org. We hope that the Maala Index will outperform the major TASE
indices.00%
----------------------------- -----------------------------------------
7 PARTNER 1,511 3.

ownership investment

The Maala Index will enable investors to
invest in this attractive array of companies, which maintain a clear
balance between a policy of social responsibility and commercial
success.

enabling returns

Accordingly , two of the largest index companies in the world, Dow
Jones and FTSE, have for the past several years calculated and
published a list of Socially Responsible Investing (SRI) indices.1.38% 6.45%
----------------------------------------------------------------------
15 INDUSTRIAL BUILDING 373 0.45%
------------------------------------------------------------------ ----
20 BARAN 79 0.

esg investors

00%
-------------------------------- --------------------------------------
3 BANK LEUMI 4,339 10.00%
----------------------------------------------------------------------
10 ELBIT SYSTEMS 980 2.37% 6.83%
-------------------------------------------------------- --------------
16 ELBIT IMAGING 222 0.54% 2.

ngo consideration

In Europe, 313
social /environmental funds were registered in the first half of 2003.

beneficiaries ownership

"
"We continue to see significant opportunities in our asset servicing
business, which has achieved double digit growth in revenues in each of the
last two years," said Jack Klinck, Mellon vice chairman and president of its
IMS group.

maala.29% 6.90% 4.

governance enabling

funds that invest on an ethical or social
basis amounted to some $2 trillion in 2003.71% 6.03%
------------------------------------------------------ ----------------
TOTAL 41,228 100.

responsibility stakeholder

39% 6.00% 100%
----------------------------------------------------------------------
(a) Weighting is adjusted according to the 6.

responsibility returns

"
Mellon's Asset Servicing group develops solution-oriented tools to support
the entire investment process for public and private pension funds, endowments
+ foundations, asset managers , mutual funds, insurance and other financial
institutions.
Maala's rating criteria reflect the organization's view that
social responsibility is expressed not merely in donations, but in the
way in which firms manage their on-going business activities. Criteria
include the scope of contributions in shekels, contributions relative
to profit or turnover, and the companies' conduct towards their
employees, customers, suppliers, and the community and environment at
large.78% 6.00%
----------------------------------------------------------------------
8 BANK DISCOUNT 1,398 3.

toolkit beneficiaries

The organization promotes social and environmental
responsibility in business and rates the largest companies in the
economy according to their level of community involvement and
contribution to society."

MAALA Index
(As of 24.00%
----------------------------------------------------------------------
4 ISRAEL CHEMICALS 2,837 6.88% 6.11% 5.87%
--------------------- -------------------------------------------------
18 ITURAN 192 0.

consideration ngo

"We look forward to working with
Mellon to deliver high-quality back-office services to our clients.com.
Maala's Managing Director, Talia Aharoni, says, "In Israel there
is currently a considerable number of firms operating along the lines
of social responsibility.54% 2.

responsible enabling

"We believe that EAM will benefit from our extensive experience in
helping firms launch asset management operations.
Mellon Financial Corporation is a global financial services company. The index will be published daily at the end of
trading and updated annually on June 1 (first update on June 1, 2005).00%
----------------------------------------------------------------------
5 MAKHTESHIM-AGAN 2,186 5.66% 6.00%
-------------------------------------------------------- --------------
12 NICE 533 1.47% 2.

investment trustees

Tel-Aviv Stock Exchange Launches Socially Responsible Investing Index

Shares on the Maala Social Responsibility Index must be among the
TASE's 200 most actively traded shares and must meet minimum public
float requirements , including a 15% float rate and a float value of at
least $18 million.95%
------------------- ---------------------------------------------------
14 INTERNATIONAL BANK 5 420 1.

ethical returns

The complete criteria for Maala ratings are available at
www.49%
--------- -------------------------------------------------------------
19 ALONY HETZ 189 0.46% 2.

enabling returns

Business Editors

TEL-AVIV, Israel----The Tel-Aviv
Stock Exchange launched the Maala Socially Responsible Investing (SRI)
Index on February 13.
Maala is a non-profit professional organization uniting member
businesses that are leaders in working towards social change in
Israel.2005 )

---------------------------------------------------------- ------------
SECURITY MARKET ORIGINAL WEIGHTING
CAPITALIZATION WEIGHTING (a)
($ MILLIONS )
----------------------------------------------------------------------
1 TEVA 17,223 41.

pensions esg

7 trillion in assets under
management, administration or custody, including $781 billion under
management.mellon. Maala rates companies which are included in
the TA-100 Index or whose turnover is larger than $100 million, from
various sectors, including services , commerce, industry, construction,
and infrastructure.il
Ronit Harel Ben-Ze'ev, Senior VP and Director of the Economic
Department at the Tel-Aviv Stock Exchange, stated that the new index
will increase the exposure of social and environmental responsibility
issues, and will contribute to developing social responsibility as a
norm among TASE-listed companies.
The asset value of U.

integrate stakeholder

The new index comprises the shares of the top 20
companies on the Maala social responsibility rating (see list of
shares attached).00%
--------------------------------------------------------------------- -
2 BANK HAPOALIM 4,568 11.00%
----------------------------------- -----------------------------------
6 MIGDAL INSURANCE 1,528 3.00%
- ---------------------------------------------------------------------
9 OSEM 992 2.02% 5.

beneficiaries investment

Headquartered in Pittsburgh, Mellon is one of the world's leading providers of
financial services for institutions, corporations and high net worth
individuals , providing institutional asset management, mutual funds, private
wealth management, asset servicing , payment solutions and investor services,
and treasury services.30% 6.88%
--------------- -------------------------------------------------------
17 PAPER MILLS 221 0.

investing enabling

Mellon has approximately $4. News and other information about Mellon is available at
http: //www.
Social responsibility and community service are key issues in
businesses worldwide, and the developments in this area have resulted
in significant gains in the management of investments according to
ethical, social, and environmental standards.08% 6.52% 6.00%
----------- -----------------------------------------------------------
11 STRAUSS-ELITE 978 2.19% 1.0% cap.

ethical sustainable

S.00%
------------------------------------------------------------- ---------
13 BLUE SQUARE 458 1.

investment investing

"All of us at EAM are committed to building a lasting franchise that will
benefit our clients over the long term, and Mellon will help us achieve this
objective by providing best-in-class infrastructure support," said Margot
Nones , chief operating officer of EAM. Mellon Global Securities Services, Mellon's Investment Manager
Solutions , Eagle Investment Systems, DPM Mellon and Mellon Analytical
Solutions, as well as its joint venture partnerships -- ABN AMRO Mellon and
CIBC Mellon -- deliver innovative products worldwide.

governance ethical

EAM was formed
recently by Greg Sawers, Andrew Moloff, Gail Landis and Margot Nones in
partnership with Evercore Partners, a leading advisory and investing boutique.

integrate ngo

Evercore Asset Management Outsources Back Office to Mellon

41% 6.

investors socially

ownership responsibility

PITTSBURGH, Mellon Financial Corporation
(NYSE: MEL) announced that its Investment Manager Solutions (IMS) group will
administer the back office for Evercore Asset Management (EAM), an
institutional investment management firm which takes a long-term approach to
investing in small- and mid-capitalization value equities. Among the services
that Mellon will provide are transaction processing, custodian reconciliation,
performance measurement and analytics , and investor reporting.

integrate esg

---

- - kjjkjk

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