RNS Number:7886P
European Exchange-Traded Fnd Co.PLC
16 September 2003

                          STOCK EXCHANGE ANNOUNCEMENT


For Immediate Release       15 September  2003


             EUROPEAN EXCHANGE-TRADED FUND COMPANY PLC (THE "FUND")
                                 STOXX 50 LDRS
                      EURO STOXX 50 LDRS (THE "SUB-FUNDS")


               Change of Investment Manager and consequent changes


The Directors of the Fund wish to announce the following changes:-

Investment manager and sponsor

Barclays Global Investors Limited ("BGI") has replaced Merrill Lynch Investment
Managers, LLC as investment manager of the Fund. BGI has replaced Merrill Lynch
International as sponsor to the Fund.

These appointments took effect on 15 September 2003, pursuant to the termination
of the existing investment management and sponsorship agreement and the
execution of a new investment management and sponsorship agreement between the
Fund and BGI.

BGI was incorporated under the laws of England and Wales on 18 March 1964, and
is authorised and regulated by the Financial Services Authority in the UK. BGI
is a subsidiary of Barclays PLC and is part of Barclay Global Investors, the
institutional investment management division of the Barclays Group. As at 31
December, 2002 Barclay Global Investors had approximately Stg#465 billion of
assets under investment management and advice.

The annual expenses remain the same as before. The termination and
indemnification provisions are also the same as outlined in the previous
investment management agreement.

Renaming of sub-funds

Effective 15 September 2003 the Sub-Funds have been renamed as follows -

* STOXX 50 LDRS has been renamed iShares DJ STOXX 50, and
* Euro STOXX 50 LDRS has been renamed iShares DJ Euro STOXX 50.


Appointment of directors

Mr. Carl O'Sullivan, Mr. Bernard Hoey and Mr. Ronald Spencer have retired as
Directors of the Fund for business reasons effective 15 September 2003.

Mr. Lee Kranefuss, Mr. Richard Keatinge and Mr. Duncan Walker have all been
appointed to the Board of Directors effective 15 September 2003.

Mr. Lee Kranefuss (USA).

Mr. Kranefuss has been Managing Director of Barclays Global Investors in San
Francisco since August 1999.  From July 1984 to August 1989 he was Product
Manager with Teradyne Inc. where he managed a global software product line.  He
completed a Masters of Business Administration in May 1991 and joined The Boston
Consulting Group as Senior Engagement Manager in August 1991.  He joined
Barclays Global Investors in May 1997 as Director of Strategy and Corporate
Development where he was responsible for long range planning efforts, mergers
and acquisitions and internal consulting until he was appointed to his current
position within Barclays Global Investors. Mr Kranefuss is also a director of
other investment funds.

Mr. Richard Keatinge (Ireland).

Mr. Keatinge was Managing Director of IBI Corporate Finance Ltd from 1993 until
his retirement in February 2000.  In this role he was involved in providing
financial and strategic advice to Irish public and private companies.  He is a
director of a number of companies including Heiton Group plc, P.J. Carroll & Co
and NTR plc.  He has also held senior positions with other Irish companies
including Hardwicke Limited, NCB Corporate Finance Limited and various roles in
Bank of Ireland Group, including Chief Executive of Bank of Ireland in Britain
and membership of the Court of Bank of Ireland.  Mr. Keatinge has a BA from
Trinity College Dublin and an MBA from University College Dublin.

Duncan Walker (UK).

Mr. Walker is Head of Legal & Regulatory Affairs & Commingled Products, Europe
for Barclays Global Investors Limited, where he has been since December 2001.
From March 2001 to November 2001 he was General Counsel with Travelex Plc.  From
October 2000 to March 2001 Mr. Walker was General Counsel with Thomas Cook
Global & Financial Services.  From January 1997 to September 2000 Mr. Walker was
Head of Legal Europe for Barclays Global Investors Limited.

None of these Directors has ever:

(i)   had any unspent convictions in relation to indictable offences; or

(ii)  been bankrupt or the subject of a voluntary arrangement, or has
had a receiver appointed to any of his assets; or

(iii) been a director of any company which, while he was a director with
an executive function or within 12 months after he ceased to be a director with
an executive function, had a receiver appointed or went into compulsory
liquidation, creditors voluntary liquidation, administration or company
voluntary arrangements, or made any composition or arrangements with its
creditors generally or with any class of its creditors; or

(iv)  been a partner of any partnership, which while he was a partner or
within 12 months after he ceased to be a partner, went into compulsory
liquidation, administration or partnership voluntary arrangement, or had a
receiver appointed to any partnership asset;

(v)   had any public criticism by statutory or regulatory authorities
(including recognised professional bodies); or

(vi)  been disqualified by a court from acting as a director or from
acting in the management or conduct of affairs of any company.

A list of past and current directorships and partnerships held by Mr. Kranefuss,
Mr. Keatinge and Mr. Walker over the past 5 years is available for inspection on
request for a period of 14 days from the date of this announcement from  Davy
Stockbrokers, Davy House, 49 Dawson Street, Dublin 2.

Appointment of advisors

PricewaterhouseCoopers LLP has been appointed to advise on the Listing Rules on
the London Stock  Exchange in succession to Merrill Lynch International. This
change was effective 15 September 2003.

Change to the prospectus of the fund

The Fund is permitted to use techniques and instruments relating to transferable
securities for efficient portfolio management purposes in accordance with the
requirements of the Irish Financial Services Regulatory Authority ("IFSRA").
Schedule II of the Prospectus, headed Investment Techniques and Instruments for
Efficient Portfolio Management Purposes", has been amended to reflect recent
changes introduced by IFSRA in relation to their requirements for the use of
such techniques and instruments.

Enquiries:

BGI                        Lynne Kennedy                       +44 20 7668 8243

J&E Davy                   Brian Seymour                       +353 1 614 8933



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