Trading Statement

Barclays PLC
02 December 2003

                                                               2nd December 2003



                                  BARCLAYS PLC

                               PRE-CLOSE BRIEFING



Barclays PLC ('Barclays') will be briefing analysts ahead of its close period
for the year ending 31st December 2003. This briefing will commence at 09.00 GMT
and will be available as a live audio webcast and as a live conference call. The
details for participation can be found at the end of this announcement under the
section headed 'Conference call and webcast details'.



In January 2003, the US Securities and Exchange Commission (SEC) adopted
Regulation G. This regulation imposes restrictions on the presentation of
financial information using headings or terms which are not in accordance with
the definitions in the Generally Accepted Accounting Principles (GAAP) of the
issuer. Barclays has in the past published both Group statutory financial
statements, which would have complied with Regulation G, as well as Group and
business further analyses which were designed to assist the understanding of
underlying operating trends. Under Regulation G, Barclays does not consider it
practical to continue to provide financial statements in both these forms. In
the future Barclays will present its Group financial results solely on a GAAP
basis, in line with the requirements of Regulation G. Appendix A presents, in
the revised format, the interim results for 2003 and the two half years of 2002.
The commentary in this announcement refers to the 'consolidated profit and loss
account' as disclosed in Appendix A, reflecting the adoption of US SEC
Regulation G. Historically reported pre tax profit, profit after tax and
earnings per share are unaffected by this presentational change.



Appendix B contains additional detailed business performance commentary for
income and costs.





Group Performance Summary



Matthew W. Barrett, Group Chief Executive, commented:



'The strong and broadly based performance of the first half of 2003 continued
into the third quarter.



For the nine months to end September, profit before tax was, as in the first
half of 2003, significantly ahead of the equivalent period in 2002.



Barclays is well positioned for the remainder of the year. Current trends
suggest that full year profit before tax will be somewhat better than the market
consensus of £3,686 million'.





Individual Business Performance Summaries



Key trends set out below, unless stated otherwise, relate to the third quarter
of 2003 and are compared to the first half of 2003.



Personal Financial Services

Business volumes increased across all key areas during the third quarter
relative to the first half, helping to sustain income growth. Margins were
stable. Costs remained well controlled and provisions continued to fall.



Barclays Private Clients

During the third quarter, income performance strengthened compared to the first
half of 2003, reflecting the generally more stable market and economic
conditions. The integration of Banco Zaragozano is progressing well. Profit
before tax in the nine months to end September 2003 continued to be lower than
in the equivalent period of 2002.



Barclaycard

Barclaycard maintained the strong performance of the first half. Income growth
in the third quarter benefited from success in new customer recruitment, higher
transaction volumes and increased lending. A rise in costs reflected growth in
the UK business and expansion of Barclaycard International. Provisions remained
in line with expectation.



Business Banking

Business Banking continued to perform strongly in the third quarter from a
combination of income momentum, driven by higher volumes of business with
customers, and tight cost management. Provisions remained in line with
expectation.



Barclays Africa

The momentum of the first half was maintained during the third quarter.



Barclays Capital

Third quarter income growth exceeded the first half experience, driven by
increased client activity and favourable market conditions. Costs increased
reflecting the strong performance and continued investment in origination and
distribution capabilities. The credit environment in the large corporate sector
continued to improve in both the US and Europe.



Barclays Global Investors

Continued strength in net new asset gathering, combined with improvements in
market levels and good investment performance, drove income levels in the third
quarter above the average levels of the first half. Costs remained well
controlled.





Group Performance Analysis



Key trends set out below, unless stated otherwise, relate to the nine months to
30th September 2003 and are compared to the corresponding nine months of 2002.
Balance sheet comparisons, unless stated otherwise, relate to the corresponding
position at 31st December 2002.





Income



Operating income rose strongly, with the third quarter being the best income
quarter of the year to date.



Net interest income grew moderately as volume growth was partially offset by
some margin pressure in the wholesale side of the business.



Net fees and commissions saw good growth, reflecting higher volumes and good
client activity.



Dealing profits rose strongly, reflecting higher levels of business activity
across government bonds, corporate bonds, equity related products, money markets
and commodities.



