New York/San Francisco - November 7, 2003.  The first dividend-focused iShare was launched today on the New York Stock exchange.  The Dow Jones Select Dividend Index Fund (ticker: DVY) becomes the first of it´s kind. The fund consists of 50 of the highest yielding dividend U.S. companies.  The new ETF comes at a time of turbulent markets when companies that actually pay dividends have become attractive to many investors.  The fund hopes to capitalize on the U.S. tax code changes regarding dividends.

The index itself is very interesting because it is weighted based on dividend payout, so that the index is weighted toward the companies that have the highest dividend payout rates.  The index is rebalanced once a year and a company's weight is based on its indicated annual dividend. The fund does not hold any REITS, but otherwise includes companies that are among the most consistent highest dividend yielding stocks. The new iShares will be managed by Barclays Global Fund Advisors, and has an expense ratio of 0.40%.

In addition to being the first dividend-weighted ETF, the launch of the fund is also remarkable because it is only the fourth primary ETF listing on the NYSE, and the first in over a year.  The launch may well signal the NYSE´s intention to ramp up its primary listings.  The iShares S&P Global 100 and two Dow Jones STOXX-based Fresco (UBS Global) shares currently are listed on the NYSE.  The NYSE also trades a significant number of ETFs under unlisted trading privileges (UTP).

"The New York Stock Exchange is proud to be the listing market of choice for the new ETF," said Catherine Kinney, NYSE President and Co-Chief Operating Officer. "We look forward to providing investors with a high quality market for this new and timely product."

The criteria for inclusion in the index includes a strong track record for consistent dividend payout, based on the following criteria:

• A positive historical five-year dividend-per-share growth rate
• A five-year average dividend payout percentage rate less than or equal to 60%
• Annual average daily dollar trading volume greater than $1.5 million.   

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