From: Aron Balas To: Jacob Rothschild Cc: Francesco Goedhuis Subject: Barclays Wealth Maria Sent: Friday, March 11, 2016 9:53:56 AM Jacob, Ahead of your meeting with Jes Staley on Monday we wanted to send you some background on Barclays Wealth for your reference. Unfortunately there are no overview materials available from the company so we have collected this from various public sources. In summary, the Wealth business has been undergoing significant restructuring the past few years. As you know Barclays has re-organised the overall Group and has been cutting non-core areas including large portions of the Wealth business. Please see below an overview of recent developments: • Barclays Wealth previously operated in c. 200 countries, however in May 2013 Barclays announced it would exit the majority of these to focus on only c. 70 markets by 2016 • In May 2014 Barclays announced a major re-organisation including: o 7,000 job cuts and scaling back the investment banking business o Wealth & Investment Management would cease to be a separate unit and instead merge into a new Personal & Corporate Banking unit alongside UK retail and corporate banking • There have also been several management changes over the period: o In April 2013 Tom Kalaris (whom Spencer House Partners know well) announced he was leaving as CEO of Barclays Wealth after 17 years at the company o Kalaris was replaced by Peter Horrell in Sep 2013 who then also resigned within less than a year o Horrell was replaced by Akshaya Bhargava in Oct 2014 who remains in charge of the division • Based on press reports and public disclosures there doesn't seem to be a formal sale process, however Barclays has been gradually cutting its Wealth business since 2014: o Sold Americas business to Stifel in Dec 2015 for an undisclosed sum o Sold offshore trust business to an investor group in Feb 2016 for an undisclosed sum o Press reports in Nov 2015 suggested Barclays was preparing t