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EXHIBIT 8(b)
MITSUBISHI GLOBAL CUSTODY
CUSTODIAN AGREEMENT
(FOREIGN AND DOMESTIC SECURITIES)
THIS CUSTODIAN AGREEMENT is made by and between THE PARKSTONE
ADVANTAGE FUND ("Principal") and THE BANK OF CALIFORNIA, NATIONAL ASSOCIATION
("Custodian"). Principal desires that Custodian hold and administer on behalf
of Principal certain Securities (as herein defined). Custodian is willing to do
so on the terms and conditions set forth in this Agreement. Accordingly,
Principal and Custodian agree as follows:
1. DEFINITIONS. Certain terms used in this Agreement are defined as
follows:
(a) "Account" means, collectively, each custodianship account
maintained by Custodian pursuant to Paragraph 3 of this Agreement.
(b) "Eligible Foreign Securities Depository" ("Depository")
shall mean a securities depository or clearing agency incorporated or
organized under the laws of a country other than the United States
which operates (i) the central system for handling securities or
equivalent book-entries in that country, or (ii) a transnational system
for the central handling of securities or equivalent book-entries.
(c) "Investment Manager" means an investment advisor or
manager identified by Principal in a written notice to Custodian as
having the authority to direct Custodian regarding the management,
acquisition, or disposition of Securities.
(d) "Securities" means domestic or foreign securities or both
within the meaning of Section 2(a)(36) of the Investment Company Act of
1940 ("1940 Act") and regulations issued by the U.S. Securities and
Exchange Commission ("SEC") under Section 17(f) of the 1940 Act, 17
C.F.R. 270.17f-5(c)(1), as amended, which are held by Custodian in the
Account, and shall include cash of any currency or other property of
Principal and all income and proceeds of sale of such securities or
other property of Principal.
(e) "Eligible Foreign Custodian", ("Sub-Custodian") shall mean
(i) a banking institution or trust company incorporated or organized
under the laws of a country other than the United States that is
regulated as such by that country's government or an agency thereof and
that has shareholders' equity in excess of $200 million in U.S.
currency (or a foreign currency equivalent thereof), (ii) a majority
owned direct or indirect subsidiary of a qualified U.S. bank or bank
holding company that is incorporated or organized under the laws of a
country other than the United States and that has shareholders' equity
in excess of $100 million in U.S. currency (or a foreign currency
equivalent thereof), (iii) a banking institution or trust company
incorporated or organized under the laws of a country other than the
United States or a majority owned direct or
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indirect subsidiary of a qualified U.S. bank as defined in Rule 17f-5
or bank holding company that is incorporated or organized under the
laws of a country other than the United States which has such other
qualifications as shall be specified in Instructions and approved by
the Bank; or (iv) any other entity that shall have been so qualified by
exemptive order, rule or other appropriate action of the SEC. Custodian
shall evaluate and determine at least annually the continued
eligibility of each Sub-Custodian as described in Paragraph 5.(d) of
this Agreement.
2. REPRESENTATIONS.
(a) Principal represents that with respect to any Account
established by Principal to hold Securities, Principal is authorized to
enter into this Agreement and to retain Custodian on the terms and
conditions and for the purposes described herein.
(b) Custodian represents that (i) it is organized under the
laws of the United States and has its principal place of business in
the United States, (ii) it is a bank within the meaning of Section
202(a)(2) of the Investment Advisers Act of 1940 and Section 2(a)(5) of
the Investment Company Act of 1940, as amended, and (iii) it has equity
capital in excess of $1 million.
3. ESTABLISHMENT OF ACCOUNTS. Principal hereby establishes with
Custodian, and may in the future establish, one or more Accounts in Principal's
name. The Account shall consist of Securities delivered to and receipted for by
Custodian or by any Sub-Custodian. Custodian, in its sole discretion, may
reasonably refuse to accept any property now or hereafter delivered to it for
inclusion in the Account. Principal shall be notified promptly of such refusal
and any such property shall be immediately returned to Principal.
