Electronic Stock Exchange Sees Growth of ETF Listing Business

CHICAGO, July 20 /PRNewswire-FirstCall/ -- The Archipelago Exchange (ArcaEx), the nation's first totally open, all-electronic stock exchange, today announced that Barclays Global Investors (BGI), a worldwide leader in exchange traded funds (ETFs), plans to transfer the listing of 20 of its iShares(R) exchange-traded products to ArcaEx. In the second quarter of 2005, ArcaEx handled over one-third of all ETF trading - making ArcaEx the top exchange in the trading of these securities.

"The listing of 20 iShares products on ArcaEx is a testament to BGI's commitment to investors," said Jerry Putnam, CEO of ArcaEx. "As our volume in ETFs demonstrates, investors have chosen to trade on a marketplace that provides fast, fair, transparent order processing and a best execution model that seeks the best price across markets."

"As a leader and innovator in the ETF marketplace, we're pleased to partner with ArcaEx, a leader and innovator in the securities market," commented Lee Kranefuss, CEO of BGI's Intermediary Business. "ArcaEx's strict price-time priority order matching levels the playing field for all participants and has made it the market of choice for investors in many of the iShares products."

The following iShares products will be listed in phases starting later in 2005 and ending in 2007.

    Ticker       Name
    IWW          iShares Russell(R) 3000 Value Index Fund
    IWZ          iShares Russell(R) 3000 Growth Index Fund
    IWV          iShares Russell(R) 3000 Index Fund
    IWB          iShares Russell(R) 1000 Index Fund
    IWN          iShares Russell(R) 2000 Value Index Fund
    IWD          iShares Russell(R) 1000 Value Index Fund
    IWF          iShares Russell(R) 1000 Growth Index Fund
    IWO          iShares Russell(R) 2000 Growth Index Fund
    IWM          iShares Russell(R) 2000 Index Fund
    EZU          iShares MSCI(R) EMU Index Fund
    EWC          iShares MSCI(R) Canada Index Fund
    EWW          iShares MSCI(R) Mexico Index Fund
    EWA          iShares MSCI(R) Australia Index Fund
    EWO          iShares MSCI(R) Austria Index Fund
    EWG          iShares MSCI(R) Germany Index Fund
    ICF          iShares Cohen & Steers Realty Majors
    IWS          iShares Russell(R) Midcap Value Index Fund
    IWP          iShares Russell(R) Midcap Growth Index Fund
    IWR          iShares Russell(R) Midcap Index Fund
    IAU          iShares COMEX(R) Gold Trust(1)

Archipelago Holdings Inc. (PCX: AX) operates the Archipelago Exchange (ArcaEx(R)), the first totally open all-electronic stock exchange in the United States to trade Nasdaq-listed equity securities and exchange listed equity securities, including those traded on the New York Stock Exchange(R), American Stock Exchange(R) and Pacific Exchange(R). ArcaEx offers corporate issuers and investors the advantages of meeting directly, without intermediaries within a fully electronic and totally transparent environment. ArcaEx is a facility of and regulated by the Pacific Exchange, a registered exchange. ArcaEx was approved by the Securities and Exchange Commission in October 2001 and ArcaEx began trading operations in March 2002. The Archipelago ECN, a precursor to ArcaEx, was one of the four original ECNs, formed in December 1996 with Townsend Analytics. For more information please visit http://www.arcaex.com.

Certain statements in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on Archipelago's current expectations and involve risks and uncertainties that could cause Archipelago's actual results to differ materially from those set forth in the statements. There can be no assurance that such expectations will prove to be correct. Factors that could cause Archipelago's results to differ materially from current expectations include: general economic and business conditions, industry trends, competitive conditions, regulatory developments as well as other risks or factors identified in the Company's filings with the Securities Exchange Commission, including its Report on Form 10-K for the fiscal year ending December 31, 2004 which is available on the Company's website at http://www.archipelago.com. You should not place undue reliance on forward- looking statements, which speak only as of the date of this press release. Except for any obligation to disclose material information under the Federal securities laws, Archipelago undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of this press release.

Archipelago Contacts:
Margaret Nagle
312-442-7083

To determine if the iShares 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 (1-800- 474-2737) or by visiting http://www.ishares.com. Read the prospectus carefully before investing.

There are risks involved with investing, including possible loss of principal.

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.

The sponsor of the iShares (R) COMEX Gold Trust ("Gold Trust") is Barclays Global Investors, N.A., a national banking association chartered in the United States and a wholly-owned subsidiary of Barclays Bank PLC. Barclays Global Investors Services (member NASD/SIPC), a subsidiary of Barclays Global Investors, N.A., assists in the marketing of the Gold Trust. Because shares of the iShares COMEX Gold Trust are expected to reflect the price of the gold held by the Trust, the market price of the shares will be as unpredictable as the price of gold has historically been.

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Cohen & Steers Capital Management, Inc., Morgan Stanley Capital International, or Frank Russell Company, None of these companies make any representation regarding the advisability of investing in the Funds. "Commodity Exchange, Inc." and "COMEX" are trademarks of Commodity Exchange, Inc. and have been licensed for use for certain purposes by Barclays Global Investors and the Trust. The iShares(R) COMEX Gold Trust is not sponsored, endorsed, sold or promoted by Commodity Exchange, Inc., nor does Commodity Exchange, Inc. make any representation regarding the advisability of investing in the Trust. iShares(R) is a registered trademark of Barclays Global Investors, N.A.. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

SOURCE Archipelago Exchange
07/20/2005
CONTACT: Margaret Nagle, +1-312-442-7083, for Archipelago Exchange
Web site: http://www.archipelago.com
http://www.arcaex.com
CO: Archipelago Exchange; Archipelago Holdings Inc.