RNS Number:7401U
Barclays Global Inv Endowment Fund
28 January 2004

Barclays Global Investors Endowment Fund Limited


Net asset value

The net asset value at 31.12.03 was 169.04p per share.

Prospective return per annum after all Company expenses

The prospective annual rate of return to an investor holding shares to
redemption, based on the main assumptions listed below, would be:

a)  To a shareholder dealing in shares on 31.12.03 at 155.0p               16.0%

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

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

  * Unchanged bonus rates for the remaining life of the Company
  * 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
    Company's 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.

Prospective returns based on smoothed asset shares of policies

As the remaining portfolio nears maturity, the effect of sudden and major
changes to maturity values can no longer sensibly be scenario-tested by using
alternative policy growth rates to illustrate the likely effect on returns. Due
to the discrete nature of changes to bonus rates and therefore to asset share
data, wWe have therefore decided to discontinue production of prospective
returns based on the smoothed asset share of the policiesalternative policy
growth rates for the remaining life of the Company. We still believe that, on
the assumption that maturity values remain unchanged, the figures we continue to
illustrate above do give a reasonable representation of prospective returns to
be achieved by shareholders.



28 January 2004


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