ca be impa ed by br a inv ment elaed mater orot business
om edit oa r de r ys nk, or a nk egula equir t he n ev nd ppr a ov o nd nnot ct , oker ge/ est -r t t s her
dealings.
F on deposita Pr a Ba t ough the CDA Spr a ae eligible fordepositinsur nce byt FDIC, butae notcov ed byt Secur ies Inv orPr ect Cor aion(“SIPC”). Int ev t ta FDIC-insur inst ut fa fina lly,
unds t ogr m nks hr R ogr m r a he r er he it est ot ion por t he ent ha n ed it ion ils ncia
deposit a tha ba ae eligible forFDICinsur nce pr ect up t alimitof$250 0 (forindiv l, IRAa cera sel dir ed r ir
s t t nk r a ot ion o ,0 0 idua nd t in f- ect et ementa ccount a up t alimitof$250 0 perj ow fora s hel j ybyt oormor indiv ls.
s) nd o ,0 0 oint ner ccount d ointl w e idua
Asignifica loss ofpr lcould r ifyourCDs ae sold pr tomaur y. T e is no secondaymaketforyourCDs issued t ough CDA
nt incipa esult r ior t it her r r hr RS.
W lt a Inv mentM na
ea h nd est ioningt ough Bacla Ca a Inc. in t U.S), ha ar nged w h PNCBa NA(“PNC”)fort issua ofCheck wit pr ileges a V ®cads t it client W you use yourChecks orCads, you w l
a gement(funct hr r ys pit l he s ra it nk, he nce r ing iv nd isa r o s s. hen r il
be accessingt Aa a Ba nce in y a
he v il ble la our ccountw h us. Y br a a
it our oker ge ccountw h W lh a Inv mentM na
it eat nd est a gementis notF insur
DIC- ed.
Inthe U.S., W lt a Inv mentM na
ea h nd est a gementdeposit a a ble ca forpat t br a a
s v ila sh ricipaing oker ge ccount int deposita
s o ccount a ba int IND Net or E ch ba w r e up t $24 0forindiv l, IR a cera self- ect r ir
s t nks he w k. a nk ill eceiv o 6,50 idua A nd t in dir ed et ement
account a $4 ,0 0forj a
s nd 93 0 oint ccount W a t ba int IND net or ha e been filled in t a ble a , W lt a Inv mentM na
s. hen ll he nks he wk v he pplica mount ea h nd est a gementw pla excess funds inBacla Ba Dela ae, t excess ba w houtlimit T
ill ce r ys nk w r he nk, it . hese
excess funds w lnotbe F insur
il DIC- ed.
Bacla W lt Tust (U.S.), N.A (“BW”)is anaiona ba limit t fiduciaya iv ies, subj t r t a exa t byt Office oft Comptolleroft Curency(t “OCC”). BW is a indir w ow subsidiayofBacla
r ys ea h r ees . T t l nk ed o r ct it ect o egulaion nd minaion he he r he r he T n ect, holly- ned r r ys
Ba PL ("BBPL a a a iae ofBacl ys Ca a Inc. (“BCI”)a v r ot subsidiaies of, a ent a t w h, BBPLC. Bacl ys offer w lt ma gementpr s a ser ices t it client t ough BBPLCa funct in t Unit
nk C. C”) nd n ffil t r a pit l nd aious her r nd ities ffiliaed it ra s ea h na oduct nd v o s s hr nd ions he ed
St tes t ough BCI, a a t ofBBPL BCI is ar er br dea a inv menta isor r t byt U.S. Secur ies a E nge Commission, w h offices a 20 Pak Aenue, NewY k, NewY k 10 M
a hr n ffiliae C. egist ed oker ler nd est dv , egulaed he it nd xcha it t 0 r v or or 166. emberF a SIPC.
INRA nd
Secur ies, mut lfunds a ot non-depositinv
it ua nd her estment inyoura
s ccountae subj t inv mentr includingpossibl loss ofpr la s inv ed, ae notsa ings a
r ect o est isk, e incipa mount est r v ccount deposit orot obl t of, orguaa eed byBW, a ae not
s, s her igaions r nt T nd r
insur byt Feder lDepositInsur nce Cor aion, t Secur ies Inv orPr ect Cor aion, ora ot gov nmenta
ed he a a por t he it est ot ion por t ny her er gency.
[T v lue ofinv ment ma foryoura
he a est s de ccountma go dow a w a up a is notguaa
y n s ell s nd r nteed. BW ha notma a is notma a guaa ees, includingw houtlimit t aguaa a t a specific lev ofper ma ofyoura
T s de nd king ny r nt it aion r ntee s o ny el for nce ccount.
