Barclays Global Investors Launches New Exchange Traded Fund Tracking Brazil.

    Business Editors

    SAN FRANCISCO--(BUSINESS WIRE)--July 14, 2000--

   iShares MSCI Brazil is 20th MSCI Country Fund Introduced by BGI

      Barclays Global Investors (BGI), the world's largest manager of
exchange traded funds, and one of the world's largest investment
managers, announced today the continued expansion of iShares exchange
traded funds for individuals, financial intermediaries, and
institutions.
      Today, the iShares MSCI Brazil (Free) will begin trading --
bringing the number of iShares MSCI portfolios to 20, adding to a
large set of developed and emerging markets exchange traded funds.
      "Investors have few choices when they want to gain broad exposure
to a specific country. Now investors can buy into one of the most
exciting emerging markets at relatively low cost," said Lee Kranefuss,
CEO of BGI's Individual Investor business.
      iShares are managed by Barclays Global Fund Advisors ("BGFA"), a
subsidiary of Barclays Global Investors. BGFA has been managing
exchange traded funds since 1996, with the introduction of WEBS (World
Equity Benchmark Shares), and now provides investors with 20 foreign
country index portfolios tracking the indexes of Morgan Stanley
Capital International (MSCI). The WEBS funds have been re-named
"iShares MSCI Index Funds". The "iShares MSCI Funds" reflect the
indexes tracked, and the consistent brand name for all exchange traded
funds managed by BGI. iShares MSCI funds provide a cost-effective way
for U.S. investors to gain exposure to foreign countries not served by
most closed-end funds or traditional mutual funds.
      iShares (www.ishares.com) are index funds that are bought and sold
like common stocks on a national stock exchange. This flexibility
enables investors to purchase and sell shares through any brokerage
firm, financial advisor, or online broker, and hold the funds in any
type of brokerage account. Similar to many index funds, iShares have
relatively low portfolio turnover, which reduces transaction costs
incurred by the Fund and minimizes capital gains distributions to
investors. iShares also offer the broad diversification of index
investing, and institutional-quality investment management from the
world's largest manager of index funds. Similar to common stocks,
iShares can be traded anytime during normal market hours, and priced
intra-day so investors know the value of their investments.

      The iShares MSCI funds include:

      Fund                                    Ticker
      ----                                    ------
      iShares MSCI Australia                   EWA
      iShares MSCI Austria                     EWO
      iShares MSCI Belgium                     EWK
      iShares MSCI Brazil (Free)               EWZ
      iShares MSCI Canada                      EWC
      iShares MSCI France                      EWQ
      iShares MSCI Germany                     EWG
      iShares MSCI Hong Kong                   EWH
      iShares MSCI Italy                       EWI
      iShares MSCI Japan                       EWJ
      iShares MSCI Malaysia (Free)             EWM
      iShares MSCI Mexico (Free)               EWW
      iShares MSCI Netherlands                 EWN
      iShares MSCI Singapore                   EWS
      iShares MSCI South Korea                 EWY
      iShares MSCI Spain                       EWP
      iShares MSCI Sweden                      EWD
      iShares MSCI Switzerland                 EWL
      iShares MSCI Taiwan                      EWT
      iShares MSCI United Kingdom              EWU

      For a full list of the 46 currently available iShares exchange
traded funds, visit www.ishares.com.

      Barclays Global Investors is the world's largest institutional
investment manager(1), and the world's largest provider of structured
investment strategies such as indexing, tactical asset allocation, and
quantitative active strategies(2). BGI managed more than $783 billion
in assets as of 12/31/99, and over 1,500 funds, which track over 200
global indexes, for nearly 1,600 clients in 36 countries around the
world as of 12/31/99. As the creator of the first index strategy more
than 25 years ago, BGI is truly an innovator in investment management,
applying science and technology to the investment process. BGI has
over 1,800 employees worldwide and is owned by Barclays PLC, one of
the UK's largest companies, and one of the world's leading global
financial services providers, with operations in about 70 countries
worldwide.
      MSCI is a leading provider of global indices and benchmark related
products and services to investors worldwide. MSCI's products are used
by investment managers, consultants, academics, broker-dealers and
other investment professionals worldwide. Morgan Stanley Dean Witter &
Co. is the majority shareholder in MSCI and The Capital Group
Companies Inc. is the minority shareholder.
      MSCI, Morgan Stanley Capital International, and MSCI Index are
service marks of Morgan Stanley Capital International Inc. and have
been licensed for use by Barclays Global Investors, N.A. The Funds are
not sponsored, endorsed, sold or promoted by Morgan Stanley Capital
International. Nor does Morgan Stanley Capital International make any
representation regarding the advisability of investing in any the
Funds.
      iShares are distributed by SEI Investments Distribution Company
and are listed on the American Stock Exchange. Barclays Global Fund
Advisors serves as the investment adviser to iShares and is a
subsidiary of Barclays Global Investors N.A., neither of which are
affiliated with SEI. For more complete information, including charges
and expenses, request a prospectus by calling your financial advisor
or 1-800-iSHARES (1-800-474-2737). Please read it carefully before you
invest or send money.
      The investment return and principal value of an iShares investment
will fluctuate so that an investor's shares, when sold, or Creation
Unit(s) when redeemed, may be worth more or less than their original
cost. Although iShares may be bought or sold through any brokerage
account, iShares are not individually redeemable from the Funds.
Investors may acquire iShares and tender iShares for redemption,
through the Fund in Creation Unit aggregations only.
      All regulated investment companies, including iShares are obliged
to distribute portfolio gains to shareholders at year's end. Trading
iShares will also generate tax consequences and transaction expenses.
      In addition to the normal risks associated with equity investing,
investments in emerging markets or concentrated in a single country
are subject, in addition to the normal risks associated with
international investing, to greater risk of loss and volatility.
International investments may involve risk of capital loss from
unfavorable fluctuations in currency values, from differences in
generally accepted accounting principles or from economic or political
instability in other nations.

      iShares are Not FDIC Insured. Have No Bank Guarantee. May Lose
Value.

(1) Source: Pensions &Investments, July 1999
(2) Pensions & Investments, February 2000

    --30--jgm/ny* mem

    CONTACT: BGI
             Tom Taggart, 415/597-2736
             Deborah Larson, 415/597-2727
             Kerry Steele,   415/597-2167
                or
             iShare
             1-800-iSHARES
             800/474-2737
             www.ishares.com
               or
             MSCI
             Simon Midgen,  44/20 7425 4595

    KEYWORD: CALIFORNIA
    INDUSTRY KEYWORD: BANKING PRODUCT