Other operating income, excluding income from the closed life assurance
activities, increased sharply. This was primarily attributable to higher levels
of general insurance activity and profits on investment realisations in Barclays
Capital. The negative contribution from the closed life assurance activities
reduced relative to the comparable period of 2002.



Costs



Costs continued to be tightly managed. Although costs rose versus the prior year
period, this was largely due to the impact of the additional pensions charge and
increased revenue related costs consequent on the strong business performance.



Business as usual cost growth was largely attributable to the additional
pensions charge and the inclusion of costs from acquired businesses.



Revenue related costs increased significantly, primarily reflecting the strong
performances at Barclays Capital and Barclays Global Investors.



Strategic investment costs were lower, although the rate of strategic investment
spend increased in the third quarter.



Woolwich integration costs for the full year 2003 are expected to be
significantly below the 2002 level.



Restructuring costs for the full year 2003 are expected to be somewhat higher
than in 2002.





Provisions for bad and doubtful debts



Total provisions for the Group were lower, with the benefits of active risk
management and improvements in the credit environment more than offsetting
increased provisions as a result of lending growth.



In Personal Financial Services, the provisions charge fell, continuing the
positive trend of the first half. In Barclaycard and Business Banking,
provisions increased but remained broadly consistent with expectations. Barclays
Capital provisions were significantly lower, reflecting the more stable credit
environment.





Other information



The Woolwich integration programme is expected to exceed the planned annualised
pre tax synergies of £330 million for 2003.



The tax rate for the full year is expected to be somewhat lower than the half
year experience.



Customer loans and advances (excluding trading balances) at the end of the third
quarter were £169 billion, up 7% from 31st December 2002. Customer liabilities
(excluding trading balances) were £156 billion, up 9%. Weighted risk assets were
£188 billion, up 9%.





Conference call and webcast details



The Group Finance Director's briefing of analysts will be available as a live
conference call at 09.00 GMT on 2nd December 2003. The telephone number is +44
(0) 20-8322-2037, with the access code 'Barclays pre close announcement'.



The briefing will also be available as a live audio webcast on the investor
relations website at: www.investorrelations.barclays.co.uk.





Results timetable:



2003 preliminary results announcement:              Thursday, 12th February 2004

Ex dividend date:                                  Wednesday, 25th February 2004

Dividend record date:                                 Friday, 27th February 2004

2004 Annual General Meeting:                           Thursday, 29th April 2004

Dividend payment date:                                   Friday, 30th April 2004

2004 Interim pre close date:                             Thursday, 27th May 2004

2004 Interim results announcement:                     Thursday, 5th August 2004



For further information please contact:



Investor Relations                                     Media Relations

James S Johnson/Cathy Turner                           Pam Horrell/Leigh Bruce

[phone]/3638                              [phone]/2658



This document contains certain forward-looking statements within the meaning of
Section 21E of the US Securities Exchange Act of 1934, as amended, and Section
27A of the Securities Act of 1933, as amended, with respect to certain of the
Group's plans and its current goals and expectations relating to its future
financial condition and performance. These forward looking statements can be
identified by the fact that they do not relate only to historical or current
facts. Forward looking statements sometimes use words such as 'anticipate',
'target', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe' or other
words of similar meaning. By their nature, forward looking statements involve
risk and uncertainty because they relate to future events and circumstances,
including but not limited to UK domestic and global economic and business
conditions, market related risks such as changes in interest and exchange rates,
the policies and actions of governmental and regulatory authorities, changes in
legislation and the impact of competition a number of which are beyond the
Group's control. As a result, the Group's actual future results may differ
materially from the plans, goals and expectations set forth in the
forward-looking statements. A more detailed list of these factors is contained
on pages pp124-125 of Barclays PLC Annual Report 2002 that is available on the
Internet at www.investorrelations.barclays.co.uk/ivr/2002_annual_report. Any
forward looking statements made by or on behalf of Barclays speak only as of the
date they are made. Barclays does not undertake to update forward looking
statements to reflect any changes in Barclays expectations with regard thereto
or any changes in events, conditions or circumstances on which any such
statement is based. The reader should, however, consult any further disclosure
that Barclays may make in documents it files with the US Securities and Exchange
Commission.



