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Wednesday 24 October, 2001

iShares PLC

Interim Results - Part 4

iShares PLC
24 October 2001


PART 4

iShare FTSE Euro 100 Fund (formerly iFTSE ExUK)

Statement of operations

For the 6 months to 31 August 2001
                                                      Notes     2001       2001

                                                            Euro000s      £000s
Realised loss on investments                                 (1,642)    (1,028)
Net unrealised loss on investments                           (2,538)    (1,589)
Currency loss/gain                                                 5          2
     Income                                               2      338        212

     Expenses                                             3     (78)       (49)

Net income/(deficit)                                             260        163
Dividends                                                 4        -          -
Decrease in net assets resulting from operations             (3,915)    (2,452)



Statement of changes in net assets

For the 6 months to 31 August 2001
                                                      Notes     2001       2001

                                                            Euro000s      £000s
Net assets at beginning of the period                         29,138     18,578
Notional exchange difference                                       -      (330)
Decrease in net assets resulting from operations             (3,915)    (2,452)
Capital transactions
                                                          
Value of assets received on share creation                7        -          -
                                                          
Value of assets transferred on share redemption           7        -          -
Net assets at the end of the period                           25,223     15,796



iShare FTSE Euro 100 Fund (formerly iFTSE ExUK)

Statement of net assets

As at 31 August 2001


                                      Notes              2001              2001

                                                     Euro000s             £000s
Current assets
                                                       
     Investments                                       24,975            15,641
                                                           
     Debtors                              5                88                56
                                                          
     Cash and bank balances                               228               142
                                                           
     Other assets                                          27                16
                                                       25,318            15,855
     Creditors                            6              (95)              (59)

                                                         (95)              (59)
Net current assets                                     25,223            15,796
Total net assets                                       25,223            15,796
Shareholders' equity                               25,223,319        15,796,167
Shares in issue                                     2,251,769         2,251,769
Net asset value per share                           Euro11.20             £7.02



iShare FTSE Euro 100 Fund (formerly iFTSE ExUK)

Schedule of investments

As at 31 August 2001

Transferable securities admitted to official stock exchange listing

                                                                           2001
 
                                                                     % of total

Nominal           Investment                      Value Euro         net assets

                  BELGIUM

                  Banks

9,177             Dexia                              160,414               0.63

950               KBC Bankverzekerin                  38,589               0.15

5,837             Fortis 'B'                         178,962               0.71

                                                     377,965               1.49

                  Brewers/Beverages

1,812             Interbrew                           49,576               0.20

                                                      49,576               0.20

                  Electricity

433               Electrabel SA                      107,471               0.43

                                                     107,471               0.43

                  FINLAND

                  Forestry

2,622             UPM-Kymmene Ojy                     94,785               0.38

                                                      94,785               0.38

                  Telecoms Equipment

49,637            Nokia AB Ojy                       855,246               3.39

                                                     855,246               3.39



                  FRANCE

                  Aerospace

3,422             European Aeronautic Defense         64,402              0.26

                                                      64,402              0.26

                  Automobiles

2,212             Peugeot SA                         116,019              0.46

1,271             Renault                             57,767              0.23

                                                     173,786              0.69

                  Banks

4,740             BNP Paribas                        478,740              1.90

2,711             Credit Lyonnais SA                 117,088              0.46

4,483             Societe Generale De France         290,498              1.15

                                                     886,326              3.51

                  Building & Construction Materials

913               CIE De St-Gobain                   154,297              0.61

1,341             Lafarge                            133,899              0.53

                                                     288,196              1.14

iShare FTSE Euro 100 Fund (formerly iFTSE ExUK)

Schedule of investments (continued)

As at 31 August 2001
                                                                           2001
 
                                                                     % of total

Nominal           Investment                      Value Euro         net assets

                  FRANCE (Continued)

