Property Index Certificates

Barclays PLC
14 July 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)

May 2004 (as certified by IPD June 2004)                                         215.8                    1004.2
June 2004 (as certified by IPD July 2004)                                        218.9                    1023.9



                                                                             Capital Growth            Total Return

In month of June 2004                                                             1.4%                     2.0%
In 2004 to end June                                                               4.9%                     8.2%




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
July 14th 2004




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