4. CUSTODY. Subject to the terms of this Agreement, Custodian shall be
responsible for the safekeeping and custody of the Securities. Custodian may (i)
retain possession of all or any portion of the Securities in a foreign branch or
other office of Custodian, or (ii) retain, in accordance with Paragraph 5 of
this Agreement, one or more Sub-Custodians to hold all or any portion of the
Securities. Custodian and any Sub-Custodian may, in accordance with Paragraph 5
of this Agreement, deposit definitive or book-entry Securities with one or more
Depositories.
(a) If Custodian retains possession of Securities, Custodian
shall ensure the Securities are at all times properly identified as
being held for the appropriate Account. Custodian shall segregate
physically the Securities from other securities or property held by
Custodian. Custodian shall not be required to segregate physically the
Securities from other securities or property held by Custodian for
third parties as Custodian, but Custodian shall maintain adequate
records showing the true ownership of the Securities.
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(b) If Custodian deposits Securities with a Sub-Custodian,
Custodian shall maintain adequate records showing the identity and
location of the Sub-Custodian, the Securities held by the
Sub-Custodian, and each Account to which such Securities belong.
(c) If Custodian or any Sub-Custodian deposits Securities with
a Depository, Custodian shall maintain, or shall cause the
Sub-Custodian to maintain, adequate records showing the identity and
location of the Depository, the Securities held by the Depository, and
each Account to which such Securities belong.
(d) If Principal directs Custodian to deliver certificates or
other physical evidence of ownership of Securities to any broker or
other party, other than a Sub-Custodian or Depository employed by
Custodian for purposes of maintaining the Account, Custodian's sole
responsibility shall be to exercise care and diligence in effecting the
delivery as instructed by Principal. Upon completion of the delivery,
Custodian shall be discharged completely of any further liability or
responsibility with respect to the safekeeping and custody of
Securities so delivered.
(e) Custodian shall ensure that (i) the Securities will not be
subject to any right, charge, security interest, lien, or claim of any
kind in favor of Custodian or any Sub-Custodian or Depositor, except
for Custodian's expenses relating to the Securities' safe custody or
administration, and (ii) the beneficial ownership of the Securities
will be freely transferable without the payment of money or value other
than for safe custody or administration.
(f) Principal or its authorized representatives shall have
reasonable access to inspect books and records maintained by Custodian
or any Sub-Custodian or Depository holding Securities hereunder to
verify the accuracy of such books and records. Custodian shall notify
Principal promptly of any applicable law or regulation in any country
where Securities are held that would restrict such access or
inspection.
5. SUB-CUSTODIANS AND DEPOSITORIES. With Principal's advance written
approval, as provided in Paragraph 5.(c) of this Agreement, Custodian may from
time to time retain one or more Sub-Custodians and Depositories to hold
Securities hereunder.
(a) Custodian shall exercise reasonable care in the selection
of Sub-Custodians and Depositories. In making its selection, Custodian
shall consider (i) the Sub-Custodian's or Depository's financial
strength, general reputation and standing in the country in which it is
located, its ability to provide efficiently the custodial services
required, and the relative cost of such services, (ii) whether the
Sub-Custodian or Depository would provide a level of safeguards for
safekeeping and custody of Securities not materially different from
those prevailing in the U.S., (iii) whether the Sub-Custodian or
Depository has branch offices in the U.S. in order to facilitate
jurisdiction over and enforcement of judgments against it, and (iv) in
the case of a Depository, the number of its participants and its
operating history.
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(b) Custodian shall give written notice to Principal of its
intention to deposit Securities with a Sub-Custodian or (directly or
through a Sub-Custodian) with a Depository. The notice shall identify
the proposed Sub-Custodian or Depository and shall include reasonably
available information relied on by Custodian in making the selection.
(c) Within 30 days of its receipt of a notice from Custodian
pursuant to Paragraph 5.(b) of this Agreement regarding Custodian's
proposed selection of one or more Sub-Custodians or Depositories,
Principal shall give written notice to Custodian of Principal's
approval or disapproval of the proposed selection. If Principal has
not responded within 30 days of receipt of Custodian's request for
approval of a Sub-Custody, Principal will be deemed to have approved
such Sub-Custody. Principal hereby approves Custodian's retention of
those Sub-Custodians and Depositories, if any, which are identified in
Appendix A of this Agreement.
