Strategic Shareholder Climate and Risk Financial Financial Barclays PLC 498 report information sustainability report Governance review review statements Annual Report 2022 Notes to the financial statements (continued) Employee benefits The value of the assets of the schemes and their percentage in relation to total scheme assets were as follows: Analysis of scheme assets Total Of which relates to UKRF % of total fair % of total fair value of value of scheme scheme a a Quoted Unquoted Value assets Quoted Unquoted Value assets £m £m £m % £m £m £m % As at 31 December 2022 Equities 113 — 113 0.5 — — — — Private equities — 2,734 2,734 10.8 — 2,734 2,734 11.1 Bonds - fixed government 1,353 — 1,353 5.3 1,098 — 1,098 4.4 Bonds - index-linked government 9,847 — 9,847 38.9 9,829 — 9,829 39.9 Bonds - corporate and other 5,884 1,551 7,435 29.3 5,690 1,551 7,241 29.3 Property 13 1,310 1,323 5.2 — 1,310 1,310 5.3 Infrastructure 793 790 1,583 6.2 793 790 1,583 6.4 Hedge funds 11 1,362 1,373 5.4 — 1,362 1,362 5.5 Derivatives (20) (1,837) (1,857) (7.3) (20) (1,837) (1,857) (7.5) Longevity reinsurance contracts — (123) (123) (0.5) — (123) (123) (0.5) b Cash and liquid assets (1,776) 3,286 1,510 6.0 (1,789) 3,286 1,497 6.1 Mixed investment funds 11 — 11 — — — — — Other 7 51 58 0.2 — 6 6 — Fair value of scheme assets 16,236 9,124 25,360 100.0 15,601 9,079 24,680 100.0 As at 31 December 2021 Equities 294 — 294 0.8 167 — 167 0.5 Private equities — 3,113 3,113 8.8 — 3,113 3,113 9.0 Bonds - fixed government 2,384 161 2,545 7.2 2,080 161 2,241 6.5 Bonds - index-linked government 15,375 — 15,375 43.5 15,352 — 15,352 44.4 Bonds - corporate and other 7,451 1,498 8,949 25.2 7,214 1,498 8,712 25.1 Property 14 1,490 1,504 4.2 — 1,490 1,490 4.3 Infrastructure — 1,815 1,815 5.1 — 1,815 1,815 5.2 Hedge funds — 1,365 1,365 3.8 — 1,365 1,365 3.9 Derivatives 1 10 11 — 1 10 11 — Longevity reinsurance contract — — — — — — — — b Cash and liquid assets (1,865) 2,275 410 1.2 (1,878) 2,275 397 1.1 Mixed investment funds 9 — 9 — — — — — Other 20 57 77 0.2 — 15 15 — c Fair value of scheme assets 23,683 11,784 35,467 100.0 22,936 11,742 34,678 100.0 Notes a Valuation of unquoted assets is provided by the underlying managers or qualified independent valuers. Valuations of complex instruments are based on UKRF custodian valuations. The valuation for some of the unquoted assets, in particular Private equities, is based on valuations as at 30 September 2022 adjusted by cash flows, these being the latest available valuations as at the point of publication. All valuations are determined in accordance with relevant industry guidance. b Cash and liquid assets for the UKRF consists of £521m (2021: £488m) Cash, £80m (2021: £93m) Receivables/payables, £3,286m (2021:£2,275m) Pooled cash funds and £(2,390)m (2021: £(2,459)m) Repurchase agreements. c The asset allocation for 2021 has been re-presented to reflect the re-interpretation of the asset classifications as well as a reclassification of £1.2bn between unquoted/quoted bonds, in a manner that management believes better represents the underlying nature of the assets. Included within the fair value of UKRF scheme assets was nil (2021: nil) relating to shares in Barclays PLC and nil (2021: nil) relating to bonds issued by Barclays PLC. The UKRF also invests in pooled investment vehicles which may hold shares or debt issued by Barclays PLC. There has been no significant change in the UKRF investment strategy over the year, however, given the movement in the gilt and bond yields over the year, the relative weights of assets classes have changed. No additional support from the Group was required in response to the market volatility experienced over the year. The UKRF assets as at 31 December 2021 do not include the Senior Notes referred to in the section below on Triennial Valuation, as these were non-transferable instruments and not recognised under IAS 19. The Senior Notes were redeemed in December 2022, and the redemption proceeds are now included in Cash and Liquid Assets as at 31 December 2022. Approximately 34% of the UKRF assets are invested in liability-driven investment strategies; primarily UK gilts as well as interest rate and inflation swaps. These swaps are used to better match the assets to its liabilities. The swaps are used to reduce the scheme’s inflation and duration risks against its liabilities.