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					                                                                                                                                                        Equity Research
August 10, 2010                                                                                                                          United States of America
                                                                                                                                                      Technology
Western Digital Corp. (WDC - US$ 26.00) 2-Equal Weight                                                                                               IT Hardware
Change of Price Target
Lowering Estimates and Target

Investment Conclusion
  Following up on our comments on Seagate today,        EPS (US$) (FY Jun)
  we are also lowering our estimates and price
  target for WDC due to prospects for weaker                     2010              2011                                       2012                           % Change
  demand, lower production levels, stronger                  Actual       Old      New         St. Est.          Old          New            St. Est.       2011        2012
  competition from Hitachi Global Storage (HGST),        1Q 1.25A        0.85E     0.81E        0.85E            N/A          1.02E           1.18E         -35%        26%
  and long term threats posed by the rise of the         2Q 1.85A        1.08E     0.99E        1.08E            N/A          1.11E           1.37E         -46%        12%
  Apple iPad. Maintain 2-EW.                             3Q 1.71A        1.06E     0.99E        1.00E            N/A          1.07E           1.18E         -42%         8%
                                                         4Q 1.24A        0.97E     0.90E        0.90E            N/A          0.99E           1.06E         -27%        10%
                                                        Year 6.05A       3.95E     3.70E        3.95E            N/A          4.20E           4.63E         -39%        14%
Summary
                                                         P/E                           7.0                                      6.2
  Our checks continue to indicate weaker than
  expected notebook builds & production cuts at
  HDD makers. We also believe that Hitachi Global       Market Data                                                  Financial Summary
  Storage could remain a strong competitor for
  several quarters and that the iPad will have an       Market Cap (Mil.)                            6156            Revenue TTM (Mil.)                                9850.0
  increased adverse impact on sentiment.                Dividend Yield                                   N/A
  We are lowering our 1Q11 non-GAAP EPS to              52 Week Range                    47.44 - 26.27
  $0.81 (was $0.85) based on 7% y/y revenue
  growth to $2.36 billion (was $2.42 billion). For
  FY11, we now expect non-GAAP EPS of $3.70
  (was previously $3.95) based on a decline y/y of
  0.2% to $9.84 billion (was $10.30 billion). For
  FY12, we expect non-GAAP EPS of $4.20 (was            Stock Overview
  $4.60) based on 8% revenue growth to $10.6                                                                              Reuters
                                                                                         West er n Digi t al Cor p . - 0 8 / 1 0 / 2 0 1 0              WDC
  billion (was $11.1 billion).                              45
                                                                                                                          Bloomberg                     WDC
  Our new target of $29 is based on 7x FY12 non-                                                                          ADR
  GAAP EPS of $4.20. Our prior target of $32 was
  based on 7x our previous FY12 estimate of $4.60.
                                                            39




                                                            33

Stock Rating                 Target Price
New: 2-Equal Weight          New:        US$ 29.00          27


                                                                                                             Volu m e
Old: 2-Equal Weight          Old:        US$ 32.00         15M




Sector View: 1-Positive                                     5M

                                                                  Sep    Oct     Nov     Dec       Jan         Feb      Mar       Ap r       May       u
                                                                                                                                                      J n      Jul     Au g
                                                                                                                                             Source: Bar clays Capit al Live




This note on Western Digital is a companion to a more detailed report. Please see our report “Seagate Technology:
Demand, HGST, and iPad Present Challenges.”




Barclays Capital does and seeks to do business with companies covered in its research reports. As a result, investors should be
aware that the firm may have a conflict of interest that could affect the objectivity of this report.


Investors should consider this report as only a single factor in making their investment decision.