(d) Custodian shall evaluate and determine at least annually
the continued eligibility of each Sub-Custodian and Depository approved
by Principal to act as such hereunder. In discharging this
responsibility, Custodian shall (i) monitor continuously the day to day
services and reports provided by each Sub-Custodian or Depository, (ii)
at least annually, obtain and review the annual financial report
published by such Sub-Custodian or Depository and any reports on such
Sub-Custodian or Depository prepared by a reputable independent
analyst, (iii) at least triennially, physically inspect the operations
of such Sub-Custodian or Depository and (iv) Custodian shall provide
Principal with a report of its annual review of each Sub-Custodian and
Depository.
(e) If Custodian determines that any Sub-Custodian or
Depository no longer satisfies the applicable requirements described in
Paragraph 1.(b) (in the case of a Depository) or Paragraph 1.(e) (in
the case of a Sub-Custodian) of this Agreement or is otherwise
no longer capable or qualified to perform the functions contemplated
herein, Custodian shall promptly give written notice thereof to
Principal. The notice shall, in addition, either (i) indicate
Custodian's intention to transfer Securities held by the removed
Sub-Custodian or Depository to another Sub-Custodian or Depository
previously approved by Principal, or (ii) include a notice pursuant to
Paragraph 5.(b) of this Agreement of Custodian's intention to deposit
Securities with a new Sub-Custodian or Depository.
6. REGISTRATION. Subject to any specific instructions from Principal,
Custodian shall hold or cause to be held all Securities in the name of
Custodian, or any Sub-Custodian or Depository approved by Principal pursuant to
Paragraph 5 of this Agreement, or in the name of a nominee of any of them, as
Custodian shall determine to be appropriate under the circumstances.
7. TRANSACTIONS. Principal or any Investment Manager from time to time
may instruct Custodian (which in turn shall be responsible for giving
appropriate instructions to any
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Sub-Custodian or Depository) regarding the purchase or sale of Securities in
accordance with this Paragraph 7:
(a) Custodian shall effect and account for each Securities and
currency sale on the date such transaction actually settles; provided,
however, that Principal may in its sole discretion direct Custodian, in
such manner as shall be acceptable to Custodian, to account for
Securities and currency purchases and sales on contractual settlement
date, regardless of whether settlement of such transactions actually
occurs on contractual settlement date. Principal may, from time to
time, direct Custodian to change the accounting method employed by
Custodian in a written notice delivered to Custodian at least thirty
(30) days prior to the date a change in accounting method shall become
effective.
(b) Custodian shall effect purchases by charging the Account
with the amount necessary to make the purchase and effecting payment to
the seller or broker for the securities or other property purchased.
Custodian shall have no liability of any kind to any person, including
Principal, except in the case of negligent or intentional tortious
acts, or willful misconduct, if the Custodian effects payment on behalf
of Principal, and the seller or broker fails to deliver the securities
or other property purchased. Custodian shall exercise such ordinary
care and diligence as would be employed by a reasonably prudent
custodian and due diligence in examining and verifying the certificates
or other indicia of ownership of the property purchased before
accepting them.
(c) Custodian shall effect sales by delivering certificates or
other indicia of ownership of the Property, and, as instructed, shall
receive cash for such sales. Custodian shall have no liability of any
kind to any person, including Principal, if Custodian exercises due
diligence and delivers such certificates or indicia of ownership and
the purchaser or broker fails to effect payment. If a purchase or sale
is effected through a Depository, Custodian shall exercise such
ordinary care and diligence as would be employed by a reasonably
prudent custodian and due diligence in verifying proper consummation of
the transaction by the Depository.