Inv mentdecisions ma on beha ofyoura
est de lf ccountbyBW ae subj t v r maket curency economic, a business r a w a t r t tt inv mentdecisions w nota a be pr a Pa per ma a ed bya
T r ect o aious r , r , nd isks s ell s he isk ha hose est ill lw ys ofit ble. st for nce chiev ccounts
super ised orma ged byBW ma notbe indica e oft fut e per ma ofy a
v na T y tiv he ur for nce our ccount .]
PPT0 18 418 12
- 0 -0 - -20

12. Important Dis clos ures – A wards & Rankings
A wards below are as s ociated with the C orporate and Inves tment B anking bus ines s es of B arclays .
1. Institutional Inve stor’s (20 “Al-A icaReseach Tea (Equity)a “A mericaFixed-Income Reseach T m” surveys, which pollindustrygroup representaives. Ra
11), l mer r m” nd ll-A r ea t nkings ae ba ont t a numberofindiv ls select for
r sed he ot l idua ed
ea t m. Sur eyr s r t opinions ofmor t n 3 0buy-side a lyst a porfolio ma ger a mor t n1,0 0inst ut Sur eyr t r t opinions ofmor t n1,60 moneyma ger a buy-side a l s a some 520
ch ea v esult eflect he e ha ,50 na s nd t na s t e ha 0 it ions. v esuls eflect he e ha 0 na s nd nayst t
inst ut (4 t ms).
it ions. 4 ea
2. ThomsonReut s, 4 20 M na Under r er -G lDebt E y&E y-r aed, Pr
er Q 11. a ging wit s loba , quit quit el t oceeds perBookr . Daa se cov a includes a USpublic, E o public a Rul 14 afee-el e globa debtta ct (incl G lbonds,
unner t ba er ge ll ur nd e 4 igibl l r nsa ions uding loba
E o/ 4 t a ct Y nkee Bonds, E obonds, For Bonds a pr r st a w a M A &T xa M A F a Cr A Debt Pr
ur 14 a r nsa ions, a ur eign nd efered ock) s ell s BS, BS a ble unis. ll eder l edit gency , oceeds perBookr , (USD). A lea t bles ae ba on dea pr
unner ll gue a r sed l oceeds (t a issue
ot l
amountmult
iplied byt issue pr unl ot w st t a curentdaaa pr ious yea’s daais a of9:0 a E on December3 20
he ice) ess her ise aed; nd r t nd ev r t s 0 m DT 1, 11.
3. ThomsonReut s, 4 20 USM
er Q 11. unicipa Pr
l, oceeds perBookr (USD). Ra
unner nkings a v
nd olume tot ls include a municipa newissues under r t dur t per fr Jnuay1, 20 t December3 20 a fr Jnuay1, 20 t
a ll l witen ing he iod om a r 10 o 1, 10 nd om a r 11 o
December3 20 ofw T
1, 11, hich homsonReut s w s ma a ae. E w e indicaed, t r nkings quot a e do notinclude shor-t m, pr iminay pr ae pla
er a de w r xcept her t he a ed bov t er el r , iv t cementorr nk-ineligibl issues.
a e
4. ThomsonReut s, 4 20 (F Y r20 M , F ncia A isor Pr
er Q 11 ull ea 11), &A ina l dv s, oceeds perbookr (USD). A lea t bles ae ba on dea pr
unner ll gue a r sed l oceeds (t a issue a
ot l mountornumberofshaes mult ied byt issue pr unless ot w st t
r ipl he ice) her ise aed.
5. Geenw A t Geenw Shae L der M r 20 -F ms na a Geenw Lea s ha e dist
r ich ssociaes, r ich r ea , ach 11 ir med s r ich der v inguished t hemselv fr t compet or byr ingG scor t texceed t oft compet or byast t ica significa magin.
es om heir it s eceiv QI es ha hose heir it s aist lly nt r
Geenw Qua yIndex (G T G is ast t icalymea
r ich lit QI): he QI aist l ningfulmea ementoft qua yofser ice pr ided byseller ofinst ut lfina lser ices. Itsummaizes the qua aiv ev luaions pr ided bythe user offina lpr s a
sur he lit v ov s it iona ncia v r lit t e a t ov s ncia oduct nd
ser ices a t fina lser ices pr ider int asingle scor T scor is nor lized a t a med t ascae fr 0t 1,0 0 w h amea scor of50 a ast ndad dev t of166.7. Fir eaningdist iona aGeenw Qua y
v bout heir ncia v ov s o e. his e ma nd r nsfor o l om o 0 , it n e 0 nd a r iaion ms r inct s r ich lit
L derha e beenr
ea v ecognized byt client a pr idingt industr bestqua yser ice inar nge offina lser ices businesses includinginv mentba
heir s s ov he y's lit v a ncia v est nking, commer lba
cia nking, fixed-income saes a t a equit sa a tr ding,
l nd r ding, ies les nd a
for excha r a st uct ed pr s, commodit conv t bonds, a inv mentma gementin t Unit St t Ca da U.K. E ope, a A (ex-Jpa
eign nge, et il r ur oduct ies, erible nd est na he ed aes, na , ur nd sia a n).