 PLEASE SEE ANALYST(S) CERTIFICATION(S) ON PAGE 3 AND IMPORTANT DISCLOSURES BEGINNING
                                        ON PAGE 4
                                                                   1
                                                                                                                                                                   Equity Research
Western Digital Income Statement
In millions except per share data                                                                                                                 ESTIMATES
                                              FY08         FY09      Sep-09    Dec-09    Mar-10     Jun-10      FY10    Sep-10E    Dec-10E    Mar-11E   Jun-11E       FY11E      FY12E
Net revenue                                 $8,074       $7,452      $2,208    $2,619    $2,641    $2,382     $9,850     $2,362     $2,502     $2,527    $2,444      $9,835    $10,653
Cost of sales                                6,335        6,115       1,694     1,932     1,976     1,847      7,449      1,937      2,027      2,052     1,989       8,005      8,612
Gross profit                                 1,739        1,337         514       687       665       535      2,401        425        475        475       455       1,830      2,040
R&D                                            464          509         142       154       160       154        610        154        155        154       154         617        655
SG&A                                           220          200          53        60        64        61        238         64         65         63        64         256        269
Total operating expenses                       684          709         195       214       224       215        848        217        220        217       218         873        924
Operating income                             1,055          628         319       473       441       320      1,553        208        255        258       237         957      1,116
Interest Income                                 27            9           1         1         1          1         4          1          1          1         1           5          5
Interest and other expense                     (52)         (27)         (3)       (3)       (2)        (2)      (10)        (2)        (2)        (2)       (2)         (8)        (8)
Income before taxes                          1,030          610         317       471       440       319      1,547        207        254        257       236         954      1,113
Income tax expense/(benefit)                   114           31          29        42        40        27        138         16         19         21        19          74         89
Net Income/(Loss)                              916          579         288       429       400       292      1,409        191        235        236       217         880      1,024

Restructuring costs                             0.0       112.0         0.0       0.0       0.0       0.0        0.0        0.0        0.0        0.0       0.0         0.0        0.0
Other non operating items                      49.0        (4.0)        0.0       0.0       0.0      27.0       27.0        0.0        0.0        0.0       0.0         0.0        0.0
Discontinued operations                         0.0         0.0         0.0       0.0       0.0       0.0        0.0        0.0        0.0        0.0       0.0         0.0        0.0


Diluted EPS (before items)                  $4.05       $2.56        $1.25     $1.85     $1.71     $1.24      $6.05     $0.81      $0.99      $0.99     $0.90        $3.70     $4.20
Extraordinary items                            0.00        0.48        0.00      0.00      0.00      0.11       0.12       0.00       0.00      0.00       0.00        0.00       0.00
Report GAAP EPS (diluted)                     $4.05       $2.08       $1.25     $1.85     $1.71     $1.13      $5.94      $0.81      $0.99     $0.99      $0.90       $3.70      $4.20

Basic shares outstanding                       221             222     225        227      229        230       228        231        232        233        235         233       239
Diluted shares outstanding                     226             226     230        232      234        235       233        236        237        238        240         238       244