(d) Principal or, where applicable, the Investment Manager, is
responsible for ensuring Custodian receives timely instructions and/or
funds to enable Custodian to effect settlement of any purchase or sale
of Securities or Currency Transactions. If Custodian does not receive
such timely instructions or funds, Custodian shall have no liability of
any kind to any person, including Principal, for failing to effect
settlement. However, Custodian shall use reasonable efforts to effect
settlement as soon as possible after receipt of appropriate
instructions. Principal shall be liable for interest compensation
and/or principal amounts to Custodian and/or its counterparty for
failure to deliver instructions or funds in a timely manner to effect
settlements of foreign exchange funds movement.
(e) At the direction of Principal or the Investment Manager,
as the case may be, Custodian shall convert currency in the Account to
other currencies through
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customary channels including, without limitation, Custodian or any of
its affiliates, as shall be necessary to effect any transaction
directed by Principal or the Investment Manager. Principal or the
Investment Manager, as the case may be, acknowledges that 1) the
foreign currency exchange department is a part of the Custodian or one
of its affiliates or subsidiaries, 2) the Account is not obligated to
effect foreign currency exchange with Custodian, 3) the Custodian will
receive benefits for such foreign currency transactions which are in
addition to the compensation which the Custodian receives for
administering the Account, and 4) the Custodian will make available the
relevant data so that Principal or the Investment Manager, as the case
may be, can determine that the foreign currency exchange transactions
are as favorable to the Account as terms generally available in arm's
length transactions between unrelated parties.
(f) Custodian shall have no responsibility to manage or
recommend investments of the Account or to initiate any purchase, sale,
or other investment transaction in the absence of instructions from
Principal or, where applicable, an Investment Manager.
8. CAPITAL CHANGES; INCOME.
(a) Custodian may, without further instructions from Principal
or any Investment Manager, exchange temporary certificates and may
surrender and exchange Securities for other securities in connection
with any reorganization, recapitalization, or similar transaction in
which the owner of the Securities is not given an option. Custodian has
no responsibility to effect any such exchange unless it has received
actual notice of the event permitting or requiring such exchange at its
office designated in Paragraph of this Agreement or at the office of
its designated agents.
(b) Custodian, or its designated agents, are authorized, as
Principal's agent, to surrender against payment maturing obligations
and obligations called for redemption, and to collect and receive
payments of interest and principal, dividends, warrants, and other
things of value in connection with Securities. Except as otherwise
provided in Paragraph 15.(d) of this Agreement, Custodian or its
designated agents shall not be obligated to enforce collection of any
item by legal process or other means.
(c) Custodian or its designated agents are authorized to sign
for Principal all declarations, affidavits, certificates, or other
documents that may be required to collect or receive payments or
distributions with respect to Securities. Custodian or its designated
agents are authorized to disclose, without further consent of
Principal, Principal's identity to issuers of Securities, or the agents
of such issuers, who may request such disclosure.
9. NOTICES RE ACCOUNT SECURITIES. Custodian shall notify Principal or,
where applicable, the Investment Manager, of any reorganization,
recapitalization, or similar transaction not covered by Paragraph 8, and any
subscription rights, proxies, and other
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shareholder information pertaining to the Securities actual notice of which is
received by Custodian at its office designated in Paragraph 14 of this
Agreement or at the offices of its designated agents. Custodian's sole
responsibility in this regard shall be to give such notices to Principal or the
Investment Manager, as the case may be, within a reasonable time after
Custodian receives them, and Custodian shall not otherwise be responsible for
the timeliness of such notices. Custodian has no responsibility to respond or
otherwise act with respect to any such notice unless and until Custodian has
received appropriate instructions from Principal or the Investment
Manager.
10. TAXES. Custodian shall pay or cause to be paid from the Account all
taxes and levies in the nature of taxes imposed on the Account or the
Securities thereof by any country. Custodian will use its best efforts to give
the Investment Manager advance written notice of the imposition of such taxes.
However, Custodian shall use reasonable efforts to obtain refunds of taxes
withheld on Securities or the income thereof that are available under
applicable tax laws, treaties, and regulations.
