Inv.Property Databank-update

Barclays PLC
17 February 2004


Investment Property Databank - Update to December 2003

Progress Report No 2, 17 February 2004

At this point in the update, we have collected end-2003 capital value
information from all clients. The records on capital and revenue flows for most
funds have now been completed, and all inputs are being checked. These
provisional figures are therefore based on largely unconfirmed data. It is not
possible to estimate how close to these provisional results the final 2003
figure is likely to be as the final stages of the update can have significant
effects on the bottom line.


1.   2003 Provisional Results - based on an estimated 98.2% of the final 
     Databank.
                                                                    Capital  Income Return  Total Return
                                                                     Growth

IPD Universe - Portfolio Benchmark                                      4.0            6.7          10.7
(including transactions, development and other active
management)

IPD Index - Standing Investments
(excluding transactions, development and active management)
All Property                                                            3.9            7.0          10.9
    Retail                                                              8.9            6.6          15.5
    Office                                                             -4.0            7.3           3.3
    Industrial                                                          3.6            7.9          11.5


2.   Size of the Databank (£m)
    Total value updated so far            Estimated final total                  % Completed

             105,055                             106,953                            98.2


3.  Sector Weightings - % of Capital Value
                                                           Retail             Office         Industrial

This year's Provisional Databank
    At end-2003                                              51.6               29.7               15.8
    At end-2002                                              47.7               33.8               15.3

Last year's Final Databank
    At end-2002                                              47.7               33.1               15.2


(c) Investment Property Databank Ltd (IPD) February 2004.  All rights conferred
by law of copyright and by virtue of international copyright conventions are
reserved by IPD.  No part of the IPD statistics or information contained within
this may be reproduced or transmitted, in any form or by any means, without the
prior written consent of IPD.

  Investment Property Databank will have no liability for any losses, damages
 costs and expenses suffered by any persons as a result of any reliance on the
        information or for any errors or inaccuracies contained within.


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