RNS Number:6384T
Barclays Global Inv Endowment Fund
23 December 2003

Barclays Global Investors Endowment Fund Limited

Net asset value

The net asset value at 30.11.03 was 168.46 per share.


Prospective return per annum after all Company expenses

The TEP market's valuation currently assumes that bonus rates will remain
unchanged and that the smoothed asset share of the policies held will fall in
value by an average of 9.4% per annum to maturity.


The prospective annual rate of return to an investor holding shares to
redemption, based on the main assumptions listed below, at current and
alternative policy growth rates would be:


      Policy growth rate                                                          Market rate    -15%      -5% 
                                                                                        -9.4%

a)    To a shareholder dealing in shares on 30.11.03 at 154.0p                          15.4%    8.7%    20.6% 

b)    To an initial shareholder who bought shares at 100p                                6.4%    6.2%     6.6% 


These figures are for illustrative purposes and are not guaranteed. They serve
only to demonstrate the impact of changing policy growth rates on an investment.


Main assumptions

  * No brokerage is charged on share purchases
  * All policies are held until maturity
  * Policy premiums are paid to maturity
  * Base rates continue at 3.75% per annum for the life of the Company
  * Administrative costs increase at 2.5% per annum for the life of the
    Company
  * No benefits arise from early deaths or other windfall gains
  * The Company is exempt from tax on gains throughout its life
  * One half of the Company's remaining shares will be redeemed in 2004, and
    the remainder in 2005
  * Share redemption and liquidation payments will be made one month after the
    year end date



Note

Due to the short remaining life of the Company, the above prospective returns
are increasingly sensitive to small changes in the assumptions made in their
calculation, especially policy growth rates and the actual dates that share
redemption payments are made to shareholders. However the Company continues to
believe that the information gives a reasonable representation of the returns
available to shareholders dealing in shares at the current price.





23 December 2003


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

NAVPUGPCPUPWGQW