SCY Spdr Semiconductor Index Fund(Intraday Indicative Value Index)

The Sports Club Company, Inc. (AMEX:SCY) today announced that on June 20, 2005, the Company received notice from the American Stock Exchange (the "Exchange") Listing Qualifications Staff that the Company remains noncompliant with certain requirements for continued listing, and that the Exchange had determined to proceed with the filing of an application with the Securities and Exchange Commission to strike the Company's common stock from listing and registration on the Exchange as of June 28, 2005. Specifically, the Company's failure to have timely filed its Form 10-K for the fiscal year ended December 31, 2004 and its Form 10-Q for the quarter ended March 31, 2005 is in violation of the applicable listing standards set forth in Sections 134, 1101 and 1003(d) of the Exchange's Company Guide. The Company's inability to timely file the required reports is due to certain issues relative to the application of several Statements of Financial Accounting Standards pronouncements to the preparation of the Company's financial statements. The Company continues to work diligently towards completion of its filings; however, because of the complexities associated with these issues, the Company can give no assurance as to when the required reports will be finalized and filed. Based on these facts, the Exchange determined that it was appropriate to initiate delisting procedures relative to the Company's common stock. In response to the notice, the Company has requested a hearing before a committee of the Exchange to appeal the Exchange's determination. The Company intends to present documentation and other evidence at the hearing in support of its continued listing; however, the Company can give no assurances that the Exchange will grant its request for continued listing. Until the committee's final determination and the expiration of any exception granted by the committee, the Company's common stock will continue to be traded on the Exchange. Further, as previously reported, the Company has been notified by the Exchange that it continues to be in violation of Sections 1003(a)(i), 1003(a)(ii) and 1003 (a)(iv) of the Company Guide. The Exchange has given the Company until March 13, 2006 to regain compliance with these particular sections. Therefore, even if the Company satisfies the committee's requirements and continues to be listed on the Exchange, it will not be relieved of its obligations to regain compliance with Sections 1003(a)(i), 1003(a)(ii) and 1003 (a)(iv). Failure to gain compliance may again subject the Company to delisting procedures. All statements in this press release other than statements of historical fact are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in this press release, and the Company expressly disclaims any obligations to release publicly any update or revision to any forward-looking statement contained herein if there are changes in the Company's expectations or if any events, conditions or circumstances on which any such forward-looking statement is based.