Percent of total revenue
  Gross margin                                21.5%       17.9%       23.3%     26.2%     25.2%     22.5%      24.4%     18.0%      19.0%      18.8%      18.6%       18.6%      19.2%
R&D                                            5.7%        6.8%        6.4%      5.9%      6.1%      6.5%       6.2%       6.5%       6.2%      6.1%       6.3%        6.3%       6.1%
SG&A                                           2.7%        2.7%        2.4%      2.3%      2.4%      2.6%       2.4%       2.7%       2.6%      2.5%       2.6%        2.6%       2.5%
Total operating expenses                       8.5%        9.5%        8.8%      8.2%      8.5%      9.0%       8.6%       9.2%       8.8%      8.6%       8.9%        8.9%       8.7%
Operating profit margin                      13.1%         8.4%       14.4%     18.1%     16.7%     13.4%      15.8%      8.8%      10.2%      10.2%       9.7%        9.7%     10.5%
Net interest expense                          0.3%         0.2%        0.1%      0.1%      0.0%      0.0%       0.1%      0.0%        0.0%      0.0%       0.0%        0.0%       0.0%
Pretax operating margin                      12.8%         8.2%       14.4%     18.0%     16.7%     13.4%      15.7%      8.8%       10.2%     10.2%       9.7%        9.7%      10.4%
Net margin                                   11.3%         7.8%       13.0%     16.4%     15.1%     12.3%      14.3%      8.1%        9.4%      9.4%       8.9%        9.0%       9.6%
Adjusted tax rate                            11.1%         5.1%        9.1%      8.9%      9.1%      8.5%       8.9%      7.5%        7.5%      8.0%       8.0%        7.8%       8.0%
Year/year % change
Net revenue                                   47.7%        -7.7%       4.7%     43.7%     65.9%     23.5%      32.2%       7.0%      -4.5%      -4.3%      2.6%        -0.2%      8.3%
Cost of sales                                 38.7%        -3.5%       0.5%     26.0%     47.6%     18.5%      21.8%      14.3%       4.9%       3.8%      7.7%        7.5%       7.6%
R&D                                           51.6%         9.7%       6.8%     29.4%     28.0%     16.7%      19.8%       8.1%       0.7%      -3.7%      0.0%        1.1%       6.2%
SG&A                                          22.9%        -9.1%      -7.0%     42.9%     30.6%     17.3%      19.0%      20.3%       8.4%      -1.3%      5.0%        7.6%       5.3%
Total operating expenses                      41.0%         3.7%       2.6%     32.9%     28.7%     16.8%      19.6%      11.4%       2.9%      -3.0%      1.4%        2.9%       5.9%
Operating income                            154.2%       -40.5%       36.3%    266.7%    458.2%     72.0%     147.3%     -34.8%     -46.0%     -41.6%    -26.1%       -38.4%     16.5%
Income before taxes                          132.5%      -40.8%       37.8%     292.5%   478.9%     73.4%     153.6%     -34.8%     -46.0%     -41.6%    -26.1%       -38.3%     16.6%
Income tax expense/(benefit)                -194.2%      -72.8%       52.6%    -700.0%   400.0%    145.5%     345.2%     -46.5%     -54.6%     -48.6%    -30.1%       -46.4%     20.3%
Net income                                    62.4%      -36.8%       36.5%    237.8%    488.2%     68.8%     143.4%     -33.6%     -45.1%     -40.9%    -25.7%       -37.5%     16.3%
EPS                                           62.4%      -36.8%       34.1%    226.1%    468.1%     63.0%     136.3%     -35.3%     -46.4%     -41.9%    -27.3%       -38.9%     13.5%
Sequential Q/Q % change
Net revenue                                                           14.5%     18.6%      0.8%     -9.8%                 -0.8%      5.9%       1.0%      -3.3%
Cost of sales                                                          8.7%     14.0%      2.3%     -6.5%                  4.9%       4.6%       1.2%     -3.0%
Research & development                                                 7.6%      8.5%      3.9%     -3.8%                 -0.3%       1.0%      -0.6%     -0.1%
SG&A                                                                   1.9%     13.2%      6.7%     -4.7%                  4.5%       2.0%      -2.9%      1.4%
Total operating expenses                                             -72.5%      9.7%      4.7%     -4.0%                -74.4%       1.3%      -1.3%      0.3%
Operating income                                                     -49.2%     48.3%     -6.8%    -27.4%                -86.6%      22.8%       1.0%     -8.2%
Income before taxes                                                   72.3%     48.6%     -6.6%    -27.5%                -35.2%      23.0%       1.0%     -8.2%
Net Income/(Loss)                                                     66.5%     49.0%     -6.8%    -27.0%                -34.5%      23.0%       0.5%     -8.2%
EPS                                                                   64.3%     47.7%     -7.6%    -27.3%                -34.8%      22.5%       0.0%     -9.0%
Source: Company Reports; Barclays Capital Research Estimates




                                                                                            2
                                                                                                                                                         Equity Research
Western Digital Unit Model
in millions                                                                                                              Estimates
Unit Model                                       FY08     FY09    Sep-09   Dec-09   Mar-10   Jun-10    FY10    Sep-10E    Dec-10E    Mar-11E   Jun-11E      FY11E     FY12E
Net revenue (in $ millions)                     $8,074   $7,452   $2,208   $2,619   $2,641   $2,382   $9,850    $2,362      $2,502    $2,527    $2,444      $9,835   $10,653

Unit shipments (hard drives only-in millions)    133.3    146.5     44.5     49.5     51.1     49.7    194.8      50.6       54.1       54.7      53.4       212.8     242.5

ASPs ($ per unit)                               $59.00   $50.87     $49      $52      $51    $47.93   $50.56    $46.68     $46.21     $46.21    $45.75      $46.21    $43.92

