New York, February 25, 2004 – Dow Jones Indexes, a leading global-index provider, has licensed the Dow Jones Industrial Average (DJIA) to Excellence Nessuah, a leading international investment and portfolio manager, to issue the first exchange-traded fund (ETF) in Israel, based on the most recognized stock index in the world.

The KSM DJIA will be listed on the Tel Aviv Stock Exchange (TASE). The Dow Jones Industrial Average is the first U.S. index to serve as the basis for an ETF in Israel. The fund will seek to track the stock performance of the Dow 30, some of the biggest and best-known U.S. blue-chip companies.

“‘The Dow,’ as some investors call it, is known the world over as the premier index of the U.S. stock market,” said Lars Hamich, executive director, global business development, Dow Jones Indexes. “Though it is 108 years old this year, it is exceptionally well-suited as the foundation for one of the newest investment products, exchange-traded funds. The Average’s 30 stocks, which are changed infrequently, are among the most liquid securities in existence.”

Roni Biram, chairman of Excellence Nessuah, said: “KSM DJIA will provide both institutional and private investors premium access to the Dow Jones Industrial Average index. Furthermore, the ability to trade in the product on Sundays will allow foreign investors to manage their equity positions even one day before trading opens in the U.S.” He added that “the KSM DJIA will enjoy a rate of 15% taxation as opposed to other foreign index linked products, which are taxed at 35%.”

Excellence Nessuah has rapidly become IsraelÅs leader in ETF securities, having issued during the last few months three ETFs including the KSM50, an ETF based on the Dow Jones EURO STOXX 50. The three ETFs are successfully trading on TASE with an AUM of $100 million and an average daily volume of $5 million.