Property Index Certificates

Barclays PLC
18 June 2002

                      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 2000 (as restated by IPD March 2002)                              195.84133                729.43871
Dec 2001 (as certified by IPD March 2002)                             195.78728                778.35071



                                                                Monthly Proxy Capital        Monthly Proxy

                                                                    Growth Index(2)              Index(2)

April 2002 (estimated by IPD May 2002)                                  196.1                    797.9
May 2002 (estimated by IPD June 2002)                                   196.8                    805.2



                                                                    Capital Growth            Total Return

In month of May 2002                                                     0.3%                     0.9%
In 2002 to end May                                                       0.5%                     3.5%




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 2001 contained information
relating to individual properties having an aggregate value of approximately
£98.5bn.



(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 2001
contained information relating to individual properties having an aggregate
value of approximately £12bn. 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, 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
June 18th, 2002





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