Quarter/quarter change                           FY08     FY09    Sep-09   Dec-09   Mar-10   Jun-10    FY10    Sep-10E    Dec-10E    Mar-11E   Jun-11E      FY11E     FY12E
Net revenue                                                        14.5%    18.6%    0.8%     -9.8%              -0.8%       5.9%      1.0%      -3.3%

Unit shipments (hard drives only)                                 11.3%    11.2%     3.2%    -2.7%               1.8%        7.0%      1.0%      -2.3%

ASPs (per unit)                                                    2.1%     6.1%    -1.9%    -6.0%               -2.6%      -1.0%      0.0%      -1.0%

Market Data
Total Unit q/q change                                                       5.7%     1.5%    -2.2%              10.8%        7.0%      -3.0%     -0.2%

Year/year change                                 FY08      FY09   Sep-09   Dec-09   Mar-10   Jun-10    FY10    Sep-10E    Dec-10E    Mar-11E   Jun-11E      FY11E     FY12E
Net revenue                                     47.7%     -7.7%    4.7%     43.7%   65.9%    23.5%    32.2%       7.0%      -4.5%      -4.3%      2.6%       -0.2%     8.3%

Unit shipments (hard drives only)               38.0%     9.9%    12.9%    39.4%    61.7%    24.3%    33.0%     13.7%        9.4%      7.0%      7.5%        9.3%     14.0%

ASPs (per unit)                                  3.5%    -13.8%    -8.5%    2.0%     2.0%    -0.2%    -0.6%      -4.7%     -11.1%      -9.4%     -4.5%      -8.6%     -4.9%

Source: Company Reports; Barclays Capital Research Estimates




Analyst Certification:
I, Ben A. Reitzes, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of
the subject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly
related to the specific recommendations or views expressed in this research report.




Company Description:
Western Digital manufactures and sells hard disk drives to original equipment manufactures (OEMs) and original design manufacturers
(ODMs) for use in desktop and mobile computers, or in consumer electronics devices such as digital video recorders and satellite and cable
set top boxes. The company also sells WD branded external storage appliances.




                                                                                      3
                                                                                                                                 Equity Research

On September 20, 2008, Barclays Capital acquired Lehman Brothers' North American investment banking, capital markets, and private investment
management businesses. All ratings and price targets prior to this date relate to coverage under Lehman Brothers Inc.

Important Disclosures:
Western Digital Corp. (WDC)                             US$ 26.00 (06-Aug-2010)                               2-Equal Weight / 1-Positive
Rating and Price Target Chart:
                                                             WESTERN DIGITAL CORP.
                                                                                                                  As of 28-Jul-2010
                                                                                                                   Currency = USD
               56.00

               52.00

               48.00

               44.00

               40.00

               36.00

               32.00

               28.00

               24.00

               20.00

               16.00

               12.00

                8.00

                   7-07    10-07      1-08     4-08   7-08   10-08     1-09    4-09      7-09    10-09    1-10       4-10     7-10
                                                       Closing Price                  Price Target
                                                       Recommendation Change          Drop Coverage
                                                                                                                   Source: FactSet
Currency=US$
Date       Closing Price     Rating                   Price Target        Date          Closing Price    Rating                       Price Target
22-Jan-10         40.74                                      52.00        02-Nov-07            28.91                                         32.00
15-Jan-10         43.98                                      50.00        11-Sep-07            23.40                                         25.00
15-Jan-10         43.98      2 -Equal weight                              27-Jul-07            21.00                                         24.00
30-Nov-07         27.63      Dropped
    FOR EXPLANATIONS OF RATINGS REFER TO THE STOCK RATING KEYS LOCATED ON THE PAGE FOLLOWING THE LAST PRICE CHART.
Barclays Bank PLC and/or an affiliate trades regularly in the shares of Western Digital Corp..
Valuation Methodology: Our price target of $29 relfects a multiple of 7x our FY12 EPS estimate of $4.20.
Risks Which May Impede the Achievement of the Price Target: Risks include: 1) component shortages could affect ability to meet
demand, 2) the hard disk drive industry is subject to seasonal trends, 3) SSD technology could limit long term growth, and 4) adding
capacity could dilute margins, yet the industry is likely operating near full capacity.




