iShares® COMEX® Gold Trust Begins Trading

iShares® COMEX® Gold Trust (ticker: IAU) began trading today on the American Stock Exchange. The trust is an exchange traded fund that provides a means of obtaining a level of participation in the gold market through the securities market. The trust shares are intended to constitute a means of making an investment similar to an investment in gold. Each trust share represents a fractional undivided beneficial interest in the trust's net assets which consist primarily of gold held by a custodian on behalf of the trust. The shares of the trust are expected to reflect the price of gold less the trust's expenses and liabilities.

Barclays Global Investors, N.A., a subsidiary of Barclays Bank plc, is the trust sponsor. The Bank of New York is the trustee, and The Bank of Nova Scotia (BNS) is the custodian of the trust. Barclays Capital is the initial purchaser of shares issued by the trust. Commodity Exchange, Inc., a wholly owned subsidiary of the New York Mercantile Exchange, Inc., has licensed the use of the name "COMEX" and use of certain market data to the trust.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any of these securities.

An investor should consider investment objectives, risks, charges and expenses of the Gold Trust carefully before investing. To obtain a prospectus, which contains this and other information, go to www.ishares.com or call 1–800–iShares (1–800–474–2737). Please read the prospectus carefully before investing. The Gold Trust is not an investment company registered under the Investment Company Act of 1940 or a commodity pool for purposes of the Commodity Exchange Act.

The sponsor of the iShares® 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.

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

"Commodity Exchange, Inc." and "COMEX" are trademarks of Commodity Exchange, Inc., a wholly owned subsidiary of the New York Mercantile Exchange, Inc., and have been licensed for use for certain purposes by Barclays Global Investors and the Trust. The iShares® 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.

© 2005 Barclays Global Investors. All rights reserved. iShares is a registered trademark of Barclays Global Investors, N.A. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.