2nd Redemption of Ord Shares

RNS Number:7591C
BarclaysGlbl Inv Endowment Fd II Ld
10 May 2006


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 (as amended).

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  Channel Islands
JE1 1BJ
Telephone +44 (0)1534 602000
Facsimile +44 (0)1534 602002


10 May 2006


Dear Shareholder,


Second Redemption of Ordinary Shares

Under the Company's Articles of Association, the Company may, at its option, in
each of the years 2005 to 2009 (inclusive) redeem such proportion of the
Company's Ordinary Shares of 1p each as the Directors may consider appropriate.
Any proportion of Ordinary Shares to be redeemed will be redeemed pro rata
amongst the holders of Ordinary Shares.

I am writing to inform you that the Board has resolved that a proportion of the
Company's Ordinary Shares should be redeemed in 2006 (the "Second Redemption").
A timetable is set out below.

The redemption date will be 6 September 2006 (the "Redemption Date") and the
Board has decided that 25 per cent of the Ordinary Shares in issue will be
redeemed.

The amount per Ordinary Share to be paid in September this year will be based on
the Net Asset Value ("NAV") per share. In order to allow payment to shareholders
to take place as soon as possible after the Redemption Date of 6 September 2006,
the Directors intend to determine the redemption price by reference to the end
May NAV. Any difference between the redemption price and the NAV per share
immediately prior to the Redemption Date will be retained and carried forward to
future redemption dates.

The retention will be reflected in the NAV of the remaining Ordinary Shares in
issue after 6 September 2006.  In the event of a fall in the NAV per share
between the end May NAV and the 31 August year-end, resulting in a payment of
more than 25 per cent of the net assets of the Company in September this year,
the NAV per share could fall following the Redemption Date.

The board have yet to decide the exact level of payment, but this year's payment
is unlikely to be less than 105p per share.

The payment date for the proceeds of the Second Redemption will be on or about
15 September 2006.  Shareholders who have claimed the proceeds of the first
redemption (on 7 September 2005) need take no further action. Your blue Share
Certificate(s) will expire on 8 September 2006, and a new orange Share
Certificate for the balance of Ordinary Shares held will be sent to the named
shareholder on the Register to the registered address of such Shareholder,
together with a cheque for the proceeds of the Second Redemption. This new
orange Share Certificate will expire on 7 September 2007.

Under Jersey Law, on a redemption of a Share the premium (being the redemption
monies payable less the nominal amount of 1p per Share) may be paid out of the
share premium account or the distributable profits of the Company. The nominal
amount of 1p per Share must be paid either out of the distributable profits of
the Company or out of the proceeds of a fresh issue of shares made for the
purposes of the redemption or a combination of the two. The Directors intend
that preference shares shall be issued to the Company's Administrator or its
nominees if and to the extent that such issue of shares is necessary to enable
the Company to repay the nominal amount in respect of Shares which are to be
redeemed.


                                   TIMETABLE

31 August 2006              End of current accounting period of the Company.

6 September 2006            Redemption Date for 25 per cent of the Ordinary Shares in issue.

8 September 2006            Expiry date for existing blue Share Certificates

8 September 2006            Record date for shareholders on the Register to receive proceeds of
                            redemption

                            Earliest date for despatch of cheques and balance Share Certificates to
15 September 2006           shareholders.

Those shareholders who have not yet received the proceeds of the first
redemption (on 7 September, 2005) should return their white Share 
Certificate(s), which is no longer valid, to the Transfer Agent as soon as
possible. The Transfer Agent will then cancel your white Share Certificate and
issue a new blue Share Certificate for the balance of Ordinary Shares held and a
cheque for the proceeds of the shares redeemed. This blue Share Certificate,
together with a cheque payable to the named shareholder on the Register, will be
posted to the registered address of such shareholder by the Transfer Agent
within 5 business days of receipt of the returned white Share Certificate(s).
Your current white Share Certificate(s), which may bear the Company's former
name BZW Endowment Fund II Limited, should be returned to Capita Registrars,
Corporate Actions, PO Box 166, The Registry, 34 Beckenham Road, Beckenham, Kent
BR3 4TH.

Redemption monies due to shareholders will be held by the Company until paid to
shareholders and any interest earned thereon will be for the benefit of the
Company and be reflected in the net asset value.



If you have lost your certificate and require a replacement, please contact the
Transfer Agent by telephoning 0870 162 3100, or if calling from outside the UK
on +44 (0)20 8639 2157.

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

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


Yours sincerely,

Peter Bailey
Chairman



                      This information is provided by RNS
            The company news service from the London Stock Exchange
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