                                                                      4
                                                                                                                                    Equity Research
Important Disclosures Continued:
Apple, Inc. (AAPL)                                       US$ 261.75 (06-Aug-2010)                                    1-Overweight / 1-Positive
Rating and Price Target Chart:
                                                                        APPLE INC.
                                                                                                                     As of 28-Jul-2010
                                                                                                                      Currency = USD

               288.00
               272.00
               256.00
               240.00
               224.00
               208.00
               192.00
               176.00
               160.00
               144.00
               128.00
               112.00
                96.00
                80.00
                64.00
                     7-07    10-07     1-08    4-08    7-08     10-08    1-09     4-09      7-09    10-09    1-10       4-10     7-10
                                                         Closing Price                   Price Target
                                                         Recommendation Change           Drop Coverage
                                                                                                                      Source: FactSet
Currency=US$
Date       Closing Price      Rating                    Price Target        Date           Closing Price    Rating                       Price Target
27-Jan-10        207.88                                        285.00       22-Oct-08             96.87                                         125.00
26-Jan-10        205.94                                        265.00       03-Oct-08             97.07                                         135.00
07-Jan-10        210.58                                        260.00       29-Sep-08            105.26                                         180.00
20-Oct-09        198.76                                        235.00       22-Jul-08            162.02                                         220.00
13-Aug-09        168.42                                        208.00       10-Jun-08            185.64                                         234.00
22-Jul-09        156.74                                        188.00       24-Apr-08            168.94                                         202.00
09-Jun-09        142.72                                        173.00       21-Apr-08            168.16                                         195.00
23-Apr-09        125.40                                        155.00       21-Apr-08            168.16     1 -Overweight
06-Apr-09        118.45                                        143.00       30-Nov-07            182.22     Dropped
17-Nov-08         88.14                                        113.00       15-Oct-07            166.98                                        190.00
06-Nov-08         99.10                                        121.00       26-Jul-07            146.00                                        160.00
    FOR EXPLANATIONS OF RATINGS REFER TO THE STOCK RATING KEYS LOCATED ON THE PAGE FOLLOWING THE LAST PRICE CHART.
Barclays Bank PLC and/or an affiliate is a market-maker and/or liquidity provider in securities issued by Apple, Inc. or one of its affiliates.
Barclays Bank PLC and/or an affiliate has received compensation for investment banking services from Apple, Inc. in the past 12 months.
Barclays Bank PLC and/or an affiliate trades regularly in the shares of Apple, Inc..
Barclays Bank PLC and/or an affiliate has received non-investment banking related compensation from Apple, Inc. within the past 12
months.
Apple, Inc. is or during the past 12 months has been an investment banking client of Barclays Bank PLC and/or an affiliate.
Apple, Inc. is or during the last 12 months has been a non-investment banking client (securities related services) of Barclays Bank PLC
and/or an affiliate.
Risks Which May Impede the Achievement of the Price Target: Risks include: 1. the economic environment and consumer spending
trends 2. Mac demand momentum 3. execution risk in Apple's ability to continue launching the iPhone successfully in the US and
international markets.




