San Francisco - May 25, 2005 - Barclays Global Investors (BGI), a worldwide leader in exchange-traded funds, announced today that the Board of Directors of iShares, Inc. and the Board of Trustees of iShares Trust have authorized a three-for-one or two-for-one split of 12 iShares Funds (listed below) for shareholders of record on June 6, 2005, and payable on June 8, 2005. Fund shares will begin trading on a split-adjusted basis on June 9, 2005. The post-split shares will be distributed to shareholders' accounts on June 13, 2005, and shareholders will see the change in their holdings sometime after June 13th, depending upon their brokerage's procedures.

Fund Name	Ticker	Exchange	Forward Split
iShares MSCI Emerging Markets Index Fund	EEM	AMEX	3.0
iShares Russell 2000 Value Index Fund	IWN	AMEX	3.0
iShares S&P SmallCap 600 Index Fund	IJR	AMEX	3.0
iShares MSCI EAFE Index Fund	EFA	AMEX	3.0
iShares Goldman Sachs Natural Resources Index Fund	IGE	AMEX	2.0
iShares S&P MidCap 400/Barra Growth Index Fund	IJK	AMEX	2.0
iShares S&P MidCap 400 Index Fund	IJH	AMEX	2.0
iShares S&P MidCap 400/Barra Value Index Fund	IJJ	AMEX	2.0
iShares Russell 2000 Index Fund	IWM	AMEX	2.0
iShares Cohen & Steers Realty Majors Index Fund	ICF	AMEX	2.0
iShares S&P SmallCap 600/Barra Value Index Fund	IJS	AMEX	2.0
iShares Dow Jones U.S. Real Estate Index Fund	IYR	AMEX	2.0

"We are pleased that the Board of Directors and Board of Trustees have authorized this first-ever stock split of iShares Funds," said Lee Kranefuss, CEO of BGI's Intermediary and ETF Business. "The total assets of the iShares fund family have grown 70% since April 30, 2004.(1) We believe that the split will allow investors easier access at a smaller initial investment to some more popular iShares Funds that have a relatively high share price."

Hypothetical Examples:

Ex. of 2-for-1	# of Shares Owned	Net Asset Value/Share	Total Value
Pre-Split	100	$120	$12,000
Post-Split	200	$60	$12,000

Ex. of 3-for-1	# of Shares Owned	Net Asset Value/Share	Total Value
Pre-Split	100	$120	$12,000
Post-Split	300	$40	$12,000

The iShares® 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(2) providing structured investment strategies such as risk-controlled active strategies and indexing. In the US, BGI is one of the largest active managers(3), set apart by its risk-controlled approach. BGI manages 65% of the world's 100 largest pension plans(4) and is the global leader in assets and products in the exchange traded funds through its iShares® 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.

Contacts for the Press:

Christine Hudacko

415-597-2687

christine.hudacko@barclaysglobal.com

Lance Berg

415-597-2045

lance.berg@barclaysglobal.com

All Other Inquiries:

1-800-iShares (1-800-474-2737)