Property Index Certificates

Barclays PLC
14 December 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           208.76776          946.69827
2004)


                                           Monthly Proxy Capital  Monthly Proxy
                                               Growth Index2         Index2
October 2004 (as certified by IPD November         226.4             1080.5
2004)
November 2004 (as certified by IPD                 228.6             1096.1
December 2004)


                                              Capital Growth      Total Return
In month of November 2004                          1.0%               1.4%
In 2004 to end November                            9.5%               15.8%


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
December 14th 2004




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