                                                                        5
                                                                                                                                  Equity Research
Important Disclosures Continued:
Seagate Technology (STX)                                US$ 11.87 (06-Aug-2010)                                2-Equal Weight / 1-Positive
Rating and Price Target Chart:
                                                            SEAGATE TECHNOLOGY INC.
                                                                                                                   As of 14-Jul-2010
                                                                                                                    Currency = USD
               34.00
               32.00
               30.00
               28.00
               26.00
               24.00
               22.00
               20.00
               18.00
               16.00
               14.00
               12.00
               10.00
                8.00
                6.00
                4.00
                2.00
                0.00
                   7-07    10-07      1-08   4-08    7-08    10-08     1-09    4-09       7-09    10-09    1-10        4-10      7-10
                                                      Closing Price                   Price Target
                                                      Recommendation Change           Drop Coverage
                                                                                                                     Source: FactSet
Currency=US$
Date       Closing Price     Rating                   Price Target        Date           Closing Price    Rating                        Price Target
21-Jan-10         19.49                                      30.00        17-Oct-07             27.01                                          31.00
15-Jan-10         17.77                                      26.00        29-Aug-07             25.39                                          29.00
15-Jan-10         17.77      1 -Overweight                                20-Jul-07             24.63                                          27.00
30-Nov-07         25.79      Dropped
    FOR EXPLANATIONS OF RATINGS REFER TO THE STOCK RATING KEYS LOCATED ON THE PAGE FOLLOWING THE LAST PRICE CHART.
Barclays Bank PLC and/or an affiliate is a market-maker and/or liquidity provider in securities issued by Seagate Technology or one of its
affiliates.
Barclays Bank PLC and/or an affiliate expects to receive or intends to seek compensation for investment banking services from Seagate
Technology within the next 3 months.
Barclays Bank PLC and/or an affiliate trades regularly in the shares of Seagate Technology.
Barclays Bank PLC and/or an affiliate has received non-investment banking related compensation from Seagate Technology within the past
12 months.
Seagate Technology is or during the past 12 months has been an investment banking client of Barclays Bank PLC and/or an affiliate.
Seagate Technology is or during the last 12 months has been a non-investment banking client (securities related services) of Barclays Bank
PLC and/or an affiliate.
Risks Which May Impede the Achievement of the Price Target: Risks include: 1) component shortages could affect ability to meet
demand, 2) the disk drive industry is subject to seasonal trends, 3) penetration of SSD technology could limit long term growth, 4) adding
capacity could dilute margins, and 5) cash flow could be impacted again if the industry experiences another significant unforeseen
downturn.




                                                                      6
                                                                                                                                  Equity Research
Important Disclosures Continued:
The analysts responsible for preparing this report have received compensation based upon various factors including the firm's total
revenues, a portion of which is generated by investment banking activities.




Company Name                               Ticker              Price             Price Date         Stock / Sector Rating
Western Digital Corp.                      WDC                 US$ 26.00         06-Aug-2010        2-Equal Weight / 1-Positive

Mentioned Company                          Ticker              Price             Price Date         Stock / Sector Rating
Apple, Inc.                                AAPL                US$ 261.75        06 Aug 2010        1-Overweight / 1-Positive
Seagate Technology                         STX                 US$ 11.87         06 Aug 2010        2-Equal Weight / 1-Positive




Barclays Capital produces a variety of research products including, but not limited to, fundamental analysis, equity-linked analysis, quantitative
analysis, and trade ideas. Recommendations contained in one type of research product may differ from recommendations contained in other types
of research products, whether as a result of differing time horizons, methodologies, or otherwise.
Guide to the Barclays Capital Fundamental Equity Research Rating System:
Our coverage analysts use a relative rating system in which they rate stocks as 1-Overweight, 2-Equal Weight or 3-Underweight (see
definitions below) relative to other companies covered by the analyst or a team of analysts that are deemed to be in the same industry
sector (the “sector coverage universe”). Below is the list of companies that constitute the sector coverage universe:

Apple, Inc. (AAPL)                                         Dell Inc. (DELL)
EMC Corp. (EMC)                                            Hewlett-Packard (HPQ)
IBM Corp. (IBM)                                            Ingram Micro Inc. (IM)
Lexmark International (LXK)                                NetApp, Inc. (NTAP)
Seagate Technology (STX)                                   Tech Data Corp. (TECD)
Western Digital Corp. (WDC)                                Xerox Co. (XRX)


In addition to the stock rating, we provide sector views which rate the outlook for the sector coverage universe as 1-Positive, 2-Neutral or
3-Negative (see definitions below). A rating system using terms such as buy, hold and sell is not the equivalent of our rating system.
Investors should carefully read the entire research report including the definitions of all ratings and not infer its contents from ratings alone.

Stock Rating
1-Overweight - The stock is expected to outperform the unweighted expected total return of the sector coverage universe over a 12-month
investment horizon.
2-Equal Weight - The stock is expected to perform in line with the unweighted expected total return of the sector coverage universe over a
12- month investment horizon.
3-Underweight - The stock is expected to underperform the unweighted expected total return of the sector coverage universe over a
12- month investment horizon.
RS-Rating Suspended - The rating and target price have been suspended temporarily due to market events that made coverage
impracticable or to comply with applicable regulations and/or firm policies in certain circumstances including when Barclays Capital is acting
in an advisory capacity in a merger or strategic transaction involving the company.

