iShares Funds Preliminary Capital Gains Distributions

Business Wire, Nov 29, 2004

SAN FRANCISCO -- iShares(R) Funds is releasing information at this time to serve the best interests of the shareholders, by assisting them in evaluating the impact of capital gains on their tax liability. While final results of each Fund's capital gains distributions will be made public in December 2004, it is expected that the following Funds will incur no capital gains distributions for 2004.

Please be advised that these are preliminary results only and could be subject to revisions, which may result in distributions. This release is based on preliminary calculations and is subject to change, due to changes in the number of outstanding shares and certain tax adjustments that may effect this calculation.

The portfolio management strategy of the iShares Funds is designed to minimize capital gains distributions to shareholders.