Barclays Capital Appoints Senior Economists

Michael Gapen appointed Senior US Economist Antonio Garcia Pascual appointed Chief Southern European Economist

NEW YORK, NY (July 8, 2010) – Barclays Capital today announced two senior appointments in its award-winning research franchise. Michael Gapen joins Barclays Capital as Senior US Economist, based in New York. Antonio Garcia Pascual joins as Chief Southern European Economist, based in London. Mr. Gapen will report to Dean Maki, Chief US Economist. Mr. Garcia Pascual will report to Julian Callow, Chief European Economist.

“Michael and Antonio both bring a wealth of experience in analyzing their respective markets and we are delighted to welcome them to our team,” said Larry Kantor, Head of Research at Barclays Capital. “These appointments underscore our commitment to providing clients with leading economic analysis across regions and markets.”

Mr. Gapen will focus on the outlook for the US economy, and in particular, US monetary policy and the impact of financial markets on the economy. Mr. Garcia Pascual will be responsible for economic analysis of Italy, Spain, Greece, Portugal and Ireland, as well as European macro-financial issues.

Prior to joining Barclays Capital, Mr. Gapen was a section chief for the Federal Reserve’s Board of Governors, responsible for monetary and financial market analysis. Before that, he served as an economist with the International Monetary Fund. Mr. Gapen has also taught finance and economics at institutions including Kelly School of Business at Indiana University, Mendoza College of Business at Notre Dame, and Johns Hopkins University.

Prior to joining the firm, Mr. Garcia Pascual was senior economist at the monetary and capital markets department of the International Monetary Fund (IMF), which he represented at the Basel Committee on stress testing issues. He has also published extensively, including in academic journals such as the Journal of International Money and Finance, Oxford Economic Papers, and the Review of International Economics.

About Barclays Capital Research

Barclays Capital is committed to bringing our clients a best-in-class, global research franchise. The firm has a team of approximately 800 professionals covering every major Research discipline, asset class and region. In 2009, Barclays Capital was ranked #1 for Equity Research (for the seventh consecutive year) and #1 for Fixed Income Research (for the tenth consecutive year) by Institutional Investor’s All-America Research Poll, ranked #1 for Fixed Income Research by FinanceAsia, tied for #1 among Greenwich Quality Leaders for US Fixed Income Research Quality, was named Best Bank for Credit Research in the Credit Annual Americas Awards, and ranked #1 for Credit Strategy, High Grade Research and Best Index Provider in the Credit Annual European Awards.

About Barclays Capital

Barclays Capital is the investment banking division of Barclays Bank PLC. With a distinctive business model, Barclays Capital provides large corporate, government and institutional clients with a full spectrum of solutions to their strategic advisory, financing and risk management needs. Barclays Capital has offices around the world, employs over 23,000 people and has the global reach, advisory services and distribution power to meet the needs of issuers and investors worldwide. For further information about Barclays Capital, please visit our website: www.barclayscapital.com.

Barclays Capital - the investment banking division of Barclays Bank PLC. Registered in England 1026167. Registered office 1 Churchill Place, London, E14 5HP. Authorised and regulated by the Financial Services Authority and a member of the London Stock Exchange.