Property Index Certificates

Barclays PLC
12 March 2004

                      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 2002 (as certified by IPD March 2003)                             200.90647                853.53947
Dec 2003 (as certified by IPD February 2004)                          208.76776                946.69827

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

January 2004 (re-stated by IPD February 2004)                           209.2                    953.7
February 2004 (as certified by IPD March 2004)                          210.2                    963.2


                                                                    Capital Growth            Total Return

In month of February 2004                                                0.5%                     1.0%
In 2004 to end February                                                  0.7%                     1.7%


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 2003 contained information
relating to individual properties having an aggregate value of approximately
£105.1bn.

(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 2003
contained information relating to individual properties having an aggregate
value of approximately £17.4bn. 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
March 12th 2004




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