Property Index Certificates

Barclays PLC
15 January 2003

                      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 2000 (as restated by IPD March 2002)                              195.84133                729.43871
Dec 2001 (as certified by IPD March 2002)                             195.78728                778.35071


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

November 2002 (estimated by IPD December 2002)                          200.3                    847.2
December 2002 (estimated by IPD January 2003)                           200.4                    852.8

                                                                    Capital Growth            Total Return

In month of December 2002                                                0.0%                     0.6%
In 2002 to end December                                                  2.4%                     9.6%


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 2001 contained information
relating to individual properties having an aggregate value of approximately
£98.5bn.

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 2001
contained information relating to individual properties having an aggregate
value of approximately £12bn. 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 : Iain A. Reid FRICS or
Charles Weeks
January 15th 2003




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