RNS Number:7479U
BarclaysGlbl Inv Endowment Fd II Ld
28 January 2004

Barclays Global Investors Endowment Fund II Limited



Net Asset Value

The net asset value at 31.12.03 was 96.58p per share.



If the guaranteed sums attaching to the policies held, less the future premiums
payable to receive those guaranteed amounts, but not allowing for future Company
expenses, are substituted for the market values of those policies the resulting
figure would be 88.6p 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 an investor dealing in shares on 31.12.03 at 74.5p               18.4%
b)   To an initial shareholder who bought shares at 100p                  2.6%



These figures are for illustrative purposes and are not guaranteed.





Main assumptions

*         Unchanged bonus rates over 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

*         The issuing life offices honour their contractual guarantees

*         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 its gains throughout its life

*         One fifth of the Company's shares will be redeemed in each of the
          years 2005 to 2009







Prospective returns based on alternative policy growth rates.

To determine the maturity values which would arise from differing growth rates
we must start with an estimate of the current asset share. This we calculate
from tables of maturity values published by the life offices. There has always
been a lag of some months in their providing up to date tables following bonus
rate announcements. With the increase in the frequency of changes to bonus
rates, life offices generally have become even slower in providing figures to
the TEP market. The annual "bonus season" will be commencing shortly and this is
expected to exacerbate the problem of reliably estimating asset shares.



The Managers are working on an alternative method of calculating asset share
data that will more rapidly and accurately reflect the underlying value of the
assets backing the policies held by the fund.



In the meantime, we have decided to suspend the provision of prospective returns
based upon alternative policy growth rates until such time as we can achieve
more timely and accurate estimates of asset shares.





28 January 2004


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