                  Cable & Satellite

11,693            Vivendi Universal                  703,919               2.79

                                                     703,919               2.79

                  Chemicals - Commodity

968               Air Liquide ('L')                  150,524               0.60

                                                     150,524               0.60

                  Computer Services

1,314             Cap Gemini Sogeti                   92,243               0.37

                                                      92,243               0.37

                  Diversified Industries

10,771            Suez                               403,913              1.60

                                                     403,913              1.60

                  Electrical Equipment

2,542             Schneider Electric                 155,062              0.61

                                                     155,062              0.61

                  Fixed Line Telecom Services

3,668             France Telecom                     129,627              0.51

                                                     129,627              0.51

                  Food & Drug Retailers

7,523             Carrefour                          440,472              1.75

                                                     440,472              1.75

                  Food Processers

1,578             Danone                             236,227              0.94

                                                     236,227              0.94

                  Home Entertainment

1,124             Thomson Multimedia                  35,080              0.14

                                                      35,080              0.14

                  Hotels

2,102             Accor                               90,596              0.36

                                                      90,596              0.36

                  Oil - Integrated

7,831             Total Fina Elf                   1,274,104              5.05

                                                   1,274,104              5.05

                  Other Construction

2,639             Bouygues                            98,144              0.39

                                                      98,144              0.39

iShare FTSE Euro 100 Fund (formerly iFTSE ExUK)

Schedule of investments (continued)

As at 31 August 2001

                                                                           2001
 
                                                                     % of total

Nominal           Investment                      Value Euro         net assets

                  FRANCE (Continued)
       
                  Other Insurance

978               Assurance Generale De France        58,582               0.23

17,764            AXA                                533,808               2.12

                                                     592,390               2.35

                  Other Textiles & Leather Goods

3,890             LVMH Moet-Hennessy                 207,921               0.82

                                                     207,921               0.82

                  Personal Products

3,579             L'Oreal SA                         266,993               1.06

                                                     266,993               1.06

                  Pharmaceuticals

8,255             Aventis SA                         664,528               2.63

3,875             Sanofi-Synthelabo                  279,194               1.11

                                                     943,722               3.74

                  Retailers Hardlines

829               Castorama Dubois                    50,984               0.20

                                                      50,984               0.20

                  Retailers Multi Department

1,259             Pinault-Printemps Redoute          186,584               0.74

                                                     186,584               0.74

                  Semiconducters

7,024             Stmicroelectronics                 235,304               0.93

                                                     235,304               0.93

                  Telecoms Equipment

12,788            Alcatel Series 'A'                 217,524               0.87

                                                     217,524               0.87

                  Water

1,468             Vivendi Environment                 68,658               0.27

                                                      68,658               0.27

                  GERMANY

                  Automobiles

3,297             Bayerische Motoren Werke            116,549              0.47

10,728            Daimlerchrysler AG                  514,408              2.04

3,306             Volkswagen AG                       160,837              0.64

                                                      791,794              3.15



iShare FTSE Euro 100 Fund (formerly iFTSE ExUK)

Schedule of investments (continued)

As at 31 August 2001

                                                                           2001
 
                                                                     % of total

Nominal           Investment                      Value Euro         net assets

                  Banks

4,141             Bayerische Hypo-Vereinsbank        189,865               0.75

4,083             Commerzbank AG                     111,548               0.44

6,500             Deutsche Bank AG                   493,350               1.96

                                                     794,763               3.15

                  Chemicals - Commodity

6,419             BASF AG                            288,855               1.15

7,741             Bayer AG                           273,644               1.08

                                                     562,499               2.23

                  Diversified Industrials

8,075             E.On AG                            484,904               1.92

5,628             Rwe AG (New) Series 'A'            260,576               1.03

                                                     745,480               2.95

                  Electrical Equipment

9,441             Siemens AG                         529,262               2.10

                                                     529,262               2.10

                  Engineering General

4,090             Thyssenkrupp AG                     60,941               0.24

                                                      60,941               0.24

                  Fixed Line Telecom Services

22,205            Deutsche Telekom                   376,375               1.49

                                                     376,375               1.49

                  Other Insurance

2,109             Allianz AG                         650,204               2.58

                                                     650,204               2.58

                  Personal Products

356               Beiersdorf AG Series 'A B C'        47,206               0.19

                                                      47,206               0.19

                  Pharmaceuticals

2,167             Schering AG                        124,277               0.49

                                                     124,277               0.49

                  Reinsurance

935               Muenchener Rueckversicherung AG    295,086               1.17

                                                     295,086               1.17

                  Retailers Multi Department

1,609             Metro AG                            70,651               0.28

                                                      70,651               0.28

                  Semiconductors
                  
2,155             Infineon Technologies AG            55,470               0.22

                                                      55,470               0.22

iShare FTSE Euro 100 Fund (formerly iFTSE ExUK)

Schedule of investments (continued)

