iShares MSCI Index Funds, the First International ETFs for U.S. Investors, are 5 Years Old; International ETFs Featured at Salomon Smith Barney 11th Annual Conference.

Business Editors

SAN FRANCISCO--(BUSINESS WIRE)--March 15, 2001

iShares MSCI Index Funds, formerly known as World Equity Benchmark Shares (WEBS), celebrate their 5th year anniversary on March 18, 2001. For the past five years, iShares have remained the only international exchange-traded funds (ETFs) available to U.S. investors, providing a cost-effective way to gain exposure to selected foreign equity markets, many of which are not available through closed-end funds or traditional mutual funds. iShares MSCI Index Funds' total expense ratios currently range from .84% to .99%, compared to the average expense ratio of 1.85% for international mutual funds.(1) Seventeen WEBS began trading on the American Stock Exchange on March 18, 1996, and have been managed since their inception by Barclays Global Fund Advisors (BGFA), a subsidiary of Barclays Global Investors, N.A. There are a total of 21 iShares MSCI Index Funds with $1.6 billion in assets as of March 9, 2001.

iShares MSCI Index Funds and international investing will be discussed at Salomon Smith Barney's Eleventh Annual Closed-End Country Funds Conference and Global ETF Forum, March 21-22, 2001, in New York. Featured speakers include Nathan Most, President and Chairman of the Board of iShares, Inc. and iShares Trust; Steven Schoenfeld, BGI's Head of International Equity Management; Brad Zigler, Head of iShares Education, and Feng Ding, a Senior Portfolio Manager at BGI. For information about the conference, contact conference host Michael Porter, managing director at Salomon Smith Barney, at [phone] or email: [e-mail].

iShares are index funds that are bought and sold like common stocks on a national securities 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 are designed to have relatively low portfolio turnover, which reduces transaction costs incurred by the fund and minimizes capital gains distributions to investors. Similar to common stocks, iShares can be traded during normal market hours and are priced intra-day. The iShares MSCI Index Funds track the indexes of Morgan Stanley Capital International (MSCI) and reflect the consistent brand name for all exchange traded funds managed by BGFA. For a full list of currently available iShares, visit www.ishares.com.

BGI is the world's largest institutional manager,(2) and the world's largest provider of structured investment strategies such as indexing, tactical asset allocation, and quantitative active strategies(3). BGI managed more than $800 billion in assets as of 12/31/00, and over 1,500 funds, which track over 200 global indexes, for nearly 2,000 clients in 37 countries around the world. As the creator of the first index strategy 30 years ago, and a manager of international index strategies for over 20 years, BGI is an innovator in investment management, applying science and technology to the investment process. BGI has over 2,000 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 over 60 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 Inc., and MSCI Index are service marks of Morgan Stanley Capital International 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 of the Funds.

iShares are distributed by SEI Investments Distribution Co. Neither Barclays Global Fund Advisors nor Barclays Global Investors, N.A. is affiliated with SEI. For a prospectus, call 1-800-iSHARES (1-800-474-2737).

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.

iShares are obliged to distribute portfolio gains to shareholders by year-end. iShares trading, too, will generate tax consequences. Certain traditional mutual funds can also be tax efficient. iShares transactions will result in brokerage commissions, but the annual management fees of iShares may be less than those of most mutual funds.

In addition to the normal risks associated with equity investing, including loss of principal, international, emerging market and single-country investments involve greater risks such as adverse currency fluctuations, higher volatility and political instability.

Note to Editors: iShares are not FDIC Insured. Have No Bank Guarantee. May Lose Value.

(1) Source: Morningstar data as of February 28, 2001.

(2) Source: By AUM, "Largest Index Fund Manager's survey,"

Pensions & Investments, February 2000.

(3) Source: By AUM, "Money Manager's Survey," Pensions &

Investments, July 2000.