Property Index Certificates

Barclays PLC
14 December 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 March 1999)     176.89148           569.87819
Dec 1999 (as certified by IPD March 2000)    190.03283           652.44875

                                                           
                                       Monthly Proxy Capital     Monthly Proxy
                                          Growth Index(2)          Index(2)   
  
                                     
October 2000 (estimated by IPD November 2000)   196.1               709.6
November 2000 (estimated by IPD December 2000)  196.4               714.0

                                                           
                                      Capital Growth           Total Return
                                                        
In month of November 2000                 0.1%                     0.6%
In 2000 to end November                   3.3%                     9.4%

Source: Investment Property Databank Limited ('IPD')

Notes
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.

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, 5-11 Regent Street    Barclays Global Investors Limited
London SW1Y 4LR                      Registered in London England, No: 796793
Telephone : [phone].           Registered Office : 54 Lombard Street    
Fax : [phone].                 London EC3P 3AH
Contact : Iain A. Reid FRICS or      This publication has been approved by
Andrew P.R. Thomson ARICS            Barclays Global Investors Limited
December 14, 2000                    regulated by IMRO.