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3/7/00 - Charles Schwab and Barclays Announce Internet Based Foreign CHARLES SCHWAB CORP ("SCH-BHDNPQX;SCHY-Z") BARCLAYS PLC ("BCS-BDNPQX") - Charles Schwab and Barclays Announce Internet-Based Foreign - Exchange Service The Charles Schwab Corporation and Barclays PLC announced plans to develop and operate a fully automated foreign exchange (FX) facility which will make it easier for investors outside the U.S. to buy and sell securities denominated in different currencies. The aim of the FX facility will be to allow investors using Schwab's online brokerage services to buy and sell securities in different foreign markets without the need for separately negotiated foreign exchange contracts. In addition, in countries where Schwab's affiliates are licensed to trade on local exchanges, the FX facility will enable customers to promptly move funds between accounts denominated in different currencies. Barclays Capital, the investment banking division of the Barclays Group, will provide the live foreign exchange pricing and execute the foreign exchange transactions with Schwab. Schwab's web interface will relay relevant exchange rate information to customers and process the foreign exchange transaction automatically in parallel with the securities trade. Schwab and Barclays expect the FX facility will be operational by the fourth quarter of 2000. The new service will be rolled out in stages to different countries where Schwab has an affiliate. Fees for using the FX facility will vary depending on the currency and size of the transaction. Competitive rates will be offered for all currencies covered by the service (e.g., Yen, Pound, Canadian Dollar, Hong Kong Dollar, Euro and Australian Dollar). Specific rate information will be available when the FX facility is launched later in the year. "This is a tool that makes sense for investors around the world," said Chairman and Co-CEO Charles R. Schwab. "Online trading is flourishing in international markets and, naturally, investors are looking for opportunities outside their home markets. With this foreign exchange facility, we intend to provide them with a seamless end-to-end trading experience." The aim is that all Schwab retail customers will be eligible to use the FX facility as it is introduced in their respective regions. When it is launched, the FX facility will be accessible day and night and supported by trained telephone service representatives. "We're delighted to be working with Schwab to expand its full service online brokerage service," noted Robert E. Diamond Jr., Chief Executive of Barclays Capital. "Their leadership in web-based trading, combined with our global foreign exchange dealing expertise and strong technology infrastructure, will result in a convenient, cost-effective capability that, until now, was unavailable to retail customers." About Charles Schwab The Charles Schwab Corporation, through its principal operating subsidiary, Charles Schwab & Co., Inc., (Member NYSE/SIPC) is one of America's largest financial services firms. Schwab provides a full-service investing experience to customers through the Internet, 354 branch offices, speech recognition, touch-tone telephone, e-mail, multilingual and international services and access to professionals day or night. As of January 2000, the company served 6.7 million active accounts with $718 billion in customer assets. Internationally, the company has operations in Australia, Canada, the Cayman Islands, Hong Kong, Japan, and United Kingdom. The company serves Spanish-speaking customers through its Latin American Center in Miami, and serves Asian-language customers in the U.S. through its Asia Pacific Services unit. In addition, the company's International Service Center provides customers with support in eight different languages, including Spanish, Cantonese, Mandarin, German, French, Arabic, Portuguese and English. About Barclays PLC Barclays PLC is one of Europe's leading financial services organizations with assets of pounds sterling 255 billion (Dec 31, 1999) and pre-tax profits in 1999 of pounds sterling 2.46 billion. It is firmly established as the leading e-enabled bank in the UK, with innovative e-commerce initiatives being developed across its five business divisions: Retail Financial Services, Corporate Banking, Barclaycard, Barclays Global Investors and Barclays Capital. Barclays Capital is the investment banking division of the Barclays Group and provides financial products and solutions to major corporations, investors and governments. It has developed e-commerce applications in a number of areas, including commercial paper, convertible bonds, financial futures and equity finance as well as foreign exchange. In common with Charles Schwab, it was a co-lead manager on the World Bank's first e-bond in January 2000, and lead-managed the first e-bond for the European Investment Bank in February. TEL: [phone] Mike Durand of Charles Schwab Corp. TEL: [phone] Peter Krijgsman of Barclays PLC ______________________________