Inclusions
Abbott Laboratories
Adobe Systems Inc
Aeon Co Ltd
British Sky Broadcasting Group PLC
Canadian Imperial Bank of Commerce
Chugai Pharmaceutical Co
Daiwa House Industry Co
Fortis
Gaz de France
Hachijuni Bank
Heinz, H.J. Co
Horiba
Kraft Foods Inc A
Lilly, Eli & Co
Matsushita Electric Industrial
Millea Holdings Inc
Mirant Corp
Murata Manufacturing Co
Norfolk Southern Corp
Oesterr Elektrizitats AG A
Panahome Corp
Pernod Ricard
PPR S.A.
Red Electrica de Espana S.A.
Rohm Co
Sanyo Electric Co
Sekisui Chemical Co
Sekisui House
Sony Corp
Sumitomo Trust & Banking Co
TransAlta Corporation
Warehouse Group Ltd
Waste Management Inc
Yamaha Corp

Exclusions
Barclays
Enel SpA
Heineken NV
Kesa Electricals PLC
Scottish & Newcastle



Constituents of the Ethibel Excellence Global Index

Inclusions
British Sky Broadcasting Group PLC
Fortis
Gaz de France
HSBC Hldgs
Oesterr Elektrizitats AG A
Pernod Ricard
PPR S.A.
Red Electrica de Espana S.A.

Exclusions
Barclays
Enel SpA
Heineken NV
Kesa Electricals PLC
Scottish & Newcastle

Constituents of the Ethibel Excellence Europe Index

Inclusions
Capita Group
Deutsche Postbank
DnB NOR ASA
Grontmij NV
Kesko Oyj B
Raisio Group plc V
Recticel SA

Exclusions
Commerzbank AG
Diageo
Gas Natural SDG, S.A.
Husqvarna AB - B Shares
Kesa Electricals PLC
Lloyds TSB Group
Northern Rock Plc
Svenska Handelsbanken AB - A Shares
Swedbank AB
Wienerberger AG

Constituents of the Ethibel Pioneer Global Index