Net Asset Value(s)

RNS Number:1108Q
BarclaysGlbl Inv Endowment Fd II Ld
24 September 2003

Barclays Global Investors Endowment Fund II Limited

Net Asset Value

The net asset value at 31.08.03 was 93.28p 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 90.1p 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 grow at an
average of 7.1% 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 7.1%              4%              8%

a)    To an investor buying shares on 31.08.03                    16.1%           11.1%           17.4%
      at 77.0p

b)    To an initial shareholder who bought                         3.1%            1.3%            3.5%
      shares at 100p

These figures are for illustrative purposes and are not guaranteed.



Main assumptions

  * 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 3.5% 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





24 September 2003


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