Property Index Certificates

Barclays PLC
17 May 2004

                      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 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 Index2                Index2

March 2004 (as certified by IPD April 2004)                             212.4                    978.2
April 2004 (as certified by IPD May 2004)                               213.6                    989.1

                                                                    Capital Growth            Total Return

In month of April 2004                                                   0.6%                     1.1%
In 2004 to end April                                                     2.3%                     4.5%

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 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
May 17th 2004


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