Redemption Ord Shares

RNS Number:7821O
BarclaysGlbl Inv Endowment Fd II Ld
12 July 2005




THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in
any doubt as to the action you should take, you are recommended to seek your own
financial advice immediately from your stockbroker, bank manager, solicitor,
accountant or other independent financial adviser duly authorised under the
Financial Services and Markets Act 2000 or the Financial Services (Jersey) Law
1998.

If you have sold or otherwise transferred all your Redeemable Ordinary Shares,
please forward this document, as soon as possible, to the purchaser or
transferee or to the stockbroker, bank or other agent through whom the sale or
transfer was effected for onward transmission to the purchaser or transferee.



Barclays Global Investors Endowment Fund II Limited
La Motte Chambers
St Helier
Jersey  JE1 1BJ
Channel Islands



Telephone +44 (0)1534 602000
Facsimile +44 (0)1534 602002




12 July 2005



Dear Shareholder,



Redemption of Ordinary Shares



I refer to my letter dated 3 May 2005 advising you of the procedure for the
redemption of Ordinary Shares in September this year and, as envisaged, in
subsequent years.



I am pleased to confirm that a Special Resolution amending the Articles of
Association of the Company to permit "limited life" share certificates to be
issued was duly passed at the Extraordinary General Meeting held on 15 June
2005.



Your Directors have now resolved to effect the redemption of one fifth (subject
to roundings as set out in the accompanying Notice) of Ordinary Shares in issue
on 7 September this year at a price of  100p per Ordinary Share. When deciding
the amount to be paid your directors felt that there was a reasonable
expectation that this would more closely reflect the Company's net asset value
at the redemption Date than the latest published figure.



The attached Notice of Redemption gives details of where you must send your
Share Certificate(s) for all Ordinary Shares registered in your name.  If you
have lost your Share Certificate (s) you must immediately contact the Transfer
Agent, Capita Registrars, 34 Beckenham Road, Kent BR3 4TU or by telephone on 020
8639 2000. Provided your Share Certificate(s) have been received by Capita
Registrars, Corporate Actions Department, by 14 September 2005, a cheque for the
redemption proceeds in respect of your shares redeemed on 7 September 2005,
together with a new limited life Share Certificate for the balance of the shares
which you will still hold in the Company, will be despatched to you (at the
address stated in the Register of Members) on or about 21 September 2005.



These new Share Certificates will have an expiry date printed on them of 8
September 2006, under the system I described in my letter of 3 May. Upon expiry,
they will be replaced by a further issue of Certificates in 2006 and it is the
Board's intention that one quarter of the shares then in issue will be redeemed.
The Ordinary Shares in issue will continue to be dealt in on the London Stock
Exchange and your new Share Certificate will be valid for transfer up until 8
September 2006 after which transfers will be certified against the share
register until the posting of further new certificates, which is expected to
take place on 15 September 2006.



You should note that for UK resident shareholders, the redemption of Ordinary
Shares pursuant to the attached Notice will normally be treated as a disposal
for capital gains tax purposes of the Shares redeemed, and not as an income
distribution.  For UK tax purposes, the disposal will be treated as taking place
on the date of redemption and not at any later date. Shareholders in any doubt
as to their tax position should seek appropriate professional advice.



If you have any questions concerning any of the foregoing please do not hesitate
to contact the Investment Advisor to the Company by telephoning 020 7668 8300.



Yours sincerely,





Peter Bailey
Chairman






             NOTICE OF REDEMPTION OF REDEEMABLE ORDINARY SHARES IN
      BARCLAYS GLOBAL INVESTORS ENDOWMENT FUND II LIMITED ( the "Company")



Notice is hereby given pursuant to Article 10 (C) of the Articles of Association
of the Company that the Directors have resolved to redeem one fifth* of each
shareholder's holding of Ordinary Shares on 7 September 2005 at a price of 100p
per Ordinary Share.



You are required to return the Share Certificate (or Certificates), which may
bear the Company's former name BZW Endowment Fund II Limited, for all Ordinary
Shares registered in your name to the Transfer Agent, Capita Registrars
(Corporate Actions), PO Box 166, Bourne House, 34 Beckenham Road, Beckenham,
Kent BR3 4TH, by no later than 14 September 2005 in the attached postage paid
envelope, in order that a cheque for the redemption proceeds and a new balance
Share Certificate may be despatched to you on or about 21 September 2005.



If you do not return your Share Certificate(s) by 14 September 2005, the Company
will nevertheless redeem the relevant proportion of your shares as indicated
above. Pending receipt of your Share Certificate(s), the Company will retain the
redemption proceeds and the new Share Certificate in respect of the balance of
your shareholding. Any interest earned on redemption proceeds will be for the
benefit of the Company and be reflected in the net asset value.



Existing Share Certificates will be recognised as evidence of title until the
Record Date, 9 September 2005. After this date, share transfers supported by
existing Share Certificates will be certified against the share register,
pending payment of redemption proceeds and the issue of the new balance Share
Certificate.



*   Only whole shares will be redeemed and the number of shares registered in
the name of each holder to be redeemed will be rounded down to the nearest whole
number of shares. All shares not redeemed will remain in the name of the
shareholder appearing on the Register.




By Order of the Board
Abacus Secretaries (Jersey) Limited
Secretary
La Motte Chambers
St. Helier
Jersey JE1 1BJ



12 July 2005






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