Sector View
1-Positive - sector coverage universe fundamentals/valuations are improving.
2-Neutral - sector coverage universe fundamentals/valuations are steady, neither improving nor deteriorating.
3-Negative - sector coverage universe fundamentals/valuations are deteriorating.

Distribution of Ratings:
Barclays Capital Equity Research has 1524 companies under coverage.
43% have been assigned a 1-Overweight rating which, for purposes of mandatory regulatory disclosures, is classified as a Buy rating; 51%
of companies with this rating are investment banking clients of the Firm.

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                                                                                                                                                  Equity Research
43% have been assigned a 2-Equal Weight rating which, for purposes of mandatory regulatory disclosures, is classified as a Hold rating;
45% of companies with this rating are investment banking clients of the Firm.
11% have been assigned a 3-Underweight rating which, for purposes of mandatory regulatory disclosures, is classified as a Sell rating; 35%
of companies with this rating are investment banking clients of the Firm.

Barclays Capital offices involved in the production of Equity Research:
London
Barclays Capital, the investment banking division of Barclays Bank PLC (Barclays Capital, London)
New York
Barclays Capital Inc. (BCI, New York)
Tokyo
Barclays Capital Japan Limited (BCJL, Tokyo)
São Paulo
Banco Barclays S.A. (BBSA, São Paulo)
Hong Kong
Barclays Bank PLC, Hong Kong branch (BB, Hong Kong)

Toronto
Barclays Capital Canada Inc. (BCC, Toronto)

Johannesburg
Absa Capital, a division of Absa Bank Limited (Absa Capital, Johannesburg)



This publication has been prepared by Barclays Capital; the investment banking division of Barclays Bank PLC, and/or one or more of its affiliates as
provided below. This publication is provided to you for information purposes only. Prices shown in this publication are indicative and Barclays Capital is not
offering to buy or sell or soliciting offers to buy or sell any financial instrument. Other than disclosures relating to Barclays Capital, the information contained in
this publication has been obtained from sources that Barclays Capital believes to be reliable, but Barclays Capital does not represent or warrant that it is
accurate or complete. The views in this publication are those of Barclays Capital and are subject to change, and Barclays Capital has no obligation to update
its opinions or the information in this publication.
The analyst recommendations in this report reflect solely and exclusively those of the author(s), and such opinions were prepared independently of any other
interests, including those of Barclays Capital and/or its affiliates.
Neither Barclays Capital, nor any affiliate, nor any of their respective officers, directors, partners, or employees accepts any liability whatsoever for any direct
or consequential loss arising from any use of this publication or its contents. The securities discussed in this publication may not be suitable for all investors.
Barclays Capital recommends that investors independently evaluate each issuer, security or instrument discussed in this publication and consult any
independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant
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substantially from those reflected. Past performance is not necessarily indicative of future results.
This communication is being made available in the UK and Europe to persons who are investment professionals as that term is defined in Article 19 of the
Financial Services and Markets Act 2000 (Financial Promotion Order) 2005. It is directed at, and therefore should only be relied upon by, persons who have
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Barclays Capital Inc., US registered broker/dealer and member of FINRA (www.finra.org), is distributing this material in the United States and, in connection
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                                                                                  8
                                                                                                                                       Equity Research
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PLC-DIFC Branch, may only undertake the financial services activities that fall within the scope of its existing DFSA licence.
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This information has been distributed by Barclays Bank PLC. Related financial products or services are only available to Professional Clients as defined by
the DFSA, and Business Customers as defined by the QFCRA.
IRS Circular 230 Prepared Materials Disclaimer: Barclays Capital and its affiliates do not provide tax advice and nothing contained herein should be
construed to be tax advice. Please be advised that any discussion of U.S. tax matters contained herein (including any attachments) (i) is not intended or
written to be used, and cannot be used, by you for the purpose of avoiding U.S. tax-related penalties; and (ii) was written to support the promotion or
marketing of the transactions or other matters addressed herein. Accordingly, you should seek advice based on your particular circumstances from an
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Additional information regarding this publication will be furnished upon request.




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