                                   APPENDICES



                           APPENDIX A - REGULATION G



In January 2003, the US Securities and Exchange Commission (SEC) adopted
Regulation G. This regulation addresses the presentation of data which is not
based on Generally Accepted Accounting Principles (GAAP) and prohibits the use
of the same or confusingly similar descriptions for non GAAP and GAAP
information. Barclays, as a foreign private issuer, must comply with the
regulation in respect of all financial data incorporated in published documents
which are specifically targeted at the US.



Barclays has in the past published both Group statutory financial statements,
which would have complied with Regulation G, as well as Group and business
further analyses which were designed to assist the understanding of underlying
operating trends. Under Regulation G, Barclays does not consider it practical to
continue to provide financial statements in both these forms. In the future
Barclays will present its Group financial results solely on a GAAP basis, in
line with the requirements of Regulation G. This appendix presents, in the
revised format, the interim results for 2003 and the two half years of 2002.
Historically reported pre tax profit, profit after tax and earnings per share
are unaffected by this change.



As a consequence, goodwill amortisation, restructuring costs and costs directly
associated with the integration of Woolwich plc will be included in all
presentations of Group operating expenses and operating profit, while the profit
/(loss) from joint ventures and associates will be taken into account below
operating profit. In the detailed presentation of business group results,
restructuring costs and Woolwich integration costs will be included in the
calculation of operating expenses and operating profit. Restructuring costs will
be disclosed separately to provide further transparency. Goodwill amortisation
will not be allocated to business groups in the detailed presentation but will
be allocated in the segmental analysis note in the Annual Report (2002 Annual
Report, Note 61). Barclays believes that the detailed presentation excluding
goodwill amortisation is a better measurement of the day to day performance of
the businesses.



The following presentation of the interim results 2003 reflects the changes
arising from the Group's application of Regulation G. Woolwich integration
costs, as previously disclosed by business group, are identified in a separate
table.



GROUP CONSOLIDATED PROFIT AND LOSS ACCOUNT (UNAUDITED)
                                                                         Half-year ended
                                                             30.06.03           31.12.02           30.06.02
                                                                   £m                 £m                 £m
Interest receivable                                             6,093              6,007              6,037
Interest payable                                              (2,857)            (2,935)            (2,904)
Net interest income                                             3,236              3,072              3,133
Net fees and commissions receivable                             2,030              1,961              1,964
Dealing profits                                                   530                320                513
Other operating income                                            197                240                124
Total non-interest income                                       2,757              2,521              2,601
Operating income                                                5,993              5,593              5,734
Administration expenses - staff costs                         (2,026)            (1,877)            (1,878)
Administration expenses - other                               (1,092)            (1,213)            (1,099)
Depreciation                                                    (144)              (147)              (156)
Goodwill amortisation                                           (125)              (124)              (130)
Operating expenses                                            (3,387)            (3,361)            (3,263)
Operating profit before provisions                              2,606              2,232              2,471
Provisions for bad and doubtful debts                           (652)              (771)              (713)
Provisions for contingent liabilities and commitments               -                (2)                  1
Operating profit                                                1,954              1,459              1,759
Profit/(loss) from joint ventures and                              10                (6)                (4)
associated undertakings
Exceptional items                                                 (1)                (3)                  -
Profit on ordinary activities before tax                        1,963              1,450              1,755
Tax on profit on ordinary activities                            (567)              (446)              (509)
Profit on ordinary activities after tax                         1,396              1,004              1,246
Minority interests - equity and non-equity                       (13)               (11)                (9)
Profit for the financial period attributable
to the members of Barclays PLC                                  1,383                993              1,237
Dividends                                                       (457)              (787)              (419)
Profit retained for the financial period                          926                206                818



Per share data
                                                                         Half-year ended
Earnings per ordinary share                                  30.06.03           31.12.02           30.06.02
Adjusted earnings per ordinary share                            24.3p              18.9p              21.4p
Restructuring charge                                           (0.8p)             (1.5p)             (0.6p)
Goodwill amortisation                                          (2.0p)             (1.8p)             (1.9p)
Woolwich integration costs                                     (0.2p)             (0.5p)             (0.3p)
Basic earnings per ordinary share                               21.3p              15.1p              18.6p
Dividend per ordinary share
Interim                                                         7.05p                  -              6.35p
Final                                                               -             12.00p                  -