11. CASH. The Principal may from time to time, direct Custodian to hold
Account cash in The HighMark Group of mutual funds or in any investment company
for which Custodian or its affiliates or subsidiaries, acts as investment
advisor, custodies the assets, or provides other services. Principal shall
designate the particular HighMark fund or such other above-mentioned fund that
Principal deems appropriate for the Account. Principal or an Investment Manager,
where applicable, acknowledges that Custodian will receive fees for such
services which will be in addition to those fees charged by Custodian as agent
for the Account.
12. REPORTS. Custodian shall give written reports to Principal showing
(i) each transaction involving Securities effected by or reported to Custodian,
(ii) the identity and location of Securities held by Custodian as of the date of
the report, (iii) any transfer of location of Securities not otherwise reported,
and (iv) such other information as shall be agreed upon by Principal and
Custodian. Unless otherwise agreed upon by Principal and Custodian, Custodian
shall provide the reports described in this Paragraph 12 on a monthly basis.
13. INSTRUCTIONS FROM PRINCIPAL.
(a) Principal shall certify or cause to be certified to
Custodian in writing the names and specimen signatures of all persons
authorized to give instructions, notices, or other communications on
behalf of Principal or any Investment Manager. Such certification shall
remain effective until Custodian receives notice to the contrary.
(b) Principal or authorized Investment Manager, as the case
may be, may give instruction, notice, or other communication called for
by this Agreement to Custodian in writing, or by telecopy, telex,
telegram, or other form of electronic communication acceptable to
Custodian. Unless otherwise expressly provided, all Instructions shall
continue in full force and effect until canceled or superseded.
Principal or Investment Manager may give and Custodian may accept oral
instructions on an exception basis;
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provided, however, that Principal or Investment Manager shall promptly
confirm any oral communications in writing or by telecopy or other
means permitted hereunder. Principal will hold Custodian harmless for
the failure of Principal or Investment Manager to send confirmation in
writing, the failure of such confirmation to conform to the telephone
instructions received or the Custodians's failure to produce such
confirmation at any subsequent time. The Custodian may electronically
record any instruction given by telephone, and any other telephone
discussions with respect to the Custody Account.
(c) All such communications shall be deemed effective upon
receipt by Custodian at its address specified in Paragraph 14 of this
Agreement, as amended from time to time. Custodian without liability
may rely upon and act in accordance with any instruction that Custodian
using ordinary care believes has been given by Principal or an
Investment Manager.
(d) Custodian may at any time request instructions from
Principal and may await such instructions without incurring liability.
Custodian has no obligation to act in the absence of such requested
instructions, but may, however, without liability take such action as
it deems appropriate to carry out the purposes of this Agreement.
14. ADDRESSES. Until further notice from either party, all
communications called for under this Agreement shall be addressed as follows:
IF TO PRINCIPAL:
Name: THE PARKSTONE ADVANTAGE FUND
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Street Address: 000 XX Xxxxxxxx Xxxxxx
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City, State, Zip: Xxxxxx, Xxxxxx 00000
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Attn: Xxxxxx X. Xxxxx, Trustee, Secretary and Treasurer
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Telephone: (000) 000-0000
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Telecopier: (000) 000-0000
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Telex (Answerback):
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IF TO CUSTODIAN:
THE BANK OF CALIFORNIA, NATIONAL ASSOCIATION
Mitsubishi Global Custody
Attn: Xx. Xxxxx X. Xxxxxx, Vice President
000 Xxxxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxxxxxxx, Xxxxxxxxxx 00000
Telephone: (000) 000-0000
Telecopier: (000) 000-0000
Telex (Answerback): 215748/MBCTD UR
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15. CUSTODIAN'S RESPONSIBILITIES AND LIABILITIES:
(a) Custodian's duties and responsibilities shall be limited
to those expressly set forth in this Agreement, or as otherwise agreed by
Custodian in writing. In carrying out its responsibilities, Custodian shall
exercise no less than the same degree of care and diligence it usually
exercises with respect to similar property of its own.