6. Int estRae Der aiv House oft Y r R A ads, Jnuay20 &7. Commodit House oft Y r Risk A ads, Jnuay20 -T R edit ia t m r ied hea ilyonclientfeedba alotoft t lkingw h r ma ger a for
er t iv t es he ea, isk w r a r 11 y he ea, w r a r 11. he isk or l ea el v ck, ime a it isk na s, sking
demonstaions ofr sy ems a v ingr r t T j
rt isk st nd iew isk epors. he udgingper la ed t ee mont bet eenOct a December20 9. Ba w e a tosubmitinfor t ont business inea oft pr caegor in t 12 mont t
iod st hr hs w ober nd 0 nks er sked maion heir ch he oduct t ies he hs o
October20 9, a t fir orindiv l ont shorlistt under entaser ofint v s. Inma ca R a t see t m sheet r syst a int na pr a loss figur forindiv ldesks. Risk t per med al hydue
0 nd hose ms iduas he t hen w ies er iew ny ses, isk sked o er s, isk ems nd er l ofit nd es idua hen for engt
diligence process, cont ct ba client t confir t a t pla a t tcust s w e ha w h t end r ts. In ma t fina decisions, anumberoffa or w e consider including(butnotr r ed t r ma gement
a ing nks’ so m r des ook ce nd ha omer er ppy it he esul king he l ct s er ed, est ict o) isk na ,
cust ser ice (in pat r helpingclient r ce hedges, r r ur under aerposit a pr ide r ma gementa ice), liquidit pr isiona qua yofpostsa ser ice.
omer v ricula, s epla est uct e wt ions nd ov isk na dv y ov nd lit - les v
* Thom son R e ute rs rankings are in the ord e r of the vol e of activity and m arke t share of in 201 1 .
um
PPT0 18 418 12
- 0 -0 - -20

13. Important Dis clos ures – A bout Ratings
Moody's r t r esentt opinion ofM
aings epr he oody's Inv or Ser ice a t t r t e cr orhiness ofsecur ies. A such, t shoul be used inconj ionw h t descr ions a st t ics a r inM
est s v s o he elaiv editw t it s hey d unct it he ipt nd aist ppeaing oody's publicaions.
t
Refer shoul be ma t t st t s forinfor t r r t issuer M
ence d de o hese aement maion egading he . oody's r t ae notcommer lcr r t Inno ca is defa orr er t be imput unless expr yst t
aings r cia edit aings. se ult eceiv ship o ed essl aed.
Sta r &Poor cr r t expr for ad-lookingopinions a t cr w t
ndad 's edit aings ess w r bout he edit orhiness ofissuer a obligaions. M e specifica y, St ndad &Poor cr r t expr ar t e r nkingofcr w t
s nd t or ll a r 's edit aings ess elaiv a edit orhiness. Issuer a
s nd
obligaions w h higherr t ae j
t it aings r udged byus t be mor cr w t t nissuer a obligaions w h low cr r t Cr w t
o e edit orhy ha s nd t it er edit aings. edit orhiness is amult fa ed phenomenon. At
i- cet lhough t e is no"for " forcombiningt v r
her mula he aious
fa s, ourcr r t at t condense t combined effect int r t symbols a asimple, one-dimensiona sca Indeed, a discussed below t r t e impor nce oft v r fa or ma cha in differ sit t
cet edit aings tempt o heir s o aing long l le. s , he elaiv ta he aious ct s y nge ent uaions.