Operating expenses
                                                                        Half-year ended
                                                            30.06.03           31.12.02           30.06.02
                                                                  £m                 £m                 £m
Business as usual expenses                                     2,550              2,493              2,426
Revenue related costs                                            454                348                382
Strategic investment costs                                       145                193                188
Acquisitions and disposals                                        17                 23                 50
Restructuring charge                                              74                132                 55
Goodwill amortisation                                            125                124                130
Woolwich Integration costs                                        22                 48                 32
Operating expenses                                             3,387              3,361              3,263



RECONCILIATION OF PROFIT BEFORE TAX EXCLUDING GOODWILL AMORTISATION AND
EXCEPTIONAL ITEMS
                                                                      Half-year ended
                                                            30.06.03         31.12.02         30.06.02
                                                                  £m               £m               £m
Personal Financial Services                                      485              447              427
Barclays Private Clients
              - ongoing business                                 168              119              240
              - closed life assurance activities                (46)             (61)             (26)
Barclaycard                                                      377              302              309
Business Banking                                                 655              597              628
Barclays Africa                                                   58               46               43
Barclays Capital                                                 414              211              370
Barclays Global Investors                                         91               50               60
Head office functions and other operations                     (110)            (134)            (166)
Profit before tax excluding goodwill amortisation and
exceptional items                                              2,092            1,577            1,885
Exceptional items                                                (1)              (3)                -
Profit before tax excluding goodwill amortisation              2,091            1,574            1,885
Goodwill relating to associated undertaking                      (3)                -                -
Goodwill amortisation                                          (125)            (124)            (130)
Profit before tax                                              1,963            1,450            1,755


Personal Financial Services                                      Half-year ended
                                                     30.06.03           31.12.02           30.06.02
                                                           £m                 £m                 £m
Net interest income                                       977                917                917
Net fees and commissions                                  389                397                397
Other operating income                                    158                169                122
Operating income                                        1,524              1,483              1,436
Operating expenses excluding goodwill
amortisation and restructuring costs                    (851)              (856)              (819)
Restructuring costs                                      (27)               (21)               (18)
Operating expenses excluding goodwill
amortisation                                            (878)              (877)              (837)
Operating profit before provisions, excluding
goodwill amortisation                                     646                606                599
Provisions for bad and doubtful debts                   (163)              (161)              (173)
Operating profit excluding goodwill amortisation          483                445                426
Profit from joint ventures                                  2                  2                  1
Profit on ordinary activities before tax
excluding goodwill amortisation and exceptional
items                                                     485                447                427






Barclays Private Clients                                         Half-year ended
                                                     30.06.03           31.12.02           30.06.02
                                                           £m                 £m                 £m
Net interest income                                       361                380                408
Net fees and commissions                                  240                269                325
Other operating income                                     13                  4                 15
Operating income                                          614                653                748
Operating expenses excluding goodwill
amortisation and restructuring costs                    (430)              (467)              (485)
Restructuring costs                                       (9)               (39)                (5)
Operating expenses excluding goodwill
amortisation                                            (439)              (506)              (490)
Operating profit before provisions, excluding
goodwill amortisation                                     175                147                258
Provisions for bad and doubtful debts                    (16)               (19)               (18)
Operating profit excluding goodwill amortisation
- ongoing business                                        159                128                240
Profit / (loss) from associated undertakings                9                (9)                  -
Profit on ordinary activities before tax                  
excluding goodwill amortisation and exceptional
items
 - ongoing business                                       168                119                240
Contribution from closed life assurance                  (46)               (61)               (26)
activities
Profit on ordinary activities before tax
excluding goodwill amortisation and exceptional
items                                                     122                 58                214




                                                                Half-year ended

Barclaycard
                                                    30.06.03           31.12.02           30.06.02
                                                          £m                 £m                 £m
Net interest income                                      498                455                431
Net fees and commissions                                 380                376                320
Operating income                                         878                831                751
Operating expenses excluding goodwill
amortisation and restructuring costs                   (292)              (297)              (256)
Restructuring costs                                      (4)                (9)                (3)
Operating expenses excluding goodwill
amortisation                                           (296)              (306)              (259)
Operating profit before provisions, excluding
goodwill amortisation                                    582                525                492
Provisions for bad and doubtful debts                  (205)              (221)              (181)
Operating profit excluding goodwill amortisation         377                304                311
Loss from joint ventures                                   -                (2)                (2)
Profit on ordinary activities before tax
excluding goodwill amortisation and exceptional
items                                                    377                302                309