(b) Custodian (i) shall not be required to maintain any
special insurance for the benefit of Principal, and (ii) shall not be liable or
responsible for any loss of or damage to Securities resulting from any causes
beyond Custodian's reasonable control including, without limitations, acts of
God, war, government action, civil commotion, fire, earthquake, or other
casualty or disaster. However, Custodian shall use reasonable efforts to
replace Securities lost or damaged due to such causes with securities of the
same class and issue with all rights and privileges pertaining thereto. The
Custodian shall be liable to the Principal for any loss which shall occur as
the result of the failure of a Sub-Custodian to exercise reasonable care with
respect to the safekeeping of assets to the same extent that the Custodian
would be liable to the Principal if the Custodian were holding such securities
and cash in their own premises. The Custodian shall be liable to the Principal
only to the extent of the Principal's direct damages, to be determined based on
the market value of the property which is subject to loss and without reference
to any special conditions or circumstances.
(c) The parties intend that Custodian shall not be considered
a fiduciary of the Account. Accordingly, Custodian shall have no power to make
decisions regarding any policy, interpretation, practice, or procedure with
respect to the Account, but shall perform the ministerial and administrative
functions described in this Agreement as provided herein and within the
framework of policies, interpretations, rules, practices, and procedures made
by Principal or an investment manager, where applicable, as the same shall be
reflected in instructions to Custodian from Principal or any Investment
Manager.
(d) Custodian shall not be required to appear in or defend any
legal proceedings with respect to the Account or the Securities unless
Custodian has been indemnified to its reasonable satisfaction against loss and
expense (including reasonable attorneys' fees).
(e) With respect to legal proceedings referred to in paragraph
15.(d) of this agreement, Custodian may consult with counsel acceptable to it
after written notification to Principal concerning its duties and
responsibilities under this Agreement, and shall not be liable for any action
taken or not taken in good faith on the advice of such counsel.
16. INDEMNITIES.
(a) Principal hereby agrees to indemnify Custodian against all
liability, claims, demands, damages, losses, and costs, including reasonable
attorneys' fees and expenses of legal proceedings, resulting from Custodian's
compliance with instructions from Principal or any Investment Manager and the
terms of this Agreement, except where Custodian has acted with negligence or
willful misconduct.
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(b) Custodian's right to indemnity under Paragraph 16.(a) of
this Agreement shall survive the termination of this Agreement.
17. COMPENSATION; EXPENSES. Principal shall reimburse Custodian for all
reasonable out-of-pocket expenses and processing costs incurred by Custodian in
the administration of the Account including, without limitation, reasonable
counsel fees incurred by Custodian pursuant to Paragraph 15.(e) of this
Agreement. Principal also shall pay Custodian reasonable compensation for its
services hereunder as specified in Appendix B. Custodian shall be entitled to
withdraw such expenses or compensation from the Account if Principal fails to
pay the same to Custodian within 45 days after Custodian has sent an
appropriate billing to Principal; provided, however, that Custodian will give
Principal ten (10) days prior written notice before withdrawing such funds.
18. AMENDMENT; TERMINATION. This Agreement may be amended at any time
by a written instrument signed by the parties. Either party may terminate this
Agreement and the Account upon 90 days' written notice to the other unless the
parties agree on a different time period. Upon such termination, Custodian shall
deliver or cause to be delivered the Securities, less any amounts due and owing
to Custodian under this Agreement, to a successor custodian designated by
Principal or, if a successor custodian has not accepted an appointment by the
effective date of termination of the Account, to Principal. Upon completion of
such delivery Custodian shall be discharged of any further liability or
responsibility with respect to the Securities so delivered.
19. SUCCESSORS. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their successors in interest. Without consent
of the parties, this agreement cannot be assigned to any third party.
20. GOVERNING LAW. The validity, construction, and administration of
this Agreement shall be governed by the applicable laws of the United States
from time to time in force and effect and, to the extent not preempted by such
laws of the United States, by the laws of the State of California from time to
time in force and effect.
21. EFFECTIVE DATE. This Agreement shall be effective as of the date
appearing below, and shall supersede any prior or existing agreements between
the parties pertaining to the subject matter hereof.
