News Releases

Total exposure to 20 agricultural commodities futures

Singapore and Hong Kong – Barclays, one of the world’s major financial institutions and a leading provider of retail structured products in Europe, Singapore and Hong Kong, has launched the Global Agriculture Delta Fund in Singapore (SGD/USD) and Hong Kong (HKD/USD).  The Fund aims to provide a unique yet transparent agriculture investment opportunity for investors to gain exposure to  the performance of the Rogers International Commodity Index™ - AgricultureTM (the “RICI™ - AgricultureTM Index”).

The RICI™ - AgricultureTM Index is a composite total return index and is a sub-index of the Rogers International Commodity Index™ (RICI™) created by Jim Rogers in late 1990’s.

The RICI™ - AgricultureTM Index is designed to reflect global demand and supply in agricultural commodities and is one of the most diversified agriculture indices in the market. It represents the value of 20 agricultural commodities futures contracts including grains, live cattle, cotton and lumber. The index is reviewed annually by a committee chaired by Jim Rogers.

The broad coverage of currently 20 agriculture constituents in the RICI™ - AgricultureTM Index offers relatively low volatility in comparison with other similar major agricultural indices such as the Dow Jones-AIG Agriculture Sub-Index and the S&P GSCI Agriculture Index. In addition, the Index possesses low correlation to other asset classes such as equity and bond markets.

Jim Rogers, the world-renowned investment guru in commodities said, “People are consuming more and more, with fewer farmers and less farmland. Agriculture prices must go higher.”

Over the past decade agricultural commodities prices have risen slower than metals and energy. In addition, the inventory levels of wheat and soybeans are low; rapid growth in emerging economies such as China and India have created massive demand for food, and new energy sources such as bio-fuels have also created new demand for crops. These have in turn pushed up the prices of these commodities faster than inflation and fuelled investors’ interest in the commodity market. Thus, investment in the commodity market may provide a potential hedge against exposure to inflation. (Source: Bloomberg, Barclays Commodity Research).

The Initial Offer Period of the Fund in Singapore is from 30 April 2008 to 30 May 2008, with an Initial Issue Price of SGD1.00 or USD100. The minimum initial investment is SGD1,000 or USD1,000.  The Fund will be distributed in Singapore through DBS and Standard Chartered Bank.

The Initial Offer Period of the Fund in Hong Kong is from 5 May to 30 May 2008, with an Initial Issue Price of HKD100 or USD100. The minimum initial investment is HKD10,000 or USD1,000. The Fund will be distributed in Hong Kong through ABN Amro, Bank of East Asia, Citic Ka Wah Bank, Dah Sing Bank, DBS, Fubon Bank, Hang Seng Bank, HSBC, KGI, MEVAS Bank, Shanghai Commercial Bank, Standard Chartered Bank and Sun Hung Kai Financial.

Commenting on the launch of the Fund, Peter Hu, Head of Non Japan Asia Investor Solutions at Barclays Capital in Singapore said, “In view of the recent market awareness of the supply constraints within the agriculture sector and the resulting food price inflation, the launch of our fund is very timely. The Global Agriculture Delta Fund offers investors a diversified exposure to agricultural commodities in the market and the opportunity to benefit from the insight of Jim Rogers.”

Barclays Capital is a recognised global leader in structured products and derivatives, having been named in the Risk magazine awards Structured Products House of the Year 2007, Inflation Derivatives House of the Year in 2006 & 2007, and Currency and Commodities Derivatives House of the Year in 2006.

Regionally, Barclays Capital was named FX and Commodities House of the Year 2007 in FinanceAsia’s Structured Products Awards, Structured Products House of the Year, Asia 2007 by Structured Products magazine, Currency Derivatives House of the Year 2006 by AsiaRisk magazine, and in The Asset Asian Awards won Best Currency Derivatives House & Best Commodity-Linked Structured Product in 2006.

-ENDS-

For further information please contact:

Jonathan Williams, Barclays Capital Communications, Asia
Tel: +65 6308 3490

Angie Tang, Barclays Capital Corporate Communications, Asia
Tel: +852 2903 2305

Notes to editors:
About Barclays Bank PLC
Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services, with an extensive international presence in Europe, the USA, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs 135,000 people. Barclays moves, lends, invests and protects money for over 30 million customers and clients worldwide.
For further information about Barclays, please visit our website www.barclays.com.

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 £1.2 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 29 countries, employs over 16,200 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.
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.

Rogers International Commodity IndexTM - AgricultureTM disclaimer:

Please refer to the Singapore/Hong Kong Prospectus of the Fund for disclaimers with respect to the Rogers International Commodity IndexTM - AgricultureTM. “Jim Rogers”, “James Beeland Rogers, Jr.”, “Rogers”, “Rogers International Commodity Index”, and “RICI” are trademarks, service marks and/or registered trademarks of Beeland Interests, Inc., which is owned and controlled by James Beeland Rogers, Jr., and are used subject to licence. The name and likeness of Jim Rogers/James Beeland Rogers, Jr. are trademarks and service marks of James Beeland Rogers, Jr. and are used subject to licence.
The Fund is not and will not be offered or sold in the United States, or to or for the account of U.S. persons as defined by U.S. securities laws. Each purchaser of the Fund will be asked to certify or represent that such purchaser is not a U.S. person, is not receiving the Fund in the United States, and is not acquiring the Fund for the account of a U.S. person. The Fund is not sponsored, endorsed, sold or promoted by Beeland Interests, Inc. (“Beeland Interests”) or James Beeland Rogers, Jr.