T ter cr w t
he m edit orhiness r s t t quest ofw herabond orot fina linst umentw lbe pa a dingt it cont a ua t ms. A fir blush, t ideaofcr w t
efer o he ion het her ncia r il id ccor o s r ct l er t st he edit orhiness seems ent el sta for ad.
ir y r ight w r
Ar t is notar
aing ecommendaiont pur se, hold orsella inv mentina
t o cha n est smuch a ar t does notcommenta t inv mentr ur orsuit bil yforapat a inv or T r t a
s aing s o est et n a it ricul r est . he aings ssigned t t Ba a ess t likel oft
o he nk ddr he ihood he
pa ymentofpr la int eston t DepositA s a dingt t t ms butae solelyt v oft a
incipa nd er he ccount ccor o heir er r he iew he ssigningr t a
aing gencya ae subj t a limit t t tt a
nd r ect o ny aions ha he ssigningr t a aing gencyma impose. Simila r t on
y r aings
differ t ofinv ment donotnecessail mea t sa t T t ext t Ba is r t bya r t a
ent ypes est s r y n he me hing. o he ent he nk aed ny aing gency, t tr t a ha aing gencyma cha it r t oft Ba ift tr t a
y nge s aing he nk ha aing gencybeliev t tcir a ha e
es ha cumst nces v
cha t e w e er or in a lysis orot w
nged, her er r s na her ise.
PPT0 18 418 12
- 0 -0 - -20

14. Important Dis clos ures – Dis claimers
Diver t does notpr a instl
sificaion otect ga oss.
Inv ing in secur inv ves acera a
est ities ol t in mountofr Y ae ur t r iewalpr
isk. ou r ged o ev l ospectuses a ot offer infor t pr t inv ing. Pa per ma is notaguaa ee offut e per ma
nd her ing maion ior o est st for nce r nt ur for nce.
T ma ia is pr ided byBacl ys forinfor tion pur onl a does notconstit ta a ice. Pl se consul w h youra
his ter l ov ra ma poses y, nd ute x dv ea t it ccount nt, t x a isor a orator fora ice concer yourpat a cir a
a a dv , nd/ t ney dv ning ricul r cumst nces.
IRSCir a 23 Discl e: BCI a it a iaes do notpr ide t x a ice. Pl se not t t(i)a discussion ofUSt x mat s conta in this communicaion (incl
cul r 0 osur nd s ffil t ov a dv ea e ha ny a ter ined t uding a a a
ny tt chment ca be used byyou forthe
s) nnot
pur ofa
pose voiding t x penat (ii)t communicaion w s witt t suppor t pr ion ormaket ofthe mater a essed her a (iii)you shoul seek a ice ba on yourpat rcir
a lies; his t a r en o t he omot r ing t s ddr ein; nd d dv sed ricula cumsta fr a
nces om n
independentta a .
x dvisor
Neit Bacl ys in the U.S. norits W lh a Inv mentM na
her r a eat nd est a gementempl
oyees in the U.S. rendert x orl la ice. Pl se consul w youra
a ega dv ea t ith ccounta , t x a isor a ora or fora ice concer yourpat a
nt a dv , nd/ tt ney dv ning ricul r
circumstances.
Bacl ys does notguaa ee fa or bl inv
ra r nt v a e estmentout
comes. Nordoes itpr ide a guaa ee a instinv mentl
ov ny r nt ga est osses.
“Bacla r s t a compa in t Bacl ys PL gr ofcompa
r ys” efer o ny ny he r a C oup nies.
Bacl ys offer w lh ma gementpr s a ser ices to its cl t ough Bacl ys Ba PL ("BBPL a functions in t United Staes t ough Bacla Ca lInc. ("BCI"), a a iae ofBBPL BCI is ar er
ra s eat na oduct nd v ients hr r a nk C C") nd he t hr r ys pita n ffil t C. egist ed
br deaera inv menta iser r aed bythe U.S. Secur ies a E nge Commission, w offices a 20 Pak Aenue, NewY k, NewY k 10 M
oker l nd est dv , egul t it nd xcha ith t 0 r v or or 166. emberF a SIPC.
INRA nd
Bacl ys Ba PL r
r a nk C, egister in E a a Wl (no. 10
ed ngl nd nd aes 26167), ha ar
s egister office a 1 Chur lPl ce, L
ed t chil a ondon, E 5HP, United Kingdom, a is r aed byt F ncia Ser ices A hor y.
14 nd egul t he ina l v ut it
BCI a orits a iaes ma ma amaketordea a Pr lin the secur mentioned in t documentorin opt orot der tives ba t eon. One ormor dir or officer a orempl
nd/ ffil t y ke r l s incipa ities his ions her iva sed her e ect s, s nd/ oyees ofBCI orits
a iaes ma be adir orofthe issuerofthe secur ies mentioned in this document BCI orits a iaes ma ha e ma ged orco- na apubl offer ofsecur ies w hin the pr t ee yeas fora issuerment
ffil t y ect it . ffil t y v na ma ged ic ing it it ior hr r ny ioned
in this document.
© ight20
Copyr 12.
PPT0 18 418 12
- 0 -0 - -20