As at 31 August 2001

                                                                           2001
 
                                                                     % of total

Nominal           Investment                      Value Euro         net assets

                  Software

2,504             SAP AG                             373,296               1.48

                                                     373,296               1.48

                  IRELAND

                  Banks

9,373             Allied Irish Banks                 116,225               0.46

10,550            Bank of Ireland                    110,248               0.44

                                                     226,473               0.90

                  Building & Construction Materials

5,456             CRH                                100,936               0.40

                                                     100,936               0.40

                  Pharmaceuticals

3,533             Elan Corporation                   201,381               0.80

                                                     201,381               0.80

                  ITALY

                  Asset Managers

2,891             Banca Fideuram SPA                  29,604               0.12

                                                      29,604               0.12

                  Automobiles

2,920             Fiat SPA                            74,548               0.30

                                                      74,548               0.30

                  Banks

46,315            Banca Intesa Di Risp SPA           169,976               0.67

1,545             Rolo Banca 1473 SPA                 26,620               0.11

11,156            San Paolo IMI SPA                  153,841               0.61

39,760            Unicredito Italiano SPA            188,462               0.75

                                                     538,899               2.14

                  Broadcasting Contractors

6,259             Mediaset                            53,953               0.21

                                                      53,953               0.21

                  Electricity

25,702            Enel                               187,882               0.74

                                                     187,882               0.74

                  Fixed Line Telecom Services

77,026            Olivetti SPA                       124,397               0.49

27,871            Telecom Italia SPA                 253,905               1.01

                                                     378,302               1.50



iShare FTSE Euro 100 Fund (formerly iFTSE ExUK)

Schedule of investments (continued)

As at 31 August 2001

                                                                           2001
 
                                                                     % of total

Nominal           Investment                      Value Euro         net assets

                  Oil - Integrated

31,739            ENI SPA                            463,389               1.84

                                                     463,389               1.84

                  Other Insurance

13,277            Assicurazioni Generali SPA         462,702               1.83

3,809             Ras                                 56,754               0.23

                                                     519,456               2.06

                  Publishing & Printing

34,938            Seat Pagine Gialle                  29,942               0.12

                                                      29,942               0.12

                  Wireless Telecoms Services

44,557            Telecom Italia Mobile SPA          253,084               1.00

                                                     253,084               1.00

                  NETHERLANDS

                  Banks

16,133            ABN-Amro Holdings NV               326,855               1.30
 
5,910             Fortis (Nl)                        182,915               0.72

                                                     509,770               2.02 
                                           

                  Beverages - Brewers

2,077             Heineken NV                         95,854               0.38

                                                      95,854               0.38

                  Business Support Services

3,796             TPG NV                              89,016               0.35

                                                      89,016               0.35

                  Chemicals Commodity
                
3,030             Akzo Nobel NV                      147,561               0.58

                                                     147,561               0.58

                  Electronic Equipment

13,919            Philips Electronic (KON)           413,116               1.64

                                                     413,116               1.64

                  Fixed Line Telecom Services

9,806             Koninklijke KPN NV                  30,595               0.12

                                                      30,595               0.12

                  Food & Drug Retailers

8,657             Ahold (KON) NV                     284,469               1.13

                                                     284,469               1.13

                  Food Processors

6,045             Unilever NV                        406,526               1.61

                                                     406,526               1.61



Schedule of investments (continued)

As at 31 August 2001

                                                                           2001
 
                                                                     % of total

Nominal           Investment                      Value Euro         net assets

                  Life Assurance

11,149            Aegon NV                           370,035               1.47

                                                     370,035               1.47

                  Oil - Integrated

22,703            Royal Dutch Petroleum            1,417,347               5.62

                                                   1,417,347               5.62

                  Other Insurance

20,695            ING Groep NV                      719,358                2.85

                                                    719,358                2.85

                  Publishing & Printing

7,791             Elsevier NV                       107,438                0.42

2,495             VNU NV                             90,194                0.36

                                                    197,632                0.78

                  Semiconducters

4,925             ASM Lithography Holding            96,333                0.38

                                                     96,333                0.38

                  SPAIN

                  Banks

33,809            Banco Bilbao Vizcaya Argentaria   480,088                1.90

48,255            Banco Santander Central Hispano   483,998                1.92

                                                    964,086                3.82

                  Electricity

11,221            Endesa SA                         204,783                0.81

9,555             Iberdrola SA                      144,089                0.56

                                                    348,872                1.37

                  Fixed Line Telecom Services

49,450            Telefonica SA                     631,971                2.51

                                                    631,971                2.51

                  Oil - Integrated

12,934            Repsol Ypf SA                     239,926                0.95

                                                    239,926                0.95



Total value of Investments                       24,975,364               99.02

Other net (liabilities)                              19,586                0.08

Cash                                                228,369                0.91

Total value of Fund                              25,223,319              100.00



iShare FTSE Euro 100 Fund (formerly iFTSE ExUK)