THE PARKSTONE ADVANTAGE FUND
Date: 7/31/95
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By: /s/ Xxxxxx X. Xxxxx
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Authorized Signature
"Principal"
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THE BANK OF CALIFORNIA, N.A.
By: /s/ Xxxxx Xxxxxx
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Title: Vice President
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By: /s/ Xxxx X. Xxxx
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Title: Senior Vice President
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"Custodian"
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APPENDIX A
MITSUBISHI GLOBAL CUSTODY SUB-CUSTODIAN NETWORK SUMMARY
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LAST REPORTED CREDIT RATINGS
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MARKET SUB-CUSTODIAN EQUITY($mill) IBCA XXXXX'X S&P
------ ------------- ------ ---- ------- ---
Argentina Citibank $11,067 AA- A1 A+
Australia National Australia Bank $ 5,830 AA Aa3 AA
Austria Creditansalt-Bankverein $ 1,791 A+ Xx0 X-0
Xxxxxxx Kredietbank $ 2,381 AA Aa2 A+
(1) Brazil Citibank $11,067 AA- A1 A+
Canada Royal Bank of Canada $ 6,066 AA- A1 A+
Chile Citibank $11,067 AA- Aa2 AA-
(1) China/Shenzen Standard Chartered Bank $ 1,982 A A2 -NR-
Denmark Den Danske Bank $ 2,960 AA- Aa3 A
Euro-CDs First National Bank of Chicago $ 4,264 A+ A1 A+
Finland Union Bank of Finland $ 1,354 A- A3 BBB
France Banque Indosuez $ 2,655 AA- A1 A+
Germany Dresdner Bank $ 7,077 AA+ Aaa A-1+
Hong Kong Hong King & Shanghai Bank $ 7,827 AA- A3 A-1
(1) India Standard Chartered Bank $ 1,982 A A2 -NR-
Indonesia Standard Chartered Bank $ 1,982 A A2 -NR-
Ireland Allied Irish Banks $ 1,784 A+ A1 A
Italy Banca Commerciale Italiana $ 3,631 AA- A1 A
Japan Mitsubishi Bank Limited $15,398 AA Aa3 AA-
(1) Korea (Rep. of) Standard Chartered Bank $ 1,982 A A2 -NR-
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1 Market restrictions require investor registration prior to trading.
Please see your Relationship Manager for further details.
2 Rated by Thomson Bank Watch-Asia
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APPENDIX A
MITSUBISHI GLOBAL CUSTODY SUB-CUSTODIAN NETWORK SUMMARY
-------------------------------------------------------------------------------------------------------------
LAST REPORTED CREDIT RATINGS
---------------------------------
MARKET SUB-CUSTODIAN EQUITY($mill) IBCA XXXXX'X S&P
------ ------------- ------ ---- ------- ---
Malaysia Malayan Banking Berhad $ 1,330 A(2) -NR- -NR-
Mexico Citibank $ 11,067 AA- A1 A+
Netherlands MeesPierson N.V. $ 1,019 A1 -NR- -NR-
New Zealand National Australia Bank $ 5,830 AA Aa3 AA
Norway Christiania Bank $ 715 A X0 X-0
Xxxxxxxxxxx Standard Chartered Bank $ 1,982 A A2 -NR-
Portugal Banco Xxxxx & Acores $ 000 X X0 X-
Xxxxxxxxx DBS Bank $ 2,860 AA(2) -NR- -NR-
Spain Banco Bilbao Vizcaya $ 5,211 AA Aa2 AA-
Sweden Svenska Handelsbanken $ 2,528 AA- A1 A
Switzerland Union Bank of Switzerland $14,076 AAA Aaa AAA
(1) Taiwan Standard Chartered Bank $ 1,982 A A2 -NR-
Thailand Hong Kong & Shanghai Bank $ 7,827 AA- A3 A-1
U.K. Midland Bank $ 4,214 AA- Aa3 A
(1) Venezuela Citibank $11,067 AA- A1 A+
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1 Market restrictions require investor registration prior to trading.
Please see your Relationship Manager for further details.
2 Rated by Thomson Bank Watch-Asia
