iShares Funds Preliminary Capital Gains Distributions

Business Wire, Nov 29, 2004

The iShares(R) Funds are investment companies that issue shares that are bought and sold like common stocks on securities exchanges. The iShares Funds are attractive to many individual and institutional investors and financial intermediaries because of their relative low cost, tax efficiency and trading flexibility. Investors can purchase and sell shares through any brokerage firm, financial advisor, or online broker, and hold the funds in any type of brokerage account. To determine if the fund(s) are an appropriate investment for you, carefully consider the funds' investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the funds' prospectuses, which may be obtained by calling 1-800-iShares or by visiting www.ishares.com. Read the prospectus carefully before investing.

Barclays Global Investors is one of the world's largest asset managers(1) providing structured investment strategies such as risk-controlled active strategies and indexing. In the U.S., BGI is one of the largest active managers(2), set apart by its risk-controlled approach. BGI managed over U.S. $1.1 trillion in assets as of 6/30/04, and over 2,300 funds for more than 2,500 clients in 47 countries around the world. BGI is an innovator in investment management, applying science and technology to the investment process. BGI is owned by Barclays PLC.

All registered investment companies, including the iShares Funds, are obliged to distribute portfolio gains to shareholders at year-end regardless of performance. Trading iShares Funds will also generate tax consequences and transaction expenses. The information provided is not intended to be tax advice. Tax consequences of dividend distributions may vary by individual taxpayer.

To receive the distribution, you must be a registered shareholder of the fund on the record date. Distributions are paid to shareholders on the payment date. Past distributions are not indicative of future distributions.

The attached represents an estimate of distributions per share. This estimate does not take into account any possible tax reclassifications, nor does this estimate contemplate changes in income or shares outstanding that may occur prior to record date. This estimate is for informational purposes only. Please consult your tax professional or financial adviser for more information regarding your tax situation.

To determine if the fund(s) are an appropriate investment for you, carefully consider the funds' investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the funds' prospectuses, which may be obtained by calling 1-800-iShares (1-800-474-2737) or by visiting www.ishares.com. Read the prospectus carefully before investing.

There are risks involved with investing, including possible loss of principal.

The iShares Funds ("Funds") are distributed by SEI Investments Distribution Co. (SEI). Barclays Global Fund Advisors (BGFA) serves as an advisor to the Funds. Barclays Global Investors Services (BGIS) assists in the marketing of the Funds. BGFA and BGIS are subsidiaries of Barclays Global Investors, N.A., which is a wholly owned subsidiary of Barclays Bank PLC, none of which is affiliated with SEI.