Business Banking                                                 Half-year ended
                                                     30.06.03           31.12.02           30.06.02
                                                           £m                 £m                 £m
Net interest income                                       813                828                798
Net fees and commissions                                  455                442                422
Other operating income                                     19                 20                  4
Operating income                                        1,287              1,290              1,224
Operating expenses excluding goodwill
amortisation and restructuring costs                    (504)              (520)              (499)
Restructuring costs                                      (19)               (28)               (14)
Operating expenses excluding goodwill
amortisation                                            (523)              (548)              (513)
Operating profit before provisions, excluding
goodwill amortisation                                     764                742                711
Provisions for bad and doubtful debts                   (110)              (146)               (80)
Operating profit excluding goodwill amortisation          654                596                631
Profit/(loss) from associated undertakings                  1                  1                (3)
Profit on ordinary activities before tax
excluding goodwill amortisation and exceptional
items                                                     655                597                628




Barclays Africa                                                  Half-year ended
                                                     30.06.03           31.12.02           30.06.02
                                                           £m                 £m                 £m
Net interest income                                        89                 84                 76
Net fees and commissions                                   65                 60                 54
Other operating income                                      -                  1                  -
Operating income                                          154                145                130
Operating expenses excluding goodwill
amortisation and restructuring costs                     (79)               (71)               (72)
Restructuring costs                                       (5)               (11)                (5)
Operating expenses excluding goodwill
amortisation                                             (84)               (82)               (77)
Operating profit before provisions, excluding
goodwill amortisation                                      70                 63                 53
Provisions for bad and doubtful debts                    (12)               (17)               (10)
Profit on ordinary activities before tax
excluding goodwill amortisation and exceptional
items                                                      58                 46                 43




Barclays Capital                                                 Half-year ended
                                                     30.06.03           31.12.02           30.06.02
                                                           £m                 £m                 £m
Net interest income                                       490                415                474
Dealing profits                                           526                320                507
Net fees and commissions                                  244                218                245
Other operating income                                     48                 61                (2)
Operating income                                        1,308              1,014              1,224
Operating expenses excluding goodwill
amortisation and restructuring costs                    (758)              (611)              (701)
Restructuring costs                                       (6)               (12)                  -
Operating expenses excluding goodwill
amortisation                                            (764)              (623)              (701)
Operating profit before provisions, excluding
goodwill amortisation                                     544                391                523
Provisions for bad and doubtful debts                   (131)              (181)              (153)
Operating profit excluding goodwill amortisation          413                210                370
Profit from associated undertakings                         1                  1                  -
Profit on ordinary activities before tax
excluding goodwill amortisation and exceptional
items                                                     414                211                370




Barclays Global Investors                                              Half-year ended
                                                         30.06.03             31.12.02             30.06.02
                                                               £m                   £m                   £m
Net interest income                                             5                    6                    6
Net fees and commissions                                      306                  255                  283
Operating income                                              311                  261                  289
Operating expenses excluding goodwill amortisation          (220)                (210)                (229)
Operating profit excluding goodwill amortisation               91                   51                   60
Loss from joint ventures                                        -                  (1)                    -
Profit on ordinary activities before tax excluding
goodwill amortisation and exceptional items                    91                   50                   60



Woolwich integration costs (included in the above business group results)

                                                                        Half-year ended
                                                            30.06.03           31.12.02           30.06.02
                                                                  £m                 £m                 £m
Personal Financial Services                                       22                 40                 30
Barclays Private Clients                                           -                  7                  1
Barclaycard                                                        -                  1                  -
Business Banking                                                   -                  -                  1
Woolwich integration costs                                        22                 48                 32







                                   APPENDIX B



                 ADDITIONAL INFORMATION ON BUSINESS PERFORMANCE



Additional detail to the Group Performance Analysis for income and costs is
provided below.



Key trends set out below, unless stated otherwise, relate to the nine months to
30th September 2003 and are compared to the corresponding nine months of 2002.
Balance sheet comparisons, unless stated otherwise, relate to the corresponding
position at 31st December 2002.



Income



Operating income at Group level rose strongly, with the third quarter being the
best income quarter of the year to date.



