Offer Update

Woolwich PLC
24 October 2000


RECOMMENDED OFFER BY BARCLAYS PLC FOR WOOLWICH PLC BY WAY OF A SCHEME OF
ARRANGEMENT ('THE SCHEME')

Results of the mix and match election and expected timetable

The deadline for receipt of all elections for the mix and match facility
offered by Barclays PLC in respect of its offer for Woolwich plc was 6.00p.m.
on 20 October 2000.

Valid elections for additional new Barclays shares were received in respect of
687,282,471 Woolwich shares (representing approximately 45.8 per cent. of the
issued share capital of Woolwich) and valid elections for additional cash were
received in respect of 70,188,059 Woolwich shares (representing approximately
4.7 per cent. of the issued share capital of Woolwich).

Accordingly, valid elections for additional cash will be satisfied in full and
valid elections for additional new Barclays shares have been scaled down. 
Woolwich shareholders who elected for additional shares will be entitled to
receive approximately 0.1295 new Barclays shares and £1.44 in cash for each
Woolwich share in respect of which they made such an election.

The terms of The Scheme gave the directors of the Woolwich the option to
determine whether some of the Woolwich shares subject to The Scheme would be
cancelled and the remainder transferred to Barclays or whether all of such
shares would be cancelled.('Cancellation Scheme')

The Board of Woolwich plc has elected to implement The Scheme as a
cancellation scheme and the Woolwich will accordingly be seeking the sanction
of the High Court at two separate hearings on 24 and 25 October.

Subject to the sanction of The Scheme by the High Court on these dates, it is
expected that The Scheme will now become effective on 25 or 26 October and
that dealing in new Barclays shares would begin the following day. The
despatch of cheques and share certificates in respect of new Barclays shares
to Woolwich shareholders would then take place on or before 9 November 2000.