Property Index Certificates

Barclays PLC
12 December 2003


                      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 2001 (as certified by IPD March 2002)                                   195.78728                  778.35071
Dec 2002 (as certified by IPD March 2003)                                   200.90647                  853.53947


                                                                      Monthly Proxy Capital          Monthly Proxy
                                                                          Growth Index2                  Index2

October 2003 (estimated by IPD November 2003)                                 205.6                      922.2
November 2003 (estimated by IPD December 2003)                                206.4                      930.7



                                                                         Capital Growth               Total Return

In month of November 2003                                                     0.4%                        1.0%
In 2003 to end November                                                       2.7%                        9.0%




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 2002 
     contained information relating to individual properties having an aggregate 
     value of approximately £102.8bn.

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 2002 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, Barclays Bank PLC does not represent
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.


Charles House, 5-11 Regent Street
London SW1Y 4LR
Telephone : [phone].
Fax : [phone].
Contact : Simon Redman or
Andrew Thomson
December 12th 2003




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