Net interest income grew moderately as volume growth was partially offset by
some margin pressure in the wholesale side of the business.



In Personal Financial Services, net interest income showed good growth
reflecting the continued growth in average balances across the key product areas
of mortgages, consumer finance and savings. The selective stance adopted during
the first half of 2003 to certain sectors of the mortgage market was maintained
during the third quarter. The good growth in consumer finance balances was
driven by the strong performance of Barclayloan and in savings by the continued
success of Barclays branded products, particularly Openplan.



In Barclays Private Clients, net interest income fell as a result of the
FirstCaribbean transaction, partially offset by the inclusion of Banco
Zaragozano and good growth from the sale of Openplan products in Spain.
Barclaycard experienced strong growth in net interest income and continued to
see good growth in average extended credit balances in both the UK and the
International businesses.



Business Banking net interest income grew at a rate comparable to the first half
of 2003. Growth in average lending and deposit balances remained consistent with
the first half experience. Barclays Africa saw good growth in net interest
income.



Barclays Capital secondary income, comprising net interest income and dealing
profits, was driven higher by good growth in net interest income and strongly
increased levels of dealing profits.



Group net interest margin eased during the third quarter relative to the first
half of 2003.



The core domestic businesses, Personal Financial Services, Barclaycard and
Business Banking, continued to demonstrate resilient lending margins. The
savings margin in Personal Financial Services remained stable. In Business
Banking, the deposit margin fell reflecting in part the impact of the
Competition Commission Inquiry's transitional pricing remedy.



Net fees and commissions at Group level saw good growth, reflecting higher
business volumes and good client activity.



In Personal Financial Services, fees and commissions remained broadly in line
with the corresponding period of 2002, as good growth from consumer finance
activities and fee based value added current accounts was partially offset by
continued weakness in the IFA operations.



Barclays Private Clients fees and commissions decreased, consistent with the
first half experience, as a result of lower average market levels versus the
comparable period of 2002. Transaction volumes, fund management fees and sales
of investment products remained below the levels of the comparable period of
2002. However, the third quarter saw some improvement in fees and commissions
income relative to the first half of 2003.



Barclaycard achieved strong growth in fees and commissions as a result of higher
cardholder activity and good growth in turnover and volumes in the merchant
acquiring business. Business Banking continued to experience good growth in fees
and commissions. The strong performance in lending related fees, and growth in
commission income from increased foreign exchange volumes, more than offset the
reduction in money transmission income resulting from the alternative offer to
customers triggered by the Competition Commission Inquiry's transitional pricing
remedy.



Barclays Capital primary income, comprising fees and commissions, saw
significant growth, with good performances across the range of debt financing
activities.



Barclays Global Investors fees and commissions increased strongly, driven by
continued strength in net new asset gathering, improved market levels and good
investment performance. Assets under management at 30th September were £573bn
(30th June 2003: £543bn; 31st December 2002: £462bn).





Costs



Costs at Group level continued to be tightly managed. Although costs rose versus
the prior year period, this was largely due to the impact of the additional
pensions charge and increased revenue related costs consequent on the strong
business performance.



In Personal Financial Services, the move to a pensions charge in 2003 from a
pensions credit in 2002 continued to be the most significant element of the
higher business as usual costs. Strategic investment spend accelerated during
the third quarter of 2003.



Costs in Barclays Private Clients fell, with the move to a pensions charge in
2003 from a pensions credit in 2002 offset by rigorous cost control and the
effect of the FirstCaribbean transaction. The rate of total cost reduction
slowed relative to the first half as a result of the additional costs
attributable to the businesses acquired during 2003.



Cost growth in Barclaycard continued at a rate similar to the first half of
2003, reflecting increased business volumes and strategic investment in both the
UK and International businesses.



In Business Banking, costs remained tightly managed. The continued reduction in
back and middle office costs largely offset the impact of the move to a pensions
charge in 2003 from a pensions credit in 2002.



Barclays Capital costs increased in line with the growth in income. Business as
usual costs grew as a result of continued investment in origination and
distribution capabilities and higher volumes. Revenue related costs grew as a
result of the strong performance.



In Barclays Global Investors, business as usual costs remained tightly managed
whilst the increase in revenue related costs reflected the strong income
performance.








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