Property Index Certificates

Barclays PLC
14 August 2000

                     BARCLAYS PROPERTY INDEX CERTIFICATES
                                    'PICs'
 Notification of Monthly Proxy Index and Monthly Proxy Capital Growth Index
                         

                                     IPD Annual Capital       IPD Annual
                                       Growth Index(1)          Index(1)
                                        
Dec 1998 (as restated by IPD           176.89148               569.87819
March 1999)
Dec 1999 (as certified by IPD          190.03283               652.44875
March 2000)
                                                         
                                    Monthly Proxy Capital        Monthly
                                        Growth Index(2)       Proxy Index(2)
                                        
June 2000 (estimated by IPD July        194.3                    689.1
2000)
July 2000 (estimated by IPD             194.7                    693.4
August 2000)
                                                         
                                     Capital Growth         Total Return
                                                      
In month of July 2000                   0.2%                    0.7%
In 2000 to end July                     2.4%                    6.3%

Source: Investment Property Databank Limited ('IPD')

Notes

1.The  index referred to as the IPD 'Annual Index' is  the
  Investment   Property   Databank  All   Property   (Standing
  Investments excluding Active Management) Annual Total Return
  Index. The IPD Annual Capital Growth Index is a component of
  the  Annual  Index  and  both are  calculated  by  IPD  from
  information held in its annual database which at 31st December
  1999 contained information relating to individual properties
  having an aggregate value of approximately £87.4bn.

2.IPD  compiles monthly indices as proxies for the  Annual
  Index (the 'Monthly Proxy Index') and for the Annual Capital
  Growth Index (the 'Monthly Proxy Capital Growth Index')  for
  the preceding month. The Monthly Proxy Index and the Monthly
  Proxy  Capital  Growth Index are estimated by  reference  to
  information contained in the monthly database, which at  the
  end  of  December  1999  contained information  relating  to
  individual   properties  having  an   aggregate   value   of
  approximately  £8.5bn. As these indices are intended  to  be
  proxies  for the Annual Index and the Annual Capital  Growth
  Index, the constituent information is re-weighted by sector,
  property  type  and  region  to  reflect  the  portfolio  of
  properties used in the calculation of the Annual Index and the
  Annual Capital Growth Index.

Investment  Property  Databank Limited  ('IPD')  will  not  be
liable  to  any holder of Barclays Property Index Certificates
for  any loss or damage as a result of any error in any of the
above mentioned indices. This information has been prepared by
IPD. Whilst it is deemed to be reliable, neither Barclays Bank
PLC nor Barclays Global Investors Limited represents that such
information  is  accurate or complete and  it  should  not  be
relied upon as such. The prices of investments which trade  in
limited markets may go up or down. No part of this publication
may be reproduced in any manner without the written permission
of Barclays Global Investors Limited.


Charles House,                  Barclays Global Investors Limited
5-11 Regent Street              Registered in London England, No: 796793
London SW1Y 4LR                 Registered Office: 54 Lombard Street,
Telephone: [phone].       London EC3P 3AH
Fax: [phone].             This publication has been approved by         
Contact: Iain A. Reid FRICS or  Barclays Global Investors Limited             
Andrew P.R. Thomson ARICS       regulated by IMRO.                            
August 11, 2000