Property Index Certificates

Barclays PLC
15 January 2001

                     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 1998 (as restated by IPD March 1999)          176.89148         569.87819
Dec 1999 (as certified by IPD March 2000)         190.03283         652.44875

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

November 2000 (estimated by IPD December 2000)      196.4             714.0
December 2000 (estimated by IPD January 2001)       196.6             719.2

                                                Capital Growth    Total Return

In month of December 2000                            0.1%             0.6%
In 2000 to end December                              3.5%             10.2%

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 1999
    contained information relating to individual properties having an
    aggregate value of approximately £87.4bn.

 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 1999 contained information relating to individual properties
    having an aggregate value of approximately £8.5bn. 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, neither Barclays Bank PLC
nor Barclays Global Investors Limited represents 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. No part of this
publication may be reproduced in any manner without the written permission of
Barclays Global Investors Limited.

Charles House, 5-11                           Barclays Global Investors Limited
Regent Street
London SW1Y 4LR                        Registered in London England, No: 796793
Telephone : [phone].       Registered Office : 54 Lombard Street, London 
Fax : [phone].                                                   EC3P 3AH
                          This publication has been approved by Barclays Global
                                                              Investors Limited
Contact : Iain A. Reid FRICS or                               regulated by IMRO.
Andrew P.R. Thomson ARICS

January 15, 2000