Property Index Certificates

Barclays PLC
15 May 2001


                     BARCLAYS PROPERTY INDEX CERTIFICATES

                                    'PICs'

  Notification of Monthly Proxy Index and Monthly Proxy Capital Growth Index


                                             IPD Annual Capital    IPD Annual

                                               Growth Index1         Index1

Dec 1999 (as restated by IPD March 2001)         190.03313          652.44875

Dec 2000 (as certified by IPD March 2001)        196.71837          720.28665



                                           Monthly Proxy Capital  Monthly Proxy

                                               Growth Index2         Index2

March 2001 (estimated by IPD April 2001)           196.6              732.0

April 2001 (estimated by IPD May 2001)             196.5              735.3



                                               Capital Growth     Total Return

In month of April 2001                              0.0%              0.5%

In 2001 to end April                               -0.1%              2.1%




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 2000 contained
information relating to individual properties having an aggregate value of
approximately £97.3bn.



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 2000 contained information relating to individual properties
having an aggregate value of approximately £10.5bn. 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                           Barclays Global Investors Limited
Regent Street
London SW1Y 4LR                        Registered in London England, No: 796793
Telephone : [phone].      Registered Office : 54 Lombard Street, London  
                                                                      EC3P 3AH
Fax : [phone].      This publication has been approved by Barclays Global
                                                              Investors Limited
Contact : Iain A. Reid FRICS or                              regulated by IMRO.
Andrew P.R. Thomson ARICS
May 14th, 2001