News Releases

NEW YORK (August 28, 2007) – Barclays Capital, the investment banking division of Barclays PLC, today announced the appointment of Michael Zenker to the Commodities Research team.   Based in San Francisco, Mr. Zenker will cover North American natural gas and power, reporting to Paul Horsnell, Head of Commodities Research.

Mr. Zenker joins Barclays Capital with 22 years of experience in natural gas, power and the broader energy industry. Most recently, he was Managing Director, Global Gas and Power at Cambridge Energy Research Associates (CERA), a leading energy consultancy firm. In this role, Mr. Zenker further cemented his reputation as one of the energy industry’s leading analysts.   Previously, he worked as an independent energy consultant and as an energy trading manager for Southern California Edison.

“Mike’s experience will add depth to our commodities research and will add significant value to our clients,” said Horsnell. “He will work closely with George Hopley, US Natural Gas Analyst, in New York to further develop and expand our North American natural gas and power research capabilities to match the growth of Barclays Capital’s commodities business.”

Barclays Capital is one of the top players in all the major commodity asset classes including crude oil & refined products, industrial materials, power & gas, and hybrids. In July 2007, Barclays Capital was named “Modern Great: Energy/Commodity Derivatives” by Risk magazine. Risk noted that “innovation and sophistication in risk management thinking that is matched by strong execution capability is a hallmark of the energy and commodities team … at Barclays Capital.”

About Barclays Capital

Barclays Capital is the investment banking division of Barclays Bank PLC which has an AA long-term credit rating and a balance sheet of over £1.1 trillion (US$2.3 trillion*). With a distinctive business model, Barclays Capital provides large corporate, government and institutional clients with solutions to their financing and risk management needs.  Barclays Capital has offices in 26 countries, employs over 15,700 people and has the global reach 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.

*US$ figure was derived using the US$/£ exchange rate at 30.06.07 of US$2.01/£1