Property Index Certificates

Barclays PLC
12 November 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

September 2004 (as certified by IPD October 2004)                 224.8             1067.3
October 2004 (as certified by IPD November 2004)                  226.4             1080.5



                                                            Capital Growth        Total Return

In month of October 2004                                           0.7%             1.2%
In 2004 to end October                                             8.5%             14.1%



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
November 12th 2004






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