Property Index Certificates

Barclays PLC
14 September 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)

July 2000 (estimated by IPD August 2000)        194.7              693.4
August 2000 (estimated by IPD August 2000)      195.1              698.4
            

                                         Capital Growth      Total Return

In month of August 2000                       0.2%               0.7%
In 2000 to end August                         2.7%               7.1%
 

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.  
September 14, 2000