Portfolio changes

For the 6 months to 31 August 2001

Please note that portfolio changes may include primary market creation or
redemption activity.

Largest sales                                   Proceeds Euro

Telefonica SA                                          13,280

Banco Santander Central Hispano                        12,335

Nokia AB Ojy                                           12,296

Deutsche Telekom                                       12,090

Banco Bilbao Vizcaya Argentaria                         8,384

Royal Dutch Petroleum                                   5,624

AXA                                                     4,402

ING Groep NV                                            4,269

Elan Corporation                                        3,533

Vivendi Universal                                       3,079

Daimlerchrysler AG                                      2,659

Schneider Electric                                      2,542

Siemens AG                                              2,321

Aventis SA                                              2,030

E.On AG                                                 2,002

Carrefour                                               1,972

Total Fina Elf                                          1,940

Deutsche Bank AG                                        1,611

Lafarge                                                 1,341

Peugeot                                                   739

Largest purchases                                   Cost Euro

Alcatel Series 'A'                                    413,033

Allianz AG                                            446,725

Aventis SA                                            334,989

AXA                                                   299,408

Credit Suisse Group                                   293,422

Ericsson (LM) Telecommunications Series 'B'           488,442

ING Groep                                             384,331

Muenchener Rueckversichering AG                       306,864

Nestle AG                                             465,201

Nokia AB Ojy                                        1,189,721

Novartis AG                                           653,240

Roche Holding AG Genusscheine                         395,518

Royal Dutch Petroleum                                 667,250

Siemens AG                                            396,047

Telecom Italia Mobile                                 369,923

Telecom Italia                                        325,063

Telefonica SA                                         394,723

Total Fina Elf                                        552,152

UBS AG                                                369,299

Vivendi Universal                                     402,264

iShare FTSE Euro 100 Fund (formerly iFTSE ExUK)

Notes to the financial statements

1. Accounting policies

See page 11

2. Income

                                                2001     2001

                                            Euro000s     £000s

Dividends                                        445       279

Withholding tax                                (109)      (68)

Bank interest                                      2         1

Income                                           338       212

3. Expenses

                                                 2001     2001

                                             Euro000s    £000s

Management fees                                    30       19

Custody fees                                       16       10

Transaction fees                                   22       14

Depository fees                                     2        1

Directors' fees                                     5        3

FT fees                                             6        4

Listing fees                                        3        2

Registrar fee                                       4        2

Printing fee                                        2        1

Directors' officer insurance                        6        4

Establishment costs amortised                       4        3

Fee rebate from Manager                          (22)     (14)

Expenses                                           78       49

4. Dividends

Dividends will normally be declared semi annually with a view to their being
paid on or about 15 June and December of each year. No dividends have been
declared for this period.

5. Debtors

                                                 2001     2001

                                             Euro000s    £000s

Accrued income                                     42       28

Witholding tax                                   (10)      (7)

Accrued interest                                    1        1

Fee rebate from Manager                            55       34

Debtors                                            88       56



iShare FTSE Euro 100 Fund (formerly iFTSE ExUK)

Notes to the financial statements (continued)



6. Creditors - amounts falling due within one year

                                                 2001     2001

                                             Euro000s    £000s

Establishment costs                                41       25

Accrued expenses                                   24       16

Amount payable to Manager                          19       12

Intra fund transfer                                11        6

Purchases awaiting settlement                       -        -

Creditors                                          95       59

7. Share capital

Participating shares - issued and fully paid

                                                No of     2001
   
                                          shares 000s Euro000s

Balance at the beginning of the period          1,000   29,138

Issued during the period                        1,252        -

Redeemed during the period                          -        -

Net decrease in assets resulting from operations    -  (3,915)

Balance at the end of the period                2,252   25,223

The issued and fully paid participating share capital is at all times equal to
the net asset value of the Company.

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