Barclays Global Investors Announces Strategic Move to List iShares® Products on the New York Stock Exchange and the Archipelago Exchange

Business Wire, July 20, 2005

SAN FRANCISCO -- Barclays Global Investors (BGI), a worldwide leader in exchange traded funds (ETFs), announced today that the primary listings of 81 iShares products will transfer from the American Stock Exchange (AMEX) to the New York Stock Exchange (NYSE) and the Archipelago Exchange (ArcaEx(R)). Subject to legal contingencies such as regulatory approval, 61 iShares Funds will move to the NYSE and 19 iShares Funds and one grantor trust will move to ArcaEx. For an orderly transition, the products are expected to move in several phases starting later this year and concluding in 2007. No action is needed by current shareholders.

"The decision to move the funds follows a year-long, comprehensive review of the exchanges, during which BGI concluded that the NYSE and ArcaEx have unique attributes and a demonstrated commitment to building the technology and infrastructure that will facilitate trading of iShares products in the future and support the growing iShares business," said Lee Kranefuss, CEO of BGI's Intermediary Business.

Kranefuss further stated: "We're pleased to strengthen our partnership with the NYSE, which already successfully lists 16 iShares Funds, and to forge a new partnership with ArcaEx, which currently trades approximately 30% of ETF shares traded(1). Both exchanges will dedicate the new resources required to support this new business."

The allocation of the iShares products between the NYSE and ArcaEx is designed to take best advantage of each exchange's unique attributes, be it pure electronic execution with a dedicated liquidity provider or a floor-based specialist system. For list of iShares products impacted, see Addendum.

BGI's U.S. ETF business has grown from $2 billion in assets with 17 funds when it launched the iShares brand in 2000 to $140 billion with 99 iShares products today. The iShares family of funds is the third fastest growing open-end fund complex(2). Sixteen iShares ETF primary listings are on the NYSE and one is on the Chicago Board Options Exchange (CBOE).

"We are delighted that BGI has chosen the New York Stock Exchange as the largest market for listing iShares Funds, and we are extremely proud of our growing partnership with BGI," said NYSE CEO John A. Thain. "The New York Stock Exchange is committed to offering investors the highest level of market quality as well as the broadest array of investment offerings, and BGI's decision is an affirmation of that commitment."

"We are pleased to have 20 iShares products join the growing ranks of ArcaEx exclusive listings and look forward to partnering with BGI, a recognized innovator in ETFs," said Jerry Putnam, CEO of the Archipelago Exchange. "The benefits of ArcaEx's investor focused marketplace, including fast, efficient and transparent order processing are well suited to the trading of iShares products as is evidenced by our leading market share in these products today."

There will be a conference call exclusively for media with Lee Kranefuss, CEO of BGI's Intermediary Business, today, July 20, at 11:00 a.m. ET - 12:00 n. E.T. To participate, dial (United States) 800-288-9626 or (International) 612-332-0342.

The iShares(R) Funds are index funds whose shares may be 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 relatively 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 (BGI) is one of the world's largest asset managers(3) providing structured investment strategies such as risk-controlled active strategies and indexing. In the US, BGI is one of the largest active managers(4), set apart by its risk-controlled approach. BGI manages 65% of the world's 100 largest pension plans(5) and is the global leader in assets and products in the exchange traded funds through its iShares(R) brand with more than 120 ETFs. The firm managed over $1.3 trillion in assets as of 12/31/04, for more than 2,600 clients in 48 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, one of the world's leading global financial services providers.

The iShares Funds registered with the United States Securities and Exchange Commission under the Investment Company Act of 1940 as iShares, Inc. and iShares Trust (the "iShares Funds") are distributed by SEI Investments Distribution Co. (SEI). Barclays Global Fund Advisors (BGFA) serves as an advisor to the iShares Funds. Barclays Global Investors Services (BGIS) assists in the marketing of the iShares Funds. BGFA and BGIS are subsidiaries of Barclays Global Investors, N.A., a wholly owned subsidiary of Barclays Bank PLC, none of which is affiliated with SEI.