Property Index Certificates

Barclays PLC
14 June 2001

                     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 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       Monthly
                                                    Capital           Proxy
                                                 Growth Index(2)     Index(2)

April 2001 (estimated by IPD May 2001)               196.5            735.3
May 2001 (estimated by IPD June 2001)                196.5            739.0

                                                 Capital Growth    Total Return

In month of May 2001                                  0.0%             0.5%
In 2001 to end May                                   -0.1%             2.6%

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
1700.                                                                       3AH
Fax : [phone].      This publication has been approved by Barclays Global
                                                              Investors Limited
Contact : Iain A. Reid                                       regulated by IMRO.
FRICS or
Andrew P.R. Thomson ARICS
June 14th, 2001